Slide 1: Rethink Cybersecurity, Secure the Future
yubico Rethink Cybersecurity Secure the Future Q4 25 presentation © 2026 Yubico
Slide 2: Speakers
Speakers Jerrod Chong Snejana Koleva Acting Chief Executive Officer Chief Financial Officer Yubico Yubico 2
Slide 3: Agenda
Agenda ● Company overview ● Q4 25 Highlights ● Financial overview ● Concluding remarks ● Q&A 3
Slide 4: Yubico at a glance
Yubico at a glance Global scale, trusted by enterprises 4,5OO+ SEK2.2bn Business customers Net sales LTM Q4 2025 + millions of consumers +78% 3O% Gross margin LTM Net sales CAGR between Q4 2025 2020-2025 36% O Growth in ARR in the account takeovers last 2 years 54O+ Employees 4
Slide 5: Yubico's opportunity is a TAM of USD 5.2 bn today with scope to expand
Yubico’s opportunity is a TAM of USD 5.2 bn today with scope to expand Current position in Expanding from Advanced Authentication Advanced Authentication market into the broader Digital Identity market Yubico’s current market share approximately 5% DIGITAL IDENTITY USD ~45 bn +18% IAM USD 19.3 bn +1
Slide 6: The YubiKey combines highest level of security with a user-friendly experience
The YubiKey combines highest level of security with a user-friendly experience Strongest security Integrated with +1,000 applications IDENTITY ACCESS MGMT DEVELOPER & ONLINE SERVICES REMOTE ACCESS & VPN ENCRYPTION TOOLS Hardware passkeys YubiKey – most Synced secure! Smartcard PASSWORD MGMT Security
Slide 7: We continue to expand our reach into top industries
We continue to expand our reach into top industries Share of Bookings per industry, Percent 7
Slide 8: Trusted Brands Trust Yubico
Trusted Brands Trust Yubico Source: Selected approved logos 8
Slide 9: Highlights from Q4 25
Highlights from Q4 25 Record bookings in the Strong subscriptions and Clear strategy and priorities quarter amid currency ARR growth: for the next phase: headwinds: Subscription momentum continued, with Investor Day hosted on November 19th Largest bookings in a quarter in fixed YubiKey as a Service r
Slide 10: New leadership priorities for 2026
New leadership priorities for 2026 Leadership transition with execution focus: Jerrod Chong appointed Acting CEO on December 18th, bringing over 12 years of experience at Yubico and continuity in strategy and execution. ● Product innovations with scale and quality ● Simplify how we engage with custo
Slide 11: Q4 2025 Key figures
Q4 2025 Key figures SEK Millions Bookings Net sales ARR Gross profit, margin EBIT, margin * Excl. currency impact of -13.3% * Excl. currency impact of -10.7% 11
Slide 12: Underlying bookings growth and increased share of subscriptions
Underlying bookings growth and increased share of subscriptions ● In fixed currency, this is the largest booking in a quarter in Yubico’s history ● Strong underlying activity, with broad-based demand across financial services, technology, retail and the public sector ● Americas were mostly impacted
Slide 13: Order bookings driven by small and mid size deals in the quarter
Order bookings driven by small and mid size deals in the quarter SEK Millions Orders Bookings (Total Contract Value) by By Deal Size (in USD equivalent) Y-o-Y Change, % ● Smaller and mid-size orders -81% continue to grow +7% ● The number and order size of large deals was considerable lower than exce
Slide 14: Net sales impacted by FX and timing, with strong growth in subscriptions
Net sales impacted by FX and timing, with strong growth in subscriptions ● Net sales was impacted by late booking orders in the quarter, with delivery occurring after quarter-end. Growing share of subscription contracts spread out revenue recognition ● Subscription sales increased by 26.6% and amoun
Slide 15: Continued ARR growth driven by both new subscriptions and expansion
Continued ARR growth driven by both new subscriptions and expansion ● ARR growth driven by both adding new customers, as well as net retention rate above 100% ● From Q3 to Q4, ARR increased by 1.2% to SEK 391.1 (386.2)m, whereof 4.7% was underlying growth, and -3.5% relates to negative currency impa
Slide 16: EBIT impacted by higher costs and currency headwinds
EBIT impacted by higher costs and currency headwinds ● Gross profit decreased by -21.1% to SEK 413.9 (524.3)m, corresponding to a gross margin of 75.5 (84.1)% - driven by currency headwinds ● Given the current USD/SEK development, we expect the gross margin to be in the range of 75–80 percent for 202
Slide 17: Cash flow of SEK 28m supported by reductions of Working capital
Cash flow of SEK 28m supported by reductions of Working capital SEK Millions 2024 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 ● Lower operating cash flow before Cash flow from operating activities Working capital changes due to lower 432 109 45 42 106 16 209 before Working capital changes profitabili
Slide 18: To achieve our goals we focus on five strategic areas
To achieve our goals we focus on five strategic areas 1 2 3 4 5 Advance the Elevate Expand into Drive Simplify Secure Root of YubiKey as Digital Identity Go-to-Market Customer Trust a Service Services Expansion Experience YubiKey & Production: YubiKey as a Service: Digital Identity Go to market: Deep
Slide 19: Q&A
Q&A 19
Slide 20: Appendix
Appendix 20
Slide 21: YaaS vs Perpetual Model Financial Impact
YaaS vs Perpetual Model Financial Impact Business models and pricing models: comparison of same scope at list prices SEK Millions Perpetual YaaS Difference Order booking - Same scope, typically ca +20% higher TCV in YaaS 25% replacements in Y2 and Y3 Net sales - recognized at delivery for ca +20% hig
Slide 22: The Key to Trust
yubico The Key to Trust