Ssh Communications Security Oyj · OMXHEX:SSH1V
Ssh Communications Security Oyj — Investor Day (October 2025)
139 slides from Ssh Communications Security Oyj's investor day presentation, Oct 23, 2025
Slide 1: Welcome – SSH Capital Markets Day 2025
WELCOME SSH Capital Markets Day 2025
Slide 2: SSH CMD 2025 Agenda
SSH CMD 2025 Agenda Opening words Integrating AI Across SSH’s Operations and Solutions Henri Österlund, Chairman of the Board Jussi Löppönen, Principal Engineer, AI Where to play and how to win Beyond Quantum Confusion Rami Raulas, CEO Suvi Lampila, SSH Fellow Tero Mononen, Principal Engineer, Crypt
Slide 3: Opening words
Opening words Henri Österlund Chairman of the Board, SSH Founding Partner, Accendo Capital
Slide 4: Capital Markets Day: Where to Play, How to Win
Capital Markets Day Where to Play, How to Win Rami Raulas, CEO Oct 23, 2025
Slide 5: Net sales and EBITDA 2020-2024 (MEUR)
Net sales and EBITDA 2020-2024 24 22,2 20,3 19,3 19 15,9 14 (MEUR) 11,3 9 4 3,4 2,7 1,8 1,1 -0,4 -1 2020 2021 2022 2023 2024 NET SALES EBITDA 5
Slide 6: SSH Communications Security
SSH Communications Security 35% 12% 53% 6
Slide 7: SSH Communications Security: Competitive portfolio, integrated
SSH Communications Security Competitive portfolio, integrated File encryption Secure data & Secure File transfer Collaboration NETWORKS SYSTEMS HUMANS Quantum Zero Trust Safe Privileged Network Access Security Management Secrets & Key Management Restricted/Confidential level Best of breed Matrix net
Slide 8: Renewed
Renewed
Slide 9: Where to Play How to Win
Where to Play How to Win Trends, challenges, Solutions & regulation, risks Services & Support = Demand Market Marketing -> demand segments Sales Solution -> Partners Domains = more feet on the ground
Slide 10: Where to Play How to Win
Where to Play How to Win Trends, challenges, Solutions & regulation, risks Services & Support = Demand Market Marketing -> demand segments Sales Solution -> Partners Domains = more feet on the ground
Slide 11: SSH for Industry verticals - heritage
SSH for Industry verticals - heritage 4.2.2025 11
Slide 12: Key management solves audit problem
BANKING & FINANCE Key management solves audit problem Major global bank 1.5 million keys renewed annually by application owners.
Slide 13: Secure access for CI/CD pipelines and config management
FINANCIAL SERVICES Secure access for CI/CD pipelines and config management Global Quant Trading Modern PAM provides fine-grained secure access, session recording for High-Performance Computing (HPC) environment.
Slide 14: IT, Technology, MSP / Insurance
IT, y Technology, MSP / Insurance 14
Slide 15: New growth opportunities
New growth opportunities 4.2.2025 15
Slide 16: Defensive Cybersecurity
DEFENSE Defensive Cybersecurity Post-Quantum Encryption File Encryption & Secure Data Transfers Secure Messaging Network Encryption Zero Trust Access Management Approved supplier for NATO’s NCI Agency
Slide 17: Critical Infrastructures & Large Enterprise – Market Segments
CRITICAL INFRASTRUCTURES & LARGE ENTERPRISE – MARKET SEGMENTS RAILWAY ENERGY INFRASTRUCTURES National & Regional Railway, Metro Production and distribution SMART CITY & MOBILITY HYDROGEN PLANTS NEW Safe Cities, Intelligent Urban Mobility Large production and distribution plants TRANSPORTATION WIND O
Slide 18: Most attacked market is OT Manufacturing – Leonardo data
Most attacked market is OT Manufacturing – Leonardo data
Slide 19: Manufacturing OT attacks cost a lot
Manufacturing OT attacks cost a lot
Slide 20: Convergence of IT and OT – Access Management
Convergence of IT and OT – Access Management Integrations to Entra Approval workflow for internal IDM/IGA and external workers Identity & Identity & governance governance Micro-service Standards: IEC 62443 architecture Modern & QS Compliancy scalable On-prem, cloud, Directives: NIS2 Kubernetes Sessi
Slide 21: Convergence of IT and OT – Access Management
Convergence of IT and OT – Access Management Identity & Identity & governance governance Modern & QS Compliancy scalable IT OT Session Future proof monitoring/ AI with legacy recording support Zero Trust Zero Trust Access Access
Slide 22: Convergence of IT and OT – Access Management
Convergence of IT and OT – Access Management Identity & governance Modern & QS Compliancy scalable IT/OT Convergence Session Future proof monitoring/ AI with legacy recording support Zero Trust Access
Slide 23: NEW
NEW
Slide 24: Secure Remote Access for OT/ICS Leadership Compass
Secure Remote Access for OT/ICS Leadership Compass • Granular access control and microsegmentation • Agentless access to legacy OT systems • Flexible deployment options including Kubernetes and air-gapped environments October 15th 2025
Slide 25: Securing robotics and control systems
E-COMMERCE AND LOGISTICS Securing robotics and control systems. E-commerce Securing access to robotic systems for food & beverage, grocery, retail, e-commerce, postal services and electric-vehicle battery production.
Slide 26: E-commerce, pulp & paper and shipping use cases
E-COMMERCE AND LOGISTICS Securing robotics and control systems. E-commerce Securing access to robotic systems for food & beverage, grocery, retail, e-commerce, postal services and electric-vehicle battery production. PULP & PAPER Securing 50 sites, 10 countries, 3000 technicians and 5000 devices Glo
Slide 27: NEW
NEW
Slide 28: PrivX OT @Nokia 5G MXIE Industrial Edge MarketPlace
PrivX OT @Nokia 5G MXIE Industrial Edge MarketPlace
Slide 29: Trends Market Drivers
Trends Market Drivers
Slide 30: Trends for Cybersecurity
Trends for Cybersecurity Oct Nov. Dec. Jan’25. Feb. March Apr. May. Jun. Jul. Aug Sep Data Breaches hacks and leaks Phishing and scamming Malware and vulnerabilities Automation, OT and IoT Network operations Espionage
Slide 31: Trends for Cybersecurity
Trends for Cybersecurity • DDoS • Ransomware • State-sponsored attacks on Public Administration and Critical Infrastructures (NIS2)
Slide 32: Renewed solution portfolio
Renewed solution portfolio
Slide 33: Key solution trends chosen by SSH to focus on
Key solution trends chosen by SSH to focus on Quantum-Safe Zero Trust AI
Slide 34: To whom and why
To whom and why What data/systems/communications is: • Secret • Confidential • Restricted Who / What What has access to happened it Where is it Why
Slide 35: SSH Communications Security: Competitive portfolio, integrated
SSH Communications Security Competitive portfolio, integrated File encryption Secure data & Secure File transfer Collaboration NETWORKS SYSTEMS HUMANS Quantum- Zero Trust Safe Privileged Network Access Security Management Secrets & Key Management Restricted/Confidential level Best of breed Matrix ne
Slide 36: Competitive portfolio – Quantum Safe
SSH Communications Security Competitive portfolio – Quantum Safe • Mandate to transition to Quantum-Safe (CER, EU RM, NIST…) • Traditional Routing & Firewall Networks File and Encryption Networks encryption separate (Defence, NIST CSfC, Finance DC’s) Secure data & Secure File transfer Collaboration
Slide 37: Secure, high-bandwidth transmissions for customer data
DATA CENTERS Secure, high-bandwidth transmissions for customer data High-performance data center provider Quantum-safe, high bandwidth and low latency transmissions to secure managed private cloud customer data.
Slide 38: Securing data center connections across the whole estate
Securing data center connections across the whole estate Secure, high-bandwidth transmissions for customer data "SSH Quantum-safe rotection for classified Quantum-safe Feta arinelk ail transmission of threat intelligence q Ah ipa, Mie, ane “SSH
Slide 39: Competitive portfolio – sensitive data
SSH Communications Security Competitive portfolio –sensitive data • Secure FORMS – ROOMS - SIGN • Secure MAIL (“TurvaViesti”) • Secure MESSAGING • Data classification, policies File encryption Secure data & Secure Collaboration • Governance File transfer NETWORKS SYSTEMS HUMANS • Use Cases Quantum Z
Slide 40: Securing court and criminal documents
GOVERNMENT Securing court and criminal documents Court Securely receive sensitive information from the public and share confidential records between authorities.
Slide 41: Handling health data securely
Handling health data securely Securing HR information Secure communication for patients, authorities, and Insurers Protecting sensitive financial data sharing
Slide 42: SecureFORMS
SecureFORMS Health questionnaire for blood donors Punainen Risti Venpalvelu In English Logout 1/17 Please fill in this health questionnaire on the day of the donation or one day beforehand. You can filln the survey anywhere: at home or for example on your way to the donation venue. Submitted forms a
Slide 43: Government secure email
FINNISH Encrypted message e GOVERNMENT - Send message From | lyour e-mail address Perso an Scie olan Ain Processing of personal data when sending a secure email message Before you can send a secure email message, the receiving authority must register your email address in the shared secure email ser
Slide 44: Secret data transmissions encrypted
Secret data transmissions encrypted
Slide 45: SSH SalaX for Leonardo DD
SSH SalaX for Leonardo DD # 02. Financials # 00. General & index # 09, Info-Sec & Compliance # 05. HR & Organization # 01. Company & Legal 4# 08, Product & Technology 4# 07, Sales, Customers & Partners #10. Investment Terms & Governa... 48 06. Strategy & Market 4 04, ESG & Governance 4 03, Public Ma
Slide 46: A bit of AI (order IT)
A bit of AI (order IT) AI synthesised AI agentic workflow
Slide 47: FQX
FQX • We offer multiple ways of transferring sensitive data and files securely encrypted In-Transit • Tectia, PrivX, SalaX • But there is a requirement (E.g. GDPR) for encrypting data At-Rest, before sharing • Large banks and other organizations use complicated and difficult to use PGP, and are look
Slide 48: Competitive portfolio – Zero Trust
SSH Communications Security Competitive portfolio – Zero Trust • PrivX is our growth engine +17 % • Innovative solution growth in subscription sales • New generation: • Just In Time • Positive customer and analyst Zero Trust •File Just Enough encryption reviews and feedback Privileged Access • Stron
Slide 49: NEW
NEW
Slide 50: Large European Organization replacing a legacy PAM
PUBLIC SECTOR Large European Organization Replacing a legacy PAM for speed, simplicity and cost-efficiency.
Slide 51: Privileged Access for 35k users in cross-regional IT environment
Privileged Access for 35k users in cross-regional IT environment Protect access to sensitive government data Siseministeeriumi Infotehnolc jaArenduskeskys ‘Pe arge Euror ge Privileged Access in Container Environment with 100,000 Servers Managing IT environments of 1000s of customers
Slide 52: PrivX – Preventing Unauthorized Access - How does a PAM work?
PrivX – Preventing Unauthorized Access - How does a PAM work ? Privileged access to critical resources Internal users PrivX® ZERO TRUST ACCESS MANAGEMENT Access to typical resources Database access External users INTERACTIVE/HUMAN JIT/JEA Network Passwordless/Keyless Servers devices Databases Scalab
Slide 53: ZT ZSP JEA JIT is easy
* Zero Trust PrivX ».<:, Log in to PrivX SSHDEMO Entra ID privxtest! Graph API Or log in using Privy: Z2OG DBe0°SSnOe0--H80C .
Slide 54: PrivX meets Gartner's PAM evaluation criteria
Gartner’s PAM evaluation criteria: PrivX REST APIs ✓ ❑ Privileged account life cycle Meets requirements SDKs, CLI CLIENT management: ✓Account discovery and onboarding ❑ VAULT ✓Privileged credential management ❑ PASSWORD ROTATION, DEVOPS, REST API ✓Privileged session management ❑ (PSM) SSH KEY ARTIFI
Slide 55: Why are analyst reports important?
Why are analyst reports important ?
Slide 56: NEW
NEW
Slide 57: Recognized vendor in analyst reports
Recognized vendor in • How to Jump-Start Your • “Honorable Mention” in Journey Toward Gartner’s Magic Quadrant Passwordless Authentication for Privileged Access • Managing Machine Identities, Management 2025. Secrets, Keys and Certificates • Leader’s Guide to Modern Machine IAM • Voice of the Custom
Slide 58: Enterprise Secrets Management Leadership Compass
Enterprise Secrets Management Leadership Compass • Enterprise scalability with modern architecture • Policy-based controls & leading-edge SSH key management • Migration to passwordless and keyless access
Slide 59: SSH PrivX: A Modern Approach to Privileged Access Management
SSH PrivX: A Modern Approach to Privileged Access Management “Overall, SSH PrivX demonstrates significant merit as a PAM solution. Its thoughtful design and alignment with zero-trust principles and zero- standing privileges make it a strong candidate for organizations aiming to enhance security with
Slide 60: Decision Point for Industrial Secure Remote Access
Cloud Identity and Decision Point for Industrial Entitlement (CIEM)Leadership Secure Remote Access Compass Leader in all categories Innovation Grade: 4/5 Integrates secure access, PAM, and quantum-safe encryption into a unified, flexible platform with agentless OT support.
Slide 61: INVEST in R&D
INVEST in R&D ADJACENT POTENTIAL GROWTH DOMAINS
Slide 62: Adjacent technology domains & potential growth markets
PrivX PAM: CIEM/ CSPM ZTNA Adjacent Technology W PM SIE M/ Domains & Potential AWS Cloudwatch SO AR growth markets M EK AV /DL Azure Sentinel P IAM: Identity & Access Management IGA: Identity Governance Automation SWG/SSE/CASB CLM CLM: Certificate Lifecycle Management SSH PrivX EKM: Enterprise Key M
Slide 63: Where to Play How to Win
Where to Play How to Win Trends, challenges, Solutions & regulation, risks Services & Support = Demand Market Marketing -> demand segments Sales Solution -> Partners Domains = more feet on the ground
Slide 64: Voice of the customer
Voice of the customer 94 % PrivX Key PrivX PAM Manager
Slide 65: GROW
GROW
Slide 66: Expand Partner business
Expand Partner business 4.2.2025 66 66
Slide 67: New partners
New > accenture
Slide 68: Leonardo partnership approved & executed
NEW ‘€ LEONARDO Approved & Executed “SSH
Slide 69: New LEO Constellations
NEW LEO CONSTELLATIONS COSMO SKY-MED = Leonardo aims to complete its extensive portfolio of space and sensors technologies to offer the most comprehensive and advanced air and missile defense system based on European technology COPERNICUS . = g 4 —— KRONOS = Leonardo solutions P > , a 2 NAVA are sca
Slide 70: Solutions, examples
Solutions, examples • New multi-domain Main Battle Tanks • UAV platforms • New Armoured Infantry Combat Systems 70
Slide 71: Strategic partnerships – THE Partner
Strategic partnerships – THE Partner 71
Slide 72: Strategic partnerships – THE Partner
Strategic partnerships – THE Partner • Cyber & Resilience Advisory, Consultancy, Services • GCC • Secure Digital & Cloud • Complete portfolio for securing mission critical environments leveraging quantum-safe encryption • Driving EU strategic autonomy and digital sovereignty • Made in Europe Zero Tr
Slide 73: Slide 73
Slide 74: Slide 74
Slide 75: GROW Sales Revenue
GROW Sales Revenue Growth rate 2025 has been more modest than We are working to turn growth rate up aspired • Partners’ onboarding and activation + Leonardo • Decision making for projects, Investment approvals • Increased amount of new opportunities and deployment projects are taking time on custome
Slide 76: 2026 and beyond
2026 and beyond
Slide 77: From Secure Protocols to Holistic Public Safety
From Secure Protocols to Holistic Public Safety SSH Communications Security Oyj Miikka Sainio 23.10.2025
Slide 78: 10 Years of Strategic Evolution
10 Years of Strategic Evolution 2016 2021 Future Collection of Operational AI, quantum very good Technology safeness, standalone products 2017-2020 (OT) market 2025 machine focus identity PrivX and Zero Defense Trust Suite sector enters the Zero Trust era 2020 Quantum Safeness
Slide 79: 2016 – A Collection of Standalone Products
2016 – A Collection of Standalone Products NQX • Strong technology, fragmented Network line portfolio encryptor product • Products sold individually with Tectia perpetual licenses SSH protocol client/server solution • Different technology choices, not UKM much re-use SSH key • Early signs that acces
Slide 80: 2017-2020: Building the Zero Trust Offering
2017-2020: Building the Zero Trust Offering
Slide 81: The Computers are Evolving
The Computers are Evolving • Companies strive to maximize hardware utilization • This has led to virtualization and through that to cloudification • Moving from “pet cow” servers to running functions in the cloud • Immutable infrastructures, infrastructure as code STANDALONE SERVERS VMs ON HYPERVISO
Slide 82: From Secure Protocols to Solutions
From Secure Protocols to Solutions • SSH saw the need to move beyond the SSH protocol • PrivX was born and laid the foundation for the Zero Trust suite • PrivX provides a mechanism for just-in-time, ephemeral access • The subscription model laid foundation for recurring revenue • Integrable by desig
Slide 83: Zero Trust Adoption Timeline
Zero Trust Adoption Timeline 2010: Forrester (Kindervag) coins Zero Trust 2011: Google publishes BeyondCorp 2017: SSH launches PrivX 2018: NIST SP 800-207 formalizes ZT Architecture 2019: Gartner coins ZTNA; UK NCSC endorses ZT 2020: CISA publishes Zero Trust Maturity Model 2021: Traditional PAM ven
Slide 84: Zero Trust Suite Creates Value
Zero Trust Suite Creates Value Customer value proposition • Unified deployment, easier adoption • Single solution to solve multiple challenges • Policy-driven access, strong compliance support • Scales for enterprise environments • Manages both legacy and modern environments Our value proposition •
Slide 85: Zero Trust Suite
Zero Trust Suite POST QUANTUM CRYPTOGRAPHY ZERO TRUST HUMANS NETWORK OPERATIONAL SECURE SECURE SECURITY TECHNOLOGY DATA & FILE COLLABORATION SYSTEMS TRANSFER SECRETS & KEY MANAGEMENT PRIVILEGED ACCESS NETWORKS MANAGEMENT
Slide 86: Zero Trust Suite
FILE ENCRYPTION Zero Trust Suite VAULT PASSWORD ROTATION, DEVOPS, REST API VPNLESS SSH KEY ARTIFICIAL SECURE REMOTE PAM MANAGEMENT INTELLIGENCE EMAIL THROUGH BROWSER HUMANS LAYER2, LAYER3 DISCOVERY CLOUD ENCRYPTION ACCOUNTS, DISCOVERY & TARGETS ACCESS MGMT UNPARALLELED REMOTE 3rd SECURE ENCRYPTION P
Slide 87: Static credentials are a threat
Static credentials are a threat • Shared, reused, or mismanaged passwords and SSH keys are easy targets • SSH keys especially are problematic • Password rotation is laborious and compute-intensive • Stolen credentials are still the top cause of breaches
Slide 88: How are organizations hacked?
How are organizations hacked? 41% 30% 30% 30% 30% 29% 2024 26% 2023 25% 2022 16% 11% 9% 12% 4% 3% 2% 2% 1% 1% Valid accounts Exploit public- Phishing External remote Replication through Drive-by facing applications services removable media compromise Source: IBM X-Force Th I I x 2025 “T 2024 2023”
Slide 89: Beyond passwords with ephemeral access
Beyond passwords with ephemeral access • Authenticate with short-lived certificates instead of stored secrets • Identity can be verified at the time of the action • Access is issued just-in-time and automatically expires • Context limitations and abnormality detection routines can be imposed • Nothi
Slide 90: 2021: From Cybersecurity to Cyber Safety
2021: From Cybersecurity to Cyber Safety
Slide 91: Securing Critical Infrastructure With ZT Principles
Securing Critical Infrastructure With ZT Principles • New threat landscape: factories, energy and utilities targeted • OT environments struggle with legacy access & compliance • Third-party access a major pain point • ZT solutions fit naturally: granular, identity-based access • Significant customer
Slide 92: Serving Both Infrastructure Owners and Vendors
Serving Both Infrastructure Owners and Vendors Infrastructure owners PrivX PrivX Equipment vendors PrivX PrivX
Slide 93: Zero Trust Network Access
Zero Trust Network Access • Eliminates always-on site-to-site tunnels NQX • PrivX provides identity verification, just-in-time session brokering & auditing PrivX • Site is in control and defines the NQX policies and approves connection • NQX creates an ephemeral, identity- bound transport for the se
Slide 94: Which Industries Are Being Attacked?
Which Industries Are Being Attacked? 30% 25% 20% For the fourth year in a row, 15% manufacturing is the most 10% targeted industry 5% 0% 2019 2024 Source: IBM X-Force Threat Intelligence Index 2025
Slide 95: OT Security Matters – SSH Delivers It
OT Security Matters – SSH Delivers It • Critical systems can’t go down or be compromised – there are immediate real-life consequences • Growing cyber threats – we’re seeing attackers increasingly target OT • Regulatory pressure – governments are mandating stricter protection of critical infrastructu
Slide 96: Now: SSH The Cyber Defense Company
Now: SSH The Cyber Defense Company
Slide 97: 2025 – Defense Joins the Zero Trust Era
2025 – Defense Joins the Zero Trust Era • Geopolitical backdrop: Ukraine war & rising cyber threats • Defense ministries in Europe and abroad accelerate Zero Trust adoption • SSH uniquely positioned: • Proven Zero Trust and quantum-safe technology • European heritage & trust • Capability to operate
Slide 98: Strategic Significance
Strategic Significance 2016 • We bet heavily on Zero Trust and quantum Very good standalone 2017- safeness products 2020 • Now we’re seeing expansion from enterprise to PrivX and operational technology to defense 2020 Zero Trust Suite • Validation: Zero Trust is not a trend, it’s the future Quantum
Slide 99: Looking Ahead – Future Horizons
Looking Ahead – Future Horizons • Generative AI is reshaping threats & defenses • Quantum computing will impose the need for practical quantum safe cryptography • Remotely securely controlling moving assets such as drones • Through automation and agentic AI, machine identity is becoming a massive ch
Slide 100: The Team
The Team 36 nationalities All RnD in Helsinki No outsourcing in core development
Slide 101: SSH - Ready When The World Needed Us
SSH - Ready When The World Needed Us
Slide 102: BREAK
BREAK
Slide 103: Integrating AI Across SSH's Operations and Solutions
Integrating AI Across SSH’s Operations and Solutions Jussi Löppönen Oct, 2025 Principal Engineer, AI
Slide 104: AI will be embedded in everything we do at SSH
AI will be embedded in everything we do at SSH — from internal processes to next- generation cybersecurity solutions. Defensive Cybersecurity
Slide 105: Agenda
Agenda 1. Present 2. Going Forward Defensive Cybersecurity
Slide 106: SSH AI today
SSH AI today Productivity Tools Customer Solutions • Business process automation • PAM Anomaly Detection • Knowledge tools • SSH key audit report • Software Engineering tools • Partner support tools Defensive Cybersecurity
Slide 107: SSH Internal AI Knowledge Tools
SSH Internal AI Knowledge Tools AI Product Assistant Customer Service AI Everybody is a product expert assistant in SSH Audit RFP assistant Consultancy AI helper
Slide 108: Going Forward: AI Cyber Security Solutions
Going Forward: AI Cyber Security Solutions Defensive Cybersecurity
Slide 109: Cybersecurity is complex environment for AI
Cybersecurity is complex environment for AI -> no over-night miracles in sight • Security data is massive • Correlating logs, flows, identities, and behaviors accurately is very complex challenge • Limited Ground Truth • High False Positives • Cost • More intelligence -> more expensive ➢ AI often re
Slide 110: AI-driven Innovation adopted in SSH expands possibilities
AI-driven Innovation adopted in SSH expands possibilities to address the complexities — setting the stage for new offerings in 2026 Defensive Cybersecurity
Slide 111: AI has transformed business development
AI has transformed business development Accelerated innovation Faster system Real-time BI with synthetic design, insights and data, AI data coding, and competitive analysis and testing intelligence rapid through AI prototyping
Slide 112: SSH's cybersecurity AI model is in our toolbox
SSH’s cybersecurity AI model is in our toolbox • Data-secure AI solutions with edge deployment options • We invested into research during 2025 • Down streaming an open source LLM to cybersecurity domain • Science and available technologies enable this • Scoring and benchmarking show consistent, prom
Slide 113: Direction for SSH Cybersecurity AI Solutions
Direction for SSH Cybersecurity AI Solutions • We have an AI-powered innovation and R&D process underway, targeting a 2026 launch • AI will broaden our cybersecurity capabilities beyond privileged access helping to protect our customer IT systems e.g. in large banks • More news to follow 2026 Defens
Slide 114: AI will be embedded in everything we do at SSH
AI will be embedded in everything we do at SSH — from internal processes to next- generation cybersecurity solutions. Defensive Cybersecurity
Slide 115: Quantum-safe era is here
Quantum-safe era is here Suvi Lampila, SSH Fellow
Slide 116: PQC transition does not wait for quantum advances
Post-Quantum Cryptography transition does not need or wait for advances in quantum technology itself. PQC
Slide 117: Recommendations and legislation come into effect
Recommendations and legislation come into effect
Slide 118: Full transition requires industry-wide effort globally
Full transition requires industry-wide effort globally
Slide 119: We can defend the data with Quantum-Safe encryption only in advance
We can defend the data with Quantum-Safe encryption only in advance.
Slide 120: Transition to Quantum-Safe Confidentiality is on-going
Transition to Quantum-Safe Confidentiality is on-going but only the first step Adoption of Post-Quantum key exchange for web traffic. 43% 35% 29% Finland World-wide US <30% Oct 2024 20% Oct 2024 <20% Oct 2024 Cloudflare Radar October 2024-2025
Slide 121: Affected Security Applications
Affected Security Applications Virtual Private Transport Layer Secure Shell Secure Email Networks Security (TLS) (SSH) (VPN) Instant User Digitally signed Blockchain messaging Authentication documents transactions
Slide 122: Quantum-Safe Authentication is needed next
Quantum-Safe Authentication is needed next Many credentials need to be discovered and re-issued before Day One of Cryptographically Relevant Quantum Computer Privileged Human Machine Certification Public-key Authorities Access and Access Signing Credentials, IDs based Trusted for Credentials and Cre
Slide 123: SSH solutions are already defending Quantum-Safe world
SSH solutions are already defending Quantum-Safe world
Slide 124: Quantum-Safe Discussion
Quantum-Safe Discussion Tero Mononen Principal Engineer Suvi Lampila SSH Fellow Rami Raulas CEO
Slide 125: What is the quantum threat and risk?
WHAT IS THE QUANTUM THREAT AND RISK?
Slide 126: What is the impact of the quantum threat?
WHAT IS THE IMPACT OF THE QUANTUM THREAT? How SERIOUS is it?
Slide 127: How to mitigate the quantum threat?
HOW TO MITIGATE THE QUANTUM THREAT?
Slide 128: How to get to quantum safety? Journey and Costs
HOW TO GET TO QUANTUM SAFETY? Journey and Costs
Slide 129: The quantum threat is real and manageable in steps
• The quantum threat is REAL and manageable in steps • PQC (Quantum-Safe) transition is already ongoing and will happen broadly • Regulation (e. g. EU CER/CRA/NIS2/ENISA) mandates • Zero Trust in critical infrastructures • Secure Products with Quantum-Safe encryption • Quantum-Safe is business enabl
Slide 130: Leonardo and SSH
Leonardo and SSH Simone Ungaro, Co-General Manager, Strategy & Innovation
Slide 131: Financial update
Financial update Michael Kommonen, CFO
Slide 132: Leonardo transaction update
Leonardo transaction update • Deal was announced 1 July 2025 • 20 mEUR directed share issue and strategic partnership agreement • Subject to approval by Finnish Ministry of Economic Affairs and Employment Foreign Direct Investment regulation • Deal closed on 21 October 2025 after a regulatory review
Slide 133: Net Sales, EBITDA, EBIT
Net Sales, EBITDA, EBIT 8 7 6,8 6 5,5 5,4 5,5 5,2 5,2 5,4 4,9 5,0 5,1 5 4,8 4 3 2 1,7 1,0 1,0 0,8 0,8 1 0,5 0,5 0,4 0,2 0,1 0,1 0,2 0,1 0,2 0 0,0 -1 -0,4 -0,5 -0,4 -0,7 -0,7 -0,7 -1,1 -2 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Net Sales EBITDA EBIT
Slide 134: Recurring revenue
Recurring revenue 25 - Seasonal decline in ARR in Q3 2025 due to delays in certain 20,5 20,9 contract renewals where 19,7 20,0 20 19,5 19,3 19,0 19,2 19,4 expansions are being negotiated 18,3 18,3 15 13,5 13,0 12,7 12,0 12,3 11,6 11,5 11,7 11,8 10,8 10,3 10 5 0 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3
Slide 135: Change in accounting of R&D cost expenditure
Change in accounting of R&D cost expenditure • Balance sheet lightened since end of 2023 • Reducing intangible assets over time • R&D expense increasingly booked as cost vs investment -> D&A outpacing activations • Has in short term burdened EBITDA development • Longer term will reduce depreciations
Slide 136: Accelerating growth with proceeds from share issue
Accelerating growth with proceeds from share issue Strengthening R&D organization with Increasing Sales & Simplifying balance emphasis on further Marketing resources sheet through reduction improving PrivX globally of hybrid loan competitive position on the PAM market
Slide 137: SSH market offering and partnerships positioning for growth
SSH market offering and partnerships positioning for growth • Sales growth to accelerate in 2026 and beyond, driven by Leonardo partnership • Annual sales growth will fluctuate somewhat • EBITDA and cash flow from depending on subscription- operations expected to be license sales mix positive in 202
Slide 138: Q&A
Q&A
Slide 139: Global & EMEA, AMER and APAC Headquarters
Global & EMEA Headquarters AMER Headquarters APAC Headquarters SSH Communications Security Oy SSH Communications Security Inc. SSH Communication Security APAC Karvaamokuja 2D 66 Hudson Blvd E, Suite 2308 6 Raffles Boulevard, Marina Square, 00380 Helsinki New York, NY, 10001 #03-308 Finland USA Singa
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