Verisure lifts profit outlook after record Q3 revenue of €1.03bn
- Verisure reported record third-quarter revenue of €1.031 billion.
- Adjusted EPS of €0.16 beat market forecasts of €0.1475.
- The company raised its full-year 2026 profit outlook.
- Customer portfolio grew 9% to reach 6.5 million users.
- Adjusted EBIT reached a record €285 million for the quarter.
Verisure Group reported record revenue of €1.031 billion for the third quarter of 2026, marking a 9.2 per cent increase compared to the same period last year, and subsequently raised its full-year profit outlook. The period from 1 July to 30 September 2026 saw the company achieve an adjusted earnings per share of €0.16, exceeding the forecast of €0.1475 by approximately 8.5 per cent. Growth rates for these results are presented in constant currency.
Gross profit margin for the quarter reached 48.62 per cent.
Management refined its 2026 full-year outlook, now expecting annualised recurring revenue growth of 9 per cent to 9.5 per cent and an adjusted EBIT margin of approximately 26.5 per cent. The company also anticipates free cash flow of around €200 million for the full year.
Management declined to provide guidance for fourth-quarter installation trends, citing uncertainty regarding near-term growth. Quarterly annualised attrition was 7.3 per cent in the third quarter of 2026, and while this saw a slight increase, management stated the change remains within the company’s established corridor.
External customer acquisition cost was €1,658 in the third quarter, a 9.2 per cent increase year-on-year in constant currency, partly driven by a rebrand programme in Spain.
Brand awareness for Verisure in Spain is approximately 80 per cent, and more than 80 per cent of digital marketing lead-traffic is generated via the Verisure.es website. Verisure will retain access to the Securitas Direct brand until the end of 2029, at which point it expects to save €10 million per annum in brand license fees.
The company is testing ChatGPT advertising in a limited capacity and does not expect this to materially increase marketing costs at this stage. Verisure is experiencing supply chain challenges regarding memory and chipsets but maintains appropriate inventory levels and remains comfortable with 2027 customer acquisition cost consensus.
Adjusted EBIT reaches record €285 million
Adjusted EBIT reached a record €285 million in the third quarter of 2026, marking a 13.9% increase year-on-year. This result represents the 16th consecutive quarter of double-digit growth for the business.
The adjusted EBIT margin rose to 27.7%, an increase of 116 basis points compared to the previous year. Year-to-date adjusted EBIT reached €831 million, which is 15.6% higher than the same period in 2025.
Customer portfolio expands to 6.5 million
The customer portfolio grew by 9% to 6.5 million users, supported by 97,000 net additions during the third quarter.
Average Revenue Per User increased 3.0% to €48.10 per month. Recurring Monthly Costs rose 3.5% in constant currency to €12.30.
Management cites quality growth and cash generation
He added that the company continues to extend its global leadership position through a disciplined focus on customer quality.
The company is headquartered in Versoix, Geneva, and is listed on the NASDAQ under the ticker VSU.
Refinancing and leverage targets bolster financial position
This represents an increase of €278 million compared to the first nine months of 2025.
The company recorded a €64 million working capital outflow during the quarter, driven by an inventory build and lower trade payables.
The company is working toward a 2.5x leverage target, which it says will create room for additional shareholder returns.
The company employs over 30,000 people across 18 countries, and has a total headcount of 25,672 employees, which represents a yearly increase of 2,129.
Macroeconomic pressures impact installation and acquisition costs
Macroeconomic conditions in France and Argentina remain under pressure, which may negatively impact the company's installation and growth figures. While customer growth was strongest in Iberia, Italy, and the U.K., the company experienced softer conditions in France and Argentina. In Italy, Verisure has surpassed 500,000 customers, where it has operated since 2013 across 18 regions and 94 provinces.
Management reduced annual recurring revenue growth guidance to prioritise customer quality over volume in response to macroeconomic pressures. This decline in upfront revenue per installation was primarily caused by a higher share of apartment customers, who generate less upfront revenue but offer strong long-term returns.
The company expects a difficult fourth-quarter comparison because of the strong installation growth recorded during the same period last year.
Strategic partnerships and AI technology rollout
Verisure’s alliance network includes 23 active partnerships, which contributed more than 10% of new installations. These partnerships provide data that helps enhance sales effectiveness and lower the average cost per acquisition.
The company has expanded the rollout of its AI-powered GuardVision outdoor video detector to 12 of its 18 markets, with over 200,000 units installed. AI-powered customer tools are currently live in Spain and France. Verisure uses AI-based sentiment analysis and predictive tools to manage churn without relying on discounting.
Approximately 25% of consumers now begin their category search process using large language models. In September 2026, Verisure signed a strategic partnership with the U.S. company Ting Labs to exclusively commercialise their electrical fire prevention device.
Frequently Asked Questions
- Earnings call transcript: Verisure lifts profit outlook in Q3 2026 results (uk.investing.com)
- Verisure Q3 2026 Results (tradingview.com)
- Verisure (tavily.com)
- BLS E-Services Q2 Results: Net profit rises 12% YoY pc to Rs 20.5 cr - The Economic Times (economictimes.indiatimes.com)
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