Årsredovisning 2025

===== SIDA 1 =====

We protect what 
matters most
VERISURE PLC
Annual Report 2025

===== SIDA 2 =====

We believe everyone 
has the right to feel
safe and secure.
We bring peace of mind 
to families and small 
business owners.
Verisure is the number one 
provider of professionally 
monitored security services 
in 14 of its 18 countries, 
and worldwide.
STRATEGIC REPORT
Chair’s Statement 2
Comments from our CEO 4
About Verisure 6
Investment Case 10
Market and Opportunity 12
Our Business Model 14
Our Strategic Playbook 16
Technology and Innovation 18
AI at Verisure 22
People and Culture 24
Key Performance Indicators 26
CFO Review 29
Sustainability Review 32
NF&SI Statements 39
Section 172(1) Statement 40
Risks 43
Company information: On 9 May 2025, the Company was incorporated as a private 
company under the UK Companies Act 2006. The Company was registered in 
England and Wales and with the registered company number 16440137. On 
16 September 2025, the Company was re-registered as a public company limited 
by shares. On 7 October 2025, Verisure plc became the ultimate parent company 
of Verisure group and the following day, the shares of Verisure plc were listed on 
Nasdaq Stockholm under ticker VSURE. Since Verisure plc was established on 
9 May 2025 any comparative numbers in this report are based on the 
consolidated financial statement of Verisure Group Topholding AB, the previous 
parent company of Verisure Group.  
GOVERNANCE REPORT
Corporate Governance Report 48
Board of Directors 54
Management 58
Remuneration Report 62
Directors’ Report 81
Statement of Directors' Responsibilities in Respect of the 
Financial Statements
82
FINANCIAL STATEMENTS
Independent auditors’ report to the members of 
Verisure plc 
85
Consolidated Income Statement 91
Consolidated Statement of Financial Position 92
Consolidated Statement of Changes in Equity 94
Consolidated Statement of Cash Flows 95
Notes to the Consolidated Financial statements 96
Independent auditor’s report to the members of 
Verisure plc – Parent Company 135
Parent Company Statement of Financial Position 141
Parent Company Statement of Changes in Equity 142
Notes to the Parent Company Financial statements 143
Five-Year Financial Overview 149
Alternative Performance Measures and Other 
Performance Metrics
150
SUSTAINABILITY STATEMENT
Our Sustainability Strategy 159
Environmental Disclosures 174
Social Disclosures 199
Governance Disclosures 245
Annexes 254
Independent Practitioner's Limited Assurance Report 269
ADDITIONAL INFORMATION
Shareholder Information 273
Proud to protect

===== SIDA 3 =====

Operational
CUSTOMERS
~6.2m
GROWTH 10.0% Y/Y
NEW 
INSTALLATIONS
873k
GROWTH 3.9% Y/Y
MONTHLY AVERAGE REVENUE PER USER 
(ARPU)
€46.6
GROWTH 2.2% Y/Y
Financial
REVENUE
€3,745m
GROWTH 9.9% Y/Y
ANNUALISED RECURRING 
REVENUE (ARR)
€3,448m
GROWTH 12.4% Y/Y 1
ADJUSTED EBIT MARGIN
25.4%
GROWTH 141 BPS Y/Y
Sustainability
REPRESENTATION OF WOMEN 
IN VERISURE
38.5%
+0.2% VERSUS 2024
SCOPE 1, 2 & 3 GHG EMISSION 
INTENSITY REDUCTION VS 2021
32.6%
+7.9% VERSUS 2024
SUSTAINABLE ENGAGEMENT SURVEY 
OVERALL SCORE
>85%
FOR THE FOURTH CONSECUTIVE YEAR
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Highlights
Verisure plc | Annual Report 2025 1
Read more about our Key Performance Indicators on pages 26 to 28
Read more about our Sustainability Review on pages 32 to 38
For further information, visit our website www.verisure.com
1) The Group has updated how it defines annualised recurring revenue (ARR). Refer to the ‘CFO review’ and the ‘Alternative performance measures and other performance 
metrics’ sections for more information.

===== SIDA 4 =====

A year of momentum  
and strategic 
milestones.
Verisure’s purpose is simple: to protect what 
matters most to the families and small 
businesses we serve. Everything we do, from 
how we grow and invest to how we innovate, 
flows from that mission. 2025 was a year in 
which we demonstrated once again that this 
purpose, and the business model built around 
it, continues to deliver for the customers and 
communities we serve.
2025 was a record year operationally. Verisure ended the year 
protecting ~6.2 million customers and holds the leadership 
position globally and in 14 of its 18 markets by customers 
served. Record installations, continued revenue and profit 
growth, and stable unit economics extended a track record that 
now spans 37 consecutive years. These results reflect a 
consistent strategy, disciplined execution, and a team that 
understands both the opportunity and the responsibility in 
front of it.
Our strategy and financial plan are unchanged: to deliver 
balanced and quality long-term growth. This means consistent 
expansion of Annualised Recurring Revenue (ARR) at attractive 
unit economics, strong operating leverage, and increasing cash 
conversion. This is delivered within a business model that is 
naturally resilient across economic cycles. We do not chase 
growth at the expense of quality, nor do we sacrifice the long 
term for the short term. That discipline has been a constant 
throughout our history, and it remains so.
2025 was a record year operationally. 
Verisure ended the year protecting 
~6.2 million customers and holds the 
leadership position globally and in 
14 of its 18 markets by customers 
served. The Board enters this next 
chapter with conviction in 
the fundamentals of the business and 
remains firmly focused on what has 
always driven this Company: serving 
more customers, in more markets, 
with the quality and consistency that 
define the Verisure model.”
Strategic Report
Chair’s Statement
2 Verisure plc | Annual Report 2025

===== SIDA 5 =====

2025 brought two significant milestones. In October, Verisure 
listed on Nasdaq Stockholm after more than 17 years as a 
private company. This is the beginning of what the Board 
intends to be a long and successful future as a public 
company. The listing broadens our ownership, deepens our 
accountability, and commits us to delivering what we have 
always believed: that this business, run with discipline and 
transparency over the long term, will create significant and 
lasting value for the shareholders who have joined us on 
that journey. 
In the same month, we completed the acquisition of the market 
leader in Mexico, our 18th country. Mexico had already been 
identified as an attractive market for organic entry. The 
acquisition accelerated that entry. It was also our first portfolio 
acquisition since 2017. This reflects how selective we remain on 
quality. We expect the substantial majority of future portfolio 
growth to remain organic. 
The Board recognises that the share price since listing has 
not reflected the strength of this operational delivery. That is 
disappointing for our shareholders and for us. More than ever, 
the whole Company is focused on flawless field execution and 
clear external communication, both of which are Board-level 
priorities for the year ahead.
The opportunity ahead is substantial. Monitored security 
penetration across our European and Latin American markets 
remains a fraction of that in the United States. We have taken 
more than two-thirds of net category growth across our 
markets over the past five years, and we see no reason why 
that should change. Technology continues to reinforce our 
competitive position. In 2025, we accelerated the deployment of 
WiFi Vision™ and AI-driven capabilities that improve detection 
accuracy and the customer experience, supported by our 
vertically integrated technology organisation.
Our commitment to operating responsibly is equally long-
standing. In February 2026, Verisure was recognised as a 
Morningstar Sustainalytics1 ESG Leader2 for the third 
consecutive year across global, regional and industry 
categories. This recognition reflects genuine progress on the 
issues that matter: the safety and engagement of our 30,000+ 
colleagues, the trust of the communities we serve and the 
governance standards we hold ourselves to as a newly 
public company.
As a company incorporated in the United Kingdom and listed 
on Nasdaq Stockholm, Verisure is subject to both UK legislation 
applicable to UK companies and Swedish legislation applicable 
to companies listed in Sweden. Additionally, Verisure has 
elected to comply with the Swedish Corporate Governance Code 
to align with the corporate governance standards generally 
observed on Nasdaq Stockholm. 
On governance, 2025 also saw a meaningful evolution in the 
composition of our Board. We welcomed Sara Öhrvall and 
Graeme Pitkethly during the year, bringing deep expertise in 
technology and digital transformation, and financial leadership 
respectively. These appointments reflect our commitment to 
building a Board that is genuinely independent, diverse in 
perspective, and well-equipped to support Verisure through 
its next phase as a public company. 
We will continue to strengthen Board independence in the near 
term with the further appointment of a strong, independent 
Director, which the Nomination Committee will present to 
shareholders for approval at the AGM in April. If shareholders 
at the upcoming AGM accept the recommendations of our 
Nomination Committee, the number of Directors independent 
of the Company and major shareholders will increase to seven 
(out of a total of thirteen). Of these, Dominique Reiniche is 
the Senior Independent Director, and Graeme Pitkethly is 
the independent Chair of the Audit and Risk Committee.
The Board composition reflects the transition from private 
to public ownership: a deliberate increase in independence, 
combined with the continued strong engagement of the 
Company’s principal shareholders, whose long tenure provides 
the Board with the benefit of institutional memory.
The Board plans to meet for six board meetings in 2026. 
The Board will have a separate two-day offsite together 
with management dedicated to Company strategy.
The Board will receive reports from its Remuneration 
Committee and its Audit and Risk Committee (as mentioned 
above). 
There are also two committees covering Technology & 
Innovation and ESG with external advisors alongside Board 
members, which, although not formal Board Committees, 
will also provide important advice to the Company.
The Board enters this next chapter with conviction in the 
fundamentals of the business, and remains firmly focused 
on what has always driven this Company: serving more 
customers, in more markets, with the quality and consistency 
that define the Verisure model.
I want to thank Austin Lally and his management team, as well 
as the more than 30,000 Verisure colleagues for an outstanding 
operational year. Their daily work protecting families and 
business across 18 countries is the foundation on which 
everything else is built. Thank you, too, to our shareholders 
for your continued support. 
STEFAN GOETZ
Chair of the Board
London, March 2026
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 3
1) Copyright© 2026 Sustainalytics, a Morningstar company. All rights reserved. The information, data, analyses and opinions contained herein do not constitute investment advice 
nor an endorsement of any product, project, investment strategy or consideration of any particular environmental, social or governance related issues as part of any 
investment strategy. The use of the data is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.
2) Awarded as of 2026. The ESG Leader Badge recognises companies based on Sustainalytics’ rules-based methodology. Recognition is based on publicly available data at the 
time of assessment and may not fully capture all aspects of a company’s sustainability strategy or actions. Companies are compared within defined frameworks; recognition 
should not be interpreted as an absolute measure of sustainability performance or a guarantee of performance or outcomes. Further information concerning the Badges and 
the underlying products can be found at this webpage.

===== SIDA 6 =====

High-touch human 
service. Technology. 
Global leadership. 
2025 was another year of balanced 
quality growth. We continued to 
combine our high-touch human 
service with technology. By the 
end of the year, we were the global 
leader in our industry, serving 
close to 6.2 million customers. We 
entered Mexico, our 18th country. 
It was also the year we returned to 
public markets with our successful 
listing on Nasdaq Stockholm.”
At Verisure, we have a mission. To bring peace 
of mind to the families and small businesses 
we serve. 
This is a major opportunity in Europe and Latin America, as 
penetration of professionally monitored security is still low (4% 
compared to 24% in the USA). And, we have a proven Verisure 
playbook to grow penetration. We are the ‘market makers’ with 
a long track record of uninterrupted growth in our portfolio, 
revenues and profitability. Verisure is a technology-enabled, 
human services company. A winning combination of talent and 
leading-edge technology.
Growing penetration of our technology-enabled, 
high-touch human services
Growing penetration means bringing our technology-enabled, 
high-touch human services to more families and small 
businesses. 
Our success is driven by a proven Verisure playbook:
• Innovation and technology delivering superior and 
differentiated solutions.
• Category-creating marketing.
• Go-To-Market excellence.
• Superior customer experience combining a high-touch human 
service with technology.
Continued growth and market leadership
In 2025, our customer portfolio grew +10.0%. We ended the year 
protecting close to 6.2 million families and small businesses, 
making us the global leader in our industry by customers 
served. During the year, our organic sales engine added close 
to 873,000 new installations. This was up +3.9% and another 
record. This was also the highest volume of new installations in 
the industry worldwide. I am proud of how our marketing and 
sales teams delivered this growth.
We have built #1 brand positions, with strong awareness and 
consideration, combined with our field sales force of more than 
12,500 security experts.
Over the past 5 years, Verisure has taken over two-thirds of the 
net category growth in our footprint. In 2025, we entered Mexico 
with the acquisition of the local leader. We lead our industry 
globally by portfolio size and are also #1 in 14 of our 18 markets. 
We estimate that we are more than 6 times larger than the next 
biggest competitor across our footprint.
We aim for balanced, high-quality long-term growth. Our 
business is not just about installation volumes. With discipline, 
we want to grow penetration while maintaining high customer 
quality and attractive unit economics. Our business delivered 
well against those factors again this year. In 2025, our revenue 
grew +9.9% to €3,745 million. Annualised Recurring Revenue 
grew +12.4% to €3,448 million, with approximately 2 percentage 
points of growth attributable to our acquisition in Mexico. 
Adjusted EBIT increased +16.3% to €953 million, and the 
Adjusted EBIT margin reached +25.4%.
Strategic Report
Comments from our CEO
4 Verisure plc | Annual Report 2025

===== SIDA 7 =====

Innovation as a competitive advantage
Our innovation and technology programme is largely vertically 
integrated, as we design for superior and differentiated 
propositions. We have more than 1,800 people in our 
technology team. In particular, we believe in the power of 
product and service innovation to expand the addressable 
market, stimulate demand, delight customers, support premium 
pricing and reduce operating costs. Importantly, the technology 
enables a valued, important, high-touch human service.
In 2025, we continued to deliver innovation progress. We 
launched AI-enabled GuardVision™ Outdoor cameras across 
France, Spain, Portugal, Italy and Chile. We significantly 
improved App performance. We continued the European rollout 
of our leading-edge WiFi Vision™ solution. We saw continued 
adoption of LockGuard™, now securing more than 208k doors. 
Our innovation also continues to be recognised externally. 
We earned multiple international design and consumer awards, 
including our eighth Red Dot Design Award in five years, as well 
as Product of the Year and Customer Service of the Year in 
several countries.
Customer experience and loyalty
Customer loyalty is key. It begins with a high-quality intake 
from a counselled sale where the customer makes an informed 
decision. And it is underpinned by a focus on service quality 
throughout the customer’s lifetime with Verisure (about 15 
years on average), enabling a superior experience. These are 
high-touch human interactions. Loyal customers often become 
our ambassadors, leading to valuable referrals to family and 
friends. In 2025, our portfolio attrition was 7.4%. This remains 
best-in-class in our  industry and very low compared to other 
consumer subscription-type businesses. Our teams continue 
to work hard on customer experience, innovation to increase 
usage, and retention best practices. We increasingly leverage 
AI to improve service analytics and next-best-action decisions.
ESG progress and real-world human impact
We are proud of our continued progress on ESG. Our focus is 
on our customers, our people and our communities. So, the 
social aspect of our ESG strategy carries most weight. Our 
Sustainability efforts are also described comprehensively 
in the body of the report. In February 2026, for the third 
successive year, we have earned recognition from Morningstar 
Sustainalytics for Verisure Group (Midholding AB) as a global, 
regional, and industry ESG leader1.
We also ended 2025 with our teams more engaged than ever. 
We had record participation (>90%) in our 2025 Sustainable 
Engagement Survey with the Sustainable Engagement Index 
at over 85 for the 4th successive year (versus our target of 80). 
Verisure was recognised as an outstanding employer across all 
18 countries, earning distinctions such as Great Place to Work™, 
Top Employer®, and a place on the FT’ Europe’s Best Employers 
2025 list. This reflects our commitment to a supportive and 
inspiring environment for our more than 30,000 colleagues. 
We describe Verisure as a technology-enabled, human services 
company. Again, the winning combination of talent and leading-
edge technology.
This is at the core of how we deliver our mission every day: 
providing peace of mind to millions of customers. Standing by 
them in the moments that matter most. And this mission has 
a real-world impact. In 2025 alone, Verisure teams supported 
customers through more than 417,000 incidents requiring on-
site assistance. These interventions are part of the difference 
we make every day.
Our listing on Nasdaq Stockholm
2025 was also the year when Verisure returned to public 
markets with a successful IPO on Nasdaq Stockholm. This was a 
‘return’ given our origins in Sweden in 1988 and our earlier 
listing in Stockholm between 2006 and 2008. We appreciated 
the strong support from both international and Swedish 
investors during the IPO. In the months following the IPO, 
Verisure was included in the MSCI, STOXX Europe 600 Index, 
OMX Stockholm All-Share Cap Index and the FTSE All-World 
Index. As a public company, we now have a broader 
shareholder base to whom we have a deep sense of 
accountability. We are committed to delivering balanced, high-
quality long-term growth, with discipline and transparency, to 
the benefit of our shareholders, our customers, our employees, 
and our broader societal stakeholders.
Shareholder perspective and outlook
As CEO, I recognise that the VSURE share price since listing has 
unfortunately not reflected the strength of our operational 
delivery. That is obviously disappointing for our shareholders 
and for the Company. We stay focused on quality execution and 
delivery as well as clear and effective communication. These 
priorities are fully shared by our Board and by our Executive 
team. I am looking forward to welcoming our shareholders at 
our AGM in Stockholm on 23 April 2026. We will review results, 
share perspectives on our future plans, and answer questions.
Looking ahead, along with our Executive team, I am confident 
about the future. Our category remains under-penetrated, 
and our prospects are strong. We have a long track record of 
delivering continued profitable growth. We serve a fundamental 
human need. Our customers deeply value the service we 
provide. Our unit economics are attractive. And our proven 
playbook continues to deliver. 
Thank you for your continued support.
AUSTIN LALLY
Chief Executive Officer
Geneva, March 2026
1) Awarded as of 2026. The ESG Leader Badge recognises companies based on 
Sustainalytics’ rules-based methodology. Recognition is based on publicly available 
data at the time of assessment and may not fully capture all aspects of a company’s 
sustainability strategy or actions. Companies are compared within defined 
frameworks; recognition should not be interpreted as an absolute measure of 
sustainability performance or a guarantee of performance or outcomes. Further 
information concerning the Badges and the underlying products can be found on 
this webpage: https://www.sustainalytics.com/corporate-solutions/esg-solutions/
top-rated-companies
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 5

===== SIDA 8 =====

Who we are
We are the global leader in
monitored security services,
with a market-leading presence
across Europe and Latin America.
Our vision
We believe everyone has the 
right to feel safe and secure. We 
bring peace of mind to families 
and small business owners.
Our mission
We protect what matters most.
Our values
Everything we do is driven by 
our unique DNA – five deeply 
held values which guide us all.
Strategic Report
About Verisure
6 Verisure plc | Annual Report 2025
Passionate 
in everything 
we do
Committed 
to making a 
difference
Always 
innovating
Winning 
as a team
With trust & 
responsibility

===== SIDA 9 =====

People protecting people
We protect ~6.2 million families 
and small businesses in 18 
countries across Europe and 
Latin America. We are #1 in 14 of 
our 18 countries, and worldwide. 
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 7
EUROPE
Norway
Sweden
Finland
Denmark
Ireland
United Kingdom
Netherlands
Germany
Belgium
France
Italy
Spain
Portugal
LATIN AMERICA
Mexico
Brazil
Peru
Chile
Argentina
We operate under the Verisure brand in Sweden, Norway, Denmark, Finland, Italy, France, Belgium, the Netherlands, Germany, the 
United Kingdom, Ireland, Brazil, Chile, Peru, Argentina and, as of 2025 when we initiated a rebranding from Securitas Direct, in 
Portugal. We also operate as Securitas Direct in Spain and (for selected professional customers) in Sweden; as ADT in Mexico; and as 
Arlo for camera video surveillance systems across Europe.

===== SIDA 10 =====

Proud to protect
Deter, Detect, Verify, Intervene
Our service rests on four pillars. We deter intruders by showing 
the property is under our protection. We detect incidents of all 
types, thanks to multiple custom-made, strategically located 
sensors. We systematically verify all alerts, sifting through false 
alarms using a proprietary combination of AI and human 
expertise, to pinpoint real incidents. Verification allows us to 
intervene, taking action directly and/or calling first responders 
(Police, Fire, Ambulance) to send help.
See more in Our differentiated customer proposition and service 
on page 9.
Subscription-based recurring business model
We provide a 24/7 service to our customers. Our products 
support our subscription-based model, generating recurring 
revenue. As of 31 December 2025, approximately 92% of our 
revenue was recurring. We attract high-quality customers, 
and we work continuously to ensure their satisfaction. This 
contributes to our industry-leading level of attrition and long 
customer lifetime. Our customers remain with us, on average, 
for approximately 15 years.
See more in Our business model, pages 14 to 15.
A technology-enabled human services Company
Our team of over 30,000 colleagues are the foundation of our 
Company. We are a technology-enabled human services 
Company. Our people are dedicated and committed to 
providing the best service in the industry. More than 83% of our 
colleagues work in customer-facing functions. This connection 
enables unique insights that drive our product and service 
innovation.
See more in Technology and innovation, pages 18 to 21.
Track record of uninterrupted growth and leadership
Since our founding in Sweden in 1988, we have expanded across 
Europe and opened operations in Latin America, with our 
operations now spanning 18 countries. We have grown nonstop 
every single year since our inception, across customer portfolio, 
revenue, and profitability. Over the past decade, 95% of our 
growth has been organic. We are highly selective on mergers 
and acquisitions, due to our strong organic growth capabilities 
and our focus on quality intake. Our 2025 acquisition of ADT 
Mexico was one such exceptional M&A opportunity, enabling us 
to accelerate our entry into a large and attractive geography 
while staying true to our high-quality growth principles.
See more in Our strategic playbook, pages 16 to 17.
Category leadership
We are the leading provider of monitored security in 14 of our 
18 geographies. We estimate we are more than six times larger 
than any of our largest competitors across our footprint. We are 
well established as the category leader in both Europe and 
Latin America. As 2025 closed, we also became the worldwide 
leader in total customers protected and total annual new sales 
and installations of monitored alarm systems.
See more in the map of our operations on page 7.
Strategic Report
About Verisure continued
8 Verisure plc | Annual Report 2025
Customers Revenue Profitability
x3
FROM 2015 TO 2025 WE 
HAVE GROWN OUR 
CUSTOMER PORTFOLIO 
MORE THAN THREE TIMES...
x4
...GROWN OUR REVENUE 
CLOSE TO FOUR TIMES...
x5
....AND GROWN OUR 
ADJUSTED EBITDA         
CLOSE TO FIVE TIMES

===== SIDA 11 =====

Our differentiated customer proposition and service
Deter Detect
Home protection starts with deterrence, aiming to 
discourage would-be intruders by showing that 
Verisure protects the property. Deterrence relies on 
exterior signs placed by the Verisure security expert 
in plain sight, including warnings about our anti-
jamming capabilities, video detectors, and smoke-
releasing devices, complemented by alarm sirens. 
Additional outdoor detectors and cameras can also 
be positioned prominently in key passage areas to 
enhance deterrence.
When an alarm is triggered, our priority is never to 
miss a real incident. Professional installation ensures 
system effectiveness, range, and privacy compliance. 
Multiple components aim to protect against all 
potential vulnerabilities, including shock sensors that 
detect intruders before they enter, smart locks that 
protect the front door, connected video and photo 
detectors, and WiFi VisionTM to detect presence through 
walls, beyond line-of-sight.
Verify Intervene
We take rapid action to verify all triggered alerts and 
distinguish real danger from false alarms. This ensures 
we can act effectively on genuine threats, reducing 
costs for both public first responders and us. Our 24/7 
in-house monitoring centres rely on multiple sensors, 
including image and two-way audio, and typically 
achieve more than 99% filtering of false alarms by 
combining AI-based risk prediction with professional 
human expertise.
We reassure the customer or intervene with high 
confidence thanks to our high-quality verification 
rates. We maintain direct links to first responders, 
including police, fire, and ambulance services. The 
trust we have built with such public third-parties over 
decades allows us to send help promptly. We also 
frequently deploy a third-party guard to enhance 
coverage and address the incident. When customers 
are equipped with our ZeroVisionTM technology, we 
take immediate action to expel intruders by releasing 
thick, vision-impairing smoke.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 9

===== SIDA 12 =====

An exceptional consumer 
subscription business
1
Category leader
Investing to grow the category
Verisure is the global #1 provider of monitored 
security services to families and small businesses,  
and drives total category growth. #1
IN 14 OF OUR 18 
COUNTRIES IN EUROPE 
AND LATIN AMERICA, 
AND WORLDWIDE
WE CAPTURE
>2/3
OF CATEGORY GROWTH
Top Brand
ACROSS OUR FOOTPRINT
2
Long runway for growth 
Substantial penetration opportunity
With monitored security still underpenetrated in its 
markets, Verisure has significant headroom to grow. 
A large and expanding serviceable addressable market 
supports long-term organic expansion.
4%
CURRENT MONITORED 
SECURITY PENETRATION 
IN VERISURE FOOTPRINT
437m
PROPERTIES IN TOTAL 
ADDRESSABLE MARKET
137m
PROPERTIES IN 
SERVICEABLE 
ADDRESSABLE MARKET
3
Differentiated customer proposition
Innovation is a core growth driver
Innovation sits at the heart of Verisure’s proposition, 
delivering a premium, technology-driven customer 
experience. Differentiated, proprietary products and 
services supported by a vertically integrated model.
~1,800
TECHNOLOGISTS
€170m
ANNUAL TECHNOLOGY 
SPEND
>90m
DEVICES IN CUSTOMERS’ 
HOMES AND PREMISES
Strategic Report
Investment Case
10 Verisure plc | Annual Report 2025

===== SIDA 13 =====

4
Continued margin expansion trajectory 
Long term track record of increasing customer profitability
Strong unit economics and a disciplined approach to 
cost control underpin our continued margin 
expansion. Now implementing AI-supported cost 
transformation initiatives focused on workload 
reduction and the removal of manual process.
MONTHLY AVERAGE REVENUE PER USER (ARPU), €
VS RECURRING MONTHLY COSTS (RMC), €
5
Proven resilience 
Consistent growth through the cycle
Verisure has consistently grown through varied 
economic conditions. Its high-quality, subscription-
based model and best-in-class attrition rates provide 
a stable platform for sustained performance.
CUSTOMER PORTFOLIO (000’S)
CAGR +9.6%
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 11
42.4 43.4 44.2 45.6 46.6
11.7 12.2 12.6 12.5 12.2
Monthly ARPU Recurring monthly cost 'RMC'
2021 2022 2023 2024 2025
0.0
10.0
20.0
30.0
40.0
50.0
4,275 4,752 5,173 5,612 6,171
2021 2022 2023 2024 2025

===== SIDA 14 =====

We serve a fundamental 
human need
We are committed to protecting what matters most to our customers. 
Our addressable market is large, and current penetration is low, 
offering us ample headroom for future growth.
Our category: professionally-monitored security
Families have the right to feel safe and secure in their own 
homes. Yet they continue to face home intrusions, burglaries, 
fire and domestic health emergencies.
Mitigation of these concerns and fears has long involved 
passive physical protection, such as fences, strong doors, 
locks, and shutters. These are often combined with local self-
monitoring solutions, such as neighbours, dogs, bell alarms, 
or even connected cameras.
For true peace of mind, families are increasingly turning to 
active protection – professionally-monitored security solutions 
that ensure 24/7 monitoring and near-immediate intervention 
whenever an incident occurs.
This is our space. The category in which we excel.
Large Total Addressable Market, of >400 million locations
We operate in 13 European countries (Sweden, Norway, 
Denmark, Finland, Spain, Portugal, Italy, France, Belgium, 
the Netherlands, Germany, the United Kingdom, and Ireland), 
as well as in five Latin American countries (Brazil, Chile, Peru, 
Argentina, and Mexico).
Our Total Addressable Market (TAM) is substantial, comprising 
all family homes, unoccupied residences, and business 
premises across these geographies. We currently estimate 
that our TAM encompasses approximately 437 million homes 
and small business locations across our footprint.
Over time, our TAM tends to increase slowly, as it is naturally 
fuelled by demographic growth, diminishing household sizes, 
an ageing population, and economic growth.
Strategic Report
Market and Opportunity
12 Verisure plc 2025

===== SIDA 15 =====

Serviceable market of over 137 million locations
We recognise that not all our TAM is immediately serviceable. 
Levels of perceived insecurity vary – families living in houses 
often feel more vulnerable than those in apartments, and crime 
tends to be more prevalent in urban areas than in rural ones. 
Homeowners typically have more assets to protect than renters, 
and unoccupied dwellings are not always considered to require 
protection. In addition, some households or business owners 
may not be able to afford the cost of professional monitoring. 
Extensive category experience and frequent consumer and 
customer surveys enable us to model the Serviceable 
Addressable Market (SAM) for professionally-monitored 
security, which we estimate at over 137 million locations.
Our SAM is not static. It grows over time, as TAM grows, but it 
is also driven by innovation. New products and services can 
unlock latent demand. We are witnessing this right now with 
our LockGuard™ connected lock.
Low penetration, high share, ample headroom to grow
Notwithstanding a strong latent demand, current category 
penetration remains low. We estimate that as of the close 
of 2025, the total installed base of professionally-monitored 
security systems across our footprint was close to 16 million. 
The competitive landscape in the professionally-monitored 
security category remains fragmented. Most home alarm 
providers are local, few are national, and even fewer 
international. None holds the global scale Verisure has 
built across Europe and Latin America.
Verisure is the category leader across its footprint, with an 
estimated share of approximately 39% of the total installed 
base of professionally-monitored alarm systems for 
residential and small business customers. We also capture 
a disproportionate share of category growth. We are 
driving category penetration – and gaining share.
Our category offers us ample room for future growth. 
Penetration as a percentage of TAM is below 10% in all 
but three of our geographies. Every country we operate in is 
less penetrated than the U.S. On average, six times less so.
Headroom for growth 
Estimated TAM, SAM, and penetration across our geographies1
Total Addressable Market (TAM2)
 Serviceable Addressable Market (SAM3)
 Estimated penetration4
IBERIA AND NORDICS OTHER EUROPE LATIN AMERICA
Residential Dwellings and Small Businesses 
(millions), 2025
Estimated TAM Penetration (%)
~10% ~4% <2%
Estimated SAM Penetration (%)
~31% ~9% ~7%
1) Company data and analysis based on best estimates of installed bases of professionally-monitored security systems.
2) TAM = total residential dwellings and small businesses across the Verisure footprint.
3) SAM = currently serviceable addressable residential dwellings and small businesses across the Verisure footprint.
4) Penetration = estimated installed base of professionally-monitored alarms.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
V e r i s u r e  p l c   |   A n n u a l  R e p o r t  2 0 2 5 13
~56m
~186m
~195m
~3m~7m~6m
~19m
~78m
~40m

===== SIDA 16 =====

Value creation through a 
compounding business model 
for sustainable profitable growth
Strategic Report
Our Business Model
14 Verisure plc | Annual Report 2025
Virtuous circle of growth
Recurring revenue, 
profit and cash flows
High-quality
profitable growth
Portfolio Services
Avg. Customer portfolio
x
EBITDA per customer (EPC) x 12 months
=
Portfolio Services EBITDA
Customer Acquisition
New installations
x
Cash acquisition cost per new installation (CPA)
=
Total customers acquisition spend

===== SIDA 17 =====

We deliver peace of mind to our customers through 
subscription-based security services - designing, installing, 
and monitoring alarm and video surveillance systems for 
reliable protection.
Our business model combines growing, predictable cash flows 
based on strong customer loyalty with high-quality subscriber 
growth. We choose to reinvest a significant portion of the cash 
flows from our subscriber portfolio into technology innovation 
and superior propositions, category-creating marketing, brand 
recognition, and go-to-market excellence, allowing us to attract 
and retain high-quality new customers.
Portfolio Services
Our ‘Portfolio Services’ segment is comprised of the 
professional security service we provide our customers for 
a monthly subscription fee. Our service includes monitoring, 
expert verification and response, customer care, maintenance, 
and technical support.
We operate all our monitoring centres in-house. Our high-
quality subscriber base with low attrition contributes to 
growing, predictable cash flows.
Most of the costs in our Portfolio Services segment are either 
variable or partially variable. We do have some fixed costs, 
such as longer-term facility rentals. We gain operating leverage 
as we grow by becoming more efficient and solving more issues 
quickly. This enables us to increase our Portfolio Services 
Adjusted EBITDA margin and cash flows as we add new 
customers to our existing operations.
As of 31 December 2025, we had ~6.2 million connected alarm 
subscribers. In 2025, our Portfolio Services segment generated 
€3,267.8m of portfolio revenue and €2,409.1m of Portfolio 
Services Adjusted EBITDA, an increase of +10.9% and +12.5% 
respectively, compared to 2024. In 2025, the Portfolio Services 
adjusted EBITDA margin was our best-ever, at 73.7%.
Customer Acquisition
We deliberately choose to invest a significant portion of the 
cash flow generated from our growing subscriber base to 
sustain the growth cycle. We focus on acquiring high-quality 
new customers, emphasising long-term value and return 
on investment. Because these investments are largely 
discretionary, we can be flexible in the pace of growth 
and customer acquisition. We manage both growth targets 
and cash flow objectives.
Adjacencies
Additionally, we classify certain non-core businesses under our 
‘Adjacencies’ segment. This segment primarily represents the 
sale of remote monitoring and assistance services for our 
Senior Protection offering, as well as Arlo cameras and video 
surveillance services across e-commerce and retail channels 
in Europe.
~6.2m
CUSTOMERS
€3,268m
PORTFOLIO 
SERVICES REVENUE
€2,409m
PORTFOLIO SERVICES 
ADJUSTED EBITDA
73.7%
PORTFOLIO SERVICES 
ADJUSTED EBITDA MARGIN
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Compounding Business Model
Verisure plc | Annual Report 2025 15

===== SIDA 18 =====

Our strategic 
playbook 
We work towards four clear strategic objectives:
• Increase penetration of monitored 
security services.
• Provide the best security services available.
• Maintain the highest levels of customer 
satisfaction and loyalty in the industry.
• Create value for shareholders, customers, 
colleagues, and society at large.
Our strategic playbook drives how we operate. It has been continuously refined over decades of uninterrupted, high-quality, 
balanced growth. It is grounded in a disciplined model that has proven effective across markets and through economic cycles.
Our playbook brings together the core drivers of our business success: continuous innovation, category-creating marketing, 
go-to-market excellence, and superior customer experience – all underpinned by a strong foundation of culture and talent.
Strategic Report
Strategy Overview
16 Verisure plc | Annual Report 2025
Innovation Category-Creating 
Marketing
Go-to-Market 
Excellence
Superior Customer 
Experience
Culture & Talent

===== SIDA 19 =====

Innovation
 
We operate a vertically integrated model. We control the design, 
functionalities, and cost efficiency of our technology platform, 
from on-premise sensors to backend processing. This allows us 
to continuously innovate and improve the service we provide. 
In 2025, we invested €170 million in technology and innovation.
We know that product and service innovation improves service quality 
and increases usage, both of which typically lead to lower customer 
attrition. Innovation can also increase our addressable market, 
bringing new customers to the category. New or improved products, 
services, or internal processes can also justify higher prices or reduce 
costs, thereby improving our profitability.
See more in Technology, pages 18 to 21.
Category-Creating Marketing
 
We have a proven track record in driving category growth. 
Our market leadership and scale enable us to fund substantial 
marketing investments that are superior to those of our competitors. 
Our marketing spend totalled €306 million in 2025. We invest in a 
broad range of media, including TV, radio, online platforms, and 
outdoor advertising. 
As a result, our brand awareness is high in most established 
geographies. In 2025, we were recognised by Kantar as the number one 
‘Top of Mind’ brand for professionally-monitored home alarms across 
our footprint. This certification underscores the strength of our brand 
and the trust customers place in our services. 
The majority of homeowners seeking to protect their homes with a 
professionally-monitored solution are doing so for the first time. We 
know they usually start their search for information online. We capture 
a disproportionate share of all online traffic in our category, and 
consequently, a disproportionate share of all category growth. 
Go-to-Market Excellence
 
We have developed an industrialised, scalable customer-acquisition 
engine that underpins our growth. Leads from our online and 
telephone channels are qualified and passed to our field sales force 
of approximately 12,500 security experts. We organise on-site visits 
promptly after obtaining a lead. During these visits, our salesperson 
demonstrates our proposition, tailors the system to the specific 
premises, and usually installs it immediately.
Our salesperson typically asks for referrals and, where appropriate 
and feasible, talks to neighbours to see if any are interested in 
becoming customers.
We complement our field sales force with additional sales channels, 
including local independent partners, telesales, and commercial 
alliances with banking, insurance, and telecommunications partners.
Customer Experience
 
We put customers at the centre of our business. Business success 
begins by delivering a service our customers value, feel satisfied with, 
and want to remain subscribed to in the long term.
We strive to provide an exceptional experience to our customers at 
every touchpoint: installation, alarm monitoring, customer care, 
remote verification, and on-site maintenance. Customer loyalty is 
one of our key strengths. Our customers remain with us, on average, 
for approximately 15 years. We believe our customer attrition rate is 
the lowest amongst our industry peers and amongst other consumer 
subscription-based businesses. From 2015 to 2025, our attrition rate 
has continuously remained in the 6% to 8% range.
We continuously implement initiatives to improve customer 
satisfaction and contain attrition. We use AI-powered, data-led 
predictive analytics to understand customer behaviour.
Culture & Talent
 
Culture and talent are the foundation of our playbook and the engine 
behind our sustained growth. Our deeply customer-centric culture 
shapes everything we do. Every day, more than 83% of our colleagues 
work in customer-facing roles, supporting families and small 
businesses in moments that matter. This profound sense of purpose 
creates strong commitment, reflected in high engagement levels.
Everything we do is driven by our unique DNA – five deeply held 
values which guide us all. Our talented people are supported by 
tailored professional growth and development programmes. 
And our commitment to building a world-class, high-performance 
organisation continues to be recognised externally across all our 
countries. This includes Great Place to Work™, Top Employer®, 
Top Employer® Europe, and other accolades.
See more in People and Culture, pages 24-25.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 17

===== SIDA 20 =====

Technology 
and Innovation
Technology is at the core of 
what we do, enabling us to 
offer end-to-end protection 
through deterrence, detection, 
verification, and intervention.
A year of accelerating innovation
In 2025, we successfully deployed a number of key innovations, 
new features, and product and service enhancements.
Our LockGuardTM solution continued to see rapid adoption 
and already protects over 208,000 of our customers’ front 
doors. LockGuardTM improves our core protective service by 
providing additional data for our Alarm Receiving Centre 
specialists to assess and verify potential break-in attempts. It 
also drives strong customer usage, and we are seeing clear 
signs in Spain that it leads to improved customer retention.
In 2025, we launched our new GuardVision™ Outdoor camera, 
the world’s first EN50131 Grade 2-certified device with embedded 
Computer Vision AI. We have seen strong customer interest, 
exceeding initial pilot levels, across Spain, France, Italy, 
Portugal, and Chile. The on-device AI algorithms enable 
distinction between humans, animals and environmental 
triggers, supporting our Alarm Receiving Centres with more 
effective and efficient intervention. This, for example, has led 
to a 28% reduction in outdoors alarm triggers in France, with 
further improvements expected in the future.
We also made further progress in 2025 in deploying WiFi 
Vision™ across our European footprint, building on our initial 
success in France. WiFi Vision™ has demonstrated that it 
helps us verify incidents faster and with better accuracy. Both 
GuardVision™ and WiFi Vision™ rely on AI technology, and we 
continue to invest in AI capabilities to support future product 
and service innovation and to drive operational efficiencies 
and service improvements across customer touchpoints.
We are committed to driving continuous, incremental 
improvement across our products and services. Notable 
enhancements in 2025 included improvements to our mobile 
app performance, which drove increases in the corresponding 
customer satisfaction metrics.
Building a resilient digital landscape through enhanced 
cybersecurity
Cybersecurity is fundamental to Verisure’s mission of protecting 
what matters most to our customers. As a provider of security 
solutions, safeguarding information, systems and services is 
critical to maintaining trust and ensuring business continuity. 
Effective cybersecurity minimises risks such as data leakage, 
service disruption, and loss of system integrity, which could 
impact customer safety and our reputation. By integrating 
robust security practices into every aspect of our operations – 
supported by leadership commitment, continuous risk 
management, and advanced technologies – Verisure aims 
to deliver best-in-class protection and resilience against 
evolving threats. 
Our cybersecurity approach incorporates both Privacy by 
Design and Information Security by Design across products, 
services, and business processes. This principle is supported by 
a comprehensive Privacy and Information Security Programmes 
and backed by significant investment to safeguard our 
customers and our business infrastructure.
Strategic Report
Strategy in action
18 Verisure plc | Annual Report 2025

===== SIDA 21 =====

In 2025, we invested further in cybersecurity and ransomware 
recovery capabilities, while delivering critical tools that support 
a secure, resilient, and future-ready organisation. We have 
significantly increased our total InfoSec investment in the last 
few years (x1.75 since 2022).
Strengthening our technology organisation
The technology estate we manage continues to expand. In 
2025, our teams operated a deployed network of more than 
90 million devices, running 24/7 and generating around 
1.5 trillion signals. We delivered a secure and stable service 
throughout the year, including during the April power outage 
in Iberia, where our systems performed as designed.
We operate three main technology centres, with our primary 
technology hub located in Geneva, Switzerland, supported by 
two additional centres in Malmö, Sweden, and Madrid, Spain. 
In November 2025, we announced the planned opening of a 
new, additional site in Alicante, Spain.
Our technology organisation, approximately 1,800 colleagues, 
is fully vertically integrated, working across the entire 
product lifecycle – from software architecture and hardware 
development to full deployment and end-user experience. 
Our technology organisation collaborates closely with our 
operations, marketing, and sales departments to ensure our 
developments remain strongly rooted in customer insights.
Recognised by multiple product and innovation awards
While the best acknowledgement of our work remains the trust 
our customers place in us, we were proud to receive numerous 
external recognitions in 2025. These included customer-driven 
awards such as Consumer Choice in Portugal and Spain, 
Recommended Brand and Prémio Cinco Estrelas in Portugal, 
and Industry Winner for Home Alarms in Norway. LockGuard™ 
was named Product of the Year in Italy, while the PreSense™ 
alarm with integrated smart lock received the same accolade 
in Portugal. In Latin America, Verisure Brazil was recognised as 
the Best Security Company in São Paulo, while Verisure Chile 
was named the #1 Home Services Company by customers. 
We also celebrated design excellence for our new packaging, 
winning the prestigious Red Dot Design Award, our 8th Red Dot 
Design award since 2021. 
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
V e r i s u r e  p l c   |   A n n u a l  R e p o r t  2 0 2 5 19

===== SIDA 22 =====

Protecting 
what 
matters
most
Strategic Report
20 Verisure plc | Annual Report 2025
With more than 35 years of experience, 
we have consistently innovated and raised 
industry standards to deliver peace of mind 
to our customers.
The recent launch of Verisure LockGuard™ 
marks another important step in strengthening 
our core security promise of protecting 
households and small businesses.

===== SIDA 23 =====

Verisure LockGuard™, the first 
connected smart lock fully connected 
to an Alarm Receiving Centre, delivers 
a critical extra layer of protection to 
our customers’ front doors, the most 
common access point for intrusion.
• We deter by adding extra security: 
With our SKG-3 high-security 
cylinder (for Euro-profile 
installations), we significantly 
enhance the physical resistance 
of the front door, making common 
forced-entry techniques such as 
drilling or snapping far more 
difficult than with standard 
cylinders. Additionally, LockGuard™ 
can automatically arm and lock the 
door at our customers’ preferred 
time, enhancing the protection of 
their home.
• We detect earlier: LockGuard™ 
AI-powered break-in detection 
algorithms can identify door-based 
intrusion and tampering early. This 
provides additional information 
for our Alarm Receiving Centre 
specialists to support verification, 
enabling faster, more effective 
intervention. This is especially 
relevant for squatting attempts, 
where speed is essential if the 
Police are to intervene.
• We enable more effective 
interventions: beyond burglaries, 
doors can become a critical barrier 
for intervention in health-related 
emergencies, where every second 
counts. Our mission is to protect 
our customers, and at times this 
means reaching them when they 
need us most. LockGuard™ 
removes the last remaining 
obstacle to a first-responder 
intervention. With LockGuard™, 
emergency services – police, fire 
brigades, and medical teams – 
access customers’ homes directly 
through our Emergency Remote 
Unlocking service. Our Alarm 
Receiving Centre specialists 
remotely unlock doors in the event 
of a verified incident. In 2025 we 
have already enabled medical 
teams to access properties 
immediately during critical 
incidents thanks to LockGuard™.
In a world where people increasingly 
expect simplicity, control and 
convenience, LockGuard™ also facilitates 
daily life for our customers. With a 
keyless access experience, customers no 
longer need to rely on physical keys that 
can be lost, stolen, or copied. They gain 
seamless, secure access to their homes, 
anytime. Using the Verisure app, 
customers can also grant or revoke 
temporary access to friends, family, 
guests and visitors, and receive 
notifications when those enter or 
leave the home.
LockGuard™ has been celebrated as a 
success story across multiple markets, 
strengthening our leadership in security 
services. Its rapid commercial adoption 
demonstrates the value of its related use 
cases, and reinforces our commitment 
to continued innovation in products 
and services that further enhance the 
protection we provide our customers.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 21

===== SIDA 24 =====

AI at 
Verisure
AI is an enabler of our mission, a compounder of 
our Human service: protecting what matters most.
In 2025, we continued to develop AI use cases 
across our Company to improve our 
products and services, drive efficiencies, 
and further empower our colleagues 
with AI tools.
We are a technology-enabled human service company
Verisure’s business model is both data and people-intensive. 
AI is naturally high on our agenda. Our model is well-suited to 
Machine Learning (ML) algorithms and Generative AI (GenAI) use 
cases. We have access to >90 million devices generating data 
constantly and responsibly, enabling industry-leading AI 
training capabilities. This positions us well to benefit from AI 
across our ecosystem.
Our vision for AI is to improve service quality, enable new 
services where possible, and reduce operating costs. Our large-
scale, vertically integrated approach plays to our advantage.
As we work to leverage AI across our operations, we combine 
internal developments with selected third-party deployments. 
This ensures that models are adapted to the unique aspects of 
our business model, while leveraging cutting-edge technologies.
Detection and Verification 
We take a vertical integration approach to our technology stack, 
even as we work with best-in-class third-party partners. For 
the past few years, we have been investigating how best to 
integrate AI in our products for different use cases. A key focus 
in 2025 has been on embedding a computer vision AI model 
into our new GuardVision™ Outdoor camera. The on-device 
model analyses images and video feed locally, classifying 
humans, animals, or other motion sources, and alerting the 
Alarm Receiving Centre only in relevant situations. This helps 
reduce false alarms, streamline the workload of our monitoring 
resources, and reduce our operating costs.
We are now working on extending a similar AI-powered 
computer vision model to our indoor GuardVision™ detectors. 
And we are actively rolling out our existing WiFi Vision™ 
technology to additional geographies, enabling us to detect 
movement even through walls and beyond line of sight, by 
analysing fluctuations in the reverberations of the customer’s 
WiFi waves around the protected property.
Monitoring and Intervention
We leverage AI across our core alarm-monitoring processes 
to assess risks and tailor responses for each incident. For 
example, we have developed and continuously improved an 
Advanced Monitoring proprietary machine learning model. Our 
system analyses a number of relevant parameters, including 
time of day, recent alarm interactions, and the type of detection 
device triggered, to assess threat level and support more 
informed decision-making by our monitoring operator 
colleagues. This allows us to reduce the number of steps 
required to filter false alarms and to identify and respond 
to real incidents even more quickly.
Advanced Monitoring has proven itself in Spain, where it has 
already led to significant productivity 
improvements from 2021 
to 2025. We launched the same model in Italy and France in 
2025, where we expect it to improve accuracy and accelerate 
the work of our human operators as the ultimate decision-
making link in the alarm monitoring and intervention chain.
Strategic Report
Strategy in action
22 Verisure plc | Annual Report 2025

===== SIDA 25 =====

Both operational efficiency and customer experience
Our primary objective is always to satisfy our customers and 
retain them over the long term. We believe AI can be applied 
across most customer touchpoints, to improve service quality 
and optimise costs. With this in mind, we have developed and 
continuously improved a number of dedicated, focused AI tools.
One example is our AI Customer Decision Engine, which we use 
to record, audit and optimise the quality of sales bookings we 
send to our field sales force. We are now experimenting in 
Germany with what we see as a (potential) natural next step: 
autonomous AI agents chatting with new leads and scheduling 
appointments for our sales security experts.
This AI Customer Decision Engine also uses sentiment analysis 
in our contact centres, analysing customer calls transcripts to 
proactively escalate calls whenever we identify lingering 
dissatisfaction, with a view to reducing invisible detraction. 
More generally, we leverage AI to support our telephone 
operators by automating manual tasks and reducing the 
average handle time (AHT) for customer calls.
We are currently testing Retrieval-Augmented Generation (RAG) 
models, powered by our carefully governed past customer calls 
transcripts, to provide fast, accurate answers to our customer 
service agents while on the phone with customers. Our 
objective is to allow agents to better support customers, while 
reducing AHT.
In 2025, we also piloted a narrowly focused AI model to help 
identify batteries nearing end of life across our customers’ 
installations. The model aims to predict each device’s battery 
consumption and fine-tune the optimal replacement time, 
accounting for opportunities to group battery shipments. The 
objective over time is both to ensure alarm systems remain 
fully operational and avoid batteries being replaced too early. 
Reducing our battery-replacement cost, as well as contributing 
to our ESG objectives.
We have access to >90 million 
devices generating data, enabling 
industry-leading AI training 
capabilities.
Empowering our workforce in their daily activities
We continue investing in training our people on AI tools, 
ensuring our teams are equipped to drive Verisure's ongoing 
digital transformation and deliver impact across the business.
In 2025 we selected colleagues throughout our organisation to 
act as Microsoft 365 Copilot Champions, acting as accelerators 
and transformation catalysts in their respective teams, helping 
colleagues embrace AI in their daily work and driving efficiency 
gains across the organisation. Copilot Chat has been made 
available to all colleagues, facilitating the weaving of AI into 
everyday workflows. Within our technology organisation, our 
software engineering community continues leveraging AI-
assisted development tools, unlocking productivity gains 
in development quality.
We are on a multi-year journey, and committed to building 
one of the most digitally-capable workforces in our industry. 
AI, the right way
We recognise that AI carries potential risks and requires a 
specific regulatory context. We remain prudent. In 2025, we 
continued to leverage our AIOps platform, which provides us 
with a controlled environment for connecting data, AI models, 
and output systems. This allows us to scale use cases more 
quickly – and securely. 
We take our commitments to data privacy and the ethical 
deployment of AI seriously. Verisure joined the AI Pact in 2024 
and committed to proactively implementing early key elements 
of the EU AI Act. This past year, we reported to the EU on the 
work carried out under those commitments. We have developed 
robust governance processes to ensure that our AI systems are 
reviewed for any compliance risks by specialised teams. Our 
end-to-end architecture is designed with data privacy in mind, 
promoting responsible handling of customer data across our AI 
systems. In addition, we continued in 2025 to train our people 
on AI literacy and the conditions for adequate use of AI tools.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 23

===== SIDA 26 =====

People 
& Culture
In 2025, our people once again 
formed the foundation of our 
success. Across all 18 countries in 
which we operate, we closed the 
year with our teams more engaged 
and committed than ever.
Engaged and high-performing organisation 
We are a technology-enabled human services company, 
and our talented people stand ready to respond in an instant 
to protect what matters most to our customers. 
Protecting what matters most
Verisure people are fundamental to the service we provide. 
Every day, more than 30,000 colleagues bring our purpose 
to life. From our teams in direct contact with customers to 
our rapid-response colleagues acting quickly in critical 
situations, and our back-office teams enabling seamless service 
and operations, they differentiate our business by living and 
role-modelling our unique DNA.
Over 83% of our people work in customer-facing roles, creating 
meaningful human connections with the families and small 
businesses we protect. Their proximity to customers gives us 
unique insights that continuously inspire our product and 
service innovation. Our deeply customer-centric culture, 
firmly rooted in our mission, guides decisions and actions 
across our organisation.
Highly engaged organisation
We closed 2025 with our teams more engaged and committed 
than ever. Our Sustainable Engagement Survey, the primary 
gauge of our organisational health, showed that our teams 
remain highly energised, focused, and aligned with our mission. 
This year, we achieved record participation (well exceeding our 
85% target) with an overall Sustainable Engagement Index 
surpassing 85% for the fourth consecutive year (above our 
target of more than 80% favourable). 
2025 Sustainable Engagement Survey
>90%
PARTICIPATION
>85%
COMPANY SCORE
We have also observed a positive trend across all Employee 
Net Promoter Score (eNPS) items, notably a seven-point 
increase for both eNPS for ‘Product and Services’, as well as 
for ‘Employer’, compared to the previous year. These positive 
trends are consistent across most countries.
Alongside the annual Sustainable Engagement survey, we 
also continue to conduct regular pulse checks across our 
geographies. This allows us to capture colleagues’ feedback and 
monitor the organisational pulse regularly, delivering real-time 
insights and enabling us to quickly act on comments and needs.
See more in Talent Management and Sustainable Engagement, 
page 213.
Strategic Report
Strategy in action
24 Verisure plc | Annual Report 2025

===== SIDA 27 =====

Investing in Talent
Our people are the foundation of our strategic playbook, and 
the engine behind our sustained growth. In 2025, we continued 
building and nurturing a high-performance team with an 
‘owner’s mentality’ while operating with integrity and 
accountability. We further strengthened our people processes, 
systems and policies globally, supporting our colleagues in 
growing to their full potential. We promote internal mobility 
across our organisation to foster engagement, development, 
and retention, and to improve productivity. Over the recent 
years, more than 80% of our leadership positions have been 
filled by internal candidates.
See more in Talent Management and Sustainable Engagement, 
page 213. 
A Place for Everyone
At Verisure, we want to be representative of the communities 
and customers we protect and serve. Diversity, Equity, Inclusion 
& Belonging (DEIB) is a strategic priority for us, integral to our 
business and ESG strategies. 
Embedding DEIB across the entire employee lifecycle is essential 
to shaping our culture, strengthening engagement, and 
enabling long-term performance. From the outset, we apply 
fair, equitable and merit-based recruiting processes, supported 
by measures to identify and mitigate any potential bias or 
discrimination. Our focus extends from retention to career 
growth, promoting access to opportunities for career 
advancement, and working to close the gender pay gap.
See more in Diversity, Equity, Inclusion & Belonging (DEIB), 
page 206.
As of 2025, Verisure is officially recognised as an outstanding 
employer in all its 18 countries, with certifications including 
Great Place to Work™, Top Employer®, Top Employer® Europe, 
Financial Times’ ‘Europe’s Best Employers 2025 List’ and others.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
V e r i s u r e  p l c   |   A n n u a l  R e p o r t  2 0 2 5 25

===== SIDA 28 =====

Financial and operational metrics
Definition and strategic relevance
REVENUE
CAGR +10.5%
€3,745.4m
Revenue represents the total revenue reported in the income statement, 
measuring total revenue from customers for the period. 
ANNUALISED RECURRING REVENUE (ARR) 2
CAGR +12.2%
€3,447.6m
ARR defines the total number of subscribers in our portfolio at the end of 
the period, multiplied by the last 12 months (LTM) average revenue per user 
(‘ARPU’), multiplied by 12 months. This APM provides a view of the quality 
and predictable subscription revenue from the Group’s customer portfolio. 
It is an important KPI used to assess the Group’s top-line momentum. 
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN
CAGR +13.0%
€1,708.0m
Adjusted EBITDA equals operating profit, excluding depreciation and 
amortisation, retirement of assets and separately disclosed items. This 
KPI enables management to consistently track the underlying operational 
performance of the Group. It measures core trading performance by the 
removal of non-operational effects arising from historic acquisition 
accounting and non-recurring items. 
Adjusted EBITDA in relation to revenue discloses the profitability ratio of 
ordinary operations in terms of EBITDA, enabling management to follow 
the development of business efficiency between periods. 
OPERATING PROFIT
CAGR +22.9%
€298.7m
Operating profit as reported in the income statement measures the 
performance from business operations before financial items and taxes. 
1) The key performance indicators are both related to IFRS measures, alternative performance measures, and other performance metrics. For additional information on 
alternative performance measures and reconciliation to the nearest IFRS equivalent, please see page 153
.
2) The Group has updated the definition of annualised recurring revenue (ARR). ARR is now calculated as End of Period Customer Portfolio x LTM trailing ARPU x 12. 
For the full 12 months of 2026, we intend to report ARR under both the previous and new definitions. 2025 ARR growth is 12.4% (2024: 11.7%) under the new definition and 
12.4% (2024: 11.7%) under the previous definition. Q4 2025 ARR growth was 12.4% under the new definition compared to 13.0% under the previous definition.
Strategic Report
Key Performance Indicators1
26 Verisure plc | Annual Report 2025
1,047.8 1,151.8 1,340.6 1,534.0 1,708.0
2021 2022 2023 2024 2025
41.8% 40.7% 43.4% 45.0% 45.6%
130.9 133.9
213.0
307.4 298.7
2021 2022 2023 2024 2025
2,174.5 2,477.7 2,746.0 3,068.1 3,447.6
2021 2022 2023 2024 2025
2,508.8 2,827.0 3,090.0 3,408.0 3,745.4
2021 2022 2023 2024 2025
Adjusted EBITA margin

===== SIDA 29 =====

Definition and strategic relevance
ADJUSTED EBIT AND ADJUSTED EBIT MARGIN
CAGR +13.6%
€952.9m
Adjusted EBIT equals operating profit, excluding acquisition-related items, 
share-based compensation expenses, and separately disclosed items and 
measures the recurring underlying operating profit of the business by the 
removal of non-operational effects from historic acquisition accounting 
and non-recurring items. 
Adjusted EBIT in relation to revenue discloses the profitability ratio of 
ordinary business operations in terms of EBIT, enabling management 
to follow the development of business efficiency between periods.
ADJUSTED EPS
CAGR +18.1%
€0.35
Net profit or loss for the period, excluding acquisition-related items, share 
based compensation and separately disclosed items, including the tax impact of 
these components, divided by the weighted average numbers of shares. 
Adjusted EPS is an important profitability metric and a key measure of 
how our business operations have driven shareholder value.
COST PER ACQUISITION (CPA)
CAGR +4.8%
€1,513.8
CPA is the net cash investment to acquire a subscriber, and it includes costs 
related to the marketing and sales process, installation of the alarm system, 
costs of alarm system products. and overhead expenses for the customer 
acquisition process, The metric is calculated net of revenue from installation 
fees charged to the subscriber and represents the sum of Adjusted EBITDA 
plus capital expenditures in our customer acquisition segment on average 
for every subscriber acquired. 
This APM provides insight on the cost per customer acquisition for 
organic growth. 
CUSTOMER PORTFOLIO (000’S)
CAGR +9.6%
6,171.4
Customer portfolio represent our total subscribers at the end of the year. 
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 27
572.2 576.8 694.0 819.1 952.9
2021 2022 2023 2024 2025
1,257.0 1,407.0 1,415.0 1,438.4 1,513.8
2021 2022 2023 2024 2025
0.18
0.11
0.17
0.23
0.35
2021 2022 2023 2024 2025
22.8% 20.4% 22.5% 24.0% 25.4%
Adjusted EBIT margin
4,274.8 4,752.0 5,173.0 5,611.6 6,171.4
2021 2022 2023 2024 2025

===== SIDA 30 =====

Definition and strategic relevance
NEW INSTALLATIONS, 000’S
CAGR +3.2%
872.6k
New installations represent the total number of new subscribers added as at 
the end of the period. This is an important APM for management in order to 
assess the underlying momentum in new installations. 
LTM ATTRITION RATE
7.4%
LTM attrition rate is the number of net cancellations in our monitoring services 
in the last 12 months, divided by the average number of subscribers during 
the last 12 months. The APM enables management to follow customer 
portfolio stability. 
MONTHLY AVERAGE REVENUE PER USER (ARPU)
CAGR +2.4%
€46.6
ARPU is the Portfolio Services segment revenue (consisting of monthly average 
subscription fees and sales of additional products and services) divided by 
the average number of subscribers during the relevant period. 
This APM measures growth and quality, and supports optimisation of pricing, 
upsell and product bundling strategies. 
RECURRING MONTHLY COST (RMC)
CAGR +1.0%
€12.2
RMC represents the monthly cost per subscriber in our Portfolio Services 
segment, calculated as the difference between ARPU and EPC. RMC measures 
cost efficiency, providing the development of monthly cost per subscriber. 
MONTHLY ADJUSTED EBITDA PER CUSTOMER (EPC)
CAGR +2.9%
€34.3
EPC equals the Monthly adjusted EBITDA from our existing subscriber portfolio 
(Portfolio Services Adjusted EBITDA) divided by the average number of 
subscribers. 
This APM measures the average monthly profitability per subscriber in our 
Portfolio Services segment and enables understanding of underlying customer 
profitability over time. 
Sustainability
See the Sustainability Review for key indications related to social and environmental matters, on pages 32-38.
Strategic Report
Key performance indicators continued
28 Verisure plc | Annual Report 2025
11.7 12.2 12.6 12.5 12.2
2021 2022 2023 2024 2025
10.0
15.0
20.0
30.6 31.2 31.6 33.1 34.3
2021 2022 2023 2024 2025
20.0
30.0
40.0
42.4 43.4 44.2 45.6 46.6
2021 2022 2023 2024 2025
40.0
45.0
50.0
769.6 802.1 797.3 839.7 872.6
2021 2022 2023 2024 2025
6.4% 7.2% 7.6% 7.4% 7.4%
2021 2022 2023 2024 2025

===== SIDA 31 =====

We were pleased to deliver another 
year of broad-based, quality growth in 
2025, and we move into 2026 with 
excellent operating momentum.”
COLIN SMITH
Chief Financial Officer
Introduction
2025 was characterised by another year of strong operational 
and financial growth. We generated strong and increasing 
demand for monitored security, delivering increasing 
profitability and cash flow from our growing portfolio of 
~6.2m customers.
Financial Overview
Group revenue increased +9.9% (+10.3% in constant currency) 
to €3,745.4m (€3,408.0m). Topline growth was primarily driven 
by increasing the size of our portfolio, with total customer 
growth of +10.0%, from 5,611,685 in 2024 to 6,171,388 in 2025.
We delivered a +2.5% increase in monthly average revenue per 
user (ARPU), at constant currency, driven by our annual price 
increase in the first quarter together with increased upselling 
and tight discipline around discounting. 2025 annualised 
recurring revenue (ARR) was €3,447.6m, representing growth of 
+12.4% (+12.7% in constant currency) compared to prior year.
Our financial model supported increased profitability. Adjusted 
EBIT increased +16.3% (+15.5% in constant currency) while 
Adjusted EBIT margins grew +141bps to 25.4%. This increase, 
which means Adjusted EBIT margins have expanded ~500bps 
over the three years to 2025, was driven by valuable portfolio 
growth, the addition of our new Mexican business and 
approximately €70m of cost savings delivered. Operating profit 
was €298.7m (€307.4m in 2024). Compared to previous year, the 
slightly lower operating profit was mainly a result of one-time 
costs linked to the IPO and M&A activities. 
Operating segments
Portfolio Services
We delivered portfolio growth of 560,000 customers in 2025, 
which as noted represented a growth rate of +10.0% year-over-
year (+7.8% organic). 2025 was our highest ever year of growth. 
In Q4, we added approximately 125,000 customers from our 
acquisition in Mexico. This, along with our stable 7.4% attrition 
rate, helped increase Portfolio revenue to €3,267.8m (2,947.8m), 
up +10.9% (+11.2% in constant currency).
Average revenue per user (ARPU) in 2025 was €46.6 per month, 
representing growth of +2.5% year-over-year (in constant 
currency).
We made good progress managing our cost base and unlocking 
scale efficiencies. 2025 RMC was down 1.6% year-over-year (in 
constant currency), to €12.2 per customer per month. Across the 
Group, workload continued to reduce with maintenance visits 
4% lower year-over-year and callouts per customer down 11%. 
This progress reflects increased use of system diagnostics, 
expanding Do It Yourself (DIY) fix capability and tight focus 
on first time resolution. 
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
CFO Review
Verisure plc | Annual Report 2025 29

===== SIDA 32 =====

Customer Acquisition
New installations were 872.6k in 2025, a growth rate of +3.9% 
year-over-year. Install growth was supported by our innovation 
cadence, most notably the launch of LockGuardTM in France and 
Italy. More broadly we saw strong demand in our major 
markets, with notable growth in Spain, France, Italy, UK and 
Brazil. 
In terms of cost per acquisition (CPA) we recorded an average 
fully loaded CPA of €1,514, up +6.5% year-over-year (in constant 
currency). This increase was driven by media cost inflation, 
starting in Q2. Pricing discipline protected returns, with our 
Acquisition Multiple broadly flat in 2025 at 3.7x. Average new 
customer Internal rate of return (IRR) remains strong, at ~20%, 
measured over a 15-year horizon. 
Adjacencies
Our Adjacencies, made up of mainly our Seniors business in 
Spain and our Arlo camera division, increased revenues by 
+24.4% year-over-year (in constant currency).
Total Adjacencies portfolio increased to 435,560 customers, 
up +4.0% year-over-year. We focus on developing these 
businesses, through a strategy of selective growth. We also 
leverage our adjacent businesses as a platform to understand 
parts of the broader security market that stand apart from 
our core Verisure service.
Taxation
The tax charge in 2025 was €59.7m (credit of €3.2m in 2024), 
comprising a current tax charge of €118.2m (€119.3m in 2024) 
partially offset by deferred tax income of €58.5m (€122.5m in 
2024). The income tax charge excluding separately disclosed 
items (SDI) amounted to €191.2m (€122.8m in 2024), reflecting 
higher deferred tax liabilities arising from IFRS 15, variable sales 
costs and increasing R&D investments, which are capitalised 
under IFRS. The €131.5m (€126.0m in 2024) tax income on SDI 
items related to deferred taxes on the amortisation of acquired 
intangible assets and IPO related costs, which are not deductible 
for tax purposes. In addition, the tax charge is impacted by non-
deductible interest expenses, primarily driven by interest 
limitation rules in certain jurisdictions.
€m (unless otherwise stated) 2025 2024 Change
Consolidated
Non-IFRS and IFRS financial data
Revenue 3,745.4 3,408.0 337.4
Revenue growth¹, %  9.9 %  10.3 %  (0.4) %
Annualised recurring revenue (ARR)1, 5 3,447.6 3,068.1 379.5
Annualised recurring revenue growth¹, %  12.4 %  11.7 %  0.7 %
Operating profit 298.7 307.4 (8.7)
Adjusted EBITDA¹ 1,708.0 1,534.0 174.0
Adjusted EBITDA margin¹, %  45.6 %  45.0 %  0.6 %
Adjusted EBIT¹ 952.9 819.1 133.8
Adjusted EBIT margin¹, %  25.4 %  24.0 %  1.4 %
Net profit or (loss) (255.9) (184.9) (71.0)
Adjusted net profit or (loss) 361.3 234.6 126.7
EPS, basic and diluted², € (0.30) (0.23) (0.07)
Adjusted EPS1, 3, € 0.35 0.23 0.12
Cash flow from operating activities 1,317.0 1,330.5 (13.5)
Cash flow from investing activities (1,200.3) (916.9) (283.4)
Cash flow from financing activities (114.6) (403.8) 289.2
Total subscribers (end of period), 000s 6,171.4 5,611.7 559.7
New subscribers added (gross)⁴, 000s 872.6 839.8 32.8
1) Alternative performance measure (APM). Refer to section ‘Alternative performance measures and other performance metrics’ for more details.
2) Earnings per share (EPS), basic and diluted, is calculated based on the weighted average number of outstanding shares in the period. The outstanding number of shares 
prior to the listing on Nasdaq Stockholm on 8 October 2025 is based on the total number of Verisure plc shares (800,000,000) at the time of listing on Nasdaq Stockholm on 
8 October 2025. The amount of shares prior to the listing on Nasdaq Stockholm has also been applied to the comparative periods.
3) Adjusted earnings per share (EPS) is calculated based on the total number of Verisure plc shares following completion of the listing on Nasdaq Stockholm on 8 October 2025 
and includes the issuance of new shares the same day. The amount of shares outstanding at 8 October 2025, including the shares issued the same day, has also been applied 
to the comparative periods.
4) Other performance metrics. Refer to section ‘Alternative performance measures and other performance metrics’ or more details.
5) The Group has updated the definition of annualised recurring revenue (ARR). ARR is now calculated as End of Period Customer Portfolio x LTM trailing ARPU x 12. For the full 
12 months of 2026, we intend to report ARR under both the previous and new definitions. 2025 ARR growth is 12.4% (2024: 11.7%) under the new definition and 12.4% (2024: 
11.7%) under the previous definition. Q4 2025 ARR growth was 12.4% under the new definition compared to 13.0% under the previous definition.
Strategic Report
CFO review continued
30 Verisure plc | Annual Report 2025

===== SIDA 33 =====

Cash flow
Cash flow from operating activities amounted to €1,317.0m 
(€1,330.5m in 2024) and cash flow from operating activities 
before changes in working capital was €1,390.2m (€1,389.4m in 
2024). In 2025, cash flow from operating activities included costs 
incurred as the Company prepared for the public listing of its 
shares.
Cash flow from investing activities increased to a net outflow of 
€1,200.3m (€916.9m in 2024). Investing activities related to the 
acquisition of our Mexico business, as well as increased capital 
expenditures, supporting another year of strong growth. 
We also funded €16.2m into our EBT for share purchases.
Cash flow from financing activities made up a net outflow of 
€114.6m (€403.8m in 2024) reflecting post-IPO refinancing 
activities. Interest payments reduced to €411.7m, from €466.7m 
in 2024, driven by both lower interest rates and lower debt 
levels in the period after our IPO.
Total net debt 
Verisure LTM Net Leverage Ratio was 2.9x, a slight reduction 
from pro-forma IPO levels of 3.0x. Net debt was €5.0bn on 
31 December 2025, compared to €7.6bn at the end of 2024. 
Capital expenditure
Capital expenditure increased to €980.6m (€919.7m in 2024) 
primarily driven by the increase in new customer installation 
volume and investment in technology and innovation. In 2025, 
we also invested €67.1m (€42.6m in 2024) completing further 
2G/3G sunset upgrades. 
Borrowing and financing arrangements 
We completed our post-IPO refinancing program on 
3 November 2025, finalizing a €1.25bn Term Loan B at an initial 
price of Euribor +225bps, with margin step-downs as leverage 
decreases. This followed the establishment, shortly before our 
IPO, of a new €950m Revolving Credit Facility and a €1.215bn 
Term Loan A (‘TLA’), both at an initial margin of Euribor 
+175bps with leverage based step-downs. On 5 December 2025, 
we upsized the TLA by €75m to €1.290bn.
We have a well-diversified debt complex with our next maturity 
due February 2028. Approximately 65% of debt is fixed, and we 
had a weighted average cost of debt in 2025 of 5.4% compared 
to 5.7% in 2024.
Net loss and earnings per share (EPS)
The Group incurred a net loss for the year of (€255.9m), 
compared to (€184.9m) in 2024, representing an EPS, basic and 
diluted, of (€0.30) versus (€0.23) in the corresponding period 
previous year. Adjusted net profit for the period was €361.3m 
compared to €234.6m in 2024. Adjusted EPS, basic and diluted, 
amounted to €0.35 compared to €0.23 in the previous year. 
The net loss in comparison to Adjusted net profit has arisen as 
a result of the adjustment for separately disclosed items (SDIs) 
of €617.2m (€419.5m in 2024). These SDIs relate to the 
amortisation of acquisition related intangible assets resulting 
from our 2020 Business Combination and one-off items such as 
IPO costs, Mexican acquisition costs occurring in 2025 and items 
related to various transformational projects.
Dividend and dividend policy
See more information in the Director’s Report on page 81.
Capital allocation
Our capital allocation framework remains consistent. Our 
leading priorities continue to be investment in organic 
customer growth, at a high IRR, alongside increased investment 
in Technology and Innovation capital expenditures.
We also focus on further strengthening our balance sheet – we 
are making progress, reducing our leverage ratio to 2.9x at year 
end 2025. We expect to reduce leverage further going forward.  
Progress on managing our balance sheet has been recognised 
by Moody’s and S&P Global, by way of three-notch upgrades to 
our Corporate Family Rating, to Ba1 | BB+ respectively. Although 
we intend to remain a primarily organic growth company, we 
will be opportunistic on possible M&A; as demonstrated with 
our purchase of ADT Mexico. The bar for M&A is high, but if a 
high quality, complimentary asset becomes available at an 
attractive price we’ll give it due consideration.
Finally, we expect our growing business model to move into a 
new phase of cash flow generation, creating capacity to return 
cash to shareholders. Our expectation is that we pay our first 
Interim Dividend to shareholders in the second half of 2026. Key 
enablers to these capital allocation priorities include continued 
high-quality growth, significant focus on cost transformation 
supported by AI technologies, as well as increased productivity.
Going concern
As described in note 1 of the consolidated financial statements 
and in the Director’s Report, the Directors have formed a 
judgment, at the time of approving the financial statements, 
that there are no material uncertainties that cast doubt on 
the Group’s going concern status and that it is a reasonable 
expectation that the Group has adequate resources to continue 
in operational existence for at least the next 12 months. In 
making this judgment, they have considered the impacts of 
potential severe but plausible consequences arising from the 
Group’s activities. For this reason, the Directors continue to 
adopt the going concern basis in preparing the consolidated 
financial statements.
APM and key performance indicators
To provide additional information and analysis and to enable a 
full understanding of the Group’s results, management makes 
use of several APMs in its management of the business and as 
part of its internal and external reporting. 
Definitions of these Alternative Performance Measures, the 
reasons why they are used, along with reconciliations to 
equivalent IFRS measures can be found on page 150
.
See some of our key performance indicators and metrics and the 
development from 2021 to 2025 on page 26.
COLIN SMITH
Chief Financial Officer
London, March 2026
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 31

===== SIDA 34 =====

Introduction
Our commitment to ESG is inherent to our Company’s purpose, 
mission, and DNA. Our main focus is on our customers, our 
people, and our communities, and for this reason, the social 
aspect of our ESG strategy carries the greatest weight.
We believe that the best-in-class protection we provide to our 
customers is one of our most significant positive social impacts 
– benefiting them directly and supporting the communities 
in which we operate. At Verisure, we are also committed to 
offering our colleagues merit-based opportunities for growth, 
while striving to make meaningful contributions to our local 
communities through our corporate social responsibility 
programmes. Furthermore, we extend our sustainability efforts 
to our suppliers’ communities, continuously encouraging 
greater engagement in sustainable practices. Lastly, we 
prioritise minimising our environmental footprint and 
consistently uphold strict ethical principles in every aspect 
of our operations.
2025 update
We have continued to broaden the scope of our ESG-related 
positive contributions and opportunities, while also refining 
our oversight of adverse impacts and associated risks. In 2025, 
we reviewed our Double Materiality Assessment (DMA), 
retaining the existing 11 material topics grouped under the 
five foundational pillars of our ESG Framework. In addition, 
we introduced a new topic – Digitalisation and AI – within the 
‘Our Customers’ pillar. We also updated the language used to 
describe our Impact, Risks, and Opportunities (IROs) to enhance 
clarity and more accurately reflect our sustainability journey, 
while maintaining our commitment to our 2030 and long-term 
targets.
See more in the DMA section of our Sustainability Statement, 
page 171.
External recognition
At the beginning of 2026, Morningstar Sustainalytics awarded 
Verisure with the Global ESG Leader badge, out of approximately 
15,000 companies assessed in its ESG Risk Rating, as well as the 
Regional ESG badge and the Industry Leader ESG badge1. This 
is the third consecutive year that we have been awarded this 
recognition in the three categories. We started 2026 with an 
ESG rating of negligible risk2. This sustained recognition reflects 
the dedication and collective efforts of all Verisure colleagues.
Our commitment to creating supportive, high-performance 
working environments continues to be recognised through 
multiple external awards and certifications. These accolades 
help both strengthen our colleagues’ pride in our culture and 
attract best-in-class external talent. As of January 2026, we have 
been named Top Employer® Europe for the third consecutive 
year, with Spain, France, the UK, Italy, and the Netherlands also 
receiving national Top Employer® certifications. In 2025, 
Verisure achieved Great Place to Work® recognition in 13 
c o u n t r i e s  –  i n c l u d i n g  f i r s t - t i m e  c e r t i f i c a t i o n s  f o r  D e n m a r k ,  
Germany, Ireland, Norway, and Portugal – while Brazil 
celebrated its seventh consecutive year. Argentina, Belgium, 
and Sweden were named Best Workplaces®, with Argentina 
additionally recognised as a Best Workplace for Women®. 
Verisure was also included in the Financial Times’ ‘Europe’s 
Best Employers 2025’ and ‘Europe’s Diversity Leaders’ rankings.
These certifications and awards have strengthened our 
colleagues’ sense of pride in being part of Verisure. They also 
p o s i t i o n  u s  s t r o n g l y  t o  a t t r a c t  t h e  b e s t - i n - c l a s s  e x t e r n a l  t a l e n t  
needed to support our continued growth in the years ahead.
Strategic Report
Sustainability Review
32 V e r i s u r e  p l c   |   A n n u a l  R e p o r t  2 0 2 5
1) Awarded as of 2026. The ESG Leader Badge recognises companies based on Sustainalytics’ rules-based methodology. Recognition is based on publicly available data at the 
time of assessment and may not fully capture all aspects of a company’s sustainability strategy or actions. Companies are compared within defined frameworks; recognition 
should not be interpreted as an absolute measure of sustainability performance or a guarantee of performance or outcomes. Further information concerning the Badges and 
the underlying products can be found at this: https://www.sustainalytics.com/corporate-solutions/esg-solutions/top-rated-companies.
2) Copyright © 2026 Sustainalytics, a Morningstar company. All rights reserved. The information, data, analyses and opinions contained herein do not constitute investment advice 
nor an endorsement of any product, project, investment strategy or consideration of any particular environmental, social or governance related issues as part of any 
investment strategy. The use of the data is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers.

===== SIDA 35 =====

Our Customers
Material topic Commitment Target/Key KPIs 2025 2024 2023
Best-in-class Protection 
& Peace of Mind
We protect what matters most to families and small 
businesses.
 Number of customers ~ 6 . 2 m 5.6m 5.1m
Go to section Number of cases with 
on-site assistance >417,000 1 >352,000 >345,000
Data Privacy & 
Cybersecurity
We are committed to a responsible and proactive approach 
to data protection and cybersecurity. By fostering a strong 
privacy and information security culture, we seek to ensure 
the safeguarding of personal data of both our customers 
and employees.
 BitSight Rating Advanced Advanced Advanced
Go to section
Digitalisation & AI We are committed to digitalisation and responsible AI as 
drivers of innovation and productivity, supported by strong 
governance and ethical practices. We are committed to 
using and developing AI responsibly and in accordance with 
applicable legislation, such as the EU AI Act.
We are in the process 
of defining key KPIs  - - -
Go to section
1) The increase reflects in part the inclusion of LatAm on-site assistance cases in 2025, which were not accounted for in 2024.
See more in S4 disclosures, pages 232 to 244.
Introduction
We believe our mission – to protect what matters most, bringing 
peace of mind to families and small businesses – is our primary 
contribution to society. This aligns with the United Nations SDG 
16, which aims to promote peace, justice, and strong 
institutions. We strive to be present to protect what matters 
most to people, wherever and whenever they need us, both at 
home and beyond. This commitment drives us to continually 
innovate and elevate our performance. Our objective is to make 
our services more accessible, particularly for vulnerable groups, 
and to broaden the range of protection we offer.
We are deeply committed to maintaining robust data privacy 
and cybersecurity measures. This dedication helps prevent 
unauthorised disclosure of sensitive personal data, minimising 
risks to our customers. 
2025 Progress
Best-in-class Protection & Peace of Mind: We have set a new 
benchmark by supporting ~6.2 million customers and handling 
over 417,000 cases requiring on-site assistance, working closely 
with security and emergency services. We will continue to 
innovate and attract top talent to provide the best possible 
service to keep our customers satisfied.
Data Privacy & Cybersecurity: We strengthened our data privacy 
standards through our privacy program pillar initiatives and 
minimum standard approach. We also maintained our 
Advanced Bitsight rating, reflecting our strong focus on 
cybersecurity.
Digitalisation & AI: We accelerated AI integration across our 
value chain, enhancing our products and services, improving 
operational efficiency, and deploying advanced models in 
verification, monitoring, and customer interactions. We will 
continue to leverage these technologies at every customer 
touchpoint to delight them with the service we provide. 
LockGuard™: 
Expanding value through innovation
Following the launch of LockGuard™ in 2024, Verisure 
enhanced the device in 2025 with new functionalities, 
including an emergency remote door unlocking feature 
that allows authorised emergency responders to 
access customers’ homes during critical situations. 
The expansion of LockGuard™ reinforces Verisure’s 
leadership in monitored security services and reflects 
our ongoing commitment to meeting evolving customer 
needs while delivering greater safety, protection, and 
peace of mind. Further information about LockGuard™ 
is addressed in the section Verisure strategy in action: 
Technology and Innovation.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
V e r i s u r e  p l c   |   A n n u a l  R e p o r t  2 0 2 5 33

===== SIDA 36 =====

Our People
Material topic Commitment Target/Key KPIs 2025 2024 2023
Diversity, Equity, 
Inclusion & Belonging 
(DEIB)
We are committed to fostering an inclusive and equitable 
workplace that attracts, retains, engages, and empowers 
diverse talent, guided by the principles of meritocracy.
  
40% Women 
representation 
across the Company 
by 2030
(2022 baseline)
 38.5%  38.3%  37.8% 
33% Women 
representation in 
leadership by 2030
(2022 baseline)
 30.9%  28.3%  27.3% 
Go to section
Employee Health, Safety 
& Well-being
We take the health and safety of our colleagues very 
seriously, supporting their overall well-being.
90% completion rate 
of the Code of 
Conduct e-learning
(2024 baseline)
 91%  89%  - 
Go to section
Employee Relations We respect fundamental human rights in line with the 
United Nations Global Compact principles and agenda, 
including fair employment conditions both within our 
organisation and across our supply chain.
 
Go to section
Talent Management and 
Sustainable 
Engagement
We maintain high levels of sustainable engagement with our 
mission and values among our people, spanning all 
functions, countries, and demographic groups.
 
85% minimum 
participation in 
annual survey 
(2021 baseline)
>90% >90%
>90% 
>80% score in annual 
survey
(2021 baseline)
>85% >85% >85% 
Go to section
See more in S1 disclosures, pages 199 to 219.
Introduction
We are a technology-enabled human service company, and our 
people stand ready to respond in an instant to protect what 
matters most. They are fundamental to the service we provide. 
Whether they are in direct contact with customers, providing 
rapid response in critical situations, or supporting operations 
behind the scenes to provide a seamless service, our teams set 
us apart by living and role-modelling our DNA every day.
Our approach to managing our people is centred around the 
following four material topics:
1. Diversity, Equity, Inclusion & Belonging (DEIB) 
At Verisure, we want to be representative of the communities 
and customers we protect and serve around the world. This 
is why DEIB is a business priority for us, embedded in our 
business and ESG strategy. We are committed to unlocking 
the full potential of our human capital, gaining long-term 
competitive advantage, and improving our external impact 
by playing three roles: employer, business, and social actor.
2. Employee Health, Safety & Well-being
Employee Health, Safety, and Well-being are material topics 
for Verisure, given the field-based nature of our operations. We 
place particular emphasis on safe working practices, especially 
safe driving. These priorities are supported by our global Code 
of Conduct, local health and safety policies, training 
programmes, and committees.
3. Talent Management and Sustainable Engagement 
At Verisure, we are committed to developing and nurturing a 
high-performance team with an ownership mentality, always 
operating with integrity and accountability. We have continued 
to develop our people processes, systems, and policies at a global 
level, supporting each of our colleagues in unleashing their full 
potential. We promote internal mobility across our organisation 
to foster engagement, development, and retention, as well as 
improve productivity. Our annual Sustainable Engagement survey 
is our primary gauge of organisational health. It helps us 
understand how engaged, energised, and enabled our people are, 
and we measure the results over time. Participation consistently 
exceeds 90%, allowing us to listen to our people’s feedback and 
develop comprehensive plans to address the topics they raise. 
This survey, together with regular pulse surveys, forms part of our 
holistic approach to measuring engagement across the employee 
lifecycle, alongside the annual survey.
4. Employee Relations 
Employee Relations is a material topic for Verisure, supported 
by local employment practices and global policies, including 
Strategic Report
Sustainability Review continued
34 Verisure plc | Annual Report 2025

===== SIDA 37 =====

our Code of Conduct, Anti-Harassment and Non-Discrimination 
Policy, and Speak Up Framework. Oversight is maintained by 
the Verisure Compliance Committee, and the Audit Board 
Committee, with quarterly reporting on key employee relations 
topics. We also track Code of Conduct training targets and 
monitor collective bargaining coverage.
Gender breakdown
Gender breakdown disclosure to meet Section 414C of the UK 
Companies Act 2006 requirements CA06 s.414C(8)(c):
• Directors of the Company
• Senior managers (other than above)
• Employees of the Company
This information is disclosed under S1-5: 
DEIB Ambitions, 
S1-6: Representation and ESRS 2 GOV-1 & GOV-2: Leadership 
Oversight and Governance of Sustainability section. 
2025 Progress
1. Diversity, Equity, Inclusion & Belonging (DEIB)
As of year-end 2025, at Verisure, women represent 38.5% of our 
total workforce and 30.9% of leadership positions, reflecting a 
0.7 p.p. increase in overall women representation since 2023 
and a 3.6 p.p. increase in leadership representation. These 
results demonstrate consistent efforts across our employee 
lifecycle, functions, and geographies to advance gender equity, 
while reinforcing the continued focus required to achieve our 
2030 representation ambition of 40% women overall and 33% 
women in leadership positions.
2. Employee Health, Safety & Well-being
In 2025, we introduced quarterly health and safety reporting 
across all countries, along with a comprehensive mapping of 
health and safety practices, currently in progress. These 
measures strengthen our commitment to a proactive approach 
to employee health, safety, and well-being.
3. Talent Management and Sustainable Engagement 
A total of >90% of colleagues participated in our annual survey, 
significantly exceeding the set target of 85%. This high level 
of participation demonstrates our ongoing, company-wide 
commitment to enhancing employee engagement across 
Verisure. This success was underpinned by colleagues’ 
confidence that their feedback is valued and actively 
incorporated into our continuous improvement initiatives. 
The survey was conducted in every country using a transparent, 
structured, and well-coordinated approach, fully aligned with 
Verisure’s engagement objectives.
4. Employee Relations 
In 2025, we achieved several important milestones, including 
updating our Code of Conduct, conducting employment due 
diligence in six countries with external legal support, and 
undertaking a company-wide review of family-related leave, 
criminal background checks, and employee representation 
systems. These efforts were supported by the integration of 
employee relations controls into the compliance minimum 
standard audit, and the introduction of quarterly employee 
relations reporting across all countries.
A truly engaged organisation
Our people feel genuinely proud of what we do. 
We maintain a consistently high level of employee 
engagement, as demonstrated by our Sustainability 
Engagement Survey, launched for the first time in 2016. 
Our Sustainable Engagement overall score has remained 
above 85% for the past four years, with consistently 
strong results across functions, countries, and 
demographic cohorts. This score is based on the 
arithmetic average of nine questions designed by 
Willis Towers Watson to assess whether employees 
are engaged, enabled, and energised.
In particular, the Employer eNPS score from the survey 
increased to 54 in 2025, and the Product and Services 
eNPS improved to 61.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 35

===== SIDA 38 =====

Our Communities
Material topic Commitment Target/Key KPIs 2025 2024 2023
Sustainable Sourcing We promote sustainable 
sourcing by engaging with 
our suppliers, providers, 
and partners
   
 
Supplier acceptance of our Supplier Standards 
and Ethical Code 100% by 2025  99.96%  99.80%  90.00% 
Strategic product suppliers evaluated via audit 100% by 2025  100%  100%  100% 
Strategic product suppliers evaluated via on-site 
audit 80% by 2030  45%  -  - 
Strategic and important suppliers rated in ESG 100% by 2025  100%  81%  80% 
Standard suppliers (>€100k spend) rated in ESG 50% by 2030  17%  -  - 
Go to section Diverse suppliers (WOB, MOB, WISE suppliers) 
qualified 10% by 2030  5.7%  -  - 
Community Impact We are committed to being 
a positive actor in the 
communities we serve
Commitment expressed through volunteering and 
targeted social initiatives
Hours of 
volunteer 
activities
6,340 4,343  - 
Go to section
See more in S2 disclosure, pages 220 to 226, and S3 disclosure, pages 227 to 231.
Introduction
At Verisure, our social commitment is founded on two 
fundamental pillars: being a positive social actor in our 
communities and embedding sustainability throughout our 
supply chain. By volunteering our people’s time and skills, we 
help create safer communities, support vulnerable groups, 
and deliver positive social impact through our initiatives. We 
strengthen local communities, promote inclusion, and contribute 
to long-term development. We also work closely with our 
suppliers to uphold rigorous ESG standards, foster diversity, 
and protect human rights. These commitments have been further 
reinforced with the recent update to our Code of Conduct, which 
now covers the protection of our communities and the planet. By 
partnering with our suppliers and integrating ESG principles into 
our sourcing practices, we are shaping a supply chain that reflects 
our shared values and delivers positive impact at every stage.
2025 Progress
Sustainable Sourcing: Verisure has made significant progress in 
establishing sustainable sourcing as a core priority by embedding 
ESG criteria into every stage of procurement and supplier 
management. We have successfully achieved all objectives set for 
2025, including securing supplier acceptance and compliance with 
the Supplier Code of Conduct, engaging with diverse suppliers, 
and enhancing ESG supplier ratings. To further strengthen our 
due diligence process, we joined the Supplier Ethical Data 
Exchange (SEDEX) platform, which enables us to enhance supplier 
ESG ratings and conduct on-site audits using a standard, 
internationally recognised methodology (SMETA). In addition, 
we have started a qualification process for EMS Tier 2 suppliers 
through our eSourcing tool and have incorporated ESG 
requirements into contracts with 90% of our strategic suppliers.
Community Impact: Verisure has continued to support 
vulnerable groups in need of protection, making a positive 
impact in our communities. Our Global Volunteering 
Programme has continued to grow, fuelled by the strong 
engagement and commitment of our colleagues across the 
organisation, particularly through the initiatives of the Verisure 
Foundation in Spain and the Verisure Association in France. 
Desoledad: A social response to 
unwanted loneliness in older people
The Verisure Foundation has introduced a new concept 
to address a complex social challenge: Desoledad. This 
approach redefines how we understand and respond to 
unwanted loneliness among older people by highlighting 
the emotional and social dimensions of ageing that are 
often overlooked. 
Findings from the first Desoledad 2025 Report show 
that the issue remains largely invisible, as stigma and 
age-related stereotypes continue to prevent open 
discussion and recognition. The report underscores 
the need for shared responsibility, greater societal 
awareness and practical tools that enable early 
detection. As a next step, the Foundation will convene 
an expert committee, develop actionable solutions and 
launch a social innovation project in 2026 to translate 
these insights into concrete, scalable impact.
Strategic Report
Sustainability Review continued
36 Verisure plc | Annual Report 2025

===== SIDA 39 =====

Our Planet
Material topic Commitment Target/Key KPIs 2025 2024 2023
Climate Change Minimise our GHG emission 
intensity by 2030 and achieve 
Net Zero by 2050.
Reduction in revenue-based Scope 1, 2 and 3 
emission intensity by 40% by 2030
(2021 baseline)
 32.6%  24.7%  15.2% 
80% of renewable electricity used in our corporate 
buildings by 2030
(2021 baseline)
 73%  55%  22% 
Go to section
Product Lifecycle 
Management & 
Circularity
Increasingly consider 
sustainability throughout the 
lifecycle of our products and 
services. We are pursuing a 
zero-landfill ambition by 2035.
Decrease single-use 
plastics usage in product 
packaging vs. plastic 
weight per unit in 2021
50% by 2025
 50%  15%  17% 75% by 2030
100% by 2050
Recycle, reuse, or divert from landfill 100% of 
distribution and repair centres waste by 2025  100%  99.9%  99.9% 
Go to section
See more in E1 disclosure, pages 174 to 188, and E5 disclosure, pages 189 to 194.
Introduction
Our dedication to protecting the environment is demonstrated 
by our focus on two material topics: Climate Change and 
Product Lifecycle Management & Circularity. We work to 
mitigate Verisure’s impact on climate change by minimising 
greenhouse gas emissions across both our internal operations 
and the wider value chain. We also adapt our practices to 
address risks that could affect our ability to protect customers 
from climate-related threats. In addition, by promoting circular 
economy principles – from product design through to waste 
handling – we are helping to pave the way for a more 
sustainable future.
2025 Progress
Climate Change: In 2025, we continued to make strong progress 
towards our climate targets. Our GHG emission intensity has 
decreased by 32.6% compared with the 2021 baseline, moving 
us closer to our objective of achieving a 40% reduction by 2030. 
We have also significantly increased the share of renewable 
electricity used in our corporate buildings, reaching 73%, 
compared with 55% in 2024. In parallel, we continued 
transitioning to a lower-emission vehicle fleet and 
strengthened our engagement with suppliers. Based on our 
current trajectory, we believe we are well positioned to meet 
our 2030 climate targets. Over the coming years, we will further 
implement an internal carbon price to encourage lower 
emissions across our operations and supply chain.
Product Lifecycle Management & Circularity: We have 
developed, approved, and communicated internally a waste 
management standard to minimise waste and help to promote 
proper handling, with a focus on repairability and recyclability. 
In the coming years, we will continue to advance the integration 
of lifecycle assessment methodologies into our product 
development process.
Embedding Circularity: Launching 
Verisure’s Waste Management Standard
In 2025, Verisure reached a significant milestone in its 
sustainability journey with the approval of the Verisure 
Waste Management Standard. This initiative demonstrates 
our commitment to reducing environmental impact and 
working towards the ambition of zero waste to landfill 
by 2035.
The standard is based on the principles of the Waste 
Hierarchy: prevent, reuse, recycle, and, as a last resort, 
dispose. These principles have been translated into clear 
operational guidelines for the responsible management of 
waste generated by both our business activities as a security 
services company, such as batteries, waste from electrical 
and electronic equipment (WEEE), or packaging and by our 
colleagues’ daily activities, including plastic, glass, and 
paper. By implementing these measures, Verisure aims to 
make sure that waste is handled in a way that prioritises 
resource efficiency and environmental stewardship.
Through these actions, Verisure reaffirms its commitment 
to sustainability, turning ambition into tangible results 
and driving progress towards a more circular and 
responsible economy.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 37

===== SIDA 40 =====

Ethics and integrity
Material topic Commitment Target/Key KPIs 2025 2024 2023
Ethics & Integrity Doing The Right Thing is a 
key element of our culture 
and acting with Trust and 
Responsibility is a core 
value of our DNA. We lead 
by example and enable 
our people to deliver on 
our commitment to act 
ethically at all times.
Cases of violations of the UNGC principles 0 0 0
# of entities certified under UNE 19601 compliance 
standard
6 6 6
# of entities certified under UNE 19602 compliance 
standard
1 0 0
Go to section
# of entities certified under ISO 37001 7 4 1
See more in G1 disclosures, page 245 to 253.
Introduction
With Trust and Responsibility is one of our five core DNA values 
and guides our leaders, managers, and colleagues every day in 
their behaviour and decision-making.
Maintaining the trust our customers, investors, public 
stakeholders, and partners place in us requires high standards 
of ethics and integrity across our operations and relationships.
We promote a strong culture of compliance where colleagues 
understand expectations, feel confident raising concerns, and 
trust that these will be addressed appropriately. Our approach 
is based on four pillars: zero tolerance for misconduct, 
prevention through awareness and training, detection and 
monitoring via accessible reporting channels, and consistent, 
proportionate action when issues arise.
This framework is grounded in our Code of Conduct and our 
Compliance Programme and supported by policies on Anti-
Bribery, Anti-Harassment, DEIB, Data Privacy and Speak Up, 
among others.
2025 Progress
We continued to mature and strengthen our policy framework 
to equip our Company for the next phase of its growth. 
Following our listing on the stock exchange in October, we 
launched our Information, Share Dealing, and Social Media 
Policies, accompanied by comprehensive training for the 
relevant audiences. We also reinforced our ethics and integrity 
framework by further strengthening dedicated pages on each 
intranet, building on those already in place, to improve 
accessibility to our policy documents, in addition to the existing 
pages for reporting concerns via our Speak Up channel. 
In addition, we advanced our compliance risk management by 
implementing a set of mandatory minimum standards across 
our countries grounded in our policy requirements. We also 
continued third-party compliance screening across our supplier 
base. In the coming years, we will continue to deepen our 
understanding and proactive management of compliance risks, 
while focusing on enhancing awareness of our policies and 
culture through a range of training and awareness initiatives.
Building a Culture of Integrity
In 2025, we focused on further mitigating our compliance 
risks, which had been defined and assessed as part of our 
Enterprise Risk Management exercise. We introduced a 
set of minimum compliance standards to be deployed 
across our footprint. We chose these measures to 
improve compliance processes and to further foster a 
culture of integrity, transparency, and accountability. To 
support these efforts, we introduced a new Governance, 
Risk and Compliance (GRC) tool. This tool streamlines the 
assessment, auditing, reporting, and follow-up of the 
measures, seeking to ensure that responsibilities are 
clearly assigned. A similar initiative is planned for 2026, 
which will include action plans to address any 2025 
measures that have not yet been fully implemented.
Strategic Report
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38 Verisure plc | Annual Report 2025

===== SIDA 41 =====

Non-financial and Sustainability Information Statement
Verisure’s Sustainability Statement can be found on pages 157 to 271.
The statement incorporates requirements for non-financial and sustainability reporting, including sections 414CA and 414CB of the 
UK Companies Act 2006, the European Sustainability Reporting Standards (ESRS), and our climate-related financial disclosures, 
which are consistent with the recommended disclosures of the Task Force on Climate-related Financial Disclosures (TCFD). 
The table below is intended to provide our stakeholders with an overview of the non-financial reporting requirements and the 
content they need to understand our development, performance, position, and the impact of our activities with regard to specified 
non-financial matters.
Non-financial matter and relevant sections of the Annual Report Page reference
Environmental matters, including climate
• Environmental matters (including the impact of the business 
on the environment)
• Climate
• Resource Use and Circular Economy
Performance Page 174
Governance Page 160
Risks and Impacts Page 177
Climate Change Section in our SS (material IROs and their 
interaction with our business model)
Page 177
Climate Change–related policies Page 181
Climate Change action plan Page 183
Metrics & targets Page 183
TCFD disclosures – TCFD index (Annex 5) Page 263
Product Lifecycle and Management Circularity Section in our SS Page 189
EU Taxonomy Reporting Page 195
Social and employee matters, including human rights
• The entity’s employees (Own Workforce)
• Social matters
• Respect for Human Rights
• Workers in the Value Chain
• Affected Communities
• Customers and End-Users
Performance (non-financial KPIs) Page 206
, 
210, 213, 216
Governance Page 160
Risks and Impacts Page 199
Own Workforce Page 199
Sustainable Sourcing Section Page 220
Community Impact Section Page 227
Customers and End-Users Section Page 232
Business conduct matters, including anti-corruption and 
bribery
• Anti-corruption and bribery matters
Performance Page 245
Governance Page 160
Risks and Impacts Page 245
Anti-bribery policy Page 251
Verisure Compliance Programme Page 245
Suppliers Standards & Ethical Code Page 250
Ethics & Integrity Section Page 245
Note on the Swiss Code of Obligations: This report has been 
prepared in accordance with Art 964b, Art. 964j to 964l CO, as 
well as the Ordinance on Due Diligence and Transparency in 
relation to Minerals and Metals from Conflict-Affected Areas 
and Child Labour, and the Ordinance on Climate Disclosures.
This includes the relevant sections of the Sustainability 
Statement addressing Value Chain Workers, notably the Due 
Diligence Process section under S2-4
: How We Address Labour 
Risks and Opportunities in Our Supply Chain, as well as Human 
Rights-related disclosures, including S1-ESRS 2 SBM-3: How Our 
Workforce Impacts, Risks, and Opportunities Shape Verisure’s 
Strategy, S1-1: Policies Related to Our Workforce and S1-17: 
Incident Management.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
NFSIS index
Verisure plc | Annual Report 2025 39

===== SIDA 42 =====

Verisure plc is a company incorporated in the UK, listed on 
Nasdaq Stockholm. Under Section 172(1) of the UK Companies 
Act 2006, directors must act in a way that they consider, in good 
faith, would be most likely to promote the success of their 
company. In doing so, the directors must have regard to 
stakeholders and the other matters set out in Section 172(1). 
The Board confirms that, for the year ended 31 December 2025, 
it has acted to promote the long-term success of the Company 
for the benefit of its shareholders as a whole, whilst having due 
regard to the matters set out in Section 172(1)(a) to (f) of the UK 
Companies Act 2006. The information which follows describes 
the methods used by the Board in fulfilling its duties under 
Section 172(1). Further information is included where cross-
referenced, to demonstrate how the factors set out in (a) to (f) 
of Section 172(1) of the UK Companies Act 2006 are considered 
by the Board and across Verisure’s operations. Throughout the 
Strategic Report, examples are also provided of how Verisure 
engages with and considers its stakeholders’ opinions. 
Verisure has identified ten stakeholder groups as 
material to the success of the Company
CUSTOMERS
 PUBLIC STAKEHOLDERS
EMPLOYEES
 THE ENVIRONMENT
AS A SILENT STAKEHOLDER
THE MANAGEMENT TEAM
 OUR COMMUNITIES
SHAREHOLDERS/
INVESTORS
RATING AGENCIES
SUPPLIERS &
BUSINESS PARTNERS
COMPETITORS
(a) The likely consequences of any decision in the long term
The Board receives regular updates on the 
Company’s operational and financial 
performance from the CEO and CFO as well as 
from other members of the Management 
Team, in connection with Board meetings and 
on an ad hoc basis. Such updates include the 
outcome of engagement with and initiatives 
involving the Company’s key stakeholders. The 
Board annually reviews the Company’s 
strategy and adopts the Long Range Plan and 
budget, which includes discussions on key 
areas of the operations and focus for the 
coming year.
• Board approval of the IPO and considerations on 
capital allocation including new share issue in 
connection with the IPO.
• Board approval of Long Range Plan and budget.
• Appointment of new non-executive directors.
• Considerations and approval of entry into Mexico by 
acquisition of ADT Mexico, and other key commercial 
decisions.
• Considerations on executive pay, remuneration 
policy and long-term incentive plan.
• Considerations on financial targets and outlook for 
2025.
• Board approval of rebranding from SECURITAS 
DIRECT to VERISURE in Portugal and Spain.
• Strategy Playbook
, page 16.
• Our Business Model, page 14.
• People and Culture, page 24.
• Remuneration Report, page 62.
(b) The interests of the Company’s employees
The Board receives regular updates on matters 
relating to the Company’s employees through 
the CEO and the Chief Human Resources, 
Communications, and ESG Officer, including in 
relation to employee engagement, talent, 
culture and diversity, to align with Verisure’s 
growth and strategic ambitions. Remuneration 
principles, framework and policies for CEO and 
direct reports are discussed and aligned with 
the Remuneration Committee. 
• Presentation of the results of the annual Sustainable 
Engagement survey. 
• Board and Remuneration Committee engagement on 
proposed new Remuneration Policy.
• Approval of the Company’s corporate insurance 
programme, including directors’ and officers’ liability 
insurance.
• Presentation of key metrics and initiatives related 
with talent management, DEIB, health and safety and 
CSR activity.
• People and Culture
, page 24.
• Remuneration Report, page 62.
(c) The need to foster the Company’s business relationships with suppliers, customers and others
The Board receives regular updates on matters 
relating to Verisure’s customers, suppliers and 
partners, through the CEO and regular 
presentations from other members of the 
Management Team, including the Chief 
Technology Officer and the Chief Marketing 
Officer.
• Regular updates on key strategic, operational and 
financial matters, including technology and 
innovation, ESG, competition and market 
opportunities.
• Our Business Model
, page 14.
How the Board fulfils its Section 172(1) duties Key activities, decisions and considerations in 2025 More information
Strategic Report
Section 172(1) Statement
40 Verisure plc | Annual Report 2025

===== SIDA 43 =====

(d) The impact of the Company’s operations on the community and the environment
The Board receives regular reports on ESG 
matters from the CEO, the Chief Human 
Resources, Communications, and ESG Officer 
and other members of the Management Team. 
Board members are also represented on the 
Company’s ESG Committee.
• Direction for the ESG strategy.
• Review and approval of annual sustainability 
disclosures.
• Sustainability Statement;
• Section ESRS 2 GOV: Governance of 
Sustainability Matters, page 160.
• Section ESRS 2 SBM: Verisure at a 
Glance, page 164.
• Section ESRS 2 IRO: Impact, Risk, 
and Opportunity Management, 
page 171.
(e) The desirability of the Company maintaining a reputation for high standards of business conduct
The Board receives regular updates from the 
CEO, CFO and Chief Legal Officer and Company 
Secretary on Company values, risks, and 
regulatory, legal and governance matters.
• Regular updates on legal, regulatory and governance 
matters, and cases.
• Consideration of the Group’s principal risks and 
monitoring of controls as part of the company-wide 
Enterprise Risk Management exercise.
• Consideration and approval of new and amended 
versions of Verisure policies.
• Risks
, page 43.
• Corporate Governance, page 47.
(f) The need to act fairly between members of the Company
The Chair, CEO, CFO and other members of the 
Management Team regularly meet with 
shareholders and potential investors and 
report to the Board. The Board also receives 
regular reports from the Investor Relations 
team. The Board has appointed a Senior 
Independent Director who, among other 
things, may attend meetings with shareholders 
and analysts to obtain an understanding of 
shareholders’ views on the Company’s 
governance and performance against strategy 
and support the Chair in ensuring the Board is 
aware of the views of stakeholders.
• Regular investor engagement by CEO, CFO and 
Investor Relations team.
• Regular broker updates on investor feedback and 
market and competitor dynamics.
• Board engagement ahead of general meetings.
• Board approval of quarterly reports.
• Notice of the AGM 2026, 
the Company’s website: https://
www.verisure.com/.
• Corporate Governance
, page 47.
How the Board fulfils its Section 172(1) duties Key activities, decisions and considerations in 2025 More information
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 41

===== SIDA 44 =====

How we consider our stakeholders
CUSTOMERS
Customers are supported through 24/7 customer service 
and on-site visits for installations and maintenance. 
Verisure ensures transparency by disclosing information 
such as data handling practices. The Company actively 
monitors customer satisfaction via NPS.
• 24/7 Customer service.
• Customer visits for new installations and maintenance.
• Information disclosure on website (e.g. customer data disclosure).
• Customer satisfaction surveys (including the NPS for our 
products and services).
EMPLOYEES
Verisure engages with employees through a structured 
development process, including performance 
management, training programmes, and internal mobility 
opportunities. Candidates also fall within the scope of 
this category.
• Group Code of Conduct and related policies.
• Sustainable Engagement survey and pulse surveys.
• Performance management and development process (STAR).
• Growth, including internal and international mobility.
THE MANAGEMENT 
TEAM
Senior Executives and leaders responsible for setting the 
strategic direction, overseeing operations, and ensuring 
the financial and operational success of the Company. 
The management team plays a critical role by making key 
decisions that affect the Company’s growth, innovation 
and risk management.
• The Management Team’s perspective is embedded in the 
Company’s strategic vision and decision-making.
• Input from strategic reviews, management forums and 
performance discussions informs priorities, risk management 
and long-term value creation.
SHAREHOLDERS/
INVESTORS
Verisure maintains open communication with investors 
by disclosing key policies on its investor relations 
website. Analysts and institutional investors are engaged 
through dedicated meetings. Banks are also considered 
in this group.
• Disclosure of Verisure key polices in our investor relations 
website.
• Publication of Quarterly Reports and the Annual Report and 
Sustainability Report.
• Response to ESG surveys and rating agencies.
• Quarterly investor calls.
• Meetings with analysts and institutional investors.
SUPPLIERS & 
BUSINESS 
PARTNERS
Suppliers are engaged through ethical standards and ESG 
assessments, particularly for key product and services 
suppliers (contractors). Verisure conducts audits to 
ensure compliance and quality across its supply chain. It 
includes partners: strategic business collaborators, and 
academic & research institutions involved in joint 
initiatives, knowledge exchange, and technological 
advancement.
• Supplier Standards and Ethical Code.
• ESG assessment (e.g. ESG supplier risk assessment in 
qualification process and ESG dashboard for key product 
suppliers).
• Audits of suppliers of products and third-party logistics.
• Regular meetings (e.g. discussion of opportunities to decrease 
our carbon footprint).
PUBLIC 
STAKEHOLDERS
Verisure engages directly with public stakeholders, 
including policy and fire service in our countries.  
Verisure also participates in EU and country level 
governance and regulatory bodies. Finally, Verisure is a 
member of industry associations at EU and country level.
• Direct contacts with police and fire services as part of our 
services in responding to real incidents.
• Participation in working groups and committees to develop 
security standards, at EU and country level.
• Active participation, often at board level, in industry 
associations with the aim to frame and impact policy questions 
and regulatory frameworks.
THE 
ENVIRONMENT
The environment is considered a silent stakeholder for 
Verisure, as it does not have a direct voice but is 
impacted by the Company’s operations and decisions. 
This includes natural ecosystems, resource consumption, 
and ecological footprint of products and services.
• As a silent stakeholder, the environment’s perspective is 
considered through external documentation and recognised 
frameworks.
• This includes environmental legislation, sustainability 
standards, industry guidance and climate- and nature-related 
research, such as TFCD, SBTi or SBTN.
OUR 
COMMUNITIES
Verisure contributes to communities through CSR 
initiatives, including volunteering facilitated by its 
Foundation and Association. The Company focuses on 
creating employment opportunities across Europe and 
Latin America. 
• Social action managed by CSR teams, Verisure Foundation and 
Verisure Association (mainly through corporate volunteering).
• Job creation across Europe and Latin America.
RATING AGENCIES
Independent organisations that assess a company’s 
performance on environmental, social, and governance 
factors. They influence Verisure’s reputation, access to 
sustainable capital, and attractiveness to long-term 
investors.
• The perspective of rating agencies is considered as expert views 
on sustainability-related risks and sector trends.
• This is informed through ESG ratings and methodologies from 
different agencies (i.e. MSCI, Sustainalytics, and S&P).
COMPETITORS
Key stakeholder for Verisure as they influence market 
dynamics, and customer expectations. This group 
includes direct rivals in the security sector and emerging 
players offering alternative safety technologies or 
services.
• The perspective of peers and competitors is considered through 
periodic ESG benchmarking exercises.
Stakeholders Definitions How stakeholder perspectives are considered
Strategic Report
Section 172(1) Statement continued
42 Verisure plc | Annual Report 2025

===== SIDA 45 =====

Risks
The Board is responsible for the Company’s risk management, 
determining risk appetite and ensuring that the risk processes 
and systems of internal control are robust, continuously 
monitored and evolve to address changing business conditions 
and threats. The Management Team is tasked to assist in the 
identification, evaluation, and monitoring of the Company’s 
risks and controls, ensuring implementation of mitigation 
strategies as part of the risk management process. Internal 
Control provides assurance to help ensure that the risk 
processes are operating effectively, and Compliance provides 
the framework for compliance risk management. Regular 
updates are provided to the Audit and Risk Committee.
Verisure uses the Enterprise Risk Management process to 
identify, evaluate and manage risks. The Workiva Governance, 
Risk and Compliance platform was deployed for compliance 
risk management in 2025 and is scheduled to be utilised by 
Internal Control for other risk management and control 
activities commencing in 2026. 
Identified risks are evaluated based on likelihood of occurrence 
and potential severity of impact on the Verisure strategy. This 
process allows for the consistent evaluation of principal risks 
and emerging risks as well as consideration of mitigation plans 
and efforts. Risk evaluations and related mitigating efforts are 
submitted to both the Audit and Risk Committee and the Board. 
As the risk environment evolves, it is essential to systematically 
identify and manage risks to achieve business goals and 
maintain a competitive edge.
Managing our Risks
The Company assigns each risk to a category (strategic, 
operational, financial, or compliance) to identify the type of 
threat, enabling a better evaluation and calibration of the risk, 
and the type of mitigating strategy necessary. Details of the 
Company’s financial risks (liquidity, credit, interest rate, and 
currency), which are managed by the treasury function, are 
provided in note 22 Financial Risk Management in the 
Consolidated Financial Statements. The Board is satisfied that 
an ongoing process of identifying, evaluating, and managing the 
Company’s principal risks has been in place throughout 2025 
and that a robust assessment of principal and emerging risks 
has been undertaken.
In November, the position of Group Director of Internal Audit 
and Risk was established, with the appointee assigned 
reporting to the Chair of the Audit and Risk Committee. This 
organisational enhancement served to further reinforce and 
augment the Company’s Governance, Risk, and Compliance 
capabilities. The appointment reflects a strategic commitment 
to advancing internal controls and risk management practices 
throughout the organisation.
Overview of principal risks for 2025
 Decreasing
 Stable
 Increasing
Strategic
DATA SECURITY BREACH
Risk description: A breach or leak of confidential information 
could lead to a reduction of our competitive advantage, a 
decline in customer confidence, customer attrition, fines, 
reputational damage, and provide an advantage to our 
competitors.
Risk assessment trend: Increasing
Risk owner: Chief Technology Officer
Our strategy: Reduce/Control
Mitigation activities: The Company continuously reviews and 
strengthens data and classification, and protection to reduce 
risk. By identifying root causes of incidents and enhancing 
controls, along with investing in security tools and our Security 
Operations Centre, we ensure continuous and focused incident 
management and prevention.
COMPETITIVE ACTIVITY
Risk description: Threat of existing competitors/new entrants 
significantly impacting our market position which could result 
in a lowering of market share with impacts on revenue and 
profit.
Risk assessment trend: Decreasing 
Risk owner: Chief Marketing Officer
Our strategy: Reduce/Control
Mitigation activities: Deliberate and constant focus and 
investment on product and service innovation. Significant 
understanding and research on market dynamics and customer 
feedback. Furthermore, particular emphasis has been placed on 
distinguishing the organisation’s innovation capabilities from 
those of its competitors. and clear focus on differentiating our 
innovation capabilities. Market entry can be costly, and our 
strong execution and customer service offering can be difficult 
and time-consuming to replicate.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 43

===== SIDA 46 =====

Operational
CYBER SECURITY
Risk description: Verisure relies upon its IT systems to manage 
customer and security data. A cyber-attack could result in 
compromised data, manipulation or theft of confidential and 
sensitive information, severely disrupting our core operations.
Risk assessment trend: Increasing
Risk owner: Chief Technology Officer
Our strategy: Reduce/Control
Mitigation activities: We continuously review and improve our 
cyber security strategies to reduce risk. The overall exposure 
has increased due to the sophistication of cyber threats. By 
identifying root causes of incidents and enhancing controls, 
along with investing in security tools and our Security 
Operations Centre with experts in cyber security, we ensure 
focused incident management and prevention. Security by 
design is embedded into our products, services and processes.
2G/3G NETWORK SHUTDOWN
Risk description: A dependence on third party infrastructure 
(e.g. 3G and telecommunications networks) could lead to 
obsolescence risk resulting in unexpected capital investment 
requirements, risk of attrition, as well as reliance on unstable 
networks which could impact our customer service model.
Risk assessment trend: Decreasing 
Risk owner: Chief Technology Officer
Our strategy: Reduce/Control
Mitigation activities: Investment in advocacy to prevent 
premature infrastructure changes, new product rollout and 
changes of concept, phased technological upgrades, and upsell 
campaigns.
CUSTOMER TECHNOLOGY
Risk description: Verisure relies on its various technologies to 
meet customer service demands. Any potential issues 
encountered with technological performance could lead to 
disruptions in alarm management or business operations.
Risk assessment trend: Stable
Risk owner: Chief Technology Officer
Our strategy: Reduce/Control
Mitigation activities: Product development is heavily focused 
on quality. We source many key components directly, and work 
with large-scale, established suppliers. Significant pilot testing 
and site audits ensure compliance to high standards of 
production. A dedicated team continually monitors and 
optimises performance through remote updates and 
continuous improvements.
ESG: SOCIAL – SUPPLIER ENGAGEMENTS
Risk description: Sub-par sustainability performance within 
the value chain, including social, environmental and 
governance topics, could lead to reputational harm and ESG 
regulatory enforcement.
Risk assessment trend: Stable
Risk owner: Chief Financial Officer
Our strategy: Reduce/Control
Mitigation activities: All suppliers are subject to a risk 
assessment and qualification process that adheres to the 
Supplier Code of Conduct, vendor screening, and contractual 
framework. Furthermore, risk mitigation is supported by both 
in-house ESG experts and external rating agencies.
GLOBAL COMPONENT SHORTAGES
Risk description: Business disruption due to supply chain not 
being able to supply key components or products. 
Risk assessment trend: Stable
Risk owner: Chief Financial Officer 
Our strategy: Reduce/Control
Mitigation activities: Reduction of single source dependencies, 
business continuity measures for components with dual 
sourcing constraints, buffer stocks and strategic agreements. 
Risks and uncertainties
Overview of Principal Risks for 2025 continued
44 Verisure plc | Annual Report 2025
Decreasing
 Stable
 Increasing

===== SIDA 47 =====

Compliance
REGULATORY RISK
Risk description: The nature of the business requires the 
Company to comply with a wide range of evolving EU and 
country legislative requirements, including EU ESG regulations, 
the EU Artificial Intelligence Act and the EU Data Act. Failure to 
prepare for new or comply with existing legislation could lead 
to business disruption, material fines, penalties, reputational 
harm and business performance impact.
Risk assessment trend: Increasing
Risk owner: Chief Legal Officer 
Our strategy: Reduce/Control
Mitigation activities: Investment in internal and external 
resources to help identify and act on regulatory risks and 
opportunities, and ensure preparedness for legislative changes. 
A robust internal governance structure is being further 
strengthened to ensure clear roles and responsibilities for 
regulatory compliance.
DATA PRIVACY
Risk description: Most countries where we operate are subject 
to strict laws and regulations on the processing of personal 
data. Failure to comply with these laws and regulations could 
result in material fines, penalties, reputational harm, and 
impact business performance.
Risk assessment trend: Stable
Risk owner: Chief Legal Officer
Our strategy: Reduce/Control
Mitigation activities: Ongoing investment in our Data Privacy 
Programme and related governance structure across Verisure 
to continuously mature. We already have established internal 
policy and standards framework, operational internal controls, 
dedicated internal resources at global, Cluster, and country 
levels to manage data privacy risk, supported by external 
experts, training and awareness initiatives, OneTrust for key 
data privacy processes and records management, and recurring 
third-party audits of our data protection compliance. In 2025, 
we also deployed a wide range of mandatory minimum 
standards across Verisure to mitigate key data privacy risks.
CONSUMER PROTECTION LEGISLATION RISK
Risk description: Our operations are subject to increasingly 
strict consumer protection laws, which cover, for example, our 
marketing claims and promotions, our sales practices and the 
customer relationship. Non-compliance with consumer 
protection laws could result in material fines, reputational 
harm and business performance impact.
Risk assessment trend: Stable
Risk owner: Chief Legal Officer
Our strategy: Reduce/Control
Mitigation activities: Continuous investment in our Compliance 
Programme and related governance structure implemented 
across Verisure. We already have an established internal policy 
and standards framework, operational internal controls, 
dedicated internal resources at global, Cluster and country 
levels to manage consumer protection risk, supported by 
external experts, training and awareness initiatives, and 
rotating third-party audits of our consumer protection 
compliance. In 2025, we also deployed a wide range of 
mandatory minimum standards across Verisure addressing key 
consumer protection risks.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 45
Decreasing
 Stable
 Increasing

===== SIDA 48 =====

Emerging risk description
Verisure operates an emerging risk process to monitor lower-
rated risks that may have low likelihood but could be, for 
example, significantly impacted by unpredictable external 
factors. These risks include geopolitical and macroeconomic 
risk, changes in the digital search landscape driven by AI risk, 
competition risk, rebranding risk, reputational risk, climate-
related risk, and senior talent retention risk.
 Emerging risks
Geopolitical risk has become more volatile following the 
significant escalation of conflict in the Middle East, which 
has led to increased regional security alerts and transport 
disruption. While Verisure does not operate in the affected 
geographies, these developments heighten uncertainty in 
global energy markets and may indirectly influence inflation, 
consumer sentiment, and supply chain dynamics. 
Suppliers with operations connected to the region have 
implemented contingency plans, including shifting production 
to facilities outside of the Middle East. In the near term, 
restriction of certain air routes may extend logistics lead times 
as shipments are rerouted through alternative corridors or sea 
freight. Verisure maintains buffer stocks of critical components 
as part of its business continuity arrangements to minimise 
operational disruption and ensure continued service for 
customers. 
In light of recent increases in security-related volatility across 
several regions of Mexico, Verisure recognises that operating 
conditions in the country remain fluid. We continue to closely 
monitor the situation to assess potential implications for our 
people, customers, and operations. Currently, our business 
operations and colleagues remain materially unaffected. 
Verisure remains committed to maintaining robust safety and 
operational protocols and will adapt our response measures 
as needed with the aim of ensuring we protect our teams and 
deliver uninterrupted, high-quality service for our customers. 
The transition towards search methodologies based on large 
language models and the increasing prevalence of artificial 
intelligence-driven results provided by Google have the 
potential to reduce Verisure’s online visibility and impede the 
generation of leads. Consequently, it is imperative that prompt 
strategic adjustments be implemented, accompanied by the 
establishment of robust governance mechanisms within the 
digital strategy framework, in order to effectively address these 
emerging challenges.
Verisure relies on third party infrastructure to provide our 
customers with constant connectivity to our alarm monitoring 
operations to detect and/or prevent intrusions. An increase in 
the frequency and intensity of extreme weather events due to 
global climate change could have a direct or indirect impact on 
third party infrastructure, such as telecommunications services. 
We emphasise strengthening resilience among our business 
partners by conducting thorough due diligence and ensuring 
comprehensive business contingency plans 
The inability to retain key senior talent could lead to 
operational and strategic challenges, as well as the potential 
loss of confidential information or strategic know-how. After 
the IPO in October 2025, the risk may have increased depending 
on how fast we adapt to a listed environment. Addressing this 
risk requires robust retention strategies, the cultivation of an 
engaging work environment, and measures to safeguard critical 
knowledge assets, ensuring the long-term sustainability of the 
business. The residual risk associated with the emerging risks 
is not considered significant.
The Strategic Report of Verisure plc, registered number 16440137, was approved by the Board of Directors and authorised for issue 
on 26 March 2026. They were signed on its behalf by:
AUSTIN LALLY
Director
London, 26 March 2026
Risks and uncertainties
Overview of Principal Risks for 2025 continued
46 Verisure plc | Annual Report 2025

===== SIDA 49 =====

Corporate
Governance
GOVERNANCE REPORT
Corporate Governance Report 48
Board of Directors 54
Management 58
Remuneration Report 62
Directors’ Report 81
Statement of Directors' Responsibilities in Respect 
of the Financial Statements
82
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information

===== SIDA 50 =====

Corporate governance framework
Verisure plc is a UK public limited company (plc) with its shares 
listed on Nasdaq Stockholm. This results in a combined 
governance framework. At Verisure, we are committed to clarity 
and transparency in how this framework operates.
As a company incorporated in the United Kingdom, Verisure plc 
is governed by the requirements set by the UK Companies Act 
2006 and other binding legislation governing UK companies. As 
a company listed on Nasdaq Stockholm, Verisure is also subject 
to Swedish laws and regulations related to the listing on 
Nasdaq Stockholm, such as the Swedish Securities Markets Act, 
the Swedish Financial Instruments Trading Act, the 
requirements of the Nasdaq Nordic Main Market Rulebook for 
Issuers of Shares (the ‘Nasdaq Stockholm Rulebook’) and good 
practice in the Swedish stock market (Sw. God sed på 
aktiemarknaden), as applied to non-Swedish companies. 
Additionally, Verisure is governed by its articles of association 
(the ‘Articles’), other internal rules and instructions, the 
shareholders’ agreement related to the Company entered into 
between Verisure, Aegis Lux 2 S.à. r.l., Aegis Lux 1A S.à r.l., Eiffel 
Investment Pte Ltd., Alba Investments S.à r.l., Alba Europe S.à 
r.l., and Securholds Spain S.L. (the ‘Shareholders’ Agreement’) 
and the principles for the appointment of, and instructions for, 
the nomination committee of Verisure (the ‘Nomination 
Committee Instructions’). 
As a UK company listed in Sweden, Verisure may apply either 
the Swedish Corporate Governance Code (the ‘Swedish Code’) 
or the UK Corporate Governance Code. To align with the 
corporate governance standards generally observed on Nasdaq 
Stockholm, Verisure has elected to follow the Swedish Code, to 
the extent consistent with the UK legislation and related 
practice. 
The Swedish Code acts as a complement to legislation and 
other regulations by specifying a set of norms for good 
corporate governance. Under the Swedish Code’s ‘comply or 
explain’ principle, companies may deviate from individual rules, 
provided the reasons are transparently explained.
Verisure materially complies with the Swedish Code, and the 
deviations during 2025 related to the UK entity structure are 
explained below. The Swedish Code is available at 
www.corporategovernanceboard.se, where a description of 
the Swedish corporate governance model can also be found. 
This Corporate Governance Report has been prepared in 
accordance with the Swedish Code.
Deviations from the Swedish Code during 2025
The Swedish Code acts as a complement to legislation and 
other regulations by specifying a set of norms for good 
corporate governance. Companies applying the Swedish Code 
are not obliged to comply with every rule of the Swedish Code, 
which provides for the possibility to deviate from the rules 
provided that any such deviations are explained, under the so-
called ‘comply or explain’ principle.
For the financial year 2025, Verisure reports the following 
deviations from the Swedish Code:
• According to Rule 2.1 in the Swedish Code, the Nomination 
Committee shall propose fees and other remuneration to 
each director. However, under mandatory requirements of the 
UK Companies Act 2006, Verisure is required to prepare a 
directors’ remuneration policy at least once every three years. 
The directors’ remuneration policy is subject to shareholder 
approval and will set out Verisure’s approach to remuneration 
applicable to the directors, including the CEO in his capacity 
as executive director. The directors’ remuneration policy is 
proposed by Verisure’s Remuneration Committee for approval 
by the Board, and such proposal is then submitted to the 
general meeting by the Board for shareholder approval. As a 
result, the Company cannot fully comply with Rule 2.1 of the 
Swedish Code.
• According to Rule 2.1 in the Swedish Code, the Nomination 
Committee shall make proposals on the election of and fees 
to the auditors. However, in accordance with UK market 
practice, Verisure’s Audit and Risk Committee is to propose 
recommendations regarding the election and re-election of, 
and remuneration to be paid to, Verisure’s auditors, with such 
proposals then submitted to the general meeting by the 
Board for approval by shareholders. Verisure considers the 
Audit and Risk Committee, comprising the most financially 
literate of the Company’s directors, to be best placed to 
submit such proposals for approval by the general meeting. 
As a result, the Company does not fully comply with Rule 2.1 
of the Swedish Code.
Shares and shareholders
All issued and outstanding shares in the Company are of the 
same class. Each share in the Company entitles the holder to 
one vote at general meetings and each shareholder is entitled 
to cast votes equivalent to the number of shares in the 
Company held by the shareholder. As of 31 December 2025, 
the number of shares and votes in Verisure amounted to 
1,033,962,264. 
The shares in Verisure are registered in the CSD register 
operated by CREST, the UK-based CSD operated by Euroclear 
UK & International Limited, in Euroclear Sweden’s CREST 
participant account. Euroclear Sweden holds legal title to the 
shares and is the sole member of the Company. Euroclear 
Sweden has, via a CSD link, recorded the Company’s 
uncertificated shares in its own book-entry system. Book-entry 
interests in respect of such shares are recorded in the 
Euroclear Sweden CSD register of shareholders.
As of 31 December 2025 and following Aegis Lux 2 S.à. r.l. being 
put into liquidation and having distributed its holdings in 
Verisure plc, two shareholders had shareholdings representing 
at least one tenth of the votes of all shares in the Company: 
Aegis Lux 1A S.à r.l. (controlled by funds managed or advised by 
Hellman & Friedman (H&F)) with 43.71% of the votes and Eiffel 
Investment Pte Ltd. with 15.99% of the votes.
Corporate Governance
Corporate Governance report
48 V e r i s u r e  p l c   |   A n n u a l  R e p o r t  2 0 2 5

===== SIDA 51 =====

General meeting
The general meeting is the highest decision-making body of 
Verisure plc, where shareholders may exercise their voting 
rights. 
Other than what is governed by applicable laws and regulations, 
the Articles govern the convening and notice of general 
meetings, proceedings at general meetings as well as voting 
and proxies. In accordance with the provisions of Article 47, 
Euroclear Sweden has executed and delivered a nomination 
certificate to the Company nominating the persons recorded in 
the Euroclear Sweden CSD register of shareholders from time to 
time to enjoy and exercise all the rights in relation to Verisure 
as a member of Verisure.
Verisureʼs Annual General Meeting will be held on 23 April 2026, 
at 
15:00 CEST (14:00 BST), at the Grand Hôtel in Stockholm, 
Sweden. All documents related to the 2026 Annual General 
Meeting are published on Verisure’s website.
Authorisations from the general meeting
At the general meeting held on 7 October 2025, the following 
authorisations were granted to the Board of Directors.
• That the directors be generally and unconditionally 
authorised in accordance with section 551 of the UK 
Companies Act 2006 to allot shares or to grant rights to 
subscribe for, or to convert any securities into shares up to a 
maximum aggregate nominal amount equal to 10% of 
Verisure’s issued share capital as at the IPO. This authority 
expires at the end of the 2026 Annual General Meeting, save 
that the Company may, before such expiry, make an offer or 
agreement which would or might require rights to subscribe 
for or to convert any securities into shares to be granted or 
equity securities to be allotted after such expiry and the 
directors may allot equity securities or grant such rights 
under any such offer or agreement as if the authority 
conferred by this resolution had not expired.
• That the directors be generally and unconditionally 
authorised in accordance with section 570 of the UK 
Companies Act 2006 to allot equity securities for cash with 
disapplication of pre-emption rights as if section 561 of the 
UK Companies Act 2006 did not apply to the allotment but 
that power shall be limited to the allotment of equity 
securities having a nominal amount not exceeding 10% of 
Verisure’s issued share capital as at the IPO. This authority 
expires at the end of the 2026 Annual General Meeting.
• Subject to the provisions of the UK Companies Act 2006, 
Verisure is generally permitted to buy back its own shares out 
of profits available for distribution or the proceeds of a fresh 
share issue for the purpose of funding a buy-back. However, 
English law prohibits the Company from conducting ‘on 
market purchases’ as its shares are not traded on a 
recognised investment exchange in the United Kingdom. 
Therefore, the Company is not able to effect any buy-back of 
its shares unless a buy-back contract has been approved by 
ordinary resolution of the Company’s relevant shareholders, 
permitting it to undertake off-market share buy-backs. 
Accordingly, subject to certain limitations, Verisure has 
authority to conduct certain directed (being direct buy-backs 
from certain existing shareholders) and open-market (being 
buy-backs from an intermediary which has purchased shares 
on Nasdaq Stockholm) off-market share buy-backs, in each 
case under the terms of the shareholder resolutions, and the 
forms of the buy-back contracts approved by shareholders, 
on 7 October 2025. The maximum aggregate amount of 
Verisure’s share capital authorised to be purchased under 
these authorities is 10 percent of Verisure’s issued share 
capital as at the IPO. This authority expires at the end of the 
2026 Annual General Meeting.
The authorisations proposed to be approved at the 2026 Annual 
General Meeting are set out in the notice of the meeting, 
published on Verisure’s website.
Nomination Committee
Companies applying the Swedish Code shall have a Nomination 
Committee. According to the Swedish Code, the general meeting 
shall appoint the members of the Nomination Committee and/
or resolve on procedures for such appointment. Verisure’s 
Nomination Committee Instructions that govern the 
appointment of Nomination Committee members were 
approved by the general meeting held on 7 October 2025. 
The members of the Nomination Committee for the 2026 Annual 
General Meeting are:
• Stuart Banks, chair of the Nomination Committee, 
representing Aegis Lux 1A S.à r.l. (controlled by funds 
managed or advised by Hellman & Friedman (H&F)) 
• Raphael Tocquet, representing Eiffel Investment Pte Ltd.
• Pablo Gómez Garzón, representing Alba Investments S.à r.l. 
and Alba Europe S.à r.l. (both entities owned by Corporación 
Financiera Alba, S.A.)
• Luís M. Gil Lasa, representing Securholds Spain S.L.
• Anders Hansson, representing AMF Pension and AMF Fonder
The Nomination Committee Instructions stipulate that 
Verisure’s Nomination Committee proposes candidates for 
the position of chair of the general meeting, chair and other 
members of the Board, as well as any changes to the 
Nomination Committee Instructions. The Nomination 
Committee’s proposals ahead of the 2026 Annual General 
Meeting are included in the notice of the meeting, published 
on Verisure’s website.
Ahead of the Annual General Meeting 2026, the Nomination 
Committee has held three meetings at which minutes were 
recorded as well as additional interactions by telephone and e-
mail. Shareholders have been able to submit proposals to the 
Nomination Committee. The Nomination Committee has not 
received any proposals from any shareholders.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 49

===== SIDA 52 =====

Work of the Board of Directors during 2025
Prior to the listing on Nasdaq Stockholm, the main Board of Directors resided at Verisure Group Topholding AB. As part of the 
reorganisation in connection with the IPO, Verisure plc was inserted as the new Group parent company and is since then where the 
main Board of Directors resides. During 2025 and the term in each entity, the Board of Directors had 10 meetings, of which one by 
written resolutions. The directors’ attendance at meetings held during 2025 is set out in the table below.
The Directorsʼ attendance at Board and Committee meetings during 2025
Director Meetings of the Board
Meetings of the Audit and 
Risk Committee
Meetings of the 
Remuneration Committee
Meetings of the IPO 
committee
Stefan Goetz 10 N/A
6 2
Casilda Aresti 9 N/A N/A N/A
Andrew Barron 9 N/A N/A N/A
Luis Gil 10 N/A N/A N/A
Patrick Healy1 7 N/A N/A N/A
Austin Lally 10 N/A N/A 2
Adrien Motte 10 4 6 2
Henry Ormond 10 N/A 6 2
Carlos Ortega 9 4 N/A N/A
Graeme Pitkethly 9 3 N/A N/A
Dominique Reiniche 10 N/A 5 2
Sara Öhrvall2 7 N/A N/A N/A
Total number of meetings3 10 4 6 2
1) Patrick Healy resigned from the Board on 3 February 2026.
2) Sara Öhrvall joined the Board in July 2025 and has since joining attended all Board meetings in 2025.
3) Prior to the listing on Nasdaq Stockholm, the main Board of the Group resided at Verisure Group Topholding AB. The total number of meetings refer to meetings held in both 
Verisure Group Topholding AB and Verisure plc, during 2025 and the term of the main Board in each entity.
The Board of Directors is responsible for the Verisure Group’s 
strategy and long range plan, for regularly controlling and 
evaluating the Groupʼs operations and for the other duties set 
forth in the UK Companies Act 2006 and the Swedish Code.
The Board of Directors applies written Rules of Procedure and 
Board Reserved Matters for its governance, inter alia, covering 
the role of the Chair, conduct of Board meetings, notices and 
pre-reads, standard agenda items, minutes and meeting 
participation by non-directors. 
The main focus areas for the Board during 2025 have been the 
IPO and IPO related topics, capital allocation and refinancing 
in connection with the IPO and other strategic priorities for 
Verisure, including the performance of the Company, 
technology innovations, AI, entry into Mexico, rebranding 
and talent. 
In 2025, Graeme Pitkethly and Sara Öhrvall were appointed as 
independent non executive directors. The Board considered 
Graeme Pitkethly’s extensive financial and operational 
leadership, including his proven track record steering 
organisations through strategic transformation and public 
market expectations. The Board concluded that Verisure and its 
shareholders would benefit from his deep expertise in finance, 
global scale up experience, and disciplined approach to 
governance and value creation. The Board also considered Sara 
Öhrvall’s broad experience across Scandinavian business and 
consumer culture, as well as her senior leadership background 
in digital transformation and sustainability. The Board 
determined that Verisure and its shareholders would benefit 
from her forward looking perspective on how digital 
experiences can drive and create customer value, and from 
her deep ties to Sweden, which provide a strong link to the 
Company’s foundations.
Committee work is an important part of the tasks performed by 
the Board. In order to assist the Board in carrying out certain of 
its responsibilities and enable more detailed analysis of certain 
subject matters, the Board has formed an Audit and Risk 
Committee and Remuneration Committee comprised of subject 
matter specialists. Furthermore, during the year, the Board 
formed a temporary IPO Committee. For a description of the 
work conducted by the committees, see the respective 
subsections below.
All Board members, including the Chair of the Board, are 
elected annually at the Annual General Meeting, based on 
proposals from the Nomination Committee. Under the Articles, 
Verisure’s Board also retains the ability to appoint directors on 
an interim basis. Any such appointment is required to be made 
in accordance with the recommendations of the Nomination 
Committee in accordance with the Nomination Committee 
Instructions. Any such interim appointments are also subject to 
the approval of Verisure’s shareholders at the next Annual 
General Meeting. Provisions on election, retirement and 
removal of directors are set out in section 55 to 61 of the 
Articles. Ahead of the Annual General Meeting 2026, the 
Nomination Committee proposes to amend the Nomination 
Committee Instructions to reflect that the Board of Directors 
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going forward will only under exceptional circumstances use its 
powers to appoint a director in the interim period between 
Annual General Meetings. The Board of Directors supports this 
amendment and has separately resolved to only use its powers 
to appoint Directors under exceptional circumstances, in 
accordance with the Nomination Committee Instructions.
Changes to the Board of Directors in 2026
Cecilia Beck-Friis was appointed as independent non-executive 
director on 3 February 2026, in accordance with the Board’s 
powers under the Verisure Articles of Association. The 
Nomination Committee has further proposed that Sam Kini 
is elected as independent non-executive director at the 2026 
Annual General Meeting, to take effect from 1 May 2026. Both 
Cecilia and Sam are independent of Verisure, its executive 
management and major shareholders and have been endorsed 
by Verisure’s Nomination Committee. As part of this planned 
Board transition, Patrick Healy, CEO of Hellman & Friedman, 
has also stepped down as a member of the Board, effective 
3 February 2026.
Diversity policy
As part of the Nomination Committee’s work ahead of the 2026 
Annual General Meeting, the Nomination Committee has 
applied Rule 4.1 of the Swedish Code as diversity policy. The 
aim has been to achieve a well-functioning composition of the 
Board of Directors when it comes to diversity and breadth of 
qualification, experience and background, versatility and the 
requirement to strive for gender balance. 
Four of the current directors are women (33%), 10 of the current 
directors are considered independent of both the Company and 
executive management (83%) and eight of the current directors 
are considered independent of the major shareholders (67%). 
Taking into account the proposed election of Sam Kini at the 
2026 Annual General Meeting, five of the directors are women 
(38%), eleven of the directors are considered independent of 
both the Company and executive management (85%) and nine 
of the current directors are considered independent of the 
major shareholders (69%). 
The current and proposed composition of Verisure’s Board of 
Directors meets the independence requirements under the 
Swedish Code. 
Evaluation of the work of the Board of Directors 
On an annual basis, the chair of the Board initiates an 
evaluation of the work of the Board of Directors during the 
preceding year. As part of the evaluation, the directors were 
asked to complete a questionnaire and assess various areas 
related to the work of the Board of Directors from their own 
perspective. The areas evaluated for 2025 included Verisure’s 
strategic aims and objectives, investments, reporting and 
financial control, the role of the Board Chair and the CEO, the 
Board’s working procedures, composition and overall function, 
and each Director’s own qualifications and work. As part of the 
annual evaluation process, the results of the evaluation 
questionnaire were discussed by the Board and the Chair of 
the Board reported the results to the Nomination Committee. 
Audit and Risk Committee
Verisure has established an Audit and Risk Committee 
consisting of three members: Graeme Pitkethly (Chair), 
Adrien Motte and Carlos Ortega. The current Audit and Risk 
Committee composition complies with the requirements 
under the Swedish Code.
The Audit and Risk Committee, without it affecting the 
responsibilities and tasks of the Board, supports the Board in 
fulfilling its responsibilities regarding financial reporting and 
assessing the effectiveness of the Group’s financial risk 
management and internal controls. The Audit and Risk 
Committee also reviews and challenges, where necessary, 
accounting judgments and estimates and is responsible for 
reviewing quarterly interim results, the Annual Report and 
financial statements, sustainability reports and external 
announcements before recommending them to the Board for 
approval and publication. 
The Audit and Risk Committee also monitors the effectiveness 
of the internal audit and risk function and reviews market 
Enterprise Risk assessments and Principal Risk assessments 
for recommendation to the Board and assesses the 
appropriateness of the external audit scoping, independence, 
quality of audit, the handling of key judgments and overall 
auditor effectiveness. 
The Audit and Risk Committee shall also make recommendations 
to the Board in relation to the appointment, re-appointment 
and removal of the external auditor and prepare a proposal 
on external audit fees, to be put to shareholders for approval 
at each annual general meeting. Further, the Board has granted 
the Audit and Risk Committee authority to make certain 
decisions, including approving the appointment and 
termination of the Director of Internal Audit & Control, 
approving the mandate of the Company’s internal audit 
function and approving the external auditors’ terms 
of engagement. 
The Audit and Risk Committee applies written Terms of 
Reference. Among other things, the Terms of Reference govern 
the practice of the Audit and Risk Committee, its tasks and its 
relation to the Board. The Terms of Reference are regularly 
reviewed and any updates that are required or otherwise 
considered desirable would be approved by the Board.
Remuneration Committee
Verisure has established a Remuneration Committee consisting 
of four members: Stefan Goetz (Chair), Adrien Motte, Henry 
Ormond and Dominique Reiniche. The current Remuneration 
Committee composition complies with the requirements under 
the Swedish Code.
The Remuneration Committee prepares matters concerning 
remuneration principles, remuneration framework and policies 
and other employment terms for the CEO and direct reports 
of the CEO with function, cluster or other management 
responsibilities (‘CEO-1 Management’). The Remuneration 
Committee also prepares a directors’ remuneration policy for 
consideration by the Board and subsequent approval by the 
Company’s shareholders at the Annual General Meeting at least 
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every three years, and a directors’ annual remuneration report 
also for consideration by the Board and subsequent advisory 
vote by the Company’s shareholders at the annual general 
meeting every year. 
The Remuneration Committee applies written Terms of 
Reference. Among other things, the Terms of Reference govern 
the practice of the Remuneration Committee, its tasks and its 
relation to the Board and CEO (including the responsibility of 
the CEO, in consultation with the Remuneration Committee, for 
determining individual remuneration packages of direct reports 
of CEO-1 Management within the agreed framework and 
policies). The Terms of Reference are regularly reviewed and 
any updates that are required or otherwise considered 
desirable would be approved by the Board.
For additional information, see also the Remuneration Report 
on page 62 of this Annual Report.
IPO Committee
As part of the IPO preparations, Verisure established an IPO 
Committee consisting of five members: Stefan Goetz, Austin 
Lally, Adrien Motte, Henry Ormond and Dominique Reiniche.
The IPO Committee was responsible for certain specific 
decision-making in connection with the offer of shares in the 
Company and admission to trading on Nasdaq Stockholm, as 
delegated to it by the Board beforehand. The delegation to the 
IPO Committee applied without prejudice to the responsibilities 
of the Board as a whole and with a reporting obligation to keep 
the full Board informed of the IPO Committee’s activities 
and decisions.
CEO and Management Team
The CEO is responsible for the day-to-day management and 
operations of Verisure. The CEO must keep the Board informed 
of developments in the operations, the development of sales, 
results and financial condition, important business events and 
all other events, circumstances or conditions which can be 
assumed to be of significance to the Company’s shareholders, 
on an ongoing basis.
The CEO leads Verisure’s operations through the Management 
Team. The Management Team brings broad expertise across 
industries, functions, and geographies. Their diverse 
backgrounds and perspectives form a strong foundation for 
Verisure's continued success. The members of the Management 
Team are presented in further detail below.
Auditor
The external auditor audits the Annual Report and Financial 
Statements and submits its audit report to the Annual General 
Meeting. At least once a year, the Board of Directors meets the 
auditor without the CEO or any other member of the 
Management Team present. The external auditor will also 
provide limited assurance on Verisure’s interim report for the 
third quarter 2026.
On an ongoing basis, the Company’s shareholders will be asked 
to approve the appointment, or re-appointment, of the auditor 
at each Annual General Meeting. In addition, the Company’s 
shareholders will be asked to resolve to authorise the Board of 
Directors to determine the remuneration of the auditor each 
year. PricewaterhouseCoopers LLP has been the auditor of 
Verisure plc since 2025. PwC Sweden has also been the auditor 
of the former parent company of the Verisure Group, 
Verisure Group Topholding AB, since 2021 
(PricewaterhouseCoopers AB for the years 2021-2024 
and Öhrlings PricewaterhouseCoopers AB from 2025).
Internal control
Internal control is a process effected by the Board, the Audit 
and Risk Committee, the CEO, the Management Team and other 
employees, which is intended to provide reasonable assurance 
that the Group’s objectives are met with respect to effective 
and efficient operations, reliable reporting, and compliance 
with applicable laws and regulations. Internal control with 
respect to financial reporting forms an integral part of the 
overall internal control framework, including control activities 
such as segregation of duties, reconciliations, approvals, 
safeguarding of assets, and control over information systems. 
Internal control over financial reporting is intended to provide 
reasonable assurance regarding the reliability of external 
financial reporting and ensure that external financial reporting 
complies with applicable laws, accounting standards and other 
requirements for listed companies. The Board is ultimately 
responsible for the effectiveness of the Group’s internal 
controls framework and ensuring that an effective system 
of internal controls is maintained. This includes overseeing 
effective frameworks for risk mitigation and control 
mechanisms across the Group. This is executed formally 
through written rules of procedure, which define the 
responsibilities of the Board and how these responsibilities 
are divided between the Board’s committees and the CEO.
The Audit and Risk Committee assists the Board by providing 
guidance and supervision on maintaining internal controls and 
risk management process, particularly on matters regarding 
compliance and financial reporting. Verisure’s Group Director 
of Internal Audit & Risk was appointed in November 2025 to 
ensure that the control framework within which the Group 
operates remains robust and appropriate for a multinational 
business of this scale. 
Verisure uses an Enterprise Risk Management process to 
identify, evaluate and manage risks. Risk assessments of 
strategic, compliance, operational and financial risks are 
conducted annually/quarterly depending on the risk severity by 
key representatives of the Group and markets and documented 
in a risk map. The identified risks are evaluated based on 
likelihood and impact. Materiality is used to determine the 
significance or importance of specific risks and their potential 
impact on the Group’s objectives and the financial statements. 
The risk assessments, including related remediation plans, are 
reported to the Audit and Risk Committee and the Board. 
Control activities, including policies and procedures are 
designed to detect and correct any errors, fraud and non-
compliance with laws and internal principles. The control 
activities are integrated into the daily operations, maintaining 
alignment with the strategic objectives and risk management 
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processes. Key controls are implemented to mitigate risks 
associated with the Company’s processes and systems. The key 
controls are documented in Verisure’s Internal Control over 
Financial Reporting (‘ICFR’) Framework.
Information and communication within the Group regarding 
risks and internal controls contribute to ensuring that the right 
business decisions are made. Policies and guidelines are 
communicated to all employees as applicable through different 
means (e.g. Intranet, committee meetings, etc.).
The Workiva Governance, Risk, and Compliance platform was 
implemented in 2025 and will support risk management and 
control activities onward. This implementation strengthens 
the organisation’s risk assurance by enhancing compliance, 
governance, and reporting capabilities in line with regulatory 
requirements and industry best practices. Key control self-
assessments are conducted annually to review and evaluate 
the effectiveness of internal controls and risk management 
processes. The results, including control deficiencies and 
related remediation plans, are reported to the Management 
Team and the Audit and Risk Committee. In addition, 
independent evaluations and testing of key controls are 
conducted following ISA 315 Group Internal Audit. The results, 
including recommendations for remediation or improvements 
and an associated impact analysis, are reported to the 
Management Team, the Audit and Risk Committee and 
the Board.
By order of the Board
AUSTIN LALLY
Director
London, 26 March 2026
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STEFAN GOETZ
CHAIR OF THE BOARD. HELLMAN & 
FRIEDMAN PARTNER
Previous board and executive positions: Board member, 
Nexi S.p.A, and multiple partner, executive and board 
positions across various entities within the Hellman & 
Friedman group. Multiple board positions across various 
entities within the Nets group and the SimpliSafe group. 
Independence: Independent in relation to the Company 
and the executive management but not in relation to 
major shareholders.
Holdings in Verisure plc (own and related parties): 
No shares.
Born: 1970
Education: Master of Electrical Engineering, Ecole Centrale 
Paris and Aachen University of Technology. Master of 
Business Administration, Kellogg Graduate School of 
Management.
Other board and executive positions: Board member 
and Partner, Hellman & Friedman LLC. Multiple partner, 
executive and board positions across various entities 
within the Hellman & Friedman group. Board member, 
Belron Group S.A. and Mehiläinen Konserni Oy. Member 
of the supervisory board, zooplus SE. 
AUSTIN LALLY
CHIEF EXECUTIVE OFFICER. BOARD MEMBER
Chair of the board of directors, Round Star Investments 
AB, Round Star 2 AB, SD North Management AB, SD New 
Management AB and SD South Management AB.
Independence: Independent in relation to major 
shareholders but not in relation to the Company and the 
executive management.
Holdings in Verisure plc (own and related parties):  
9,940,695 shares.
Born: 1965
Education: Bachelor of Science, University of Glasgow.
Other board and executive positions: Multiple board 
positions across various entities within the Verisure group. 
Previous board and executive positions: President, 
Vice President, General Manager and other various 
assignments, Procter & Gamble. 
DOMINIQUE REINICHE
SENIOR INDEPENDENT DIRECTOR. BOARD MEMBER
Previous board and executive positions: Chair of the board 
of directors, Chr HANSEN and EUROSTAR. Non-executive 
board member and senior independent director, MONDI. 
Non-executive board member, Severn Trent.
Independence: Independent in relation to the Company 
and the executive management as well as major 
shareholders.
Holdings in Verisure plc (own and related parties): 
18,867 shares and indirect holdings through a special 
purpose pooling vehicle. Please see Verisure's IPO 
prospectus for further information. 
Born: 1955
Education: Master of Business Administration, ESSEC 
Business School.
Other board and executive positions: Non-executive board 
member, Deliveroo and PayPal.
Corporate Governance
Board of Directors
Shareholdings stated as of 26 March 2026
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