Kvartalsrapport Q4 2025

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Contents
VERISURE Q4 AND FULL YEAR 2025 3
CEO COMMENT 4
STRATEGIC UPDATE 5
OPERATING SEGMENTS 6
KEY FIGURES 8
FINANCIAL REVIEW 9
OTHER ITEMS 14
UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 15
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS 19
QUARTERLY SUMMARY 26
ALTERNATIVE PERFORMANCE MEASURES (APMS) (UNAUDITED) 27
APMS AND OTHER PERFORMANCE METRICS (UNAUDITED) 31
SIGNATURES 34
ABOUT VERISURE GROUP 35
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 2

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Verisure Q4 and Full Year 2025 
2025 was a significant year at Verisure.  We welcomed over 60,000 new shareholders as we listed on 
Nasdaq Stockholm, while at the same time delivering another year of broad-based growth combined 
with excellent execution.  Our portfolio increased by 10% to well over 6 million customers.  We remain 
well positioned to unlock the long runway of growth ahead of us in Europe and Latin America. In 2026, 
we are focused on further extending our leadership position through continued new product and 
service innovation.  
Fourth quarter summary
Revenue rose to € 964.7m, an increase of + 10.9% ( +10.7% in 
constant currency).  
We added 223,791 new subscribers in the quarter, an 
increase of +5.9% compared to the same period last year.  
Total customers as of 31 December  2025 were almost 6.2 
million, an increase of +10.0% compared to prior year. 
Annualised recurring revenue (“ARR”) reached € 3,447.6m, 
which corresponds to a growth of +12.4% compared to Q4 
2024 ( +12.7% in constant currency), of which approximately 
2% is attributable to our Mexico acquisition. 
Adjusted EBITDA increased to €420.6m, an increase of +10.2% 
(+9.4% in constant currency).  Adjusted EBITDA margin 
decreased 30bps to 43.6%, compared to 43.9% in the same 
quarter last year, driven primarily by increased volume of 
new customer installations and a higher cost per acquisition 
(“CPA”).
Adjusted EBIT rose to €236.0m, an increase of +20.7% (+19.3% 
in constant currency).  Adjusted EBIT margin increased 
199bps to 24.5%, as a result of an  improved performance on 
both Monthly average revenue per customer (“ARPU”) 
growth and cost reductions.  
Full year summary
Revenue amounted to € 3,745.4m, an increase of + 9.9% 
(+10.3% in constant currency).  
We added 872,616 new subscribers, an increase of +3.9% 
compared to 2024.  ARR reached €3,447.6m, corresponding to 
a growth of +12.4% compared to prior year ( +12.7% in 
constant currency).  
Adjusted EBITDA increased to € 1,708.0m, an increase of 
+11.3% ( +11.2% in constant currency).  Adjusted EBITDA 
margin increased 59bps to 45.6%, compared to 45.0% in 
2024.  
Adjusted EBIT increased to € 952.9m, an increase of +16.3% 
(+15.5% in constant currency) with Adjusted EBIT margin 
increasing 141bps to 25.4%.  
€m (unless otherwise stated) Q4 2025 Q4 2024 12m 2025 12m 2024
Revenue 964.7 870.2 3,745.4 3,408.0
Revenue growth¹, %  10.9 %  10.8 %  9.9 %  10.3 %
Annualised recurring revenue (ARR)1,5 3,447.6 3,068.1 3,447.6 3,068.1
Annualised recurring revenue growth¹, %  12.4 %  11.7 %  12.4 %  11.7 %
Operating profit 19.2 64.2 298.7 307.4
Adjusted EBITDA¹ 420.6 381.8 1,708.0 1,534.0
Adjusted EBITDA margin¹, %  43.6 %  43.9 %  45.6 %  45.0 %
Adjusted EBIT¹ 236.0 195.6 952.9 819.1
Adjusted EBIT margin¹, %  24.5 %  22.5 %  25.4 %  24.0 %
EPS, basic and diluted², € (0.12) (0.07) (0.30) (0.23)
Adjusted EPS1,3, € 0.12 0.05 0.35 0.23
Total subscribers (end of period), 000s 6,171.4 5,611.7 6,171.4 5,611.7
New subscribers added (gross)4, 000s 223.8 211.4 872.6 839.8
1) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance measures and other 
performance metrics'. 
2) Earnings per share (EPS), basic and diluted, is calculated based on the weighted average number of outstanding shares in the period. The outstanding number of 
shares prior to the listing on Nasdaq Stockholm on 8 October 2025 is based on the total number of Verisure plc shares (800,000,000) at the time of listing on Nasdaq 
Stockholm on 8 October 2025. The amount of shares prior to the listing on Nasdaq Stockholm has also been applied to the comparative periods. 
3) Adjusted earnings per share (EPS) is calculated based on the total number of Verisure plc shares following completion of the listing on Nasdaq Stockholm on 8 
October 2025 and includes the issuance of new shares the same day. The amount of shares outstanding at 8 October 2025, including the shares issued the same day, 
has also been applied to the comparative periods.
4) Other performance metrics. Refer to section 'Alternative performance measures and other performance metrics' for more details. 
5) The Group has updated how it defines Annualised Recurring Revenue (ARR).  ARR is now calculated as End of Period Customer Portfolio x last twelve months (LTM) 
trailing ARPU x 12.  By including full 12 months trailing ARPU rather than annualising the reporting quarter, the metric is more stable against quarterly seasonality, 
particularly price increases and upgrade propensity.   All comparative figures have been adjusted to reflect this update.   Please refer to section 'Alternative 
performance measures and other performance metrics' at the end of this report for further information.
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 3

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CEO comment
“We continue strengthening our 
position as the leading provider of 
monitored alarms for residential and 
small business customers across our 
footprint.”
A pivotal year for Verisure 
2025 was a significant year at Verisure on multiple levels. 
After another year of quality growth, we crossed the 
symbolic 6 million threshold and ended 2025 protecting 
close to 6.2 million customers.  Following our entry in Mexico 
we now operate in 18 countries across Europe and Latin 
America leading our category in 14 of those markets. Lastly, 
2025 saw our return to the public markets through our IPO 
on Nasdaq Stockholm.  
Our increased portfolio provides a foundation for strong 
topline growth. ARR, our primary growth metric, was 
€3,447.6m, up + 12.7%, at constant currency.  Our focus on 
cost management delivered strong  profitability growth with 
Adjusted EBIT up + 19.3% year-over-year (in constant 
currency), with our Adjusted EBIT margin up +177bps (in 
constant currency) to 24.5%.  These results place Verisure 
firmly on track to deliver against our mid-term targets.  
Our primary segments, Portfolio Services and Customer 
Acquisition, both delivered a strong fourth quarter.  Portfolio 
Services revenue increased +12.0%, at constant currency 
rates,  with Adjusted EBITDA up +12.9% (in constant 
currency).  ARPU increased +2.5% (in constant currency), 
while Recurring Monthly Costs (“RMC”) were  slightly higher, 
up 0.3% year-on-year (in constant currency), as we 
integrated a higher cost profile in Mexico.  Portfolio Services 
Adjusted EBITDA margin reached 73.3%.  
In Customer Acquisition, we were pleased to acquire 223,791 
new customers.  We continued to add new customers at the 
same monthly ARPU as our portfolio, meaning no “back 
book / front book” dynamic. Our CPA increased +7.2%, at 
constant currency year-over-year.  
Innovation 
One of our key differentiating factors is our significant 
investment in Technology and Innovation. Product and 
service innovation is critical to our business and we 
continue to launch innovative new products and services.  
Last year’s progress included the launch of our new AI-
enabled GuardVision TM Outdoor cameras across France, 
Spain, Portugal, Italy and Chile; major improvements in our 
App technical performance and customer satisfaction; 
progressive deployment of our leading-edge WiFiVision™ 
solution across Europe; and fast adoption of  LockGuard™, 
now protecting more than 200,000 front doors. These 
innovations reinforce our business broadly; from attracting 
new customers to supporting ARPU growth over time.
Mexico acquisition
On 31 October, we expanded our global footprint through 
our strategic acquisition of ADT Mexico. The transaction 
adds 125,000 quality customers to our portfolio and 
accelerates our entry in to an attractive and dynamic market 
putting Verisure as the number 1 provider of monitored 
alarms in Mexico.  Through this acquisition Verisure secures 
an established portfolio that provides a platform for growth. 
We see our Mexico acquisition as a quality asset acquired at 
a highly attractive price. I would like to personally welcome 
our 650 plus employees in Mexico into the Verisure family.    
Outlook and guidance 
We continue to deliver strong growth against the backdrop 
of a large, growing addressable market. In 2026, we expect 
ARR growth of around 10% and Adjusted EBIT margin above 
26%.  We also expect to generate positive free cashflow with 
an interim dividend expected to be resolved upon by the 
Board and paid in the second half of 2026, in line with 
Verisure’s dividend policy.  Looking ahead, we remain on 
track to deliver mid-term guidance of around 10% ARR 
growth and progressive expansion in 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.  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 in 2025 
are a direct 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
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 4

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Strategic update
Geographic regions
Iberia & Nordics
We delivered another year of strong revenue growth of +7.3% 
(in constant currency) in the full year of 2025.  Momentum in 
the region continues with Total Addressable Market (“TAM”) 
penetration at only around 10% versus 23% in the US.  In our 
largest market, Spain, we reported our highest ever year of 
new installations in 2025, while also reducing attrition. 
Other Europe
This region, which includes Europe’s four largest economies, 
delivered approximately 50% of total portfolio growth in 
2025. Other Europe has TAM of approximately 186m premises 
with low penetration, at less than 4%.  France surpassed 1m 
customers in the fourth quarter, and Italy reported double 
digit growth in new installations in 2025.  UK momentum is 
increasing, with LockGuardTM launching in Q1 2026 and voted 
Product of the Year 2026 in the Alarm System category.
Latin America  
Strong underlying growth continued in 2025, further 
amplified by our acquisition in Mexico.  Latin America 
revenues contributed 9.3% to the Group in 2025 (in constant 
currency).  Latin America’s estimated TAM penetration is low, 
at around 2% and we continue to focus on attracting quality 
customers, with Monthly adjusted EBITDA per customer 
(“EPC”) margins converging towards European levels as 
penetration increases and operations mature.
Cost programme
The guiding principles under which we operate our cost 
reduction plans are to deliver sustainable, quality cost 
reduction, while enhancing the customer experience.  We 
implement AI-supported, transformation initiatives focused on 
workload reduction and the removal of manual process.  The 
“always-on” approach to cost management has reduced RMC by 
approximately -1% (in constant currency) per year over the past 
decade. 
Our refreshed 2026 cost programme, “Fit for Growth”,  will drive 
continued RMC reduction.  The new programme will have AI at 
the centre.  Previous cost programmes, which have been highly 
effective, have focused on cost transformation related to 
workload reduction and the automation of manual processes.  
To this, we are adding significant focus on what AI tools and 
technologies can help deliver.  We see AI as an accelerant to our 
well established cost transformation capability.   
Innovation
We invested approximately 5% of Group revenue in Technology 
and Innovation in 2025.  This remains a core part of our strategy 
and key in continuing to increase market share.  Return on 
investment comes through 1) demand creation, 2) increase 
usage leading to lower attrition, 3) drive ARPU through pricing 
and upsell, 4) reduce operating costs and 5) expand our 
addressable market.
Since launching in 2022, our in-house, proprietary alarm system 
(“Moonshot”) now makes up approximately 50% of our 
customer portfolio.  We continue to see excellent on-field 
performance, with like for like reductions in maintenance visits 
of around 30% versus legacy systems.  In 2026 we will launch 
Moonshot in Brazil and Argentina, enabling further RMC 
reduction. 
Our GuardVision™ Outdoor camera with embedded Computer 
Vision Artificial Intelligence continues to generate strong 
customer interest. The AI algorithms enable better distinction 
between humans, animals, and other environmental triggers, 
supporting our Alarm Receiving Centers with more effective and 
efficient intervention. 
We are launching LockGuard™ in UK and Latin America in 
2026.  This will complete product availability in all markets, 
and we are confident this will augment the significant 
growth opportunity we see in the UK over the coming years.  
LockGuard™ is now installed in over 200,000 customer 
homes with excellent usage profiles and lower attrition 
performance.  
Mexico acquisition 
We completed the acquisition of ADT Mexico on 31 October 2025, 
adding approximately 125,000 customers.  We consider this a 
quality asset acquired at an attractive price.  In terms of Mexico 
unit economics, ARPU is slightly above Group average, in-line 
with European-market levels.  RMC is also above Group levels, 
leading to an adverse RMC impact of approximately €0.15 at 
Group level in Q4.  We are confident we will reduce Mexico RMC, 
as we implement our operating model.  Lastly, Mexico attrition 
is marginally adverse to Group attrition, adding approximately 
+5bps to the Group result in Q4 2025.
Closure of Alert Alarm 
In December, we discontinued our legacy Alert Alarm business 
in Sweden.  This legacy portfolio was 3G connected, and at lower 
ARPU than the Group. Following a successful multi-year upgrade 
programme, we ended service to customers who we chose to 
not upgrade. This resulted in a small residual portfolio of 5,000 
customers being disconnected.   
Rebrand programme 
In Portugal, our rebrand began in October and is progressing to 
plan.  A large proportion of leads are already being generated 
under the Verisure brand, with no adverse impact on 
conversion rates.   
Culture and talent
We were pleased to be awarded 2026 Top Employer Europe® 
certification for the third consecutive year.  As of 2026, Verisure 
is officially recognised as an outstanding employer in all its 18 
countries, with certifications including Great Place to Work™, 
Top Employer®, Financial Times’ “Europe’s Best Employers 2025 
List” and others. 
Sustainable Engagement
In the fourth quarter we received the results of our annual 
employee engagement survey.  We achieved record 
participation rates of 95% and an all-time high Sustainable 
Engagement score, reflecting a highly engaged and committed 
team of over 30,000 colleagues.  
Protecting what matters most
In Q4, we assisted in over 104,000 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.  
  
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 5

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Operating segments
Portfolio Services
€m (unless otherwise stated) Q4 2025 Q4 2024
Change
Actual 
Currency
Change
Constant 
Currency 12m 2025 12m 2024
Change
Actual 
Currency
Change
Constant 
Currency
Portfolio Services revenue 847.6 754.8  +12.3 %  +12.0 % 3,267.8 2,947.8  +10.9 %  +11.2 %
Portfolio Services adjusted EBITDA¹ 621.4 549.1  +13.2 %  +12.9 % 2,409.1 2,141.9  +12.5 %  +12.8 %
Portfolio Services adjusted EBITDA margin¹, %  73.3 %  72.7 % +57bps +58bps  73.7 %  72.7 % +106bps +108bps
Total subscribers (end of period), 000s 6,171.4 5,611.7  +10.0 % n/a 6,171.4 5,611.7  +10.0 % n/a
Monthly average revenue per user (ARPU)¹, € 46.5 45.2  +2.7 %  +2.5 % 46.6 45.6  +2.2 %  +2.5 %
Monthly adjusted EBITDA per customer (EPC)¹, € 34.1 32.9  +3.5 %  +3.3 % 34.3 33.1  +3.7 %  +4.0 %
LTM attrition rate², %  7.4 %  7.4 % (3bps) n/a  7.4 %  7.4 % (3bps) n/a
Quarterly attrition rate (annualised)², %  7.4 %  7.3 % +15bps n/a  7.4 %  7.3 % +15bps n/a
1) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance 
measures and other performance metrics'. 
2) Other performance metrics. Refer to section 'Alternative performance measures and other performance metrics' for more details. 
We increased our portfolio by 559,703 customers in 2025, a 
growth rate of +10.0% year-over-year (+7.8% organic). This 
represented our highest ever year of growth.  In Q4, we  
completed our acquisition of ADT Mexico, onboarding 
125,000 high-quality customers.
Q4 ARPU was € 46.5 per month.  This represents accelerating 
growth of +2.5% year-over-year (in constant currency).  We 
increased ARPU by €0.3 versus Q3 2025, driven by the Mexico 
integration, increasing upsell activities and continued stable 
portfolio management.  
Our 2026 innovation-backed price update was notified to 
customers in Q4 2025, becoming effective early 2026.  As 
usual we deployed advanced portfolio analytics to optimise 
the price increase, as well as personalised response plans 
for customer contact.  So far, customer response has been 
in line with our plans.  
Upselling new products and services is a significant long-
term opportunity.  In Q4, we increased our upsell rate to 
approximately 17% of our portfolio, on an annualised basis.  
Upselling drives customer profitability, customer satisfaction 
and offers a significant additional ARR growth opportunity 
over time.  
Q4 RMC were €12.4, up +0.3% year-over-year (in constant 
currency), reflecting a higher inherited cost base in Mexico. 
Excluding this impact, Q4 RMC is about 1% lower year-over-
year. Across the Group, underlying workload continued to 
reduce with per maintenance visits over 10% lower year-
over-year and callouts down 11%.  This progress reflects 
increased use of system diagnostics, expanding Do It 
Yourself (DIY) fix capability and tight focus on first time 
resolution. For the twelve months of 2025, RMC decreased 
1.6% year-over-year (in constant currency), to €12.2 per 
customer per month. 
We delivered another strong attrition performance, with 
2025 attrition of 7.4%, slightly down year-over-year. Mexico 
contributed a small headwind in Q4, with attrition rates 
slightly above Group average.  Our data-driven approach to 
customer management, stable customer portfolio and focus 
on usage profiles and invisible detraction help deliver our 
best-in-class retention. 
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 6

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Customer Acquisition
€m (unless otherwise stated) Q4 2025 Q4 2024
Change
Actual 
Currency
Change
Constant 
Currency 12m 2025 12m 2024
Change
Actual 
Currency
Change
Constant 
Currency
Customer Acquisition revenue 86.5 90.7  (4.6) %  (4.3) % 362.2 367.4  (1.4) %  (0.4) %
Customer Acquisition adjusted EBITDA¹ (205.8) (172.8)  +19.1 %  +20.2 % (723.0) (627.4)  +15.2 %  +17.0 %
New subscribers added (gross)¹, 000s 223.8 211.4  +5.9 % n/a 872.6 839.8  +3.9 % n/a
Cost per acquisition (CPA)¹, € 1,623.5 1,523.2  +6.6 %  +7.2 % 1,513.8 1,438.4  +5.2 %  +6.5 %
1) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance 
measures and other performance metrics'. 
New installations were 223,791 in Q4, representing a growth 
rate of +5.9% year-over-year, and our highest quarter on 
record.  We were pleased with this growth particularly as we 
were lapping a strong Q4 2024, which included the launch of 
LockGuardTM in France and Italy.  We saw strong demand 
across major markets, with notable growth in Spain, France, 
Italy, UK and Brazil, and carry good momentum into 2026.  
Our programme of work to optimise digital booking 
generation, in response to changes in the search ecosystem 
in Q2, continued to bear fruit. In Q4, Google bookings were 
up year-over-year, driven by our well-developed GEO plans, 
continued adaptation of our website to work better with new 
algorithms and a continued focus on increasing demand 
direct to our own website. 
Q4 CPA was € 1,623.5, up +7.2% year-over-year (in constant 
currency), reflecting seasonal media inflation and higher 
digital media pricing since Q2. We also commenced our 
rebrand programme in Portugal, which added approximately 
€30 to Group CPA in Q4. Strong discipline on pricing and 
cost management protected returns, with our Acquisition 
Multiple broadly flat in 2025 at 3.7x.  Average new customer 
Internal rate of return (“IRR”) remains strong, at 
approximately 20%, measured over a 15-year horizon.  
Adjacencies
€m (unless otherwise stated) Q4 2025 Q4 2024
Change
Actual 
Currency
Change
Constant 
Currency 12m 2025 12m 2024
Change
Actual 
Currency
Change
Constant 
Currency
Adjacencies revenue 30.6 24.7  +23.5 %  +23.5 % 115.4 92.8  +24.4 %  +24.4 %
Adjacencies adjusted EBITDA¹ 5.0 5.5  (10.1) %  (10.1) % 21.9 19.5  +11.8 %  +11.6 %
1) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance 
measures and other performance metrics'. 
Adjacencies revenue, representing around 3% of total 
revenue in both the quarter and the full year, increased 
+23.5% (in constant currency) in Q4 and +24.4% (in constant 
currency) in the full year.  
Adjacencies Adjusted EBITDA decreased -10.1% (in constant 
currency) in the quarter and increased +11.6% (in constant 
currency) in the full year of 2025.  
The customer portfolio in our Adjacencies segment 
increased to 435,560 customers, up +4.0% year-over-year.  
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 7

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Key figures
€m (unless otherwise stated) Q4 2025 Q4 2024 12m 2025 12m 2024
Revenue 964.7 870.2 3,745.4 3,408.0
Revenue growth1, %  10.9 %  10.8 %  9.9 %  10.3 %
Adjusted EBITDA1 420.6 381.8 1,708.0 1,534.0
Adjusted EBITDA margin1, %  43.6 %  43.9 %  45.6 %  45.0 %
Adjusted EBITDA incl. SDIs1 333.6 370.7 1,537.4 1,501.9
Adjusted EBITDA margin incl. SDIs1, %  34.6 %  42.6 %  41.0 %  44.1 %
Adjusted EBIT1 236.0 195.6 952.9 819.1
Adjusted EBIT margin1, %  24.5 %  22.5 %  25.4 %  24.0 %
EPS, basic and diluted2, € (0.12) (0.07) (0.30) (0.23)
Adjusted EPS1,3, € 0.12 0.05 0.35 0.23
Operating profit 19.2 64.2 298.7 307.4
Total net debt1 5,022.5 7,587.5 5,022.5 7,587.5
LTM net leverage¹, ratio 2.9x 4.9x 2.9x 4.9x
L2QA net leverage¹, ratio 2.9x 4.8x 2.9x 4.8x
L2QA secured net leverage¹, ratio 2.0x 3.8x 2.0x 3.8x
Acquisition multiple1, ratio 4.0x 3.9x 3.7x 3.6x
Portfolio Services segment
Portfolio Services revenue 847.6 754.8 3,267.8 2,947.8
Annualised recurring revenue (ARR)1,5 3,447.6 3,068.1 3,447.6 3,068.1
Annualised recurring revenue growth1, %  12.4 %  11.7 %  12.4 %  11.7 %
Portfolio Services Adjusted EBITDA1 621.4 549.1 2,409.1 2,141.9
Portfolio Services Adjusted EBITDA margin1, %  73.3 %  72.7 %  73.7 %  72.7 %
Total subscribers (end of period), 000s 6,171.4 5,611.7 6,171.4 5,611.7
Cancellation4, 000s 113.2 101.5 433.2 401.1
LTM attrition rate4, %  7.4 %  7.4 %  7.4 %  7.4 %
Quarterly attrition rate (annualised)4, %  7.4 %  7.3 %  7.4 %  7.3 %
Net subscriber growth4, 000s 230.9 109.9 559.7 438.7
Subscriber growth rate4, net, %  10.0 %  8.5 %  10.0 %  8.5 %
Monthly average number of subscribers during the period1, 000s 6,079.4 5,560.5 5,849.5 5,391.7
Monthly average revenue per user (ARPU)1, € 46.5 45.2 46.6 45.6
Recurring monthly cost (RMC)1, € 12.4 12.3 12.2 12.5
Monthly adjusted EBITDA per customer (EPC)1, € 34.1 32.9 34.3 33.1
Customer Acquisition segment
Customer Acquisition revenue 86.5 90.7 362.2 367.4
Customer Acquisition Adjusted EBITDA1 (205.8) (172.8) (723.0) (627.4)
Customer Acquisition capital expenditures1 157.5 149.2 597.9 580.3
New subscribers added (gross)4, 000s 223.8 211.4 872.6 839.8
Cost per acquisition (CPA)1, € 1,623.5 1,523.2 1,513.8 1,438.4
Adjacencies segment
Adjacencies revenue 30.6 24.7 115.4 92.8
Adjacencies adjusted EBITDA1 5.0 5.5 21.9 19.5
1) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance measures and 
other performance metrics'. 
2) Earnings per share (EPS), basic and diluted, is calculated based on the weighted average number of outstanding shares in the period. The outstanding 
number of shares prior to the listing on Nasdaq Stockholm on 8 October 2025 is based on the total number of Verisure plc shares (800,000,000) at the time 
of listing on Nasdaq Stockholm on 8 October 2025. The amount of shares prior to the listing on Nasdaq Stockholm has also been applied to the comparative 
periods. 
3) Adjusted earnings per share (EPS) is calculated based on the total number of Verisure plc shares following completion of the listing on Nasdaq Stockholm 
on 8 October 2025 and includes the issuance of new shares the same day. The amount of shares outstanding at 8 October 2025, including the shares issued 
the same day, has also been applied to the comparative periods.
4) Other performance metrics. Refer to section 'Alternative performance measures and other performance metrics' for more details.
5) The Group has updated how it defines Annualised Recurring Revenue (ARR).  ARR is now calculated as End of Period Customer Portfolio x LTM trailing 
ARPU x 12.  By including full 12 months trailing ARPU rather than annualising the reporting quarter, the metric is more stable against quarterly seasonality, 
particularly price increases and upgrade propensity.  All comparative figures have been adjusted to reflect this update.  Please refer to section 'Alternative 
performance measures and other performance metrics' at the end of this report for further information.
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 8

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Financial review
Fourth quarter summary
Q4 2025 Q4 2024
Result excl. SDIs % 
change
€m (unless otherwise stated)
Result 
excl. SDIs SDIs Reported
Result 
excl. SDIs SDIs Reported
Actual 
currency
Constant 
currency
Revenue 964.7 – 964.7 870.2 – 870.2  +10.9 %  +10.7 %
Operating expenses (546.2) (87.0) (633.2) (490.2) (11.1) (501.3)  +11.4 %  +11.7 %
Other income 2.1 – 2.1 1.8 – 1.8  +18.4 %  +13.0 %
Adjusted EBITDA1 420.6 (87.0) 333.6 381.8 (11.1) 370.7  +10.2 %  +9.4 %
Adjusted EBITDA margin1, %  43.6 %  43.9 % (28bps) (52bps)
Share based compensation2 – (21.2) (21.2) – – – n/a n/a
Depreciation, amortisation and 
asset retirements3 (184.6) (108.6) (293.2) (186.2) (120.3) (306.5)  (0.9) %  (1.2) %
Adjusted EBIT1/Operating profit 236.0 (216.8) 19.2 195.6 (131.4) 64.2  +20.7 %  +19.3 %
Adjusted EBIT margin1, %  24.5 %  22.5 % +199bps +177bps
Interest income and expenses (70.3) – (70.3) (114.3) – (114.3)  (38.5) %  (38.5) %
Other financial items (3.4) (50.0) (53.4) (7.1) (3.6) (10.7)  (51.6) %  +614.8 %
Profit or loss before tax 162.3 (266.8) (104.5) 74.2 (135.0) (60.8)  +118.9 %  +93.7 %
Income tax3 (40.6) 23.8 (16.8) (25.8) 30.9 5.1  +57.2 %  +51.6 %
Adjusted net profit or loss 121.7 (243.0) (121.3) 48.4 (104.1) (55.7)  +151.8 %  +113.0 %
1) Reported figures in the column 'Result excl. SDIs' represents Adjusted EBITDA and Adjusted EBIT APMs. A reconciliation to the nearest IFRS 
equivalent is provided in the section 'Alternative performance measures and other performance metrics'.
2) Refer to note 5 'Share based compensation' for more details.
3) The total amount reported as depreciation, amortisation and asset retirements, includes a reclassification of €16.8m (€21.9m in 2024) between 
result excl. SDIs and SDIs. The corresponding tax impact is €3.4m (€4.3m 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' for more details. 
Revenue
Revenue rose to € 964.7m (€ 870.2m), an increase of +10.9% 
(+10.7% in constant currency).  The revenue increase was driven 
by Portfolio Services revenue which rose to €847.6m (€754.8m), 
an increase of +12.3% (+12.0% in constant currency), due to a 
higher number of customers and the increase in ARPU of +2.7% 
compared to Q4 2024.  Our innovation-backed price increase in 
Q1 has sustained well throughout the year.  Our portfolio grew 
by +10.0%, from 5,611,685 in  Q4 2024 to 6,171,388 in Q4 2025.
Adjusted EBITDA 
Adjusted EBITDA rose to € 420.6m (€ 381.8m), an increase of 
+10.2% ( +9.4% in constant currency).  The Adjusted EBITDA 
margin decreased -28bps to 43.6% ( 43.9%).  The stronger 
performance in Adjusted EBITDA was mainly driven by growth in 
the portfolio, as well as a higher monthly EPC.  
Depreciation, amortisation and asset retirements 
Depreciation, amortisation and asset retirements including SDIs 
decreased -4.3% to € 293.2m (€306.5m) and includes € 108.6m 
(€120.3m) of acquisition-related intangible assets amortisation 
(recognised as SDI).  The remaining depreciation and 
amortisation primarily relate to alarm equipment installed at  
customers’ premises, incremental direct costs incurred to 
obtain new customers and asset retirements when customers 
leave the portfolio or upgrade to our new platform.  
Operating profit and Adjusted EBIT 
Adjusted EBIT is comprised of operating profit of € 19.2m 
(€64.2m), adjusted for SDIs of € 216.8m (€ 131.4m).  The SDIs 
mainly relate to amortisation of acquisition related intangible 
assets resulting from our 2020 Business Combination, IPO 
related costs, M&A costs and one-off items related to various 
transformational and strategic initiatives.  The increase in 
Adjusted EBIT of +20.7% (+19.3% in constant currency), and the 
Adjusted EBIT margin of +199bps were mainly driven by 
portfolio growth and profitability.  
Financial items 
Financial items recorded a modest decrease, down from 
€125.0m in the prior year to € 123.7m.  A significant factor 
contributing to this performance was a €43.6m reduction in 
interest expenses. This decrease was primarily attributable to 
reduced gross debt levels following the debt paydown 
completed at IPO. However, this positive impact was largely 
mitigated by the amortisation of prepaid charges associated 
with the IPO debt paydown and adverse non-cash foreign 
exchange losses. Separately, SDI expenses totalled €50.0m 
(€3.6m) for the quarter.  These items primarily consist of 
realised prepaid financing fees, the call premium on a debt 
instrument exercised at IPO, and fair value adjustments on 
derivative instruments. 
Income tax 
The tax charge for the quarter was €16.8m, comprising a current 
tax charge of €12.0m and a deferred tax expense of €4.8m.  
Income tax excluding SDIs amounted to € 40.6m, mainly 
reflecting an increase in deferred tax liabilities arising from IFRS 
15, variable sales cost and increasing R&D investments all 
capitalised under IFRS rules. The €23.8m tax income recognised 
on SDI primarily reflects the accounting amortisation of 
intangible assets acquired in the 2020 Business Combination 
and the accounting treatment of IPO-related costs. As these 
items are not deductible for tax purposes, they give rise to 
temporary differences and a corresponding tax income under 
IFRS.
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 9

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

Full year summary
12m 2025 12m 2024
Result excl. SDIs % 
change
€m (unless otherwise stated)
Result 
excl. SDIs SDIs Reported
Result 
excl. SDIs SDIs Reported
Actual 
currency
Constant 
currency
Revenue 3,745.4 – 3,745.4 3,408.0 – 3,408.0  +9.9 %  +10.3 %
Operating expenses (2,043.0) (170.6) (2,213.6) (1,878.9) (32.1) (1,911.0)  +8.7 %  +9.6 %
Other income 5.6 – 5.6 4.9 – 4.9  +14.7 %  +10.7 %
Adjusted EBITDA1 1,708.0 (170.6) 1,537.4 1,534.0 (32.1) 1,501.9  +11.3 %  +11.2 %
Adjusted EBITDA margin1, %  45.6 %  45.0 % +59bps +35bps
Share based compensation2 – (21.2) (21.2) – – – n/a n/a
Depreciation, amortisation and 
asset retirements3 (755.1) (462.4) (1,217.5) (714.9) (479.6) (1,194.5)  +5.6 %  +6.0 %
Adjusted EBIT1/Operating profit 952.9 (654.2) 298.7 819.1 (511.7) 307.4  +16.3 %  +15.5 %
Adjusted EBIT margin1, %  25.4 %  24.0 % +141bps +115bps
Interest income and expenses (384.6) – (384.6) (470.0) – (470.0)  (18.2) %  (18.2) %
Other financial items (15.7) (94.5) (110.3) 8.3 (33.8) (25.5)  (290.5) % +8,291.9 %
Profit or loss before tax 552.6 (748.7) (196.2) 357.4 (545.5) (188.1)  +54.6 %  +55.7 %
Income tax3 (191.2) 131.5 (59.7) (122.8) 126.0 3.2  +55.7 %  +54.8 %
Adjusted net profit or loss 361.4 (617.2) (255.9) 234.6 (419.5) (184.9)  54.1 %  56.2 %
1) Reported figures in the column 'Result excl. SDIs' represents Adjusted EBITDA and Adjusted EBIT APMs. A reconciliation to the nearest IFRS 
equivalent is provided in the section 'Alternative performance measures and other performance metrics'.
2) Refer to note 5 'Share based compensation' for more details.
3) The total amount reported as depreciation, amortisation and asset retirements, includes a reclassification of €70.4m (€93.2m in 2024) between 
result excl. SDIs and SDIs. The corresponding tax impact is €13.4m (€18.7m 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' for more details.
Revenue 
Full year revenue rose to €3,745.4m (€3,408.0m), an increase of 
+9.9% (+10.3% in constant currency).  The revenue increase was 
driven by Portfolio Services revenue which rose to € 3,267.8m 
(€2,947.8m), an increase of +10.9% (+11.2% in constant currency).  
ARPU increased +2.2% 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 
+10.0%, from  5,611,685 in  Q4 2024 to 6,171,388 in Q4 2025.  
Adjusted EBITDA 
Adjusted EBITDA rose to €1,708.0m (€1,534.0m), an increase of 
+11.3% ( +11.2% in constant currency).  The Adjusted EBITDA 
margin increased +59bps to 45.6% ( 45.0%).  The stronger 
performance in Adjusted EBITDA was mainly driven by growth in 
the portfolio, and cost discipline resulting in a higher EPC.  
Depreciation, amortisation and asset retirements 
Depreciation, amortisation and asset retirements increased by 
+5.6% to €1,217.5m (€1,194.5m) and includes €462.4m (€475.5m) of 
acquisition-related intangibles amortisation (recognised as an 
SDI).  The remaining depreciation and amortisation primarily 
relates to alarm equipment installed at our customers’ 
premises, incremental direct costs incurred to obtain new 
customers and asset retirements when customers leave the 
portfolio or upgrade to our new platform.  
Operating profit and Adjusted EBIT 
Adjusted EBIT is comprised of operating profit € 298.7m 
(€307.4m), adjusted for SDIs of € 654.2m (€ 511.7m).  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 +16.3% ( +15.5% in constant 
currency), and the Adjusted EBIT margin of +141bps were mainly 
driven by portfolio growth.  
Financial items 
Financial charges of €494.8m (€495.5m) were in line with prior 
year.  Lower Euribor rates in the year yielded a lower weighted 
average cost of debt which was partially offset by SDIs 
impacting financial items. Interest paid has also decreased due 
to post-IPO lower debt levels.  SDIs impacting financial items 
resulted in a cost of € 94.5m (€ 33.8m), mainly arising from 
revaluation effects, realised prepaid financing fees  and fair 
value adjustments on derivatives.  
Income tax 
The tax charge for the full year was € 59.7m (credit of € 3.2m), 
comprising a current tax charge of €118.2m (€119.3m) partially 
offset by deferred tax income of €58.5m (€122.5m). This results 
in an Adjusted effective tax rate of 34.6% for the year.  The 
income tax charge excluding SDIs amounted to € 191.2m 
(€122.8m), mainly reflecting higher deferred tax liabilities arising 
from IFRS 15, variable sales costs and increasing R&D 
investments all capitalised under IFRS. The €131.5m (€126.0m) 
tax income on SDI items relates mainly to deferred taxes on the 
amortisation of acquired intangible assets and IPO related 
costs, which are not deductible for tax purposes.  In addition, 
the tax charge is impacted by non-deductible interest expenses, 
primarily driven by interest limitation rules in certain 
jurisdictions. These non-deductible financing costs are treated 
as permanent differences and therefore increases the Adjusted 
effective tax rate.  
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 10

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

Cash flow and Total net debt
€m (unless otherwise stated) Q4 2025 Q4 2024 12m 2025 12m 2024
Cash flow from operating activities before change in working 
capital 239.1 304.3 1,390.2 1,389.4
Change in working capital 87.4 18.5 (73.2) (58.9)
Cash flow from operating activities1 326.5 322.8 1,317.0 1,330.5
Cash flow from investing activities (484.7) (262.4) (1,200.3) (916.9)
Cash flow from financing activities 165.3 (51.3) (114.6) (403.8)
Cash flow for the period 7.1 9.1 2.1 9.8
Total net debt2 5,022.5 7,587.5 5,022.5 7,587.5
LTM net leverage2, ratio 2.9x 4.9x 2.9x 4.9x
L2QA net leverage2, ratio 2.9x 4.8x 2.9x 4.8x
L2QA secured net leverage2, ratio 2.0x 3.8x 2.0x 3.8x
1) Cash flow from operating activities is calculated after giving effect to income tax paid.
2) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance 
measures and other performance metrics'. 
Fourth quarter summary 
Cash flow from operating activities 
Cash flow from operating activities increased to € 326.5m 
(€322.8m) mainly related to working capital improvements as a 
result of lower inventories and higher trade and other 
payables. 
Cash flow from investing activities 
Cash flow from investing activities totalled an outflow of 
€484.7m (€262.4m).  Investing activities primarily related to the 
acquisition of our Mexico business and to Customer 
Acquisition capital expenditures. We also funded our Employee 
Benefit Trust (EBT) with cash for purchasing shares, which 
resulted in a cash outflow of €16.2m.  The rise in Customer 
Acquisition cash outflows is mainly driven by increased 
customer installations and higher upselling activity.  In the 
quarter we invested € 18.2m (€17.0m ) to upgrade existing 
customers to 2G/3G hardware ahead of the expected network 
sunsets towards the end of the decade.    
Cash flow from financing activities 
Cash flow from financing activities totalled an inflow of 
€165.3m (outflow of € 51.3m). We completed our post-IPO 
refinancing programme which included raising a new €950m 
Revolving Credit Facility, a €1.215bn Term Loan A (“TLA”), a 
subsequent upsize to the TLA of €75m to €1.290bn and a new 
Term Loan B (“TLB”) of €1.25bn.  We also repaid €5.3bn of debt 
using proceeds raised from the IPO. Interest payments 
amounted to €70.8m (€85.9m) with the decrease mainly driven 
by both lower interest rates and lower debt.  
Full year summary 
Cash flow from operating activities 
Cash flow from operating activities amounted to € 1,317.0m 
(€1,330.5m) and cash flow from operating activities before 
changes in working capital equalled to € 1,390.2m (€ 1,389.4m).  
The change in cash flow from operating activities mainly 
relates to movements in working capital, primarily driven by 
higher levels of trade and other receivables offset by lower 
inventory and higher other payables.  
Cash flow from investing activities 
Cash flow from investing activities rose to € 1,200.3m (€916.9m) 
for the full year .  Investing activities primarily related to the 
acquisition of our Mexico business, to Customer Acquisition 
capital expenditures and to €16.2m of cash funding to our EBT 
for share purchases. The increase in cash outflow from capital 
expenditures is mainly driven by increased customer 
installations and higher upselling activity, higher investment in 
R&D, product and service innovation and software engineering.  
We invested €67 .1m (€42.6m) to upgrade existing customers 
with 2G/3G hardware ahead of the expected network sunsets 
towards the end of the decade.    
Cash flow from financing activities 
Cash flow from financing activities totalled an outflow of 
€114.6m (€ 403.8m) reflecting post-IPO refinancing activities. 
Interest payments declined to € 411.7m (€ (466.7)m) driven by 
both lower interest rates and lower debt levels.  
Total net debt 
LTM Net Leverage was 2.9x, a slight reduction from IPO levels of 
3.0x.  Net debt was €5.0bn at 31 December 2025, compared to 
€7.6bn at the end of 2024. We re-confirm our closing 2026 
leverage target of 2.50x to 2.75x.    
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 11

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

Capital expenditures
The Group’s capital expenditures primarily consist of (i) 
Customer Acquisition capital expenditures, which include 
installation of equipment for new customers and incremental 
direct costs related to the acquisition of customer contracts; 
(ii) Portfolio Services capital expenditures, relating 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 cost of the alarm equipment installed in connection with 
newly acquired subscribers are capitalised as tangible fixed 
assets.    
Capital expenditures 
€m Q4 2025 Q4 2024 12m 2025 12m 2024
Customer Acquisition, material 88.0 81.0 335.2 326.7
Customer Acquisition, incremental direct costs 69.5 68.2 262.8 253.6
Portfolio Services 50.3 45.9 191.6 155.1
Adjacencies 1.2 4.2 5.0 16.7
Capital expenditures, other 56.9 64.3 186.0 167.6
Total 265.9 263.6 980.6 919.7
Fourth quarter summary 
Capital expenditures rose to € 57,129.5m (€ 64,548.7m) in the 
fourth quarter, up (11.5)% year-over-year.  The increase is 
mainly driven by the increase in net customer subscriptions 
as well as investment of €18.2m (€17.0m) to upgrade existing 
customers to 2G/3G hardware ahead of the expected 
network sunsets towards the end of the decade.  
Full year summary 
Capital expenditures increased to € 186,843.7m (€168,355.3m) 
mainly driven by the increase in net customer subscriptions 
and higher investments in technology and innovation and 
2G/3G sunset investments of €67.1m (€42.6m).  
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 12

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

Liquidity, liabilities and financing agreements
The primary sources of liquidity are cash flow from operations and borrowings under our € 950m Revolving Credit Facility.   Our 
primary liquidity requirements are funding Customer Acquisition operations, debt servicing and other general corporate 
expenditure.  
Available funds 
€m Dec 2025 Dec 2024
Revolving credit facility 950.0 700.0
Cash and cash equivalents 30.0 30.1
Drawn facility amount (66.3) (200.0)
Utilised letters of credit (21.6) (21.0)
Total available funds 892.1 509.1
Financial indebtedness
€m Dec 2025 Dec 2024
Revolving credit facility 66.3 200.0
Term loan A 1,290.0 -
Term loan B 1,250.0 2,525.0
Senior secured notes 975.0 3,325.0
Total secured indebtedness 3,581.3 6,050.0
Senior unsecured notes 1,175.0 1,305.9
Other liabilities 87.3 70.7
Lease liabilities 208.9 191.0
Total unsecured indebtedness 1,471.2 1,567.6
Total financial indebtedness¹ 5,052.5 7,617.6
1) Total financial indebtedness does not include qualified receivables financing. Refer to note 7 Borrowings for more details.
Refinancing 
On 3 November 2025, we completed our post-IPO refinancing 
programme raising a €1.25bn Term Loan B at an initial price 
of Euribor +225bps, with margin step-downs as leverage 
decreases.  This followed the establishment, shortly before 
the IPO, of a new €950m Revolving Credit Facility and a 
€1.215bn Term Loan A (“TLA”), both at an initial margin of 
E u r i b o r  + 1 7 5 b p s  w i t h  l e v e r a g e - b a s e d  s t e p - d o w n s .   O n  5  
December 2025, we upsized the TLA by €75m to €1.290bn.
Available Liquidity
We had €892.1m (509.1) available liquidity at the end of 2025, 
combining cash-on-hand and available credit facilities.  
Capital Structure and Interest Cost 
Following our October refinancing,  we have a well-
diversified debt complex with next maturity in February 
2028, and 65% of debt fixed.  Weighted average cost of debt 
in Q4 is 4.9%, which we expect to reduce further with 
planned refinancing in H1 2026 . We are well on track to 
deliver €200-220m savings in interest charges, as guided, 
from 2024 levels. 
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 13

===== SIDA 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 full 
year report compared to what is described in the Prospectus.  
Events during 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 €3.1bn, 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 125k new customers 
into our portfolio. 
O n  3  N o v e m b e r  2 0 2 5 ,  w e  c o m p l e t e d  o u r  p o s t - I P O  r e f i n a n c i n g  
programme by raising a new €1.25bn Term Loan B (“TLB”) at an 
i n i t i a l  m a r g i n  o f  E u r i b o r  + 2 2 5 b p s ,  w i t h  m a r g i n  s t e p - d o w n s  a s  
leverage decreases.  It followed the establishment, shortly 
before our IPO, of a new €950m Revolving Credit Facility and a 
€1.215bn Term Loan A (“TLA”), both at an initial margin of 
E u r i b o r  + 1 7 5 b p s  w i t h  l e v e r a g e - b a s e d  s t e p - d o w n s .   O n  5  
December 2025, we upsized the TLA by €75m to €1.290bn.
On 19 November 2025, Verisure plc formally initiated and filed 
for a capital reduction of recognised share premium value, 
creating distributable reserves to support future distributions 
to shareholders.  The capital reduction was confirmed by the 
High Court of Justice, Business and Property Courts of England 
and Wales, Companies Court, on 9 December 2025 and 
registered by the UK Companies House on 16 December 2025.  
This is in line with described process in the Prospectus and 
carried out under the UK Companies Act 2006.  
On 30 December 2025, the previous parent company of 
Verisure plc, Aegis Lux 2 S.à. r.l. was effectively liquidated, in 
accordance with the contemplated steps set forth in the 
Prospectus.  As part of the liquidation, the assets of Aegis Lux 2 
S.à.r.l., mainly comprising shares in Verisure plc, were 
distributed to the underlying shareholders in accordance with 
the economic rights set out in the articles of association of 
Aegis Lux 2 S.à. r.l..  
Events after the reporting period
On 3 February 2026, Cecilia Beck-Friis was appointed as Board 
member of Verisure plc. Cecilia Beck-Friis has extensive 
experience from leadership in the media, technology and 
digital transformation sectors. She recently served as CEO of 
Hemnet, Sweden’s leading property portal, and she has held 
several senior leadership positions at TV4 and Bonnier 
Broadcasting. Cecilia Beck-Friis currently serves as a Board 
member of Kivra and Funda. On 3 February 2026, the Company 
also announced its intention to appoint Sim Kini as an 
additional new Board member subject to election at the 
Annual General Meeting on 23 April 2026, to take effect on 1 
May 2026. Sam Kini currently serves as Chief Digital and 
Technology Officer at Unilever plc. Prior this, she had 
leadership assignments including Chief Data and Information 
Officer for Easyjet and CIO For Telenet Belgium, and she is also 
Board member of Tele2 since 2021. The appointment of Cecilia 
Beck-Friis and the announced intention to appoint Sim Kini as 
Board member is part of the planned Board transition to 
strengthen Board independence. As part of the transition plan, 
Patrick Healy, CEO of Hellman & Friedman, has stepped down 
as a member of the Board of Directors, effective 3 February 
2026. Our largest shareholder remains represented on the 
Board, retaining three Board positions, including the Chair.
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 14

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

Unaudited Consolidated Financial Statements
Consolidated Income Statement
€m Note Q4 2025 Q4 2024 12m 2025 12m 2024
Revenue  3  964.7  870.2  3,745.4  3,408.0 
Cost of sales  (503.4)  (462.2)  (1,933.9)  (1,760.6) 
Gross profit  461.3  408.0  1,811.5  1,647.4 
Selling expenses  (105.5)  (97.2)  (421.5)  (391.0) 
Administrative expenses  (338.7)  (248.4)  (1,096.9)  (953.9) 
Other income  2.1  1.8  5.6  4.9 
Operating profit  19.2  64.2  298.7  307.4 
Financial income  1.2  5.8  2.0  28.0 
Financial expenses  (124.9)  (130.8)  (496.9)  (523.5) 
Profit or (loss) before tax  (104.5)  (60.8)  (196.2)  (188.1) 
Income tax  (16.8)  5.1  (59.7)  3.2 
Net profit or (loss) for the period  (121.3)  (55.7)  (255.9)  (184.9) 
Earnings per share (€)
Basic and diluted1  (0.12)  (0.07)  (0.30)  (0.23) 
1) Earnings per share (EPS), basic and diluted, is calculated based on the weighted average number of outstanding shares in the period. The 
outstanding number of shares prior to the listing on Nasdaq Stockholm on 8 October 2025 is based on the total number of Verisure plc shares 
(800,000,000) at the time of listing on Nasdaq Stockholm on 8 October 2025. The amount of shares prior to the listing on Nasdaq Stockholm has also 
been applied to the comparative periods. 
Consolidated Statement of Comprehensive Income
€m Note Q4 2025 Q4 2024 12m 2025 12m 2024
Net profit or (loss) for the period  (121.3)  (55.7)  (255.9)  (184.9) 
Items that may not be reclassified to the 
consolidated income statement
Re-measurement of defined benefit plan  0.2  (0.8)  0.2  (0.8) 
Income tax related to these items  0.0  0.3  0.0  0.3 
Items that may not be reclassified to the 
consolidated income statement 0.2 (0.5) 0.2 (0.5)
Items that may subsequently be reclassified to the 
consolidated income statement
Change in hedging reserve  4.0  14.2  (15.0)  13.2 
Currency translation differences on foreign operations  10.7  (39.9)  91.1  (124.2) 
Income tax related to these items  (0.7)  (2.9)  3.2  (2.7) 
Items that may subsequently be reclassified to the 
consolidated income statement  14.0  (28.6)  79.3  (113.7) 
Other comprehensive income/(expenses)  14.2  (29.1)  79.5  (114.2) 
Total comprehensive income/(expenses) for the 
period (107.1) (84.8) (176.4) (299.1)
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 15

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

Consolidated Statement of Financial Position
€m Note Dec 2025 Dec 2024
Assets
Non-current assets
Property, plant and equipment 1,701.9 1,574.1
Right-of-use assets 205.1 190.6
Goodwill 7,702.8 7,570.4
Customer portfolio 4,072.7 4,201.5
Other intangible assets 1,393.5 1,359.8
Deferred tax assets 78.2 136.9
Trade and other receivables 6 183.3 139.0
Total non-current assets 15,337.5 15,172.3
Current assets
Inventories 281.7 316.2
Trade receivables 6 347.2 316.3
Current tax assets 33.0 24.5
Derivatives 6 0.2 21.7
Prepayments and accrued income 143.7 94.0
Other current receivables 6 104.8 79.3
Cash and cash equivalents 6 30.0 30.1
Total current assets 940.6 882.1
Total assets 16,278.1 16,054.4
Equity and liabilities
Equity
Equity attributable to the owners of parent company 8,764.5 5,872.6
Total equity 8,764.5 5,872.6
Non-current liabilities
Long-term borrowings 6, 7 4,985.5 7,580.0
Derivatives 6 20.4 24.9
Other non-current liabilities 6 108.2 137.0
Deferred tax liabilities 1,013.9 1,083.3
Other provisions 48.2 42.1
Total non-current liabilities 6,176.2 8,867.3
Current liabilities
Trade payables 6 179.5 176.0
Current tax liabilities 86.9 104.2
Short-term borrowings 6, 7 329.8 357.5
Derivatives 6 6.1 0.0
Accrued expenses and deferred income 6 649.5 576.8
Other current liabilities 6 85.6 100.0
Total current liabilities 1,337.4 1,314.5
Total liabilities 7,513.6 10,181.8
Total equity and liabilities 16,278.1 16,054.4
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 16

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

Consolidated Statement of Changes in Equity
€m Dec 2025 Dec 2024
Opening balance 5,872.6 6,190.7
Net profit or loss for the period (255.9) (184.9)
Other comprehensive income 79.5 (114.2)
Total comprehensive income (176.4) (299.1)
Transactions with owners
Reclassification from equity settled share based compensation plan to cash settled (1.9) -
Shareholder's contribution 3.6 1.7
Effect from reorganisation 0.1 -
Share issuance 3,100.0 -
Transaction costs in relation to share issuance (52.9) -
Share based compensation plan 19.4 -
Redemption of share capital - (20.7)
Bonus issue - 0.0
Total transactions with owners 3,068.3 (19.0)
Closing balance 8,764.5 5,872.6
Attributable to
Equity holders of the parent company 8,764.5 5,872.6
Closing balance 8,764.5 5,872.6
Units Dec 2025 Dec 2024
Weighted average number of shares outstanding at period end1,2 854,484,363 800,000,000
Weighted average number of shares outstanding at period end, incl. dilution1,2 854,993,878 800,000,000
1) The weighted average number of shares outstanding for the comparative period, 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. 
2) The weighted average number of shares outstanding for the quarter ending 31 December 2025 is 1,016,160,787 (800,000,000) ordinary shares and 
1,018,182,332 (800,000,000) ordinary shares incl. dilution.
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 17

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

Consolidated Statement of Cash Flows
€m Q4 2025 Q4 2024 12m 2025 12m 2024
Operating activities
Operating profit 19.2 64.2 298.7 307.4
Adjustment of depreciation, amortisation and asset retirements 293.2 306.5 1,217.5 1,194.5
Adjustment for other non-cash items (2.9) 1.0 20.8 2.1
Paid taxes (70.4) (67.4) (146.8) (114.6)
Cash flow from operating activities before change in working capital 239.1 304.3 1,390.2 1,389.4
Change in working capital
Change in inventories 43.9 26.6 32.9 (26.3)
Change in trade receivables (22.9) (23.4) (44.6) (62.4)
Change in other receivables (10.2) (19.3) (83.1) (56.4)
Change in trade payables 28.6 9.6 (0.1) 6.7
Change in other payables 48.0 25.0 21.7 79.5
Cash flow from change in working capital 87.4 18.5 (73.2) (58.9)
Cash flow from operating activities 326.5 322.8 1,317.0 1,330.5
Investing activities
Net investments in intangible and financial assets (129.4) (128.7) (477.9) (440.6)
Net investments in property, plant and equipment (136.0) (134.0) (504.0) (478.2)
Shares purchased by Employee Benefit Trust (16.2) – (16.2) –
Acquisition of subsidiaries, net of cash acquired (204.3) – (204.3) –
Interest received 1.2 0.3 2.1 1.9
Cash flow from investing activities (484.7) (262.4) (1,200.3) (916.9)
Financing activities
Share issuance 3,100.0 – 3,100.1 –
Transaction costs in relation to share issuance (52.9) – (52.9) –
New financing 3,490.0 – 3,490.0 1,050.0
Repayment of financing (5,251.5) (100.0) (5,251.5) (1,030.0)
Change in revolving credit facility (992.2) 175.2 (843.8) 130.5
Repayment of lease liability (17.5) (9.5) (66.7) (61.0)
Change in other borrowings (2.7) (27.2) (31.6) (13.7)
Interest paid (70.8) (85.9) (411.7) (466.7)
Call cost old debt in relation to repayment of financing (10.6) – (10.6) –
Paid bank and advisory fees in relation to new financing (23.3) – (23.3) (11.0)
Other financial items (3.2) (3.9) (12.6) (1.9)
Cash flow from financing activities 165.3 (51.3) (114.6) (403.8)
Cash flow for the period 7.1 9.1 2.1 9.8
Cash and cash equivalents at start of period 23.1 21.3 30.1 21.4
Effects of exchange rate changes on cash and cash equivalents (0.2) (0.3) (2.2) (1.1)
Cash and cash equivalents at end of period 30.0 30.1 30.0 30.1
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 18

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

Notes to the Unaudited Consolidated Financial 
Statements
Note 1  Accounting policies
Basis of presentation and accounting periods
This Q4 & full year report has been prepared in accordance 
with IAS 34 Interim Financial Reporting.  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.  
The full year consolidated 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 full year 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 Q4 and full year consolidated 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 consolidated financial statements in this 
report have not been audited.
All figures in this full year report are presented in EUR millions 
unless otherwise stated.  As a result of rounding, numbers 
presented may in some cases not add up to the total.  
Percentages presented are always calculated taking the exact 
underlying value, and therefore deviations may occur if 
percentages are calculated taking the rounded figures 
presented in the tables.  Where growth indicators are 
presented in constant currency the prior period results have 
been translated into EUR using the same exchange rates as in 
2025, excluding the impacts of IAS 29 hyperinflation accounting.  
Constant currency results are intended to provide further 
insights into the performance of the business excluding the 
effects of foreign exchange movements that are beyond its 
control.
In regards of significant events during and after the reporting 
period, please see section Other items in this report.  
Going concern
The Directors of Verisure have made a judgement, at the time 
of approving these consolidated full year financial statements, 
that there are no material uncertainties that influence the 
Group’s ability to continue as a going concern.  The judgement 
is  made  based on the financial resources available, and with 
a reasonable expectation that the Group has adequate 
resources to continue the business for at least 12 months from 
the date of the issuance of this full year report.  In the 
assessment, the Directors have contemplated the impact of 
potential severe but reasonable downsides that may affect the 
activity of the Group.  
The Directors have a reasonable expectation that the Group is 
well placed to manage its business risks successfully and that 
it has sufficient resources to continue the operation over the 
going concern period. Consequently, the Directors continue to 
adopt the going concern concept in the preparation of these 
consolidated Q4 and full year financial statements.
Note 2  Critical accounting estimates 
and significant judgments
Preparing the Q4 and full year consolidated financial 
statements and applying the Group’s accounting policies 
requires management to make estimates and judgements that 
affect the amounts recognised in the financial statements.  
Although the estimates and judgements are based on 
management’s best information about current circumstances 
and future events and actions, actual outcomes may differ and 
result in material variances.  
The Group’s latest annual audited financial statements set out 
the critical accounting judgements, significant accounting 
estimates and other areas of judgement and accounting 
estimates that were made in preparing those financial 
statements.  There have been no changes to the key sources of 
estimation uncertainty or critical judgements disclosed on our 
2024 annual consolidated financial statements. Further details 
can be found in note 2 to the F-pages, included in our 
Prospectus published on our website.
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 19

===== SIDA 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 Security 
experts 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.  Given that these sales are not considered as part 
of our core alarm business, the revenue is categorised as 
Adjacencies.  
€m Q4 2025 Q4 2024 12m 2025 12m 2024
Portfolio Services 847.6 754.8 3,267.8 2,947.8
Customer Acquisition 86.5 90.7 362.2 367.4
Adjacencies 30.6 24.7 115.4 92.8
Total revenue 964.7 870.2 3,745.4 3,408.0
€m Q4 2025 Q4 2024 12m 2025 12m 2024
Portfolio Services 621.4 549.1 2,409.1 2,141.9
Customer Acquisition (205.8) (172.8) (723.0) (627.4)
Adjacencies 5.0 5.5 21.9 19.5
Adjusted EBITDA¹ 420.6 381.8 1,708.0 1,534.0
Separately disclosed items affecting EBITDA2 (87.0) (11.1) (170.6) (32.1)
Share based compensation (21.2) – (21.2) –
Depreciation, amortisation and asset retirements (293.2) (306.5) (1,217.5) (1,194.5)
Operating profit 19.2 64.2 298.7 307.4
Financial items (123.7) (125.0) (494.9) (495.5)
Profit or loss before tax (104.5) (60.8) (196.2) (188.1)
1) The Group does not analyse segment data below Adjusted EBITDA.
2) A more detailed explanation of the Separately disclosed items affecting EBITDA is provided in the section 'Alternative performance measures and 
other performance metrics'.
Disaggregation of revenue
Our operating segments Portfolio Services and Customer Acquisition are represented in all the geographical regions presented.  The 
operating segment Adjacencies is only represented in the Iberia and Nordics and the Central and Other geographical regions.  
€m Q4 2025 Q4 2024 12m 2025 12m 2024
Iberia and Nordics 498.4 461.5 1,998.9 1,852.6
Other Europe 348.1 314.8 1,340.4 1,200.5
Latin America 100.7 79.2 344.9 303.1
Central and other¹ 17.5 14.7 61.2 51.8
Total revenue 964.7 870.2 3,745.4 3,408.0
1) Relates to certain Adjacencies revenue in different countries in Europe, which is not considered part of the Group's core business. 
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 20

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

Note 4 Business combinations
On 31 October 2025, the Group acquired 100% of the shares 
and voting rights in ADT Private Security Services de Mexico S.A. 
de C.V., a company based in Mexico with corporate domicile in 
Mexico City.   The total consideration paid was €207.5m, settled 
in cash at time of the acquisition.  No part of the consideration 
was contingent or deferred and it was settled through the 
Group’s existing cash and borrowing facilities.
The company specialises in security, monitoring and alarm 
systems for both residential and business customers.  The 
acquisition enhances the Groups strategy to continue to 
expand into high-potential markets and establishes the Group 
as the number one provider of professionally monitored 
security services in Mexico. 
This transaction has been accounted for as a business 
combination under IFRS 3. According to the preliminary 
purchase price allocation, acquired intangible assets mainly 
relate to customer relationships (customer portfolio).  The 
goodwill arising from the acquisition is attributable to 
extensive local market knowledge, workforce know-how and 
buyer-specific synergies going forward.  The recognised 
goodwill will not be deductible for tax purposes.  
€m Fair value
Property, plant and equipment 7.7
Right-of-use assets 6.3
Customer portfolio 113.8
Other intangible assets - Brand right of use 24.9
Inventories 1.3
Trade and other receivables 6.5
Cash and cash equivalents 3.2
Trade and other liabilities (13.0)
Lease liabilities (6.3)
Net deferred tax (35.9)
Net current tax 0.2
Other assets and liabilities 5.5
Total net asset value excluding goodwill 114.2
Goodwill 93.3
Total net asset value including goodwill / Total consideration paid in cash at time of acquisition 207.5
Less acquired cash and cash equivalents (3.2)
Net cash outflow from business combinations 204.3
The acquired business contributed revenues of €13.7m and 
net profit of €2.7m to the Group for the period from 31 
October to 31 December 2025.  If the acquisition had 
occurred on 1 January 2025, consolidated pro-forma revenue 
and net profit for the year would have been approximately 
€84.5m and €5.9m respectively.  
Acquisition-related costs of €8.4m are included in 
administrative expenses in the consolidated income 
statement and in cash flow from operating activities in the 
consolidated statement of cash flows.  
There were no business combinations in 2024.  
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 21

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

Note 5 Share Based Compensation
Restricted Share Awards (RSUs)
In October 2025, awards over 8,745,146 shares were granted to 
employees across the Group. 50% of the RSUs will vest in 
October 2026 and 50% will vest in October 2027. The RSUs are 
conditional on continued employment through to the 
applicable vesting dates and are therefore subject to forfeiture 
over the vesting period. The awards will be settled by 
delivering shares to the participants. 
The weighted average fair value at grant date for the awards 
outstanding was € 13.3m. The weighted average remaining 
contractual life of awards outstanding at end of period was 1.3 
years. 
  
The following awards were outstanding as 31 December 2025 and 2024:
Awards Options 
Units 2025 2024 2025 2024
Balance at beginning of year – – 1,512,600 1,406,180
Granted during the year 8,745,146 – 131,737 161,800
Forfeited during the year (18,389) – (35,992) (41,940)
Exercised during the year – – (18,426) (13,440)
Balance at end of year 8,726,757 – 1,589,919 1,512,600
No options were exercisable by 31 December 2025 and no options expired during 2025.
Legacy Employee Option Plans
Certain employees of the Group participate in a management 
option plan and have been granted shares in Aegis Lux 2 S.à r.l. 
as a part of their compensation. The options vest in 
instalments over a period of a maximum of 5 years and are 
settled in shares. Pursuant to the IPO in October, these legacy 
equity plans were discontinued and roll off agreements were 
established, giving rise to a plan modification under IFRS 2. The 
roll off plan resulted in accelerated vesting conditions to 1 
January 2026, forfeiture or cancellation of unvested shares and 
a change from equity to cash settlement for any vested or 
unvested shares remaining. 
At 31 December 2025, the fair value of the legacy option plans 
were zero resulting in a credit of €1.8m to the consolidated 
income statement. 
This plan modification resulted in a reclassification of the fair 
value of the options from equity to short term liabilities. Total 
expenses arising related to options issued under the legacy 
plans of €3.6m (€1.7m in 2024) have been recognised in the 
consolidated income statement of which €2.4m relates to the 
accelerated vesting.  
Fair value of options granted
The fair value of the options at grant date is independently 
determined using an adjusted form of the Black-Scholes model 
which includes a Monte Carlo simulation model that takes into 
account the exercise price, the term of the option, the impact 
of dilution (where material), the share price at grant date and 
expected price volatility of the underlying share, the risk-free 
interest rate for the term of the option, and the correlations 
and volatilities of peer companies.
Expenses arising from options and awards
Total expenses (excluding social security contributions) arising from options and awards recognised as an operating expense during the 
period were:
€m 2025 2024
Legacy Employee Option Plan 3.6 1.7
Restricted Share Awards (RSUs) 19.2 –
Total 22.8 1.7
The social security contributions for the share based compensation plans recognised as an operating expense was €2.0m (€0.2m).
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 22

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

Note 6 Financial Instruments
Financial instruments by category and valuation level
Dec 2025 Dec 2024
€m
Financial 
assets
Financial 
liabilities
Financial 
assets
Financial 
liabilities
Hedge accounting
FX forwards¹ 0.1 6.0 9.1 –
Fair value
FX swaps¹ 0.0 0.1 – 0.0
Cross currency swaps¹ – 3.8 12.6 –
Interest rate swaps¹ – 16.6 – 24.9
Other receivables, non-current² 28.9 - 11.4 -
Amortised cost
Trade and other receivables, non-current 144.2 - 123.8 -
Trade receivables, current⁴ 347.2 - 316.3 -
Other current receivables⁴ 33.6 - 27.6 -
Cash and cash equivalent 30.0 - 30.1 -
L o n g - t e r m  b o r r o w i n g s ³ ˒ ⁵ - 4,841.8 - 7,445.7
Other non-current liabilities - 1.1 - 1.1
Trade payables, current⁴ - 179.5 - 176.0
Accrued expenses, current⁴ - 221.8 - 189.0
S h o r t - t e r m  b o r r o w i n g s ⁴ ˒ ⁵ - 264.6 - 300.8
Other current liabilities⁴ - 27.2 - 45.7
1) The derivatives measured at fair value are classified as level 2. Significant inputs are observable. 
2) Other receivables measured at fair value includes €17.5m classified as level 2 where significant inputs are observable. The observed input consists 
of a market valuation of the underlying asset. They also include €11.4m classified as level 3 where significant inputs are unobservable where cost 
has been deemed an appropriate representation of fair value.
3) The fair value of the bonds (Senior Secured Notes and Senior Unsecured Notes) amount to €2,184m (€4,673m in Dec 2024), fair value for the Term 
Loan B is €1,257m (€2,536m in Dec 2024), this is the quoted market price at the balance sheet date. These are classified as level 1 since it is a quoted 
market price in an active market. For the Group’s remaining borrowings, book values approximates to their fair values. 
4) Due to the short-term nature of trade receivables, other current receivables, trade payables, accrued expenses, short-term borrowings and other 
current liabilities, their carrying amount approximates to their fair value.
5) Details of borrowings are presented in note 7.
The valuation hierarchy applied is as follows: 
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.  
Level 2: Other observable data than quoted prices included at Level 1, either directly (i.e. as price quotations) or indirectly (i.e. 
derived from price quotations).  The valuation techniques for currency related instruments are based on published forwards rate 
and discounted contractual cash flows, and in terms of interest rate instruments the fair valuation is based on forward interest 
rates prepared on the basis of observable interest data and discounted contractual cash flows.  
Level 3:  Non-observable market data.  For certain assets and liabilities, the carrying amount is assumed to be a reasonable 
approximation of fair value.  
There have not been any transfers of assets or liabilities between levels.  
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 23

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

Note 7 Borrowings
Dec 2025 Dec 2024
€m
Principal 
amount
Adjustment 
amortised
costs
Carrying 
amount
Principal 
amount
Adjustment 
amortised
costs
Carrying 
amount
Non-current liabilities
Secured
Senior Secured Notes 975.0 (6.2) 968.8 3,325.0 (18.8) 3,306.2
Term Loan A 1,290.0 (9.8) 1,280.2 – – –
Term Loan B 1,250.0 (6.3) 1,243.7 2,525.0 (19.7) 2,505.3
Revolving Credit Facility 66.3 (8.1) 58.2 200.0 (5.9) 194.1
Unsecured
Senior Unsecured Notes 1,175.0 (6.7) 1,168.3 1,305.9 (9.4) 1,296.5
Liabilities to other creditors 122.6 – 122.6 143.6 – 143.6
Lease liabilities 143.7 – 143.7 134.3 – 134.3
Long-term borrowings 5,022.6 (37.1) 4,985.5 7,633.8 (53.8) 7,580.0
Current liabilities
Accrued interest expenses 58.6 – 58.6 84.2 – 84.2
Other liabilities 205.9 – 205.9 216.6 – 216.6
Lease liabilities 65.3 – 65.3 56.7 – 56.7
Short-term borrowings 329.8 – 329.8 357.5 – 357.5
Total 5,352.4 (37.1) 5,315.3 7,991.3 (53.8) 7,937.5
Net debt and net leverage reconciliations
€m Dec 2025 Dec 2024
Total borrowings (as above) 5,315.3 7,937.5
Less adjustments1 (262.8) (319.9)
Total indebtedness 5,052.5 7,617.6
Less cash and cash equivalents (30.0) (30.1)
Total net debt2 5,022.5 7,587.5
Secured net debt3 3,552.3 6,020.7
Adjusted EBITDA (L2QA incl. FOG savings)4 1,746.4 1,576.5
L2QA net leverage, ratio2 2.9x 4.8x
L2QA secured net leverage, ratio2 2.0x 3.8x
Adjusted EBITDA (LTM) 1,708.0 1,534.0
LTM net leverage, ratio2 2.9x 4.9x
1) Total borrowings excludes adjustments to amortised cost required by IFRS 9, as well as the balance of accrued interest expense and qualified 
receivables financing. 
2) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance 
measures and other performance metrics'. 
3) Secured net debt includes an adjustment of non-obligor cash and cash equivalents of €1.0m in Dec 2025 and €0.8m in Dec 2024, which relates to 
impact from entities that should not be considered according to our financing agreements. 
4) FOG savings refer to adjustments according to the Senior facilities agreement (SFA) from anticipated incremental cost savings under the FOG 
programme.
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 24

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

Note 8 Pledged Assets and Contingent Liabilities
Pledged assets
€m Dec 2025 Dec 2024
Shares in subsidiaries 13,515.7 14,309.5
Bank accounts 6.5 6.2
Accounts receivables 253.5 363.4
Inventories 1.1 1.1
Other operating assets 68.2 65.8
Trademark 48.5 34.8
Endowment insurance 0.5 0.5
Contingent liabilities
€m Dec 2025 Dec 2024
Guarantees 42.7 41.3
The pledged assets are collateral for bank borrowings.  Guarantees relate primarily to warranties provided to suppliers.
Note 9 Related Party Transactions
Related parties and related party transactions are described 
in note 14 in the F-pages included in the Prospectus 
published at www.verisure.com on 29 September 2025.
During Q4 2025, transactions with the immediate parent 
company included interest income of €0.1m (€0.0m). Other 
related party transactions amounted to €0.7m (€1.0m).  
During Q4 2024 the immediate parent company provided a 
shareholder contribution of €0.4m.  
Verisure plc established an Employee Benefit Trust (EBT) 
and funded the EBT with an irrecoverable gift to purchase 
certain Management Shareholders’ direct or indirect interest 
in Aegis Lux 2 S.à r.l. on the day of listing. The value of the 
shares acquired by the EBT amounted to €16.2m and the 
cost was based on the offering price at time of listing.
For the year ended 31 December 2025, transactions with the 
immediate parent company included a shareholder 
contribution of €3.6m (€1.7m) and interest income of €0.5m 
(€0.3m).  Other related party transactions for the period 
amounted to €2.7m (€4.0m). 
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 25

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

Quarterly summary
€m (unless otherwise stated) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Revenue 964.7 933.0 927.9 919.9 870.2
Revenue growth1, %  10.9 %  9.2 %  9.3 %  10.2 %  10.8 %
Adjusted EBITDA1 420.6 442.6 426.0 418.8 381.8
Adjusted EBITDA margin1, %  43.6 %  47.4 %  45.9 %  45.5 %  43.9 %
Adjusted EBITDA incl. SDIs1 333.6 385.9 408.1 409.7 370.7
Adjusted EBITDA margin incl. SDIs1, %  34.6 %  41.4 %  44.0 %  44.5 %  42.6 %
Adjusted EBIT1 236.0 250.3 236.0 230.6 195.6
Adjusted EBIT margin1, %  24.5 %  26.8 %  25.4 %  25.1 %  22.5 %
EPS, basic and diluted2, € (0.12) (0.06) (0.05) (0.05) (0.07)
Adjusted EPS1,3, € 0.12 0.09 0.08 0.07 0.05
Operating profit 19.2 81.8 96.8 100.9 64.2
Total net debt1 5,022.5 7,773.5 7,731.8 7,679.4 7,587.5
LTM net leverage¹, ratio 2.9x 4.7x 4.8x 4.9x 4.9x
L2QA net leverage¹, ratio 2.9x 4.4x 4.5x 4.7x 4.8x
L2QA secured net leverage¹, ratio 2.0x 3.5x 3.6x 3.8x 3.8x
Acquisition multiple1, ratio 4.0x 3.6x 3.6x 3.6x 3.9x
Portfolio Services segment
Portfolio Services revenue 847.6 816.6 806.6 797.0 754.8
Annualised recurring revenue (ARR)1,5 3,447.6 3,297.5 3,225.4 3,150.2 3,068.1
Annualised recurring revenue growth¹, %  12.4 %  10.5 %  11.0 %  11.6 %  11.7 %
Portfolio Services Adjusted EBITDA¹ 621.4 608.5 595.4 583.9 549.1
Portfolio Services Adjusted EBITDA margin¹, %  73.3 %  74.5 %  73.8 %  73.3 %  72.7 %
Total subscribers (end of period), 000s 6,171.4 5,940.5 5,831.4 5,722.5 5,611.7
Cancellation⁴, 000s 113.2 105.4 108.4 106.3 101.5
LTM attrition rate⁴, %  7.4 %  7.4 %  7.4 %  7.4 %  7.4 %
Quarterly attrition rate (annualised)⁴, %  7.4 %  7.1 %  7.5 %  7.5 %  7.3 %
Net subscriber growth4, 000s 230.9 109.1 108.9 110.8 109.9
Subscriber growth rate⁴, net, %  10.0 %  8.0 %  8.1 %  8.3 %  8.5 %
Monthly average number of subscribers during the period¹, 000s 6,079.4 5,894.6 5,767.7 5,656.1 5,560.5
Average monthly revenue per user (ARPU)¹, € 46.5 46.2 46.6 47.0 45.2
Recurring monthly cost (RMC)1, € 12.4 11.8 12.2 12.6 12.3
Monthly adjusted EBITDA per customer (EPC)¹, € 34.1 34.4 34.4 34.4 32.9
Customer Acquisition segment
Customer Acquisition revenue 86.5 86.7 90.7 98.3 90.7
Customer Acquisition adjusted EBITDA¹ (205.8) (171.4) (174.5) (171.3) (172.8)
Customer Acquisition capital expenditures¹ 157.5 147.2 145.7 147.5 149.2
New subscribers added (gross)⁴, units 223.8 214.4 217.3 217.1 211.4
Cost per acquisition (CPA)1, € 1,623.5 1,485.9 1,474.0 1,469.0 1,523.2
Adjacencies segment
Adjacencies revenue 30.6 29.7 30.5 24.7 24.7
Adjacencies adjusted EBITDA¹ 5.0 5.5 5.1 6.2 5.5
1) Alternative performance measure (APM). A reconciliation to the nearest IFRS equivalent is provided in the section 'Alternative performance 
measures and other performance metrics'. 
2) Earnings per share (EPS), basic and diluted, is calculated based on the weighted average number of outstanding shares in the period. The 
outstanding number of shares prior to the listing on Nasdaq Stockholm on 8 October 2025 is based on the total number of Verisure plc shares 
(800,000,000) at the time of listing on Nasdaq Stockholm on 8 October 2025. The amount of shares prior to the listing on Nasdaq Stockholm has also 
been applied to the comparative periods. 
3) Adjusted earnings per share (EPS) is calculated based on the total number of Verisure plc shares following completion of the listing on Nasdaq 
Stockholm on 8 October 2025 and includes the issuance of new shares the same day. The amount of shares outstanding at 8 October 2025, including 
the shares issued the same day, has also been applied to the comparative periods.
4) Other performance metrics. Refer to section 'Alternative performance measures and other performance metrics' for more details.
5) The Group has updated how it defines Annualised Recurring Revenue (ARR).  ARR is now calculated as End of Period Customer Portfolio x LTM 
trailing ARPU x 12.  By including full 12 months trailing ARPU rather than annualising the reporting quarter, the metric is more stable against quarterly 
seasonality, particularly price increases and upgrade propensity.  All comparative figures have been adjusted to reflect this update.  Please refer to 
section 'Alternative performance measures and other performance metrics' at the end of this report for further information.
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 26

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

Alternative performance measures (APMs) 
(unaudited)
Verisure applies the European Securities and Markets 
Authority’s (“ESMA”) guidelines on alternative performance 
measures (“APMs”).  Under these guidelines, an APM is a 
financial measure of historic or forecast earnings 
performance, financial position or cash flow that is neither 
defined nor specified in IFRS.  Management also makes use 
of a number of key operating metrics as part of its internal 
and external reporting.  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.    W e 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.   These APMs and other 
performance metrics should not be compared with  
performance measures of similar names used by other 
companies due to potential differences in definitions.
Reconciliation tables
A reconciliation of each of the APMs to its nearest IFRS measure is set out below.  
Acquisition multiple
€m (unless otherwise stated) Q4 2025 Q4 2024 12m 2025 12m 2024
Cost per acquisition (CPA) 1,623.5 1,523.2 1,513.8 1,438.4
Monthly adjusted EBITDA per customer (EPC) 34.1 32.9 34.3 33.1
Acquisition multiple (ratio) 4.0x 3.9x 3.7x 3.6x
Adjusted earnings per share (Adjusted EPS)
€m (unless otherwise stated) Q4 2025 Q4 2024 12m 2025 12m 2024
Net profit or loss for the period (121.3) (55.8) (255.9) (184.9)
Adjustment of acquisition related items¹ 108.6 120.3 462.4 475.5
Deferred tax on acquisition-related items (9.2) (29.0) (92.8) (114.3)
Separately disclosed items affecting Net profit or loss 158.2 14.6 286.3 70.0
Tax impact of separately disclosed items affecting Net profit or 
loss (14.5) (1.9) (38.7) (11.7)
Adjusted Net profit or loss for the period 121.8 48.2 361.3 234.6
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 EPS2, € 0.12 0.05 0.35 0.23
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) is calculated based on the total number of Verisure plc shares following completion of the listing on Nasdaq 
Stockholm on 8 October 2025 and includes the issuance of new shares the same day. The amount of shares outstanding at 8 October 2025, including 
the shares issued the same day, has also been applied to the comparative periods.
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 27

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

Adjusted EBIT and Adjusted EBIT margin
€m (unless otherwise stated) Q4 2025 Q4 2024 12m 2025 12m 2024
Operating profit 19.2 64.2 298.7 307.4
Adjustment of acquisition related items¹ 108.6 120.3 462.4 475.6
Separately disclosed items affecting EBIT² 87.0 11.1 170.6 36.1
Share based compensation 21.2 — 21.2 —
Adjusted EBIT 236.0 195.6 952.9 819.1
Revenue 964.7 870.2 3,745.4 3,408.0
Adjusted EBIT margin (%)  24.5 %  22.5 %  25.4 %  24.0 %
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 Q4 2025 Q4 2024 12m 2025 12m 2024
Operating profit 19.2 64.2 298.7 307.4
Depreciation, amortisation and asset retirements 293.2 306.5 1,217.5 1,194.6
Separately disclosed items affecting EBITDA¹ 87.0 11.1 170.6 32.1
Share based compensation 21.2 – 21.2 –
Adjusted EBITDA 420.6 381.8 1,708.0 1,534.0
Portfolio Services adjusted EBITDA 621.4 549.1 2,409.1 2,141.9
Customer Acquisition adjusted EBITDA (205.8) (172.8) (723.0) (627.4)
Adjacencies adjusted EBITDA 5.0 5.5 21.9 19.5
Revenue 964.7 870.2 3,745.4 3,408.0
Revenue growth (%)  10.9 %  10.8 %  9.9 %  10.3 %
Adjusted EBITDA margin (%)  43.6 %  43.9 %  45.6 %  45.0 %
Adjusted EBITDA (as above) 420.6 381.8 1,708.0 1,534.0
Add-back of adjustment items within EBITDA (87.0) (11.1) (170.6) (32.1)
Adjusted EBITDA incl. SDIs 333.6 370.7 1,537.4 1,501.9
Adjusted EBITDA margin incl. SDIs (%)  34.6 %  42.6 %  41.0 %  44.1 %
¹) Refer to APM table Separately disclosed items for information on SDIs.
Annualised recurring revenue (ARR)
€m (unless otherwise stated) Q4 2025 Q4 2024 12m 2025 12m 2024
Total subscribers (end of period), 000s 6,171.4 5,611.7 6,171.4 5,611.7
ARPU (LTM), € 46.6 45.6 46.6 45.6
ARR1 3,447.6 3,068.1 3,447.6 3,068.1
1) The Group has updated how it defines Annualised Recurring Revenue (ARR).  ARR is now calculated as End of Period Customer Portfolio x LTM 
trailing ARPU x 12.   By including full 12 months trailing ARPU rather than annualising the reporting quarter, the metric is more stable against 
quarterly seasonality, particularly price increases and upgrade propensity.  All comparative figures have been adjusted to reflect this update.  
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 28

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

Cost per acquisition (CPA) and Customer Acquisition capital expenditures
€m (unless otherwise stated) Q4 2025 Q4 2024 12m 2025 12m 2024
Customer Acquisition revenue 86.5 90.7 362.2 367.4
Customer Acquisition expenses (293.9) (264.8) (1,089.2) (998.3)
Customer Acquisition other revenue 1.6 1.3 4.0 3.5
Customer acquisition adjusted EBITDA (205.8) (172.8) (723.0) (627.4)
Customer Acquisition capital expenditure, material 88.0 81.0 335.2 326.7
Customer Acquisition capital expenditure, direct cost 69.5 68.2 262.8 253.6
Customer acquisition capital expenditure (157.5) (149.2) (597.9) (580.3)
Customer acquisition cost (net) (363.3) (322.0) (1,321.0) (1,207.7)
New subscribers added (gross), 000s 223.8 211.4 872.6 839.8
CPA, € 1,623.5 1,523.2 1,513.8 1,438.4
Customer Acquisition cost (gross)¹ (451.4) (413.9) (1,687.2) (1,578.6)
Gross capitalisation (%)  34.9 %  36.0 %  35.4 %  36.8 %
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) Q4 2025 Q4 2024 12m 2025 12m 2024
Portfolio Services revenue 847.6 754.8 3,267.8 2,947.8
Portfolio Services expenses (226.6) (206.2) (860.4) (807.3)
Portfolio Services other revenue 0.4 0.5 1.7 1.4
Portfolio services segment adjusted EBITDA 621.4 549.1 2,409.1 2,141.9
Portfolio Services adjusted EBITDA margin  73.3 %  72.7 %  73.7 %  72.7 %
Monthly average Portfolio Services segment adjusted EBITDA 207.1 183.0 200.8 178.5
Monthly average number of subscribers during the period, 
000s 6,079.4 5,560.5 5,849.5 5,391.7
EPC, € 34.1 32.9 34.3 33.1
Monthly average revenue per user (ARPU)
€m (unless otherwise stated) Q4 2025 Q4 2024 12m 2025 12m 2024
Portfolio Services segment revenue 847.6 754.8 3,267.8 2,947.8
Monthly average Portfolio Services segment revenue 282.5 251.6 272.3 245.7
Monthly average number of subscribers during the period, 
000s 6,079.4 5,560.5 5,849.5 5,391.7
ARPU, € 46.5 45.2 46.6 45.6
Recurring monthly cost (RMC)
€m (unless otherwise stated) Q4 2025 Q4 2024 12m 2025 12m 2024
ARPU 46.5 45.2 46.6 45.6
EPC 34.1 32.9 34.3 33.1
Recurring monthly cost (RMC), € (12.4) (12.3) (12.2) (12.5)
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 29

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

Separately disclosed items (SDIs)
€m (unless otherwise stated) Q4 2025 Q4 2024 12m 2025 12m 2024
ERP (5.3) (2.0) (15.7) (11.2)
Organisational (1.7) (2.8) (11.1) (4.7)
IPO and M&A (52.9) (0.2) (99.5) (0.2)
Rebranding (24.8) – (26.3) –
Other (2.3) (6.1) (18.0) (16.0)
Total impacting EBITDA (87.0) (11.1) (170.6) (32.1)
Share based compensation¹ (21.2) – (21.2) –
Amortisation of acquisition related items² (108.6) (120.3) (462.4) (475.6)
Asset retirements – – – (4.0)
Total impacting EBIT (216.8) (131.4) (654.2) (511.7)
Revaluation effects and other financial items (50.0) (3.6) (94.5) (33.8)
Total impacting Profit or loss before tax (266.8) (135.0) (748.7) (545.5)
Tax impact² 23.8 30.9 131.5 126.0
Total impacting Net profit or loss (243.0) (104.1) (617.2) (419.5)
1) Refer to note 5 'Share based compensation' for more details.
2) The total amount reported as depreciation, amortisation and asset retirements, includes a reclassification of €16.8m in Q4 2025 and €70.4m in 
12m 2025 (€21.9m, €93.2m in 2024) between result excl. SDIs and SDIs. The corresponding tax impact is €3.4m in Q4 2025 and €13.4m in 12m 2025 
(€4.3, €18.7m 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 (unless otherwise stated) Dec 2025 Dec 2024
Long-term borrowings 4,985.5 7,580.0
Short-term borrowings 329.8 357.5
Less adjustments to amortised cost 37.1 53.8
Less qualified receivables financing (241.3) (289.5)
Less accrued interest (58.6) (84.2)
Total indebtedness 5,052.5 7,617.6
Less cash and cash equivalents (30.0) (30.1)
Total net debt 5,022.5 7,587.5
Less unsecured debt (1,471.2) (1,567.6)
Non-obligor cash and cash equivalents¹ 1.0 0.8
Secured net debt² 3,552.3 6,020.7
Adjusted EBITDA (L2QA)³ 1,726.4 1,556.6
Adjustment for FOG savings⁴ 20.0 19.9
Adjusted EBITDA (L2QA incl. FOG savings) 1,746.4 1,576.5
L2QA net leverage, ratio 2.9x 4.8x
L2QA secured net leverage, ratio 2.0x 3.8x
Adjusted EBITDA (LTM)⁵ 1,708.0 1,534.0
LTM net leverage, ratio 2.9x 4.9x
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 
programme.
5) Adjusted EBITDA (LTM) represents the sum of the last twelve months Adjusted EBITDA.
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 30

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

APMs and other performance metrics (unaudited)
Definitions
Acquisition multiple
Initial investment made to acquire a new customer ("CPA", as 
defined below) divided by the annualised monthly Adjusted 
EBITDA per subscriber ("EPC", as defined below).
Adjacencies adjusted EBITDA
Operating profit, excluding depreciation and amortisation, 
retirement of assets and separately disclosed items for the 
Adjacencies segment. 
Adjusted EBIT
Operating profit, excluding acquisition-related items, share 
based compensation expenses and separately disclosed items. 
Acquisition-related items relate to 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, share based compensation expenses 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, share based 
compensation expenses 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.
Adjusted Operating Cash Flow
Adjusted Operating Cash Flow before portfolio growth (as 
defined below) less organic portfolio growth investment (the 
difference between the number of new customers and the 
number of cancellations, multiplied by CPA). 
Adjusted Operating Cash Flow before portfolio growth
Adjusted EBIT, add-back of depreciation and amortisation and 
retirements of assets as well as Customer acquisition Adjusted 
EBITDA, less capital expenditures, amortisation of lease 
liabilities and change in working capital for the period, before 
the attrition replacement investment (the number of 
cancellations multiplied by CPA).
Annualised recurring revenue (ARR)
Total number of subscribers in our portfolio at the end of the 
period, multiplied by the last twelve months (LTM) average 
revenue per user ("ARPU" as defined below), multiplied by 12 
months.
Annualised recurring revenue growth, % Annualised recurring revenue for the relevant period divided by 
Annualised recurring revenue for the same period last year.
Cash conversion Ratio between Adjusted Operating Cash Flow (excluding or 
including change in working capital) and Adjusted EBIT.
Cost per acquisition (CPA)
Net cash investment to acquire a subscriber, including costs 
related to the marketing and sales process, installation of the 
alarm system, costs of alarm system products and overhead 
expenses for the Customer Acquisition process. The metric is 
calculated net of revenue from 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.
APM Definition
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 31

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

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.
Portfolio reinvestment rate The ratio of Customer acquisition Cost and Portfolio services 
Adjusted EBITDA less Portfolio services capital expenditures. 
Portfolio Services adjusted EBITDA
Operating profit, excluding depreciation 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 consolidated income statement 
which management believes, due to their nature, collective size 
or incident, should be disclosed separately to give a more 
comparable view of the year-on-year financial performance. 
Total net debt
Sum of financial indebtedness, defined as interest bearing debt 
from external counterparties, lease liabilities, excluding accrued 
interest and liabilities from qualified receivables financing, less 
the sum of available cash and financial receivables. 
1) In December 2020, Hellman & Friedman reviewed and extended its long-term commitment to Verisure by completing the transfer of its indirect 
shareholdings in Verisure, from Hellman & Friedman Capital Partners VII, L.P. to certain new Hellman & Friedman managed entities, including 
Hellman & Friedman Capital Partners IX, L.P. In accordance with IFRS 3: Business Combinations, this transfer of shareholdings resulted in a change 
in control and a significant uplift in asset values due to the fair valuation adjustments at the time of the transfer. The fair value adjusted assets, 
defined as acquisition-related items, are depreciated and amortised over their useful lives (when applicable) in the consolidated financial 
statements of the Group. Since this transfer of indirect shareholdings did not have any impact on the underlying Verisure trading activities, and in 
order to present in a more transparent view, the depreciation and amortisation charges arising on these new / incremental acquisition-related 
items have been excluded when presenting Adjusted EBIT and Adjusted profit or loss.
APM Definition
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 32

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

Definition of other performance metrics
In addition to APMs, we use other performance metrics for assessing various aspects of the business performance.  These metrics 
are not derived from, nor directly reconcilable to, the Group’s financial statements prepared in accordance with IFRS, and therefore 
do not qualify as APMs.  
Other performance metrics Definition
Cancellations Number of cancelled subscriptions net of reinstates during the 
period, including cancellations on acquired portfolios.
LTM attrition rate
Number of net cancellations to our 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.
VERISURE PLC Q4 & FULL YEAR REPORT JANUARY - DECEMBER 2025 33

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

Signatures
The full year report for Verisure plc has been submitted following approval by the Board of Directors.  
London, 12 February 2026
Austin Lally
Chief Executive Officer
This report has not been subject to review by Verisure plc’s auditors.  
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About Verisure Group
Verisure plc Group,  is the 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 6.2 million customers across 18 
countries.  In 14 of our 18 geographies, we lead the category in terms of customers served and we continue to gain market share.  
We have a strong track record of profitable and resilient growth, primarily delivered organically by our codified and industrialised 
business model with high share of recurring revenues (about 90%) and industry leading retention.  
Presentation of the report
A webcast and conference call will be held on 12 February 2026 at 10:00 a.m. CET.  For more information visit our website at 
www.verisure.com.  
The transcript will also be available on Verisure’s website following the presentation.   
Financial calendar
Report                                                         Published
Annual Report 2025                                                 27 March 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, at 08:00 a.m. CET on 12 February 2026.  
For further information
Investor relations:                                      Communications:
Kate Stewart                                                              Srebenka Hanak 
+44 7900 191093                                                          +41 7928 46360
ir@verisure.com                                                         pressrelations@verisure.com
For other information regarding Verisure plc Group, please visit our website www.verisure.com.  
Verisure plc
111 Buckingham Palace Road
London SW1W 0SR
United Kingdom
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Verisure plc
111 Buckingham Palace Road
London SW1W 0SR
United Kingdom