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Contents
VERISURE Q2 2026 3
CEO COMMENT 4
FINANCIAL REVIEW 5
OPERATING SEGMENTS 9
KEY FIGURES 11
OTHER ITEMS 12
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 13
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 17
QUARTERLY SUMMARY 24
ALTERNATIVE PERFORMANCE MEASURES (APMS) (UNAUDITED) 25
APMS AND OTHER PERFORMANCE METRICS (UNAUDITED) 30
SIGNATURES 33
ABOUT VERISURE GROUP 34
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 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 for 2025, 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 Q2 2026 
In the second quarter we grew our portfolio by 9.4% to 6.4 million customers, demonstrating resilience 
in a more uncertain consumer backdrop.  Our results reflect the strength of our model, delivering 
compounding recurring revenues ongoing margin expansion and the third consecutive quarter of free 
cash flow generation.  The announcement of our first interim dividend, in line with our pre-IPO 
guidance, marks the beginning of a new phase of progressive shareholder returns.   
Second quarter summary
Revenue rose to € 1,023.6m, an increase of + 10.3% year-on-
year (+9.3% in constant currency).  
We added 218,617 new subscribers in the quarter, an 
increase of + 0.6% compared to the same quarter last year.  
Total customers as of 30 June 2026 were near 6.4 million, an 
increase of +9.4% compared to prior year. 
Annualised recurring revenue (“ARR”) reached € 3,619.8m,  
corresponding to a growth of +12.2% compared to Q2 2025 
(+11.9% in constant currency), of which approximately +2% is 
attributable to our Mexico acquisition. 
Adjusted EBITDA increased to € 467.7m, up +9.8% year-on-
year (+9.1% in constant currency).  
Adjusted EBIT rose to € 268.8m, an increase of +13.9% year-
on-year (+13.9% in constant currency).  Adjusted EBIT margin 
increased +83bps to 26.3%, as a result of an improved 
performance on both Monthly average revenue per user 
(“ARPU”) growth and Monthly adjusted EBITDA per customer 
(“EPC”).  
Six months summary
Revenue rose to € 2,043.0m, an increase of + 10.6% year-on-
year (+9.8% in constant currency).  
We added 441,499 new subscribers in the year, an increase 
of +1.6% compared to the same period last year.  
Adjusted EBITDA increased to €939.9m, an increase of +11.3% 
year-on-year (+10.7% in constant currency). 
Adjusted EBIT rose to € 545.8m, an increase of +17.0% year-
on-year (+16.6% in constant currency).  Adjusted EBIT margin 
increased +146bps year-on-year to 26.7%, as a result of an 
improved performance on both ARPU growth and EPC.  
The Board has approved an i nterim dividend o f €0.10 per 
share, equivalent to a 35% payout ratio of H1 Adjusted Net 
Income. The dividend, representing a total distribution of  
approximately €103m, will be paid in September 2026. 
€m (unless otherwise stated) Q2 2026 Q2 2025 6m 2026 6m 2025
Revenue 1,023.6 927.9 2,043.0 1,847.7
Revenue growth¹, %  10.3 %  9.3 %  10.6 %  9.8 %
Annualised recurring revenue (ARR)1 3,619.8 3,225.4 3,619.8 3,225.4
Annualised recurring revenue growth¹, %  12.2 %  11.0 %  12.2 %  11.0 %
Annualised recurring revenue (ARR) - previous definition1, 2 3,688.7 3,262.0 3,690.9 3,274.2
Annualised recurring revenue growth - previous definition1, 2, %  13.1 %  10.1 %  12.7 %  10.5 %
Operating profit 103.0 96.8 224.7 197.7
Adjusted EBITDA¹ 467.7 426.0 939.9 844.8
Adjusted EBITDA margin¹, %  45.7 %  45.9 %  46.0 %  45.7 %
Adjusted EBIT¹ 268.8 236.0 545.8 466.6
Adjusted EBIT margin¹, %  26.3 %  25.4 %  26.7 %  25.3 %
EPS, basic and diluted3, € 0.00 (0.05) 0.06 (0.11)
Adjusted EPS1, 4, € 0.14 0.08 0.28 0.15
Cash flow from operating activities 399.1 298.1 803.7 632.1
Free cash flow1 56.2 (41.1) 95.3 (97.3)
Total subscribers (end of period), 000s 6,377.3 5,831.4 6,377.3 5,831.4
New subscribers added (gross)5, 000s 218.6 217.3 441.5 434.4
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. Refer to note 6 'Share 
capital' for more details.
4) Adjusted earnings per share (EPS) is calculated based on 1,033,962,264 shares, which is 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.
5) Other performance metrics. Refer to section 'APMs and other performance metrics' for more details. 
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 3

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CEO comment
“H1 2026 paves the way for progressive 
shareholder returns with the 
announcement of our first interim 
dividend.”
Quality Portfolio Growth
As the global leader by portfolio size in professionally 
monitored security, we are now proud to protect nearly 6.4 
million customers across 18 markets in Europe and Latin 
America, up + 9.4% year-on-year.  In Q2 we continued to 
demonstrate the strength of our business, underpinned by 
our operational discipline and recurring revenue profile.  
Against a more uncertain consumer backdrop, we remained 
focused on portfolio quality and long-term value creation.
Our portfolio provides a foundation for continued strong 
topline growth. ARR, our primary growth metric, reached 
€3,620m, an increase of + 11.9% year-on-year (at constant 
currency).  Our disciplined focus on cost management 
resulted in Adjusted EBIT growth of + 13.9% year-on-year, 
with our Adjusted EBIT margin, up +107bps to 26.4% (all at 
constant currency). I am also pleased with our third 
consecutive quarter of positive free cash flow, generat ing 
€56.2m compared to an outflow of €41.1m in Q2 2025. 
Our primary segments, Customer Acquisition and Portfolio 
Services, both progressed well.  In Customer Acquisition, we 
welcomed 218,617 new customers.  We remained highly 
disciplined, maintaining the same ARPU levels as our 
existing base, key to maintaining a high-quality portfolio. 
Our cost per acquisition (“CPA”) increased 9.8% year-on-year 
(in constant currency), primarily driven by our rebranding 
investment in Spain and higher digital media pricing.
Portfolio Services Adjusted EBITDA increased + 12.6% year-
on-year (at constant currency).  ARPU increased + 2.4%, 
supported by portfolio upselling, while recurring monthly 
costs (“RMC”) were slightly higher, up 1.2% year-on-year 
(both at constant currency), as we continued to integrate a 
higher cost base in Mexico.  Excluding Mexico, RMC was 
lower year-on-year.  This consistent execution resulted in a 
record €35.7 EPC.  Portfolio Services Adjusted EBITDA margin 
increased to 74.1%.
AI-enhanced, Human Expertise at every Touchpoint
With more than 90 million connected devices, we have a 
competitive advantage to train our AI models to support our 
Alarm Receiving Centre specialists, who verify incidents via 
visuals and two-way voice, and intervene, activating 
ZeroVision™ or deploying guards or First Responders as 
needed.
The scale of this model was clear in Q2. Nearly 24 million 
alarms were triggered.  Our highly trained teams in our 24/7 
alarm response centres consequently evaluated 9 million 
alarm incidents.  Our AI-enhanced human service filters 
around 99.5% of false positives.  Of total alarms triggered,  
nearly 104,000 incidents required on-site assistance at our 
customers’ homes or business premises.  Protecting 
customers and their families in moments of truth, when it 
really counts.
This human-delivered, AI-enhanced model positions us 
uniquely to provide the best protection and intervention for 
our customers.
Rebrand Programme
Following the success in Portugal, we launched our rebrand 
in Spain in April 2026.  Progress has been strong over the 
first few months with over 70% of bookings now flowing 
through our Verisure branded website versus Securitas 
Direct.  In 2026, we expect marketing expenses of €25m and 
these are fully costed within our +26% Adjusted EBIT margin 
guidance.
Kivala Acquisition
In July, we completed a small, bolt-on acquisition in France, 
Kivala Système SAS (“Kivala”).   Kivala has developed a 
secure, connected technology for digital intercom access to 
residential buildings.  This acquisition will deliver recurring 
revenue from building access with accretive unit economics.  
It will also open new opportunities to increase apartment 
penetration, complementing our current proposition.
Enhanced Debt Profile
We were pleased to receive an Investment Grade rating from 
Fitch Ratings, a significant milestone recognising our stable 
outlook and deleveraging trajectory. Through the refinancing 
actions completed this quarter and our ongoing 
deleveraging, we have secured meaningful interest cost 
savings and reduced our weighted average cost of debt to 
4.25%.  We ended the quarter with LTM net leverage of 2.7x; 
placing us firmly within our full-year 2026 target range. 
Inaugural Interim Dividend
We are pleased to declare our first interim dividend of €0.10 
which will be paid on 17 September 2026 to shareholders of 
record on 10 September 2026.  This important milestone 
provides additional validation of our resilience, quality 
business model, and commitment to deliver increased 
shareholder returns over time.
Outlook and guidance
Our full-year outlook, ARR growth of approximately 10% 
(excluding Mexico), Adjusted EBIT margin above 26% and 
positive free cash flow, remains unchanged. 
I want to thank our customers, shareholders and employees 
for their ongoing support and trust. We look forward with 
confidence as we continue to deliver robust growth, margin 
expansion and positive cash flow against the backdrop of a 
large, growing addressable market. 
Austin Lally 
Chief Executive Officer
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 4

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Financial review
Second quarter summary
Q2 2026 Q2 2025
Adjusted result % 
change
€m (unless otherwise stated) Adjusted SDIs Reported Adjusted SDIs Reported
Actual 
currency
Constant 
currency
Revenue 1,023.6 - 1,023.6 927.9 - 927.9  +10.3 %  +9.3 %
Operating expenses (556.3) (26.2) (582.5) (503.1) (17.9) (521.0)  +10.6 %  +9.2 %
Other income 0.4 - 0.4 1.2 - 1.2  (64.4) %  (64.7) %
Adjusted EBITDA1 467.7 (26.2) 441.5 426.0 (17.9) 408.1  +9.8 %  +9.1 %
Adjusted EBITDA margin1, %  45.7 %  45.9 % (22bps) (6bps)
Share-based compensation2 - (31.5) (31.5) - - - n/a n/a
Depreciation, amortisation and 
asset retirements3 (198.9) (108.1) (307.0) (190.0) (121.3) (311.3)  +4.6 %  +3.2 %
Adjusted EBIT1/Operating profit 268.8 (165.8) 103.0 236.0 (139.2) 96.8  +13.9 %  +13.9 %
Adjusted EBIT margin1, %  26.3 %  25.4 % +83bps +107bps
Interest income and expenses (68.0) - (68.0) (103.7) - (103.7)  (34.4) %  (34.4) %
Other financial items (1.9) (12.1) (14.0) (3.3) (18.9) (22.2)  (41.7) %  (48.5) %
Profit or (loss) before tax 198.9 (177.9) 21.0 129.0 (158.1) (29.1)  +54.2 %  +53.9 %
Income tax (expense)/credit3 (56.5) 39.3 (17.2) (50.0) 35.7 (14.3)  +13.1 %  +13.6 %
Adjusted net profit or (loss) 142.4 (138.6) 3.8 79.0 (122.4) (43.4)  +80.2 %  +78.4 %
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 €15.0m (€20.7m in Q2 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 depreciation and amortisation charge with a consequent 
reduction in Adjusted EBIT. The corresponding tax impact is €2.2m in Q2 2026 (€4.0m in Q2 2025). Refer to section 'Alternative performance measures 
(APMs)' for more details.
Revenue
Revenue increased to €1,023.6m (€927.9m), an increase of +10.3% 
year-on-year (+9.3% in constant currency).  The revenue increase 
was driven by Portfolio Services revenue which rose to € 913.2m 
(€806.6m), an increase of +13.2% year-on-year (+12.1% in constant 
currency), due to a higher number of customers and an increase in 
ARPU of +3.4% compared to Q2 2025.  Upselling of new products 
and services to existing customers is increasing and customer 
response to our Q1 price increase remains strong.  Our portfolio 
grew by +9.4% year-on-year, from 5,831,402  customers in Q2 2025 
to 6,377,284  in Q2 2026.
Adjusted EBITDA 
Adjusted EBITDA increased to €467.7m (€426.0m), up +9.8% year-
on-year (+9.1% in constant currency).  Adjusted EBITDA margin 
decreased -22bps to 45.7% ( 45.9%).  The strong performance in 
Adjusted EBITDA was mainly driven by growth in the portfolio, and 
higher monthly EPC, which improved 3.8% compared to prior year 
(2.8% at constant currency).  
Depreciation, amortisation and asset retirements 
Reported depreciation, amortisation and asset retirements 
decreased 1.4% year-on-year to € 307.0m (€311.3m) and includes 
€108.1m (€ 121.3m) of acquisition related intangible assets 
amortisation (recognised as an SDI).  The remaining depreciation 
and amortisation primarily relates 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 includes Operating profit of € 103.0m (€ 96.8m), 
adjusted for SDIs of €165.8m (€139.2m).  The increase in Adjusted 
EBIT of +13.9% year-on-year (+13.9% in constant currency), and the 
Adjusted EBIT margin of +83bps were mainly driven by portfolio 
growth and improvements in EPC and is inclusive of our €10m 
media rebranding programme investment in Spain, which kicked 
off in April 2026. 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 €43.9m, primarily driven by a €35.7m 
improvement in net interest income and expense, reflecting a 
lower level of gross debt following the IPO as well as a lower 
average cost of debt. Other financial items improved by €8.2m 
year-on-year, mainly due to the absence of the negative unrealised 
FX impact on internal debt in Q2 2025. This improvement was partly 
offset by an €8.0m call premium in Q2 2026 related to the 
repayment of the €450m SSN in May. The unrealised FX impact and 
the call premium are reported within SDIs and represent the 
majority of the SDI cost in the quarter. 
Income tax 
The tax charge for the quarter was €17.2m (€14.3m), comprising a 
current tax charge of €29.7m (€33.3m) and a deferred tax benefit of 
€12.5m (€18.9m).  Excluding SDIs, the income tax charge increased 
to € 56.5m, reflecting higher pre-tax profits and lower non-
deductible interest costs compared to Q2 2025.  The €39.3m SDI tax 
credit arose from deferred tax assets recognised on the 
amortisation of acquired intangible assets.
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 5

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Six months summary
6m 2026 6m 2025
Adjusted result % 
change
€m (unless otherwise stated) Adjusted SDIs Reported Adjusted SDIs Reported
Actual 
currency
Constant 
currency
Revenue 2,043.0 - 2,043.0 1,847.7 - 1,847.7  +10.6 %  +9.8 %
Operating expenses (1,104.0) (52.0) (1,156.0) (1,005.1) (26.9) (1,032.0)  +9.8 %  +8.9 %
Other income 0.9 4.9 5.8 2.2 - 2.2  (61.4) %  (62.1) %
Adjusted EBITDA1 939.9 (47.1) 892.8 844.8 (26.9) 817.9  +11.3 %  +10.7 %
Adjusted EBITDA margin1, %  46.0 %  45.7 % +29bps +38bps
Share-based compensation2 - (51.2) (51.2) - - - n/a n/a
Depreciation, amortisation and 
asset retirements3 (394.1) (222.8) (616.9) (378.2) (242.0) (620.2)  +4.2 %  +3.4 %
Adjusted EBIT1/Operating profit 545.8 (321.1) 224.7 466.6 (268.9) 197.7  +17.0 %  +16.6 %
Adjusted EBIT margin1, %  26.7 %  25.3 % +146bps +157bps
Interest income and expenses (133.2) - (133.2) (211.3) - (211.3)  (37.0) %  (37.0) %
Other financial items (9.0) 29.0 20.0 (8.0) (37.5) (45.5)  +13.6 %  +28.0 %
Profit or (loss) before tax 403.6 (292.1) 111.5 247.3 (306.4) (59.1)  +63.2 %  +61.0 %
Income tax (expense)/credit3 (109.2) 63.4 (45.8) (97.1) 69.4 (27.7)  +12.4 %  +11.6 %
Adjusted net profit or (loss) 294.4 (228.7) 65.7 150.2 (237.0) (86.8)  96.0 %  91.4 %
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 €29.6m (€42.0m in 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 depreciation and amortisation charge with a consequent reduction in 
Adjusted EBIT. The corresponding tax impact is €4.3m in 2026 (€8.2m in 2025). Refer to section 'Alternative performance measures (APMs)' for more 
details.
Revenue 
For the six months ending 30 June 2026, revenue rose to 
€2,043.0m (€1,847.7m), an increase of +10.6% year-on-year (+9.8% 
in constant currency).  The revenue increase was driven by 
Portfolio Services revenue which rose to €1,812.4m (€1,603.6m), 
an increase of +13.0% year-on-year ( +12.2% in constant 
currency).  ARPU increased +3.1% compared to the same period 
last year.  Our innovation-backed price increases in Q1 have 
sustained well through the period.  
Adjusted EBITDA 
Adjusted EBITDA rose to € 939.9m (€ 844.8m), an increase of 
+11.3% year-on-year (+10.7% in constant currency).  The Adjusted 
EBITDA margin increased +29bps year-on-year to 46.0% (45.7%).  
The stronger performance in Adjusted EBITDA was mainly driven 
by growth in the portfolio, innovation-backed price increase and 
cost discipline resulting in a higher EPC which improved 3.6% 
compared to prior year (2.8% at constant currency).  
Depreciation, amortisation and asset retirements 
Reported depreciation, amortisation and asset retirements 
decreased by 0.5% year-on-year to € 616.9m ( €620.2m) and 
included €222.8m (€242.0m) of acquisition-related intangibles 
amortisation (recognised as an SDI).  The remaining 
depreciation and amortisation primarily relates to alarm 
equipment installed at our 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 € 224.7m 
(€197.7m), adjusted for SDIs of €321.1m (€268.9m).  The increase 
in Adjusted EBIT of +17.0% year-on-year ( +16.6% in constant 
currency), and the Adjusted EBIT margin of +146bps year-on-
year, were mainly driven by portfolio growth and is inclusive of 
our €10m media rebranding programme investment in Spain, 
which kicked off in Q2 2026. 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 amounted to €113.2m (€256.8m), a decrease of 
€143.6m compared to the corresponding prior year period.  The 
decrease was primarily driven by a €78.1m reduction in interest 
expense, reflecting lower debt levels following the IPO  and a 
lower weighted average cost of debt. In addition, other financial 
items improved by €65.5m, mainly due to favourable  fair value 
movements on derivative instruments and FX gains on internal 
debt.  Financial SDIs resulted in a gain of € 29.0m (cost of 
€37.5m), reflecting favourable unrealised FX movements on 
internal debt and positive revaluation effects on derivative 
instruments. This compares with negative revaluation effects on 
derivative instruments and unrealised FX movements in the 
corresponding period in 2025. 
Income tax 
The tax charge for the six months  was €45.8m (€ 27.7m), 
comprising a current tax charge of € 69.6m (€66.7m) partially 
offset by deferred tax income of €23.8m (€38.9m) resulting in an 
adjusted effective tax rate of 27.1% for the period.  Excluding 
SDIs, the income tax charge increased to € 109.2m (€ 97.1m),  
reflecting higher pre tax profit in 2026. The €63.4m (€69.4m) tax 
credit relating to SDIs primarily arose from deferred tax assets 
recognised on the amortisation of acquired intangible assets 
and movements in derivative instrument valuations.  The 
Group’s tax charge continues to be adversely impacted by non-
deductible interest expenses. 
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 6

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

Cash flow, capital expenditures and net debt
€m (unless otherwise stated) Q2 2026 Q2 2025 6m 2026 6m 2025
Cash flow
Cash flow from operating activities before change in working capital 406.8 381.0 859.8 772.6
Cash flow from change in working capital (7.7) (82.9) (56.1) (140.5)
Cash flow from operating activities 399.1 298.1 803.7 632.1
Cash flow from investing activities (243.1) (239.4) (484.2) (478.5)
Cash flow from financing activities (152.2) (64.1) (314.0) (160.4)
Cash flow for the period 3.8 (5.4) 5.5 (6.8)
Total net debt1 4,912.8 7,731.8 4,912.8 7,731.8
LTM net leverage1, ratio 2.7x 4.8x 2.7x 4.8x
Capital expenditures
Customer Acquisition, material 78.6 81.2 164.4 163.5
Customer Acquisition, incremental direct costs 66.8 64.5 135.4 129.7
Portfolio Services, new equipment and related direct costs 49.5 48.3 98.1 96.0
Adjacencies, incremental direct costs 0.9 1.4 2.0 2.9
R&D, IT, premises and other 48.7 43.5 102.9 86.1
Total capital expenditures 244.5 238.9 502.8 478.2
1) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance 
measures (APMs)'. 
Second quarter summary 
Cash flow from operating activities 
Cash flow from operating activities increased to € 399.1m 
(€298.1m), primarily driven by continued progress and focus on 
our working capital improvement plan together with higher 
operating profit after adjusting for non-cash items. Adjustment 
for non-cash items were mainly related to share-based 
compensation programmes, which increased following the IPO.
Cash flow from investing activities 
Cash flow from investing activities increased slightly to an 
outflow of €243.1m (€239.4m).  The increase was primarily driven 
by higher capital expenditure in R&D, product and service 
innovation and software engineering.  During the quarter 
Verisure invested €18.3m ( €16.7m) in upgrading existing 
customers to 2G/3G hardware ahead of the anticipated network 
sunsets later in the decade.  Cash flow from investing activities 
also benefited from a €0.9m cash inflow arising from a n 
adjustment to the consideration for the previously acquired ADT 
Mexico business. 
Cash flow from financing activities 
Cash outflow from financing activities amounted to € 152.2m 
(€64.1m), primarily reflecting refinancing activities completed 
during the quarter and higher utilisation of the Group’s 
revolving credit facility. These impacts were partially offset by 
lower interest payments reflecting both reduced interest rates 
and lower debt levels. Interest payments decreased to €62.8m 
(€80.3m). 
Capital expenditures
Capital expenditures increased to € 244.5m (€ 238.9m) in the 
second quarter, up + 2.3% year-on-year reflecting continued 
investment in R&D, product and service innovation and 
software engineering.
Six months summary
Cash flow from operating activities 
Cash flow from operating activities increased to € 803.7m 
(€632.1m), mainly related to benefits from our working capital 
improvement plan and the increase in operating profit after 
considering non-cash items (primarily linked to the cost of 
share-based compensation).
Cash flow from investing activities 
Cash flow from investing activities increased to an outflow of 
€484.2m (€ 478.5m).  The increase was primarily related to 
capital expenditure in R&D, product and service innovation, and 
software engineering.  We also invested €37.5m  (€35.2m) to 
upgrade existing customers to 2G/3G hardware ahead of the 
expected network sunsets towards the end of the decade.  Cash 
flow from investing activities benefited from the €16.3m 
disposal of a minority interest shareholding, and a €0.9m 
consideration adjustment related to the 2025 acquisition of ADT 
Mexico.  
Cash flow from financing activities 
Cash outflow from financing activities was € 314.0m (€160.4m) 
mainly reflecting refinancing activities and increased utilisation 
of the revolving credit facility. These impacts were offset by 
lower interest payments reflecting both lower debt levels and 
interest rates. Interest payments declined to €145.0m (€213.5m) 
during the period. 
Total net debt and leverage
LTM net leverage was 2.7x, a reduction of 0.1x or €72.4m in the 
quarter with net debt decreasing to €4.9bn. The Group is now 
operating within its 2026 guidance range of 2.5-2.75x net 
leverage. 
Capital expenditures
Capital expenditures increased by +5.1% year-on-year reflecting 
investments in R&D, product and service innovation. The 
increase was also driven by growth in our portfolio (equipment 
installations) and continued investment to upgrade existing 
customers from 2G/3G hardware. Verisure also made an 
investment to develop its Wi-Fi SensingTM technology through 
its partnership with Origin Wireless.
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 7

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

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 Jun 2026 Jun 2025 Dec 2025
Revolving credit facility 950.0 700.0 950.0
Cash and cash equivalents 36.7 21.8 30.0
Drawn facility amount (21.6) (313.3) (66.3)
Utilised letters of credit (21.1) (21.4) (21.6)
Total available funds 944.0 387.1 892.1
Financial indebtedness
€m Jun 2026 Jun 2025 Dec 2025
Revolving credit facility 21.6 313.3 66.3
Term loan A 1,860.0 - 1,290.0
Term loan B 1,250.0 2,525.0 1,250.0
Senior secured notes 525.0 3,325.0 975.0
Total secured indebtedness 3,656.6 6,163.3 3,581.3
Senior unsecured notes 1,000.0 1,309.6 1,175.0
Other liabilities 73.9 76.3 87.3
Lease liabilities 219.0 204.4 208.9
Total unsecured indebtedness 1,292.9 1,590.3 1,471.2
Total financial indebtedness¹ 4,949.5 7,753.6 5,052.5
1) Total financial indebtedness does not include qualified receivables financing. Refer to note 8 'Borrowings' for more details.
Refinancing
On 24 April 2026, Verisure completed a €570m TLA upsize 
with a number of key lending banks. The proceeds were 
used to redeem €450m of the Group’s 7.125% Senior Secured 
Notes due February 2028 and to partially redeem the 
€1,175m 5.250% Senior Unsecured Notes due February 2029. 
Subsequent to the reporting period, the Group completed 
an additional refinancing transaction, issuing €1.0bn of 
Senior Secured Notes due 2032 at a coupon of 4.125%.  The 
proceeds were used in full to redeem the Group’s 5.250% 
Senior Unsecured Notes due 2029, resulting in no debt 
maturities until May 2030. 
On a pro forma basis, reflecting both refinancing 
transactions and the contractual margin step-downs under 
the RCF, TLA and TLB driven by our deleveraging, the Group’s 
weighted average cost of debt is approximately 4.25%, within 
its target range of 4.0% to 4.5%. Based on the current debt 
structure, the Group expects annualised interest cost 
savings towards the upper end of the previously 
communicated €200–220m range compared with the 2024 
baseline.
Available Liquidity
In terms of available liquidity, the Group had € 944.0m 
(€387.1m) as of 30 June 2026, comprising cash on hand and 
undrawn committed credit facilities.  
The increase compared with the prior year primarily reflects 
the Group’s refinancing activities and continued strong cash 
generation. 
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 8

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

Operating segments
Portfolio Services
€m (unless otherwise stated) Q2 2026 Q2 2025
Change
Actual 
Currency
Change
Constant 
Currency 6m 2026 6m 2025
Change
Actual 
Currency
Change
Constant 
Currency
Portfolio Services revenue 913.2 806.6  +13.2 %  +12.1 % 1,812.4 1,603.6  +13.0 %  +12.2 %
Portfolio Services Adjusted EBITDA¹ 676.6 595.4  +13.7 %  +12.6 % 1,338.9 1,179.2  +13.5 %  +12.8 %
Portfolio Services Adjusted EBITDA margin¹, %  74.1 %  73.8 % +28bps +30bps  73.9 %  73.5 % +34bps +36bps
Total subscribers (end of period), 000s 6,377.3 5,831.4  +9.4 % n/a 6,377.3 5,831.4  +9.4 % n/a
Monthly average revenue per user (ARPU)¹, € 48.2 46.6  +3.4 %  +2.4 % 48.2 46.8  +3.1 %  +2.3 %
Monthly Adjusted EBITDA per customer (EPC)¹, € 35.7 34.4  +3.8 %  +2.8 % 35.6 34.4  +3.6 %  +2.8 %
LTM attrition rate², %  7.4 %  7.4 % +4bps n/a  7.4 %  7.4 % +4bps n/a
Quarterly attrition rate (annualised)², %  7.5 %  7.5 % +2bps n/a  7.5 %  7.5 % +2bps 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. 
Our portfolio of high-quality customers is the engine of 
earnings growth and cash generation.  In Q2, Portfolio 
Services revenue grew +12.1% (at constant currency).  The 
structural growth opportunity ahead for us is compelling, 
our brand, proprietary technology platform and operational 
expertise, positions us well to capture a significant share of 
future category growth.
We increased ARPU by +2.4% year-on-year (at constant 
currency). This reflects the quality and high engagement 
levels of our growing portfolio.  Upselling of new products 
and services to existing customers is increasing and the 
response to our Q1 price increase continues to reflect the 
value customers place on our service.   
RMC were well controlled at € 12.5 in Q2, up 1.2% year-on-
year (at constant currency). This reflects the higher inherited 
cost base in Mexico following the acquisition completed in 
Q4 2025.  Excluding Mexico, underlying RMC was 0.4% lower 
year-on-year, despite the increased inflationary 
environment in which we are operating. Our cost 
transformation plans continue to bear fruit, with customer 
maintenance visits down 4% year-on-year as on-device AI 
diagnostics enable more issues to be resolved remotely and 
at first contact, reducing costly technician callouts.
EPC, measuring customer profitability, reached a highest 
ever level of € 35.7, up +2.8% year-on-year (at constant 
currency).  Portfolio Services Adjusted EBITDA margin 
increased to 74.1%, representing the valuable, recurring 
monthly contribution generated per customer. 
Quarterly annualised attrition was 7.5%, which was again 
lower year-on-year excluding Mexico, which added around 
7bps to overall Group attrition in the quarter. This is a strong 
signal of portfolio stability.  Our data-driven approach to 
customer management continues to underpin our best-in-
class retention performance. 
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 9

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

Customer Acquisition
€m (unless otherwise stated) Q2 2026 Q2 2025
Change
Actual 
Currency
Change
Constant 
Currency 6m 2026 6m 2025
Change
Actual 
Currency
Change
Constant 
Currency
Customer Acquisition revenue 84.2 90.7  (7.2) %  (8.5) % 177.8 189.0  (5.9) %  (6.6) %
Customer Acquisition Adjusted EBITDA¹ (214.0) (174.5)  (22.6) %  (20.6) % (410.3) (345.8)  (18.7) %  (17.3) %
New subscribers added (gross)2, 000s 218.6 217.3  +0.6 % n/a 441.5 434.4  +1.6 % n/a
Cost per acquisition (CPA)¹, € 1,644.0 1,473.7  +11.6 %  +9.8 % 1,608.4 1,471.1  +9.3 %  +8.2 %
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 customer acquisition activity in Q2 was robust, with a 
continued bias to quality.  We installed 218,617 new 
customers, against an uncertain consumer backdrop 
particularly in Latin America.  As always, we focused on 
quality intake, without compromise on credit scoring or 
entry ARPU from new customers.  Our focus remain on long-
term value creation, with new customers remaining with us 
for approximately 15 years on average.
Q2 CPA was €1,644 per new customer, up +9.8% year-on-year 
(at constant currency).  This includes €10m (€46 per new 
customer) from Spain rebranding, in line with previous 
guidance.  CPA capitalisation rate reduced by 264bps year-
on-year, to 32.8%, reflecting a change in acquisition cost mix 
due to the rebrand.  With an increased proportion of 
expenses charged to our income statement, Q2 capital 
expenditure intensity reduced to 23.9%, the lowest on 
record.
Excluding rebrand, Q2 CPA increased 6.7% year-on-year, 
broadly consistent with previous periods.  We continued to 
see the impact of media inflation and CPA was also 
impacted by lower operating leverage related to fixed sales-
related costs including our branch network, sales salaries 
and support costs.  Throughout the quarter we continued to 
invest in media given the long-term benefits to brand 
awareness and customer acquisition efficiency. 
Our Acquisition Multiple was broadly stable at 3.8x (3.7x 
excluding rebrand).  The long-duration customer lifetime 
economics of each installation underpin the compounding 
ARR growth that drives our earnings model.
Adjacencies
€m (unless otherwise stated) Q2 2026 Q2 2025
Change
Actual 
Currency
Change
Constant 
Currency 6m 2026 6m 2025
Change
Actual 
Currency
Change
Constant 
Currency
Adjacencies revenue 26.2 30.6  (14.2) %  (14.2) % 52.8 55.1  (4.5) %  (4.5) %
Adjacencies Adjusted EBITDA¹ 5.1 5.1  (2.3) %  (2.3) % 11.3 11.4  (0.6) %  (0.6) %
1) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance 
measures (APMs)'. 
Adjacencies revenue, representing approximately 3% of total 
Group revenue in both the quarter and the six-month 
period, amounted to € 26.2m in Q2 and € 52.8m for the six-
months ended 30 June 2026.
Adjacencies Adjusted EBITDA was € 5.1m in the quarter and  
€11.3m for the six-months period ending 30 June 2026. 
The customer portfolio within the Adjacencies segment 
increased to 430,938 customers, representing year-on-year 
growth of +0.7%.  
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 10

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

Key figures
€m (unless otherwise stated) Q2 2026 Q2 2025 6m 2026 6m 2025
Revenue 1,023.6 927.9 2,043.0 1,847.7
Revenue growth1, %  10.3 %  9.3 %  10.6 %  9.8 %
Adjusted EBITDA1 467.7 426.0 939.9 844.8
Adjusted EBITDA margin1, %  45.7 %  45.9 %  46.0 %  45.7 %
Adjusted EBITDA incl. SDIs1 441.5 408.1 892.8 817.9
Adjusted EBITDA margin incl. SDIs1, %  43.1 %  44.0 %  43.7 %  44.3 %
Adjusted EBIT1 268.8 236.0 545.8 466.6
Adjusted EBIT margin1, %  26.3 %  25.4 %  26.7 %  25.3 %
EPS, basic and diluted2, € 0.00 (0.05) 0.06 (0.11)
Adjusted EPS1,3, € 0.14 0.08 0.28 0.15
Operating profit 103.0 96.8 224.7 197.7
Cash flow from operating activities 399.1 298.1 803.7 632.1
Free cash flow1 56.2 (41.1) 95.3 (97.3)
Total net debt1 4,912.8 7,731.8 4,912.8 7,731.8
LTM net leverage¹, ratio 2.7x 4.8x 2.7x 4.8x
Acquisition multiple1, ratio 3.8x 3.6x 3.8x 3.6x
Portfolio Services segment
Portfolio Services revenue 913.2 806.6 1,812.4 1,603.6
Annualised recurring revenue (ARR)1 3,619.8 3,225.4 3,619.8 3,225.4
Annualised recurring revenue growth1, %  12.2 %  11.0 %  12.2 %  11.0 %
Annualised recurring revenue (ARR) - previous definition1, 4 3,688.7 3,262.0 3,690.9 3,274.2
Annualised recurring revenue growth - previous definition1, 4, %  13.1 %  10.1 %  12.7 %  10.5 %
Portfolio Services Adjusted EBITDA1 676.6 595.4 1,338.9 1,179.2
Portfolio Services Adjusted EBITDA margin1, %  74.1 %  73.8 %  73.9 %  73.5 %
Total subscribers (end of period), 000s 6,377.3 5,831.4 6,377.3 5,831.4
Cancellation5, 000s 118.9 108.4 235.6 214.7
LTM attrition rate5, %  7.4 %  7.4 %  7.4 %  7.4 %
Quarterly attrition rate (annualised)5, %  7.5 %  7.5 %  7.5 %  7.5 %
Net subscriber growth5, 000s 99.7 108.9 205.9 219.7
Subscriber growth rate5, net, %  9.4 %  8.1 %  9.4 %  8.1 %
Monthly average number of subscribers during the period5, 000s 6,315.4 5,767.7 6,263.1 5,711.9
Monthly average revenue per user (ARPU)1, € 48.2 46.6 48.2 46.8
Recurring monthly cost (RMC)1, € 12.5 12.2 12.6 12.4
Monthly adjusted EBITDA per customer (EPC)1, € 35.7 34.4 35.6 34.4
Customer Acquisition segment
Customer Acquisition revenue 84.2 90.7 177.8 189.0
Customer Acquisition Adjusted EBITDA1 (214.0) (174.5) (410.3) (345.8)
Customer Acquisition capital expenditures1 145.4 145.7 299.8 293.2
New subscribers added (gross)5, 000s 218.6 217.3 441.5 434.4
Cost per acquisition (CPA)1, € 1,644.0 1,473.7 1,608.4 1,471.1
Adjacencies segment
Adjacencies revenue 26.2 30.6 52.8 55.1
Adjacencies Adjusted EBITDA1 5.1 5.1 11.3 11.4
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.  Refer to note 6 'Share capital' for more details.
3) Adjusted earnings per share (EPS) is calculated based on 1,033,962,264 shares, which is 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 Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 11

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

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 23 April 2026, Verisure plc held its Annual General Meeting 
in Stockholm, Sweden.  The meeting approved all resolutions 
proposed by the Board and the Nomination Committee, as 
detailed in the notice of the meeting, including the 
appointment of Sam Kini to the Board, effective from 1 May 
2026.
On 24 April 2026, Verisure completed a €570m upsize of its TLA 
with a number of key lending banks.  The proceeds were used 
to redeem the €450m 7.125% Senior Secured Notes due 
February 2028 and to partially redeem the €1,175m 5.250% 
Senior Unsecured Notes due February 2029. 
On 24 June 2026, Verisure announced the pricing of €1.0bn  
aggregate principal amount of euro-denominated 4.125%  
Senior Secured Notes due 2032.  The transaction was 
completed on 3 July 2026 and is therefore disclosed as a 
subsequent event below. 
Events after the reporting period
On 3 July 2026, Verisure completed the issuance of €1.0bn 
aggregate principal amount of euro-denominated 4.125% 
Senior Secured Notes due 2032.  The proceeds were used in 
full to redeem the Group’s €1.0bn 5.250% Senior Unsecured 
Notes due 2029, thereby reducing the unsecured debt from the 
Group’s capital structure.  On a pro forma basis, after giving 
effect to this refinancing transaction and the contractual 
margin step-downs under the RCF, TLA and TLB, the Group’s 
weighted average cost of debt has been reduced to 
approximately 4.25%. 
On 7 July 2026, Verisure completed the acquisition of 100% of 
the shares and voting rights in Kivala Système SAS, a small 
French technology start-up specialising in connected 
technology for digital intercom access to residential buildings.  
The consideration for this acquisition amounts to €7.3m which 
includes €1.0m of contingent consideration. 
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 12

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

Unaudited Condensed Consolidated Financial 
Statements
Consolidated Income Statement
€m Note Q2 2026 Q2 2025 6m 2026 6m 2025
Revenue 3 1,023.6 927.9 2,043.0 1,847.7
Cost of sales  (529.2)  (472.4)  (1,040.1)  (949.4) 
Gross profit  494.4  455.5  1,002.9  898.3 
Selling expenses  (109.1)  (107.7)  (218.9)  (210.9) 
Administrative expenses 4  (282.7)  (252.2)  (565.1)  (491.9) 
Other income  0.4  1.2  5.8  2.2 
Operating profit  103.0  96.8  224.7  197.7 
Financial income  4.6  4.9  42.7  0.8 
Financial expenses  (86.6)  (130.8)  (155.9)  (257.6) 
Profit or (loss) before tax  21.0  (29.1)  111.5  (59.1) 
Income tax (expense)/credit  (17.2)  (14.3)  (45.8)  (27.7) 
Net profit or (loss) for the period  3.8  (43.4)  65.7  (86.8) 
Earnings per share (€)
Earnings (loss) per share, basic and diluted1 0.00 (0.05) 0.06 (0.11)
1) Earnings (loss) per share, basic and diluted, is calculated based on the weighted average number of outstanding shares in the periods. 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. Refer to note 6 'Share capital' for more details.
Consolidated Statement of Comprehensive Income
€m Note Q2 2026 Q2 2025 6m 2026 6m 2025
Net profit or (loss) for the period 3.8 (43.4) 65.7 (86.8)
Items that may subsequently be reclassified to the 
consolidated income statement
Change in hedging reserve  3.2  (11.9)  10.8  (22.4) 
Currency translation differences on foreign 
operations  (5.1)  (101.0)  43.7  54.8 
Income tax related to these items  (0.8)  2.4  (2.5)  4.6 
Items that may subsequently be reclassified to the 
consolidated income statement  (2.7)  (110.5)  52.0  37.0 
Other comprehensive income/(expenses) (2.7) (110.5) 52.0 37.0
Total comprehensive income/(expenses) for the 
period  1.1  (153.9)  117.7  (49.8) 
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 13

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

Consolidated Statement of Financial Position
€m Note Jun 2026 Jun 2025 Dec 2025
Assets
Non-current assets
Property, plant and equipment 1,764.3 1,631.8 1,701.9
Right-of-use assets 211.1 203.2 205.1
Goodwill 7,722.6 7,604.3 7,702.8
Customer portfolio 3,947.1 4,052.2 4,072.7
Other intangible assets 1,420.1 1,358.9 1,393.5
Deferred tax assets 85.0 130.2 78.2
Trade and other receivables 5 184.9 170.0 183.3
Total non-current assets 15,335.1 15,150.6 15,337.5
Current assets
Inventories 330.1 338.5 281.7
Trade receivables 5 315.3 312.7 347.2
Current tax assets 7.0 12.4 33.0
Derivatives 5 8.6 6.0 0.2
Prepayments and accrued income 198.4 120.7 143.7
Other current receivables 5 107.9 107.8 104.8
Cash and cash equivalents 5 36.7 21.8 30.0
Total current assets 1,004.0 919.9 940.6
Total assets 16,339.1 16,070.5 16,278.1
Equity and liabilities
Equity
Equity attributable to the owners of the parent company 6 8,913.5 5,823.7 8,764.5
Total equity 8,913.5 5,823.7 8,764.5
Non-current liabilities
Long-term borrowings 5, 8 3,913.0 7,721.5 4,985.5
Derivatives 5 8.6 26.3 20.4
Other non-current liabilities 5 103.6 104.9 108.2
Deferred tax liabilities 986.8 1,041.3 1,013.9
Other provisions 56.8 38.4 48.2
Total non-current liabilities 5,068.8 8,932.4 6,176.2
Current liabilities
Trade payables 5 202.1 177.7 179.5
Current tax liabilities 110.9 115.6 86.9
Short-term borrowings 5, 8 1,295.7 329.9 329.8
Derivatives 5 - 13.4 6.1
Accrued expenses and deferred income 5 670.5 591.3 649.5
Other current liabilities 5 77.6 86.5 85.6
Total current liabilities 2,356.8 1,314.4 1,337.4
Total liabilities 7,425.6 10,246.8 7,513.6
Total equity and liabilities 16,339.1 16,070.5 16,278.1
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 14

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

Consolidated Statement of Changes in Equity
Attributable to equity holders of the parent company
€m
Share 
capital
Other paid
in capital
Share-based 
compensation 
reserve
Employee 
benefit 
trust
Translation 
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 - - - - - - 65.7 65.7
Other comprehensive income - - - - 43.7 8.3 - 52.0
Total comprehensive income - - - - 43.7 8.3 65.7 117.7
Transactions with owners
Reclassification of shares held by 
Employee benefit trust - - - (17.3) - - - (17.3)
Share-based compensation plan - - 48.6 - - - - 48.6
Total transactions with owners - - 48.6 (17.3) - - - 31.3
Balance as of 30 June 2026 1.0 10,200.5 68.0 (17.3) (276.1) 9.9 (1,072.5) 8,913.5
Attributable to equity holders of the parent company
€m
Share
capital
Other paid 
in capital
Share-based 
compensation 
reserve
Employee 
benefit 
trust
Translation 
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 - - - - - - (86.8) (86.8)
Other comprehensive income - - - - 54.8 (17.8) - 37.0
Total comprehensive income - - - - 54.8 (17.8) (86.8) (49.8)
Transactions with owners
Shareholder's contribution - 0.9 - - - - - 0.9
Total transaction with owners - 0.9 - - - - - 0.9
Balance as of 30 June 2025 359.0 6,801.9 - - (356.1) (4.4) (976.7) 5,823.7
Attributable to Jun 2026 Jun 2025 Dec 2025
Equity holders of the parent company 8,913.5 5,823.7 8,764.5
Closing balance 8,913.5 5,823.7 8,764.5
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 15

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

Consolidated Statement of Cash Flows
€m Q2 2026 Q2 2025 6m 2026 6m 2025
Operating activities
Operating profit 103.0 96.8 224.7 197.7
Adjustment of depreciation, amortisation and asset 
retirements 307.0 311.3 616.9 620.2
Adjustment for other non-cash items 29.3 (0.2) 41.3 (0.4)
Paid taxes (32.5) (26.9) (23.1) (44.9)
Cash flow from operating activities before change in working 
capital 406.8 381.0 859.8 772.6
Change in working capital
Change in inventories (10.0) (6.1) (43.2) (25.9)
Change in trade receivables 5.2 (22.5) 9.4 (26.0)
Change in other receivables (9.5) (8.5) (45.2) (58.2)
Change in trade payables 39.4 (11.6) 19.1 2.1
Change in other payables (32.8) (34.2) 3.8 (32.5)
Cash flow from change in working capital (7.7) (82.9) (56.1) (140.5)
Cash flow from operating activities 399.1 298.1 803.7 632.1
Investing activities
Investments in intangible assets (125.2) (117.6) (255.5) (232.4)
Investments in property, plant and equipment (119.3) (122.0) (246.9) (246.6)
Acquisition of subsidiaries, net of cash acquired 0.9 - 0.9 -
Disposal of other investments - - 16.3 -
Interest received 0.5 0.2 1.0 0.5
Cash flow from investing activities (243.1) (239.4) (484.2) (478.5)
Financing activities
Repayment of financing, Senior Secured Notes (450.0) - (450.0) -
Repayment of financing, Senior Unsecured Notes (175.0) - (175.0) -
New financing, Term Loan A 570.0 - 570.0 -
New financing, Revolving Credit Facility 76.5 968.2 76.5 1,713.2
Repayment of financing, Revolving Credit Facility (109.1) (947.6) (121.1) (1,600.0)
New financing, factoring liabilities 89.7 46.9 136.0 73.1
Repayment of financing, factoring liabilities (73.9) (50.2) (129.9) (101.3)
New financing, other borrowings 20.9 28.3 23.1 28.3
Repayment of financing, other borrowings (2.4) (10.1) (36.4) (22.7)
Repayment of lease liabilities (18.3) (16.5) (36.1) (32.8)
Interest paid (62.8) (80.3) (145.0) (213.5)
Call cost old debt in relation to repayment of financing (8.0) - (8.0) -
Paid bank and advisory fees in relation to new financing (5.4) - (5.4) -
Other financial items (4.4) (2.8) (12.7) (4.7)
Cash flow from financing activities (152.2) (64.1) (314.0) (160.4)
Cash flow for the period 3.8 (5.4) 5.5 (6.8)
Cash and cash equivalents at start of period 32.4 28.6 30.0 30.1
Effects of exchange rate changes on cash and cash 
equivalents 0.5 (1.4) 1.2 (1.5)
Cash and cash equivalents at end of period 36.7 21.8 36.7 21.8
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 16

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

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 Q2 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  
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 Q2 condensed consolidated financial statements should 
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 EUR using the same exchange rates as in 
2026, 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 Q2 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 Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 17

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

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, 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 an 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 Q2 2026 Q2 2025 6m 2026 6m 2025
Portfolio Services 913.2 806.6 1,812.4 1,603.6
Customer Acquisition 84.2 90.7 177.8 189.0
Adjacencies 26.2 30.6 52.8 55.1
Total revenue 1,023.6 927.9 2,043.0 1,847.7
There is no internal revenue between segments, therefore all the revenue in the table above is external revenue.
€m Q2 2026 Q2 2025 6m 2026 6m 2025
Portfolio Services 676.6 595.4 1,338.9 1,179.2
Customer Acquisition (214.0) (174.5) (410.3) (345.8)
Adjacencies 5.1 5.1 11.3 11.4
Adjusted EBITDA¹ 467.7 426.0 939.9 844.8
Separately disclosed items affecting EBITDA2 (26.2) (17.9) (47.1) (26.9)
Share-based compensation (31.5) - (51.2) -
Depreciation, amortisation and asset retirements (307.0) (311.3) (616.9) (620.2)
Operating profit 103.0 96.8 224.7 197.7
Financial items (82.0) (125.9) (113.2) (256.8)
Profit or (loss) before tax 21.0 (29.1) 111.5 (59.1)
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 Q2 2026 Q2 2025 6m 2026 6m 2025
Iberia and Nordics 528.5 506.5 1,058.0 999.9
Other Europe 360.8 326.9 720.1 656.8
Latin America 120.4 80.4 237.3 164.2
Central and Other¹ 13.9 14.1 27.6 26.8
Total revenue 1,023.6 927.9 2,043.0 1,847.7
1) Relates to certain Adjacencies revenue in different countries in Europe, which is not considered part of the Group's core business. 
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 18

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

Note 4 Share-based compensation
Restricted Share Awards (RSUs)
In October 2025, 8,745,146 restricted shares were granted to 
employees across the Group, as part of the IPO Transition 
Award programme. 50% of these RSUs will vest on 30 October 
2026 and 50% will vest on 30 October 2027.  Vesting is subject 
to continued employment through to the applicable vesting 
dates and accordingly, the awards are subject to forfeiture 
during the vesting period.  In May 2026, an additional 1,778,056 
RSUs were granted under the programme with the same 
vesting terms and employment conditions.  Of these were 
1,737,160 RSUs granted pursuant to the additional Transition 
Awards approved at the 2026 AGM in connection with the pre-
IPO institutional investors’ gift arrangement (see note 10 
‘Related party transactions’ for more details).  40,896 RSUs 
were granted out of the pool of Transition Awards approved at 
the time of IPO and disclosed in the Prospectus.
In addition, under the Global LTIP, the Group granted  619,413 
RSUs to employees in April 2026.  These awards are scheduled 
to vest in April 2029, subject to continued employment and  
applicable plan rules.  
Performance Share Units (PSUs)
In April 2026, the Group granted Performance Share Units 
(PSUs) to senior employees under the Verisure plc Global Long 
Term Incentive Plan (LTIP).  The awards are subject to six 
performance measures assessed over a three-year 
performance period ending in April 2029.  Of the PSUs granted, 
20% are subject to a 3-year Total Shareholder Return (TSR) 
target, 20% to 3-year Annual Recurring Revenue (ARR) 
performance condition, 20% to annual Adjusted EBIT margin 
performance conditions, 15% to annual Adjusted Earnings Per 
Share (EPS) performance conditions, 15% to annual Free Cash 
Flow Margin performance conditions and 10% to a 3-year 
average Employee Engagement performance condition. 
Under the LTIP, the Group granted 8,832,889 PSUs (based on 
maximum-achievable opportunity) to employees in April 2026 
which are scheduled to vest in April 2029 subject to the 
achievement of the applicable performance conditions and 
continued employment requirements. 
The weighted average fair value at grant date of awards 
outstanding during the period was € 10.9.  The weighted 
average remaining contractual life of awards outstanding at 
end of period was 1.7 years. 
The following awards were outstanding as 30 June 2026 and 2025:
Awards
Units 6m 2026 6m 2025
Balance at beginning of the period 8,726,757 -
Granted during the period 11,230,358 -
Forfeited during the period (55,589) -
Balance at end of period 19,901,526 -
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 6m 2026 6m 2025
Restricted Share Awards (RSUs) 44.4 -
Performance Share Awards (PSUs) 4.0 -
Total 48.4 -
The social security contributions for the awards recognised as an operating expense was €2.8m (nil).
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 19

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

Note 5 Financial risk management
Financial instruments by category and valuation level
Jun 2026 Jun 2025 Dec 2025
€m
Financial 
assets
Financial 
liabilities
Financial 
assets
Financial 
liabilities
Financial 
assets
Financial 
liabilities
Hedge accounting
FX forwards¹ 4.9 - - 13.3 0.1 6.0
Fair value
FX swaps¹ 0.0 - 0.3 0.1 0.0 0.1
Cross currency swaps¹ 3.7 - 5.7 - - 3.8
Interest rate swaps¹ - 8.6 - 26.3 - 16.6
Other receivables, non-
current² - - 11.4 - 28.9 -
Amortised cost
Trade and other receivables, 
non-current 170.5 - 154.3 - 144.2 -
Trade receivables, current⁴ 315.3 - 312.7 - 347.2 -
Other current receivables⁴ 32.2 - 44.8 - 33.6 -
Cash and cash equivalent 36.7 - 21.8 - 30.0 -
L o n g - t e r m  b o r r o w i n g s ³ ˒ ⁵ - 3,763.5 - 7,577.0 - 4,841.8
Other non-current liabilities - 1.2 - 1.1 - 1.1
Trade payables, current⁴ - 202.1 - 177.7 - 179.5
Accrued expenses, current⁴ - 281.6 - 216.8 - 221.8
S h o r t - t e r m  b o r r o w i n g s ⁴ ˒ ⁵ - 1,226.2 - 270.0 - 264.6
Other current liabilities⁴ - 16.9 - 24.5 - 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 30 June 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 €1,539m (€4,680m in June 2025 and €2,184 in December 
2025), fair value for the Term Loan B is €1,256m (€2,532m in June 2025 and €1,257 in December 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 8.
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 Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 20

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

Note 6 Share capital
Units Jun 2026 Jun 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 1,038,524,068 800,000,000 854,993,878
1) The weighted average number of shares outstanding at June 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.
Note 7 Dividends
On 29 July 2026, the Board of Directors approved an interim dividend for 2026 of €0.10 per share, to shareholders of record on 10 
September 2026 to be paid on 17 September 2026 at a total cash cost of €103m (calculated based on 1,033,962,264 outstanding 
shares as of approval date).  The dividend has not been included as a liability in these condensed consolidated interim financial 
statements. 
Note 8 Borrowings
Jun 2026 Jun 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 525.0 (3.8) 521.2 3,325.0 (15.5) 3,309.5 975.0 (6.2) 968.8
Term Loan A 1,860.0 (14.2) 1,845.8 - - - 1,290.0 (9.8) 1,280.2
Term Loan B 1,250.0 (5.9) 1,244.1 2,525.0 (17.1) 2,507.9 1,250.0 (6.3) 1,243.7
Revolving Credit Facility 21.6 (7.3) 14.3 313.3 (4.9) 308.4 66.3 (8.1) 58.2
Unsecured
Senior Unsecured Notes - - - 1,309.6 (8.4) 1,301.2 1,175.0 (6.7) 1,168.3
Liabilities to other 
creditors1 143.1 - 143.1 150.1 - 150.1 122.6 - 122.6
Lease liabilities 144.5 - 144.5 144.4 - 144.4 143.7 - 143.7
Long-term borrowings 3,944.2 (31.2) 3,913.0 7,767.4 (45.9) 7,721.5 5,022.6 (37.1) 4,985.5
Current liabilities
Senior Unsecured Notes 1,000.0 (4.9) 995.1 - - - - - -
Accrued interest 
expenses 47.9 - 47.9 82.5 - 82.5 58.6 - 58.6
Liabilities to other 
creditors1 178.2 - 178.2 187.5 - 187.5 205.9 - 205.9
Lease liabilities 74.5 - 74.5 59.9 - 59.9 65.3 - 65.3
Short-term borrowings 1,300.6 (4.9) 1,295.7 329.9 - 329.9 329.8 - 329.8
Total 5,244.8 (36.1) 5,208.7 8,097.3 (45.9) 8,051.4 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 €113.2m (€105.2m in June 2025 
and €85.6m in December 2025), and the current factoring liability amounted to €134.2m (€156.0m in June 2025 and €155.7m in December 2025).
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 21

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

Net debt and net leverage reconciliations
€m Jun 2026 Jun 2025 Dec 2025
Total borrowings (as above) 5,208.7 8,051.4 5,315.3
Less adjustments1 (259.2) (297.8) (262.8)
Total indebtedness 4,949.5 7,753.6 5,052.5
Less cash and cash equivalents (36.7) (21.8) (30.0)
Total net debt2 4,912.8 7,731.8 5,022.5
Adjusted EBITDA (LTM) 1,803.1 1,623.1 1,708.0
LTM net leverage, ratio2 2.7x 4.8x 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)'.
Note 9 Pledged assets and contingent liabilities
Pledged assets
€m Jun 2026 Jun 2025 Dec 2025
Net assets of subsidiaries 13,539.6 14,537.7 13,515.7
Bank accounts 7.0 5.8 6.5
Accounts receivables 248.0 385.2 253.5
Inventories 1.1 0.6 1.1
Other operating assets 71.9 67.8 68.2
Trademark 41.9 29.4 48.5
Endowment insurance 0.5 0.5 0.5
Contingent liabilities
€m Jun 2026 Jun 2025 Dec 2025
Guarantees 21.1 41.9 42.7
The pledged assets are collateral for bank borrowings. Guarantees relate primarily to warranties provided to suppliers.
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 22

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

Note 10 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 second quarter of 2026, as well as the first six 
months of the year, 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) during both the second quarter and 
the first six months of 2026.  Other related party transactions 
amounted to nil (€0.7m) in Q2 and nil (€1.3m) between January-
June 2026.  
During the second quarter of 2025, as well as the first six 
months of 2025, Verisure held a non-current financial 
receivable of €15m with the immediate parent company at that 
point in time. Interest income related to the non-current 
financial receivable amounted to €0.2m during both the the 
second quarter and the first six months of 2025. Additionally 
the immediate parent company issued shareholder 
contribution of €0.5m in Q2 2025 and €0.9m during the first six 
months of 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.    
During the second quarter of 2026, the AGM authorised the 
Verisure plc Board to grant additional IPO transition awards of 
up to 1,751,810 ordinary shares. To support and demonstrate 
their continued commitment to Verisure’s employees and 
talent strategy, the Company’s pre-IPO institutional 
shareholders (Aegis Lux 1A S.à r.l. (controlled by funds 
managed or advised by Hellman & Friedman, Eiffel Investment 
Pte. Ltd, Alba Investments S.à r.l., Alba Europe Europe S.à r.l., 
and Securholds Spain S.L) contributed 1,751,810 Verisure plc 
shares to the EBT at no cost. The shares held by the EBT are 
intended to satisfy the vesting of these additional transition 
awards under the Group’s long-term incentive programme. The 
contributed shares had an aggregate market value of 
approximately €19.8m at the date of transaction. Following the 
share contribution, the EBT held 2,999,435 shares in Verisure 
plc. 
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 23

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

Quarterly summary
€m (unless otherwise stated) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025
Revenue 1,023.6 1,019.3 964.7 933.0 927.9
Revenue growth1, %  10.3 %  10.8 %  10.9 %  9.2 %  9.3 %
Adjusted EBITDA1 467.7 472.3 420.6 442.6 426.0
Adjusted EBITDA margin1, %  45.7 %  46.3 %  43.6 %  47.4 %  45.9 %
Adjusted EBITDA incl. SDIs1 441.5 451.3 333.6 385.9 408.1
Adjusted EBITDA margin incl. SDIs1, %  43.1 %  44.3 %  34.6 %  41.4 %  44.0 %
Adjusted EBIT1 268.8 277.0 236.0 250.3 236.0
Adjusted EBIT margin1, %  26.3 %  27.2 %  24.5 %  26.8 %  25.4 %
EPS, basic and diluted2, € 0.00 0.06 (0.12) (0.06) (0.05)
Adjusted EPS1,3, € 0.14 0.15 0.12 0.09 0.08
Operating profit 103.0 121.8 19.2 81.8 96.8
Cash flow from operating activities 399.1 404.6 326.5 358.2 298.1
Free cash flow1 56.2 39.1 23.8 (27.2) (41.1)
Total net debt1 4,912.8 4,985.2 5,022.5 7,773.5 7,731.8
LTM net leverage¹, ratio 2.7x 2.8x 2.9x 4.7x 4.8x
Acquisition multiple1, ratio 3.8x 3.7x 4.0x 3.6x 3.6x
Portfolio Services segment
Portfolio Services revenue 913.2 899.2 847.6 816.6 806.6
Annualised recurring revenue (ARR)1 3,619.8 3,532.9 3,447.6 3,297.5 3,225.4
Annualised recurring revenue growth¹, %  12.2 %  12.1 %  12.4 %  10.5 %  11.0 %
Annualised recurring revenue (ARR) - previous definition1, 4 3,688.7 3,635.4 3,441.8 3,291.8 3,262.0
Annualised recurring revenue growth - previous definition1, 4, %  13.1 %  12.7 %  13.0 %  9.6 %  10.1 %
Portfolio Services Adjusted EBITDA¹ 676.6 662.3 621.4 608.5 595.4
Portfolio Services Adjusted EBITDA margin¹, %  74.1 %  73.7 %  73.3 %  74.5 %  73.8 %
Total subscribers (end of period), 000s 6,377.3 6,277.6 6,171.4 5,940.5 5,831.4
Cancellation5, 000s 118.9 116.7 113.2 105.4 108.4
LTM attrition rate5, %  7.4 %  7.4 %  7.4 %  7.4 %  7.4 %
Quarterly attrition rate (annualised)5, %  7.5 %  7.5 %  7.4 %  7.1 %  7.5 %
Net subscriber growth5, 000s 99.7 106.2 230.9 109.1 108.9
Subscriber growth rate5, net, %  9.4 %  9.7 %  10.0 %  8.0 %  8.1 %
Monthly average number of subscribers during the period5, 000s 6,315.4 6,210.9 6,079.4 5,894.6 5,767.7
Average monthly revenue per user (ARPU)¹, € 48.2 48.3 46.5 46.2 46.6
Recurring monthly cost (RMC)1, € 12.5 12.7 12.4 11.8 12.2
Monthly Adjusted EBITDA per customer (EPC)¹, € 35.7 35.5 34.1 34.4 34.4
Customer Acquisition segment
Customer Acquisition revenue 84.2 93.7 86.5 86.7 90.7
Customer Acquisition Adjusted EBITDA¹ (214.0) (196.3) (205.8) (171.4) (174.5)
Customer Acquisition capital expenditures¹ 145.4 154.4 157.5 147.2 145.7
New subscribers added (gross)5, units 218.6 222.9 223.8 214.4 217.3
Cost per acquisition (CPA)1, € 1,644.0 1,573.5 1,623.5 1,485.9 1,473.7
Adjacencies segment
Adjacencies revenue 26.2 26.4 30.6 29.7 30.6
Adjacencies Adjusted EBITDA¹ 5.1 6.3 5.0 5.5 5.1
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.  Refer to note 6 'Share capital' for more details.
3) Adjusted earnings per share (EPS) is calculated based on 1,033,962,264 shares, which is 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 Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 24

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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) Q2 2026 Q2 2025 6m 2026 6m 2025
Cost per acquisition (CPA) 1,644.0 1,473.7 1,608.4 1,471.1
Monthly Adjusted EBITDA per customer (EPC) 35.7 34.4 35.6 34.4
Acquisition multiple (ratio) 3.8x 3.6x 3.8x 3.6x
Adjusted earnings per share (Adjusted EPS)
€m (unless otherwise stated) Q2 2026 Q2 2025 6m 2026 6m 2025
Net profit or (loss) for the period 3.8 (43.4) 65.7 (86.8)
Adjustment of acquisition related items¹ 108.1 121.3 222.8 242.0
Deferred tax on acquisition-related items (32.2) (29.2) (58.1) (58.3)
Separately disclosed items affecting Net profit or (loss)2 69.7 36.8 69.4 64.4
Tax impact of separately disclosed items affecting Net profit or 
(loss) (7.0) (6.5) (5.4) (11.1)
Adjusted Net profit or (loss) for the period 142.4 79.0 294.4 150.2
Adjusted number of shares outstanding at period end 1,033,962,264 1,033,962,264 1,033,962,264 1,033,962,264
Adjusted EPS3, € 0.14 0.08 0.28 0.15
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 1,033,962,264 shares, which is 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) Q2 2026 Q2 2025 6m 2026 6m 2025
Operating profit 103.0 96.8 224.7 197.7
Adjustment of acquisition related items¹ 108.1 121.3 222.8 242.0
Separately disclosed items affecting EBIT² 26.2 17.9 47.1 26.9
Share-based compensation 31.5 - 51.2 -
Adjusted EBIT 268.8 236.0 545.8 466.6
Revenue 1,023.6 927.9 2,043.0 1,847.7
Adjusted EBIT margin (%)  26.3 %  25.4 %  26.7 %  25.3 %
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 Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 25

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Adjusted EBITDA, Revenue growth, Adjusted EBITDA margin, Adjusted EBITDA incl. SDI and Adjusted EBITDA margin incl. SDI
€m Q2 2026 Q2 2025 6m 2026 6m 2025
Operating profit 103.0 96.8 224.7 197.7
Depreciation, amortisation and asset retirements 307.0 311.3 616.9 620.2
Separately disclosed items affecting EBITDA¹ 26.2 17.9 47.1 26.9
Share-based compensation 31.5 - 51.2 -
Adjusted EBITDA 467.7 426.0 939.9 844.8
Portfolio Services Adjusted EBITDA 676.6 595.4 1,338.9 1,179.2
Customer Acquisition Adjusted EBITDA (214.0) (174.5) (410.3) (345.8)
Adjacencies Adjusted EBITDA 5.1 5.1 11.3 11.4
Revenue 1,023.6 927.9 2,043.0 1,847.7
Revenue growth (%)  10.3 %  9.3 %  10.6 %  9.8 %
Adjusted EBITDA margin (%)  45.7 %  45.9 %  46.0 %  45.7 %
Adjusted EBITDA (as above) 467.7 426.0 939.9 844.8
Add-back of adjustment items within EBITDA (26.2) (17.9) (47.1) (26.9)
Adjusted EBITDA incl. SDIs 441.5 408.1 892.8 817.9
Adjusted EBITDA margin incl. SDIs (%)  43.1 %  44.0 %  43.7 %  44.3 %
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) Q2 2026 Q2 2025 6m 2026 6m 2025
Adjusted EBIT 268.8 236.0 545.8 466.6
Depreciation, amortisation and asset retirement¹ 198.9 190.0 394.1 378.2
Customer Acquisition adjusted EBITDA 214.0 174.5 410.3 345.8
Portfolio and other capital expenditures² (99.1) (93.2) (203.0) (184.9)
Change in working capital (7.7) (82.9) (56.1) (140.5)
Repayment of lease liabilities (18.3) (16.5) (36.1) (32.8)
Adjusted operating cash flow before Customer acquisition 556.6 407.9 1,055.0 832.4
Attrition replacement investment³ (195.5) (159.7) (379.0) (315.8)
Adjusted operating cash flow before portfolio growth 361.1 248.2 676.0 516.6
Organic portfolio growth investment⁴ (164.0) (160.6) (331.2) (323.3)
Adjusted operating cash flow 197.1 87.6 344.8 193.3
Paid taxes (32.5) (26.9) (23.1) (44.9)
Separately disclosed items affecting EBITDA (26.2) (17.9) (47.1) (26.9)
Net interest and other financial items paid (80.1) (82.9) (170.0) (217.8)
Other (2.1) (1.0) (9.3) (1.0)
Free cash flow 56.2 (41.1) 95.3 (97.3)
Adjusted operating cash flow (excluding change in working 
capital) 204.8 170.5 400.9 333.8
1) Represents depreciation, amortisation and asset retirements excluding acquisition-related amortisation from historic business combinations. 
Refer to 'Reconciliation of the depreciation, amortisation and asset retirement charge' 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 net subscriber growth, multiplied by CPA. 
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 26

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Annualised recurring revenue (ARR)
€m (unless otherwise stated) Q2 2026 Q2 2025 6m 2026 6m 2025
Total subscribers (end of period), 000s 6,377.3 5,831.4 6,377.3 5,831.4
ARPU (LTM), € 47.3 46.1 47.3 46.1
ARR1 3,619.8 3,225.4 3,619.8 3,225.4
ARR Growth (%)  12.2 %  11.0 %  12.2 %  11.0 %
ARPU, € 48.2 46.6 48.2 46.8
ARR - previous definition1 3,688.7 3,262.0 3,690.9 3,274.2
ARR Growth (%) - previous definition  13.1 %  10.1 %  12.7 %  10.5 %
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) Q2 2026 Q2 2025 6m 2026 6m 2025
Customer Acquisition revenue 84.2 90.7 177.8 189.0
Customer Acquisition expenses (298.4) (266.0) (588.5) (536.3)
Customer Acquisition other revenue 0.2 0.8 0.4 1.5
Customer acquisition Adjusted EBITDA (214.0) (174.5) (410.3) (345.8)
Customer Acquisition capital expenditure, material (78.6) (81.2) (164.4) (163.5)
Customer Acquisition capital expenditure, direct cost (66.8) (64.5) (135.4) (129.7)
Customer acquisition capital expenditure (145.4) (145.7) (299.8) (293.2)
Customer acquisition cost (net) (359.4) (320.2) (710.1) (639.0)
New subscribers added (gross), 000s 218.6 217.3 441.5 434.4
CPA, €1 1,644.0 1,473.7 1,608.4 1,471.1
Customer Acquisition cost (gross)2 (443.8) (411.7) (888.4) (829.5)
Gross capitalisation (%)  32.8 %  35.4 %  33.8 %  35.4 %
1) In Q2 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. 
Monthly Adjusted EBITDA per customer (EPC), Portfolio Services Adjusted EBITDA and Portfolio Services Adjusted EBITDA margin
€m (unless otherwise stated) Q2 2026 Q2 2025 6m 2026 6m 2025
Portfolio Services revenue 913.2 806.6 1,812.4 1,603.6
Portfolio Services expenses (236.8) (211.6) (474.0) (425.1)
Portfolio Services other revenue 0.2 0.4 0.5 0.7
Portfolio services Adjusted EBITDA 676.6 595.4 1,338.9 1,179.2
Portfolio Services Adjusted EBITDA margin  74.1 %  73.8 %  73.9 %  73.5 %
Monthly average Portfolio Services Adjusted EBITDA 225.5 198.5 223.2 196.5
Monthly average number of subscribers during the period, 
000s 6,315.4 5,767.7 6,263.1 5,711.9
EPC, € 35.7 34.4 35.6 34.4
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Monthly average revenue per user (ARPU)
€m (unless otherwise stated) Q2 2026 Q2 2025 6m 2026 6m 2025
Portfolio Services revenue 913.2 806.6 1,812.4 1,603.6
Monthly average Portfolio Services revenue 304.4 268.9 302.1 267.3
Monthly average number of subscribers during the period, 
000s 6,315.4 5,767.7 6,263.1 5,711.9
ARPU, € 48.2 46.6 48.2 46.8
Recurring monthly cost (RMC)
€m (unless otherwise stated) Q2 2026 Q2 2025 6m 2026 6m 2025
ARPU 48.2 46.6 48.2 46.8
EPC 35.7 34.4 35.6 34.4
Recurring monthly cost (RMC), € (12.5) (12.2) (12.6) (12.4)
Separately disclosed items (SDIs)
€m (unless otherwise stated) Q2 2026 Q2 2025 6m 2026 6m 2025
ERP (2.3) (3.6) (5.8) (7.3)
Organisational (2.7) (2.3) (4.0) (3.6)
M&A1 (2.5) (4.7) 2.3 (5.5)
Rebranding2 (13.0) (0.3) (16.7) (0.3)
Other3 (3.2) (7.0) (10.2) (10.2)
Total affecting EBITDA (excl. IPO) (23.7) (17.9) (34.4) (26.9)
IPO4 (2.5) - (12.7) -
Total affecting EBITDA (26.2) (17.9) (47.1) (26.9)
Share-based compensation5 (31.5) - (51.2) -
Amortisation of acquisition related items6 (108.1) (121.3) (222.8) (242.0)
Total affecting EBIT (165.8) (139.2) (321.1) (268.9)
Revaluation effects and other financial items (12.1) (18.9) 29.0 (37.5)
Total affecting Profit or (loss) before tax (177.9) (158.1) (292.1) (306.4)
Tax impact6 39.3 35.7 63.4 69.4
Total affecting Net profit or (loss) (138.6) (122.4) (228.7) (237.0)
1) YTD figure includes a €4.9m gain on disposal of minority interest investment.
2) In 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 an expense of €2.9m in Q2 2026  and  €5.3m YTD 2026 for a historic technology royalty claim from a supplier, as well as related legal 
costs. The claim relates to the period from 2021 to the current period.
4) Includes an accrual of IPO-related bonuses, with employee retention performance conditions, that was paid in April 2026.
5) Refer to note 4 'Share-based compensation' for more details.
6) Depreciation, amortisation and asset retirements includes €15.0m QTD (€20.7m in 2025) and  €29.6m YTD (€42.0m in 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 depreciation and amortisation 
charge with a consequent reduction in Adjusted EBIT. The corresponding tax impact is €2.2m QTD 2026 (€4.0m in 2025) and  €4.3m YTD 2026 (€8.2m 
in 2025).  See below for more details on amortisation of acquisition related items.
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 28

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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) Q2 2026 Q2 2025 6m 2026 6m 2025
Reported depreciation, amortisation and asset retirements 307.0 311.3 616.9 620.2
     Adjustment of amortisation of acquisition related items
     Customer portfolio - Acquired intangibles 103.3 111.5 213.2 222.5
     Technology rights - 5.6 - 11.2
     Trademarks 4.8 4.2 9.6 8.3
Total adjustment of amortisation of acquisition related items 108.1 121.3 222.8 242.0
Adjusted depreciation, amortisation and asset retirements 198.9 190.0 394.1 378.2
Net debt and LTM net leverage
€m (unless otherwise stated) Jun 2026 Jun 2025
Long-term borrowings 3,913.0 7,721.5
Short-term borrowings 1,295.7 329.9
Less adjustments to amortised cost 36.1 45.9
Less qualified receivables financing (247.4) (261.2)
Less accrued interest (47.9) (82.5)
Total indebtedness 4,949.5 7,753.6
Less cash and cash equivalents (36.7) (21.8)
Total net debt 4,912.8 7,731.8
Adjusted EBITDA (LTM)1 1,803.1 1,623.1
LTM net leverage, ratio 2.7x 4.8x
1) Adjusted EBITDA (LTM) represents the sum of the last twelve months Adjusted EBITDA.
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 29

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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 Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 30

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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
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 31

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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, 30 July 2026
Austin Lally
Chief Executive Officer
This report has not been subject to review by Verisure plc’s auditors.  
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 33

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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 
nearly 6.4 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 30 July 2026 at 09:30 a.m. CEST.  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 July-September 2026                                         3 November 2026
Interim report October-December 2026    16 February 2027
                                       
This is information that Verisure plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was 
submitted for publication, through the agency of the contact persons set out below, on 30 July 2026 at 08:00 a.m. CEST.  
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.  
VERISURE PLC Q2 2026 INTERIM REPORT JANUARY - JUNE 2026 34

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Verisure plc
111 Buckingham Palace Road
London SW1W 0SR
United Kingdom