Verisure Group (VSURE) Q4 2024 earnings summary

Executive summary

• Achieved strong operating and financial performance in 2024, with 14% Adjusted EBIT growth in Q4 and robust revenue growth year-over-year.

• Customer portfolio expanded by 8.5% year-over-year, reaching over 5.6 million, with 211,000 new installations in Q4.

• Attrition rate improved to 7.3% in Q4 2024, down 34 basis points year-over-year; LTM attrition rate at 7.4%.

• Maintained industry-leading retention and continued to invest in product and service innovation, with multiple new product launches and external recognition for innovation and ESG performance.

• Considering strategic options, including a potential public listing.

Financial highlights

• Full-year 2024 revenue reached €3,408m, up 10.3% year-over-year; Q4 revenue was €870m, up 11%.

• Adjusted EBITDA for 2024 was €1,533.9m, up 14.4%; Q4 adjusted EBITDA was €382m, up 13%.

• EBIT for 2024 was €819m, up 18%; Q4 EBIT was €196m, up 13%.

• Net profit for 2024 was €144.5m, compared to €28.9m in 2023.

• Portfolio services revenue grew 11.9% to €2,947.8m in 2024; adjusted EBITDA margin for portfolio services was 72.7% in Q4.

Outlook and guidance

• Ongoing focus on portfolio growth, cost control, and innovation, with optimism as demand for security and peace of mind is expected to grow.

• Strategic review underway, including possible equity listing.