Speech by Austin Lally, CEO of Verisure plc
Verisure Annual General Meeting, April 23, 2026
Good afternoon, everyone.
It is a pleasure to be here in Stockholm for this important moment as a public company.
We have a long history in Sweden. We were founded here. And even after decades of international expansion, Sweden remains our 3rd largest geography. And a very important technology centre for us too, with Verisure Innovation in Malmö.
On a personal level, I spent my first years at the Company commuting to Sweden most weeks. Coming from Scotland, I always felt an affinity here.
I was also here last week too, discussing Swedish capital markets at an excellent event organised by the Stockholm Chamber of Commerce.
I look forward to engaging with shareholders today as we review our results, share our perspective on the future, and answer your questions.
Here is our Vision and Mission:
We believe that peace of mind is a fundamental human need, that everyone has the right to feel safe and secure, and we’re committed to protecting what matters most.
This guides how we serve our customers every single day.
We deliver our service through differentiated propositions which are best-in-class in our industry.
We call what we do DDVI. Deter, Detect, Verify, and Intervene.
We deter intruders by showing that the property is protected by the number one brand.
We detect through complete professional installations, eyes and ears on every incident. We aim to never miss.
What is critical is to Verify. To filter out the thousands of false positives. That’s the most difficult task. We need to be sure. That’s where our name comes from. Verify and be sure. Verisure. It’s critical because accurate verification is the pre-condition for professional intervention. That’s what customers value most and pay for.
We have a proven Playbook to unlock the market. It’s based on 4 pillars:
We innovate to create differentiated and superior propositions.
We invest in category-creating marketing. We complement this with our very strong Go-To-Market execution.
And we focus, above all, on a superior customer experience.
Underpinning all of this is culture and talent.
We like to describe Verisure as a technology-enabled, high-touch human services company. It’s a winning combination of talent and leading-edge technology.
You can see our history here. We sold our first alarm sale here in Sweden in 1988. By the end of 2025, we had grown close to 6.2 million customers in 18 countries across Europe and Latin America.
We continue to strengthen our proposition. You can see on the chart that the pace of innovation has been deliberately stepped up.
The Playbook has delivered uninterrupted growth, not just of our customer portfolio, but also revenue and profitability.
Let’s zoom in on the past decade…
From 2015 to 2025, we have grown our customer portfolio more than three times, our revenue close to four times, and our adjusted EBITDA close to five times.
It demonstrates our model delivers both top and bottom line growth over time. It shows the consistency of execution by our teams over time. It also confirms our ability to grow while navigating changing external circumstances.
Turning to 2025, it was another year of balanced and quality growth. With more records set.
We grew our portfolio to close to 6.2 million customers. This was an increase of 10.0% over the previous year.
We added 873,000 new installations. This was an increase of 3.9% over the previous year.
Revenue reached €3.7 billion, and annualised recurring revenue reached €3.45 billion. These were increases of 10.3% and 12.7%, respectively, over the previous year.
Adjusted EBITDA grew to €1.7 billion, and adjusted EBIT reached €953 million. These were increases of 11.2% and 15.5%, respectively, over the previous year.
Our margin improved by +115 basis points year on year. So, strong delivery across the board.
2025 was also a year of milestones:
We entered Mexico, our 18th country, with the acquisition of the local market leader. It was a rare move. We are still very much focused on organic growth. But this acquisition accelerated an already planned entry into Mexico.
2025 was also the year we became the global leader in our industry. We are now the world #1 in both the number of customers served and also the number of new alarm installations.
And, of course, 2025 was the year when Verisure returned to public markets, with our IPO and our listing on Nasdaq Stockholm. We saw it as somewhat of a homecoming, given our Swedish roots and our previous listing in Stockholm between 2006 and 2008. As I mentioned in my introduction, Sweden remains a very important market for us, including Verisure Innovation in Malmö.
We appreciate the strong support at the IPO from both Swedish and international investors. As a public company, we now have a broader shareholder base, to whom we have a deep sense of accountability. We intend to continue operating with discipline, transparency, and for long-term value creation.
In a nutshell, Verisure is a high-quality consumer subscription business.
We aim for balanced and quality long-term growth. With discipline, we want to grow penetration without compromising on customer quality and attractive economics.
We are the clear industry leader, with a long runway for growth. We continue to invest in differentiated customer propositions. We deliver continued margin expansion. We have also proven our resilience through different economic cycles. And it is all underpinned by a strong and experienced Team Verisure.
Let me illustrate these points one by one:
We ended 2025 protecting close to 6.2 million families and small businesses.
As mentioned earlier, we became the global leader in our industry in terms of total customers served. Global #1. More than the regional leaders in the U.S. or in Asia. And also global #1 in new alarm installations.
We lead in both Europe and Latin America. We also lead our industry in 14 of the 18 countries in which we operate.
Across our footprint, we estimate we are more than 6 times larger than our largest competitor. This is a real scale advantage.
This leadership comes from the Playbook we discussed earlier. It reflects our sustained investment in innovation, category-creating marketing that builds #1 brand positions, and go-to-market execution with the #1 field sales force.
We are the market-makers. Over the past five years, Verisure has captured over two-thirds of the net category growth.
We still see a major opportunity for further growth in Europe and Latin America. This is because, despite our growth, the absolute penetration of professionally monitored security remains low across our geographies.
There is a major gap when you compare to the USA or our total addressable market or the estimated serviceable addressable market.
Moving to technology, some years ago, we made a choice to own our technology stack. Our program is largely vertically integrated. We are not a reseller of generic solutions.
Our technology team now numbers more than 1,800 people. They focus on superior and differentiated propositions, end to end.
We believe in the power of product and service innovation to better protect customers, increase usage and retention, support premium pricing, reduce operating costs, stimulate new demand, and expand our addressable market.
Importantly, the technology is not an end in itself. It’s an enabler of our peace of mind service. A high-touch human service which technology helps enable.
In 2025, we delivered meaningful innovation progress, with our AI-enabled GuardVision™ Outdoor cameras, improved App performance, and the continued rollout of WiFi VisionTM and LockGuardTM and our Moonshot platform.
Looking ahead, our innovation roadmap is rich and exciting.
Our objectives are to continue to make our service more intelligent, more seamless and relevant to more customers and deliver more use cases over time.
We see opportunities to extend secured access control, to deploy new computer vision capabilities, to introduce new sensing technologies, and leverage AI for further use cases, and to continue to improve the digital experience.
Our economic model is powerful. The chart shows how we have continuously expanded operating margins over more than 20 years. In 2025, our EBITDA margin per customer reached 74%.
Behind our innovation and service, we have grown revenues per customer, while keeping our operating costs under control.
We do this while still growing the portfolio strongly and maintaining high customer loyalty. It’s a nice combination.
AI is a key topic for everyone, and in Verisure, we increasingly leverage AI to improve our business.
Verisure can be a clear beneficiary of AI at scale. AI strategy is data strategy and we train on the largest dataset in the industry. We own our tech stack. We have proprietary, anonymised data from more than 90 million devices in more than 6 million customer homes. This data scale drives an unmatched competitive AI advantage.
We are on a journey here, and only in the early stages of capturing value from applying AI to our business. We are already seeing real-life impact in improving false-positive verification, reducing maintenance costs, and improving productivity and service levels in our customer conversations.
We are clear that Verisure is going to be an AI winner. And remember again we are still and always will be a high-touch human service, but we will take full advantage of what AI can bring us.
Our business is robust and resilient. We have demonstrated continuous and uninterrupted growth throughout multiple economic cycles. But we are a consumer business. We have never said we are immune to the macro context around us. But our track record shows that our performance remains strong even in a more uncertain environment.
Portfolio attrition is a good example. Over the past 10 years, it has remained within a narrow range of 6% to 8% per year. That is best in class in our industry, and also among the best in consumer subscription businesses more broadly.
So, on average, our customers stay with us for 15 years. Not because they are locked into contracts, but because they value our high-touch human service.
And Team Verisure is the foundation of everything we do.
We have more than 30,000 colleagues and teammates.
They are talented, committed, innovative, and highly engaged. And they live our culture every day. Our Verisure “DNA”.
We have been recognised as a Great Place To Work and/or a Top Employer in all 18 of our markets. As an employer, we are proud of that. And it leads to great service for our customers of course.
Here in Sweden, we were also included in the Karriärföretagen Top 10 Women Tech Employers list for 2026.
Finally, we’re also very proud of the external recognition of our continued ESG progress. In 2025, we were awarded Morningstar Sustainalytics1 badges as a global, regional and industry ESG leader2.
Now, let me talk about our 2026 priorities.
We aim for growth with progressive, sustainable returns. We are committed to delivering quality growth over the long term.
Growth in volume and ARPU. We will sustain our innovation investment. We are integrating the acquisition in Mexico and will restart the growth engine there.
We are also working to create capacity. This means renewing momentum on cost transformation, with a focus on AI-based opportunities. But with no compromise on the customer experience.
We are also showing cash generation and returns as a priority. We target an interim dividend in H2 and to further step-down leverage.
We are currently in the silent period ahead of our Q1 results, so I cannot make any short-term comments on performance.
But, I do want to remind you of the guidance we gave at the IPO. Over the medium-term, we aim for ARR growth around 10%, with total revenues up to 100 bps below ARR growth, and with progressive margin development to 30% over the long-term.
Let me conclude here.
Looking ahead, along with our Executive team, I am confident about the future.
Because peace of mind is a fundamental human need. Yet, our category remains under-penetrated. So, our prospects are strong.
Because we have a long track record of profitable growth, and our proven playbook continues to deliver.
Because our differentiated model combines technology with a high-touch human service, and leverages our growing scale.
And most importantly, because our customers deeply value the service we provide. And we feel a deep responsibility to them.
Thank you for your continued support.
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2Awarded as of 2026. The ESG Leader Badge recognises companies based on Sustainalytics’ rules-based methodology. Recognition is based on publicly available data at the time of assessment and may not fully capture all aspects of a company’s sustainability strategy or actions. Companies are compared within defined frameworks; recognition should not be interpreted as an absolute measure of sustainability performance or a guarantee of performance or outcomes. Further information concerning the Badges and the underlying products can be found at this webpage.