Verisure Group (VSURE) Q4 2025 earnings summary

Executive summary

• Delivered strong Q4 and full-year 2025 results, surpassing 6.2 million customers, with record new installations, margin expansion, and a successful IPO and strategic acquisition in Mexico, expanding operations to 18 countries and leadership in 14 markets.

• Achieved robust growth in high-quality, predictable subscription revenues, with ARR reaching €3,448m, up 12.7% year-over-year.

• Adjusted EBIT for 2025 was €953m, up 15.5% year-over-year, with margin expansion to 25.4%.

• Free cash flow turned positive in Q4, and net leverage reduced to 2.9x post-IPO, reflecting improved financial flexibility.

• Continued investment in technology and innovation, including AI-enabled products and new service launches across key markets.

Financial highlights

• Q4 2025 revenue was €965m, up 10.7% year-over-year; full-year revenue reached €3,745m, up 10.3%.

• Adjusted EBITDA for 2025 was €1,708m, up 11.2% year-over-year, with margin at 45.6%.

• Net subscriber growth of 559,703 in 2025, with total subscribers at 6,171,388 (+10.0% year-over-year).

• Free cash flow was positive in Q4 at €80m (excluding IPO/refinancing/Mexico M&A), with a net cash outflow of €54m for the year.

• Net leverage reduced to 2.9x at year-end, with net debt at €5.0bn.

Outlook and guidance

• 2026 guidance: ARR growth around 10%, adjusted EBIT margin above 26%, and free cash flow positive for the full year.

• Interim dividend to be paid in H2 2026, targeting a 30–40% payout ratio of H1 adjusted net income.

• Medium-term guidance reaffirmed: ARR growth ~10% annually, revenue growth up to 100bps below ARR, and EBIT margin expansion toward 30% long-term.