Kvartalsrapport Q3 2025

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VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 2
Contents
FINANCIAL HIGHLIGHTS3
CEO COMMENT4
STRATEGIC UPDATE5
OPERATING SEGMENTS6
KEY FIGURES8
FINANCIAL REVIEW9
OTHER ITEMS14
UNAUDITED COMBINED
FINANCIAL STATEMENTS15
NOTES TO THE UNAUDITED COMBINED
FINANCIAL STATEMENTS19
QUARTERLY SUMMARY24
ALTERNATIVE PERFORMANCE MEASURES 
RECONCILIATION26
ALTERNATIVE PERFORMANCE MEASURES
AND OTHER PERFORMANCE METRICS30
SIGNATURE32
ABOUT VERISURE AND
OTHER INFORMATION33

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VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 3
Verisure Q3 2025 
Verisure delivered a strong operating and financial performance in the third quarter. Strong revenue and 
profit growth places the Company on track to deliver against mid-term targets. 2025 Annualised 
Recurring Revenue (“ARR”) growth outlook confirmed at above 12% in 2025, reflecting strong underlying 
business performance (above 10%) and our recently completed acquisition in Mexico adding 125,000 
high-quality customers (about 2%). Full year Adjusted EBIT expected at €940-950m, reflecting continued 
progress on cost management.
Third quarter summary
Revenue rose to €933.0m, an increase of +9.2% (+9.9% in 
constant currency). 
We added 214,426 new subscribers in the quarter, an increase of 
+5.2% compared to the same period last year. Total customers 
as of 30 September 2025 were 5.9 million, an increase of +8.0% 
compared to the same point in time last year. 
ARR reached €3,291.8m, which corresponds to a growth of +9.6% 
compared to the same period last year (+10.2% in constant 
currency). 
Adjusted EBITDA increased to €442.6m, an increase of +11.6% 
(+11.6% in constant currency). Adjusted EBITDA margin increased 
103bps to 47.4%, compared to 46.4% in the same period last year. 
Adjusted EBIT increased to €250.3m, an increase of +17.7% 
(+17.1% in constant currency). Adjusted EBIT margin increased 
194bps to 26.8%, as a result of improved performance on both 
ARPU growth and cost reduction.  
Nine months summary
Revenue amounted to €2,780.7m, an increase of +9.6% (+10.2% in 
constant currency). 
We added 648,825 new subscribers, an increase of +3.3% 
compared to the same period last year.   
ARR reached €3,320.6m, corresponding to a growth of +10.1% 
compared to prior year (+10.7% in constant currency). 
Adjusted EBITDA increased to €1,287.4m, an increase of +11.7% 
(+11.7% in constant currency). Adjusted EBITDA margin increased 
89bps to 46.3%, compared to 45.4% in the same period last year. 
Adjusted EBIT increased to €716.9m, an increase of +15.0% 
(+14.3% in constant currency). Adjusted EBIT margin increased 
121bps to 25.8%. 
€m (unless otherwise stated) Q3 2025 Q3 2024 9m 2025 9m 2024
Revenue 933.0 854.3 2,780.7 2,537.8 
Revenue growth¹, % 9.2% 9.4% 9.6% 10.1%
Annualised recurring revenue (ARR)¹ 3,291.8 3,003.4 3,320.6 3,015.2 
Annualised recurring revenue growth¹, % 9.6% 11.8% 10.1% 11.6% 
Operating profit 81.8 86.4 279.5 243.2 
Adjusted EBITDA¹ 442.6 396.5 1,287.4 1,152.2 
Adjusted EBITDA margin¹, % 47.4% 46.4% 46.3% 45.4% 
Adjusted EBIT¹ 250.3 212.6 716.9 623.5 
Adjusted EBIT margin¹, % 26.8% 24.9% 25.8% 24.6% 
EPS, basic and diluted - Proforma2, € (0.06) (0.06) (0.17) (0.16) 
Adjusted EPS, basic and diluted - Proforma1, 3, € 0.09 0.07 0.23 0.18 
Total subscribers (end of period), 000s 5,940.5 5,501.8 5,940.5 5,501.8 
New subscribers added (gross)4, 000s 214.4 203.8 648.8 628.4 
1) Alternative performance measure (APM). Refer to section 'Alternative performance measures and other performance metrics' for more details.
2) Earnings per share (EPS), basic and diluted - Proforma, is calculated based on the total number of Verisure plc shares (800,000,000) at the time of 
listing on Nasdaq Stockholm on 8 October 2025. The amount of shares outstanding at 8 October 2025 has also been applied to the comparative periods.
3) Adjusted earnings per share (EPS), basic and diluted - Proforma is calculated based on the total number of Verisure plc shares following completion 
of the listing on Nasdaq Stockholm on 8 October 2025 and includes the issuance of new shares the same day. The amount of shares outstanding at 8 
October 2025, including the shared issued the same day, has also been applied to the comparative periods.
4) Other performance metrics. Refer to section 'Alternative performance measures and other performance metrics' for more details.

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VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 4
CEO comment
“As the clear category leader in our footprint, 
we remain excited about the significant 
growth opportunities ahead of us”
We were pleased with our operating and financial 
performance in the third quarter
A total of 214k new families and small businesses placed their 
trust in us, to protect what matters most.  New installations grew 
+5.2% year-over-year.  Our total customer portfolio reached over 
5.9 million, up +8.0% over the past year.  
The increased portfolio provides a foundation for strong topline 
growth.  Annualised Recurring Revenue (ARR), our primary 
growth metric, was €3,292m, up +10.2% (in constant currency).  
Our relentless focus on cost management delivered strong 
increases in profitability in the quarter.  Adjusted EBIT increased 
+17.1% year-over-year (in constant currency), with our Adjusted 
EBIT margin up +165bps (in constant currency) to 26.8%.  These 
results place Verisure on track to deliver against our mid-term 
targets.  
Our primary segments, Portfolio Services and Customer 
Acquisition, both delivered a strong third quarter.  Portfolio 
Services revenue increased +10.3% (in constant currency) with 
Adjusted EBITDA up +12.6% (in constant currency).  Monthly 
ARPU increased +2.1% (in constant currency), while Recurring 
Monthly Costs (RMC) were -3.8% lower (in constant currency), 
meaning Portfolio Services adjusted EBITDA margin reached a 
record high at 74.5%. 
In our Customer Acquisition segment, we delivered a strong 
quarter acquiring over 214k new customers.  We continued to 
add new customers at the same Monthly ARPU as our portfolio, 
meaning no “back book / front book” dynamic.  And our Cost per 
acquisition (CPA) increased +5.2% (in constant currency) year-
over-year, facing slightly lower increases than in the first half of 
2025.  
Innovation
One of our key differentiating factors is our significant 
investment in Technology and Innovation.  We continued to 
launch innovative new products and services including further 
momentum with LockGuard TM, our electronic lock, the 
commercial launch of our GuardVision TM outdoor camera in 
France and further exploitation of our new AI-Sensing product.  
These innovations reinforce our business broadly; from 
attracting new customers to supporting ARPU growth over time.  
IPO
On 8 October 2025, Verisure successfully completed its initial 
public offering on Nasdaq Stockholm under the ticker “VSURE”, 
raising €3.1 billion in primary capital and welcoming more than 
60,000 new Swedish, international and institutional 
shareholders.  The final offering price was €13.25 per share, 
corresponding to a market capitalisation of €13.7 billion.  We 
have subsequently made a positive start to life in the public 
markets. 
Acquisition
On 31 October 2025, we expanded our global footprint through 
the completion of our strategic acquisition of ADT Mexico.  This 
move accelerates our entry into one of Latin America’s most 
attractive and dynamic geographies welcoming 125,000 new 
customers into the Verisure family.  The acquisition provides us 
with a market-leading position in Mexico and a strong platform 
to execute our playbook for growth.  Post this acquisition, our 
total customer portfolio is now well over 6 million customers.  
Outlook and guidance
We remain confident in our medium-term outlook as we 
continue to deliver compounding growth against the backdrop 
of a large, growing addressable market.  2025 ARR outlook is 
expected above 12% (above 10% organic growth plus around 2% 
from our acquisition in Mexico) and Adjusted EBIT is expected 
at €940-950m.  We reiterate our mid-term guidance of above 
10% ARR growth and progressive expansion in our Adjusted EBIT 
margin to 30% over the long term.
As the clear category leader in our footprint, we are excited 
about the significant growth opportunity ahead of us.  Our tried 
and tested playbook continues to increase our competitive 
advantage, including our increasing cadence of AI-backed 
product and service innovation.  Following the successful 
completion of our IPO in October, we moved into the public 
markets with confidence.  Looking ahead, we remain confident 
in our outlook as we continue to compound growth through our 
growing portfolio and significantly increasing margins. 
I would like to thank all employees for their hard work and 
commitment to Verisure.  The milestones achieved so far this 
year are a result of their strong leadership, commitment and 
collaboration and I look forward to continued success in our 
growth journey as a publicly listed company. 
Austin Lally
Chief Executive Officer

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VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 5
Strategic update
Innovation
Consistent investment in Technology and Innovation underpins 
many elements of our financial model; from driving new 
customer demand, lowering attrition through increased usage, 
creating upsell opportunities, lower operating costs and 
expanding our addressable market. 
In the third quarter we exploited new products, supported by 
category creating marketing investment;
•Strong demand for LockGuard™ continues.  Attachment 
rates are >20% of new sales in Spain.  LockGuard™ is 
resonating well with customers, significantly increasing 
usage of the alarm.  We have installed about 175,000 units 
since launch in Q2 2024..
•We launched our AI-backed GuardVision™ outdoor 
camera in France.  The product helped generate record 
installation bookings in July.  Already we are seeing 
attachment rates > 15% to new installations. 
•In August, we received our eighth Red Dot Design Award, 
in the category of Packaging Design.  This marks our tenth 
international design accolade since 2021, underscoring 
our commitment to industry-leading design and 
innovation that leads the security industry.  
•To further support long-term margin targets and shorten 
our supply chains, we opened a production facility in 
Manaus Free Trade Zone, Brazil, in partnership with a 
longstanding manufacturing partner.  This facility will be 
fully productive from early 2026.
Cost transformation plan
Our philosophy on cost is to target sustainable, high quality 
cost reduction with no adverse impact on customer experience.  
We implement AI-supported, cost transformation initiatives 
focused on workload reduction and removal of manual process.
Earlier this year we introduced an invisible detraction 
technology, using sentiment analysis, in contact centers.  Based 
on generative speech analytics, we analyse conversations for 
key words, enabling proactive follow up to increase customer 
satisfaction.
AI tools are in-built within our product suite, improving 
verification accuracy and speed of response.  Within our 
proprietary hardware, we have advanced diagnostic capability, 
retrieving knowledge from data repositories.  This provides fast, 
accurate answers for field users, operators and customers, 
improves our triage and issue diagnosis capabilities, and 
reduces the need for maintenance visits.
Mexico acquisition
We completed our acquisition of ADT Mexico on 31 st October 
2025, adding about 125,000 customers with ARPU broadly at 
European-market levels.  Mexico presents a quality growth 
opportunity, and we have immediately become market leader.  
We look forward to working with our new team in Mexico to drive 
growth in our 18th national market.  
MasOrange partnership
We announced plans in October to commercialize, starting in 
April 2026, our monitored security services in Spain with a new 
partner, MasOrange, and their portfolio of over 30 million 
customers.  We expect the exclusive partnership to contribute 
installation growth from the second half of 2026. 
Culture & Talent
Our performance is built on nurturing talent and strengthening 
our culture.  We foster a culture based on strong values 
embedded in our DNA, where every colleague is encouraged to 
realize their full potential.  Following the acquisition in Mexico, 
we are officially recognised as an outstanding employer in all 
our 18 countries, including Great Place to Work™, Top 
Employer®, Financial Times’ “Europe’s Best Employers 2025 List” 
and others.
Protecting what matters most
In Q3, we provided assistance in over 94,000 situations in 
customers’ homes and premises that required intervention of 
Police, Fire, Ambulances or a Guard.  Protecting customers in 
moments of truth, when it really counts.

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VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 6
Operating segments
Portfolio Services
€m (unless otherwise stated) Q3 2025 Q3 2024
Change
Actual 
Currency
Change
Constant 
Currency 9m 2025 9m 2024
Change
Actual 
Currency
Change
Constant 
Currency
Portfolio Services revenue 816.6 744.7 +9.6% +10.3% 2,420.1 2,193.0 +10.4% +10.9% 
Portfolio Services adjusted EBITDA¹ 608.5 543.4 +12.0% +12.6% 1,787.7 1,592.8 +12.2% +12.8% 
Portfolio Services adjusted EBITDA 
margin¹, % 74.5% 73.0% +155bps +155bps 73.9% 72.6% +124bps +125bps
Total subscribers (end of period), 000s 5,940.5 5,501.8 +8.0% n/a 5,940.5 5,501.8 +8.0% n/a
Monthly average revenue per user 
(ARPU)¹, € 46.2 45.5 +1.5% +2.1% 46.6 45.7 +2.0% +2.5% 
Monthly adjusted EBITDA per customer 
(EPC)¹, € 34.4 33.2 +3.7% +4.2% 34.4 33.2 +3.7% +4.2% 
LTM attrition rate², % 7.4% 7.5% (16bps) n/a 7.4% 7.5% (16bps) n/a
Quarterly attrition rate (annualised)2, % 7.1% 7.1% +0bps n/a 7.1% 7.1% +0bps n/a
1) Alternative performance measure (APM). Refer to section 'Alternative performance measures and other performance metrics' for more details.
2) Other performance metrics. Refer to section 'Alternative performance measures and other performance metrics' for more details. 
Total customers increased +8.0% year-over-year, closing Q3 at 
5,940k as we grow installation volumes and maintain stable, low 
attrition.
Monthly average revenue per user (“ARPU”) increased +2.1% (in 
constant currency) year-over-year, to €46.2 per customer.  This 
continues our long track record of valuable, consistent ARPU 
growth.  Our latest innovation-backed price increase has 
sustained well through 2025.  We remain highly disciplined in 
terms of portfolio discounting.  New customers continue to join 
at ARPU levels consistent with our existing portfolio.
We continued to improve upsell propensity.  Upselling new 
products and services to existing customers remains a 
significant additional ARPU opportunity over the medium to 
long term.   
We made strong progress reducing costs in Q3.  Recurring 
Monthly Costs (“RMC”) were -3.8% (in constant currency) lower 
year-over-year, at €11.8 per customer per month.  Workload 
reduction, through our “Digital First” programmes and 
increased first-time resolution helped deliver lower costs.  We 
continue to introduce AI technologies – in the third quarter we 
launched speech analytics, auto-transcription tools to 
increases productivity, accuracy and engagement across our 
customer service teams.
In Q3, our monthly Adjusted EBITDA per customer (“EPC”) was 
€34.4, a record high.  Portfolio Services adjusted EBITDA margin 
was 74.5%, up +155bps (in constant currency) year-over-year, 
supported by sustained ARPU growth and RMC reduction.
Quarterly attrition rate (annualised) was 7.1% in the quarter.  
Over the last twelve months, attrition is -16bps lower year-over-
year at 7.4%.  Our data & analytics-based approach to customer 
management continues to bear fruit, along with consistent 
focus on quality new customer intake.

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VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 7
Customer Acquisition
€m (unless otherwise stated) Q3 2025 Q3 2024
Change
Actual 
Currency
Change
Constant 
Currency 9m 2025 9m 2024
Change
Actual 
Currency
Change
Constant 
Currency
Customer Acquisition revenue 86.7 86.5 +0.3% +1.6% 275.7 276.7 (0.4%) +0.9% 
Customer Acquisition adjusted EBITDA¹ (171.4) (152.0) +12.8% +15.0% (517.2) (454.6) +13.8% +15.7% 
New subscribers added (gross)¹, 000s 214.4 203.8 +5.2% n/a 648.8 628.4 +3.3% n/a
Cost per acquisition (CPA)¹, € 1,485.9 1,434.3 +3.6% +5.2% 1,476.0 1,409.9 +4.7% +6.2% 
1) Alternative performance measure (APM). Refer to section 'Alternative performance measures and other performance metrics' for more details.
New installations in Q3 were 214k, representing a growth rate of 
+5.2% year-over-year.  As the digital ecosystem continued to 
evolve, we stayed ahead of changes by adjusting our marketing 
mix and upgrading our Generative Engine Optimization models.  
We are pleased with progress here and highly vigilant to further 
adaptations.
Cost per acquisition was €1,485.9 in the third quarter, up +5.2% 
(in constant currency) year-over-year, primarily driven by 
marketing inflation across digital and TV.  We generate strong 
returns on new customers with our Acquisition multiple stable 
at 3.6x.  New installations generate an attractive, about 20% IRR, 
assessed over a 15-year timeframe.  
Customer Acquisition revenue increased by +1.6% (in constant 
currency) year-over-year.  The upfront payment by customers is 
sensitive to geographic variations, housing topology and size of 
installation.  As well as defraying our customer acquisition 
costs, we consider customer acquisition revenue as an 
investment from the customer at installation, as an important 
qualifier of customer commitment and an indication of 
customer quality.
Adjacencies
€m (unless otherwise stated) Q3 2025 Q3 2024
Change
Actual 
Currency
Change
Constant 
Currency 9m 2025 9m 2024
Change
Actual 
Currency
Change
Constant 
Currency
Adjacencies revenue 29.7 23.1 +28.8% +28.8% 84.9 68.1 +24.7% +24.7% 
Adjacencies adjusted EBITDA¹ 5.5 5.1 +9.5% +9.5% 16.9 14.1 +20.1% +20.1% 
1) Alternative performance measure (APM). Refer to section 'Alternative performance measures and other performance metrics' for more details.
Adjacencies revenue, representing nearly 3% of total revenue in 
the quarter and the full year, increased +28.8% (in constant 
currency) in Q3 and +24.7% (in constant currency) in the first 
nine months of the year.  
Adjacencies Adjusted EBITDA increased +9.5% (in constant 
currency) in the quarter and +20.1% (in constant currency) in the 
nine months of 2025.
The customer portfolio in our Adjacencies segment stood at 
432,431 customers at the end of September 2025, an increase of 
+5.7% year-over-year.

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VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 8
Key figures
€m (if not otherwise stated) Q3 2025 Q3 2024 9m 2025 9m 2024
Revenue 933.0 854.3 2,780.7 2,537.8 
Revenue growth¹, % 9.2% 9.4% 9.6% 10.1%
Adjusted EBITDA¹ 442.6 396.5 1,287.4 1,152.2 
Adjusted EBITDA margin¹, % 47.4% 46.4% 46.3% 45.4% 
Adjusted EBITDA incl. SDIs¹ 385.9 388.7 1,203.8 1,131.1 
Adjusted EBITDA margin incl. SDIs¹, % 41.4% 45.5% 43.3% 44.6% 
Adjusted EBIT¹ 250.3 212.6 716.9 623.5 
Adjusted EBIT margin¹, % 26.8% 24.9% 25.8% 24.6% 
EPS, basic and diluted - Proforma2, € (0.06) (0.06) (0.17) (0.16) 
Adjusted EPS, basic and diluted - Proforma1, 3, € 0.09 0.07 0.23 0.18 
Operating profit 81.8 86.4 279.5 243.2 
Total net debt¹ 7,773.5 7,497.2 7,773.5 7,497.2 
LTM net leverage¹, ratio 4.7x 5.0x 4.7x 5.0x
L2QA net leverage¹, ratio 4.4x 4.8x 4.4x 4.8x
L2QA secured net leverage¹, ratio 3.5x 3.8x 3.5x 3.8x
Acquisition multiple¹, ratio 3.6x 3.6x 3.6x 3.5x
Portfolio Services segment
Portfolio Services revenue 816.6 744.7 2,420.1 2,193.0 
Annualised recurring revenue (ARR)¹ 3,291.8 3,003.4 3,320.6 3,015.2 
Annualised recurring revenue growth¹, % 9.6% 11.8% 10.1% 11.6%
Portfolio Services adjusted EBITDA¹ 608.5 543.4 1,787.7 1,592.8 
Portfolio Services adjusted EBITDA margin¹, % 74.5% 73.0% 73.9% 72.6% 
Total subscribers (end of period), 000s 5,940.5 5,501.8 5,940.5 5,501.8 
Cancellation4, 000s 105.4 97.5 320.0 299.6 
LTM attrition rate4, % 7.4% 7.5% 7.4% 7.5% 
Quarterly attrition rate (annualised)4, % 7.1% 7.1% 7.1% 7.1% 
Net subscriber growth4, 000s 109.1 106.4 328.8 328.7 
Subscriber growth rate³, net, % 8.0% 8.5% 8.0% 8.5% 
Monthly average number of subscribers during the period¹, 000s 5,894.6 5,456.9 5,772.8 5,335.4 
Monthly average revenue per user (ARPU)¹, € 46.2 45.5 46.6 45.7 
Recurring monthly cost (RMC)1, € 11.8 12.3 12.2 12.5 
Monthly adjusted EBITDA per customer (EPC)¹, € 34.4 33.2 34.4 33.2 
Customer Acquisition segment
Customer Acquisition revenue 86.7 86.5 275.7 276.7 
Customer Acquisition adjusted EBITDA¹ (171.4) (152.0) (517.2) (454.6) 
Customer Acquisition capital expenditures¹ 147.2 140.4 440.5 431.3 
New subscribers added (gross)4, 000s 214.4 203.8 648.8 628.4 
Cost per acquisition (CPA)¹, € 1,485.9 1,434.3 1,476.0 1,409.9 
Adjacencies segment
Adjacencies revenue 29.7 23.1 84.9 68.1 
Adjacencies adjusted EBITDA¹ 5.5 5.1 16.9 14.1 
1) Alternative performance measure (APM). Refer to section 'Alternative performance measures and other performance metrics' for more details.
2) Earnings per share (EPS), basic and diluted - Proforma, is calculated based on the total number of Verisure plc shares (800,000,000) at the time of 
listing on Nasdaq Stockholm on 8 October 2025. The amount of shares outstanding at 8 October 2025 has also been applied to the comparative periods.
3) Adjusted earnings per share (EPS), basic - Proforma is calculated based on the total number of Verisure plc shares following completion of the 
listing on Nasdaq Stockholm on 8 October 2025 and includes the issuance of new shares the same day. The amount of shares outstanding at 8 October 
2025, including the shared issued the same day, has also been applied to the comparative periods.
4) Other performance metrics. Refer to section 'Alternative performance measures and other performance metrics' for more details.

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VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 9
Financial review
Third quarter summary 
Q3 2025 Q3 2024 Result excl SDIs % change
€m
Result 
excl. SDIs SDIs Reported
Result 
excl. SDIs SDIs Reported
Actual 
currency
Constant 
currency
Revenue 933.0 - 933.0 854.3 - 854.3 +9.2% +9.9% 
Operating expenses (491.7) (56.7) (548.4) (458.7) (7.8) (466.5) +7.2% +8.4% 
Other income 1.3 - 1.3 0.9 - 0.9 +40.4% +36.7% 
Adjusted EBITDA1 442.6 (56.7) 385.9 396.5 (7.8) 388.7 +11.6% +11.6% 
Adjusted EBITDA margin, % 47.4% - - 46.4% - - +103 bps +74bps
Depreciation, amortisation and 
asset retirements2 (192.3) (111.8) (304.1) (183.9) (118.4) (302.3) +4.6% +5.2% 
Adjusted EBIT1 250.3 (168.5) 81.8 212.6 (126.2) 86.4 +17.7% +17.1% 
Adjusted EBIT margin, % 26.8% - - 24.9% - - +194 bps +165bps
Interest income and expenses (103.0) - (103.0) (118.9) - (118.9) (13.4%) (13.4%) 
Other financial items (4.4) (7.0) (11.4) 4.4 (34.0) (29.6) (200.8%) (4,192.5%) 
Profit or loss before tax 142.9 (175.5) (32.6) 98.1 (160.2) (62.0) +45.7% +48.4% 
Income tax2 (53.5) 38.3 (15.2) (22.2) 37.1 14.8 +140.8% +141.0% 
Adjusted net profit or loss 89.4 (137.2) (47.8) 75.9 (123.1) (47.2) +17.8% +20.7% 
1) Reported figures in the column 'Result excl. SDIs' represents Adjusted EBITDA and Adjusted EBIT APMs and are explained in the section 'Alternative 
performance measures and other performance metrics' below.
2) The total amount reported as depreciation, amortisation and asset retirements, includes a reclassification of €11.6m (€23.8m in 2024) between result 
excl. SDIs and SDIs. The corresponding tax impact is €1.8m (€4.8m in 2024). The purpose of the reclassification is to reflect the operating result absent the 
2020 Business Combination. Refer to section 'Alternative performance measures and other performance metrics' below for more details.   
Revenue
Revenue rose to €933.0m (€854.3m), an increase of +9.2% (+9.9% 
in constant currency).  The revenue increase was driven by 
Portfolio Services revenue which rose to €816.6m (€744.7m), an 
increase of +9.6% (+10.3% in constant currency), primarily driven 
by the higher number of customers and the increase in monthly 
average revenue per user (ARPU) of +1.5% compared to Q3 2024.  
Our innovation-backed price increase in Q1 has sustained very 
well throughout the year.  Our portfolio customer base grew by 
+8.0%, from 5,501,761 in Q3 2024 to 5,940,468 in Q3 2025.  
Customer Acquisition revenue increased +0.3% (+1.6% in 
constant currency) to €86.7 (€86.5m) as upfront revenue per new 
installation was broadly flat year-over-year.  
Adjusted EBITDA
Adjusted EBITDA rose to €442.6m (€396.5m), an increase of 
+11.6% (+11.6% in constant currency).  The Adjusted EBITDA 
margin increased +103bps to 47.4% (46.4%).  The stronger 
performance in Adjusted EBITDA was mainly driven by growth in 
the portfolio, as well as a higher monthly Adjusted EBITDA per 
customer (EPC).
Depreciation, amortisation and asset retirements
Total depreciation, amortisation and asset retirements 
including SDIs increased +0.6% to €304.1m (€302.3m) and 
includes €111.8 (€118.4m) of acquisition-related intangible 
assets amortisation (mainly recognised as SDI).  The remaining 
depreciation and amortisation primarily relate 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 €81.8m (€86.4m), 
adjusted for SDIs of €168.5m (€126.2m).  The SDIs mainly relate 
to amortisation of acquisition related intangible assets resulting 
from our 2020 Business Combination, IPO related costs, direct 
acquisition related costs and one-off items related to various 
transformational and strategic initiatives.  The increase in 
Adjusted EBIT of +17.7% (+17.1% in constant currency), and the 
Adjusted EBIT margin of +194bps were mainly driven by portfolio 
growth and profitability.
Financial items
Financial items declined from €148.4m to €114.4m as a result of 
a lower weighted average cost of debt, mainly explained by 
lower Euribor rates, partially offset by higher gross debt.  SDIs 
reducing financial items amounted to €7.0m (€-34.0m), mainly 
arising from revaluation effects and fair value adjustments on 
derivatives.  
Income tax
The tax charge for the quarter was €-15.2m (€14.8m), comprising 
a current tax charge of €-39.6m (€-26.5m) offset by a deferred 
tax income of €24.3m (€41.3m).  Income tax on result excluding 
SDIs amounted to €-53.5m (€-22.2m), mainly reflecting the 
decline in interest expense from the lower weighted average 
cost of debt and a higher profit before tax driven by stronger 
Adjusted EBIT.  The €38.3m (€37.1m) reflected within SDI relates 
mainly to the amortisation of acquired intangible assets from 
the 2020 Business Combination, which is not deductible for tax 
purposes.

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 10
Nine months summary
9m 2025 9m 2024 Result excl SDIs % change
€m
Result 
excl. SDIs SDIs Reported
Result 
excl. SDIs SDIs Reported
Actual 
currency
Constant 
currency
Revenue 2,780.7 - 2,780.7 2,537.8 - 2,537.8 +9.6% +10.2% 
Operating expenses (1,496.9) (83.6) (1,580.5) (1,388.7) (21.1) (1,409.8) +7.8% +8.9% 
Other income 3.6 - 3.6 3.2 - 3.2 +12.6% +9.4% 
Adjusted EBITDA1 1,287.4 (83.6) 1,203.8 1,152.2 (21.1) 1,131.1 +11.7% +11.7% 
Adjusted EBITDA margin, % 46.3% - - 45.4% - - +89bps +65bps
Depreciation, amortisation and 
asset retirements2 (570.5) (353.8) (924.3) (528.8) (359.2) (888.0) +7.9% +8.6% 
Adjusted EBIT1 716.9 (437.4) 279.5 623.5 (380.3) 243.2 +15.0% +14.3% 
Adjusted EBIT margin, % 25.8% - - 24.6% - - +121bps +94bps
Interest income and expenses (314.3) - (314.3) (355.6) - (355.6) (11.6%) (11.6%) 
Other financial items (12.3) (44.6) (56.9) 15.4 (30.3) (14.9) (180.0%) (2,956.0%) 
Profit or loss before tax 390.3 (481.9) (91.6) 283.2 (410.6) (127.3) +37.8% +43.2% 
Income tax2 (150.7) 107.7 (43.0) (96.9) 95.1 (1.8) +55.5% +55.8% 
Adjusted net profit or loss 239.6 (374.2) (134.6) 186.3 (315.4) (129.1) +28.6% +36.4% 
1) Reported figures in the column 'Result excl. SDIs' represents Adjusted EBITDA and Adjusted EBIT APMs and are explained in the section 'Alternative 
performance measures and other performance metrics' below.
2) The total amount reported as depreciation, amortisation and asset retirements, includes a reclassification of €53.6m (€71.4m in 2024) between result 
excl. SDIs and SDIs. The corresponding tax impact is €10.0m (€14.4m in 2024). The purpose of the reclassification is to reflect the operating result absent 
the 2020 Business Combination. Refer to section 'Alternative performance measures and other performance metrics' below for more details. 
Revenue
For the nine months ending 30 September, 2025, revenue 
amounted to €2,780.7m (€2,537.8m), an increase by +9.6% (+10.2% 
in constant currency).  The revenue increase was driven by 
Portfolio Services revenue which rose to €2,420.1m (€2,193.0m), 
an increase of +10.4% (+10.9% in constant currency).  Monthly 
average revenue per user (ARPU) increased +2.0% compared to 
the same period last year.  Our innovation-backed price 
increase in Q1 has sustained very well through the year.  Our 
portfolio customer base grew by +8.0%, from 5,501,761 in Q3 2024 
to 5,940,468 in Q3 2025.  
Adjusted EBITDA
Adjusted EBITDA rose to €1,287.4m (€1,152.2m), an increase of 
+11.7% (+11.7% in constant currency).  The Adjusted EBITDA 
margin increased +89bps to 46.3% (45.4%).  The stronger 
performance in Adjusted EBITDA was mainly driven by growth in 
the portfolio, as well as a higher monthly Adjusted EBITDA per 
customer (EPC).
Depreciation, amortisation and asset retirements
Depreciation, amortisation and asset retirements increased by 
+7.9% to €924.3m (€888.0m) and includes €353.8 (€355.1m) of 
acquisition-related intangible assets amortisation (mainly 
recognised as SDI).  The remaining depreciation and 
amortisation primarily relate 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 €279.5m 
(€243.2m), adjusted for SDIs of €437.4m (€380.3m).  The SDIs 
mainly relate to amortisation of acquisition related intangible 
assets resulting from our 2020 Business Combination, IPO 
related costs, direct acquisition related costs, and one-off items 
related to various transformational and strategic initiatives.  The 
increase in Adjusted EBIT of +15.0% (+14.3% in constant 
currency), and the Adjusted EBIT margin of +121bps were mainly 
driven by portfolio growth.
Financial items
Financial items were in line with previous year and amounted 
to a cost of €371.1m (€370.5m).  During the year we have seen a 
lower weighted average cost of debt, mainly explained by lower 
Euribor rates, which was partially offset by SDIs impacting 
financial items. The SDIs impacting financial items resulted in a 
cost of €44.6m (€-30.3m), mainly arising from revaluation effects 
and fair value adjustments on derivatives.  
Income tax
The tax charge for the nine months was €-43.0m (€1.8m), 
comprising a current tax charge of €-106.3m (€-80.2m) offset by 
a deferred tax income of €63.3m (€78.4m).  Income tax on results 
excluding SDIs amounted to €-150.7m (€-96.9m), mainly 
reflecting the decline in interest expense from the lower 
weighted average cost of debt and a higher profit before tax 
driven by stronger Adjusted EBIT.  The €107.7m (€95.1m) reflected 
within SDI relates mainly to the amortisation of acquired 
intangible assets from the 2020 Business Combination, which is 
not deductible for tax purposes.

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 11
Cash flow and Total net debt 
€m Q3 2025 Q3 2024 9m 2025 9m 2024
Cash flow from operating activities before change in working capital 378.5 373.0 1,151.0 1,085.0 
Change in working capital1 (20.3) (35.7) (160.7) (77.3) 
Cash flow from operating activities1 358.2 337.3 990.3 1,007.7 
Cash flow from investing activities (237.4) (214.0) (716.4) (656.1) 
Cash flow from financing activities2 (119.0) (133.0) (278.9) (350.9) 
Cash flow for the period 1.7 (9.8) (5.1) 0.7 
Total net debt3 7,773.5 7,497.2 7,773.5 7,497.2 
LTM net leverage3, ratio 4.7x 5.0x 4.7x 5.0x
L2QA net leverage3, ratio 4.4x 4.8x 4.4x 4.8x
L2QA secured net leverage3, ratio 3.5x 3.8x 3.5x 3.8x
1) Cash flow from operating activities is calculated after giving effect to income tax paid.
2) Cash flow from financing activities includes paid interest. 
3) Alternative performance measure (APM). Refer to section 'Alternative performance measures' for more details.
Third quarter summary
Cash flow from operating activities
Cash flow from operating activities amounted to €358.2m 
(€337.3m) and cash flow from operating activities before 
changes in working capital equalled to €378.5 (€373.0m).  The 
improved cash flow from operating activities mainly related to 
working capital improvements, primarily driven by lower 
inventories.  
Cash flow from investing activities 
Cash flow from investing activities totalled an outflow of 
€237.4m (€214.0m).  The investing activities are primarily related 
to Customer Acquisition expenditures.  The increase in cash 
outflow is mainly driven by higher investment in R&D, product 
and service innovation, and software engineering as well as 
higher upselling activities to existing customers.  In the quarter 
we invested €13.7m (€9.1m) to upgrade existing customers with 
2G/3G hardware ahead of the expected network sunsets 
towards the end of the decade.  See further details in the 
‘Alternative performance measures and other performance 
metrics’ section below. 
Cash flow from financing activities 
Cash flow from financing activities totalled an outflow of €119.1m 
(€133.0m).  The main key components in the three months 
ending 30 September 2025, included net cash inflow from 
increased borrowings, offset by repayment of lease liabilities 
and interest payments.  Net interest payments amounted to 
€127.1m (€139.3m) and the decrease was mainly driven by lower 
interest rates.  
Nine months summary
Cash flow from operating activities
Cash flow from operating activities amounted to €990.3m 
(€1,007.7m) and cash flow from operating activities before 
changes in working capital equalled to €1,151.0 (€1,085.0m).  The 
change in cash flow from operating activities mainly relates to 
movements in working capital, primarily driven by lower 
payables and inventories.
Cash flow from investing activities 
Cash flow from investing activities reached €716.4m (€656.1m) 
for the nine months ending 30 September 2025.  Our investing 
activities are primarily related to Customer Acquisition capital 
expenditures.  The increase in cash outflow is mainly driven by 
higher upselling activity to existing customers and higher 
investment in R&D, product and service innovation, and 
software engineering.  In the first nine months of the year, we 
invested €48.9m (€25.6m) to upgrade existing customers with 
2G/3G hardware ahead of the expected network sunsets 
towards the end of the decade.  See further details in the 
‘Alternative performance measures and other performance 
metrics’ section below.  
Cash flow from financing activities 
Cash flow from financing activities totalled an outflow of 
€278.9m (€350.9m).  The main key components in the nine 
months ending 30 September 2025, included a net cash inflow 
from increased borrowings, offset by repayment of lease 
liabilities and interest payments.  Net interest payments 
amounted to €340.1m (€379.3m) and the decrease was mainly 
driven by decreases in interest rates.
Total net debt 
LTM Net Leverage was 4.7x at Q3 closing, 0.1x lower in Q3 and 
0.4x lower versus one year ago.  Net Debt was €7,773.5m at the 
end of September 2025, up 3.7% year-over-year.  Proforma for 
IPO and our acquisition in Mexico, we estimate LTM Net Leverage 
to be about 3.0x, consistent with our guidance at IPO.  We 
maintain our LTM Net Leverage guidance of 2.50 – 2.75x at end 
2026.

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 12
Capital expenditures
The Group’s capital expenditures primarily consist of (i) 
Customer Acquisition capital expenditures, which include 
purchases of equipment for new customers and incremental 
direct costs related to the acquisition of customer contracts; (ii) 
Portfolio Services capital expenditures, which relate to new 
equipment and related direct costs for existing customers; (iii) 
Adjacencies capital expenditures, which include incremental 
direct costs related to the acquisition of customer contracts 
within our Adjacencies segment; and (iv) other capital 
expenditures related to investments in R&D, IT and premises.  
The costs of the alarm equipment installed in connection with 
newly acquired subscribers are capitalised as tangible fixed 
assets to the extent we retain ownership of the equipment.  The 
Group also capitalises the incremental direct costs to obtain 
new customer contracts as intangible fixed assets.
€m Q3 2025 Q3 2024 9m 2025 9m 2024
Customer Acquisition, material 83.7 78.9 247.2 245.7 
Customer Acquisition, incremental direct costs 63.6 61.6 193.2 185.6 
Portfolio Services 45.2 37.2 141.2 109.2 
Adjacencies 1.0 3.1 3.8 12.5 
Capital expenditures, other 43.0 33.5 129.1 103.2 
Total 236.4 214.2 714.7 656.2 
Third quarter summary
Capital expenditures were €236.4m (€214.2m) in the third 
quarter, up +10.4% year-over-year.  The increase was mainly 
driven by higher investments in technology and innovation 
which continues to run at an intensity of 4-5% of revenues as 
well as investment of €13.7m (€9.1m) to upgrade existing 
customers with 2G/3G hardware ahead of the expected network 
sunsets towards the end of the decade.  
Nine months summary
Capital expenditures were €714.7m (€656.2m) in the nine months 
ending 30 September 2025, also driven by higher investments in 
technology and innovation and 2G/3G sunset investments of 
€48.9m (€25.6m).

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 13
Liquidity, liabilities and financing agreements
Our primary sources of liquidity are cash flow from operations and borrowings under our €700m Revolving Credit Facility.  Our 
primary liquidity requirements are funding of Customer Acquisition operations, debt servicing, and other general corporate 
expenditure.
Available funds
€m 9m 2025 9m 2024 12m 2024
Revolving credit facility 700.0 700.0 700.0 
Cash and cash equivalents 23.1 21.3 30.1 
Drawn facility amount (348.5) (32.4) (200.0) 
Utilised letters of credit (21.4) (21.0) (21.0) 
Total available funds 353.2 667.9 509.1 
Financial indebtedness
€m 9m 2025 9m 2024 12m 2024
Revolving credit facility 348.5 32.4 200.0 
Term loan B 2,525.0 2,525.0 2,525.0 
Senior secured notes 3,325.0 3,425.0 3,325.0 
Total secured indebtedness 6,198.5 5,982.4 6,050.0 
Senior unsecured notes 1,310.7 1,307.7 1,305.9 
Other liabilities 81.6 49.3 70.7 
Lease liabilities 205.8 179.1 191.0 
Total unsecured indebtedness 1,598.1 1,536.1 1,567.6 
Total financial indebtedness1 7,796.6 7,518.5 7,617.6 
1) Total financial indebtedness does not include qualified receivables financing. Refer to note 5 Borrowings for more details. 
Ratings update
Following our IPO, Moody’s and S&P Global increased our 
Corporate Family Rating (“CFR”) by three notches, to Ba1 
(Moody’s) and BB+ (S&P Global) with a stable outlook.  These 
upgrades reflect our proven track record as a high-quality 
growth compounder, strong cash generation potential, and the 
significant growth runway ahead.
Refinancing
At 3 November we concluded our post-IPO refinancing, 
completing a new 7-year €1.25bn Term Loan B (“TLB”) priced at 
Euribor+225bps.  This is the tightest pricing on a €1bn or higher 
TLB in Europe for over five years.  This followed the closing of a 
new 5-year €950m RCF and €1.215bn Term Loan A (“TLA”) shortly 
before our IPO.  Both instruments are priced at Euribor+175bps, 
with further reductions in margin available as leverage reduces.  
Debt reduced by over €2.7bn following IPO completion; 
proforma leverage confirmed at 3.0x

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 14
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 watchlist 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 the Prospectus published at www.verisure.com on 29 
September 2025.  There has been no change in risks that could 
have a significant impact on this interim report compared to 
what is described in the Prospectus. 
Events during the reporting period
On 29 August 2025 the sole ordinary share of €1.00 in the capital 
of Verisure Limited was transferred to Aegis Lux 2 S.à r.l. and the 
sole ordinary share of €1.00 was then sub-divided into 1,000 
ordinary shares of €0.001 each.  After this transaction Aegis Lux 
2 S.à r.l.  subscribed for an additional 57,099,000 ordinary shares 
of €0.001 each in order to pay up the authorised minimum share 
capital required for Verisure Limited to be reregistered as a 
public company limited by shares.  On 16 September 2025, the 
Company was reregistered as a public company limited by 
shares.  
On 17 September 2025, Verisure plc announced its intention to 
list its shares on Nasdaq Stockholm, and the Prospectus relating 
to the initial public offering was published on 29 September 
2025.
Events after the reporting period
On 7 October 2025, at a general meeting, Verisure plc (i) adopted 
new articles of association, (ii) adopted instructions for its 
Nomination Committee, (iii) adopted a discretionary share-
based award incentive plan (the Verisure plc Global Long Term 
Incentive Plan) and a discretionary employee share purchase 
plan (the Verisure plc Global Employee Share Purchase Plan), 
(iv) authorised the Board of Directors to allot shares or to grant 
rights to subscribe for, or to convert any securities into shares 
up to a maximum aggregate nominal amount equal to 10% of 
Verisure’s issued share capital, and to allot equity securities for 
cash as if section 561 of the UK Companies Act did not apply to 
the allotment but that power shall be limited to the allotment 
of equity securities having a nominal amount not exceeding 10% 
of Verisure’s issued share capital, (v) authorised the Board of 
Directors to conduct certain directed (direct buy-backs from 
certain existing shareholders) and open-market (buy-backs 
from an intermediary which has purchased shares on Nasdaq 
Stockholm) off-market share buy-backs, in a maximum 
aggregate amount of 10% of Verisure’s issued share capital, and 
(vi) authorised the Board of Directors to undertake a reduction 
of the share premium account by way of a court-approved 
capital reduction in accordance with the UK Companies Act to 
provide Verisure plc with certain distributable reserves to 
support the payment of future dividends and/or fund any future 
share repurchases.
On 7 October 2025, Verisure plc issued 742,900,000 shares 
against contribution by Aegis Lux 2 S.à r.l.  of 100% of the shares 
in Verisure Group Topholding AB to the Company, whereby 
Verisure plc became the ultimate parent company of the 
Verisure group. Total number of shares after the share issue on 
this day was 800,000,000. 
On 8 October 2025, the shares in Verisure plc were listed on 
Nasdaq Stockholm under ticker VSURE.  In connection with the 
listing, the Company issued 233,962,264 new shares, raising 
gross primary proceeds of about €3.1 billion, which have been 
used mainly to strengthen the balance sheet by repaying certain 
debt and fund the acquisition of ADT in Mexico (see below). Total 
number of shares after the share issue on this day was 
1,033,962,264.
On 31 October 2025, Verisure completed the acquisition of ADT 
in Mexico from Johnson Controls, Inc.  Adding our 18th country 
to our geographical portfolio and adding 125,000 new customers 
into our portfolio.  This acquisition will increase our total 
portfolio to over 6m customers.
On 3 November 2025, we completed our post IPO refinancing 
programme, by finalising a new Term Loan B (“TLB”) of €1.25bn 
with an initial price of Euribor+225bps.  This is the tightest 
pricing on a TLB in Europe with a value of more than €1bn since 
2020.  This comes after we concluded a new €950m Revolving 
Credit Facility and a €1.215bn Term Loan A (“TLA”) shortly before 
the completion of our IPO.  Both these instruments had an initial 
pricing of Euribor +175bps, with further reductions in pricing as 
our leverage reduces.
On 19 November 2025, Verisure plc formally initiated and filed 
for a capital reduction of recognised share premium value. This 
is in line with described process in the Prospectus and carried 
out under the UK Companies Act 2006. The capital reduction is 
expected to be finalised in December, creating distributable 
reserves to support future distributions to shareholders.

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 15
 
Unaudited Combined Financial Statements
Combined Statement of Profit or Loss
€m Note Q3 2025 Q3 2024 9m 2025 9m 2024
Revenue 3 933.0 854.3 2,780.7 2,537.8 
Cost of sales (481.1) (433.3) (1,430.6) (1,298.4) 
Gross profit 451.9 420.9 1,350.2 1,239.4 
Selling expenses (105.1) (96.9) (316.0) (293.8) 
Administrative expenses (266.3) (238.6) (758.3) (705.6) 
Other income 1.3 0.9 3.6 3.2 
Operating profit 81.8 86.4 279.5 243.2 
Financial income 2.5 5.0 1.3 46.3 
Financial expenses (116.8) (153.4) (372.4) (416.9) 
Profit or loss before tax (32.6) (62.0) (91.6) (127.3) 
Income tax (15.2) 14.8 (43.0) (1.8) 
Net profit or loss for the period (47.8) (47.2) (134.6) (129.1) 
Earnings per share (€)
Basic and diluted - Proforma1 (0.06) (0.06) (0.17) (0.16) 
1) Earnings per share, Basic and diluted - Proforma, is calculated based on the total number of Verisure plc shares (800,000,000) at the time of listing 
on Nasdaq Stockholm on 8 October 2025. The amount of shares outstanding at 8 October 2025 has also been applied to the comparative periods.
Combined Statement of Comprehensive Income
€m Note Q3 2025 Q3 2024 9m 2025 9m 2024
Net profit or loss for the period (47.8) (47.2) (134.6) (129.1) 
Items that will subsequently be reclassified to the combined 
income statement
Change in hedging reserve 3.4 (7.7) (19.0) (0.9) 
Currency translation differences on foreign operations 25.6 (10.9) 80.4 (84.4) 
Income tax related to these items (0.7) 1.6 3.9 0.2 
Items that will subsequently be reclassified to the combined 
income statement 28.4 (17.0) 65.3 (85.1) 
Other comprehensive income 28.4 (17.0) 65.3 (85.1) 
Total comprehensive income for the period (19.4) (64.2) (69.2) (214.3)

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 16
 
Combined Statement of Financial Position
€m Note Sep 2025 Sep 2024 Dec 2024
Assets
Non-current assets
Property, plant and equipment 1,648.8 1,532.9 1,574.1 
Right-of-use assets 203.1 177.3 190.6 
Goodwill 7,618.5 7,594.9 7,570.4 
Customer portfolio 3,994.7 4,293.3 4,201.5 
Other intangible assets 1,360.0 1,353.9 1,359.8 
Deferred tax assets 126.8 98.8 136.9 
Derivatives 4 - 8.2 -
Trade and other receivables 4 177.6 134.7 139.0 
Total non-current assets 15,129.5 15,193.9 15,172.2 
Current assets
Inventories 323.8 353.4 316.2 
Trade receivables 4 303.9 300.9 316.3 
Current tax assets 16.7 12.3 24.5 
Derivatives 4 4.7 0.5 21.7 
Prepayments and accrued income 138.2 94.3 94.0 
Other current receivables 4 107.7 61.1 79.3 
Cash and cash equivalents 4 23.1 21.3 30.1 
Total current assets 918.1 843.7 882.2 
Total assets 16,047.6 16,037.6 16,054.4 
Equity and liabilities
Equity
Equity attributable to the owners of parent company 5,805.2 5,957.1 5,872.6 
Total equity 5,805.2 5,957.1 5,872.6 
Non-current liabilities
Long-term borrowings 4, 5 6,954.2 7,520.8 7,580.0 
Derivatives 4 21.0 25.5 24.9 
Other non-current liabilities 4 104.4 124.4 137.0 
Deferred tax liabilities 1,016.6 1,089.0 1,083.3 
Other provisions 39.1 42.3 42.1 
Total non-current liabilities 8,135.3 8,802.0 8,867.2 
Current liabilities
Trade payables 4 148.0 166.9 176.0 
Current tax liabilities 128.9 121.4 104.2 
Short-term borrowings 4, 5 1,108.4 319.0 357.5 
Derivatives 4 10.1 5.0 0.0 
Accrued expenses and deferred income 4 629.0 587.8 576.8 
Other current liabilities 4 82.8 78.3 100.1 
Total current liabilities 2,107.1 1,278.5 1,314.5 
Total liabilities 10,242.4 10,080.5 10,181.8 
Total equity and liabilities 16,047.6 16,037.6 16,054.4

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 17
 
Combined Statement of Changes in Equity
€m Sep 2025 Sep 2024 Dec 2024
Opening balance 5,872.6 6,190.7 6,190.7 
Net profit or loss for the period (134.6) (129.1) (184.9) 
Other comprehensive income 65.3 (85.1) (114.2) 
Total comprehensive income (69.2) (214.3) (299.1) 
Transactions with owners
Capital contribution for share capital, Verisure plc 0.1 - - 
Reclassification of share-based payment plan to cash settled (1.9) - - 
Reduction of share capital with retirement - (20.6) (20.6) 
Shareholder's contribution 3.6 1.3 1.7 
Total transactions with owners 1.8 (19.3) (18.9) 
Closing balance 5,805.2 5,957.1 5,872.6 
Attributable to
Equity holders of the parent company 5,805.2 5,957.1 5,872.6 
Closing balance 5,805.2 5,957.1 5,872.6

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 18
 
Combined Statement of Cash Flows
€m Q3 2025 Q3 2024 9m 2025 9m 2024
Operating activities
Operating profit 81.8 86.4 279.5 243.2 
Adjustment for depreciation, amortisation and asset retirements 304.1 302.3 924.3 888.0 
Adjustment for other non-cash items 24.1 0.2 23.7 1.1 
Paid taxes (31.5) (15.9) (76.4) (47.2) 
Cash flow from operating activities before change in working capital 378.5 373.0 1,151.0 1,085.0 
Change in working capital
Change in inventories 14.9 (15.7) (11.0) (52.9) 
Change in trade receivables 4.4 0.1 (21.7) (39.0) 
Change in other receivables (14.7) 1.6 (72.9) (37.1) 
Change in trade payables (30.9) (8.4) (28.8) (2.9) 
Change in other payables 6.1 (13.4) (26.3) 54.5 
Cash flow from change in working capital (20.3) (35.7) (160.7) (77.3) 
Cash flow from operating activities 358.2 337.3 990.3 1,007.7 
Investing activities
Investments in intangible and financial assets (116.0) (102.2) (348.5) (311.8) 
Investments in property, plant and equipment (121.4) (111.8) (368.0) (344.2) 
Cash flow from investing activities (237.4) (214.0) (716.4) (656.1) 
Financing activities
New financing - - - 1,050.0 
Repayment of financing - - - (930.0) 
Change in revolving credit facility 35.3 32.4 148.5 (37.1) 
Repayment of lease liability (16.4) (14.0) (49.2) (45.5) 
Change in other borrowings (6.4) (12.8) (28.9) (0.2) 
Interest received 0.3 0.7 0.8 1.6 
Interest paid (127.4) (140.0) (340.9) (380.8) 
Paid bank and advisory fees - - - (11.0) 
Other financial items (4.5) 0.7 (9.4) 2.1 
Capital contribution for share capital increase 0.1 - 0.1 - 
Cash flow from financing activities (119.0) (133.0) (278.9) (350.9) 
Cash flow for the period 1.7 (9.8) (5.1) 0.7 
Cash and cash equivalents at start of period 21.8 31.3 30.1 21.4 
Effects of exchange rate changes on cash and cash equivalents (0.5) (0.2) (2.0) (0.8) 
Cash and cash equivalents at end of period 23.1 21.3 23.1 21.3

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 19
 
Notes to the Unaudited Combined 
Financial Statements
Note 1  Accounting policies
Basis of presentation and accounting periods
This interim report has been prepared in accordance with IAS 34 
Interim Financial Reporting.  As a consequence of Verisure plc 
becoming the ultimate parent company of Verisure Group the 
day before listing on Nasdaq Stockholm (8 October 2025), this 
report is presented on a combined basis, as the legal group was 
not established until that time.  As the future consolidated 
group will be treated as a capital reorganisation these financial 
statements will be a continuation of Verisure Group Topholding 
AB Group.  Hence the combined financial statements is an 
aggregation of the separate financial statement of Verisure plc 
and the consolidated financial statements of Verisure Group 
Topholding AB Group.  As Verisure plc was established as of 9 
May 2025 the comparative numbers are solely based on the 
consolidated financial statement of Verisure Group Topholding 
AB.  
IFRS does not prescribe the preparation of combined financial 
statements.  The term “combined” refers to aggregating financial 
information with the aim to present financial statements of a 
group of entities under common control that do not meet the 
definition of a group according to IFRS 10 Consolidated Financial 
Statements.  An important requirement for the preparation of 
these combined financial statements is that Verisure plc and 
Verisure Group Topholding Group were under common control 
at the end of Q3 2025.  
The combined financial statements are prepared in accordance 
with International Financial Reporting Standards (IFRS) as 
endorsed by the European Union and UK-adopted international 
accounting standards.  The most important accounting 
principles under IFRS, which form the basis for the preparation 
of this interim report, can be found in note 2 in the F-pages 
included in the Prospectus published at www.verisure.com on 
29 September 2025.  There has been no new or amended 
accounting standards, interpretations or improvements that 
have a significant impact on the Group.
These combined financial statements should thus be read in 
conjunction with the Prospectus published at 
www.verisure.com, and the applied accounting principles are 
unchanged compared to those applied in the Prospectus.  The 
combined financial statements in this report have not been 
audited.
All figures in this interim report are presented in EUR millions 
unless otherwise stated.  As a result of rounding, numbers 
presented may in some cases not add up to the total.  
Percentages presented are always calculated taking the exact 
underlying value, and therefore deviations may occur if 
percentages are calculated taking the rounded figures 
presented in the tables.  Where growth indicators are presented 
in constant currency the prior period results have been 
translated into euro using the same exchange rates as in 2025, 
excluding the 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.  
In regards of events after the reporting period, please see 
section Other items, in this report. 
Note 2 Critical accounting
            estimates and judgments
An analysis of key areas of estimation uncertainty at the balance 
sheet date that have a significant risk of causing a material 
adjustment to the carrying amounts of the Group’s assets and 
liabilities within the next financial year are mainly related to 
revenue recognition, valuation of non-financial assets 
(including goodwill) and measurement of tax provisions and 
deferred tax assets and liabilities.  The risks are further 
described in note 3 in the F-pages included in the Prospectus 
published at www.verisure.com on 29 September 2025 or the 
latest annual report of Verisure Group Topholding AB.  
A detailed presentation of risks and a sensitivity analysis can be 
found in the Financial Risk Management section (note 22) in the 
F-pages included in the Prospectus published at 
www.verisure.com on 29 September 2025 or the latest annual 
report of Verisure Group Topholding AB.  
There has been no significant change in risks compared to what 
is described in the Prospectus and the annual report.

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 20
Note 3 Segment Reporting and Disaggregation of Revenue
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 
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), depreciation, amortisation and asset 
retirements, financial items and taxes are not reported per 
segment.  SDIs that affect Adjusted EBITDA typically include 
one-off items related to various transformational and 
strategic initiatives as well as acquisition activities.
Portfolio Services
The Portfolio Services segment provides a full security service 
to our customers for a monthly subscription fee.  We typically 
enter into self-renewing monitoring agreements with 
customers at the time of installation and the majority of 
customers pay via direct debit.  Our service includes 24/7 
monitoring, expert verification and response, customer care, 
maintenance, and professional technical support to existing 
customers.  
Customer Acquisition
This segment develops, sources, purchases, provides and 
installs alarm systems for new customers in return for an 
upfront sales or installation fee.
Sales and installations can be performed both by our own 
employees as by external partners.  Each new customer 
generates installation income that is recognised once the 
installation of the alarm equipment has been completed.  The 
Group’s costs for materials, installation, administration and 
marketing generally exceed the non-recurring income, 
resulting in negative cash flow for the segment.
Adjacencies
The Adjacencies segment contains remote monitoring and 
assistance, services for senior citizens as well as the sale of 
Arlo cameras, video surveillance services in retail and online 
channels across Europe.  Because these sales are not 
considered as part of our core alarm business, the revenue is 
categorised as Adjacencies.
€m Q3 2025 Q3 2024 9m 2025 9m 2024
Customer Acquisition 86.7 86.5 275.7 276.7 
Portfolio Services 816.6 744.7 2,420.1 2,193.0 
Adjacencies 29.7 23.1 84.9 68.1 
Total revenue 933.0 854.3 2,780.7 2,537.8 
Customer Acquisition (171.4) (152.0) (517.2) (454.6) 
Portfolio Services 608.5 543.4 1,787.7 1,592.8 
Adjacencies 5.5 5.1 16.9 14.1 
Adjusted EBITDA 442.6 396.5 1,287.4 1,152.2 
Disaggregation of revenue
Our operating segments Customer Acquisition and Portfolio Services are represented in all the geographical regions presented. 
The operating segment Adjacencies is only represented in the Iberia and Nordics, as well as the Central and Other geographical 
regions. 
€m Q3 2025 Q3 2024 9m 2025 9m 2024
Iberia and Nordics 500.5 464.8 1,500.4 1,391.1 
Other Europe 335.5 300.4 992.3 885.7 
Latin America 80.0 75.7 244.2 223.8 
Central and other1 17.0 13.3 43.7 37.2 
Total revenue 933.0 854.3 2,780.7 2,537.8 
1) Relates to certain Adjacencies revenue in different countries in Europe, which is not considered part of the Group's core business.

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 21
Note 4 Financial Instruments
Financial instruments by category and valuation level
Sep 2025 Sep 2024 Dec 2024
€m
Financial 
assets
Financial 
liabilities
Financial 
assets
Financial 
liabilities
Financial 
assets
Financial 
liabilities
Hedge accounting
FX forwards1 0.0 9.9 - 5.0 9.1 - 
Fair value
FX swaps1 0.7 0.1 0.5 0.0 - 0.0
Cross currency swaps1 3.9 - 8.2 - 12.6 -
Interest rate swaps1 - 21.0 - 25.5 - 24.9 
Trade and other receivables2 11.4 - 11.4 - 11.4 -
Amortised cost
Trade and other receivables, non-current 158.9 - 118.0 - 123.8 -
Trade receivables, current4 303.9 - 300.9 - 316.3 -
Other current receivables4 48.0 - 26.2 - 27.6 -
Cash and cash equivalent 23.1 - 21.3 - 30.1 -
Long-term borrowings3.5 - 6,810.3 - 7,397.7 - 7,445.7 
Other non-current liabilities5 - 1.2 - 2.8 - 1.1 
Trade payables, current4 - 148.0 - 166.9 - 176.0 
Accrued expenses, current4 - 256.4 - 207.6 - 189.0 
Short-term borrowings4.5 - 1,046.5 - 263.1 - 300.8 
Other current liabilities4 - 24.2 - 19.5 - 45.7 
1) All derivatives measured at fair value are classified as level 2. All significant inputs are observable. 
2) These trade and other receivables measured at fair value are classified as level 3. Significant inputs are unobservable. 
3) Fair value of the bond (includes both Senior Secured Notes and Senior Unsecured Notes) amounts to €4,687m (€4,762m in Sep 2024, €4,673m in Dec 
2024), fair value for the Term Loan B is €2,534m (€2,534m in Sep 2024, €2,536m in Dec 2024), which is the quoted market price at the balance sheet date. 
Since it is a quoted market price in an active market it is classified as level 1.
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 is assumed to be the same as their fair value.
5) Details of borrowings are presented in note 5.
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.
In the period, there has not been any transfer between levels in the valuation hierarchy for valuation of fair value.

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 22
Note 5 Borrowings
Sep 2025 Sep 2024 Dec 2024
€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 2,525.0 (13.8) 2,511.2 3,425.0 (21.3) 3,403.7 3,325.0 (18.8) 3,306.2 
Term Loan B 2,525.0 (15.9) 2,509.1 2,525.0 (20.9) 2,504.1 2,525.0 (19.7) 2,505.3 
Revolving Credit Facility 348.5 (4.4) 344.1 32.4 (6.4) 26.0 200.0 (5.9) 194.1 
Unsecured
Senior Unsecured Notes 1,310.7 (7.9) 1,302.8 1,307.7 (9.9) 1,297.8 1,305.9 (9.4) 1,296.5 
Liabilities to other creditors 143.1 - 143.1 166.0 - 166.0 143.6 - 143.6 
Lease liabilities 143.9 - 143.9 123.1 - 123.1 134.3 - 134.3 
Long-term borrowings 6,996.2 (41.9) 6,954.2 7,579.3 (58.5) 7,520.8 7,633.8 (53.8) 7,580.0 
Current liabilities
Senior Secured Notes 800.0 - 800.0 - - - - - - 
Accrued interest expenses 58.4 - 58.4 64.5 - 64.5 84.2 - 84.2 
Other liabilities 188.2 - 188.2 198.6 - 198.6 216.6 - 216.6 
Lease liabilities 61.9 - 61.9 55.9 - 55.9 56.7 - 56.7 
Short-term borrowings 1,108.4 - 1,108.4 319.0 - 319.0 357.5 - 357.5 
Total 8,104.6 (41.9) 8,062.7 7,898.3 (58.5) 7,839.8 7,991.3 (53.8) 7,937.5 
Net debt and net leverage
€m Sep 2025 Sep 2024 Dec 2024
Total borrowings (as above) 8,062.7 7,839.8 7,937.5 
Less adjustments1 (266.1) (321.3) (319.9) 
Total indebtedness 7,796.6 7,518.5 7,617.6 
Less cash and cash equivalents (23.1) (21.3) (30.1) 
Total net debt2 7,773.5 7,497.2 7,587.5 
Secured net debt3 6,177.2 5,961.5 6,020.7 
Adjusted EBITDA (L2QA incl. FOG savings) 1,757.3 1,575.0 1,576.6 
L2QA net leverage, ratio2 4.4x 4.8x 4.8x
L2QA secured net leverage, ratio2 3.5x 3.8x 3.8x
Adjusted EBITDA (LTM) 1,669.2 1,490.6 1,534.0 
LTM net leverage, ratio2 4.7x 5.0x 4.9x
1) Adjustments that are excluded from total borrowings includes the adjustment to amortised cost in line with IFRS 9, as well as the balance of accrued 
interest expense and qualified receivables financing. 
2) Alternative performance measure (APM). Refer to section 'Alternative performance measures' for more details.
3) Secured net debt includes an adjustment of non-obligor cash and cash equivalents of €1.8m in Sep 2025, €0.4m in Sep 2024 and  €0.8m in Dec 2024, 
which relates to impact from entities that should not be considered according to our financing agreements.

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 23
Note 6 Pledged Assets and Contingent Liabilities
Pledged assets
€m Sep 2025 Sep 2024 Dec 2024
Shares in subsidiaries 14,523.0 14,299.6 14,309.5 
Bank accounts 6.3 6.5 6.2 
Accounts receivables 257.1 248.4 363.4 
Inventories 1.2 1.0 1.1 
Other operating assets 68.8 63.2 65.8 
Trademark 26.7 37.4 34.8 
Endowment insurance 0.5 0.5 0.5 
Contingent liabilities
€m Sep 2025 Sep 2024 Dec 2024
Guarantees 43.1 41.3 41.3 
The pledged assets are collateral for bank borrowings. Guarantees relate primarily to warranties provided to suppliers.
Note 7 Related Party Transactions
The Group’s related parties and the extent of transactions 
with them are described in note 14 in the F-pages included in 
the Prospectus published at www.verisure.com on 29 
September 2025 or the latest annual report of Verisure Group 
Topholding AB.
During the third quarter of 2025, transactions with the 
immediate parent company included a shareholder 
contribution of €2.7m (€0.4m) and interest income of €0.2m 
(€0.0m).  Other related party transactions during the period 
amounts to €0.7m (€1.0m).  
For the nine months ending September 30, 2025, transactions 
with the immediate parent company included a shareholder 
contribution of €3.6m (€1.3m) and interest income of €0.5m 
(€0.3m).  Other related party transactions for the period 
amounts to €2.0m (€3.0m).
As of September 30, 2025, related party balances in the 
balance sheet include a receivable of €15.0m (€0.0m) and 
accrued interest income of €0.5m (€0.0m) from the 
immediate parent company.

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 24
Quarterly summary
€m (unless otherwise stated) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024
Revenue 933.0 927.9 919.9 870.2 854.3 
Revenue growth1, % 9.2% 9.3% 10.2% 10.8% 9.4% 
Adjusted EBITDA1 442.6 426.0 418.8 381.8 396.5 
Adjusted EBITDA margin1, % 47.4% 45.9% 45.5% 43.9% 46.4% 
Adjusted EBITDA incl. SDIs1 385.9 408.1 409.7 370.8 388.7 
Adjusted EBITDA margin incl. SDIs1, % 41.4% 44.0% 44.5% 42.6% 45.5% 
Adjusted EBIT1 250.3 236.0 230.6 195.6 212.6 
Adjusted EBIT margin1, % 26.8% 25.4% 25.1% 22.5% 24.9% 
EPS, basic and diluted - Proforma2, € (0.06) (0.05) (0.05) (0.07) (0.06) 
Adjusted EPS, basic and diluted - Proforma1, 3, € 0.09 0.08 0.07 0.05 0.07 
Operating profit 81.8 96.8 100.9 64.2 86.4 
Total net debt1 7,773.5 7,731.8 7,679.4 7,587.5 7,497.2 
LTM net leverage1, ratio 4.7x 4.8x 4.9x 4.9x 5.0x
L2QA net leverage1, ratio 4.4x 4.5x 4.7x 4.8x 4.8x
L2QA secured net leverage¹, ratio 3.5x 3.6x 3.8x 3.8x 3.8x
Acquisition multiple1, ratio 3.6x 3.6x 3.6x 3.9x 3.6x
Portfolio Services segment
Portfolio Services revenue 816.6 806.6 797.0 754.8 744.7 
Annualised recurring revenue (ARR)¹ 3,291.8 3,262.0 3,225.3 3,047.1 3,003.4 
Annualised recurring revenue growth1, % 9.6% 10.1% 11.2% 12.1% 11.8% 
Portfolio Services adjusted EBITDA1 608.5 595.4 583.9 549.1 543.4 
Portfolio Services adjusted EBITDA margin1, % 74.5% 73.8% 73.3% 72.7% 73.0% 
Total subscribers (end of period), 000s 5,940.5 5,831.4 5,722.5 5,611.7 5,501.8 
Cancellations4, 000s 105.4 108.4 106.3 101.5 97.5 
LTM attrition rate4, % 7.4% 7.4% 7.4% 7.4% 7.5% 
Quarterly attrition rate (annualised)4, % 7.1% 7.5% 7.5% 7.3% 7.1% 
Net subscriber growth4, 000s 109.1 108.9 110.8 109.9 106.4 
Subscriber growth rate4, net, % 8.0% 8.1% 8.3% 8.5% 8.5% 
Monthly average number of subscribers during the period1, 000s 5,894.6 5,767.7 5,656.1 5,560.5 5,456.9 
Monthly average revenue per user (ARPU)1, € 46.2 46.6 47.0 45.2 45.5 
Recurring monthly cost (RMC)1, € 11.8 12.2 12.6 12.3 12.3 
Monthly adjusted EBITDA per customer (EPC)1, € 34.4 34.4 34.4 32.9 33.2 
Customer Acquisition segment
Customer Acquisition revenue 86.7 90.7 98.3 90.7 86.5 
Customer Acquisition adjusted EBITDA1 (171.4) (174.5) (171.3) (172.8) (152.0) 
Customer Acquisition capital expenditures1 147.2 145.7 147.5 149.2 140.4 
New subscribers added (gross)4, 000s 214.4 217.3 217.1 211.4 203.8 
Cost per acquisition (CPA)1, € 1,486 1,474 1,469 1,523 1,434 
Adjacencies segment
Adjacencies revenue 29.7 30.5 24.7 24.7 23.1 
Adjacencies adjusted EBITDA1 5.5 5.1 6.2 5.5 5.1 
1) Alternative performance measure (APM). Refer to section 'Alternative performance measures and other performance metrics' for more details.
2) Earnings per share (EPS), basic and diluted - Proforma, is calculated based on the total number of Verisure plc shares (800,000,000) at the time of 
listing on Nasdaq Stockholm on 8 October 2025. The amount of shares outstanding at 8 October 2025 has also been applied to the comparative periods.
3) Adjusted earnings per share (EPS), basic and diluted - Proforma is calculated based on the total number of Verisure plc shares following completion 
of the listing on Nasdaq Stockholm on 8 October 2025 and includes the issuance of new shares the same day. The amount of shares outstanding at 8 
October 2025, including the shared issued the same day, has also been applied to the comparative periods.
4) Other performance metrics. Refer to section 'Alternative performance measures and other performance metrics' for more details.

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 25
Alternative performance measures reconciliation 
(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.
The Group management team uses a number of key operating 
metrics, in addition to IFRS financial measures, to evaluate, 
monitor and manage our 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 APMs 
and other performance metrics as defined by Verisure should 
not be compared with other performance measures of similar 
names used by other companies.  The reason for this is that 
the below APMs and other performance measures are not 
always defined in the same way and other companies may 
not calculate them in the same way as Verisure does.  We 
refer to the Prospectus published at www.verisure.com on 29 
September 2025 for detailed information on the reasons for 
the use of the APM measures presented below.
The non-IFRS operational and statistical information related 
to our operations included in this section have been derived 
from our internal reporting systems.
Reconciliation tables
A reconciliation of each of the APMs to its nearest IFRS measure is set out below.
Acquisition multiple
€, unless otherwise stated Q3 2025 Q3 2024 9m 2025 9m 2024
Cost per acquisition (CPA) 1,485.9 1,434.3 1,476.0 1,409.9 
Monthly adjusted EBITDA per customer (EPC) 34.4 33.2 34.4 33.2 
Acquisition multiple (ratio) 3.6 3.6 3.6 3.5
Adjusted earnings per share (Adjusted EPS)
€m Q3 2025 Q3 2024 9m 2025 9m 2024
Net profit or loss for the period (47.8) (47.2) (134.6) (129.1) 
Adjustment of acquisition related items1 111.8 118.4 353.8 355.2 
Deferred tax on acquisition-related items (25.4) (28.5) (83.7) (85.3) 
Separately disclosed items affecting Net profit or loss 63.7 41.8 128.1 55.4 
Tax impact of separately disclosed items affecting Net profit or loss (12.9) (8.6) (24.1) (9.8) 
Adjusted Net profit or loss for the period 89.4 75.9 239.6 186.3 
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 EPS, basic and diluted - Proforma, €2 0.09 0.07 0.23 0.18 
1) Acquisition related items relate to amortisation and depreciation included in net profit resulting from the 2020 Business Combination. Their impact 
is excluded to reflect the underlying net profit absent the 2020 Business Combination, further described in definitions of APMs.
2) Adjusted earnings per share (EPS), basic and diluted - Proforma is calculated based on the total number of Verisure plc shares following completion 
of the listing on Nasdaq Stockholm on 8 October 2025 and includes the issuance of new shares the same day. The amount of shares outstanding at 8 
October 2025, including the shared issued the same day, has also been applied to the comparative periods.

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 26
Adjusted EBIT and Adjusted EBIT margin
€m Q3 2025 Q3 2024 9m 2025 9m 2024
Operating profit 81.8 86.4 279.5 243.2 
Adjustment of acquisition related items1 111.8 118.4 353.8 355.2 
Separately disclosed items affecting EBIT2 56.7 7.8 83.6 25.1 
Adjusted EBIT 250.3 212.6 716.9 623.5 
Revenue 933.0 854.3 2,780.7 2,537.8 
Adjusted EBIT margin (%) 26.8% 24.9% 25.8% 24.6%
1) Acquisition related items relate to amortisation and depreciation impact in operating profit related to the 2020 Business Combination, further 
described in definitions of APMs. This impact is excluded from operating profit to reflect the underlying business performance absent the 2020 
Business Combination.
2) Separately disclosed items excluding SDIs related to the 2020 Business Combination, further described in definitions of APMs.
Adjusted EBITDA, Revenue growth, Adjusted EBITDA margin, Adjusted EBITDA incl.  SDI and Adjusted EBITDA margin incl.  SDI
€m Q3 2025 Q3 2024 9m 2025 9m 2024
Operating profit 81.8 86.4 279.5 243.2 
Depreciation, amortisation and asset retirements 304.1 302.3 924.3 888.0 
Separately disclosed items affecting EBITDA1 56.7 7.8 83.6 21.1 
Adjusted EBITDA 442.6 396.5 1,287.4 1,152.2 
Portfolio Services adjusted EBITDA 608.5 543.4 1,787.7 1,592.8 
Customer Acquisition adjusted EBITDA (171.4) (152.0) (517.2) (454.6) 
Adjacencies adjusted EBITDA 5.5 5.1 16.9 14.1 
Revenue 933.0 854.3 2,780.7 2,537.8 
Revenue growth (%) 9.2% 9.4% 9.6% 10.1%
Adjusted EBITDA margin (%) 47.4% 46.4% 46.3% 45.4%
Adjusted EBITDA (as above) 442.6 396.5 1,287.4 1,152.2 
Add-back of adjustment items within EBITDA (56.7) (7.8) (83.6) (21.1) 
Adjusted EBITDA incl. SDIs 385.9 388.7 1,203.8 1,131.1 
Adjusted EBITDA margin incl. SDIs (%) 41.4% 45.5% 43.3% 44.6%
¹) Refer to APM table Separately disclosed items for information on SDIs.
Annualised recurring revenue (ARR)
€m, unless otherwise stated Q3 2025 Q3 2024 9m 2025 9m 2024
Total subscribers (end of period), 000s 5,940.5 5,501.8 5,940.5 5,501.8 
ARPU, € 46.2 45.5 46.6 45.7 
ARR 3,291.8 3,003.4 3,320.6 3,015.2

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

VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 27
Cost per acquisition (CPA) and Customer Acquisition capital expenditures
€m, unless otherwise stated Q3 2025 Q3 2024 9m 2025 9m 2024
Customer Acquisition revenue 86.7 86.5 275.7 276.7 
Customer Acquisition expenses (258.9) (239.0) (795.2) (733.5) 
Customer Acquisition other revenue 0.8 0.6 2.3 2.2 
Customer Acquisition adjusted EBITDA (171.4) (152.0) (517.2) (454.6) 
Customer Acquisition capital expenditures, material 83.7 78.9 247.2 245.7 
Customer Acquisition capital expenditures, direct costs 63.6 61.6 193.2 185.6 
Customer Acquisition capital expenditures (147.2) (140.4) (440.5) (431.3) 
Customer Acquisition cost (net) (318.6) (292.4) (957.7) (885.9) 
New subscribers added, 000s 214.4 203.8 648.8 628.4 
CPA, € 1,485.9 1,434.3 1,476.0 1,409.9 
Customer Acquisition cost (gross)1 (406.2) (379.4) (1,235.7) (1,164.8) 
Gross capitalisation (%) 36.2% 37.0% 35.6% 37.0%
1) 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 Q3 2025 Q3 2024 9m 2025 9m 2024
Portfolio Services revenue 816.6 744.7 2,420.1 2,193.0 
Portfolio Services expenses (208.5) (201.7) (633.7) (601.1) 
Portfolio Services other revenue 0.4 0.3 1.2 1.0 
Portfolio Services segment adjusted EBITDA 608.5 543.4 1,787.7 1,592.8 
Portfolio Services adjusted EBITDA margin 74.5% 73.0% 73.9% 72.6%
Monthly average Portfolio Services segment adjusted EBITDA 202.8 181.1 198.6 177.0 
Monthly average number of subscribers during the period, 000s 5,894.6 5,456.9 5,772.8 5,335.4 
EPC, € 34.4 33.2 34.4 33.2 
Monthly average revenue per user (ARPU)
€m, unless otherwise stated Q3 2025 Q3 2024 9m 2025 9m 2024
Portfolio Services segment revenue 816.6 744.7 2,420.1 2,193.0 
Monthly average Portfolio Services segment revenue 272.2 248.2 268.9 243.7 
Monthly average number of subscribers during the period, 000s 5,894.6 5,456.9 5,772.8 5,335.4 
ARPU, € 46.2 45.5 46.6 45.7 
Recurring monthly cost (RMC)
€m, unless otherwise stated Q3 2025 Q3 2024 9m 2025 9m 2024
ARPU 46.2 45.5 46.6 45.7 
EPC 34.4 33.2 34.4 33.2 
Recurring monthly cost (RMC), € (11.8) (12.3) (12.2) (12.5)

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VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 28
Separately disclosed items (SDIs) 
€m Q3 2025 Q3 2024 9m 2025 9m 2024
Transformational (3.3) (3.1) (12.4) (9.3) 
Organisational (5.8) (0.7) (9.4) (1.9) 
IPO and M&A (41.1) - (46.6) - 
Rebranding (1.2) - (1.5) - 
Other (5.3) (4.0) (13.7) (9.9) 
Total impacting EBITDA (56.7) (7.8) (83.6) (21.1) 
Amortisation of acquisition related items1 (111.8) (118.4) (353.8) (355.2) 
Asset retirements - - - (4.0) 
Total impacting EBIT (168.5) (126.2) (437.4) (380.3) 
Revaluation effects and other financial items (7.0) (34.0) (44.6) (30.3) 
Total impacting Profit or loss before tax (175.5) (160.2) (481.9) (410.6) 
Tax impact1 38.3 37.1 107.7 95.1 
Total impacting Net profit or loss (137.2) (123.1) (374.2) (315.4) 
1) The total amount reported as depreciation, amortisation and asset retirements, includes a reclassification of €11.6m in Q3 2025 and €53.6m in 9m 
2025 (€23.8m, €71.4m in 2024) between result excl. SDIs and SDIs. The corresponding tax impact is €1.8m in Q3 2025 and €10.0m in 9m 2025 (€4.8m, 
€14.4m in 2024). The purpose of the reclassification is to reflect the operating result absent the 2020 Business Combination. 
Total Net debt, LTM net leverage, L2QA net leverage and L2QA secured net leverage
€m Sep 2025 Sep 2024
Long-term borrowings 6,954.2 7,520.8 
Short-term borrowings 1,108.4 319.0 
Less adjustments to amortised cost 41.9 58.5 
Less qualified receivables financing (249.7) (315.3) 
Less accrued interest (58.4) (64.5) 
Total indebtedness 7,796.6 7,518.5 
Less cash and cash equivalents (23.1) (21.3) 
Total net debt 7,773.5 7,497.2 
Less unsecured debt (1,598.1) (1,536.1) 
Non-obligor cash and cash equivalents1 1.8 0.4
Secured net debt2 6,177.2 5,961.5 
Adjusted EBITDA (L2QA)3 1,737.3 1,555.0 
Adjustment for FOG savings4 20.0 20.0 
Adjusted EBITDA (L2QA incl. FOG savings) 1,757.3 1,575.0 
L2QA net leverage, ratio 4.4x 4.8x
L2QA secured net leverage, ratio 3.5x 3.8x
Adjusted EBITDA (LTM)5 1,669.2 1,490.6 
LTM net leverage, ratio 4.7x 5.0x
1) Non-obligor cash and cash equivalents relates to impact from entities that should not be considered according to our financing agreements. 
2)Secured net debt is the principal amount of our secured debt as presented in the note Borrowings.
3) Adjusted EBITDA - L2QA represents the last two quarters of Adjusted EBITDA times two (annualised). 
4) FOG savings refer to adjustments according to the Senior facilities agreement (SFA) from anticipated incremental cost savings under the FOG 
program.
5) Adjusted EBITDA (LTM) represents the sum of the last twelve months Adjusted EBITDA.

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VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 29
Alternative performance measures and other 
performance metrics
Definitions of APMs
APM Definition
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 and amortisation, retirement of assets 
and separately disclosed items for the Adjacencies segment. 
Adjusted EBIT
Operating profit, excluding acquisition-related items and separately disclosed 
items. Acquisition-related items relate to amortisation and depreciation 
impact in operating profit related to 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 in relation to revenue.
Adjusted EBITDA Operating profit, excluding depreciation and amortisation, retirement of assets 
and separately disclosed items.
Adjusted EBITDA incl. SDIs Operating profit, excluding depreciation and amortisation and retirement of 
assets.
Adjusted EBITDA margin Adjusted EBITDA in relation to revenue.
Adjusted EBITDA margin incl. SDIs Adjusted EBITDA incl. SDIs in relation to revenue.
Adjusted EPS
Net profit or loss for the period attributable to the shareholders of the parent 
company, before acquisition-related items and separately disclosed items 
including tax impact of these components, divided by weighted average 
number of shares. Acquisition-related items relate to amortisation and 
depreciation impact in net profit related to 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 and separately disclosed items, including tax impact 
of these components. Acquisition-related items relate to the amortisation and 
depreciation impact in net profit related to the 2020 Business Combination¹.
Annualised recurring revenue (ARR)
Total number of subscribers in our portfolio at the end of the period, 
multiplied by the monthly 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.
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 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 and amortisation, retirement of assets 
and separately disclosed items for the Customer Acquisition segment. 
Customer Acquisition adjusted EBITDA margin Customer Acquisition Adjusted EBITDA divided by revenue.
Customer Acquisition capital expenditures Purchases of equipment for new customers and direct incremental costs 
related to the acquisition of customer contracts. 
LTM net leverage Ratio of last twelve months’ Adjusted EBITDA and our Total net debt.
L2QA net leverage Ratio of last two quarters annualised (L2QA) Adjusted EBITDA and our Total net 
debt.
L2QA secured net leverage Ratio of last two quarters annualised (L2QA) Adjusted EBITDA and our secured 
net debt.
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.

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VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 30
Portfolio Services adjusted EBITDA Operating profit, excluding depreciation and amortisation, retirement of assets 
and separately disclosed items for the Portfolio Services segment. 
Portfolio Services adjusted EBITDA margin Portfolio Services Adjusted EBITDA divided by 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 combined 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 and Adjusted profit or loss.
Definition of other performance metrics
In addition to the APMs, we use a number of other performance metrics for assessing various aspects of the business performance.  
These metrics are not derived from, nor directly reconcilable to, the Company’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 monitoring 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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VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 31
The interim report for Verisure plc has been submitted following approval by the Board of Directors.
London, 26 November 2025
Austin Lally
Chief Executive Officer
This report has not been subject to review by Verisure’s plc auditors.

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VERISURE PLC INTERIM REPORT JANUARY – SEPTEMBER 2025 32
About Verisure Group
Verisure plc Group, (“the Group”), is the leading provider of professionally installed and monitored security services in Europe and 
Latin America.  We Deter, Detect, Verify and Intervene to protect our residential and small business customers against intrusion, 
burglary, fires, physical attack, home occupation, theft from a business, life-threatening emergencies and other hazards that may 
risk the safety, wellbeing or condition of our customers and their properties.  We protect a portfolio of over 5.9 million customers 
across 18 countries.  In 14 of our 17 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 26 November 2025 at 10:00 a.m. CET.  For more information visit the Group’s website 
www.verisure.com. 
The transcript will also be available on Verisure’s website following the presentation.  
Financial calendar
Report Published
Year-end report 2025 12 February 2026
Annual General Meeting 2026 23 April 2026
Interim report January – March 2026 6 May 2026
Interim report April-June 2026 30 July 2026
Interim report July-September 2026 3 November 2026
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/above, at 08:00 a.m. CET on 26 November 2025.
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
111 Buckingham Palace Road
London SW1W 0SR
United Kingdom

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

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