Slide 1: Q2 report, 2025
© 2025 Yubico Q2 report, 2025
Slide 2: Today's presenters
Today’s presenters Mattias Danielsson Camilla Öberg Chief Executive Chief Financial Officer Officer © 2025 Yubico 2
Slide 3: Agenda
Agenda • Company overview • Q2 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 Q2 2025 LTM Q2 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 has a CAGR of approx. 13.6% Advanced Authentication market Yubico’s current market share approximately 5% 8 000 7 000 6 000 5 000 4 000 3 000 2 000 Advanced 1 000 Authentication USD 5.2 bn 0 2020 20
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: Scaling with existing customers and…
Scaling with existing customers and… …continuously landing new key accounts… …and expanding with current accounts …while diversifying across verticals 2.2x +115% 29% Avg. annual repurchase rate 2019-24 14% 2019 2024 2019 2024 2019 2024 Presence among G2000 companies Bookings in 2019 and 2024 from th
Slide 8: Strategic focus areas to execute our vision
Strategic focus areas to execute our vision Strategic focus areas. Financial targets: 25% • New market coverage • Deeper engagements in installed base Expand • Go-to-market Partnerships Average annual growth rate in net sales • Global Channel model 2O% • Delivery from order to doorstep Simplify • Op
Slide 9: Highlights from the quarter
Highlights from the quarter - Underlying momentum returns: The short-term earnings are not satisfactory, but sales momentum returned at the end of the quarter. Order bookings declined by 8% in the quarter, but showcased growth of 3% in local currency and growth by 19% vs Q1 25 - FX impact: Stronger
Slide 10: Trusted by leading organizations worldwide
Trusted by leading organizations worldwide Highlighted customer cases in Q2 Trusted brands trust us • Leading AI companies select Yubico to protect critical assets, internal access, and sensitive data against advanced phishing and AI-powered attacks • One of the world’s top high-tech firms expands p
Slide 11: Q2 2025 – Quarterly summary
Q2 2025 – Quarterly summary Net sales (SEKm): Gross profit (SEKm) EBIT (SEKm) ARR (SEKm) Perpetual and and margin (%) and margin (%) Subscription -18.8% -20.0% -83.8% 37.1% (local currency -11.4%) 614 394 60 493 499 395 288 79 80.3% 131 555 79.1% 420 21.3% 4.2% 21 © 2025 Yubico Q2 2024 Q2 2025 Q2 20
Slide 12: Bookings and subscription bookings
Bookings and subscription bookings Bookings and subscription bookings (SEKm) Comments ● Bookings decreased by -7.6% in the quarter, to SEK 621.8 900 (672.6) million, but grew by 2.6% in local currencies. A recovery of 18.7% vs Q1 800 700 19% 19% ● Subscription contracts grew significantly, while num
Slide 13: Net sales and Annual Recurring Revenue
Net sales and Annual Recurring Revenue Net sales, quarterly and 12-months rolling (SEKm) ARR1 (SEKm) 700 3,000 450 600 2,500 400 350 500 2,000 300 400 250 1,500 300 200 1,000 150 200 100 100 500 50 0 0 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2023 2024 2025 Quarter LTM
Slide 14: EBIT
EBIT EBIT, quarterly and 12-months rolling (SEKm) Comments ● Gross profit SEK 394.5 (493.4) million, corresponding to a gross margin of 79.1% (80.3), negatively impacted by changes in currency 150 500 exchange rates. Given our high gross margin, the 450 decline in net sales has had a significant neg
Slide 15: Cash flow and financial position
Cash flow and financial position Comments Cash flow from operating activities (SEKm) ● Net change in working capital of SEK 81.1 (-0.8) million 150 400 ● Operating cash flow SEK 123.3 (118.8) million 130 350 ● Cash and cash equivalents at the end of the period SEK 110 300 945.5 (678.2) million 90 25
Slide 16: Key takeaways
Key takeaways ● Sales momentum returns The short-term earnings are not satisfactory, but sales momentum returned at the end of the quarter. Order bookings declined by 8% in the quarter but showcased growth of 3% in local currency and growth by 19% vs Q1 25 ● Subscription growth and earnings impact S
Slide 17: Q&A
© 2025 Yubico Q&A
Slide 18: Thank You
© 2025 Yubico Thank You
Slide 19: Yubico
2025 Yubico © 2025©Yubico The Key to Trust yubico