Kvartalsrapport Q1 2026

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Contents
VERISURE Q1 2026 3
CEO COMMENT 4
FINANCIAL REVIEW 5
OPERATING SEGMENTS 8
KEY FIGURES 10
OTHER ITEMS 11
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 12
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 16
QUARTERLY SUMMARY 22
ALTERNATIVE PERFORMANCE MEASURES (APMS) (UNAUDITED) 23
APMS AND OTHER PERFORMANCE METRICS (UNAUDITED) 28
SIGNATURES 31
ABOUT VERISURE GROUP 32
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 2
Company information:  On 9 May 2025, the Company was 
incorporated as a private company under the UK Companies 
Act 2006. The Company was registered in England and Wales 
and with the registered company number 16440137. On 16 
September 2025, the Company was re-registered as a UK 
public company limited by shares. On 7 October 2025, 
Verisure plc became the ultimate parent company the of 
Verisure Group and the following day, the shares of Verisure 
plc were listed on Nasdaq Stockholm under ticker VSURE. All 
quarterly comparative numbers, with the exception of Q4 
2025, are therefore based on the Verisure Group Topholding 
AB consolidated financial statements, the previous (pre IPO) 
parent company of the Verisure Group.

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Verisure Q1 2026 
We have started 2026 positively, with our second consecutive quarter of positive free cash flow, 
alongside a growing customer portfolio and expanding margins.  With our portfolio at nearly 6.3m 
customers we are now the largest professionally monitored security company globally, by portfolio 
size.  Our approach focuses on high-quality customer intake, ensuring increasing value from our 
compounding customer portfolio.  The resilience of our customer base demonstrates our ability to 
deliver even against an uncertain consumer backdrop.  Looking ahead, we continue to drive long-term 
value through disciplined customer acquisition, predictable portfolio growth, moving into a phase of 
progressive shareholder returns. 
 
First quarter summary
Revenue rose to € 1,019.3m, an increase of + 10.8% (+10.3% in 
constant currency).  
We added 222,882 new subscribers in the quarter, an 
increase of + 2.7% compared to the same period last year. 
Total customers as of 31 March 2026 were near 6.3 million, 
an increase of +9.7% compared to prior year. 
Annualised recurring revenue (“ARR”) reached € 3,532.9m, 
which corresponds to a growth of +12.1% compared to Q1 
2025 ( +12.2% in constant currency), of which approximately 
+2% is attributable to our Mexico acquisition. 
Adjusted EBITDA increased to €472.3m, an increase of +12.8% 
(+12.3% in constant currency).  Adjusted EBITDA margin 
increased +81bps to 46.3%, compared to 45.5% in the same 
quarter last year, driven primarily by positive developments 
in ARR compared to last year. 
Adjusted EBIT rose to € 277.0m, an increase of +20.1% (+19.3% 
in constant currency).  Adjusted EBIT margin increased 
+210bps to 27.2%, as a result of an  improved performance 
on both Monthly average revenue per user (“ARPU”) growth 
and Monthly adjusted EBITDA per customer (“EPC”).  
€m (unless otherwise stated) Q1 2026 Q1 2025
Revenue 1,019.3 919.9
Revenue growth¹, %  10.8 %  10.2 %
Annualised recurring revenue (ARR)1 3,532.9 3,150.2
Annualised recurring revenue growth¹, %  12.1 %  11.6 %
Annualised recurring revenue (ARR) - previous definition1, 2 3,635.4 3,225.3
Annualised recurring revenue growth - previous definition1, 2, %  12.7 %  11.2 %
Operating profit 121.8 100.9
Adjusted EBITDA¹ 472.3 418.8
Adjusted EBITDA margin¹, %  46.3 %  45.5 %
Adjusted EBIT¹ 277.0 230.6
Adjusted EBIT margin¹, %  27.2 %  25.1 %
EPS, basic and diluted3, € 0.06 (0.05)
Adjusted EPS1, 4, € 0.15 0.07
Cash flow from operating activities 404.6 334.2
Free cash flow1 39.1 (56.2)
Total subscribers (end of period), 000s 6,277.6 5,722.5
New subscribers added (gross)5, 000s 222.9 217.1
1) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance measures (APMs)'. 
2) In Q4 2025, the Group updated how it defines ARR to better reflect stability against quarterly seasonality, particularly price increases and upgrade propensity. Refer 
to section 'Alternative performance measures (APMs)' for more details.
3) Earnings per share (EPS), basic and diluted, is calculated based on the weighted average number of outstanding shares in the period. The outstanding number of 
shares prior to the listing on Nasdaq Stockholm on 8 October 2025 is based on the total number of Verisure plc shares (800,000,000) at the time of listing on Nasdaq 
Stockholm on 8 October 2025. The amount of shares prior to the listing on Nasdaq Stockholm has also been applied to the comparative periods. 
4) Adjusted earnings per share (EPS) is calculated based on the total number of Verisure plc shares following completion of the listing on Nasdaq Stockholm on 8 
October 2025 and includes the issuance of new shares the same day. The amount of shares outstanding at 8 October 2025, including the shares issued the same day, 
has also been applied to the comparative periods.
5) Other performance metrics. Refer to section 'APMs and other performance metrics' for more details. 
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 3

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CEO comment
“We are pleased with our start to 
2026, with excellent financial delivery 
across the board.”
Global Category Leadership
By the end of 2025, we passed a significant milestone, becoming 
the global leader in professionally monitored security by 
portfolio size. Now we are proud to protect almost 6.3 million 
customers, more than any other monitored security company. 
We are also the global #1 in new alarm installations. We believe 
this reflects the strength of our operating model and 
underscores the quality of our customer portfolio across 18 
markets.  We continue to see a long growth runway ahead, with 
low category penetration of only around 4% in our footprint.
Our portfolio has provided a foundation for continued strong 
topline growth with ARR reaching € 3,532.9m, an increase of 
+12.2% at constant currency.  Our compounding portfolio, annual 
price increase and continued cost discipline resulted in Adjusted 
EBIT growth of +19.3% year-over-year, at constant currency.  Q1 
Adjusted EBIT margin reached 27.2%, up +207bps (at constant 
currency). I am also pleased to report that we delivered our 
second consecutive quarter of positive free cash flow, generating  
€39.1m compared to an outflow of €56.2m in Q1 2025.  
Our primary segments, Customer Acquisition and Portfolio 
Services both delivered very good quarters. 
In Customer Acquisition, we were pleased to welcome 222,882 
new high-quality customers. We remained highly disciplined and 
choiceful in the customers we added to the portfolio, with our 
usual focus on ensuring meaningful upfront revenues and entry 
ARPU at the same level as the portfolio. 
Portfolio Services Adjusted EBITDA increased +12.9%, at constant 
currency. ARPU grew by +2.2% (at constant currency), supported 
by our annual price increases, as well as portfolio upselling.  
Recurring monthly costs (“RMC”) were slightly higher, up 0.6% 
year-on-year (at constant currency), reflecting the anticipated 
impact of the higher inherited cost base from the Mexico 
acquisition, completed in Q4 2025.  Portfolio Services Adjusted 
EBITDA margin increased to 73.7%.  
AI programme
We have accelerated our AI agenda through establishing a Global 
AI Office, to develop, align and scale new AI initiatives.  AI use 
cases are being deployed across multiple areas of the business, 
supporting efficiency improvements, risk management and 
c u s t o m e r  e x p e r i e n c e ,  w i t h  f u r t h e r  r o l l - o u t s  p l a n n e d  i n  Q 2  a n d  
beyond. This will be an exciting journey as AI further enables our 
high-touch human service. 
Our AI-powered Customer Insights engine supports deeper 
customer engagement, helping to reduce attrition and improve 
customer satisfaction. Following launch in Spain in 2025, we 
analysed over 400,000 customer interactions using AI, enabling 
proactive actions previously not identifiable.  We consequently 
contacted 42,000 customers to improve engagement and resolve 
issues.  The programme is expected to launch in our European 
markets in 2026. 
Innovation
In Q1, we launched Guardian in France, our outside-the-home 
personal protection service.  The service is mobile based, 
connected to our 24/7 monitoring centres, providing security, 
assistance and critical peace of mind. Guardian combines geo-
location technology with real-time support and is particularly 
resonating with families. Guardian has an SOS button directly 
connected to our monitoring centres and includes timer 
functionality which triggers alerts if the user has not arrived at 
their destination safely, when expected.  We plan to roll out this 
service more broadly across the Group in 2026.
Rebrand programme 
Building on our successful launch in Portugal in Q4 2025, we 
began our rebrand in Spain in April 2026.  Under the tagline “First 
to Protect” we will increase investment behind the Verisure 
brand. Portugal continues to progress well through the brand 
transition, with approximately 50% of digital traffic already under 
the Verisure brand.  Expected additional marketing investment in 
Spain and Portugal in 2026 remains in line with previous 
guidance at approximately €25m. This marketing investment will 
impact Adjusted EBIT margins, and is included in our 2026 
guidance.   
Protecting what matters most
In Q1, highly trained teams in our 24/7 monitoring centres 
evaluated over 9 million alarm incidents.  Of these, in 97,000 
situations we provided on-site security or emergency services 
assistance at our customers’ homes or business premises.  
Technology enabled human service, always protecting customers 
and their families in moments of truth, when it really counts.
Outlook and guidance
Our Q1 results demonstrate the strength of our business model.  
We delivered strong broad-based financial performance,  high 
quality portfolio growth, expanding margins, our second 
consecutive quarter of positive free cash flow, and continued 
deleveraging.
We continue to deliver good growth against the backdrop of a 
large, growing addressable market. Confirming our outlook, in 
2026, we expect ARR growth of approximately 10% (excluding 
Mexico), an Adjusted EBIT margin above 26% and positive free 
cash flow, with an interim dividend expected to be paid in the 
second half of 2026. Medium term guidance is reiterated. We 
remain focused on long-term value creation through disciplined 
customer acquisition, predictable portfolio growth, and  
progressive shareholder returns.  
Austin Lally 
Chief Executive Officer
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 4

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Financial review
First quarter summary
Q1 2026 Q1 2025
Adjusted result % 
change
€m (unless otherwise stated) Adjusted SDIs Reported Adjusted SDIs Reported
Actual 
currency
Constant 
currency
Revenue 1,019.3 - 1,019.3 919.9 - 919.9  +10.8 %  +10.3 %
Operating expenses (547.5) (25.9) (573.4) (502.2) (9.1) (511.3)  +9.0 %  +8.5 %
Other income 0.5 4.9 5.4 1.1 - 1.1  (58.3) %  (59.5) %
Adjusted EBITDA1 472.3 (21.0) 451.3 418.8 (9.1) 409.7  +12.8 %  +12.3 %
Adjusted EBITDA margin1, %  46.3 %  45.5 % +81bps +82bps
Share-based compensation2 - (19.8) (19.8) - - - n/a n/a
Depreciation, amortisation and 
asset retirements3 (195.3) (114.4) (309.7) (188.2) (120.6) (308.8)  +3.8 %  +3.5 %
Adjusted EBIT1/Operating profit 277.0 (155.2) 121.8 230.6 (129.7) 100.9  +20.1 %  +19.3 %
Adjusted EBIT margin1, %  27.2 %  25.1 % +210bps +207bps
Interest income and expenses (65.2) - (65.2) (107.6) - (107.6)  (39.4) %  (39.4) %
Other financial items (7.1) 41.0 33.9 (4.7) (18.6) (23.3)  +52.1 %  +125.5 %
Profit or (loss) before tax 204.7 (114.2) 90.5 118.3 (148.3) (30.0)  +72.9 %  +68.4 %
Income tax (expense)/credit3 (52.6) 23.9 (28.7) (47.1) 33.8 (13.3)  +11.6 %  +9.6 %
Adjusted net profit or (loss) 152.1 (90.3) 61.8 71.2 (114.5) (43.3)  +113.6 %  +105.5 %
1) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance 
measures (APMs)'.
2)  Refer to note 4 'Share-based compensation' for more details.
3) Depreciation, amortisation and asset retirements includes €14.6m (€21.4m in Q1 2025) of amortisation on capitalised variable sales cost 
commissions recorded on the balance sheet prior to the 2020 Business Combination. As these costs would have been amortised as an operating 
cost absent the 2020 Business Combination, it is considered more appropriate to include these assets' amortisation in Adjusted EBIT and not as an 
acquisition-related SDI. We have therefore added back this amortisation to our adjusted deprecation and amortisation charge with a consequent 
reduction in Adjusted EBIT. The corresponding tax impact is €2.2m in Q1 2026 (€4.2m in Q1 2025). Refer to section 'Alternative performance measures 
(APMs)' for more details.
Revenue
Revenue increased to €1,019.3m (€919.9m), an increase of +10.8% 
(+10.3% in constant currency).  The revenue increase was driven 
by Portfolio Services revenue which rose to €899.2m (€797.0m), 
an increase of +12.8% (+12.3% in constant currency), due to a 
higher number of customers and an increase in ARPU of +2.7% 
compared to Q1 2025.  Our portfolio grew by +9.7%, from 
5,722.472  in Q1 2025 to 6,277.556  in Q1 2026.
Adjusted EBITDA 
Adjusted EBITDA increased to € 472.3m (€ 418.8m), up +12.8% 
(+12.3% in constant currency).  Adjusted EBITDA margin 
increased +81bps to 46.3% (45.5%).  The stronger performance 
in Adjusted EBITDA was mainly driven by growth in the portfolio, 
as well as a higher monthly EPC.  
Depreciation, amortisation and asset retirements 
Reported depreciation, amortisation and asset retirements 
increased +0.3% to € 309.7m (€ 308.8m) and includes € 114.4m 
(€120.6m) of acquisition related intangible assets amortisation 
(recognised as SDI).  The remaining depreciation and 
amortisation primarily relate to alarm equipment installed at  
customers’ premises, incremental direct costs incurred to 
obtain new customers and asset retirements when customers 
leave the portfolio or upgrade to our new platform.  
Operating profit and Adjusted EBIT 
Adjusted EBIT is comprised of operating profit of € 121.8m 
(€100.9m), adjusted for SDIs of €155.2m (€129.7m).  The increase 
in Adjusted EBIT of +20.1% (+19.3% in constant currency), and 
the Adjusted EBIT margin of +210bps were mainly driven by 
portfolio growth and profitability.  The SDIs mainly relate to 
amortisation of acquisition related intangible assets resulting 
from our 2020 Business Combination, share-based 
compensation, and one-off items related to various 
transformational and strategic initiatives.    
Financial items 
Financial items decreased by €99.6m in the quarter, from 
€130.9m last year to €31.3m.  The decrease was partly driven by 
€42.4m lower net interest income and expense, reflecting lower 
financing costs following the 2025 IPO.  In addition, other 
financial items contributed to a € 57.2m improvement, mainly 
reflecting positive revaluation effects on derivative instruments 
and favourable unrealised FX movements on internal debt, as 
opposed to negative revaluation effects on derivatives in Q1 
2025.  These FX revaluation effects were included within SDIs 
and represent the key items within that category for the period.   
Income tax 
The tax charge for the quarter was €28.7m (€13.3m), comprising 
a current tax charge of € 40.0m (€33.4m) and a deferred tax 
benefit of € 11.3m (€ 20.0m).  Income tax excluding SDIs 
amounted to €52.6m resulting in an Adjusted effective tax rate 
of 25.7% for the quarter.  The higher tax charge is primarily 
driven by improved Adjusted EBIT and lower non-deductible 
interest costs.  The €23.9m SDI tax recovery relates mainly to 
deferred taxes on the amortisation of acquired intangible 
assets, movements in derivative instrument valuations and 
unrealised FX movements on internal debt.  The tax charge 
continues to be impacted by non-deductible interest expenses, 
which also affects the Adjusted effective tax rate for the Group. 
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 5

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Cash flow, capital expenditures and net debt
€m (unless otherwise stated) Q1 2026 Q1 2025
Cash flow
Cash flow from operating activities before change in working capital 453.0 391.6
Cash flow from change in working capital (48.4) (57.4)
Cash flow from operating activities1 404.6 334.2
Cash flow from investing activities (241.1) (239.1)
Cash flow from financing activities (161.8) (96.2)
Cash flow for the period 1.7 (1.1)
Total net debt2 4,985.2 7,679.4
LTM net leverage2, ratio 2.8x 4.9x
Capital expenditures
Customer Acquisition, material 85.8 82.3
Customer Acquisition, incremental direct costs 68.6 65.2
Portfolio Services, new equipment and related direct costs 48.6 47.6
Adjacencies, incremental direct costs 1.1 1.5
R&D, IT, premises and other 54.1 42.7
Total capital expenditures 258.2 239.3
1) Cash flow from operating activities is calculated after giving effect to income tax paid.
2) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance 
measures (APMs)'. 
First quarter summary 
Cash flow from operating activities 
Cash flow from operating activities increased to €404.6m 
(€334.2m) mainly related to an increase in operating profit, 
an improved working capital contribution and the receipt of 
a tax refund in the quarter. 
Cash flow from investing activities 
Cash flow from investing activities increased to an outflow 
of €241.1m (€ 239.1m).  The increase in the quarter is 
primarily related to increased capital expenditure in R&D, 
product and service innovation as well as software 
engineering.  In the quarter we also invested € 19.2m 
(€18.5m) to upgrade existing customers to 2G/3G hardware 
ahead of the expected network sunsets towards the end of 
the decade.  Investing cash flows also benefited from the 
disposal of a minority interest shareholding in a technology 
investment during the quarter, resulting in an cash inflow of 
€16.3m.
Cash flow from financing activities 
Cash flow from financing activities was € 161.8m (€ 96.2m) 
mainly due to reduced utilisation of the revolving credit 
facility  offset by lower interest payments as a result of both 
lower interest rates and lower debt levels. Interest payments 
declined to €82.3m (€133.2m) in the quarter. 
Total net debt and leverage
Q1 closed with LTM net leverage at 2.8x, a 0.1x improvement 
during the quarter, with net debt below €5.0bn. Our balance 
sheet remains in active transition, we confirm our year-end 
2026 net leverage target of 2.5x to 2.75x and reaffirm our 
Medium-Term target of around 2.5x.  
Capital expenditures
Capital expenditures increased to € 258.2m (€239.3m) in the 
first quarter, up + 7.9% year-over-year as a result of the 
increase in net customer subscriptions (equipment 
installations) and continued investment to upgrade existing 
customers to 2G/3G hardware ahead of the expected 
network sunsets towards the end of the decade.  We also 
made a strategic investment to further develop our Wi-Fi 
SensingTM technology, in partnership with Origin Wireless  
Inc.
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 6

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Liquidity, liabilities and financing agreements
The primary sources of liquidity are cash flow from operations and borrowings under our € 950m Revolving Credit Facility.  Our 
primary liquidity requirements are funding Customer Acquisition operations, debt servicing and other general corporate 
expenditure.  
Available funds 
€m Mar 2026 Mar 2025 Dec 2025
Revolving credit facility 950.0 700.0 950.0
Cash and cash equivalents 32.4 28.6 30.0
Drawn facility amount (54.2) (292.6) (66.3)
Utilised letters of credit (21.1) (21.0) (21.6)
Total available funds 907.1 415.0 892.1
Financial indebtedness
€m Mar 2026 Mar 2025 Dec 2025
Revolving credit facility 54.2 292.6 66.3
Term loan A 1,290.0 - 1,290.0
Term loan B 1,250.0 2,525.0 1,250.0
Senior secured notes 975.0 3,325.0 975.0
Total secured indebtedness 3,569.2 6,142.6 3,581.3
Senior unsecured notes 1,175.0 1,313.3 1,175.0
Other liabilities 55.4 58.2 87.3
Lease liabilities 218.0 193.9 208.9
Total unsecured indebtedness 1,448.4 1,565.4 1,471.2
Total financial indebtedness¹ 5,017.6 7,708.0 5,052.5
1) Total financial indebtedness does not include qualified receivables financing. Refer to note 7 'Borrowings' for more details.
Available Liquidity
In terms of available liquidity, we had € 907.1m (€415.0m) as 
of 31 March 2026, combining cash-on-hand and available 
credit facilities. 
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 7

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Operating segments
Portfolio Services
€m (unless otherwise stated) Q1 2026 Q1 2025
Change
Actual 
Currency
Change
Constant 
Currency
Portfolio Services revenue 899.2 797.0  +12.8 %  +12.3 %
Portfolio Services Adjusted EBITDA¹ 662.3 583.9  +13.4 %  +12.9 %
Portfolio Services Adjusted EBITDA margin¹, %  73.7 %  73.3 % +40bps +42bps
Total subscribers (end of period), 000s 6,277.6 5,722.5  +9.7 % n/a
Monthly average revenue per user (ARPU)¹, € 48.3 47.0  +2.7 %  +2.2 %
Monthly Adjusted EBITDA per customer (EPC)¹, € 35.5 34.4  +3.3 %  +2.8 %
LTM attrition rate², %  7.4 %  7.4 % +2bps n/a
Quarterly attrition rate (annualised)², %  7.5 %  7.5 % (0bps) n/a
1) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance 
measures (APMs)'. 
2) Other performance metrics. Refer to section 'APMs and other performance metrics' for more details. 
ARPU increased to € 48.3 per month in Q1, up +2.2% year-
over-year (at constant currency), with growth driven by our 
annual price increase, as well as progress on upselling new 
products and services to existing customers.  As in previous 
years, we utilised advanced portfolio analytics to ensure 
pricing was optimised for long-term profitability and value 
creation. 
RMC were € 12.7 in Q1, up + 0.6% (at constant currency) year-
over-year impacted as anticipated by the higher inherited 
cost base in Mexico following the acquisition in Q4 2025.  
Excluding the Mexico impact, RMC is 1% lower year-over-
year.  We expect to reduce Mexico RMC over time.  Our track 
record of sustainable cost transformation continued,  
including a 9% year-over-year reduction in maintenance 
visits per customer as we resolve more incidents using AI 
on-device technologies.  
EPC reached € 35.5, up +2.8% year-over-year (at constant 
currency) demonstrating continued, stable ARPU growth, 
alongside further progress on our cost base.  Portfolio 
Services Adjusted EBITDA margin increased to 73.7%, 
representing the highly valuable, recurring contribution 
generated per customer. 
Quarterly a ttrition rate (annualised) was 7.5% in Q1.  This 
was flat year-over-year, with Q1 our seasonally highest 
quarter.  Improvements across the Group offset the nearly 8 
bps attrition headwind from Mexico.  Our low attrition 
reflects the high-quality intake, resilience of the portfolio 
and high levels of customer engagement.  We continue to 
expand our AI-based customer management solutions to 
identify early signs of detraction and enable support 
proactive retention actions. 
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 8

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Customer Acquisition
€m (unless otherwise stated) Q1 2026 Q1 2025
Change
Actual 
Currency
Change
Constant 
Currency
Customer Acquisition revenue 93.7 98.3  (4.7) %  (4.9) %
Customer Acquisition Adjusted EBITDA¹ (196.3) (171.3)  (14.6) %  (14.0) %
New subscribers added (gross)2, 000s 222.9 217.1  +2.7 % n/a
Cost per acquisition (CPA)¹, € 1,573.5 1,468.5  +7.1 %  +6.7 %
1) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance 
measures (APMs)'. 
2) Other performance metrics. Refer to section 'APMs and other performance metrics' for more details. 
New installations were 222,882 in Q1, our second highest 
quarter on record, up +2.7% year-over-year.  This growth was 
delivered against an uncertain consumer backdrop towards 
the end of the quarter, against which we remained focused 
on quality new customer additions.  Geographically, install 
growth was slightly lower in Latin America, whereas in 
Europe, demand was strong with the UK and Italy in 
particular showing good momentum.   
We continued to expand our distribution channels through 
strategic alliances.  In France, our partnership with BPCE has 
now been scaled nationally, supporting further growth in 
our second largest market.  In Spain, our partnership with 
MasOrange launching in April, opening another commercial 
sales channel in our largest market. Sales made through 
alliance partnerships increased, and the development of 
this channel offers incremental growth opportunities across 
the Group.  
Cost per acquisition (“CPA”) was € 1,573.5 in Q1, up +6.7% 
year-over-year (at constant currency) and line with our 
expectation.  We continued to experience media cost 
inflation across both digital and TV channels, that began in 
the second quarter of 2025.  We remain comfortable at  
these levels of investment. Our Acquisition multiple was 
broadly stable year-over-year at 3.7x, including continued 
rebranding investment in Portugal. 
Adjacencies
€m (unless otherwise stated) Q1 2026 Q1 2025
Change
Actual 
Currency
Change
Constant 
Currency
Adjacencies revenue 26.4 24.6  +7.4 %  +7.4 %
Adjacencies Adjusted EBITDA¹ 6.3 6.2  +0.7 %  +0.7 %
1) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance 
measures (APMs)'. 
Adjacencies revenue, representing 2.6% of Group revenue in 
the quarter, increased +7.4% (at constant currency) 
compared to last year.   
Adjacencies Adjusted EBITDA increased +0.7% (at constant 
currency) in the quarter.
The customer portfolio in our Adjacencies segment 
increased to 432,989 customers, up +2.4% year-over-year.  
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 9

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Key figures
€m (unless otherwise stated) Q1 2026 Q1 2025
Revenue 1,019.3 919.9
Revenue growth1, %  10.8 %  10.2 %
Adjusted EBITDA1 472.3 418.8
Adjusted EBITDA margin1, %  46.3 %  45.5 %
Adjusted EBITDA incl. SDIs1 451.3 409.7
Adjusted EBITDA margin incl. SDIs1, %  44.3 %  44.5 %
Adjusted EBIT1 277.0 230.6
Adjusted EBIT margin1, %  27.2 %  25.1 %
EPS, basic and diluted2, € 0.06 (0.05)
Adjusted EPS1,3, € 0.15 0.07
Operating profit 121.8 100.9
Cash flow from operating activities 404.6 334.2
Free cash flow1 39.1 (56.2)
Total net debt1 4,985.2 7,679.4
LTM net leverage¹, ratio 2.8x 4.9x
Acquisition multiple1, ratio 3.7x 3.6x
Portfolio Services segment
Portfolio Services revenue 899.2 797.0
Annualised recurring revenue (ARR)1 3,532.9 3,150.2
Annualised recurring revenue growth1, %  12.1 %  11.6 %
Annualised recurring revenue (ARR) - previous definition1, 4 3,635.4 3,225.3
Annualised recurring revenue growth - previous definition1, 4, %  12.7 %  11.2 %
Portfolio Services Adjusted EBITDA1 662.3 583.9
Portfolio Services Adjusted EBITDA margin1, %  73.7 %  73.3 %
Total subscribers (end of period), 000s 6,277.6 5,722.5
Cancellation5, 000s 116.7 106.3
LTM attrition rate5, %  7.4 %  7.4 %
Quarterly attrition rate (annualised)5, %  7.5 %  7.5 %
Net subscriber growth5, 000s 106.2 110.8
Subscriber growth rate5, net, %  9.7 %  8.3 %
Monthly average number of subscribers during the period5, 000s 6,210.9 5,656.1
Monthly average revenue per user (ARPU)1, € 48.3 47.0
Recurring monthly cost (RMC)1, € 12.7 12.6
Monthly adjusted EBITDA per customer (EPC)1, € 35.5 34.4
Customer Acquisition segment
Customer Acquisition revenue 93.7 98.3
Customer Acquisition Adjusted EBITDA1 (196.3) (171.3)
Customer Acquisition capital expenditures1 154.4 147.5
New subscribers added (gross)5, 000s 222.9 217.1
Cost per acquisition (CPA)1, € 1,573.5 1,468.5
Adjacencies segment
Adjacencies revenue 26.4 24.6
Adjacencies Adjusted EBITDA1 6.3 6.2
1) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance measures 
(APMs)'. 
2) Earnings per share (EPS), basic and diluted, is calculated based on the weighted average number of outstanding shares in the period. The outstanding 
number of shares prior to the listing on Nasdaq Stockholm on 8 October 2025 is based on the total number of Verisure plc shares (800,000,000) at the time 
of listing on Nasdaq Stockholm on 8 October 2025. The amount of shares prior to the listing on Nasdaq Stockholm has also been applied to the comparative 
periods. 
3) Adjusted earnings per share (EPS) is calculated based on the total number of Verisure plc shares following completion of the listing on Nasdaq Stockholm 
on 8 October 2025 and includes the issuance of new shares the same day. The amount of shares outstanding at 8 October 2025, including the shares issued 
the same day, has also been applied to the comparative periods.
4) In Q4 2025, the Group updated how it defines ARR to better reflect stability against quarterly seasonality, particularly price increases and upgrade 
propensity. Refer to section 'Alternative performance measures (APMs)' for more details. 
5) Other performance metrics. Refer to section 'APMs and other performance metrics' for more details.
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 10

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

Other items
Risks and uncertainties
Verisure operates in highly regulated markets.  To assess risks 
and uncertainties in the business, Verisure uses the Enterprise 
Risk Management process to identify, evaluate and manage 
potential risks.  Identified risks are evaluated based on 
likelihood of occurrence and the potential severity of impact 
on the Verisure strategy.  This process allows for consistent 
evaluation of principal risks and emerging risks as well as 
consideration of mitigation plans and efforts. As the risk 
environment evolves, it is essential for Verisure to 
continuously and systematically identify and efficiently 
manage potential risks that could have an adverse effect on 
the achievement of defined business goals and to maintain a 
competitive edge.  
Verisure has identified relevant principal risks based on 
strategic risks, operational risks, compliance risks and financial 
risks.  For more information regarding the Group’s risk 
exposure, including principal risks, and risk management 
activities, we refer to Verisure plc Group 2025 annual report.  
There has been no change in risks that could have a significant 
impact on this interim report compared to what is described in 
the annual report.  
Events during 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.  As part of the transition plan,  Patrick Healy, CEO 
of Hellman & Friedman, stepped down from his position of 
Director, effective on 3 February 2026.  Our largest shareholder 
remains well represented on the Board, retaining three Board 
positions, including Board Chair.
Events after the reporting period
On 23 April 2026, the Annual General Meeting in Verisure plc 
was held in Stockholm.  The Annual General Meeting voted to 
support all proposals from the Board and the Nomination 
Committee, as set out in the notice convening the Annual 
General Meeting, including the appointment of Sam Kini as 
Board member, effective as of 1 May 2026.
On 24 April 2026, Verisure finalised a €570m TLA upsize with 
several key lending banks.  The proceeds were used to redeem 
€450m 7.125% Senior Secured Notes due February 2028 and 
partly redeem our €1,175m 5.250% Senior Unsecured Notes due 
February 2029.  Pro forma for this refinancing, our proforma 
weighted average cost of debt has reduced to around 4.5%.
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 11

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

Unaudited Condensed Consolidated Financial 
Statements
Consolidated Income Statement
€m Note Q1 2026 Q1 2025
Revenue 3 1,019.3 919.9
Cost of sales  (510.8)  (477.1) 
Gross profit  508.5  442.8 
Selling expenses  (109.7)  (103.3) 
Administrative expenses  (282.4)  (239.7) 
Other income  5.4  1.1 
Operating profit  121.8  100.9 
Financial income  41.6  0.3 
Financial expenses  (72.9)  (131.2) 
Profit or (loss) before tax  90.5  (30.0) 
Income tax (expense)/credit  (28.7)  (13.3) 
Net profit or (loss) for the period 61.8 (43.3)
Earnings per share (€)
Earnings (loss) per share, basic and diluted1  0.06  (0.05) 
1) Earnings (loss) per share, basic and diluted, is calculated based on the weighted average number of outstanding shares in the period. The 
outstanding number of shares prior to the listing on Nasdaq Stockholm on 8 October 2025 is based on the total number of Verisure plc shares 
(800,000,000) at the time of listing on Nasdaq Stockholm on 8 October 2025. The amount of shares prior to the listing on Nasdaq Stockholm has also 
been applied to the comparative periods. 
Consolidated Statement of Comprehensive Income
€m Note Q1 2026 Q1 2025
Net profit or (loss) for the period 61.8 (43.3)
Items that may subsequently be reclassified to the consolidated income statement
Change in hedging reserve  7.5  (10.5) 
Currency translation differences on foreign operations  48.9  155.8 
Income tax related to these items  (1.7)  2.2 
Items that may subsequently be reclassified to the consolidated income statement  54.7  147.5 
Other comprehensive income  54.7  147.5 
Total comprehensive income for the period 116.5 104.2
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 12

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

Consolidated Statement of Financial Position
€m Note Mar 2026 Mar 2025 Dec 2025
Assets
Non-current assets
Property, plant and equipment 1,745.6 1,617.3 1,701.9
Right-of-use assets 212.0 193.3 205.1
Goodwill 7,738.2 7,675.5 7,702.8
Customer portfolio 4,022.8 4,176.8 4,072.7
Other intangible assets 1,407.4 1,358.4 1,393.5
Deferred tax assets 82.4 134.0 78.2
Trade and other receivables 5 156.4 180.6 183.3
Total non-current assets 15,364.8 15,335.9 15,337.5
Current assets
Inventories 319.1 336.7 281.7
Trade receivables 5 345.8 282.7 347.2
Current tax assets 4.0 16.6 33.0
Derivatives 5 2.4 1.6 0.2
Prepayments and accrued income 172.9 119.2 143.7
Other current receivables 5 117.4 104.4 104.8
Cash and cash equivalents 5 32.4 28.6 30.0
Total current assets 994.0 889.8 940.6
Total assets 16,358.8 16,225.7 16,278.1
Equity and liabilities
Equity
Equity attributable to the owners of the parent company 6 8,882.9 5,977.2 8,764.5
Total equity 8,882.9 5,977.2 8,764.5
Non-current liabilities
Long-term borrowings 5, 7 4,947.8 7,687.2 4,985.5
Derivatives 5 3.4 23.3 20.4
Other non-current liabilities 5 105.3 110.3 108.2
Deferred tax liabilities 1,010.1 1,071.4 1,013.9
Other provisions 54.6 40.2 48.2
Total non-current liabilities 6,121.2 8,932.4 6,176.2
Current liabilities
Trade payables 5 162.3 192.8 179.5
Current tax liabilities 110.2 111.8 86.9
Short-term borrowings 5, 7 308.5 294.3 329.8
Derivatives 5 0.8 5.2 6.1
Accrued expenses and deferred income 5 685.5 617.3 649.5
Other current liabilities 5 87.4 94.7 85.6
Total current liabilities 1,354.7 1,316.1 1,337.4
Total liabilities 7,475.9 10,248.5 7,513.6
Total equity and liabilities 16,358.8 16,225.7 16,278.1
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 13

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

Consolidated Statement of Changes in Equity
Attributable to equity holders of the parent company
€m
Share 
capital
Other paid
in capital
Share-based 
compensati
on reserve
Employee 
benefit 
trust
Translatio
n reserve
Hedging
reserve
Accumu- 
lated 
losses Total
Balance as of 1 January 2026 1.0 10,200.5 19.4 - (319.8) 1.6 (1,138.2) 8,764.5
Net profit or (loss) for the period - - - - - - 61.8 61.8
Other comprehensive income - - - - 48.9 5.8 - 54.7
Total comprehensive income - - - - 48.9 5.8 61.8 116.5
Transactions with owners
Reclassification of shares held by 
Employee benefit trust - - - (17.3) - - - (17.3)
Share-based compensation plan - - 19.2 - - - - 19.2
Total transactions with owners - - 19.2 (17.3) - - - 1.9
Balance as of 31 March 2026 1.0 10,200.5 38.6 (17.3) (270.9) 7.4 (1,076.4) 8,882.9
Attributable to equity holders of the parent company
€m
Share
capital
Other paid 
in capital
Share-based 
compensati
on reserve
Employee 
benefit 
trust
Translatio
n reserve
Hedging
reserve
Accumu- 
lated 
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 - - - - - - (43.3) (43.3)
Other comprehensive income - - - - 155.8 (8.3) - 147.5
Total comprehensive income - - - - 155.8 (8.3) (43.3) 104.2
Transactions with owners
Shareholder's contribution - 0.4 - - - - - 0.4
Total transaction with owners - 0.4 - - - - - 0.4
Balance as of 31 March 2025 359.0 6,801.4 - - (255.1) 5.1 (933.2) 5,977.2
Attributable to Mar 2026 Mar 2025 Dec 2025
Equity holders of the parent company 8,882.9 5,977.2 8,764.5
Closing balance 8,882.9 5,977.2 8,764.5
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 14

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

Consolidated Statement of Cash Flows
€m Q1 2026 Q1 2025
Operating activities
Operating profit 121.8 100.9
Adjustment of depreciation, amortisation and asset retirements 309.7 308.8
Adjustment for other non-cash items 12.0 -
Paid taxes 9.5 (18.1)
Cash flow from operating activities before change in working capital 453.0 391.6
Change in working capital
Change in inventories (33.2) (19.8)
Change in trade receivables 4.2 (3.5)
Change in other receivables (35.7) (49.5)
Change in trade payables (20.3) 13.8
Change in other payables 36.6 1.6
Cash flow from change in working capital (48.4) (57.4)
Cash flow from operating activities 404.6 334.2
Investing activities
Investments in intangible assets (130.3) (114.8)
Investments in property, plant and equipment (127.6) (124.5)
Disposal of other investments 16.3 -
Interest received 0.5 0.2
Cash flow from investing activities (241.1) (239.1)
Financing activities
Change in revolving credit facility (12.1) 92.6
Repayment of lease liability (17.7) (16.3)
Change in factoring liabilities (9.7) (24.9)
Change in other borrowings (31.9) (12.5)
Interest paid (82.3) (133.2)
Other financial items (8.1) (1.9)
Cash flow from financing activities (161.8) (96.2)
Cash flow for the period 1.7 (1.1)
Cash and cash equivalents at start of period 30.0 30.1
Effects of exchange rate changes on cash and cash equivalents 0.7 (0.4)
Cash and cash equivalents at end of period 32.4 28.6
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 15

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

Notes to the Unaudited Condensed Consolidated 
Financial Statements
Note 1  Material accounting policies
Basis of presentation and accounting periods
This interim report has been prepared in accordance with IAS 
34 Interim Financial Reporting.  The  quarterly comparative 
figures are presented as a continuation of the Verisure Group 
Topholding AB’s 2025 consolidated accounts on the basis that 
Verisure plc was not established as the parent company of 
Verisure Group Topholding AB until 7 October 2025.  The 
reorganisation only affected the share capital structure, not 
the underlying business.
The Q1 condensed consolidated financial statements are 
prepared in accordance with the International Financial 
Reporting Standards (IFRS), as approved by the UK.  The 
condensed consolidated financial statements also comply fully 
with IFRS Accounting Standards as adopted by the European 
Union.  The most important accounting principles under IFRS, 
which form the basis for the preparation of this full year 
report, can be found in note 2 in the Verisure plc Group 2025 
annual report.  There has been no new or amended accounting 
standards, interpretations or improvements that have a 
significant impact on the Group.  
These Q1 condensed consolidated financial statements should 
thus be read in conjunction with the Verisure plc Group 2025 
annual report published at www.verisure.com, and the applied 
accounting principles are unchanged compared to those 
applied in the annual report.  The condensed consolidated 
financial statements in this report have not been audited.
All figures in this interim report are presented in EUR millions 
unless otherwise stated.  As a result of rounding, numbers 
presented may in some cases not add up to the total.  
Percentages presented are always calculated taking the exact 
underlying value, and therefore deviations may occur if 
percentages are calculated taking the rounded figures 
presented in the tables.  Where growth indicators are 
presented in constant currency the prior period results have 
been translated into euro using the same exchange rates as in 
2025, excluding the impacts of IAS 29 hyperinflation accounting.  
Constant currency results are intended to provide further 
insights into the performance of the business excluding the 
effects of foreign exchange movements that are beyond its 
control.
For significant events during and after the reporting period, 
please see section Other items in this report.  
Going concern
The Directors of Verisure  have made a judgement, at the time 
of approving these interim condensed consolidated financial 
statements, that there are no material uncertainties that 
influence the Group’s ability to continue as a going concern.  
The judgement is  made  based on the financial resources 
available, and with a reasonable expectation that the Group 
has adequate resources to continue the business for at least 
12 months from the date of the issuance of this interim report.  
In the assessment, the Directors have contemplated the impact 
of potential severe but reasonable downsides that may affect 
the activity of the Group.  
The Directors have a reasonable expectation that the Group is 
well placed to manage its business risks successfully 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 
interim condensed consolidated financial statements.
Note 2  Critical accounting estimates 
and significant judgments
Preparing the Q1 condensed consolidated financial statements 
and applying the Group’s accounting policies requires 
management to make estimates and judgements that affect 
the amounts recognised in the financial statements.  Although 
these estimates and judgements are based on management’s 
best information about current circumstances and future 
events and actions, actual results may differ and result in 
material variances.  
The Group’s latest annual audited financial statements set out 
the critical accounting judgements, significant accounting 
estimates and other areas of judgement and accounting 
estimates that were made in preparing those financial 
statements.  There have been no changes to the key sources of 
estimation uncertainty or critical judgements disclosed in our 
2025 annual consolidated financial statements.  Further details 
can be found in note 2 to the Verisure plc Group 2025 annual 
report, published on our website.
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 16

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

Note 3 Segment reporting
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 purpose 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.  Separately disclosed items (SDIs), share-based 
compensation, depreciation, amortisation and asset retirements, 
financial items and taxes are not reported or measured per 
segment.    
Portfolio Services 
The Portfolio Services segment provides a full security service to 
our customers for a monthly subscription fee.  We typically enter 
into self-renewing monitoring agreements with customers at the 
time of installation and the majority of customers pay via direct 
debit.  Our service includes 24/7 monitoring, expert verification 
and response, customer care, maintenance and professional 
technical support to existing customers.  
Customer Acquisition 
This segment develops, sources, purchases, provides and installs 
alarm systems for new customers in return for an upfront sales or 
installation fee.  Sales and installations can be performed both by 
our own employees and by external partners.  Each new customer 
generates installation income that is recognised once the 
installation of the alarm equipment has been completed.  The 
Group’s costs for materials, installation, administration and 
marketing generally exceed the non-recurring income, resulting in 
negative cash flow for the segment.  
Adjacencies 
The Adjacencies segment contains remote monitoring and 
assistance, services for senior protection as well as the sale of Arlo 
cameras, video surveillance services in retail and online channels 
across Europe.  These sales are not considered as part of our core 
alarm business, and the revenue is therefore categorised as 
Adjacencies.  
€m Q1 2026 Q1 2025
Portfolio Services 899.2 797.0
Customer Acquisition 93.7 98.3
Adjacencies 26.4 24.6
Total revenue 1,019.3 919.9
There is no internal revenue between segments, therefore all the revenue in the table above is external revenue.
€m Q1 2026 Q1 2025
Portfolio Services 662.3 583.9
Customer Acquisition (196.3) (171.3)
Adjacencies 6.3 6.2
Adjusted EBITDA¹ 472.3 418.8
Separately disclosed items affecting EBITDA2 (21.0) (9.1)
Share-based compensation (19.8) -
Depreciation, amortisation and asset retirements (309.7) (308.8)
Operating profit 121.8 100.9
Financial items (31.3) (130.9)
Profit or (loss) before tax 90.5 (30.0)
1) The Group does not analyse segment data below Adjusted EBITDA.
2) A more detailed explanation of the Separately disclosed items affecting EBITDA is provided in the section 'Alternative performance measures 
(APMs)'.
Disaggregation of revenue
Our operating segments, Portfolio Services and Customer Acquisition, are represented in all the geographical regions presented.  The 
operating segment Adjacencies is only represented in the Iberia and Nordics and the Central and Other geographical regions.  
€m Q1 2026 Q1 2025
Iberia and Nordics 529.4 493.4
Other Europe 359.2 329.9
Latin America 116.9 83.8
Central and other¹ 13.8 12.8
Total revenue 1,019.3 919.9
1) Relates to certain Adjacencies revenue in different countries in Europe, which is not considered part of the Group's core business. 
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 17

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

Note 4 Share-based compensation
Restricted Share Awards (RSUs)
In October 2025, 8,745,146 shares were awarded to employees 
across the Group. 50% of the RSUs will vest on 30 October 2026 
and 50% will vest on 30 October 2027.  The RSUs are 
conditional on continued employment through to the 
applicable vesting dates and are therefore subject to forfeiture 
over the vesting period.  The awards will be settled by 
delivering shares to the participants. 
The weighted average fair value at grant date for the awards 
outstanding was € 13.3.  The weighted average remaining 
contractual life of awards outstanding at end of period was 1.1 
years. 
  
The following awards were outstanding as 31 March 2026 and 2025:
Awards
Units Q1 2026 Q1 2025
Balance at beginning of the period 8,726,757 -
Forfeited during the period (37,801) -
Balance at end of period 8,688,956 -
Expenses arising from the awards
Total expenses (excluding social security contributions) arising from the awards recognised as an operating expense during the period 
were:
€m Q1 2026 Q1 2025
Restricted Share Awards (RSUs) 19.2 -
Total 19.2 -
The social security contributions for the awards recognised as an operating expense was €0.6m (nil).
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 18

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

Note 5 Financial risk management
Financial instruments by category and valuation level
Mar 2026 Mar 2025 Dec 2025
€m
Financial 
assets
Financial 
liabilities
Financial 
assets
Financial 
liabilities
Financial 
assets
Financial 
liabilities
Hedge accounting
FX forwards¹ 2.4 0.7 1.6 2.9 0.1 6.0
Fair value
FX swaps¹ 0.0 0.1 0.0 0.1 0.0 0.1
Cross currency swaps¹ - 0.5 - 2.2 - 3.8
Interest rate swaps¹ - 2.9 - 23.3 - 16.6
Other receivables, non-
current² - - 11.4 - 28.9 -
Amortised cost
Trade and other receivables, 
non-current 144.8 - 163.9 - 144.2 -
Trade receivables, current⁴ 345.8 - 282.7 - 347.2 -
Other current receivables⁴ 38.9 - 43.1 - 33.6 -
Cash and cash equivalent 32.4 - 28.6 - 30.0 -
L o n g - t e r m  b o r r o w i n g s ³ ˒ ⁵ - 4,802.7 - 7,552.2 - 4,841.8
Other non-current liabilities - 1.2 - 1.2 - 1.1
Trade payables, current⁴ - 162.3 - 192.8 - 179.5
Accrued expenses, current⁴ - 269.7 - 205.9 - 221.8
S h o r t - t e r m  b o r r o w i n g s ⁴ ˒ ⁵ - 235.6 - 235.4 - 264.6
Other current liabilities⁴ - 22.0 - 30.4 - 27.2
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable. 
2) On 31 December 2025, other receivables measured at fair value included €17.5m classified as level 2 where significant inputs were observable. The 
observed input consisted of a market valuation of the underlying asset. At year end 2025 and at 31 March 2025, other receivables included €11.4m 
classified as level 3 where significant inputs were non-observable and where cost was deemed an appropriate representation of fair value.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to €2,159m (€4,660m in March 2025 and €2,184 in Dec 
2025), fair value for the Term Loan B is €1,248m (€2,524m in March 2025 and €1,257 in Dec 2025), this is the quoted market price at the balance sheet 
date. These are classified as level 1 since it is a quoted market price in an active market. For the Group’s remaining borrowings, book values 
approximate their fair values. 
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other 
current liabilities, their carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 7.
The valuation hierarchy applied is as follows: 
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.  
Level 2: Other observable data than quoted prices included at Level 1, either directly (i.e. as price quotations) or indirectly (i.e. 
derived from price quotations).  The valuation techniques for currency related instruments are based on published forwards rate 
and discounted contractual cash flows, and in terms of interest rate instruments the fair valuation is based on forward interest 
rates prepared on the basis of observable interest data and discounted contractual cash flows.  
Level 3:  Non-observable market data.  For certain assets and liabilities, the carrying amount is assumed to be a reasonable 
approximation of fair value.  
There have not been any transfers of assets or liabilities between levels.  
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 19

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

Note 6 Share capital
Units Mar 2026 Mar 2025 Dec 2025
Ordinary shares at end of period 1,033,962,264 69,799,000 1,033,962,264
Weighted average number of shares outstanding at period end1 1,033,962,264 800,000,000 854,484,363
Weighted average number of shares outstanding at period end, incl. dilution1 1,035,235,352 800,000,000 854,993,878
1) The weighted average number of shares outstanding for the comparative period prior listing, is calculated based on the total number of Verisure 
plc shares (800,000,000) at the time of listing on Nasdaq Stockholm on 8 October 2025.
Note 7 Borrowings
Mar 2026 Mar 2025 Dec 2025
€m
Principal 
amount
Adjustment 
amortised
costs
Carrying 
amount
Principal 
amount
Adjustment 
amortised
costs
Carrying 
amount
Principal 
amount
Adjustment 
amortised
costs
Carrying 
amount
Non-current liabilities
Secured
Senior Secured Notes 975.0 (5.8) 969.2 3,325.0 (17.2) 3,307.8 975.0 (6.2) 968.8
Term Loan A 1,290.0 (9.4) 1,280.6 - - - 1,290.0 (9.8) 1,280.2
Term Loan B 1,250.0 (6.1) 1,243.9 2,525.0 (18.4) 2,506.6 1,250.0 (6.3) 1,243.7
Revolving Credit Facility 54.2 (7.7) 46.5 292.6 (5.4) 287.2 66.3 (8.1) 58.2
Unsecured
Senior Unsecured Notes 1,175.0 (6.1) 1,168.9 1,313.3 (8.9) 1,304.4 1,175.0 (6.7) 1,168.3
Liabilities to other 
creditors1 93.6 - 93.6 146.2 - 146.2 122.6 - 122.6
Lease liabilities 145.1 - 145.1 135.0 - 135.0 143.7 - 143.7
Long-term borrowings 4,982.9 (35.1) 4,947.8 7,737.1 (49.9) 7,687.2 5,022.6 (37.1) 4,985.5
Current liabilities
Accrued interest 
expenses 42.2 - 42.2 58.8 - 58.8 58.6 - 58.6
Liabilities to other 
creditors1 193.4 - 193.4 176.6 - 176.6 205.9 - 205.9
Lease liabilities 72.9 - 72.9 58.9 - 58.9 65.3 - 65.3
Short-term borrowings 308.5 - 308.5 294.3 - 294.3 329.8 - 329.8
Total 5,291.4 (35.1) 5,256.3 8,031.4 (49.9) 7,981.5 5,352.4 (37.1) 5,315.3
1) Liabilities to other creditors mainly consists of factoring liabilities. The non-current factoring liability amounted to €78.8m (€126.4m in Mar 2025 
and €85.6m in Dec 2025), and the current factoring liability amounted to €152.8m (€138.2m in Mar 2025 and €155.7m in Dec 2025).
Net debt and net leverage reconciliations
€m Mar 2026 Mar 2025 Dec 2025
Total borrowings (as above) 5,256.3 7,981.5 5,315.3
Less adjustments1 (238.7) (273.5) (262.8)
Total indebtedness 5,017.6 7,708.0 5,052.5
Less cash and cash equivalents (32.4) (28.6) (30.0)
Total net debt2 4,985.2 7,679.4 5,022.5
Adjusted EBITDA (LTM) 1,761.5 1,578.1 1,708.0
LTM net leverage, ratio2 2.8x 4.9x 2.9x
1) Total borrowings excludes adjustments to amortised cost required by IFRS 9, as well as the balance of accrued interest expense and qualified 
receivables financing. 
2) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance 
measures (APMs)'.
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 20

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Note 8 Pledged assets and contingent liabilities
Pledged assets
€m Mar 2026 Mar 2025 Dec 2025
Net assets of subsidiaries 13,601.7 13,398.0 13,515.7
Bank accounts 6.9 6.2 6.5
Accounts receivables 255.4 183.5 253.5
Inventories 1.2 2.4 1.1
Other operating assets 72.8 69.2 68.2
Trademark 45.2 32.1 48.5
Endowment insurance 0.5 0.5 0.5
Contingent liabilities
€m Mar 2026 Mar 2025 Dec 2025
Guarantees 21.1 41.3 42.7
The pledged assets are collateral for bank borrowings.  Guarantees relate primarily to warranties provided to suppliers.
Note 9 Related party transactions
Related parties and related party transactions are described 
in note 16 in the 2025 annual report published at 
www.verisure.com.
During the first quarter of 2026, Verisure held a non-current 
financial receivable of €2.2m (nil) in respect of a loan to a 
related party.  Interest income related to the non-current 
financial receivable, amounted to € 0.0m (nil).  Other related 
party transactions amounted to nil (€0.6m). 
During the first quarter of 2025, transactions with the 
immediate parent company included interest income of 
€0.0m, a received shareholder contribution of €0.4m and an 
outstanding balance of financial receivable amounting to 
€15.0m by end of March 2025.  Corresponding transactions 
and outstanding balance with an immediate parent 
company are no longer existing, as a consequence of the 
listing of the Group in October 2025.
In 2025, Verisure plc established an Employee benefit trust 
(EBT) and funded the EBT with an irrecoverable gift to 
purchase certain Management Shareholders’ direct or 
indirect interest in Aegis Lux 2 S.à r.l. on the day of listing. In 
January 2026, Aegis Lux 2 S.à r.l. was liquidated and the 
equity instruments held by the EBT in the company were 
converted to a holding of 1,247,625 ordinary shares in 
Verisure plc.  The shareholdings in Aegis Lux 2 S.à r.l., 
initially and as of December 2025 recognised as other 
financial asset, were subsequently derecognised in full and 
recognised in equity as treasury shares at time of 
conversion to holdings in Verisure plc.    
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 21

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Quarterly summary
€m (unless otherwise stated) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025
Revenue 1,019.3 964.7 933.0 927.9 919.9
Revenue growth1, %  10.8 %  10.9 %  9.2 %  9.3 %  10.2 %
Adjusted EBITDA1 472.3 420.6 442.6 426.0 418.8
Adjusted EBITDA margin1, %  46.3 %  43.6 %  47.4 %  45.9 %  45.5 %
Adjusted EBITDA incl. SDIs1 451.3 333.6 385.9 408.1 409.7
Adjusted EBITDA margin incl. SDIs1, %  44.3 %  34.6 %  41.4 %  44.0 %  44.5 %
Adjusted EBIT1 277.0 236.0 250.3 236.0 230.6
Adjusted EBIT margin1, %  27.2 %  24.5 %  26.8 %  25.4 %  25.1 %
EPS, basic and diluted2, € 0.06 (0.12) (0.06) (0.05) (0.05)
Adjusted EPS1,3, € 0.15 0.12 0.09 0.08 0.07
Operating profit 121.8 19.2 81.8 96.8 100.9
Cash flow from operating activities 404.6 326.5 358.2 298.1 334.2
Free cash flow1 39.1 23.8 (27.2) (41.1) (56.2)
Total net debt1 4,985.2 5,022.5 7,773.5 7,731.8 7,679.4
LTM net leverage¹, ratio 2.8x 2.9x 4.7x 4.8x 4.9x
Acquisition multiple1, ratio 3.7x 4.0x 3.6x 3.6x 3.6x
Portfolio Services segment
Portfolio Services revenue 899.2 847.6 816.6 806.6 797.0
Annualised recurring revenue (ARR)1 3,532.9 3,447.6 3,297.5 3,225.4 3,150.2
Annualised recurring revenue growth¹, %  12.1 %  12.4 %  10.5 %  11.0 %  11.6 %
Annualised recurring revenue (ARR) - previous definition1, 4 3,635.4 3,441.8 3,291.8 3,262.0 3,225.3
Annualised recurring revenue growth - previous definition1, 4, %  12.7 %  13.0 %  9.6 %  10.1 %  11.2 %
Portfolio Services Adjusted EBITDA¹ 662.3 621.4 608.5 595.4 583.9
Portfolio Services Adjusted EBITDA margin¹, %  73.7 %  73.3 %  74.5 %  73.8 %  73.3 %
Total subscribers (end of period), 000s 6,277.6 6,171.4 5,940.5 5,831.4 5,722.5
Cancellation5, 000s 116.7 113.2 105.4 108.4 106.3
LTM attrition rate5, %  7.4 %  7.4 %  7.4 %  7.4 %  7.4 %
Quarterly attrition rate (annualised)5, %  7.5 %  7.4 %  7.1 %  7.5 %  7.5 %
Net subscriber growth5, 000s 106.2 230.9 109.1 108.9 110.8
Subscriber growth rate5, net, %  9.7 %  10.0 %  8.0 %  8.1 %  8.3 %
Monthly average number of subscribers during the period5, 000s 6,210.9 6,079.4 5,894.6 5,767.7 5,656.1
Average monthly revenue per user (ARPU)¹, € 48.3 46.5 46.2 46.6 47.0
Recurring monthly cost (RMC)1, € 12.7 12.4 11.8 12.2 12.6
Monthly Adjusted EBITDA per customer (EPC)¹, € 35.5 34.1 34.4 34.4 34.4
Customer Acquisition segment
Customer Acquisition revenue 93.7 86.5 86.7 90.7 98.3
Customer Acquisition Adjusted EBITDA¹ (196.3) (205.8) (171.4) (174.5) (171.3)
Customer Acquisition capital expenditures¹ 154.4 157.5 147.2 145.7 147.5
New subscribers added (gross)5, units 222.9 223.8 214.4 217.3 217.1
Cost per acquisition (CPA)1, € 1,573.5 1,623.5 1,485.9 1,473.7 1,468.5
Adjacencies segment
Adjacencies revenue 26.4 30.6 29.7 30.5 24.6
Adjacencies Adjusted EBITDA¹ 6.3 5.0 5.5 5.1 6.2
1) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance 
measures (APMs)'. 
2) Earnings per share (EPS), basic and diluted, is calculated based on the weighted average number of outstanding shares in the period. The 
outstanding number of shares prior to the listing on Nasdaq Stockholm on 8 October 2025 is based on the total number of Verisure plc shares 
(800,000,000) at the time of listing on Nasdaq Stockholm on 8 October 2025. The amount of shares prior to the listing on Nasdaq Stockholm has also 
been applied to the comparative periods. 
3) Adjusted earnings per share (EPS) is calculated based on the total number of Verisure plc shares following completion of the listing on Nasdaq 
Stockholm on 8 October 2025 and includes the issuance of new shares the same day. The amount of shares outstanding at 8 October 2025, including 
the shares issued the same day, has also been applied to the comparative periods.
4) In Q4 2025, the Group updated how it defines ARR to better reflect stability against quarterly seasonality, particularly price increases and upgrade 
propensity. Refer to section 'Alternative performance measures (APMs)' for more details. 
5) Other performance metrics. Refer to section 'APMs and other performance metrics' for more details.
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 22

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Alternative performance measures (APMs) 
(unaudited)
Verisure applies the European Securities and Markets 
Authority’s (“ESMA”) guidelines on alternative performance 
measures (“APMs”).  Under these guidelines, an APM is a 
financial measure of historic or forecast earnings 
performance, financial position or cash flow that is neither 
defined nor specified in IFRS.  Management uses a number 
of key operating metrics in addition to IFRS financial 
measures to evaluate, monitor, and manage the business.  
We believe that the APMs and other performance metrics 
presented below, together with the measures defined under 
IFRS, provide important insight to the operations and 
strengthen the understanding of the Group’s financial 
performance and trends.  The non-IFRS operational and 
statistical information related to our operations included in 
this section have been derived from our internal reporting 
systems.  These APMs and other performance metrics should 
not be compared with  performance measures of similar 
names used by other companies due to potential 
differences in definitions.
Reconciliation tables
A reconciliation of each of the APMs to its nearest IFRS measure is set out below.  
Acquisition multiple
€ (unless otherwise stated) Q1 2026 Q1 2025
Cost per acquisition (CPA) 1,573.5 1,468.5
Monthly Adjusted EBITDA per customer (EPC) 35.5 34.4
Acquisition multiple (ratio) 3.7x 3.6x
Adjusted earnings per share (Adjusted EPS)
€m (unless otherwise stated) Q1 2026 Q1 2025
Net profit or (loss) for the period 61.8 (43.3)
Adjustment of acquisition related items¹ 114.4 120.6
Deferred tax on acquisition-related items (27.9) (29.1)
Separately disclosed items affecting Net profit or (loss)2 (0.2) 27.7
Tax impact of separately disclosed items affecting Net profit or (loss) 4.0 (4.7)
Adjusted Net profit or (loss) for the period 152.1 71.2
Adjusted number of shares outstanding at period end 1,033,962,264 1,033,962,264
Adjusted EPS3, € 0.15 0.07
1) Acquisition related items relate to amortisation and depreciation included in net profit or (loss), mainly  resulting from the 2020 Business 
Combination (further described in the definitions of APMs). The impact from these amortisations and depreciations are excluded to better reflect 
the underlying net profit or (loss) absent business combinations. 
2) Refer to APM table Separately disclosed items for information on SDIs.
3) Adjusted earnings per share (EPS) is calculated based on the total number of Verisure plc shares following completion of the listing on Nasdaq 
Stockholm on 8 October 2025 and includes the issuance of new shares the same day. The amount of shares outstanding at 8 October 2025, including 
the shares issued the same day, has also been applied to the comparative period.
Adjusted EBIT and Adjusted EBIT margin
€m (unless otherwise stated) Q1 2026 Q1 2025
Operating profit 121.8 100.9
Adjustment of acquisition related items¹ 114.4 120.6
Separately disclosed items affecting EBIT² 21.0 9.1
Share-based compensation 19.8 -
Adjusted EBIT 277.0 230.6
Revenue 1,019.3 919.9
Adjusted EBIT margin (%)  27.2 %  25.1 %
1) Acquisition related items relate to amortisation and depreciation included in net profit or (loss), mainly  resulting from the 2020 Business 
Combination (further described in the definitions of APMs). The impact from these amortisations and depreciations are excluded to better reflect 
the underlying net profit or (loss) absent business combinations. 
2) Refer to APM table Separately disclosed items for information on SDIs.
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 23

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Adjusted EBITDA, Revenue growth, Adjusted EBITDA margin, Adjusted EBITDA incl. SDI and Adjusted EBITDA margin incl. SDI
€m Q1 2026 Q1 2025
Operating profit 121.8 100.9
Depreciation, amortisation and asset retirements 309.7 308.8
Separately disclosed items affecting EBITDA¹ 21.0 9.1
Share-based compensation 19.8 -
Adjusted EBITDA 472.3 418.8
Portfolio Services Adjusted EBITDA 662.3 583.9
Customer Acquisition Adjusted EBITDA (196.3) (171.3)
Adjacencies Adjusted EBITDA 6.3 6.2
Revenue 1,019.3 919.9
Revenue growth (%)  10.8 %  10.2 %
Adjusted EBITDA margin (%)  46.3 %  45.5 %
Adjusted EBITDA (as above) 472.3 418.8
Add-back of adjustment items within EBITDA (21.0) (9.1)
Adjusted EBITDA incl. SDIs 451.3 409.7
Adjusted EBITDA margin incl. SDIs (%)  44.3 %  44.5 %
1) Refer to APM table Separately disclosed items for information on SDIs.
Adjusted Operating Cash Flow,  Adjusted Operating Cash Flow before portfolio growth and Free cash flow
€m (unless otherwise stated) Q1 2026 Q1 2025
Adjusted EBIT 277.0 230.6
Depreciation, amortisation and asset retirement¹ 195.3 188.2
Customer Acquisition adjusted EBITDA 196.3 171.3
Portfolio and other capital expenditures² (103.8) (91.7)
Change in working capital (48.4) (57.4)
Repayment of lease liabilities (17.7) (16.3)
Adjusted operating cash flow before Customer acquisition 498.7 424.7
Attrition replacement investment³ (183.7) (156.1)
Adjusted operating cash flow before portfolio growth 315.0 268.6
Organic portfolio growth investment⁴ (167.1) (162.7)
Adjusted operating cash flow 147.9 105.9
Paid taxes 9.5 (18.1)
Separately disclosed items affecting EBITDA (21.0) (9.1)
Net interest and other financial items paid (89.9) (134.9)
Other (7.4) -
Free cash flow 39.1 (56.2)
Adjusted operating cash flow (excluding change in working capital) 196.3 163.3
1) Represents depreciation, amortisation and asset retirements excluding acquisition-related amortisation from historic business combinations. 
Refer to "Amortisation of acquisition related items - Business Combinations" below for more information. 
2) Portfolio and other capital expenditures consist of Portfolio Services capital expenditures (capital expenditures related to new equipment for 
existing customers), Adjacencies capital expenditures (direct costs related to acquisition of customer contracts within our adjacencies segment) and 
other capital expenditures (capital expenditure related to research and development, IT and premises). 
3) Number of cancellations multiplied by CPA.
4) The difference between the number of new customers and the number of cancellations, multiplied by CPA. 
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 24

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Annualised recurring revenue (ARR)
€m (unless otherwise stated) Q1 2026 Q1 2025
Total subscribers (end of period), 000s 6,277.6 5,722.5
ARPU (LTM), € 46.9 45.9
ARR1 3,532.9 3,150.2
ARR Growth (%)  12.1 %  11.6 %
ARPU, € 48.3 47.0
ARR - previous definition1 3,635.4 3,225.3
ARR Growth (%) - previous definition  12.7 %  11.2 %
1) In Q4 2025, the Group updated how it defines ARR to better reflect stability against quarterly seasonality, particularly price increases and upgrade 
propensity. 
Cost per acquisition (CPA) and Customer Acquisition capital expenditures
€m (unless otherwise stated) Q1 2026 Q1 2025
Customer Acquisition revenue 93.7 98.3
Customer Acquisition expenses (290.2) (270.3)
Customer Acquisition other revenue 0.2 0.7
Customer acquisition Adjusted EBITDA (196.3) (171.3)
Customer Acquisition capital expenditure, material 85.8 82.3
Customer Acquisition capital expenditure, direct cost 68.6 65.2
Customer acquisition capital expenditure (154.4) (147.5)
Customer acquisition cost (net) (350.7) (318.8)
New subscribers added (gross), 000s 222.9 217.1
CPA, €1 1,573.5 1,468.5
Customer Acquisition cost (gross)2 (444.6) (417.8)
Gross capitalisation (%)  34.7 %  35.3 %
1) In Q1 2026, CPA includes investment in media related to our rebranding, from Securitas Direct to Verisure. This rebranding programme began in 
October 2025. 
2) Customer Acquisition cost (gross) consists of Customer Acquisition expenses and Customer Acquisition capital expenditures. 
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 25

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Monthly Adjusted EBITDA per customer (EPC), Portfolio Services Adjusted EBITDA and Portfolio Services Adjusted EBITDA margin
€m (unless otherwise stated) Q1 2026 Q1 2025
Portfolio Services revenue 899.2 797.0
Portfolio Services expenses (237.1) (213.5)
Portfolio Services other revenue 0.2 0.4
Portfolio services Adjusted EBITDA 662.3 583.9
Portfolio Services Adjusted EBITDA margin  73.7 %  73.3 %
Monthly average Portfolio Services Adjusted EBITDA 220.8 194.6
Monthly average number of subscribers during the period, 000s 6,210.9 5,656.1
EPC, € 35.5 34.4
Monthly average revenue per user (ARPU)
€m (unless otherwise stated) Q1 2026 Q1 2025
Portfolio Services revenue 899.2 797.0
Monthly average Portfolio Services revenue 299.7 265.7
Monthly average number of subscribers during the period, 000s 6,210.9 5,656.1
ARPU, € 48.3 47.0
Recurring monthly cost (RMC)
€m (unless otherwise stated) Q1 2026 Q1 2025
ARPU 48.3 47.0
EPC 35.5 34.4
Recurring monthly cost (RMC), € (12.7) (12.6)
Separately disclosed items (SDIs)
€m (unless otherwise stated) Q1 2026 Q1 2025
ERP (3.5) (3.7)
Organisational (1.4) (1.3)
M&A1 4.2 -
Rebranding2 (3.7) -
Other3 (6.3) (3.3)
Total impacting EBITDA (excl. IPO) (10.7) (8.3)
IPO4 (10.3) (0.8)
Total impacting EBITDA (21.0) (9.1)
Share-based compensation5 (19.8) -
Amortisation of acquisition related items6 (114.4) (120.6)
Total impacting EBIT (155.2) (129.7)
Revaluation effects and other financial items 41.0 (18.6)
Total impacting Profit or (loss) before tax (114.2) (148.3)
Tax impact6 23.9 33.8
Total impacting Net profit or (loss) (90.3) (114.5)
1) Includes M&A related costs and a €4.9m gain on disposal of a minority interest investment. 
2) In Q1 2026, the Group incurred costs for programme management and technology updates, related to the rebranding from Securitas Direct to 
Verisure in Spain and Portugal. 
3) Includes a provision of €2.4m and related legal costs for a historic technology royalty claim from a supplier. The provision relates to the period 
from 2021 to the current period.
4) Includes an accrual of IPO-related bonuses, with employee retention performance conditions, to be paid in April 2026.
5) Refer to note 4 'Share-based compensation' for more details.
6) Depreciation, amortisation and asset retirements includes €14.6m (Q1 2025: €21.4m) of amortisation on capitalised variable sales cost 
commissions recorded on the balance sheet prior to the 2020 Business Combination. As these costs would have been amortised as an operating 
cost absent the 2020 Business Combination, it is considered more appropriate to include these assets' amortisation in Adjusted EBIT and not as an 
acquisition-related SDI. We have therefore added back this amortisation to our adjusted depreciation and amortisation charge with a consequent 
reduction in Adjusted EBIT. The corresponding tax impact is €2.2m in Q1 2026 (Q1 2025: €4.2m). See below for more details on amortisation of 
acquisition related items.
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Reconciliation of the depreciation, amortisation and asset retirement charge
The below presents a bridge between reported depreciation, amortisation and asset retirements and adjusted depreciation, 
amortisation and asset retirements with the main reconciliation item being amortisation from historical business combinations.
€m (unless otherwise stated) Q1 2026 Q1 2025
Reported depreciation, amortisation and asset retirements 309.7 308.8
     Adjustment of amortisation of acquisition related items
     Customer portfolio - Acquired intangibles (109.7) (110.9)
     Technology rights - (5.5)
     Trademarks (4.7) (4.2)
     Total adjustment of amortisation of acquisition related items (114.4) (120.6)
Adjusted depreciation, amortisation and asset retirements 309.6 308.7
Net debt and LTM net leverage
€m (unless otherwise stated) Mar 2026 Mar 2025
Long-term borrowings 4,947.8 7,687.2
Short-term borrowings 308.5 294.3
Less adjustments to amortised cost 35.1 49.9
Less qualified receivables financing (231.6) (264.6)
Less accrued interest (42.2) (58.8)
Total indebtedness 5,017.6 7,708.0
Less cash and cash equivalents (32.4) (28.6)
Total net debt 4,985.2 7,679.4
Adjusted EBITDA (LTM)1 1,761.5 1,578.1
LTM net leverage, ratio 2.8x 4.9x
1) Adjusted EBITDA (LTM) represents the sum of the last twelve months Adjusted EBITDA.
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 27

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APMs and other performance metrics (unaudited)
Definitions
Acquisition multiple
Initial investment made to acquire a new customer (CPA, as 
defined below) divided by the annualised monthly Adjusted 
EBITDA per subscriber (EPC, as defined below).
Adjacencies Adjusted EBITDA
Operating profit, excluding depreciation, amortisation, and 
asset retirements and separately disclosed items for the 
Adjacencies segment.
Adjusted EBIT
Operating profit, excluding acquisition-related items, share-
based compensation expenses and separately disclosed items. 
Acquisition-related items relate to the amortisation and 
depreciation impact on Operating profit mainly from the 2020 
Business Combination¹. This impact is excluded from operating 
profit to better reflect underlying business performance absent 
the 2020 Business Combination¹.
Adjusted EBIT margin Adjusted EBIT divided by revenue.
Adjusted EBITDA
Operating profit, excluding depreciation, amortisation, and 
asset retirements, separately disclosed items and share-based 
compensation.
Adjusted EBITDA incl. SDIs Operating profit, excluding depreciation, amortisation and asset 
retirements.
Adjusted EBITDA margin Adjusted EBITDA divided by revenue.
Adjusted EBITDA margin incl. SDIs Adjusted EBITDA incl. SDIs divided by revenue.
Adjusted EPS
Net profit or (loss) for the period attributable to the 
shareholders of the parent company, before acquisition-related 
items, share-based compensation expenses and separately 
disclosed items including the tax impact of these components, 
divided by the weighted average number of shares for the 
period. Acquisition-related items relate to the amortisation and 
depreciation impact on net profit mainly from the 2020 
Business Combination¹. This impact is excluded to better reflect 
the underlying net profit absent the 2020 Business 
Combination¹.
Adjusted Net profit or (loss)
Adjusted Net profit or (loss) is defined as net profit or (loss) for 
the period, before acquisition-related items, share-based 
compensation expenses, and separately disclosed items (net of 
tax). Acquisition-related items relate to the amortisation and 
depreciation impact in net profit absent historic business 
combinations¹.
Adjusted Operating Cash Flow
Adjusted Operating Cash Flow before portfolio growth (as 
defined below) less organic portfolio growth investment (the 
difference between the number of new customers and the 
number of cancellations, multiplied by CPA).
Adjusted Operating Cash Flow before portfolio growth
Adjusted EBIT, add-back depreciation, amortisation and asset 
retirements, Customer acquisition Adjusted EBITDA, less capital 
expenditures, repayment of lease liabilities, and change in 
working capital for the period, after the attrition replacement 
investment (the number of cancellations multiplied by CPA).
Annualised recurring revenue (ARR)
Total number of subscribers in our portfolio at the end of the 
period, multiplied by the last twelve months (LTM) average 
revenue per user (ARPU as defined below), multiplied by 12 
months.
Annualised recurring revenue (ARR) - previous definition
Total number of subscribers in our portfolio at the end of the 
period, multiplied by the last three months average revenue per 
user (ARPU, as defined below), multiplied by 12 months.
Annualised recurring revenue growth, % Annualised recurring revenue for the relevant period divided by 
Annualised recurring revenue for the same period last year.
Cash conversion Adjusted Operating Cash Flow divided by Adjusted EBIT.
Cost per acquisition (CPA)
Net cash investment to acquire a subscriber, including costs 
related to the marketing and sales process, installation of the 
alarm system, costs of alarm system products and overhead 
expenses for the Customer Acquisition process. The metric is 
calculated net of revenue from security audit and installation 
fees charged to the subscriber and represents the sum of 
Adjusted EBITDA plus capital expenditures in our Customer 
Acquisition segment on average for every subscriber acquired.
Customer Acquisition Adjusted EBITDA
Operating profit, excluding depreciation, amortisation, and 
asset retirements and separately disclosed items for the 
Customer Acquisition segment.
APM Definition
VERISURE PLC Q1 2026 INTERIM REPORT JANUARY - MARCH 2026 28

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Customer Acquisition Adjusted EBITDA margin Customer Acquisition Adjusted EBITDA divided by Customer 
Acquisition revenue.
Customer Acquisition capital expenditures
Purchases of equipment for new customers and direct 
incremental costs related to the acquisition of customer 
contracts.
Free cash flow
Adjusted operating cash flow less taxes paid, net interest paid 
and other financial items, and EBITDA SDIs.  The measure 
excludes cash flows relating to M&A activity, changes in 
borrowings, and distributions to shareholders.
LTM net leverage Total net debt divided by the last 12 months' Adjusted EBITDA.
Monthly Adjusted EBITDA per customer (EPC)
Monthly Adjusted EBITDA from our existing subscriber portfolio 
(Portfolio Services Adjusted EBITDA) divided by the average 
number of subscribers.
Monthly average revenue per user (ARPU)
Portfolio Services segment revenue (consisting of monthly 
average subscription fees and sales of additional products and 
services) divided by the average number of subscribers during 
the relevant period.
Portfolio reinvestment rate The ratio of Customer Acquisition cost and Portfolio Services 
Adjusted EBITDA less Portfolio Services capital expenditures.
Portfolio Services Adjusted EBITDA
Operating profit, excluding depreciation, amortisation and asset 
retirements, and separately disclosed items for the Portfolio 
Services segment.
Portfolio Services Adjusted EBITDA margin Portfolio Services Adjusted EBITDA divided by Portfolio Services 
revenue.
Recurring monthly cost (RMC)
Represents the monthly cost per subscriber in our Portfolio 
Services segment, calculated as the difference between ARPU 
and EPC.
Revenue growth Revenue for the relevant period divided by revenue for the 
same period last year.
Separately disclosed items (SDI)
Separately disclosed items (SDIs) are income and costs that 
have been recognised in the consolidated income statement 
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.
Total net debt
Sum of financial indebtedness, defined as interest bearing debt 
from external counterparties, lease liabilities, excluding accrued 
interest and liabilities from qualified receivables financing, less 
the sum of available cash and financial receivables.
1) In December 2020, Hellman & Friedman reviewed and extended its long-term commitment to Verisure by completing the transfer of its indirect 
shareholdings in Verisure, from Hellman & Friedman Capital Partners VII, L.P. to certain new Hellman & Friedman managed entities, including 
Hellman & Friedman Capital Partners IX, L.P. In accordance with IFRS 3: Business Combinations, this transfer of shareholdings resulted in a change 
in control and a significant uplift in asset values due to the fair valuation adjustments at the time of the transfer. The fair value adjusted assets, 
defined as acquisition-related items, are depreciated and amortised over their useful lives (when applicable) in the consolidated financial 
statements of the Group. Since this transfer of indirect shareholdings did not have any impact on the underlying Verisure trading activities, and in 
order to present in a more transparent view, the depreciation and amortisation charges arising on these new / incremental acquisition-related 
items have been excluded when presenting Adjusted EBIT, Adjusted profit or (loss) and Adjusted EPS.
APM Definition
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Definition of other performance metrics
In addition to APMs, we use other performance metrics for assessing various aspects of the business performance.  These metrics 
are not derived from, nor directly reconcilable to, the Group’s financial statements prepared in accordance with IFRS, and therefore 
do not qualify as APMs.  
Other performance metrics Definition
Cancellations Number of cancelled subscriptions net of reinstates during the 
period, including cancellations on acquired portfolios.
LTM attrition rate
Number of net cancellations to our monitored alarm service in the 
last 12 months, divided by the average number of subscribers 
during the last 12 months.
Monthly average number of subscribers during the period
Represents the average count of active subscribers each month 
over the specified period. It is calculated by summarising the 
number of subscribers at the end of each month and dividing by 
the number of months in the period.
Net subscriber growth Total number of new subscribers added at the end of the period 
subtracted with number of cancelled subscriptions.
New subscribers added (gross) Total number of new subscribers added at the end of the period.
New subscriber growth rate, net
Total number of new subscribers added at the end of the period 
divided by the number of new subscribers added at the relevant 
period.
Subscriber growth rate, net (%) Number of subscribers at the end of the period divided by the 
number of subscribers at the end of the relevant period.
Quarterly attrition rate annualised, %
The quarterly attrition rate is the number of terminated 
subscriptions to our monitoring service in the quarter, annualised 
and divided by the average number of subscribers in the quarter.
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Signatures
The interim report for Verisure plc has been submitted following approval by the Board of Directors.  
London, 6 May 2026
Austin Lally
Chief Executive Officer
This report has not been subject to review by Verisure plc’s auditors.  
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About Verisure Group
Verisure plc Group, is the global leader in professionally monitored security services by customers served, with a market-leading 
presence across Europe and Latin America.   We Deter, Detect, Verify and Intervene to protect our residential and small business 
customers against intrusion, burglary, fires, physical attack, home occupation, theft from a business, life-threatening emergencies 
and other hazards that may risk the safety, wellbeing or condition of our customers and their properties.  We protect a portfolio of 
close to 6.3 million customers across 18 countries.  In 14 of our 18 geographies, we lead the category in terms of customers served 
and we continue to gain market share.  We have a strong track record of profitable and resilient growth, primarily delivered 
organically by our codified and industrialised business model with high share of recurring revenues (about 90%) and industry 
leading retention.  
Presentation of the report
A webcast and conference call will be held on 6 May 2026 at 10:00 a.m. CET.  For more information visit our website at 
www.verisure.com.  
The transcript will also be available on Verisure’s website following the presentation.   
Financial calendar
Report                                                         Published
Interim report April-June 2026                                   30 July 2026             
Interim report July-September 2026                                         3 November 2026
                                       
The information was submitted for publication, through the agency of the contact persons set out below, at 08:00 a.m. CEST on 6 
May 2026.  
For further information
Investor relations:                                      Communications:
Kate Stewart                                                              Srebenka Hanak 
+44 7900 191093                                                          +41 7928 46360
ir@verisure.com                                                         pressrelations@verisure.com
For other information regarding Verisure plc Group, please visit our website www.verisure.com.  
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Verisure plc
111 Buckingham Palace Road
London SW1W 0SR
United Kingdom