Verisure Plc · OMXSTO:VSURE
Verisure — Q1 2024 Earnings Presentation
14 slides from Verisure's earnings presentation, May 16, 2024
Slide 1: Results Presentation | Q1 2024
Results Presentation | Q1 2024 May 16th, 2024 1
Slide 2: Disclaimer
Disclaimer This presentation and the investor conference call in which this presentation is used might contain forward looking statements, which are based on our current expectations and projections about future events. All statements other than statements of historical facts in this presentation in
Slide 3: Agenda
Agenda • Key developments • Financial review • Q&A 3
Slide 4: Q1 performance highlights
Q1 performance highlights Highlights Key operating & financial metrics Change @ constant • Strong operating and financial performance in Q1 2024 Q1 23 Q1 24 Change currency Group (€m) 758 834 +10% +11% • Excellent growth in revenue and margins Revenue • Customer Portfolio +9% to 5,282k driven by new
Slide 5: Strong customer portfolio growth
Strong customer portfolio growth Highly consistent customer growth, +422k vs. prior year Customer Portfolio (000) +8.7% (+422k) 5,282 5,173 5,072 4,967 4,860 Q1 Q2 Q3 Q4 Q1 2023 2023 2023 2023 2024 q/q growth (000) +108 +107 +106 +101 +109 5
Slide 6: Sustained low attrition
Sustained low attrition Attrition Rate (%) 12.0 11.0 8.0 7.81 10.0 7.8 7.74 9.0 7.6 8.0 7.4 7.6 7.0 7.2 6.0 7.0 Q1 Q2 Q3 Q4 Q1 5.0 2023 2024 4.0 3.0 Quarterly attrition down 7 bps 2.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LTM Attrition (%) Quarterly Attrition (%) 6
Slide 7: Excellent customer unit economics
Excellent customer unit economics Customer acquisition segment Portfolio segment CPA (€) ARPU (€) EPC (€) +1.4% +3.0% @ constant currency @ constant currency +1.0% +2.4% 1,390 1,404 45.8 +4.9% 44.7 @ constant currency +4.3% 31.8 33.1 Q1 Q1 Q1 Q1 Q1 Q1 2023 2024 2023 2024 2023 2024 7
Slide 8: Key financial headlines
Key financial headlines Strong financial metrics Sustained high profitability (€m) Change Portfolio Services EBITDA Margin (%) @ constant Q1 23 Q1 24 Change currency Group Revenue 758 834 +10% +11% 71.1% 72.4% Adjusted Group 328 375 +14% +15% EBITDA (1) Portfolio Services 457 519 +13% +14% EBITDA CF
Slide 9: Income statement
Income statement Income statement - Q1 24 Strong revenue growth (€m) Group Revenue (€m) Change @ constant Reported SDIs (1) Adjusted (2) Change currency +11% @ constant currency Group Revenue 834 - 834 +10% +11% +10% Net Op. Exp. (467) (6) (461) 834 Group EBITDA 369 (6) 375 +14% +15% 758 22 21 96 D&
Slide 10: Cash flow generation and change in net debt
Cash flow generation and change in net debt Jan-Mar 2024 Cash Flow Generation and Change in Net Debt, €m 519 Attrition replacement (142) (= Cancellations x CPA) Net Portfolio Growth (153) (= (Installations - Cancellations) x CPA) (295) (35) (33) 16 (5) (68) (149) (16) 2 (19) (17) Portfolio Customer
Slide 11: Leverage overview
Leverage overview Continued deleveraging trajectory 2023-24 net leverage 2023 2024 Total Net Leverage Q1 Q2 Q3 Q4 Q1 Senior Secured Net Leverage 6.6x 6.4x Net Debt (€m) 7,423 7,400 7,388 7,408 7,425 6.2x 6.0x 5.8x 5.6x 5.4x 5.3x Adjusted EBITDA 5.1x 1,270 1,327 1,362 1,389 1,451 L2QA (€m) Senior Sec
Slide 12: Resilient high-quality growth model
Resilient high-quality growth model Strong Customer Intake Strong Portfolio Growth Quality Portfolio EBITDA Growth New Installations (000) Customer Portfolio (m) Portfolio EBITDA (€m) 841 5.2 5.3 770 802 797 4.8 647 4.3 611 3.8 516 3.3 440 2.9 359 2.3 2.6 2,075 1,885 1,694 2016 2017 2018 2019 2020 2
Slide 13: Q&A
Q&A 13
Slide 14: Thank you
Thank you