Årsredovisning 2025

GRAEME PITKETHLY
NON-EXECUTIVE DIRECTOR. AUDIT AND 
RISK COMMITTEE CHAIR
Trustee and member of the investment committee, 
Leverhulme Trust. Member of the CFO advisory board, 
Watershed Inc. Member of the development board, 
Theirworld. Member of the advisory board, Strathclyde 
University’s centre for Sustainable Business.
Previous board and executive positions: Chief Financial 
Officer and Executive Director at Unilever plc. Vice 
President of Corporate Development at FLAG Telecom. 
Managing Director at PwC. Vice Chair, Task Force for 
Climate Related Financial Reporting.
Independence: Independent in relation to the Company 
and the executive management as well as major 
shareholders.
Holdings in Verisure plc (own and related parties): 
75,471 shares.
Born: 1966
Education: Bachelor of Science in Applied Chemistry, 
University of Strathclyde. Chartered Accountant, ICAEW.
Other board and executive positions: Board member, 
deputy-chair and senior independent director, chair of the 
audit committee, Pearson plc. Board member and chair of 
the audit, risk and compliance committee of Sandoz Group 
AG. Board member, Fourpointthree Limited. 
SARA ÖHRVALL
NON-EXECUTIVE DIRECTOR
Previous board and executive positions: Chair of the board 
of directors, Humla, KICKS, Newsmill. Board member, SEB, 
SEB Funds, Axel Johnson International, Novax, Bonnier 
News Group, TV4, Dagens Industri and Umeå University. 
Executive management team, Bonnier, SEB and Axel 
Johnson.
Independence: Independent in relation to the Company 
and the executive management as well as major 
shareholders.
Holdings in Verisure plc (own and related parties): 
13,000 shares.
Born: 1971
Education: Master of Science, International Business, 
Umeå University. Architecture and Design, Parson School 
of Design.
Other board and executive positions: Chair of the board of 
directors, SSE Ventures AB. Vice-chair of supervisory 
board, Ahlström Oy. Board member, Investor, Axfood, 
Dagens Nyheter, Bonnier Books, SNS Center for Business 
and Policy studies. Advisory board member, Stockholm 
Resilience Center. Practitioner-in-Residence, Stockholm 
School of Economics.
ANDREW BARRON
NON-EXECUTIVE DIRECTOR
Previous board and executive positions: Chair of the board 
of directors and deputy chair of the board of directors, 
Tele2 AB. Non-executive board member, Ocean Outdoor.
Independence: Independent in relation to the Company 
and the executive management as well as major 
shareholders.
Holdings in Verisure plc (own and related parties): 
150,339 shares.
Born: 1965
Education: Bachelor of Arts in History and Management 
Studies, Trinity College, Cambridge University. Master of 
Business Administration, Stanford University.
Other board and executive positions: Non-executive board 
member, Openreach Ltd, Astound Broadband, and Delta 
Fiber. Senior Operating Partner, Stonepeak Infrastructure. 
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CECILIA BECK-FRIIS1
NON-EXECUTIVE DIRECTOR
Previous board and executive positions: CEO Hemnet 
Group AB (publ), Deputy Chief Executive Officer at TV4 
Group, Chief Digital Officer Bonnier Broadcasting. Non-
executive board member, Paradox Interactive AB (publ), 
Net Insight AB (publ), and Acando AB (publ).
Independence: Independent in relation to the Company 
and the executive management as well as major 
shareholders.
Holdings in Verisure plc (own and related parties): 
14,000 shares.
Born: 1973
Education: Executive education programs at SSE Executive 
Education and NYU School of Professional Studies, and 
studies in marketing and communication at Berghs School 
of Communication. 
Other board and executive positions: Non-executive board 
member, Funda B.V. and Kivra AB.
ADRIEN MOTTE
HELLMAN & FRIEDMAN PARTNER. BOARD MEMBER
Previous board and executive positions: Multiple board 
positions within the Zorro 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: 1987
Education: Bachelor and Master of Engineering, University 
of Cambridge. Diploma in Financial Management, the 
Association of Chartered Certified Accountants.
Other board and executive positions: Multiple partner, 
executive and board positions across various entities 
within the Hellman & Friedman group. Member of the 
supervisory board, zooplus SE. 
CASILDA ARESTI
HELLMAN & FRIEDMAN PRINCIPAL. BOARD MEMBER
Other board and executive positions: LLP member within 
the Hellman & Friedman group. Board observer, Allfunds 
Bank S.A.U. 
Previous board and executive positions: -
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: 1993
Education: Bachelor of Science and Engineering, Princeton 
University. Master of Business Administration, Harvard 
Business School.
HENRY ORMOND
GIC HEAD OF EUROPEAN PRIVATE EQUITY. 
BOARD MEMBER
Other board and executive positions: Head of Private 
Equity, Europe, GIC Private Ltd. Board member, Visma and 
Raffles Private Holdings.
Previous board and executive positions: Board member, 
Galderma and RAC.
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: 1973
Education: Master of Engineering in Engineering and 
Management, Oxford University. Master of Business 
Administration, Harvard Business School.
1) Cecilia Beck-Friis was appointed to the Board of Directors on 3 February 2026.
Corporate Governance
Board of Directors continued
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CARLOS ORTEGA
CO-CEO CORPORACIÓN FINANCIERA ALBA. 
BOARD MEMBER
Previous board and executive positions: Chair of the board 
of directors, Artá Partners S.A. and Deyá Capital SCR S.A. 
Board member, Rioja S.à.r.l., Parques Reunidos Servicios 
Centrales S.A., Piolin Bidco S.A.U. and Artá Capital SGEIC 
S.A. President, Harvard Club of Spain.
Independence: Independent in relation to the Company 
and the executive management as well as major 
shareholders.
Holdings in Verisure plc (own and related parties): 
34,369 shares.
Born: 1967
Education: Bachelor of Arts in International Economics, 
Harvard University. Master of Business Administration, 
Harvard Business School.
Other board and executive positions: Chair of the board of 
directors, Acerinox S.A., Deyá Capital IV SCR S.A. Board 
member, Atlantic Aviation FBO Inc., Technoprobe S.p.A., 
and Harvard Club of Spain. Co-CEO, Corporación 
Financiera Alba S.A. Patron and board member, 
Foundation Counsel Spain-US. Patron, Real Instituto 
Elcano. 
LUIS GIL
BOARD MEMBER
Previous board and executive positions: President of 
Expansion, Acquisitions and Business Development, 
Verisure.
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, incl. 
via Securholds, which he controls):  56,279,277 shares.
Born: 1961
Education: Master’s in Industrial Engineering by ETSII 
Politécnica de Madrid, in Business Administration by IESE 
Business School and in Commercial Management by 
Instituto de Empresa.
Other board and executive positions: Board member, 
Tecnola Invest Real Estate SL and Securholds Spain S.L.
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AUSTIN LALLY
CHIEF EXECUTIVE OFFICER
where he was Global President and a member of the 
Global Leadership Council. His team led the turnaround of 
the Braun and Appliances division. Prior to this, he was 
responsible for marketing and premium innovation 
development for the global Gillette business. Earlier, he 
led the European Baby Care business as well as managing 
the successful restructuring of the company’s operations 
in Germany. Austin also spent seven years in Guangzhou, 
where he helped to build P&G’s strong leadership position 
in Greater China. He also held leadership roles in France 
and the UK where he started his career.
Austin holds a Bachelor of Science from the University of 
Glasgow, where he was President of the Students’ 
Representative Council and won the World Universities 
Debating Championship.
Austin Lally is in his 12th year as Verisure CEO. He is 
responsible for shaping and executing Verisure’s strategy 
and delivering the Company’s overall performance. He 
brings significant leadership expertise gained from over 36 
years of experience building and growing consumer facing 
businesses globally. During his tenure as CEO, Verisure has 
grown strongly and extended its industry leadership 
position providing monitored security services for 
residential and small business customers across Europe 
and Latin America.
Austin joined Verisure as CEO in 2014. This followed a 26-
year career with The Procter & Gamble (P&G) Company 
COLIN SMITH
CHIEF FINANCIAL OFFICER
As well as serving as CFO for five years, Colin also led Sky's 
Business-to-Business division. His experience at Sky was 
broad and focused on strategy, financial planning & 
analysis, M&A, as well as pricing, customer management, 
and go-to-market. During his career at Sky, Colin set up 
revenue analytics and cost transformation teams, both of 
which played a key role in driving both topline growth 
and profit.
Earlier in his career Colin led Finance and Corporate 
Development for OSN, the leading Pay TV network in the 
Middle East and North Africa. Colin qualified as a 
Chartered Management Accountant in 1999.
Colin Smith joined Verisure as Chief Financial Officer in 
June 2023. In his role, he has overall responsibility over the 
Company's financial planning, capital allocation, tax, 
treasury, M&A and risk management activities. Colin also 
oversees our Supply Chain and Procurement functions.
Prior to joining the Company, Colin spent 20 years at Sky 
UK & Ireland – one of Europe's largest 
telecommunications and media companies. 
ANTONIO ANGUITA
PRESIDENT SOUTHERN EUROPE, NORDICS & 
LATIN AMERICA
Before joining Verisure, Antonio was a partner and co-
founder of Alana Partners, a start-up incubator and 
accelerator based in Madrid. Prior to that, he was 
Executive Vice President of Orange, where he led the 
Group’s global fixed and internet services division, based 
out of Paris. Previously Antonio held several senior 
positions in telecoms and finance, including as CEO of 
France Telecom Spain where he led the company through 
the merger of Wanadoo and Uni2, amongst other 
transactions. He began his career in Hewlett Packard in 
Spain, and he also spent time with McKinsey & Co.'s in 
their New York office.
Antonio Anguita holds a double degree, magna cum laude, 
in Economics and Political Science from Brown University 
and an MBA from Harvard University.
Antonio Anguita is the President Southern Europe, Nordics 
& LatAm at Verisure. In his role, he holds the P&L 
responsibility for the geographic areas he covers, 
leveraging his broad business experience from different 
sectors. Antonio joined Verisure in March 2013 as 
Managing Director for Spain. He was promoted to 
President of Iberia & Latin America in August 2014, 
President of Iberia, Latin America and Italy in July 2022. 
In July 2025, Antonio was appointed President Southern 
Europe, Nordics & LatAm.
OLIVIER ALLENDER
PRESIDENT CENTRAL EUROPE, UK, IRELAND & ARLO
hardware business into a recurring revenue model. He has 
also been leading the UK & Ireland business since January 
2024. In July 2025, Olivier was appointed President Central 
Europe, UK, Ireland & Arlo.
Before Verisure, Olivier was the Commercial Director at 
Cofidis France, the Consumer Credit Division of Credit 
Mutuel Group, overseeing Sales, Marketing and Alliances. 
Prior to that, he held senior roles at L’Oréal, covering a 
variety of responsibilities. This included a GM role leading 
L’Oréal’s Le Club des Créateurs de Beauté (CCB) Division in 
Japan, following his time launching and establishing the 
business model in the US, and managing the global CCB e-
business based out of France.
Olivier Allender is the President Central Europe, UK, 
Ireland & Arlo at Verisure. In his role, he holds the P&L 
responsibility for the areas he leads, leveraging his broad 
business experience from different sectors.
Olivier joined Verisure as Managing Director for France in 
September 2012 and was promoted to General Manager 
for France, Belgium & the Netherlands in 2015. He later 
took on leading Arlo Europe in 2020, transforming it from a 
Corporate Governance
Management
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MARTA PANZANO
CHIEF HUMAN RESOURCES, COMMUNICATIONS, 
AND ESG OFFICER
Marta joined Verisure following an expansive career across 
multiple industries and geographies. Prior to Verisure, she 
was the Global HR Leader for Orange Internal Digital 
Transformation based out of Paris, following her role as 
HR Director for Orange Spain.
Marta has held several positions at Cemex across Mexico, 
Australia, and Spain, among other geographies. Notably, 
she served as the Vice President of Human Resources for 
Europe, the Middle East, Africa, and Asia, where she led HR 
operations for 20 countries with a workforce of over 20,000 
employees. Before that, she worked in strategy and 
management consulting at Boston Consulting Group, and 
in Finance for Hewlett Packard for the Iberia region.
Marta holds a Bachelor's degree in Business 
Administration and Economics from the Universidad 
Carlos III Madrid.
Marta Panzano joined the Company in October 2014, and is 
Chief Human Resources, Communications, and ESG Officer 
at Verisure.
Marta is responsible for developing and leading Verisure's 
people and organisation strategy. This includes attracting 
and developing the best talent, driving a strong 
entrepreneurial culture to support the Company's growth 
agenda and people engagement. Her remit also includes 
Communications, as well as leading the Company's ESG 
strategy and agenda since 2022.
OLIVIER HORPS
CHIEF MARKETING OFFICER
strengthened brand recognition, enhanced sales 
capabilities, and launched multiple innovations, 
accelerating growth and improving customer satisfaction.
Before Verisure, Olivier was Managing Director Asia-Pacific 
and CEO of Greater China at Club Med, where he led 
commercial expansion in new geographies and 
strengthening of existing markets. He previously held 
marketing leadership roles at Procter & Gamble and 
L'Oreal, managing major brands in Europe and Asia while 
developing expertise in consumer, market strategy, and 
brand development.
Olivier holds an MBA from the ESSEC Business School in 
Paris.
Olivier Horps is the Chief Marketing Officer of Verisure, 
leading the Company's global marketing strategy. He 
drives consumer acquisition, customer satisfaction and 
loyalty, brand building, and digital transformation in 
marketing.
Olivier has served as CMO since January 2022. He first 
joined Verisure in 2017 in France, initially leading the 
Marketing function in France before expanding his role to 
oversee Commercial teams. During this time, he 
NINA CRONSTEDT
CHIEF LEGAL OFFICER
Nestlé in Switzerland. In these roles, Nina worked across 
multiple regions to counsel on the full spectrum of legal, 
corporate governance, IP and regulatory matters, and was 
closely involved in several critical strategic business 
initiatives. Before joining Nestlé, Nina held several 
increasingly senior roles at Philip Morris International, 
working up to Assistant General Counsel EMEA Region 
where she led teams across 40 markets.
Before going in-house, Nina held positions at top-tier law 
firms.
Nina studied Law at Stockholm University and completed a 
Masters in Commercial and European Law at the University 
of Cambridge.
Nina Cronstedt joined Verisure in November 2018 as Chief 
Legal Officer, bringing over 25 years of legal experience 
and counsel to the role. At Verisure, Nina is responsible 
for Legal, Compliance, Corporate Governance, IP, Privacy 
and Regulatory & Governmental Affairs.
Prior to joining the Company, Nina served as General 
Counsel for Cereal Partners Worldwide (a joint venture 
between Nestlé and General Mills), and as General Counsel 
of Strategic Business Units and Centre of Expertise at 
CRISTINA RIVAS
CHIEF TECHNOLOGY OFFICER
innovative product and service roadmap and delivering 
leading IT solutions that meet our customers' needs and 
support the Company's operations. Before joining, Cristina 
held several senior positions in customer service, sales 
and marketing for Vodafone, most recently serving as 
Head of Technology Strategy and Governance at Group 
level. Before Vodafone, Cristina worked on strategy, 
marketing and operational efficiency projects across 
telecommunications, banking, and energy at McKinsey & 
Co.
Cristina holds a Master's degree in Telecommunications 
Engineering from the Universidad Politécnica in Madrid.
Cristina Rivas joined Verisure as Technology Director for 
Iberia and Latin America in November 2016 before her 
appointment to Group Chief Technology Officer (CTO) in 
February 2020.
As CTO, Cristina is responsible for defining and 
implementing Verisure's Technology and Product strategy, 
driving end-to-end technology, and ensuring high-quality 
products and service delivery to our customers and the 
business. This involves creating and executing an 
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JONAS LINDSTRÖM
GENERAL MANAGER NORDICS & MANAGING 
DIRECTOR SWEDEN
Before joining Verisure, Jonas held several roles at 
Telenor. In the five years he was there, he held roles 
including Head of Mobile Marketing, where he had overall 
responsibility for the Consumer and SME segments' 
financials, and oversaw the Business Management, Pricing, 
Channel Management, Product Management, CRM, and 
Business Development functions, amongst other 
responsibilities.
Prior to joining Telenor, Jonas spent nine years at 
McKinsey & Co, and he was a co-founder of a 
biotechnology company.
He holds a Master of Science in Economics and Business 
Administration from Stockholm School of Economics 
where he was awarded an exchange, spending a year at 
the MBA program at University of Chicago Booth School of 
Business.
Jonas Lindström is the General Manager Nordics and 
Managing Director Sweden at Verisure. In this role, Jonas 
holds the P&L responsibility for the Nordics cluster 
including Sweden, Norway, Denmark, and Finland.
Jonas joined Verisure in November 2013 as Acquisition and 
Portfolio Marketing Director for Sweden and then shifted 
to Sales Director. He was appointed Managing Director for 
Denmark in October 2020. In 2022, Jonas was appointed 
Managing Director for Sweden, and then most recently, in 
March 2025, Jonas was promoted to General Manager 
Nordics in addition to his leadership role in Sweden.
ALEX FROMENT-CURTIL
MANAGING DIRECTOR FRANCE
Before joining Verisure in 2023, Alex worked at Vodafone 
for over 18 years in multiple geographies, including as CEO 
for Vodafone Hungary, CEO for Vodafone Egypt, and CEO 
for Vodafone Turkey. He also held the position of Group 
Chief Commercial Officer for Vodafone and was a member 
of the Executive Committee. Before this, Alex worked for 
the strategy consulting firm Booz Allen Hamilton.
Alex holds a Master’s in Science and Electrical Engineering 
from Centrale Supélec.
Alex Froment-Curtil is the Managing Director of Verisure 
France. In his role, Alex capitalises on his previous 
marketing and business background to focus on excellent 
customer service and experience, ensuring recurring 
revenue while driving loyalty and customer portfolio 
value.
GUILLERMO PRADO
DEPUTY CHIEF HUMAN RESOURCES OFFICER
for Iberia and LatAm. In 2021, he was appointed Managing 
Director for Finland, where he established strong 
commercial fundamentals. In 2023, Guillermo became 
Director of Group Transformation and the CEO Office at 
Verisure, before transitioning into his current role in early 
2026.
Guillermo started his career at McKinsey as a Business 
Analyst before taking on roles at Vodafone as a Financial 
Planning Analyst and Consultant at BCG.
Guillermo holds a BBA in Management and Business 
Administration, as well as Law from Universidad 
Complutense de Madrid.
Guillermo Prado is the Deputy Chief Human Resources 
Officer at Verisure.
Since joining the Company in 2015 as Group HR Strategy 
Director, he has built a broad base of hands-on business 
experience across several key geographies.
Following his initial role, Guillermo held leadership 
positions including Sales Structure Creation
RAFAEL MIRANDA
DEPUTY CHIEF FINANCIAL OFFICER
In 2020, he was appointed Managing Director for LatAm, 
playing a key role in strengthening the Company’s 
operations in Argentina, Brazil, Chile, and Peru. 
Rafael has broad experience in the telecommunications 
industry. He previously worked at Vodafone, leading the 
strategy and M&A function in Spain. His career began with 
Bain & Co., where he worked as a strategic consultant on 
assignments in Europe and the US.
Rafael holds a double degree in Law and Business 
Administration from ICADE.
Rafael Miranda is the Deputy Chief Financial Officer at 
Verisure. He is responsible for Group Financial Planning 
and Analysis, Procurement and Supply Chain, and Funding 
our Growth among other strategic projects. Rafael joined 
Verisure in 2016, starting as the Funding Our Growth and 
Product and Services Excellence Programmes Director, 
where he led key projects for the Company. In 2017, he was 
appointed Finance Director for Iberia and Latin America. 
Corporate Governance
Management continued
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GERMÁN LARREA
DEPUTY GENERAL DIRECTOR COMMERCIAL SPAIN
of Financial Director for Iberia and LatAm in 2020. In 2023, 
he was appointed Deputy General Director in Spain.
Before joining the Company, Germán worked as a Strategy 
Consultant at companies including KPMG and Roland 
Berger and served as an advisor to the Chicago Chamber 
of Commerce. He also holds an Executive MBA from IESE 
Business School. 
Germán Larrea has been the Deputy General Director 
Commercial in Spain at Verisure since 2023. In this 
capacity, he leads the country team responsible for 
identifying and defining the critical stages within the 
customer journey. 
Germán joined Securitas Direct in 2013 as a Strategy 
Consultant and, two years later, took on the role of 
Director of Strategic Planning. In 2018, he was promoted to 
Director of Customer Marketing before taking up the role 
STEFAN KONRAD
MANAGING DIRECTOR LATIN AMERICA
Before joining Verisure, Stefan worked for Banco 
Santander in the Corporate and Investment Banking 
Division. Prior to this, he worked for CEMEX, holding 
executive positions across Europe, the Middle East, Africa, 
and Asia.
Stefan holds an MBA from the IE Business School in Madrid 
and a degree in Business Administration from Universidad 
Carlos III de Madrid, with Executive Education from London 
Business School, Harvard Business School, and Bocconi 
University.
Stefan Konrad is the Managing Director for Latin America, 
responsible for our businesses in Brazil, Chile, Peru, and 
Argentina.
Stefan joined Verisure in 2018 as Sales Structure Creation 
Director for the Expansion cluster (Netherlands, Germany, 
UK and Italy), and in 2020, he was appointed Managing 
Director of Italy. During his tenure, he built up the 
country’s operations to establish Verisure as the market 
leader in the monitored security sector. Building on this 
experience, Stefan transitioned to lead the Latin American 
cluster in March 2025.
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Annual Statement
Chair’s Introduction
I am pleased to present our Annual Directors’ Remuneration 
Report for 2025. This is our first Remuneration Report since 
our listing on Nasdaq Stockholm on 8 October 2025.
The report is divided into three sections: the Annual Statement 
summarising key decisions towards remuneration and the 
work performed by the Remuneration Committee; the 
Remuneration Policy outlining our forward-looking strategy; 
and the Annual Directors’ Remuneration Report providing a 
granular breakdown of the 2025 compensation outcomes. 
The report includes a comprehensive overview of Verisure’s 
compensation framework, reflecting our commitment to 
transparency and to clear communication with our 
shareholders. 
Our Philosophy and Strategy on Total Reward
In anticipation of our listing on Nasdaq Stockholm, the 
Remuneration Committee undertook a thorough review of 
our executive remuneration framework seeking to ensure it 
remains fit for purpose as a public company. Recognising our 
diverse geographic footprint, this process involved extensive 
benchmarking against peer groups across our key jurisdictions 
in Europe and Latin America, supporting a total reward strategy 
that is competitive in the global talent market.
This review was conducted in close consultation with our pre-
IPO shareholders and supported by independent remuneration, 
financial, and legal advisors. Our objective was to design a 
framework that reflects market best practices as well as our 
unique corporate culture and Company priorities.
The Remuneration Committee’s central objective is to operate 
a policy that rewards performance against ambitious goals 
aligned with our long-term strategy. By linking pay closely to 
performance, we aim to ensure our leadership’s interests 
remain firmly aligned with those of our shareholders. Our 
approach is built upon three core structural pillars:
• Commitment for the Long-Term: We prioritise sustainable 
success delivered over the longer term, so our compensation 
structures encourage a multi-year perspective over short-
term gains.
• More Variable Pay for Performance: Our framework is 
significantly weighted towards variable remuneration. This 
means that the highest levels of reward are realised only 
through the successful delivery of our strategic targets.
• Attractive Total Compensation: We recognise that our success 
depends on top talent; therefore, we offer a total reward 
package that is positioned to attract, motivate, and retain 
executives of the right calibre to execute our business 
strategy successfully.
By anchoring our policy in these principles, we provide a clear 
and transparent link between the execution of our business 
strategy and the compensation of our key leadership.
A Landmark Year
2025 was a milestone year for Verisure. Most notably, it marked 
a new chapter in our history with the successful completion 
of our IPO in October 2025. This structural evolution was 
underpinned by continued quality growth and a record year 
operationally. Our Annual Recurring Revenue reached €3,448 
million, representing a 12.4% increase over 2024. This growth 
was fuelled by a significant expansion of our portfolio, which 
grew 10.0% to reach the milestone of ~6.2 million customers. 
Furthermore, our focus on margin expansion yielded significant 
results, with Adj. EBIT increasing by 16.3% to €953 million, 
all in line with the targets we set for the year. These results 
demonstrate the strength of our business model and provide 
a clear performance context for the remuneration outcomes 
detailed in this report.
Evolution of Incentives
Our deeply ingrained entrepreneurial mindset, fostered by a 
culture of broad-based employee equity ownership, was central 
to our success over the past decades. Participation in the 
employee share programmes is widespread across Verisure 
and is not limited to senior levels of the organisation, with 
over 500 employees participating. This broad participation 
has been instrumental in driving our strategic direction with 
an ‘ownership’ entrepreneurial mindset, fostering strong 
alignment with shareholder value creation. As a public 
company, we are evolving our incentive strategy to meet global 
market standards while preserving a vital sense of ownership. 
Our new approach replaces transaction-linked incentives, 
typical of privately held private equity-backed companies, with 
structured, long-term equity incentives (LTIs). This means that 
equity participation represents a continuous mechanism for 
alignment, rewarding sustained value creation and long-term 
share price appreciation in a manner that is both transparent 
to our new shareholders and competitive within the global 
talent landscape.
Following extensive market research, we have adopted 
Performance Share Units (PSUs) and Restricted Share Units 
(RSUs) as our primary equity awards, granted under the 
Verisure plc Global Long Term Incentive Plan (LTIP) adopted in 
connection with the IPO. Reflecting our commitment to broad-
based employee equity participation, we expect to grant 
PSUs to over 300 employees across our local and functional 
leadership teams, extending well beyond the Management 
Team.
Following the publication of our annual results for the financial 
year ending 2025, the CEO will be granted Performance Share 
Units (PSUs) in or around April 2026 under the LTIP. These 
awards are subject to a three-year vesting period, vesting in 
April 2029. The maximum annual grant for the CEO will be 500% 
of base remuneration (or 300% at target level), with the final 
number of shares vesting determined by performance against 
specific targets, covering relative Total Shareholder Return 
(TSR), Annual Recurring Revenue (ARR) growth, Adjusted EBIT 
margin, Adjusted Earnings Per Share (EPS), Free Cash Flow 
Margin, and Employee Engagement. The PSUs will include the 
right to dividend equivalents and will also be subject to robust 
malus and clawback conditions. 
Corporate Governance
Remuneration Report
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Implementation of our IPO Transition Awards
With the objective of maintaining leadership continuity and 
focus during our transition from a private to a listed company, 
the Remuneration Committee has implemented a one-off IPO 
Transition Award programme. These awards, structured as 
RSUs, have been awarded to approximately 500 key employees, 
including the CEO and the broader Management Team.
As our legacy equity plans concluded shortly after the IPO, 
these IPO Transition Awards serve as an important bridge to 
our new public-company incentive framework. They are 
designed to maintain strong incentivisation through to 2029, 
the year in which our first regular award cycle of PSUs and RSUs 
are scheduled to vest. By committing a total investment of 
€120 million of Transition Awards (based on the Admission 
share price), the Board is signalling the high value we place on 
the expertise required to navigate Verisure through this initial 
two-year transition period.
The IPO Transition Awards are expected to be settled in shares, 
with 50% vesting in October 2026 and 50% in October 2027. 
Vesting is contingent upon the participant’s continued 
employment with Verisure through the applicable vesting 
dates, subject to the leaver conditions in the LTIP rules. 
In addition to the above IPO Transition Award programme, the 
pre-IPO majority shareholders Aegis Lux 1A S.à r.l. (controlled by 
funds managed or advised by Hellman & Friedman (H&F)), Eiffel 
Investment Pte. Ltd, Alba Investments S.à r.l. and Alba Europe S.à 
r.l. (both entities owned by Corporación Financiera Alba, S.A.) and 
Securholds Spain S.L. have demonstrated their commitment to 
Verisure’s talent and intend to contribute (for no cost) a total of 
1,751,810 shares to the Verisure Employee Benefit Trust (‘EBT’). 
Subject to and following shareholder approval being obtained 
at the 2026 AGM, these shares are intended to be used to 
satisfy additional awards to be granted by the Company 
(‘Additional Transition Awards’) to employees and members of the 
Management Team, including the CEO. Approximately 
250 individuals are expected to be eligible for the grant, the 
majority of these employees and members of the Management 
Team also invested in Verisure prior to the IPO. These Additional 
Transition Awards will not represent any additional dilution to 
the shareholders of Verisure as they will be satisfied using 
shares contributed by the relevant shareholders. The Additional 
Transition Awards will vest 50% in October 2026 and 50% in 
October 2027, in each case subject to the participant’s continued 
employment through the applicable vesting dates, as well as the 
LTIP rules. The EBT, a common structure used by UK incorporated 
companies such as Verisure, serves as a warehouse for shares 
and to facilitate the settlement of awards under the LTIP. 
The CEO has been granted two IPO Transition Awards, each with 
a value at grant equal to 300% of Total Base Remuneration, 
vesting in October 2026 and October 2027, respectively. The CEO 
is also expected to be granted Additional Transition Awards 
over 114,720 Verisure Shares, vesting in two equal 50% tranches 
in October 2026 and October 2027, respectively.
Role of the Remuneration Committee
The Remuneration Committee is responsible for setting the 
pay principles and policies for our CEO and the immediate 
leadership team (‘CEO-1 Management’) as well as LTIP principles 
for all recipients. Beyond salaries, the Remuneration Committee 
reviews management’s entire employment package seeking to 
ensure it stays competitive and fair. We also have two key 
responsibilities with our shareholders: (i) at least every three 
years, we prepare a Remuneration Policy covering parameters 
for directors’ pay intended for the next three years; and (ii) 
every year at our Annual General Meeting, we share an Annual 
Directors’ Remuneration Report detailing what was paid to 
Directors, which shareholders vote on in an advisory capacity, 
in line with UK Companies Act requirements.
The Remuneration Committee’s scope of work is guided by the 
Remuneration Committee Terms of Reference. It outlines how 
we operate, our specific tasks, and our collaboration with the 
Board and the CEO. For example, while the Remuneration 
Committee sets the overall remuneration framework, the 
CEO, in consultation with the Remuneration Committee, is 
responsible for determining the total individual remuneration 
package of each member of CEO-1 Management. We review the 
Terms of Reference regularly and will propose changes to be 
approved by the Board where necessary to stay current with 
best practices.
In 2025, the Company took advice on its remuneration practices 
and benchmarking analysis from reputable remuneration 
consultants.
The Remuneration Committee has completed a comprehensive 
review and rebasing of the CEO’s remuneration package in 
order to reflect the scale and complexity of the business, 
make it substantially performance-linked, and align it with 
remuneration levels at other large, high-growth listed 
European peers.
Verisure’s Remuneration Committee consists of four members: 
Stefan Goetz (chair), Adrien Motte, Henry Ormond, and Dominique 
Reiniche. All members of the Remuneration Committee are non-
executive board members and independent of the Company 
and the Management Team, satisfying the independence 
requirements under the Swedish Corporate Governance Code.
The Remuneration Committee has made strong progress in the 
months following the listing. In the year ahead, we will continue 
to review the operation of the Remuneration Policy, so that it 
continues reflecting the Verisure culture and supporting 
sustainable value creation for our shareholders.
STEFAN GOETZ
Remuneration Committee Chair
London, 26 March 2026
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Verisure plc | Annual Report 2025 63

===== SIDA 66 =====

Annual Directors’ Remuneration Report
In accordance with the Regulations, directors’ remuneration figures in this report are presented on a pro-rated basis reflecting the 
period in which they provided qualifying services from the date of the director’s appointment to the Board of Verisure plc on 26 
August 2025 (or 9 May 2025 in the case of Stefan Goetz and Adrien Motte). For the purposes of enhanced transparency and to 
provide shareholders with a comprehensive view of annual compensation, we are additionally presenting the full-year 
remuneration figures for 2025.
Single total figure of remuneration for the Executive Director for the period in which qualifying services were 
provided (audited)
The table below presents the single figure for total remuneration for Austin Lally, our CEO and the Company’s only Executive 
Director. As Verisure plc was incorporated on 9 May 2025 and the CEO was appointed to the Board on 26 August 2025, there is no 
comparable remuneration to disclose for the prior year. Full disclosure of the percentage change in CEO remuneration will be 
provided in future remuneration reports.
Included within the CEO’s total base remuneration for 2025 is a payment of €23,118 in respect of his role as a board member. In 
October 2025, the CEO was awarded IPO Transition Awards (which are RSUs and not subject to any performance conditions) and 
therefore these awards are included in the single remuneration figure table below. Other than these IPO Transition Awards, no 
other new incentive awards were awarded or vested under the legacy incentive arrangements nor the LTIP during the 2025 
financial year. These RSUs are included based on the IPO offering price. 
(EUR thousand)1
(a) (b) (c) (d) (e) (f)
Sum of (a), 
(b), and (e)
Sum of (c), 
(d), and (f)
Salaries and 
fees2
Taxable 
benefits2
Annual 
bonus2
Long term 
incentive 
plans
Pension-
related 
benefits2 Other3 Total
Total fixed 
remuneration
Total variable 
remuneration
Austin Lally (CEO) 482 38 486 0 50 8,400 9,455 569 8,886
1) Exchange rate used: 1 CHF = 1,065 EUR, as per CEO contract for consistency purposes across calculations.
2) Earned amounts but pro-rated for the period of the director's qualifying services, commencing on the date of the director's appointment to the board of Verisure plc 
(26 August 2025).
3) Includes the total value of the one-off IPO Transition Awards in the form of RSUs, granted in October 2025, assuming the IPO offering price of €13.25 per share.
Single total figure of remuneration for the Executive Director for the full year of 2025
(EUR thousand)1
(a) (b) (c) (d) (e) (f)
Sum of (a), 
(b), and (e)
Sum of (c), 
(d), and (f)
Salaries and 
fees2
Taxable 
benefits2
Annual 
bonus2
Long term 
incentive 
plans
Pension-
related 
benefits2 Other3 Total
Total fixed 
remuneration
Total variable 
remuneration
Austin Lally (CEO) 1,336 109 1,396 0 143 8,400 11,384 1,588 9,796
1) Exchange rate used: 1 CHF = 1,065 EUR, as per CEO employment agreement for consistency purposes across calculations.
2) Earned amounts during the full year of 2025.
3) Includes the total value of the one-off IPO Transition Awards in the form of RSUs, granted in October 2025, based on the IPO offering price of €13.25 per share.
Annual Bonus Performance measures, weighting and outcomes for the period the CEO provided qualifying services 
(audited)
During the period the CEO provided qualifying services, the annual bonus for the CEO has been determined by the following 
components: 
a. Company Performance (weighted at 75%) component is based on five key performance indicators:
• EBITDA Portfolio - Portfolio Capex - Other Capex: weighted at 40%.
• Cost Per Acquisition (CPA): weighted at 20%.
• Net Installations: weighted at 15%.
• Earnings per Customer (EPC): weighted at 10%.
• Cancellations, Last Twelve Months (LTM) Attrition %: weighted at 15%.
Corporate Governance
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64 Verisure plc | Annual Report 2025

===== SIDA 67 =====

Achievement against these Company targets follows a structured payout curve:
• Performance at ‘Threshold’ results in a 33% payout.
• The payout rises linearly to 100% for ‘On target’ achievement and beyond for ‘Above target’.
• The maximum achievement for the Company Performance component has been capped at 200%.
• Any performance falling below the ‘Below target’ threshold results in a 0% payout for that specific metric.
b. Individual Performance (weighted at 25%) component assessed by specific strategic and leadership objectives. The maximum 
achievement for the Individual Performance component has been capped at 200%.
Annual bonus calculation details for the period the CEO provided qualifying services:
During the period the CEO provided qualifying services in 2025, the Company Performance component achieved a weighted 
average of 105.7% of target. On an individual basis, the CEO achieved 160% of his strategic objectives, reflecting strong leadership 
during the IPO transition. When combined, the total bonus payout for the period the CEO provided qualifying services in 2025 
resulted in 119.3% of the target bonus opportunity (calculated as (105.7% x 75%) + (160% x 25%)). Both Company and individual 
components have had a maximum cap of 200% during such period.
Metrics Weight % Payout1
EBITDA Portfolio – Portfolio Capex – Other Capex  40 %  125.6 %
Cost Per Acquisition (CPA)  20 %  84.2 %
Net Installations  15 %  95.8 %
Earnings per Customer (EPC)  10 %  115.1 %
Cancellations, Last Twelve Months (LTM) Attrition  15 %  85.0 %
Weighted average of Company Performance (%)  105.7 %
1) The minimum qualifying performance threshold delivers a 33% payout of the target bonus (for the Company performance component). Between the minimum threshold and 
the target, the payout increases linearly up to 100%. 
Annual Bonus Performance measures, weighting and outcomes for the full year of 2025
For the full year of 2025, the annual bonus for the CEO has been determined by the following components: 
a. Company Performance (weighted at 75%) component is based on five key performance indicators:
• EBITDA Portfolio - Portfolio Capex - Other Capex: weighted at 40%.
• Cost Per Acquisition (CPA): weighted at 20%.
• Net Installations: weighted at 15%.
• Earnings per Customer (EPC): weighted at 10%.
• Cancellations, Last Twelve Months (LTM) Attrition %: weighted at 15%.
Achievement against these Company targets follows a structured payout curve:
• Performance at ‘Threshold’ results in a 33% payout.
• The payout rises linearly to 100% for ‘On target’ achievement and beyond for ‘Above target’.
• The maximum achievement for the Company Performance component has been:
• capped at 184% until March 31st.
• capped at 200% since April 1st.
• Any performance falling below the ‘Below target’ threshold results in a 0% payout for that specific metric.
b. Individual Performance (weighted at 25%) component assessed by specific strategic and leadership objectives. The maximum 
achievement for the Individual Performance component has been:
• capped at 142% until March 31st.
• capped at 200% since April 1st.
Annual bonus calculation details for the full year of 2025:
For the 2025 financial year, the Company Performance component achieved a weighted average of 105.2% of target. On an 
individual basis, the CEO achieved 155.6% of his strategic objectives, reflecting strong leadership during the IPO transition. When 
combined, the total bonus payout for 2025 resulted in 117.8% of the target bonus opportunity (calculated as (105.2% x 75%) + 
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Verisure plc | Annual Report 2025 65

===== SIDA 68 =====

(155.6% x 25%). While the Company component could have reached a maximum of 196.1%, the individual component remains 
subject to its specific 185.7% period-combined cap. 
Metrics Weight
% Payout
(until 31st March)1
% Payout
(since 1st April)1
% Payout
(weighted average)1
EBITDA Portfolio – Portfolio Capex – Other Capex  40 %  121.5 %  125.6 %
Cost Per Acquisition (CPA)  20 %  84.2 %  84.2 %
Net Installations  15 %  95.8 %  95.8 %
Earnings per Customer (EPC)  10 %  112.7 %  115.1 %
Cancellations, Last Twelve Months (LTM) Attrition  15 %  85.0 %  85.0 %
Weighted average of Company Performance (%)  103.8 %  105.7 %  105.2 %
1) The minimum qualifying performance threshold delivers a 33% payout of the target (for the Company performance component). Between the minimum threshold and the 
target, the payout increases linearly up to 100%. 
Pension Entitlements (audited)
During the full year of 2025, the CEO was eligible to receive employer contributions (as defined contribution amount) to his 
pension arrangements equal to 12% of his Total Base Remuneration up to CHF 136,080, and equal to 12.5% of his Total Base 
Remuneration above CHF 136,080, subject to the pensionable remuneration being limited to the statutory maximum pensionable 
remuneration under Swiss Law (CHF 907,200 for 2025), resulting in:
• For the period the CEO provided qualifying services: a total employer contribution of EUR 49,743 (CHF 46,707)
• For the full year of 2025: a total employer contribution of EUR 142,962 (CHF 134,236)
Scheme interests awarded during the financial year (audited)
In October 2025, the CEO was granted two IPO Transition Awards, with the number of RSUs calculated using the IPO offering price 
of €13.25 per share. The First IPO Transition Award, awarded to the CEO, which had an aggregate market value at grant equal to 
300% of the CEO’s Total Base Remuneration, will vest on 30 October 2026. The Second IPO Transition Award, awarded to the CEO, 
also valued at 300% of the CEO’s Total Base Remuneration at the time of grant, will vest on 30 October 2027. These awards include 
the right to receive dividend equivalents equal to the value of any dividends declared during the vesting period.
Type of 
the award
Face value of the award 
at the date of grant
(EUR thousand) Vesting Date
Share price used for 
calculating the number of 
units (EUR)
Number of shares 
underlying the award
First CEO IPO Transition Award  RSUs 4,200 30/10/2026 13.25 (IPO offering price) 316,981
Second CEO IPO Transition Award  RSUs 4,200 30/10/2027 13.25 (IPO offering price) 316,981
Single total figure of remuneration for each Non-Executive Director for the period they provided qualifying services 
(audited)
The table below sets out the fees and taxable benefits received by our 11 Non-Executive Directors during the period from 26 August 
2025 to 31 December 2025 (the period they provided qualifying services to Verisure plc) and therefore does not reconcile with the 
amounts for the entirety of the 2025 financial year, presented in the next table. Remuneration for the CEO, who serves as the 
Company's sole Executive Director, has been disclosed separately to reflect his distinct compensation structure. As this is the first 
period reported since the IPO it is not possible to provide meaningful year-on-year comparative data. Full disclosure will be 
provided in future remuneration reports. 
Corporate Governance
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66 Verisure plc | Annual Report 2025

===== SIDA 69 =====

(EUR thousand) Fees3 Taxable benefits3,4 Total
Stefan Goetz1 0 0 0
Adrien Motte1 0 0 0
Henry Ormond1 0 0 0
Dominique Reiniche2,5 102 2 104
Andrew Barron6 49 0 49
Carlos Ortega1 0 0 0
Casilda Aresti1 0 0 0
Graeme Pitkethly 46 0 46
Luis Gil1 0 0 0
Patrick Healy1 0 0 0
Sara Öhrvall 38 0 38
1) Agreed to waive any emoluments from the Group for their role as non-executive director or as a member of the relevant committee (if any).
2) Includes a one off additional gross fee of EUR 50,000 for her extraordinary time commitment in connection with the IPO during 2025.
3) Reflects fees received during the period from 26 August 2025 (or, in the case of Mr. Goetz and Mr. Motte, 9 May 2025) to 31 December 2025 (being the period they provided 
qualifying services to Verisure plc).
4) In addition, directors were reimbursed reasonable accommodation expenses in connection with carrying out their role as a director.
5) Expenses of approximately EUR 2k relating to professional fees (and associated taxes) in respect of Ms. Reiniche’s role as a director were payable by the Company on behalf of 
Ms. Reiniche during the period they provided qualifying services.
6) Andrew Barron received his annual gross board fees of EUR 140k in one single payment in February 2025. These fees were settled 50% in cash and 50% in shares (via an 
investment of EUR 70k in shares of Aegis 2 S.à r.l.), but the amounts presented in the table above are pro-rated for the period they provided qualifying services.
Single total figure of remuneration for each Non-Executive Director for the full year of 2025
(EUR thousand) Fees3 Taxable benefits3,4 Total
Stefan Goetz1 0 0 0
Adrien Motte1 0 0 0
Henry Ormond1 0 0 0
Dominique Reiniche2,5 192 4 195
Andrew Barron6 140 0 140
Carlos Ortega1 0 0 0
Casilda Aresti1 0 0 0
Graeme Pitkethly 116 0 116
Luis Gil1 0 0 0
Patrick Healy1 0 0 0
Sara Öhrvall 54 0 54
1) Agreed to waive any emoluments from the Group for their role as non-executive director or as a member of the relevant committee (if any).
2) Includes a one-off additional gross fee of EUR 50,000 for her extraordinary time commitment in connection with the IPO during 2025.
3) Reflects all payments received during the full year of 2025.
4) In addition, directors were reimbursed reasonable accommodation expenses in connection with carrying out their role as a director.
5) Expenses of approximately EUR 4k relating to professional fees (and associated taxes) in respect of Ms. Reiniche’s role as a director were payable by the Company on behalf of 
Ms. Reiniche.
6) Andrew Barron received his annual gross board fees of EUR 140,000 in one single payment in February 2025. These fees were settled 50% in cash and 50% in shares (via an 
investment of EUR 70,000 in shares of Aegis 2 S.à r.l.).
Statement of directors’ shareholding and share interests (audited)
The table below details the number of shares legally owned by the Directors as of 31 December 2025, alongside unvested awards 
granted under the LTIP subject to vesting conditions. These figures also reflect the interests held by Directors indirectly in VSURE 
shares through the previous Verisure holding entity, Aegis Lux 2 S.à.r.l. On 2 January 2026, there was a liquidation distribution and 
conversion of interests in Aegis Lux 2 S.à.r.l. and accordingly since 2 January 2026, those Directors’ interests have been all held 
directly in VSURE shares. For shareholding figures as at the date of the Annual Report, see the presentations of the Directors in the 
Corporate Governance Report.
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Verisure plc | Annual Report 2025 67

===== SIDA 70 =====

Number of shares or units (#)
Already owned, not 
subject to vesting
LTIP Subject to 
continuous 
employment
LTIP Subject to 
continuous 
employment and 
performance 
measures Total1
Effective 
shareholding 
as % of Total Base 
Remuneration2
Executive Director
Austin Lally
CEO and Board 
member 9,913,695 633,962 0 10,547,657  10,548 %
Non-Executive Directors
Stefan Goetz Board Member 0 0 0 0 n.a.
Adrien Motte Board Member 0 0 0 0 n.a.
Henry Ormond Board Member 0 0 0 0 n.a.
Dominique Reiniche3 Board Member 20,631 0 0 20,631 n.a.
Andrew Barron Board Member 150,339 0 0 150,339 n.a.
Carlos Ortega4 Board Member 24,869 0 0 24,869 n.a.
Casilda Aresti Board Member 0 0 0 0 n.a.
Graeme Pitkethly Board Member 75,471 0 0 75,471 n.a.
Luis Gil5 Board Member 56,120,659 0 0 56,120,659 n.a.
Patrick Healy Board Member 0 0 0 0 n.a.
Sara Öhrvall Board Member 13,000 0 0 13,000 n.a.
1) No share options have been granted or exercised during the 2025 financial year.
2) Based on a share price of €14.00 per share on 31 December 2025 and Base salary (including Board fees) of €1,400,000.
3) Includes indirect holdings through a special purpose vehicle.
4) Includes indirect holdings through Alba Investments S.à r.l..
5) Includes shares held by his connected persons.
Non-Executive Directors do not participate in the LTIP. Only the Executive Director (Austin Lally) holds RSUs under the LTIP.
During employment, the CEO is required to maintain a minimum shareholding equivalent to 200% of the CEO’s Total Base 
Remuneration. After termination of employment, the CEO would be expected to retain the lower of the shares held at cessation of 
employment and shares to the value of 200% of the CEO’s Total Base Remuneration for a period of two years post termination of 
employment, with the Remuneration Committee retaining the discretion in exceptional circumstances to adjust the requirement. 
For the 2025 financial year, the CEO has met these requirements.
Payments to past Directors/payments for loss of office (audited)
There were no payments to past directors for loss of office as a director of Verisure plc, during the period from 26 August 2025 
when the directors commenced providing qualifying services to Verisure to 31 December 20251.
1) Luis Gil, who is currently a non-executive director of the Board, served as an employee of the Group until his employment terminated on 15 September 2025. Mr. Gil received a 
severance payment of EUR 1,370,371 and a payment in lieu of notice of EUR 275,000, which was paid to Mr. Gil in September 2025.
Performance graph against the OMX30
Verisure’s shares (VSURE) began trading on Nasdaq Stockholm on 8 October 2025. The chart below shows the Total Shareholder 
Return (TSR) performance of €100 invested in Verisure shares from 8 October 2025 (using the IPO Admission price of €13.25) to 
31 December 2025 against the OMX Stockholm 30 (‘OMX30’)1. The OMX30 was chosen as the primary comparator index for Verisure, 
given its listing on Nasdaq Stockholm.
Corporate Governance
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68 Verisure plc | Annual Report 2025

===== SIDA 71 =====

Verisure PLC OMX 30
8 Oct 15 Oct 22 Oct 29 Oct 5 Nov 12 Nov 19 Nov 26 Nov 3 Dec 10 Dec 17 Dec 30 Dec
95.0
100.0
105.0
110.0
115.0
120.0
125.0
130.0
1) The chart above reflects the closing prices of the Verisure shares and OMX30 between Admission and 30 December 2025 (last trading day of Nasdaq Stockholm in 2025), except 
that the Verisure share price on 8 October reflects the IPO Admission price of €13.25 instead of the closing price.
CEO Pay ratio for the period of qualifying services
In accordance with the UK Companies Act 2006 and relevant regulations, including the Large and Medium-sized Companies and 
Groups (Accounts and Reports) Regulations 2008 as amended (the ‘Regulations’), we present the CEO pay ratio for the period in 
which the CEO provided qualifying services (from 26 August 2025 until 31 December 2025). This comparison utilises the CEO’s salary, 
fees, taxable benefits, pension related benefits and annual bonus, as disclosed in the relevant table, relative to the full-time 
equivalent pay of our UK employees on the same comparable basis, ranked at the lower quartile (P25), median (P50), and upper 
quartile (P75).
In calculating the CEO pay ratio, the Company has included also the version using a cost-of-living adjustment (COLA) to the CEO’s 
remuneration, in addition to foreign exchange conversion, to reflect the fact that the CEO is based in Switzerland. The purpose of 
this adjustment is to provide a meaningful and comparable indication of relative remuneration levels, by neutralising structural 
differences in purchasing power and living costs between Switzerland and the UK. Without such normalisation, the ratio would 
reflect geographic cost differentials rather than differences in reward positioning. The application of a COLA adjustment supports 
a more accurate ‘like-for-like’ comparison between the CEO and the employee population and enhances the transparency and 
interpretability of the ratio for shareholders and other stakeholders. The methodology applied has been used consistently and is 
explained to enable an informed understanding of the figures disclosed and follow guidelines from external executive 
compensation consultancy methodologies.
The Company has adopted Methodology Option A for calculating the CEO pay ratio, as per the Regulations. The Board considers 
this the most rigorous and transparent approach available, as it utilises the actual remuneration data for all employees on a full-
time equivalent basis. For the purposes of this calculation, 31 December 2025 was determined as the reference date for identifying 
the employees’ pay and benefits. By calculating a 'single figure' for every individual as of this date, this methodology aims to 
provide a comprehensive and precise comparison with the CEO’s remuneration, avoiding the reliance on estimates permitted 
under alternative methods. This choice reflects our commitment to reporting integrity and aligns with the prevailing best practice 
expectations of our institutional shareholders.
The Remuneration Committee is comfortable that the pay ratio shown below is consistent with our pay, reward and progression 
policies for the Company’s UK employees as a whole.
UK employees
(EUR thousand) CEO
CEO, adjusted by cost 
of living3
25th percentile
(P25)
Median 50th percentile
(P50)
75th percentile 
(P75)
Remuneration1,2 1,055 813 10.9 13.8 18.6
Ratio of remuneration1,2 of UK employees and CEO Methodology
25th percentile
(P25)
Median 50th percentile
(P50)
75th percentile 
(P75)
CEO pay ratio1,2 Option A 96.6 76.4 56.6
CEO pay ratio, adjusted by cost of living1,2,3 Option A 74.4 58.8 43.6
1) Includes salaries, fees, taxable benefits, pension related benefits and annual bonus.
2) Exchange rate used: 1 CHF = 1,065 EUR, as per CEO contract for consistency purposes across calculations.
3) Adjusted by cost of living differences across geographies.
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===== SIDA 72 =====

CEO Pay ratio for the full year of 2025
UK employees
(EUR thousand) CEO
CEO, adjusted by cost 
of living3
25th percentile
(P25)
Median 50th percentile
(P50)
75th percentile 
(P75)
Remuneration1,2 2,984 2,298 31.4 39.7 53.6
Ratio of remuneration1,2 of UK employees and CEO Methodology
25th percentile
(P25)
Median 50th percentile
(P50)
75th percentile 
(P75)
CEO pay ratio1,2 Option A 95.1 75.2 55.7
CEO pay ratio, adjusted by cost of living1,2,3 Option A 73.2 57.9 42.9
1) Includes salaries, fees, taxable benefits, pension related benefits and annual bonus.
2) Exchange rate used: 1 CHF = 1,065 EUR, as per CEO contract for consistency purposes across calculations.
3) Adjusted by cost of living differences across geographies.
Relative importance of spend on pay for the period of qualifying services
The table below sets out a comparison between the total remuneration paid to or receivable by all employees across Verisure in 
relation to the total distributions to shareholders during the period of qualifying services (from 26 August 2025 until 31 December 
2025). There were no distributions to shareholders by way of dividends or share buybacks in 2025.
EUR thousand
Period of qualifying 
services
Remuneration paid to or receivable by all employees of the group1 272,700
Distribution to shareholders by way of dividends and share buybacks —
1) The amount included reflects all remuneration received by the CEO, CEO-1 Management and UK employees during the period of qualifying services. For all other employees, the 
amount includes all remuneration received during the period of qualifying services, excluding variable remuneration paid, and instead including annual variable remuneration 
receivable (prorated for the period of qualifying services), as the bonus amounts had not been paid by the approval date of the Annual Directors' Remuneration Report.
Relative importance of spend on pay for the full year of 2025
EUR thousand 2025
Remuneration paid to or receivable by all employees of the group1 783,744
Distribution to shareholders by way of dividends and share buybacks –
1) Amount included considering all remuneration received by CEO, CEO-1 Management and UK employees in 2025, and for the rest of the employees, all remuneration but 
variable received and included annual variable receivable instead because by the approval date of DRR the bonus amount has not been paid yet.
Corporate Governance
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===== SIDA 73 =====

Statement of implementation of remuneration policy in the following financial year
Executive Director Remuneration
Element Implementation and Context for FY2026
Base Salary
There will be no change to the base salary for the CEO of CHF 1,220,657 per annum (based on a CHF to EUR exchange rate of 
1.065 and which is EUR 1,299,999.71 per annum), which is exclusive of the Board fees of EUR 100,000 payable to the CEO for his 
role as Board member of the Company.
Pension & 
Benefits
Pension arrangements are equal to 12% of the CEO's Total Base Remuneration up to CHF 136,080, and equal to 12.5% of his 
Total Base Remuneration above CHF 136,080, subject to the pensionable remuneration being limited to the statutory 
maximum pensionable remuneration under Swiss Law (as of the date of this Report CHF 907,200). These rates are in line with 
the arrangements for other employees in Switzerland, consistent with the Swiss market for an executive of this level and 
aligned with local statutory requirements. Benefits are provided in line with the approved Policy and include standard 
executive provisions (e.g. company car, private health insurance, annual health check, life assurance, tax support, Swiss 
benefits allowance amounting to CHF 6,000 per annum).
Annual Bonus
The maximum opportunity is 200% of base salary, with 100% payable for Target performance and 50% for Threshold.1 
Performance Metrics & Weightings2:
• EBITDA Portfolio - Portfolio Capex - Other Capex (40%)
• Cost Per Acquisition (20%)
• Net Installations (15%)
• Earnings per Customer (10%)
• Cancellations, LTM Attrition % (15%)
The Company Performance component is measured by the metrics above and weighted at 75%. The Individual Performance 
component is weighted at 25%.
Long-Term 
Incentive: PSUs
A grant of Performance Share Units (PSUs) will be made in April 2026, with a face value at grant of 500% of base salary. 
Vesting is subject to performance over a three-year period ending in April 2029.
Vesting Levels: 20% of the award vests at Threshold, rising to 60% for Target performance, and 100% at Maximum.
Performance Metrics & Weightings:
• Relative TSR against a set of peers (20%)
• ARR Growth Rate (20%)
• Employee Engagement (10%)
• Adjusted EBIT Margin (20%)
• Adjusted EPS (15%)
• Free Cash Flow Margin, before shareholder activities (15%)
1) Assuming Company Performance component at Threshold and Individual Performance Component at Target.
2) The Remuneration Committee considers that the specific financial performance targets are commercially sensitive and they are therefore not disclosed at this time. There will 
be a full retrospective disclosure of the specific targets in next year’s Annual Report with performance against them.
The Remuneration Committee has selected a balanced combination of short-term and long-term metrics to drive both operational 
efficiency as well as sustained value creation. For the Annual Bonus, the metrics are designed to drive Verisure’s annual budgetary 
priorities and day-to-day execution, including EBITDA Portfolio (net of portfolio and other capex) as well as specific operational 
KPIs such as Cost Per Acquisition, Earnings Per Customer, and Net Installations. In contrast, the PSUs focus on the core drivers of 
long-term enterprise value over a three-year period. EBIT has been chosen as an important PSU metric, given its importance to 
shareholders in assessing Verisure’s underlying profitability. The inclusion of Free Cash Flow Margin reinforces our commitment to 
sustainable cash flow generation, while ARR Growth supports continued focus on high-quality, recurring revenue streams. EPS and 
Relative TSR further align executive rewards with actual returns delivered to our shareholders relative to our peer group. Finally, 
Employee Engagement has been included as a performance metric as we recognise that our talented and engaged workforce is 
one of our most important assets.
The combined performance framework for 2026 provides a robust set of drivers that align executive rewards with Verisure’s 
strategic path: sustainable growth, customer retention, profitability and cash flow generation. This structure aims to ensure that 
the CEO is rewarded for delivering both near-term financial health and long-term value creation, which remains the primary focus 
of our shareholders.
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Non-Executive Director Remuneration
There will be no change to the Non-Executive Director Fees set at Admission, as set out above.
Directors’ service contracts
Name Date of appointment
Date of 
current contract
Notice from 
the Group
Notice from 
the individual
Executive Director
Austin Lally CEO and Board member 26/08/25 08/10/25 12 months 12 months
Non-Executive Directors
Stefan Goetz Board Member 09/05/25 08/10/25 n.a. n.a.
Adrien Motte Board Member 09/05/25 08/10/25 n.a. n.a.
Henry Ormond Board Member 26/08/25 08/10/25 n.a. n.a.
Dominique Reiniche Board Member 26/08/25 08/10/25 2 months 2 months
Andrew Barron Board Member 26/08/25 08/10/25 2 months 2 months
Carlos Ortega Board Member 26/08/25 08/10/25 n.a. n.a.
Casilda Aresti Board Member 26/08/25 08/10/25 n.a. n.a.
Graeme Pitkethly Board Member 26/08/25 08/10/25 2 months 2 months
Luis Gil Board Member 26/08/25 08/10/25 n.a. n.a.
Patrick Healy Board Member 26/08/25 08/10/251 n.a. n.a.
Sara Öhrvall Board Member 26/08/25 08/10/25 2 months 2 months
1) Patrick Healy ceased to provide services to the Group on 3 February 2026.
Remuneration Policy
This is the Remuneration Policy which has been developed in accordance with the UK Companies Act 2006 and relevant 
regulations, including the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 as amended 
(the ‘Regulations’). References herein to the Company or Verisure are to Verisure plc. 
The Remuneration Policy is designed to support the development and delivery of Verisure’s business strategy and to promote the 
Company’s long-term success, including a focus on sustainability. It enables competitive, market-aligned remuneration that 
reflects roles and responsibilities and also supports the attraction and retention of the high-calibre leaders who are key to the 
Company’s performance. In line with Verisure’s pay-for-performance approach, a significant proportion of executive remuneration 
is objectively performance-based, supporting strong alignment with both business outcomes and shareholder value.
The Remuneration Policy has been approved by the Board and the Remuneration Committee on 26 March 2026 and will be subject 
to a binding shareholder vote at the 2026 AGM. It will become effective from the date on which it is approved by shareholders and 
is expected to remain in force for a period of three financial years. The structure and guiding principles of the Remuneration Policy 
align with the disclosures outlined in the Company’s IPO prospectus. In developing the Remuneration Policy, the Remuneration 
Committee took the following steps:
• Considering the remuneration arrangements for executive directors with a particular focus on alignment with business strategy 
and priorities.
• Seeking advice from independent remuneration advisers on general best practices, relevant regulations and proxy adviser and 
investor views.
• Considering wider workforce remuneration.
• Consulting with the Chair of the Board, Chief Executive Officer (‘CEO’), Chief Human Resources Officer (‘CHRO’) and other key 
stakeholders on the proposed Remuneration Policy.
In its deliberations on the Remuneration Policy, the Remuneration Committee sought to minimise potential conflicts of interest by 
excluding directors or employees from discussions or decisions relating to their own remuneration and by seeking independent 
advice. Key stakeholders were kept well informed, supporting alignment between executive and wider employee remuneration 
structures.
Corporate Governance
Remuneration Report continued
72 Verisure plc | Annual Report 2025

===== SIDA 75 =====

Future Policy table for the CEO as Executive Director
Total Base Remuneration
Purpose/link to 
strategy
Provides a fixed remuneration element designed to attract, retain and engage executive talent, while supporting 
competitiveness with market benchmarks.
Operation Paid monthly in cash. Review of the base salary and board fee (together the ‘Total Base Remuneration’) is conducted annually, 
considering a range of factors, including (but not limited to):
• the CEO’s role, responsibilities, experience and skills; 
• the remuneration policies, practices and philosophy of Verisure;
• the pay conditions across Verisure;
• business performance of Verisure;
• market data for similar roles in comparable companies; 
• the economic environment; and 
• the CEO’s appointment to the board of the Company.
Maximum 
opportunity
Total Base Remuneration is not subject to a fixed maximum limit. Any potential future increases would typically be aligned with 
broader group-wide salary adjustments in the relevant location. Higher increases may be made to take account of individual 
and business circumstances, which may for example include an increase in size or scope or complexity of the role or 
responsibility, or to reflect the individual’s development and performance in the role or to align compensation with prevailing 
market standards.
Performance 
assessment
None.
Benefits
Purpose/link to 
strategy
Designed to offer market competitive benefits in order to attract, retain and engage executive talent.
Operation The CEO is eligible to receive benefits comparable with market practice. The current benefits available to the CEO are: 
• transportation benefits (including the choice between company car, rail pass or car allowance);
• annual health check;
• private health insurance for CEO and his family; 
• life insurance;
• tax support; and
• a Swiss benefits allowance amounting to CHF 6,000 per annum.
The Remuneration Committee may provide additional benefits that the Remuneration Committee considers appropriate based 
on the CEO’s circumstances, such as participation in an all-employee share plan, additional holidays, relocation expenses, 
support to cover specific costs associated with the performance of duties, contribution towards reasonable fees for 
professional services such as legal, tax for all relevant jurisdictions (including the UK and Switzerland) and financial advice, 
and tax payable through reimbursement of business-related expenses. All such benefits will be non-pensionable.
Maximum 
opportunity
Set at a level which the Remuneration Committee considers to be appropriately positioned taking into account typical market 
levels for comparable roles, individual circumstances and the overall cost to the business.
The maximum monetary value for benefits is determined by the cost of providing the benefits described above. Participation 
in any all-employee share plan will be in line with the terms of the plan and the opportunities offered to other qualifying 
employees. 
Performance 
assessment
None.
Pension
Purpose/link to 
strategy
To provide market competitive post-retirement benefits and/or cash allowance as part of the overall remuneration package, 
aiming to support the recruitment and retention of executive talent. 
Operation The CEO will receive pension contributions which correspond to a percentage of his Total Base Remuneration. These 
contributions are directly allocated into the available Company pension plans.
Maximum 
opportunity
The maximum pension contributions will be capped at a level in line with that applicable to the wider workforce (in percentage 
of salary terms). The Remuneration Committee has discretion to determine the methodology and basis used for comparing the 
CEO’s pension contributions to the wider workforce. 
For 2025, this rate is capped at 12.5% of maximum insurable salary defined by law (excluding mandatory risk part contributions 
and administration fees). 
Performance 
assessment
None.
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Annual bonus
Purpose/link to 
strategy
To align the CEO’s individual incentives with the delivery of key short-term individual and group performance objectives that 
support the execution of Verisure’s broader strategy.
Operation The annual bonus is based on financial and business targets set at the beginning of the year. Pay-outs will be determined by 
the Remuneration Committee at the end of the year based on performance against targets, following a review of the Company’s 
audited annual results. The bonus, if awarded, will be delivered fully in cash after the end of the year. 
75% will be linked to company performance and 25% will be linked to individual performance.
Malus and clawback provisions apply as detailed in the notes to this table.
Maximum 
opportunity
The maximum annual bonus for the CEO is 200% of Total Base Remuneration.
A bonus equal to 100% of Total Base Remuneration (i.e. 50% of the maximum opportunity) is payable for on-target performance. 
A bonus equal to 50% of Total Base Remuneration (i.e. 25% of the maximum opportunity) is payable for threshold 
performance1. No bonus linked to company performance is payable if performance is below threshold.
Performance 
assessment
The majority of the annual bonus opportunity will be based on financial objectives. The bonus may also be based on 
performance against strategic and/or corporate and/or individual objectives as appropriate.
Performance measures will be set by the Remuneration Committee for each financial year based on objectives closely linked to 
strategic priorities of the business. Performance measures and assessment will usually be in respect of one full financial year 
although the Remuneration Committee retains discretion, if it deems appropriate, to assess performance over an alternative 
period.
The Remuneration Committee retains discretion to adjust the formulaic outcomes where the Remuneration Committee 
believes that such outcome is not a fair and accurate reflection of business performance and stakeholder experience.
1) Assuming Company Performance component at Threshold and Individual Performance Component at Target.
Purpose/link to 
strategy
To align the CEO’s rewards with the successful delivery of Verisure’s long-term strategy and value creation for shareholders. 
Also designed to support retention of key leadership talent.
Operation The CEO may be granted annual LTIP awards (which could take the form of performance share units, restricted stock units, 
options, share appreciation rights or other similar cash settled rights), under the Verisure plc Global Long Term Incentive Plan.  
Awards will typically vest three years after the grant date subject to the achievement of performance conditions measured over a 
three-year performance period, and to continued employment at the time of vesting.
The CEO will receive dividend equivalent payments equal to the amount of dividends that would have been paid on the 
underlying vested shares.
Malus and clawback provisions apply as detailed in the notes to this table.
The Remuneration Committee will set in advance each year the exchange rate that will be applied when converting Total Base 
Remuneration into Euros for the purposes of calculating the number of shares under award. 
Maximum 
opportunity
The maximum annual award for the CEO will be set at a number of shares with a market value at the time of grant equal to 
500% of Total Base Remuneration.
For on-target performance, 60% of the total award will vest.
For threshold performance, 20% of the total award will vest. Awards will not vest if performance is below threshold. Vesting 
between threshold and maximum will be determined on a straight-line basis, seeking to ensure a fair and proportional 
recognition of performance. 
In relation to any non-financial performance conditions, it may not always be practicable to set targets using a graduated 
scale, so the relevant part of the award may vest in full if the relevant criteria are satisfied in full.
Performance 
assessment
LTIP awards are subject to performance conditions selected by the Remuneration Committee ahead of each grant cycle.
The performance framework will combine financial, non-financial and shareholder-focused performance measures.
Potential financial performance conditions include:
• Relative TSR against a set of peers
• ARR Growth Rate
• Employee Engagement
• Adjusted EBIT Margin
• Adjusted EPS 
• Free Cash Flow Margin before shareholder activities
The Remuneration Committee shall set the weighting of applicable performance conditions and threshold, target and 
maximum performance levels for each such condition at the time of grant. The Remuneration Committee has discretion to 
determine appropriate performance conditions based on the strategic priorities for the Company at that time. Performance will 
usually be measured over a performance period of three years (or annually, as appropriate).
The Remuneration Committee has discretion to adjust any formulaic outcomes upwards where the Remuneration Committee 
believes that such outcome is not a fair and accurate reflection of business performance or stakeholder experience.
Long Term Incentive Plan (‘LTIP’)
Corporate Governance
Remuneration Report continued
74 Verisure plc | Annual Report 2025

===== SIDA 77 =====

IPO Transition Awards
Purpose/link to 
strategy
To support CEO retention and alignment with shareholder value during the initial transition period of the Company to a 
listed company.
Operation Two IPO transition awards in the form of restricted stock units granted shortly following admission of the Company’s shares to 
trading (‘Admission’). The first award will vest on 30 October 2026 (the ‘First IPO Transition Award’) and the second award will 
vest on 30 October 2027 (the ‘Second IPO Transition Award’). 
A separate IPO transition award in the form of restricted stock units to be granted subject to (i) contribution of shares by 
certain pre-IPO shareholders to the EBT, (ii) shareholder approval at the Company’s 2026 Annual General Meeting and (iii) the 
CEO’s continued employment (and not being under notice of termination) through the date of grant (the ‘Additional Transition 
Award’). The award will vest in two equal 50% tranches on each of 30 October 2026 and 30 October 2027 respectively.
The First IPO Transition Award, the Second IPO Transition Award and the Additional Transition Award will vest in each case 
subject to continued employment (and the ‘good leaver’ provisions set forth in the LTIP rules will apply). The awards will be 
subject to the rules of the LTIP and will be settled in shares. The CEO will receive dividend equivalent payments equal to the 
amount of dividends that would have been paid on the underlying vested shares.
Malus and clawback provisions apply as detailed in the notes to this table.
Maximum 
opportunity
The First IPO Transition Award and the Second IPO Transition Award will each be in respect of a number of shares with a market 
value (based on the IPO offering price of the Company) of 300% of Total Base Remuneration.
The Additional Transition Award will be in respect of 114,720 shares. 
Performance 
assessment
None.
Employee Share Purchase Plan (‘ESPP’)1
Purpose/link to 
strategy
To provide Verisure with the ability to grant long-term incentive awards to eligible employees (including the CEO) to align their 
interests with Verisure’s shareholders.
Operation The CEO may participate in the Verisure plc Global Employee Share Purchase Plan (‘ESPP’) on the same basis and subject to the 
same limits (including pursuant to any relevant tax legislation, as applicable) as other eligible employees. 
Under the ESPP, the CEO may be invited to acquire shares at a discount to market value (including via a savings contract), and/
or be offered free matching shares for any qualifying shares acquired at market value.
Maximum 
opportunity
Awards granted under the ESPP are subject to individual participation limits (including pursuant to any relevant tax legislation, 
as applicable) and other express terms and conditions set by the Remuneration Committee at the time of grant.
Performance 
assessment
None.
1) The Verisure plc Global Employee Share Purchase Plan was adopted on Admission, but as at the date of this Remuneration Policy being submitted for approval, it has not 
been operated, and no awards have been made thereunder. 
Notes to Future Policy Table
Choice of performance measures 
The Remuneration Committee annually selects a set of financial and strategic metrics aligned with the Company’s strategy and 
long-term goals (where appropriate, following consultation with the Company’s senior management team). These measures are 
used to assess outcomes under the annual bonus and the Verisure plc Global Long Term Incentive Plan, with each component 
based on metrics appropriate to its purpose and time horizon.
This structured approach fosters transparency and reinforces a strong link between executive performance and shareholder value, 
with compensation closely aligned to the results. 
Malus and Clawback
The Remuneration Committee may, acting reasonably and in good faith, apply malus and clawback provisions at its discretion, in 
respect of both the annual bonus awards and LTIP awards within two years of LTIP awards vesting or annual bonus payment (as 
applicable), or longer where required by law or regulation. 
These provisions may be triggered if the Remuneration Committee determines that any of the following exceptional circumstances 
have occurred:
• gross negligence or misconduct.
• serious breach or non-observance of Verisure’s codes of conduct, policies or procedures, including breach of restrictive 
covenants.
• corporate failure.
• material failure of risk management
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===== SIDA 78 =====

• material misstatement of the Company’s accounts.
• an error in the calculation of the grant or vesting of awards due to an error in available financial information or misleading data.
Clawback may be enforced through various means, including the transfer of shares, repayment of cash, or the reduction of 
outstanding or future incentive awards.
Consideration of employment conditions elsewhere in Verisure
In developing and implementing this Remuneration Policy for the CEO’s remuneration, the Remuneration Committee has 
considered and will continue to consider the structure of pay and employment conditions across Verisure, including base salary, 
board fees, variable compensation and benefits, along with broader trends in pay progression over time. Key remuneration 
elements such as base salary, board fees, pension, and annual bonus are shaped by Company-wide pay practices and informed by 
market benchmarks. Pension and benefit provisions reflect Company-wide practices and/or local market norms, while bonus 
schemes are widely implemented across the organisation to support alignment with strategic objectives. Verisure has a strong 
culture of employee share ownership in line with which both senior and broader management hold Verisure shares and are 
expected to participate in the Verisure Global Long Term Incentive Plan. 
The overall aim is to ensure that executive pay remains fair, proportionate and aligned with the internal pay framework, fostering 
coherence and integrity in remuneration throughout the organisation. In line with this, senior executives below director level and 
managers across the group also participate in long term incentive arrangements on terms consistent with their level of 
responsibility.
Illustration of application of Remuneration Policy to CEO
The chart below provides a breakdown of the different remuneration elements for the CEO under four different performance scenarios:
CHIEF EXECUTIVE OFFICER
EUR thousands
1,654
7,254
11,454
14,954
1,654
1,654
1,654
1,654
1,400
2,800
2,800
4,200
7,000
7,000 3,500
Minimum
Target
Maximum
Maximum with 50% share price appreciation
n Fixed remuneration n Annual Bonus n LTIP n Share appreciation
Remuneration scenarios Payment description
Minimum performance Includes all the elements of fixed remuneration including Total Base Remuneration and the estimated value 
of benefits and pension for 2026.
Target performance Includes fixed remuneration set out above, plus an annual bonus of 50% of the maximum award (100% of 
Total Base Remuneration) and 60% of the maximum LTIP awards vesting (300% of Total Base Remuneration).
Maximum performance Includes fixed remuneration set out above plus full payout of the annual bonus (200% of Total Base 
Remuneration) and of the LTIP awards (500% of Total Base Remuneration).
Maximum performance – 50% 
share price appreciation
Includes all the elements of the maximum performance scenario, but assuming a 50% share price 
appreciation on the LTIP award from the date of grant to vesting.
Recruitment policy
Principles 
When determining the components of a remuneration package for a new executive director (including internal promotions), the 
Remuneration Committee will apply the principles set out below. The package will be competitive to attract and retain the most 
suitable candidate for the role. 
Corporate Governance
Remuneration Report continued
76 Verisure plc | Annual Report 2025
100.0%
22.8% 19.3% 57.9%
14.4% 24.4% 61.1%
11.1% 18.7% 46.8% 23.4%

===== SIDA 79 =====

To attract and retain individuals with the skills and experience required for key leadership roles, the Company offers competitive 
recruitment remuneration packages that reflect prevailing market practices. These arrangements are intended to recognise the 
experience, expertise and strategic value the individual brings to the position, as well as the individual’s location.
When determining remuneration packages for a new executive director, the elements of remuneration, including base salary, 
board fees, pension and benefits, will be in line with the principles set out in this Remuneration Policy. 
A pro-rated variable bonus may be offered to new hires based on the time they have been employed during the financial year. 
During the first 12 months following appointment, the Remuneration Committee may apply a distinct set of performance metrics 
for variable bonus, which will be capped at 200% of Total Base Remuneration in line with the principles set out in this 
Remuneration Policy. 
If an individual is required to forfeit unvested incentive awards from a previous employer, the Remuneration Committee may offer 
a buy-out arrangement to compensate for the loss. Such awards will be structured to closely reflect, on a like-for-like basis, the 
value, form, and vesting schedule of the arrangements being replaced, and will not be more favourable than those arrangements. 
The Remuneration Committee will assess the forfeited awards by considering:
• the form of the awards (e.g. cash or shares);
• the performance metrics they are subject to and the likelihood of the conditions being met; and
• the timing of vesting.
In exceptional circumstances, the Remuneration Committee may grant a buyout award under a structure not included in the 
Remuneration Policy, but that is consistent with the principles set out above. The Remuneration Committee may also cover 
relocation and associated costs and provide additional support if the recruitment requires relocation of the individual.
When appointing a new Chair of the Board or a Non-Executive Director, remuneration will generally be determined in line with the 
guidelines outlined in this Remuneration Policy.
In the event of an internal promotion to the Board, this Remuneration Policy will apply from the date of appointment without 
retrospective effect. Any existing incentive arrangements or benefits may continue to operate in line with their original terms, at 
the discretion of the Remuneration Committee.
In the event of an interim appointment being made to fill an executive director role on a short-term basis or if exceptional 
circumstances require that the Chair or a Non-Executive Director takes on an executive function on a short-term basis, the 
Remuneration Committee retains discretion to make appropriate remuneration decisions outside the Remuneration Policy to meet 
the individual circumstances of recruitment or appointment.
Service contract
Verisure’s CEO is employed under a permanent contract with Verisure Sàrl (the ‘Relevant Employer’) which may be terminated by 
either party with up to 12 months’ notice. 
A copy of the CEO’s service contract is available for inspection by shareholders at the Company’s registered office: 111 Buckingham 
Palace Rd, London SW1W 0SR.
Payment for loss of office and treatment of remuneration upon termination
Termination of the CEO’s service agreement would require 12 months’ notice by either party. In the event of the CEO’s departure, 
Verisure's policy aims to ensure that any payments made are appropriate, proportionate and consistent with contractual 
obligations. Termination arrangements are limited to pre-agreed entitlements under the CEO’s service contract, unless legal 
obligations or exceptional circumstances require otherwise.
The CEO’s employment may be terminated without prior notice and with immediate effect for cause, pursuant to Swiss 
employment regulations. After notice of termination of employment has been given by either party, the Relevant Employer has the 
discretion for all or part of the notice period to release the CEO from some or all of his duties. Accrued but untaken holiday may 
also be paid. In addition, payment in respect of his post-termination restrictive covenants, in line with local law practices and his 
service agreement, may also be paid. 
The treatment of each element of pay on termination will vary depending on the circumstances of departure. The Remuneration 
Committee will determine whether the departing executive director – in this case, the CEO – qualifies as a ‘good leaver’, being 
death, permanent disability, redundancy, retirement (in accordance with the Company’s policies or with the agreement of the 
Remuneration Committee), transfer of their employer out of the Group or other circumstances at the discretion of the 
Remuneration Committee. The Company may pay a contribution towards the CEO’s legal fees for entering into a settlement 
agreement, pay a contribution towards fees for outplacement services as part of a negotiated settlement, make a payment to 
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===== SIDA 80 =====

compromise or settle claims the CEO may have, or as compensation for the enforcement of post-termination non-compete 
restrictions in line with local law practices. Payment may also be made in respect of accrued benefits, including untaken holiday.
The table below outlines how each element of the CEO’s remuneration is treated in the event of termination of employment:
Element Treatment on termination
Total Base 
Remuneration, 
pension and 
benefits
The CEO is entitled to continue receiving base salary, board fees, pension contributions (or cash in lieu) and contractual 
benefits for the duration of his notice period. This may be provided through continued employment or by releasing the CEO 
from some or all of his duties at the Company’s discretion. In addition, payment in respect of his post-termination restrictive 
covenants in line with local law practices and his service agreement may also be paid.
Annual Bonus The Remuneration Committee retains discretion to award a pro-rated annual bonus for the year of departure in ‘good leaver’ 
situations.
Good leavers will be eligible to receive the annual bonus, which will normally be determined based on performance against 
measures over the full financial year or until the date of cessation, and paid at the usual time, unless the Remuneration 
Committee determines otherwise. Whether the CEO qualifies as a ‘good leaver’ is determined on the same basis under the LTIP, 
as described below.
LTIP Awards Unless the Remuneration Committee determines otherwise, unvested awards under the Verisure Global LTIP will lapse upon 
the CEO ceasing to provide active services to the Group. However, if the CEO qualifies as a ‘good leaver’ (being death, 
retirement (in accordance with the Company’s policies or with the agreement of the Remuneration Committee), permanent 
disability, redundancy, transfer of their employer out of the Group or other circumstances at the discretion of the 
Remuneration Committee) LTIP awards will ordinarily vest at the originally scheduled vesting date, subject to:
• the achievement of performance conditions measured over the full performance period;
• the application of malus or clawback provisions; and
• pro-rating on a daily basis for time served between the dates of grant and the termination date (unless the Remuneration 
Committee determine an earlier date).
The Remuneration Committee also retains discretion to allow early vesting upon cessation in ‘good leaver’ cases, taking into 
account the time elapsed since grant, actual performance to the date of cessation, and other relevant factors. 
Corporate Event In the event of a takeover, scheme of arrangement or winding-up, or demerger (or similar transaction materially affecting share 
price) of Verisure, unvested LTIP awards may vest early at the discretion of the Remuneration Committee. Vesting will reflect 
the extent to which performance conditions have been met as at completion of the relevant event and will normally be time 
pro-rated to reflect the shortened vesting period unless the Remuneration Committee decides otherwise. 
If control of Verisure transfers to an acquiring entity but remains effectively with the same shareholders, the Remuneration 
Committee may, with consent of the acquirer, allow awards to be exchanged for equivalent new awards in the acquiring 
company instead of vesting.
If a corporate event results in the termination of employment, Total Base Remuneration and contractual benefits will generally 
be paid up to the date of completion. The Remuneration Committee may also, where appropriate, award a pro-rated annual 
bonus based on performance achieved up to that point.
Use of discretion
The Remuneration Committee is responsible for overseeing the effective operation of the Remuneration Policy and may exercise 
discretion in doing so. This enables the Remuneration Committee to respond appropriately to specific circumstances while 
preserving the integrity and effectiveness of the overall remuneration framework. Discretions may include:
• determining the timing of grants of awards and/or payments;
• determining the quantum of an award and/or payment;
• making appropriate adjustments required in certain circumstances (for example, rights issues, corporate restructuring events, 
variation of capital, and special dividends);
• what the weighting, measures and targets should apply to awards;
• assessing performance outcomes and determining final vesting or payout levels (in accordance with the terms of awards);
• determining the impact of corporate events, such as a change of control, on unvested awards;
• deciding the treatment of awards in the event of a participant leaving the Company, including leaver classification;
• adjusting performance measures or outcomes where external factors have rendered original targets inappropriate, provided that 
the level of challenge is not materially reduced;
• making appropriate adjustments to reflect structural events such as capital reorganisations, rights issues, variation of capital or 
special dividends; and
• implementing minor administrative or technical changes to the arrangements described in this Remuneration Policy without 
shareholder approval seeking to ensure compliance with legal, tax or regulatory requirements.
Corporate Governance
Remuneration Report continued
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===== SIDA 81 =====

All discretions will be exercised in good faith, with sound judgement and in a manner that maintains alignment with shareholder 
interests.
Remuneration for Chair and Non-Executive Directors
The table below provides a summary of the key elements of remuneration for the Chair of the Board and the Non-Executive 
Directors:
Chair and Non-Executive Directors (NEDs) fees
Purpose/link to 
strategy
To attract and retain individuals with the appropriate skills, experience and independence to provide effective oversight and 
contribute to the long-term success of the Company.
Operation Fees for the Chairman and NEDs are determined by the Board. All fees are reviewed periodically so that they remain competitive, 
reflect the time commitment and responsibilities involved, and align with the scale and complexity of the business.
NEDs receive a basic annual fee, with additional fees payable for roles such as member or chair of a board committee or Senior 
Independent Director (or to reflect other additional responsibilities and/or additional/unforeseen time commitments). Fees 
are paid in cash. In addition, NEDs may receive an allowance towards personal tax and/or accounting costs.
The Company may reimburse travel and other reasonable out of pocket expenses incurred in the performance of Board duties. 
Maximum 
opportunity
Fees are set at an appropriate level that is market competitive and reflective of the responsibilities and time commitment 
associated with specific roles. No absolute maximum has been set for individual NED fees.
Performance 
assessment
None.
Letters of appointment 
The Chair and Non-Executive Directors at Verisure serve under letters of appointment, which define the terms of their engagement 
with the Company. These appointments are for fixed, renewable terms and are subject to annual re-election by shareholders at 
the Company’s General Meeting.
Either party - the Chair or Non-Executive Director, or the Company - may terminate the appointment on two months’ written notice 
(save for the shareholder-appointed Non-Executive Directors whose appointment may be terminated immediately). The letters of 
appointment do not include any entitlement to compensation upon termination, beyond fees and expenses accrued up to the 
date of departure.
Copies of the letters of appointment for Non-Executive Directors are available for inspection by shareholders at the Company’s 
registered office: 111 Buckingham Palace Rd, London SW1W 0SR.
Shareholding Requirements 
The CEO is required to maintain a shareholding equivalent to 200% of his Total Base Remuneration throughout his employment. 
The CEO will be expected to retain the lower of the number of shares held at cessation of employment and the number of shares 
with a value equivalent to 200% of the CEO’s Total Base Remuneration for a period of two years post-termination of employment. 
The Remuneration Committee retains discretion to adjust the shareholding requirements in exceptional circumstances.
Legacy arrangements 
The Remuneration Committee reserves the right to make remuneration payments and payments for loss of office on arrangements 
that differ from those set out in this Remuneration Policy, where the terms for such payments:
• were agreed before this Remuneration Policy came into effect;
• were agreed at a time when the individual was not a director of the Company (or another person to whom this Policy applies), 
and where, in the opinion of the Remuneration Committee, the agreement was not made in anticipation of such appointment; 
and/or
• were published in the Company’s IPO prospectus. 
For these purposes, ‘payments’ cover the fulfilment of variable remuneration awards, including cash and share awards, and the 
terms of the payment are considered ‘agreed’ at the time the award was granted. The Remuneration Committee may also exercise 
any discretion available under those original terms.
Deviations and minor amendments 
Where legally required, payments outside this Remuneration Policy can be approved in accordance with local country obligations. 
The Remuneration Policy also extends to any person considered a director under applicable governance standards.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 79

===== SIDA 82 =====

The Remuneration Committee may make minor amendments to the arrangements for directors described in this Remuneration 
Policy without shareholder approval for regulatory, exchange control, tax or administrative purposes or to take account of a 
change in legislation.
Role of the Remuneration Committee and stakeholder consultation 
The Board has established the Remuneration Committee responsible for preparing and overseeing the implementation of this 
Remuneration Policy. Its core duties include evaluating the structure and competitiveness of executive pay, monitoring the 
implementation of incentive plans and proposing updates to the Remuneration Policy at least every three years.
As part of the development of the Remuneration Policy, the Remuneration Committee consulted with key shareholders and proxy 
advisors to gather feedback on the proposed approach. Insights from this consultation have been taken into account in shaping 
the final version of the Remuneration Policy submitted for approval.
Following the adoption of the Remuneration Policy, the Remuneration Committee will continue to review the Remuneration Policy, 
considering shareholder expectations, voting outcomes, and evolving market practice. It remains committed to open engagement 
and will consult on any material changes to the Remuneration Policy or its implementation.
The Remuneration Policy was not subject to formal employee consultation, but the Company’s strategic remuneration direction 
has been communicated internally. 
Corporate Governance
Remuneration Report continued
80 Verisure plc | Annual Report 2025

===== SIDA 83 =====

This report has been prepared in accordance with the UK 
Companies Act 2006 and the Large- and Medium-sized 
Companies and Groups (Accounts and Reports) Regulations 
2008, as amended. Relevant information below, which is 
contained elsewhere in the Annual Report, is incorporated by 
cross reference herein.
Financial Statements
The Group Financial Statements have been prepared in 
accordance with UK-adopted international accounting 
standards and the Company Financial Statements 
in accordance with UK Generally Accepted Accounting Practice 
(UK Accounting Standards, comprising FRS 102 ‘The Financial 
Reporting Standard applicable in the UK and Republic of 
Ireland’, and applicable law). 
Business review and Section 172(1) statement
A fair review of the Group’s business, a description of the 
principal risks facing the Group, and the Section 172(1) 
statement setting out how the directors have had regard to the 
matters set out in section 172(1) of the UK Companies Act 2006 
are included in the Strategic Report.
Stakeholder engagement
Presentation of our stakeholders and how stakeholder 
perspectives are considered are described in section 172(1) 
Statement on page 40. Stakeholder engagement and priorities 
are further described in SBM-2 on page 166.
Financial instruments
Accounting policies and disclosures related to financial 
instruments are presented in note 1 and note 22 of the 
consolidated financial statements. 
Results and dividend
The Company realised a loss for the financial year 2025, 
after taxation, amounting to €255.9m. The Directors do not 
propose a dividend in respect of the financial year ended 31 
December 2025. The Directors are expecting to resolve upon a 
2026 interim dividend to be paid in the second half of 2026 in 
line with the dividend policy, based on Adjusted net profit of 
the Group and Verisure plc’s equity reserves. This dividend will 
be subject to Board approval in accordance with the UK 
Companies Act 2006. Any proposed payment of dividends 
further assumes that there are sufficient distributable reserves 
available at the relevant time. 
Going concern
For going concern, please see the CFO’s review on page 29
 and 
on page 96 in note 1 of the consolidated financial statements. 
Directors
The Directors who served on the Board from 9 May 2025 were: 
Stefan Goetz and Adrien Motte, and between 26 August 2025 
and 31 December 2025: Stefan Goetz, Casilda Aresti, Andrew 
Barron, Luis Gil, Patrick Healy, Austin Lally, Adrien Motte, 
Henry Ormond, Carlos Ortega, Graeme Pitkethly, Dominique 
Reiniche, and Sara Öhrvall. Biographical details of the current 
directors are set out in the Corporate Governance Report on 
pages 54
 to 57 of this Annual Report. Further detailed 
information of the Board, such as year of appointment, 
nationality, gender, etc. are presented in GOV-1 & GOV-2: 
Leadership Oversight and Governance of Sustainability on page 
160
. For information of social disclosures S1 Own workforce see 
from page 199. For further information related to our actions, 
ambitions and representation of Diversity, Equity, Inclusion & 
Belonging (DEIB), please see S1-4, S1-5 and S1-6 from page 206
. 
Verisure maintains Directors’ and Officers’ insurance in respect 
of any liabilities arising from the performance of a Directors’ 
duties. During the period, the Directors also had the benefit of a 
qualifying third-party indemnity, under which the Company will 
indemnify them, to the extent permitted by law and the Articles, 
against any liabilities incurred in the execution of their duties.
Corporate governance
As a company incorporated in the United Kingdom and listed 
on Nasdaq Stockholm, Verisure is required to apply either the 
Swedish Corporate Governance Code or the UK Corporate 
Governance Code. To align with the corporate governance 
standards generally observed on Nasdaq Stockholm, Verisure 
has chosen to apply the Swedish Corporate Governance Code. 
During 2025, Verisure has complied with the Swedish Corporate 
Governance Code as of the day of admission to trading on 
Nasdaq Stockholm on 8 October 2025, with the deviations, and 
explanations therefore, reported in the Corporate Governance
 
Report on page 47 of this Annual Report.
Political donations and expenditure
The Group did not make any political donations or incur any 
political expenditure during the year 2025.
Share buybacks
A resolution was passed at the general meeting held on 
7 October 2025 authorising the Company to purchase its own 
shares. The Company did not purchase any of its own shares 
in 2025. On 31 December 2025, the Company did not hold any 
shares in treasury.
Greenhouse gas emissions, energy consumption, and 
energy efficiency actions
Information on greenhouse gas emissions, energy consumption, 
and energy efficiency actions is addressed in section E1 Climate 
Change of our Sustainability Statement, which relates to the 
same reporting period as this Directors’ Report, is incorporated 
by reference and forms part of this Directors’ Report.
Events after the reporting period
On 3 February 2026, Cecilia Beck-Friis was appointed as Board 
member of Verisure plc. On 3 February 2026, the Company also 
announced its intention to appoint Sam Kini as a new Board 
member subject to election at the Annual General Meeting on 
23 April 2026, to take effect on 1 May 2026. As part of the 
transition plan, Patrick Healy, CEO of Hellman & Friedman, has 
stepped down from his position of Director, effective 3 February 
2026. Our largest shareholder remains represented on the 
Board, retaining three Board positions, including Board Chair. 
See more about information in note 29 on page 134.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Directors’ Report
Verisure plc | Annual Report 2025 81

===== SIDA 84 =====

The Directors are responsible for preparing the Annual Report 
and the Financial Statements for 2025 in accordance with 
applicable law and regulation.
Company law requires the Directors to prepare financial 
statements for each financial year. Under that law the Directors 
have prepared the Group financial statements in accordance 
with UK-adopted international accounting standards and the 
Company financial statements in accordance with United 
Kingdom Generally Accepted Accounting Practice (United 
Kingdom Accounting Standards, comprising FRS 102 ‘The 
Financial Reporting Standard applicable in the UK and Republic 
of Ireland’, and applicable law). The Group has also prepared 
Financial Statements in accordance with international financial 
reporting standards adopted pursuant to Regulation (EC) No 
1606/2002 as it applies in the European Union.
Under company law, Directors must not approve the Financial 
Statements unless they are satisfied that they give a true and 
fair view of the state of affairs of the Group and Company and 
of the profit or loss of the Group for that period. In preparing 
the Financial Statements, the Directors are required to:
• Select suitable accounting policies and then apply them 
consistently;
• State whether applicable UK-adopted international 
accounting standards, and international financial reporting 
standards adopted pursuant to Regulation (EC) No 1606/2002 
as it applies in the European Union have been followed for 
the Group’s Financial Statements and United Kingdom 
Accounting Standards, comprising FRS 102 have been followed 
for the Company Financial Statements, subject to any material 
departures disclosed and explained in the Financial 
Statements;
• Make judgments and accounting estimates that are 
reasonable and prudent; and
• Prepare the Financial Statements on the going concern basis 
unless it is inappropriate to presume that the Group and 
Company will continue in business. 
The Directors are responsible for safeguarding the assets of the 
Group and Company and hence for taking reasonable steps for 
the prevention and detection of fraud and other irregularities.
The Directors are also responsible for keeping adequate 
accounting records that are sufficient to show and explain 
the Group’s and Company’s transactions and disclose with 
reasonable accuracy at any time the financial position of 
the Group and Company and enable them to ensure that the 
Financial Statements and the Directors’ Remuneration Report 
comply with the UK Companies Act 2006.
The Directors are responsible for the maintenance and integrity 
of the Company’s website. Legislation in the United Kingdom 
governing the preparation and dissemination of Financial 
Statements may differ from legislation in other jurisdictions.
The Directors are responsible for presenting the Consolidated 
Financial Statements in compliance with the requirements set 
out in the Delegated Regulation 2019/815 on European Single 
Electronic Format (‘ESEF Regulation’).
Directors' confirmations
The Directors consider that the annual report and accounts, 
taken as a whole, is fair, balanced and understandable and 
provides the information necessary for shareholders to assess 
the Group and Company’s position and performance, business 
model and strategy.
Each of the Directors, whose names and functions are listed in 
the presentation of the Board of Directors
 on page 54 of this 
Annual Report, confirm, to the best of their knowledge:
• The Group’s Financial Statements, which have been prepared 
in accordance with UK-adopted international accounting 
standards, international financial reporting standards 
adopted pursuant to Regulation (EC) No 1606/2002 as it 
applies in the European Union, give a true and fair view of 
the assets, liabilities, financial position and loss of the group;
• The Company’s Financial Statements, which have been 
prepared in accordance with United Kingdom Accounting 
Standards, comprising FRS 102, give a true and fair view of the 
assets, liabilities, financial position, and loss of the Group;
• The Strategic Report includes a fair review of the 
development and performance of the business and the 
position of the Group and Company, together with a 
description of the principal risks that it faces. 
In the case of each Director in office at the date the Directors’ 
Report is approved:
• So far as the Director is aware, there is no relevant audit 
information of which the Group’s and Company’s auditors 
are unaware; and
• They have taken all the steps that they ought to have taken as 
a Director in order to make themselves aware of any relevant 
audit information and to establish that the Group’s and 
Company’s auditors are aware of that information. 
This confirmation is given and should be interpreted in 
accordance with the provisions of section 418 of the UK 
Companies Act 2006. PricewaterhouseCoopers LLP have 
expressed their willingness to continue in office as auditors 
and a resolution to reappoint them is proposed by the Board 
of Directors ahead of the Annual General Meeting.
This report was approved by the Board of Directors and signed 
on its behalf by:
AUSTIN LALLY 
Director
London, 26 March 2026
Corporate Governance
Statement of Directors’ Responsibilities in Respect of the Financial Statements
82 Verisure plc | Annual Report 2025

===== SIDA 85 =====

Financial 
Statements
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information

===== SIDA 86 =====

Contents
Independent auditors’ report to the members of 
Verisure plc
85
Consolidated Financial Statements 91
Consolidated Income Statement 91
Consolidated Statement of Comprehensive Income 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
Note 1 General company information 96
Note 2 Material accounting policies 96
Note 3 Critical accounting estimates and 
significant judgments
102
Note 4 Segment reporting 104
Note 5 Business combinations 105
Note 6 Operating expenses by type 106
Note 7 Auditor's remuneration 107
Note 8 Employee information 107
Note 9 Share-based compensation 108
Note 10 Non-cash items 109
Note 11 Leases 109
Note 12 Depreciation and amortisation 111
Note 13 Financial income and expenses 112
Note 14 Taxes 113
Note 15 Earnings per share 115
Note 16 Transactions with related parties 116
Note 17 Property, plant and equipment 117
Note 18 Goodwill and intangible assets with 
indefinite useful lives
118
Note 19 Customer portfolio 120
Note 20 Other intangible assets 121
Note 21 Prepayments and accrued income 122
Note 22 Financial risk management 122
Note 23 Inventories 129
Note 24 Trade receivables 129
Note 25 Borrowings 130
Note 26 Other provisions 132
Note 27 Accrued expenses and deferred income 132
Note 28 Pledged assets and contingent liabilities 134
Note 29 Events after the reporting period 134
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
Note 1 General information 143
Note 2 Significant accounting policies 143
Note 3 Critical accounting estimates and 
significant judgments
145
Note 4 Investment in subsidiary 145
Note 5 Cash and cash equivalents 147
Note 6 Other receivables 147
Note 7 Creditors: amounts falling due within one year 147
Note 8 Employees and directors 147
Note 9 Shared-based compensation 147
Note 10 Share capital and reserves 148
Note 11 Transactions with related parties 148
Note 12 Events after the reporting period 148
Five-year Financial overview 149
Alternative performance measures and other 
performance metrics
150
Alternative performance measures reconciliation 
(unaudited)
153
Financial Statements
84 Verisure plc | Annual Report 2025

===== SIDA 87 =====

Report on the audit of the group 
financial statements
Opinion
In our opinion, Verisure plc’s group financial statements:
• give a true and fair view of the state of the group’s affairs 
as at 31 December 2025 and of its loss and cash flows for the 
year then ended;
• have been properly prepared in accordance with UK-adopted 
international accounting standards; and
• have been prepared in accordance with the requirements of 
the Companies Act 2006.
We have audited the financial statements, included within the 
Annual Report, which comprise:
• the Consolidated Statement of Financial Position as at 
31 December 2025;
• the Consolidated Income Statement for the year then ended;
• the Consolidated Statement of Comprehensive Income for the 
year then ended;
• the Consolidated Statement of Changes in Equity for the year 
then ended;
• the Consolidated Statement of Cash Flows for the year then 
ended; and
• the notes to the financial statements, comprising material 
accounting policy information and other explanatory 
information.
Separate opinion in relation to international 
financial reporting standards adopted pursuant to 
Regulation (EC) No 1606/2002 as it applies in the 
European Union 
As explained in note 2 to the financial statements, the group, 
in addition to applying UK-adopted international accounting 
standards, has also applied international financial reporting 
standards adopted pursuant to Regulation (EC) No 1606/2002 
as it applies in the European Union. 
In our opinion, the group financial statements have been 
properly prepared in accordance with international financial 
reporting standards adopted pursuant to Regulation (EC) 
No 1606/2002 as it applies in the European Union. 
Basis for opinion 
We conducted our audit in accordance with International 
Standards on Auditing (UK) (“ISAs (UK)”), International 
Standards on Auditing issued by the International Auditing and 
Assurance Standards Board (“ISAs”) and applicable law. Our 
responsibilities under ISAs (UK) and ISAs are further described 
in the Auditors’ responsibilities for the audit of the financial 
statements section of our report. We believe that the audit 
evidence we have obtained is sufficient and appropriate to 
provide a basis for our opinion. 
Independence 
We remained independent of the group in accordance with 
the ethical requirements that are relevant to our audit of the 
financial statements in the UK, which includes the FRC’s Ethical 
Standard, as applicable to listed entities, and the International 
Code of Ethics for Professional Accountants (including 
International Independence Standards) issued by the 
International Ethics Standards Board for Accountants (IESBA 
Code), and we have fulfilled our other ethical responsibilities 
in accordance with these requirements. 
Our audit approach 
Context 
This is our first year as external auditors of the group and the 
first accounting period following the corporate restructuring 
in which Verisure plc became the new UK ultimate parent 
company of the group. Verisure plc is a public limited company 
incorporated under the laws of England and Wales, and is 
listed on the NASDAQ Stockholm. As such, the group financial 
statements are subject to an audit in accordance with the 
requirements of the UK Companies Act 2006. 
Overview 
Audit scope 
• The Group's headquarters are in the United Kingdom, 
however it maintains its head office finance team in Malmo, 
Sweden.
• We identified 40 legal entities, which when consolidated 
represent the Verisure plc Group, collectively and hereafter 
referred to as Verisure plc. Of the 40 components, we 
identified six which, in our view, required an audit of their 
complete financial information, either due to their size or 
their risk characteristics. In addition to the full scope audits, 
specific audit procedures were performed for one component 
on selected individually significant balances. This, together 
with additional procedures performed at group level, gave 
us the evidence we needed.
• We used component teams in seven countries to perform 
a combination of full scope audit procedures and audits 
of specific accounts or balances. Certain group financial 
statement disclosures and a number of complex areas, 
prepared by the head office finance function, were audited 
by the Sweden corporate component team. 
Key audit matters
• Valuation of goodwill and customer portfolio assets
• Valuation of intangible assets (goodwill and customer 
portfolio assets) in relation to the ADT Mexico acquisition
Materiality
• Overall materiality: Euro 37 million based on 1% of total 
consolidated revenue.
• Performance materiality: Euro 27.75 million.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Independent auditors’ report to the members of Verisure plc
Verisure plc | Annual Report 2025 85

===== SIDA 88 =====

The scope of our audit
As part of designing our audit, we determined materiality 
and assessed the risks of material misstatement in the 
financial statements.
Key audit matters
Key audit matters are those matters that, in the auditors’ 
professional judgement, were of most significance in the audit 
of the financial statements of the current period and include 
the most significant assessed risks of material misstatement 
(whether or not due to fraud) identified by the auditors, 
including those which had the greatest effect on: the overall 
audit strategy; the allocation of resources in the audit; and 
directing the efforts of the engagement team. These matters, 
and any comments we make on the results of our procedures 
thereon, were addressed in the context of our audit of the 
financial statements as a whole, and in forming our opinion 
thereon, and we do not provide a separate opinion on 
these matters.
This is not a complete list of all risks identified by our audit.
Valuation of goodwill and 
customer portfolio assets
The Group has €7,702.8m of 
goodwill and €4,072.7m of 
customer portfolio assets per 
notes 18 and 19 respectively. 
The audit of goodwill and 
customer portfolio assets were 
areas of focus given the 
carrying value of the assets in 
comparison to the total 
consolidated assets. The 
carrying value of goodwill and 
customer portfolio assets are 
required to be supported by 
the higher of the future cash 
flows (value in use) or the fair 
value less cost to sell model. 
There is a risk that the 
goodwill and customer 
portfolio assets will be 
impaired if the cash flows do 
not meet the Group’s forecast 
projections. The impairment 
review performed by the 
Group contain a number of 
estimates including discount 
rates, long-term sales growth 
rates and growth in Portfolio 
Services Adjusted EBITDA 
during the forecast periods. 
Changes in these assumptions 
could lead to an impairment to 
the carrying value of the 
goodwill and customer 
portfolio assets.
The following procedures have been 
performed: 
• Evaluated the design of 
management's controls to ensure 
the impairment assessment of 
goodwill and customer portfolio 
balances is appropriately 
performed; 
• Obtained management's 
impairment assessment and 
ensured the calculations were 
mathematically accurate; 
• Assessed management's 
determination of cash generating 
units; 
• Assessed the appropriateness of 
the model used; 
• Tested data in the model to ensure 
the data is complete and accurate; 
• Evaluated the work performed by 
the Group's valuation experts, by 
utilising a PwC valuation expert to 
conclude on the appropriateness of 
the model and discount rates 
applied; 
• Tested assumptions to support 
their reasonableness; and 
• Evaluated the company's sensitivity 
analysis over the significant 
assumptions used in the model. 
No material audit findings have been 
identified from our testing.
Key audit matter
How our audit addressed the 
key audit matter
Valuation of intangible assets 
(goodwill and customer 
portfolio assets) in relation to 
the ADT Mexico acquisition
The Group acquired 100% of 
the shares and voting rights in 
ADT Private Security Services 
de Mexico S.A. de C.V. (“ADT 
Mexico”) for total cash 
consideration of €207.5m per 
note 5. Management 
recognised goodwill of €93.3m 
and customer portfolio assets 
of €113.8m. Given the 
magnitude of the intangible 
assets relating to the ADT 
Mexico acquisition and the 
estimation involved in valuing 
the assets, we have 
determined that a high degree 
of resources (including 
experts) and effort were 
required in performing 
procedures related to the 
business combination.
The following procedures have been 
performed:
• Evaluated the design of 
management's controls to ensure 
the purchase price allocation of 
intangible assets are appropriately 
performed; 
• Obtained management's purchase 
price allocation assessment and 
ensured the calculation is 
mathematically accurate;
• Assessed the appropriateness of 
the model used; 
• Tested data in the model to ensure 
the data is complete and accurate; 
• Evaluated the work performed by 
the Group's valuation experts, by 
utilising a PwC valuation expert to 
conclude on the appropriateness of 
the model and discount rates 
applied; 
• Tested assumptions to support 
their reasonableness; and 
• Considered the adequacy of 
management's disclosure in 
respect of the ADT Mexico 
acquisition.
No material audit findings have been 
identified from our testing.
Key audit matter
How our audit addressed the 
key audit matter
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed 
enough work to be able to give an opinion on the financial 
statements as a whole, taking into account the structure of the 
group, the accounting processes and controls, and the industry 
in which it operates.
The group's accounting process is structured around a local 
finance function in each of the group's reporting units. These 
functions maintain their own accounting records and controls 
(although transactional processing and certain controls for 
some reporting units are performed at a shared service centre) 
and report to the head office finance team based in Sweden 
through an integrated consolidation system.
In establishing the overall group audit strategy and plan, we 
determined the type of work that needed to be performed at 
the reporting units by the group engagement team and by 
component auditors from other PwC network firms. Where the 
work was performed by component auditors, we determined 
the level of involvement we needed to have in the audit work 
at those reporting units so as to be able to conclude whether 
sufficient appropriate audit evidence had been obtained as a 
basis for our opinion on the group financial statements as 
a whole.
Financial Statements
Independent auditors’ report to the members of Verisure plc continued
86 Verisure plc | Annual Report 2025

===== SIDA 89 =====

For each reporting unit, we determined whether we required an 
audit of their complete financial information ("full scope") or 
whether procedures on specified accounts or balances would 
be sufficient. We determined that 6 full scope components 
were required because of their size. We maintained regular 
communication with the local teams during the planning, 
execution and completion phases of their audits. We directed 
the work of the component teams, reviewed their approach 
and findings and participated in the closing meetings of the 
significant components.
In addition, we determined that audit procedures over certain 
accounts or balances was required at one reporting unit to 
provide sufficient overall group coverage of particular financial 
statement line items. We performed a detailed review of the 
working papers for the significant components and other 
component team as deemed appropriate. We maintained 
regular communication with the local team during the planning, 
execution and completion phase of their audit. We directed 
the work of the component team, reviewed their approach 
and findings and participated in the closing meeting of 
the component.
The Swedish corporate component team performed audit 
procedures over certain areas that are managed by the 
corporate finance team based in Malmo, Sweden, including 
but not limited to group tax matters and the audit of the 
consolidation schedule.
Our full scope audits accounted for 70% of group revenue.
The impact of climate risk on our audit
As part of our audit we made enquiries of management to 
understand the extent of the potential impact of climate risk 
on the  group’s financial statements, and we remained alert 
when performing our audit procedures for any indicators of 
the impact of climate risk. Our procedures did not identify 
any material impact as a result of climate risk on the group’s 
financial statements.
Materiality
The scope of our audit was influenced by our application 
of materiality. We set certain quantitative thresholds for 
materiality. These, together with qualitative considerations, 
helped us to determine the scope of our audit and the nature, 
timing and extent of our audit procedures on the individual 
financial statement line items and disclosures and in evaluating 
the effect of misstatements, both individually and in aggregate 
on the financial statements as a whole.
Based on our professional judgement, we determined 
materiality for the financial statements as a whole as follows:
Overall group materiality Euro 37 million.
How we determined it 1% of total consolidated revenue
Rationale for benchmark 
applied
We consider revenue to be the most 
appropriate benchmark to determine 
materiality for the group as revenue, 
which is a key metric used to assess 
the performance of the group.
For each component in the scope of our group audit, we 
allocated a materiality that is less than our overall group 
materiality. The range of materiality allocated across 
components was between Euro 5.5 million and Euro 31.5 million. 
Certain components were audited to a local statutory audit 
materiality that was also less than our overall group materiality.
We use performance materiality to reduce to an appropriately 
low level the probability that the aggregate of uncorrected 
and undetected misstatements exceeds overall materiality. 
Specifically, we use performance materiality in determining 
the scope of our audit and the nature and extent of our testing 
of account balances, classes of transactions and disclosures, 
for example in determining sample sizes. Our performance 
materiality was 75% of overall materiality, amounting to 
Euro 27.75 million for the group financial statements.
In determining the performance materiality, we considered 
a number of factors - the history of misstatements, risk 
assessment and aggregation risk and the effectiveness of 
controls - and concluded that an amount at the upper end 
of our normal range was appropriate.
We agreed with those charged with governance that we would 
report to them misstatements identified during our audit above 
Euro 3.7 million as well as misstatements below that amount 
that, in our view, warranted reporting for qualitative reasons.
Conclusions relating to going concern
Our evaluation of the directors’ assessment of the group's 
ability to continue to adopt the going concern basis of 
accounting included:
• Obtaining from management their assessment which supports 
the Board's conclusions with respect to the going concern 
basis of preparation of the financial statements;
• Testing the mathematical integrity of the cash flow forecasts 
and the models which extend through to the end of 2027, 
and reconciling these to the Board approved budgets;
• Identifying and assessing management's alternate severe but 
plausible downside scenarios, and considering whether the 
assumptions in the downside scenario were reasonable and 
appropriate;
• Assessing the reliability of cash flow forecasts by comparing 
actual performance to forecasts, specifically performing 
lookback testing over the budgeted results of 2025; and
• Assessing the completeness of the going concern disclosures 
contained within the annual report.
Based on the work we have performed, we have not identified 
any material uncertainties relating to events or conditions that, 
individually or collectively, may cast significant doubt on the 
group's ability to continue as a going concern for a period of 
at least twelve months from when the financial statements 
are authorised for issue.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
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In auditing the financial statements, we have concluded that 
the directors’ use of the going concern basis of accounting in 
the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be 
predicted, this conclusion is not a guarantee as to the group's 
ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors 
with respect to going concern are described in the relevant 
sections of this report. 
Reporting on other information
The other information comprises all of the information in the 
Annual Report other than the financial statements and our 
auditors’ report thereon. The directors are responsible for 
the other information. Our opinion on the financial statements 
does not cover the other information and, accordingly, we do 
not express an audit opinion or, except to the extent otherwise 
explicitly stated in this report, any form of assurance thereon.
In connection with our audit of the financial statements, our 
responsibility is to read the other information and, in doing 
so, consider whether the other information is materially 
inconsistent with the financial statements or our knowledge 
obtained in the audit, or otherwise appears to be materially 
misstated. If we identify an apparent material inconsistency or 
material misstatement, we are required to perform procedures 
to conclude whether there is a material misstatement of the 
financial statements or a material misstatement of the other 
information. If, based on the work we have performed, we 
conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have 
nothing to report based on these responsibilities.
With respect to the Strategic report and Directors’ Report, we 
also considered whether the disclosures required by the UK 
Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the 
Companies Act 2006 requires us also to report certain opinions 
and matters as described below.
Strategic report and Directors’ Report
In our opinion, based on the work undertaken in the course 
of the audit, the information given in the Strategic report and 
Directors’ Report for the year ended 31 December 2025 is 
consistent with the financial statements and has been 
prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the group and 
its environment obtained in the course of the audit, we did not 
identify any material misstatements in the Strategic report and 
Directors’ Report.
Responsibilities for the financial statements and 
the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of Directors’ 
Responsibilities in Respect of the Financial Statements, the 
directors are responsible for the preparation of the financial 
statements in accordance with the applicable framework and 
for being satisfied that they give a true and fair view. The 
directors are also responsible for such internal control as they 
determine is necessary to enable the preparation of financial 
statements that are free from material misstatement, whether 
due to fraud or error.
In preparing the financial statements, the directors are 
responsible for assessing the group’s ability to continue as 
a going concern, disclosing, as applicable, matters related to 
going concern and using the going concern basis of accounting 
unless the directors either intend to liquidate the group or to 
cease operations, or have no realistic alternative but to do so.
The directors are responsible for presenting and marking up 
the consolidated financial statements in compliance with the 
requirements set out in the Delegated Regulation 2019/815 
on European Single Electronic Format (“ESEF Regulation”).
Auditors’ responsibilities for the audit of the financial 
statements
Our objectives are to obtain reasonable assurance about 
whether the financial statements as a whole are free from 
material misstatement, whether due to fraud or error, and to 
issue an auditors’ report that includes our opinion. Reasonable 
assurance is a high level of assurance, but is not a guarantee 
that an audit conducted in accordance with ISAs (UK) and ISAs 
will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and are considered 
material if, individually or in the aggregate, they could 
reasonably be expected to influence the economic decisions 
of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance 
with laws and regulations. We design procedures in line with 
our responsibilities, outlined above, to detect material 
misstatements in respect of irregularities, including fraud. 
The extent to which our procedures are capable of detecting 
irregularities, including fraud, is detailed below.
Based on our understanding of the group and industry, we 
identified that the principal risks of non-compliance with laws 
and regulations related to data protection legislation, anti-
bribery and competition law (including but not limited to the 
Foreign Corrupt Practices Act and the Proceeds of Crime Act), 
and we considered the extent to which non-compliance might 
have a material effect on the financial statements. We also 
considered those laws and regulations that have a direct 
impact on the financial statements such as the Companies Act 
2006 and tax legislation. We evaluated management’s 
incentives and opportunities for fraudulent manipulation of the 
financial statements (including the risk of override of controls), 
and determined that the principal risks were related to posting 
unauthorised manual journal entries to create fictitious 
Financial Statements
Independent auditors’ report to the members of Verisure plc continued
88 Verisure plc | Annual Report 2025

===== SIDA 91 =====

revenue during the reporting period and management bias in 
significant accounting estimates or judgments to manipulate 
results. The group engagement team shared this risk 
assessment with the component auditors so that they could 
include appropriate audit procedures in response to such 
risks in their work. Audit procedures performed by the group 
engagement team and/or component auditors included:
• Holding discussions with Group management, legal and tax 
advisors, including consideration of known or suspected 
instances of non-compliance with laws and regulation and 
fraud;
• Evaluation of management's controls designed to prevent 
and detect irregularities;
• Review of Board meeting minutes;
• Challenging assumptions and judgements made by 
management in their significant accounting estimates and 
judgments;
• Identifying and testing journal entries based on our risk 
assessment and evaluating whether there was evidence 
of management bias that represents a risk of material 
misstatement due to fraud;
• Incorporating elements of unpredictability into the audit 
procedures performed; and
• Reviewing the financial statement disclosures and testing 
to supporting documentation to assess compliance with 
applicable laws and regulations.
There are inherent limitations in the audit procedures 
described above. We are less likely to become aware of 
instances of non-compliance with laws and regulations that are 
not closely related to events and transactions reflected in the 
financial statements. Also, the risk of not detecting a material 
misstatement due to fraud is higher than the risk of not 
detecting one resulting from error, as fraud may involve 
deliberate concealment by, for example, forgery or intentional 
misrepresentations, or through collusion. 
Our audit testing might include testing complete populations of 
certain transactions and balances, possibly using data auditing 
techniques. However, it typically involves selecting a limited 
number of items for testing, rather than testing complete 
populations. We will often seek to target particular items for 
testing based on their size or risk characteristics. In other cases, 
we will use audit sampling to enable us to draw a conclusion 
about the population from which the sample is selected. 
A further description of our responsibilities for the audit of the 
financial statements in accordance with ISAs (UK) is located on 
the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. 
This description forms part of our auditors’ report. 
As part of an audit in accordance with ISAs, we exercise 
professional judgement and maintain professional scepticism 
throughout the audit. We also: 
• Identify and assess the risks of material misstatement of the 
financial statements, whether due to fraud or error, design 
and perform audit procedures responsive to those risks, and 
obtain audit evidence that is sufficient and appropriate to 
provide a basis for our opinion. The risk of not detecting a 
material misstatement resulting from fraud is higher than for 
one resulting from error, as fraud may involve collusion, 
forgery, intentional omissions, misrepresentations, or the 
override of internal control.
• Obtain an understanding of internal control relevant to the 
audit in order to design audit procedures that are appropriate 
in the circumstances, but not for the purpose of expressing an 
opinion on the effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and 
the reasonableness of accounting estimates and related 
disclosures made by management.
• Conclude on the appropriateness of management’s use of the 
going concern basis of accounting and, based on the audit 
evidence obtained, whether a material uncertainty exists 
related to events or conditions that may cast significant 
doubt on the Group’s ability to continue as a going concern. 
If we conclude that a material uncertainty exists, we are 
required to draw attention in our auditor’s report to the 
related disclosures in the financial statements or, if such 
disclosures are inadequate, to modify our opinion. Our 
conclusions are based on the audit evidence obtained up to 
the date of our auditor’s report. However, future events or 
conditions may cause the Group to cease to continue as a 
going concern.
• Evaluate the overall presentation, structure and content of 
the financial statements, including the disclosures, and 
whether the financial statements represent the underlying 
transactions and events in a manner that achieves fair 
presentation.
• Obtain sufficient appropriate audit evidence regarding the 
financial information of the entities or business activities 
within the Group to express an opinion on the financial 
statements. We are responsible for the direction, supervision 
and performance of the Group audit. We remain solely 
responsible for our audit opinion.
We communicate with those charged with governance 
regarding, among other matters, the planned scope and timing 
of the audit and significant audit findings, including any 
significant deficiencies in internal control that we identify 
during our audit. 
We also provide those charged with governance with a 
statement that we have complied with relevant ethical 
requirements regarding independence, and to communicate 
with them all relationships and other matters that may 
reasonably be thought to bear on our independence, and 
where applicable, actions taken to eliminate threats or 
safeguards applied. 
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 89

===== SIDA 92 =====

From the matters communicated with those charged with 
governance, we determine those matters that were of most 
significance in the audit of the financial statements of the 
current period and are therefore the key audit matters. We 
describe these matters in our auditor’s report unless law or 
regulation precludes public disclosure about the matter or 
when, in extremely rare circumstances, we determine that a 
matter should not be communicated in our report because 
the adverse consequences of doing so would reasonably be 
expected to outweigh the public interest benefits of such 
communication. 
It is also our responsibility to assess whether the consolidated 
financial statements have been prepared, in all material 
respects, in compliance with the requirements laid down in 
the ESEF Regulation.  
Use of this report
This report, including the opinions, has been prepared for and 
only for the company’s members as a body in accordance with 
Chapter 3 of Part 16 of the Companies Act 2006 and for no other 
purpose. We do not, in giving these opinions, accept or assume 
responsibility for any other purpose or to any other person to 
whom this report is shown or into whose hands it may come 
save where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you 
if, in our opinion:
• we have not obtained all the information and explanations we 
require for our audit; or
• certain disclosures of directors’ remuneration specified by 
law are not made.
We have no exceptions to report arising from this 
responsibility. 
Report on other legal and regulatory requirements 
We have checked the compliance of the consolidated financial 
statements of the company as at 31 December 2025 with the 
relevant statutory requirements set out in the ESEF Regulation 
that are applicable to financial statements. That is, for the 
company:
• The consolidated financial statements are prepared in a valid 
xHTML format;
• The XBRL markup of the consolidated financial statements 
uses the core taxonomy and the common rules on markups 
specified in the ESEF Regulation.
In our opinion, the consolidated financial statements of the 
company as at 31 December 2025, have been prepared in a 
format that, in all material respects, enables uniform electronic 
reporting in compliance with the requirements laid down in the 
ESEF Regulation as described in the Directors' Report. 
Other matter 
We have reported separately on the company financial 
statements of Verisure plc for the period ended 31 December 
2025 and on the information in the Annual Directors' 
Remuneration Report that is described as having been audited. 
CHRISTOPHER BOREHAM (SENIOR STATUTORY AUDITOR) 
for and on behalf of PricewaterhouseCoopers LLP 
Chartered Accountants and Statutory Auditors 
Reading 
26 March 2026  
Financial Statements
Independent auditors’ report to the members of Verisure plc continued
90 Verisure plc | Annual Report 2025

===== SIDA 93 =====

Consolidated Income Statement
For the year ended 31 December
€m Note 2025 2024
Revenue 4 3,745.4 3,408.0
Cost of sales 6, 8, 10, 11, 12 (1,933.9) (1,760.6)
Gross profit 1,811.5 1,647.4
Selling expenses 6, 8, 10, 11, 12 (421.5) (391.0)
Administrative expenses 6, 7, 8, 9, 10, 11, 12 (1,096.9) (953.9)
Other income 5.6 4.9
Operating profit 298.7 307.4
Financial income  13 2.0 28.0
Financial expenses  13 (496.9) (523.5)
Profit or (loss) before tax (196.2) (188.1)
Income tax (expense)/credit  14 (59.7) 3.2
Net profit or (loss) for the period (255.9) (184.9)
Earnings per share (€)
Earnings (loss) per share, basic and diluted  15 (0.30) (0.23)
Consolidated Statement of Comprehensive Income
For the year ended 31 December
€m Note 2025 2024
Net profit or (loss) for the period (255.9) (184.9)
Items that may not be reclassified to the consolidated income statement
Re-measurement of defined benefit plan 0.2 (0.8)
Income tax related to these items 14 0.0 0.3
Items that may not be reclassified to the consolidated income statement 0.2 (0.5)
Items that may subsequently be reclassified to the consolidated income statement
Change in hedging reserve (15.0) 13.2
Currency translation differences on foreign operations 91.1 (124.2)
Income tax related to these items 14 3.2 (2.7)
Items that may subsequently be reclassified to the consolidated income statement 79.3 (113.7)
Other comprehensive income/(expenses) 79.5 (114.2)
Total comprehensive income/(expenses) for the period (176.4) (299.1)
The notes to the Consolidated Financial Statements on pages 96 to 134 form an integral part of the Consolidated Financial 
Statements.
All activities have arisen from continuing operations.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Consolidated Financial Statements
Verisure plc | Annual Report 2025 91

===== SIDA 94 =====

Consolidated Statement of Financial Position
As at 31 December
€m Note 2025 2024
Assets
Non-current assets
Property, plant and equipment 17 1,701.9 1,574.1
Right-of-use assets 11 205.1 190.6
Goodwill 18 7,702.8 7,570.4
Customer portfolio 19 4,072.7 4,201.5
Other intangible assets 20 1,393.5 1,359.8
Deferred tax assets 14 78.2 136.9
Trade and other receivables 16, 22, 24 183.3 139.0
Total non-current assets 15,337.5 15,172.3
Current assets
Inventories 23 281.7 316.2
Trade receivables 22, 24 347.2 316.3
Current tax assets 14 33.0 24.5
Derivatives 22 0.2 21.7
Prepayments and accrued income 21 143.7 94.0
Other current receivables 22 104.8 79.3
Cash and cash equivalents 22 30.0 30.1
Total current assets 940.6 882.1
Total assets 16,278.1 16,054.4
Financial Statements
Consolidated Financial Statements continued
92 Verisure plc | Annual Report 2025

===== SIDA 95 =====

Consolidated Statement of Financial Position 
As at 31 December
€m Note 2025 2024
Equity and liabilities
Equity
Share capital 1.0 359.0
Other paid in capital 10,200.5 6,801.0
Share-based compensation reserve 19.4 -
Translation reserve (319.8) (410.9)
Hedging reserve 1.6 13.4
Accumulated losses (1,138.2) (889.9)
Total equity 8,764.5 5,872.6
Non-current liabilities
Long-term borrowings 22, 25 4,985.5 7,580.0
Derivatives 22 20.4 24.9
Other non-current liabilities 22 108.2 137.0
Deferred tax liabilities 14 1,013.9 1,083.3
Other provisions 26 48.2 42.1
Total non-current liabilities 6,176.2 8,867.3
Current liabilities
Trade payables 22 179.5 176.0
Current tax liabilities 14 86.9 104.2
Short-term borrowings 22, 25 329.8 357.5
Derivatives 22 6.1 0.0
Accrued expenses and deferred income 22, 27 649.5 576.8
Other current liabilities 22 85.6 100.0
Total current liabilities 1,337.4 1,314.5
Total liabilities 7,513.6 10,181.8
Total equity and liabilities 16,278.1 16,054.4
The Consolidated Financial Statements of Verisure plc, registered number 16440137, were 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
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
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===== SIDA 96 =====

Consolidated Statement of Changes in Equity 
For the year ended 31 December
Attributable to equity holders of the parent company
€m
Share 
capital
Share 
premium
Other paid
in capital
Share-based 
compensation 
reserve
Translation 
reserve
Hedging
reserve
Accumulated 
losses Total
Balance as of 1 January 2025 359.0 - 6,801.0 - (410.9) 13.4 (889.9) 5,872.6
Net profit or (loss) for the period - - - - - - (255.9) (255.9)
Other comprehensive income/
(expense) - - - - 91.1 (11.8) 0.2 79.5
Total comprehensive income/
(expense) - - - - 91.1 (11.8) (255.7) (176.4)
Transactions with owners
Reclassification from equity 
settled share-based 
compensation plan to cash 
settled
- - (9.3) - - - 7.4 (1.9)
Shareholder's contribution - - 3.6 - - - - 3.6
Effect from reorganisation - 
Verisure Group Topholding AB (359.0) - (6,795.3) - - - - (7,154.3)
Effect from reorganisation - 
Verisure plc 0.8 7,153.6 - - - - - 7,154.4
Share issuance 0.2 3,099.8 - - - - - 3,100.0
Transaction costs in relation to 
share issuance
- (52.9) - - - - - (52.9)
Share-based compensation plan - - - 19.4 - - - 19.4
Bonus issue 10,200.5 (10,200.5) - - - - - -
Capital reduction (10,200.5) - 10,200.5 - - - - -
Total transactions with owners (358.0) - 3,399.5 19.4 - - 7.4 3,068.3
Balance as of 31 December 2025 1.0 - 10,200.5 19.4 (319.8) 1.6 (1,138.2) 8,764.5
Attributable to equity holders of the parent company
€m
Share 
capital
Other paid
in capital
Share-based 
compensation 
reserve
Translation 
reserve
Hedging
reserve
Accumulated 
losses Total
Balance as of 1 January 2024 359.0 6,819.9 - (286.7) 2.9 (704.5) 6,190.7
Net profit or (loss) for the period - - - - - (184.9) (184.9)
Other comprehensive income/
(expense) - - - (124.2) 10.5 (0.5) (114.2)
Total comprehensive income/
(expense) - - - (124.2) 10.5 (185.4) (299.1)
Transactions with owners
Redemption of share capital (1.0) (19.6) - - - -
(20.7)
Bonus issue 1.0 (1.0) - - - - 0.0
Shareholder's contribution - 1.7 - - - - 1.7
Total transaction with owners - (18.9) - - - - (19.0)
Balance as of 31 December 2024 359.0 6,801.0 - (410.9) 13.4 (889.9) 5,872.6
Refer to note 1 General company information for more information on equity transactions as well as comparative figures.
Financial Statements
Consolidated Financial Statements continued
94 Verisure plc | Annual Report 2025

===== SIDA 97 =====

Consolidated Statement of Cash Flows 
For the year ended 31 December
€m Note 2025 2024
Operating activities
Operating profit 298.7 307.4
Adjustment of depreciation and amortisation 12 1,078.1 1,068.7
Adjustment of retirement of assets 139.4 125.8
Adjustment for other non-cash items 10 20.8 2.1
Paid taxes (146.8) (114.6)
Cash flow from operating activities before change in working capital 1,390.2 1,389.4
Change in working capital
Change in inventories 32.9 (26.3)
Change in trade receivables (44.6) (62.4)
Change in other receivables (83.1) (56.4)
Change in trade payables (0.1) 6.7
Change in other payables 21.7 79.5
Cash flow from change in working capital (73.2) (58.9)
Cash flow from operating activities 1,317.0 1,330.5
Investing activities
Investments in intangible assets 19, 20 (477.9) (440.6)
Investments in property, plant and equipment 17 (504.0) (478.2)
Shares purchased by Employee Benefit Trust (16.2) -
Acquisition of subsidiaries, net of cash acquired 5 (204.3) -
Interest received 2.1 1.9
Cash flow from investing activities (1,200.3) (916.9)
Financing activities
Share issuance 3,100.1 -
Transaction costs in relation to share issuance (52.9) -
New financing 3,490.0 1,050.0
Repayment of financing (5,251.5) (1,030.0)
Change in revolving credit facility (843.8) 130.5
Repayment of lease liability (66.7) (61.0)
Change in other borrowings (31.6) (13.7)
Interest paid (411.7) (466.7)
Call cost old debt in relation to repayment of financing (10.6) -
Paid bank and advisory fees in relation to new financing (23.3) (11.0)
Other financial items (12.6) (1.9)
Cash flow from financing activities (114.6) (403.8)
Cash flow for the period 2.1 9.8
Cash and cash equivalents at start of period 30.1 21.4
Effects of exchange rate changes on cash and cash equivalents (2.2) (1.1)
Cash and cash equivalents at end of period 30.0 30.1
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
Verisure plc | Annual Report 2025 95

===== SIDA 98 =====

Note 1 General company information
Information regarding Verisure plc
Verisure plc was incorporated on 9 May 2025, under the UK 
Companies Act 2006 and registered and domiciled in England 
and Wales with Reg. No. 16440137 and registered office in 
London. The Company was up until September 2025 a private 
company limited by shares founded in the United Kingdom 
under English law and operating under English law. The 
Company’s form of association is governed by the UK 
Companies Act 2006. Verisure plc’s shares are listed on 
Nasdaq Stockholm since 8 October 2025.
The financial statements were approved by the Board of 
Directors on 26 March 2026. The financial statements are 
subject to approval by the Annual General Meeting 
of shareholders.
Comparative period
These consolidated financial statements are the first full 
year report for Verisure plc, the newly formed Group. The 
comparative figures are presented as a continuation of the 
Verisure Group Topholding AB’s 2024 consolidated annual 
accounts on the basis that Verisure plc was not established 
as the parent entity of Verisure Group Topholding AB until 
7 October 2025. The reorganisation only affected the share 
capital structure, not the underlying business, as detailed 
below.
Share capital reorganisation and reduction
On 7 October 2025, the Company issued 742,900,000 shares 
against a contribution by Aegis Lux 2 S.à r.l. of 100% of the 
shares in Verisure Group Topholding AB, whereby Verisure plc 
became the ultimate parent company of the Verisure Group. 
Total number of shares after the share issue on this day 
equalled 800,000,000.
Stockholm Stock Exchange listing
On 8 October 2025, Verisure plc listed on Nasdaq Stockholm. 
The listing price per share amounted to €13.25, which 
corresponded to a market capitalisation value of €13.7bn. 
The listing process included issuance of 233,962,264 new shares 
and the total number of shares after the share issue amounted 
to 1,033,962,264.
Nature of operations
Verisure plc Group, hereafter referred to as ‘the Group’, is the 
leading provider of monitored security services for homes 
and small businesses in Europe and Latin America. The Group 
protects close to 6.2 million customers across 18 countries.
Note 2 Material accounting policies
The material accounting policies in the preparation of these 
consolidated financial statements are described in this note. 
These policies were applied consistently for all years presented, 
unless otherwise stated.
Basis of presentation
Compliance with IFRS
These consolidated financial statements have been prepared 
in accordance with the International Financial Reporting 
Standards (IFRS), as approved by the UK. The consolidated 
financial statements also comply fully with IFRS Accounting 
Standards as adopted by the European Union. The accounting 
policies are unchanged compared with those applied in 2024 
and have been applied consistently throughout the current 
and preceding year.
Historical cost convention
The consolidated financial statements have been prepared on 
a historical cost basis, except where a fair value measurement 
is required according to IFRS (e.g. for derivative financial 
instruments, which have been measured at fair value, and 
pension liabilities related to defined benefit plans), and for 
the application of IAS 29 Financial reporting in hyperinflationary 
economies regarding the Group’s subsidiary in Argentina. 
Historical cost is generally based on the fair value of the 
consideration given up in exchange for the assets.
Basis of consolidation | IFRS 10 & IFRS 12
Subsidiaries are all entities of which the Group has control, 
directly or indirectly. Control exists when the Group is exposed 
to, or has rights to, variable returns from its involvement with 
the entity and has the ability to affect those returns through its 
power to direct the activities of the entity. 
All inter-company transactions, balances and unrealised gains 
and losses attributable to inter-company transactions are 
eliminated in the preparation of the consolidated financial 
statements. The accounting principles used by subsidiaries 
are adjusted where necessary to ensure consistency with the 
principles applied by the Group.
Going concern
The Group has continued to build on its good track record of 
underlying profitable and resilient growth over the last years. 
Verisure has continued to deliver good underlying results, both 
operationally and financially. Our business model has proved 
resilient to date, and we believe the fundamental customer 
need for security and peace of mind remains unchanged. The 
Group will consistently strive to maintain the highest levels of 
customer satisfaction in the industry in order to reduce attrition. 
The Directors of Verisure have made a judgment, at the time of 
approving the consolidated financial statements of 2025, that 
there are no material uncertainties that influence the Group’s 
ability to continue as a going concern. The judgment is made 
based on the financial resources available, and with a 
reasonable expectation that the Group has adequate resources 
to continue the business at least over the assessed period, i.e. 
from 31 December 2025 to 30 June 2027. In the assessment, the 
Directors have contemplated the impact of potential severe but 
reasonable downsides that may affect the activity of the Group. 
The main severe but plausible downsides assessed are higher 
attrition, higher cost per acquisition (CPA)/increased recurring 
monthly cost (RMC) and with no compensating uplift in monthly 
average revenue per user (ARPU). 
Financial Statements
Notes to the Consolidated Financial Statements
96 Verisure plc | Annual Report 2025

===== SIDA 99 =====

The Directors have a reasonable expectation that the Group is 
well placed to manage its business risks in a balanced way and 
that it has sufficient resources to continue the operation over 
the going concern period. Consequently, the Directors continue 
to adopt the going concern concept in the preparation of these 
consolidated full year financial statements.
Foreign currency translation | IAS 21
Functional and presentation currency
Items included in the financial statements of each of the 
Group’s entities are measured by using the currency of the 
primary economic environment in which the entity operates 
(the functional currency). On consolidation, the assets and 
liabilities of the Group’s foreign operations are translated at 
exchange rates prevailing on the balance sheet date. Income 
and expense items are translated at the average exchange 
rates for the period. The consolidated financial statements 
are presented in euro (EUR/€), which is the parent company’s 
functional and presentation currency.
Transactions and balances
Transactions in foreign currency are translated into an entity’s 
functional currency using the exchange rates on the dates of 
the transactions. Exchange differences on monetary items are 
recognised in the consolidated income statement when they 
arise. Exchange differences from operating items are 
recognised as either cost of sales or selling or administrative 
expenses, while exchange differences from financial items are 
recognised as financial income or financial expenses. When 
preparing the financial statements of individual companies, 
foreign currency denominated receivables and liabilities are 
translated to the functional currency of the individual company 
using the exchange rates at each balance sheet date.
Segment reporting | IFRS 8
The Group’s operating segments are identified by grouping 
together the business by revenue stream, as this is the basis on 
which information is provided to the Chief Operating Decision 
Maker (CODM) for the purposes of allocating resources within 
the Group and assessing the performance of the Group’s 
businesses. The Group has identified the Group Management 
Team as its CODM. The segments identified based on the 
Group’s operating activities are Customer Acquisition, Portfolio 
Services and Adjacencies which are explained further in note 4.
Separately disclosed items (SDIs) 
Separately disclosed items (SDIs) are income and costs that 
have been recognised in the consolidated income statement 
and which management believes, due to their nature, collective 
size or incident, should be disclosed separately to give a more 
comparable view of the year-on-year financial performance. 
Subsequent adjustments to items previously recognised as an 
SDI will normally also be reflected as an SDI in future periods.
Revenue recognition | IFRS 15
The Group’s revenue is mainly generated from recurring 
monthly fees in the Portfolio Services segment, which account 
for approximately 85% of the Group's total revenue. This 
revenue comes from providing monitored security services. 
The service includes 24/7 monitoring, expert verification and 
response, customer care, maintenance, and professional 
technical support. The remaining part of the revenue is 
mainly generated from security audits and installations in 
the Customer Acquisition segment, invoiced services, and 
product sales.
Within our customer contracts we have identified two 
performance obligations, security audit and installation as 
well as monitoring. For security audit and installations, revenue 
is recognised when the products are installed at a customer 
premises. Income from alarm monitoring services is recognised 
over time during the period to which the service relates.
For customer agreements containing multiple deliverables 
(security audit and installation as well as monitoring services) 
the transaction price is allocated to each performance 
obligation based on the stand-alone selling prices. The stand-
alone selling price for the security audit and installation is 
calculated based on the cost for the installation with a margin 
based on external benchmarks. Any amount invoiced as 
installation fee which differs from the calculated stand-alone 
selling price for the installation service is recognised on a 
linear basis over the contract period.
Revenue from the sale of other products and services is 
recognised when the product is transferred to the customer 
or when the service is performed.
Payment terms
Payment terms on the Groups invoices to customers varies 
between the different markets where the Group operates. 
The payment terms varies between 7 days and 60 days. 
Financing
To enhance payment flexibility to our customers, some of the 
Group’s entities offer to finance part of the upfront fee, i.e. the 
customer is offered the opportunity to pay the financed amount 
in monthly instalments typically over a three-year period. This 
offered service supports the Group’s growth and profitability 
targets and may be arranged in two alternative ways: external 
or internal financing.
Customer financing arrangements 
The Group offers financing solutions to our customers, mainly 
for payment of the upfront fee for the installation and security 
audit. This could either be external financing - where a bank or 
financing partner is involved, or internal financing - where the 
Group offers the financing to the customer with internal 
resources within the Group. 
External financing
The Group enters into factoring arrangements whereby 
customer receivables are transferred to a financing partner 
in exchange for cash. When the Group retains the customer 
payment default risk on the factored customer receivables 
the Group continues to recognise these receivables in the 
consolidated financial statements with a corresponding 
financial liability until such time as the full amount of the 
receivable is collected under the factoring arrangement 
from the customer.
Strategic Report Corporate Governance Financial Statements Sustainability Statement Additional Information
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Internal financing
In case of internal financing, the customer is first invoiced all 
instalments relating to the financed upfront fee. The financed 
upfront fee is broken down into monthly instalments which 
are collected from the customer by the Group. In this case the 
Group assumes the credit risk. 
Business combinations | IFRS 3
Acquisitions of subsidiaries and businesses are accounted 
for under IFRS 3. The consideration for each acquisition is 
measured at the aggregate of the fair values at the acquisition 
date of identifiable assets acquired, liabilities that arise or are 
assumed and equity instruments issued by the Group. The 
acquisition date is the date on which control is transferred to 
the Group. The consideration for an acquisition also includes 
any assets or liabilities arising from a contingent consideration 
arrangement. If the consideration exceeds the net assets 
acquired, that excess is recognised as goodwill. All acquisition-
related costs are recognised in the consolidated income 
statement as incurred. 
Deferred tax assets or liabilities and liabilities, or assets related 
to employee benefit arrangements, are recognised and 
measured in accordance with IAS 12 Income Taxes and IAS 19 
Employee Benefits respectively.
Subsequent changes in fair values are adjusted against the cost 
of the acquisition where they qualify as measurement period 
adjustments and relate to information concerning facts and 
circumstances that existed at the acquisition date within one 
year from the acquisition date. Fair values and corresponding 
value of goodwill are restated. 
Operating expenses
The Group’s business model involves sales and installations 
carried out primarily by the same individuals. The costs of these 
activities are recognised in gross profit. This means that ‘cost 
of sales’ includes some costs that are actually selling expenses 
but cannot be allocated to a specific function.
Employee benefit expense | IAS 19
Post-employment obligations
Our employees in Norway, Denmark, Sweden, France, Belgium, 
the Netherlands, the United Kingdom, Finland, Germany and 
Switzerland participate in either defined contribution or 
defined benefit pension plans. Defined contribution plans are 
post-employment benefit schemes under which we pay fixed 
contributions into a separate legal entity and have no legal or 
constructive obligation to pay further contributions. Costs for 
defined contribution schemes are expensed in the period 
during which the employee carried out his or her work. Costs 
are in line with the payments made during the period.
All pension liabilities in Sweden are classified as defined 
contribution plans, except pensions for office-based staff which 
are through a national multi-employer pension plan, which 
is funded in the same manner as a defined benefit plan. The 
percentage of contribution depends on the level of employee 
participation and salaries in each country.
Defined benefit plans are post-employment benefit schemes 
other than defined contribution plans. The Group has defined 
benefit plans of limited scope in France and Switzerland. For 
these plans, amounts to be paid as retirement benefits are 
determined by reference to an actuarial calculation, usually 
based on employees’ earnings and/or years of service.
Share-based payments | IFRS 2
The Group issues equity settled share-based payments to 
certain employees. Equity settled share-based payments are 
measured at fair value at the date of grant. The fair value 
determined at the grant date of the equity settled share-based 
payments is expensed on a straight line basis over the vesting 
period. At each balance sheet date, the Group revises its 
estimate of the number of equity instruments expected to vest. 
The impact of the revision of the original estimates, if required, 
is recognised in the consolidated income statement such that 
the cumulative expense reflects the revised estimates with a 
corresponding adjustment to the share-based compensation 
equity reserve.
Taxes | IAS 12
Income taxes
Income taxes represent the sum of current and deferred tax. 
These taxes have been calculated using tax rates that have 
been enacted or substantively enacted at the reporting date.
Current tax
Current tax is based on taxable profit for the year or tax 
assessment adjustments made to prior years. Taxable profit 
differs from profit in the consolidated income statement 
because it excludes items of income and expense that are 
taxable or deductible in different years and it further excludes 
items that are never taxable or deductible. Tax effects on 
items recognised in equity or other comprehensive income 
are recognised as such. The Group’s current tax assets and 
liabilities are calculated using tax rates that have been 
enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised using the statement of financial 
position liability method. Deferred tax is the tax expected to 
be payable or recoverable in the future arising from temporary 
differences between the carrying amounts of assets and 
liabilities in the financial statements and the corresponding tax 
bases used in the computation of taxable profit. Deferred tax 
liabilities are generally recognised for all taxable temporary 
differences unless they arise from the initial recognition of 
assets and liabilities in a transaction (other than in a business 
combination) that affects neither the taxable profits nor the 
accounting profit. Deferred tax liabilities are not recognised 
on differences arising from initial recognition of goodwill.
Deferred tax is calculated at tax rates that are expected to 
apply in the period when the liability is settled, or the asset is 
realised, based on laws and rates that have been enacted or 
substantively enacted at the balance sheet date. Deferred tax 
income or expense is reported in the consolidated income 
statement, except when it relates to items recognised in other 
comprehensive income in which case it is recognised as such.
Financial Statements
Notes to the Consolidated Financial Statements continued
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