Yubico Ab · OMXSTO:YUBICO
Yubico Ab — Q1 2026 Earnings Presentation
19 slides from Yubico Ab's earnings presentation, May 5, 2026
Slide 1: Rethink Cybersecurity, Secure the Future
yubico Rethink Cybersecurity Secure the Future Q1 26 presentation 5 May 2026 © 2026 Yubico
Slide 2: Speakers
Speakers Jerrod Chong Snejana Koleva Chief Executive Officer Chief Financial Officer Yubico Yubico 2
Slide 3: Agenda
Agenda ● Company overview ● Q1 26 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+ SEK2.1bn Business customers Net sales LTM Q1 2026 + millions of consumers 78% 3O% Gross margin LTM Net sales CAGR between Q1 2026 2020-2025 38% O Growth in ARR in the account takeovers last 2 years 51O+ Employees 4
Slide 5: Market trends
Market trends AI Puts Sophisticated Attack Tools in Phishing Has Reached Unprecedented The rapid proliferation of LLMs from OpenAI, Everyone's Hands AI-powered phishing attacks are accelerating at an Scale and Speed Anthropic, and Google has put sophisticated attack unprecedented rate, with the
Slide 6: Highlights from Q1 26
Highlights from Q1 26 Commercial news Product & technology Operational Leadership update Partnership with OpenAI Agentic AI Security efficiency New appointments ChatGPT users can now Advancing security for Global Reorganization On May 4th, Jerrod Chong was purchase custom YubiKeys autonomous software
Slide 7: Yubico Milestones: Year Lookback
Yubico Milestones: 1 Year Lookback 2025 2025 2026 2026 May Oct Jan March Retail & Partners YaaS expansion YaaS expansion YaaS expansion FIDO Pre-reg with Ping & Delivery goes from 72 Best Buy, Dashlane Customer Portal & YaaS-Enroll to 199 countries Self-service Ordering launch 2025 2025 2026 2026 Ju
Slide 8: Expansion in top industries
Expansion in top industries Share of Bookings per industry, Q1 2026, Percent Some of our customers 8
Slide 9: Q1 2026 Key figures
Q1 2026 Key figures SEK Millions Bookings Net sales ARR Gross profit, margin EBIT, margin -14%* -10%* +4%* 78% 77% 15% 3% * Excl. currency impact of -11% * Excl. currency impact of -13% * Excl. currency impact of -6% 9
Slide 10: Summary of Q-o-Q development
Summary of Q-o-Q development Costs for the Currency reorganization Organic Q1 2025 impact program change Q1 2026 Order Booking 523.8 -57.8 -75.4 390.6 Order booking development -11% -14% -25% Net sales 623.0 -80.0 -63.7 479.3 Net sales development -13% -10% -23% EBIT 92.6 -26.5 -21.0 -30.2 14.9 EBIT
Slide 11: Slow start in Q1 with mainly small and mid-sized bookings
Slow start in Q1 with mainly small and mid-sized bookings Bookings by order size in USD equivalent SEK Millions ● Smaller and mid-sized transactions booked during the Quarter ● Larger enterprise deals taking longer to close ● EMEA delivered solid bookings supported by a significant defense sector agr
Slide 12: Perpetual bookings and sales on the lower end
Perpetual bookings and sales on the lower end Perpetual Bookings by order size in USD equivalent Perpetual Net sales SEK Millions SEK Millions -15%* -16%* ● Continued trend of small and mid-sized deals in perpetual orders ● Strong growth in eCommerce and in EMEA, while sales cycle for large enterpri
Slide 13: YaaS bookings also on low level, but Subscription sales growing healthily
YaaS bookings also on low level, but Subscription sales growing healthily YaaS Bookings by order size in USD equivalent Subscription Net sales, and Annual Recurring Revenue SEK Millions SEK Millions -8%* +29%* ● xxx ● xxx ● Volatility in YaaS Bookings with typical slow start of the year, and absence
Slide 14: ARR growth driven by strong Gross and Net retention rate
ARR growth driven by strong Gross and Net retention rate Annual recurring revenue +4% SEK Millions ● Annual Recurring Revenue continue to grow with 4% as compared to Q4’2025 ● Gross retention rate of 99.1 ● Net Retention rate of 102.6 GRR = (Starting ARR LfL-Contractions-Not renewed)/Starting ARR Lf
Slide 15: EBIT impacted by lower sales volumes and currency
EBIT impacted by lower sales volumes and currency ● Gross profit of 76.8% within expected range of 75-80% - impacted by lower Gross volume of net sales profit SEK ● Expenses developed favorably, and the Millions impact from the reorganization program will further support the positive development; expe
Slide 16: Cash flow of SEK 70m supported by reductions of Working capital
Cash flow of SEK 70m supported by reductions of Working capital SEK Millions 2024 2025 2025 Q1 2026 Q1 Cash flow from operating activities before 432 209 45 9 Working capital changes ● Strong cash position supported by Change in Working capital -88 45 -1 78 Working capital reduction Cash flow from oper
Slide 17: Yubico Strategic Areas
Yubico Strategic Areas 1 2 3 4 5 Advance the Elevate YubiKey Expand into Drive Simplify Secure Root of as a Service Digital Identity Go-to-Market Customer Trust Services Expansion Experience YubiKey & Production: YubiKey as a Service: Digital Identity Go to market: Deepen Frictionless Continue to st
Slide 18: Q&A
Q&A 18
Slide 19: yubico
yubico The Key to Trust