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GP Bullhound:2025年欧洲软件即服务(SaaS )调研报告(英文版)(37页).pdf

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1、European SaaSreport2025This report is intended for professional investors only(not for retail use);see the back of the report for important disclosures.GP Bullhound Corporate Finance Ltd and GP Bullhound Asset Management Limited are authorised and regulated by the Financial Conduct Authority.GP Bull

2、hound Inc is a member of FINRA.GP Bullhound Luxembourg S.r.l.is regulated by the CSSF in Luxembourg.December 202522025 EUROPEAN SAAS SURVEYOur fourth annual European SaaS report highlights a sector that has shifted from a prevalent focus on cash preservation and profitability,to disciplined and effi

3、cient growth.This years survey is based on data from a similar cohort of over 100 European software companies,ranging from venture stage businesses to growth stage scale-ups.Whereas last years edition highlighted a continued emphasis on profitability,the 2025 survey shows businesses scaling with gre

4、ater confidence while maintaining a clear focus on efficiency.Overall growth rates remain healthy,particularly across companies below 25m ARR despite lower levels of median growth amongst the later stage cohorts.Operational efficiency continues to improve with headcount productivity increasing acros

5、s 5m-50m ARR companies,and remains comfortably above pre-2022 levels for late-stage growth companies.Benchmarking data on publicly listed European SaaS companies highlights a material improvement in EBITDA margins in the same period,accelerating the trend we highlighted in last years report.The numb

6、er of listed European SaaS companies exceeding the Rule of 40 also increased significantly,highlighting a continued emphasis on capital efficient growth.Deal activity across the European software market reflected a more cautious environment,with a modest pullback in M&A deal volumes,despite a relati

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根据《欧洲SaaS报告2025》内容,以下是关键点概括: 1. **增长趋势**:欧洲SaaS行业整体增长稳健,尤其是ARR(年度经常性收入)低于2500万欧元的公司。 2. **盈利能力提升**:57%的公司实现EBITDA盈利,平均EBITDA利润率提升至20%以上。 3. **估值差异**:欧洲SaaS公司估值较美国同行低约15%,主要由于美国公司预期增长更强。 4. **并购活动**:2025年并购交易量有所下降,但私募融资活动保持韧性。 5. **客户获取和保留**:中小企业SaaS公司的净收入保留率(NRR)有所下降,而面向企业的SaaS公司NRR有所提升。 6. **运营效率**:ARR在500万至5000万欧元之间的公司人均ARR有所提升,而ARR超过5000万欧元的公司人均ARR略有下降。
2025年增长趋势" 欧洲VS美国" 2025年市场动态"
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