Slide 1: Verisure Q4 2025 Results Presentation
Verisure Q4 2025 Results Presentation 12th February 2026
Slide 2: Q4 Highlights
Q4 Highlights • Q4 growth ahead of expectations – Record quarterly new installations 224k, +5.9% y/y – ARR €3,448m, +12. 7% y/y (o/w ~2pp Mexico) – Fre e Cash Flow positive 1 • Strong 2025 operating and financial performance – Total Revenue €3,745m, +10.3% y/y – Adjusted EBIT €953m, +15.5% y/y – Adj
Slide 3: Strong Q4 Delivery Across the Board
Strong Q4 Delivery Across the Board Customer Portfolio Revenue Adjusted EBIT ~6.2m €965m €236m +10.0% y/y +10.7% y/y +19.3% y/y New Installations Annual Recurring Revenue (ARR) Adjusted EBIT Margin 224k €3,448m 24.5% +12.7% y/y +177 bps y/y +5.9% y/y Source: Company information. Notes: All y/y growt
Slide 4: Consistent Portfolio Growth and Sustained Low Attrition
Consistent Portfolio Growth and Sustained Low Attrition +560 k Customer Growth vs. Prior Year Q4 Attrition at 7.4% (7.4% LTM) Customer Portfolio (‘000) Attrition Rate (%) +10.0% 6,171 5,940 Verisure attrition corridor 5,831 8% 7.4 5,722 7.4 5,612 6% Q4 Q1 Q2 Q3 Q4 2024 2025 2025 2025 2025 2013 2014
Slide 5: Financial Review
a Financial Review e verisure
Slide 6: Financial Performance
Financial Performance Financial Headlines ( €m) Quarterly Full Year Q4 2024 Q4 2025 y/y y/y @ cc 2024 2025 y/y y/y @ cc ARR 3,068 3,448 +12.4% +12.7% 3,068 3,448 +12.4% +12.7% Revenue 870 965 +10.9% +10.7% 3,408 3,745 +9.9% +10.3% Adjusted EBITDA 382 421 +10.2% +9.4% 1,534 1,708 +11.3% +11.2% Adjust
Slide 7: Customer Acquisition
Customer Acquisition New Installations (‘000) Cost per Acquisition (CPA) ( €) Acquisition Multiple (x) +7.2% +6.5% +3.9% @ constant currency @ constant currency +0.11x +0.05x 873 +6.6% 3.9x 4.0x 3.6x 3.7x 840 +5.2% 1,624 1,523 1,514 1,438 +5.9% 211 224 Q4 Q4 FY FY Q4 Q4 FY FY Q4 Q4 FY FY 2024 2025 2
Slide 8: Portfolio Services
Portfolio Services ARPU ( €) RMC (€) EPC ( €) +2.5% +2.5% +0.3% (1.6%) +3.3% +4.0% @ constant currency @ constant currency @ constant currency @ constant currency @ constant currency @ constant currency +2.7% +2.2% 45.2 46.5 45.6 46.6 +3.5% +3.7% 32.9 34.1 33.1 34.3 0.6% (1.8%) 12.3 12.4 12.5 12.2 Q
Slide 9: Reinvesting Strong Operating Cash Flow in Accretive Customer Acquisition
Reinvesting Strong Operating Cash Flow in Accretive Customer Acquisition €1.3bn Reinvested into Customer Acquisition at Excellent Unit Economics Customer Acquisition 2025 Cash Flow Bridge ( €m) ~433k ~439k customers customers 723 acquired acquired 69% Cash Conversion (excl. Change in NWC) 7 to offse
Slide 10: Good Progress on our Cash Inflection Pathway
Good Progress on our Cash Inflection Pathway Objectives Status • Reduce WACD 1 to 4.0% to 4.5% in 2026 • 2026 refinancing will reduce WACD 1 to target range • €200 -220m interest savings (2026 vs. 2024) • Tracking to top of range • Positive working capital in H2 2025 • +€67m in H2 2025 • Further low
Slide 11: Leverage and Net Debt
Leverage and Net Debt Deleveraging on track, now at 2.9x Progress Endorsed by Rating Agencies Total Net Leverage 1 (x) Total Net 4.7x 2.9x Leverage 1 (x) 6.4x 6.2x 7.8 5.9x 5.7x 5.5x 5.4x 5.2x 5.0x 4.9x 4.9x 4.8x 4.7x Net Financial 5.0 Debt ( €bn) 2.9x Q3 2025 Q4 2025 (Pre -IPO) (Post -IPO) Q4 Q1 Q2
Slide 12: Recap: Our Approach to Capitalisation
Recap: Our Approach to Capitalisation Capitalisation of Customer Acquisition Costs Depreciation & Amortisation 2025 CPA Breakdown ( €) Gross CPA Costs: €(1,929) Average Customer Lifetime ~15 Years Net CPA: €( 1,514) Business model choice . We retain ownership Cost of of customer alarm equipment … so
Slide 13: 2026 Outlook and Reminder of Medium-Term Guidance
2026 Outlook and Reminder of Medium-Term Guidance 2026 Outlook Medium Term Guidance Annual growth • ARR growth around 10% ARR ~10% • Adjusted EBIT margin above 26.0% Up to 100 bps Total below ARR growth • Interim Dividend Revenue Total expected H2 2026 Revenue (payout ratio 30 -40% of H1 2026 Adjust
Slide 14: Strategy Review
Strategy Review verisure
Slide 15: Verisure Playbook to Unlock Growth
Verisure Playbook to Unlock Growth Innovation Category Creating Go-to-Market Customer Marketing Muscle Experience Culture & Talent Source: Company information. 15
Slide 16: Long Track Record of Uninterrupted Double-Digit Growth
Long Track Record of Uninterrupted Double-Digit Growth Annualised Recurring Revenue ( €m) Exceptional Consumer Subscription Business +14% CAGR • Clear category leader 3,448 • Highly under -penetrated market • Differentiated customer proposition • Continued margin expansion 921 • Proven resilience th
Slide 17: Long Growth Runway, Offering a Material Penetration Opportunity
Long Growth Runway, Offering a Material Penetration Opportunity Verisure constitutes >6m of ~15m total penetration (~40% share), and captures ~2/3 of segment growth Iberia and Nordics Other Europe Latin America TAM Penetration Total Residential Dwellings and Small Businesses 1 (m), 2024 ~4% Monitore
Slide 18: Exceptional Track Record on Cost
Exceptional Track Record on Cost Excellent Long - Term Reduction in Cost to Serve Strong Beneficiary of AI Monthly RMC 1 (€) Monthly RMC + Inflation 2 • Decade -long track record of cost management and 20 transformation 18 16 14 • €80m total cost savings delivered in 2025 12 10 Monthly • Renewed cos
Slide 19: Already Capitalising on AI – And Growing Opportunities Ahead
Already Capitalising on AI – And Growing Opportunities Ahead Verification Accuracy Cost Reduction Revenue Growth • Better verification of false positives • Increased DIY issue fix rates • Invisible detraction using AI -backed speech analytics • Improving verification speed • AI-backed knowledge tool
Slide 20: 2026 Priorities: Growth with Progressive, Sustainable Returns Profile
2026 Priorities: Growth with Progressive, Sustainable Returns Profile Quality Growth Creating Capacity Cash Generation & Returns • Continue delivering quality • Renew momentum on • Interim Dividend expected H2 growth in volume and ARPU cost transformation • Sustained investment in • Focus on AI -bas
Slide 21: Key Takeaways
Key Takeaways • Excellent 2025 delivery across the board – Customer portfolio +10% y/y, to c.6.2m – Closed 2025 with excellent momentum • Sharing a clear outlook for 2026 – ARR growth around 10% – Adjusted EBIT margins above 26.0% – Interim Dividend expected in H2 2026 – Free Cash Flow positive • Re
Slide 22: Thank you!
Thank you! 22
Slide 23: Appendix
Appendix @ verisure
Slide 24: Recap: Capital Allocation and Dividend Policy
Recap: Capital Allocation and Dividend Policy 1 Invest in • Increasing New Installations Organic Growth • Technology Innovation 2 Balance Sheet • IPO leverage ~3.0x Management • Leverage post -IPO 2.50x - 2.75x, by end of 2026 3 Selective M&A • Company growth strategy will remain very largely organi
Slide 25: D&A and Retirement of Assets
D&A and Retirement of Assets D&A and Retirement of Assets ( €m) Commentary Property, • Depreciation of alarm equipment 2023 2024 2025 Plant & • Replacements expensed to RMC Equipment | Property, Plant and Equipment 209.1 227.0 240.4 Retirement of • UEL (including retirement of assets 1) is 8-9 years
Slide 26: Separately Disclosed Items Impacting EBITDA
Separately Disclosed Items Impacting EBITDA SDIs Impacting EBITDA ( €m) Commentary 2023 2024 2025 • 2025 includes: Transformational 10.0 11.6 17.7 – Global billing system implementation o/w New Billing System 1.4 4.7 9.4 – Global ERP implementation, now in final rollout stage o/w ERP 7.7 6.5 6.3 – I
Slide 27: Improving Cash Flow Conversion
Improving Cash Flow Conversion Decreasing Portfolio Reinvestment Rate 1… … Delivers Increasing Cash Conversion CAGR Portfolio Cash Flow ( A €m) 2 (19-25 ) Customer Acquisition Cost ( €m) 3 B 2,218 +14% 68% 69% 130 70 Portfolio Reinvestment Rate (%) 1 B A 60% 120 60 110 44% 45% 50 42% 100 40 30% ~€90
Slide 28: Monitoring Return on Investment
Monitoring Return on Investment Customer Lifetime Value (CLV) New Customer IRR 1 Return on Capital Employed (ROCE) 2 Capital Employed (€m) ( ) /( ) Book 1 / L5Y x Acquired + - Adjusted EPC*12 EBIT Value of Borrowings Intangibles Attrition (€) Equity (€m) (%) (€m) (€m) (€m) ~€5,700 ~20% ~27% in 2025
Slide 29: Profit & Loss Statement
Profit & Loss Statement Quarterly Summary P&L ( €m) Full Year Summary P&L ( €m) Q4 2024 Q4 2025 2024 2025 Revenue 870.2 964.7 Revenue 3,408.0 3,745.4 Adjusted EBITDA 381.8 420.6 Adjusted EBITDA 1,534.0 1,708.0 1 1 D&A and Asset Retirements (186.2) (184.6) D&A and Asset Retirements (714.9) (755.1) Ad
Slide 30: Balance Sheet
Balance Sheet Assets ( €m) Equity and Liabilities ( €m) Dec24 Dec25 Dec24 Dec25 Property, Plant and Equipment 1,574.1 1,701.9 Total Equity 5,872.6 8,764.5 Right of Use Assets 190.6 205.1 Long -term Borrowings 7,580.0 4,985.5 Goodwill 7,570.4 7,702.8 Derivatives 24.9 20.4 Customer Portfolio 4,201.5 4
Slide 31: Cash Flow Statement
Cash Flow Statement Quarterly Summary Cash Flow ( €m) Full Year Summary Cash Flow ( €m) Q4 2024 Q4 2025 2024 2025 CF from Operating Activities Before Δ in WC 304.3 239.1 CF from Operating Activities Before Δ in WC 1,389.4 1,390.2 CF from Δ in WC 18.5 87.4 CF from Δ in WC (58.9) (73.2) CF from Operat
Slide 32: Net Cash Flow Reconciliation
Net Cash Flow Reconciliation Net Cash Flow Reconciliation ( €m) Q4 2025 2025 Q4 2025 2025 Adjusted EBIT 236.0 952.9 NFC Before Change in Borrowings, and IPO and M&A Events 23.8 (54.2) D&A and Retirement of Assets 184.6 755.1 EBITDA SDIs (IPO and M&A) - Add back (52.9) (99.5) Customer Acquisition Adj
Slide 33: Updated Quarterly ARR Methodology
Updated Quarterly ARR Methodology Previous Methodology Updated Methodology ( Quarterly ARPU (1) *12 x Portfolio EoP ) ( LTM ARPU (2) *12 x Portfolio EoP ) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 Portfolio Services Revenue (Quarterly) 797.0 806.6 816.6 847.6 3,267.7
Slide 34: Disclaimer
Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to purchase, subscribe to or acquire our securities, or an inducement to enter into investment activity in any jurisdiction in which such offer