Slide 1: Q3 report, 2025
© 2025 Yubico Q3 report, 2025
Slide 2: Today's presenters
Today’s presenters Mattias Danielsson Snejana Koleva Chief Executive Chief Financial Officer Officer © 2025 Yubico 2
Slide 3: Agenda
Agenda • Company overview • Q3 25 Highlights • Financial overview • Concluding remarks • Q&A © 2025 Yubico 3
Slide 4: Yubico at a glance – A global authentication leader
Yubico at a glance – A global authentication leader 4,5OO+ Business customers 4O% +4Om + millions of YubiKeys sold consumers net sales CAGR between 2020-2024 52O+ O Employees SEK 2.3bn +81% account takeovers Net sales LTM Gross margin Q3 2025 LTM Q3 2025 © 2025 Yubico 4
Slide 5: Yubico's opportunity – a TAM of USD 5.2 bn
Yubico’s opportunity – a TAM of USD 5.2 bn Yubico’s estimated market share in Advanced Authentication market grows with ca 14% p.a. Advanced Authentication market USD Millions Yubico’s current market share approximately 5% 8 000 7 000 6 000 5 000 4 000 3 000 2 000 Advanced Authentication 1 000 USD 5
Slide 6: Combines highest level of security with a user-friendly and seamless experience
Combines highest level of security with a user- friendly and seamless experience Yubico offer highest level of security Works with +1,000 applications Smartcard Mobile Username and application password © 2025 Yubico 6 Source: Company information
Slide 7: Land and Expand
Land and Expand …continuously landing new key accounts… …and expanding with current accounts …while diversifying across verticals 2.3x +115% 32% Avg. annual repurchase rate 2019-24 14% 2019 2024 2019 Q3 2025 2019 2024 Presence among G2000 companies Bookings in 2019 and 2024 from the Bookings from Te
Slide 8: Highlights from the quarter
Highlights from the quarter • Short-term softness, underlying growth: The quarter was impacted by delayed larger deals, with order bookings down with 17% YoY (−9% underlying, −8% FX) and net sales down with −7% YoY. Subscription sales grew 22%, reinforcing the recurring revenue base • Currency headw
Slide 9: Trusted by leading organizations worldwide
Trusted by leading organizations worldwide Trusted brands trust us Highlighted collaboration in Q3 • Yubico expands retail presence & digital safety impact: YubiKeys now available in 350+ BestBuy stores across the U.S., one of the nation’s largest electronics retailers. © 2025 Yubico 9
Slide 10: Q3 2025 Key figures
Q3 2025 Key figures SEK Millions Net sales Gross profit, margin (%) EBIT, margin (%) ARR Perpetual and Subscription -7.1% +0.1%, excl. FX +31.7% -10.0% -28.1% 590 478 111 386 548 71 430 87 293 80 81% 19% 519 79% 461 15% © 2025 Yubico Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Su
Slide 11: Bookings declined 17%, Subscriptions growing as share of Bookings
Bookings declined 17%, Subscriptions growing as share of Bookings SEK Millions Comments Bookings, Perpetual and Subscription -17% ● Bookings -17% vs last year, whereof of -9% was 771 underlying change, and -8.0% was negative currency 684 673 impact 19% 19% 579 610 622 ● The year-over-year decline dr
Slide 12: Net sales impacted by negative currency development, ARR increasing with 32%
Net sales impacted by negative currency development, ARR increasing with 32% SEK Millions Net sales ARR1 -7% +32% 614 623 623 394 386 590 555 10% 12% 13% 548 345 499 12% 499 324 13% 16% 292 11% 287 277 288 407 16% 255 14% 90% 88% 88% 87% 87% 89% 84% 84% 86% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25
Slide 13: EBIT impacted by higher costs
EBIT impacted by higher costs SEK Millions EBIT and EBIT Margin, % Comments 438 445 ● Gross profit decreased by -10.0% to SEK 430.2m 411 (478.0), corresponding to a Gross margin of 78.6% 335 283 316 304 (81.0%). Currency exchange rate development had a 266 244 131 negative impact on the gross margin
Slide 14: Cash flow and financial position
Cash flow and financial position SEK Millions Comments Cash flow from operating activities ● Cash flow before changes in Working capital amounted to 359 363 348 SEK 105.6m (142.2) 332 ● Cash flow from changes in Working capital amounted to SEK -69.4m (-74.5) 216 ● Cash and cash equivalents at the en
Slide 15: Key takeaways
Key takeaways ● Delay in large orders impacted order bookings this quarter Large order delays impacted Q3 results, mainly due to prolonged purchasing processes among enterprise customers and budget constraints in the U.S. public sector. Despite this, fundamentals remain solid as Yubico expands acros
Slide 16: Q&A
© 2025 Yubico Q&A
Slide 17: Thank You
© 2025 Yubico Thank You
Slide 18: Yubico – The Key to Trust
2025 Yubico © 2025©Yubico The Key to Trust yubico