2025年欧洲SaaS报告

The view from GP Bullhound Our fourth annual European SaaS report highlights a sector that has shifted from a prevalent focuson cash preservation and profitability, to disciplined and efficient growth. This year’s survey is basedon data from a similar cohort of over 100 European software companies, ranging from venture stagebusinesses to growth stage scale-ups. Whereas last year’s edition highlighted a continued emphasis Overall growth rates remain healthy, particularly across companies below€25m ARR despite lowerlevels of median growth amongst the later stage cohorts. Operational efficiency continues toimprove with headcount productivity increasing across €5m-€50m ARR companies, and remainscomfortably above pre-2022 levels for late-stage growth companies. Benchmarking data on publiclylisted European SaaS companies highlights a material improvement in EBITDA margins in the sameperiod, accelerating the trend we highlighted in last year’s report. The number of listed European Deal activity across the European software market reflected a more cautious environment, with amodest pullback in M&A deal volumes, despite a relatively strong start to the year with $7.2bn indeal value in the first quarter. Fundraising activity remains resilient, however despite the decline in These dynamics and improving trends suggest that European SaaS companies are well positioned toexplore a broader range of strategic options, highlighting the potential for a significant increase in Key takeaways Public market European SaaS GP Bullhound European SaaS survey European SaaS valuations trade at a slight discount toUS peers Growth stabilizing and continues to accelerate amongstcertain cohorts European listed SaaS companies now trade at around ~6xforward revenue vs. ~7.2x for US peers, despite broadlycomparable EBITDA margins, with the gap driven primarily by Sub-€25m and €50m+ ARR companies continue to deliver thehighest growth, while the €25-€50m cohort has seen the weakest Productivity continues to improve for mid-sized SaaS Continued improvement in EBITDA margins ARR per FTE has improved further for companies between €5m–€50m ARR, while remaining comfortably above pre-2022 levels forlarger businesses Average EBITDA margins in the index have stepped up to thehigh-20s, with most companies generating margins above 20% Net Revenue Retention expanding for enterprise SaaSdespite growing divergence across segments European SaaS deal activity Median NRR has softened for SME-focused companies and mixedSME/Enterprise models, while improving for Enterprise-focusedvendors; however, overall retention still above 100% Modest pullback in M&A activity in 2025 YTD SaaS M&A volumes declined in 2025, with quarterly deal countsfalling below the long-term average; YTD-25 reflecting a more Gross margins remain stable and broadly in line withprevious years Median gross margins across ARR cohorts remain in the mid-70s tolow-80s with mixed movements by sector Resilient fundraising environment with fewer but largerdeals Fundraising in 2025 YTD remains well above long-termquarterly averages despite a decline in transaction volumes Majority of surveyed SaaS companies are now EBITDApositive Profitability continues to improve, with57% of respondents EBITDApositive, up from the mid-40% range last year GP Bullhound European SaaS survey Our dataset at a glance Who? Ourdataset includes responses fromover100 European SaaS businessesservingEnterprise and SME customers Surveyparticipantsincludegrowth-stageandscale-upcompanies,withoverhalfofrespondentsgeneratingbetween€5m-€25m ARR in 2024,and 24% What? WecompareEuropeanSaaScompaniesofallsizes,asmeasuredbyARR,FTEs,andleveloffunding.Wecrunchthedataonkey metrics includingCAC,paybackperiod,LTV/CAC,Rule of 40,andretention,totestarangeofhypotheses. Among EU SaaScompanies surveyed,2-year ARR CAGRgenerally rangesbetween ~25-40% ARR CY22/24 CAGR (%) / ARR (€m) ThemedianARRCAGRof39%forsub-€25mARRcompaniespointstoahealthygrowthexpansion(vs.the2024story).Therangeofdatapointsremainsthewidestin the<€25m ARR,underlining continuedvariabilityacross growth-stage companies,in line Forcompaniesinthe€25-€50mARRrange,growthslowed,with the median ARR CAGR at 22%reflectingamoremeasuredpaceofexpansionacrossmuchof the cohort.However,the distributionremainsbroad,withsomebusinessescontinuingto The€50m+ARRcohortcontinuestodeliverrobustperformance,withamedianARRCAGRof41%andarelativelytight interquartile range,signalling thatlargerSaaSplayersarefindingwaystobalancescale Overall,thedatapointstoamorenuancedgrowthlandscapewithstrongerperformersattheearlyand Growth rates remainstable for late-stageSaaS, despite a slightdecrease across the ARR YoY Growth (%) / ARR (€m)Data covers calendar years 2022 and 2023 Overallyear-on-yeargrowthremainedhealthyacrosstheEuropean SaaS ecosystem,though trendsdivergedby company scale.Sub-€25m ARRbusinessescontinued to grow the fastest,with Growth-stage companies in the€25-€50m ARR