Yubico Ab · OMXSTO:YUBICO

Yubico Ab — Q1 2025 Earnings Presentation

19 slides from Yubico Ab's earnings presentation, May 13, 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 • Q1 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% +38m + millions of YubiKeys sold consumers net sales CAGR between 2020-2024 5OO+ Employees O SEK 2.5bn +81% account takeovers Net sales LTM Gross margin Q1 2025 LTM Q1 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 Audvanced 1 000 Authentication USD 5.2 bn 0 2020 2
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 new key accounts
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 the
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 • Pursue business opportunities in adjacent areas 20% to solve customer li
Slide 9: Trusted by leading organizations worldwide
Trusted by leading organizations worldwide Trusted brands trust us Highlighted customer cases in Q1 • City of Munich rolls out YubiKeys city- wide for secure employee authentication • Canadian public sector selects Yubico for rapid, large-scale, high-security deployment • 3 of 4 major US telecoms no
Slide 10: Highlights from the quarter
Highlights from the quarter Good start of 2025: Yubico grows amid market caution - Solid growth in the quarter with good sales growth and profitability, but marked with cautious customer behavior that may persist as long as market uncertainty continues, at least for Q2 CFO appointment: - On April 15
Slide 11: Q1 2025 – Quarterly summary
Q1 2025 – Quarterly summary Net sales (SEKm): Gross profit (SEKm) EBIT (SEKm) ARR (SEKm) Perpetual and and margin (%) and margin (%) Subscription 8.9% 24.7% 24.9% 21.5% (local currency 22.4%) 623 93 85 346 80 489 499 402 277 57 14.9% 17.0% 78.4% 80.7% 544 442 © 2025 Yubico Q1 2024 Q1 2025 Q1 2024 Q1
Slide 12: Bookings and subscription bookings
Bookings and subscription bookings Bookings and subscription bookings (SEKm) Comments ● Bookings decrease of 9.5% in the quarter, to SEK 523.8 (578.9) million, growth of -10.7% in local 900 currencies 800 700 19% 19% ● The decrease primarily reflects extended customer 600 21% 18% 15% decision cycles
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 3,000 400 600 2,500 350 500 300 2,000 400 250 1,500 200 300 1,000 150 200 100 100 500 50 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2023 2024 2025 2023 2024 2025 Quarter LTM ● Ne
Slide 14: EBIT
EBIT EBIT, quarterly and 12-months rolling (SEKm) Comments ● Gross profit SEK 488.7 (402.4) million, corresponding to a gross margin of 78.4% (80.7), negatively impacted by changes in 150 500 currency exchange rates 450 100 400 350 ● EBIT SEK 92.6 (85.1) million, corres- 50 300 ponding to an EBIT ma
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 -1.2 (-32.2) million 200 400 ● Operating cash flow SEK 44.1 (33.0) million in Q1 350 ● Cash and cash equivalents at the end of the period SEK 150 300 852.1 (577.1) million 250
Slide 16: Key takeaways
Key takeaways • Solid financial performance amid market caution: Yubico delivered solid revenue and profit growth in Q1 despite a cautious and uncertain market environment. • Underlying demand remains intact but purchasing decisions take longer: Demand for phishing-resistant authentication remains r

Yubico — Q1 2025 Earnings Presentation on 6ix

Yubico Ab — Q1 2025 Earnings Presentation

Slide 1: Q1 report, 2025

Slide 2: Today's presenters

Slide 3: Agenda

Slide 4: Yubico at a glance – A global authentication leader

Slide 5: Yubico's opportunity – a TAM of USD 5.2 bn

Slide 6: Combines highest level of security with a user-friendly and seamless experience

Slide 7: Scaling with existing customers and new key accounts

Slide 8: Strategic focus areas to execute our vision

Slide 9: Trusted by leading organizations worldwide

Slide 10: Highlights from the quarter

Slide 11: Q1 2025 – Quarterly summary

Slide 12: Bookings and subscription bookings

Slide 13: Net sales and Annual Recurring Revenue

Slide 14: EBIT

Slide 15: Cash flow and financial position

Slide 16: Key takeaways

Slide 17: Q&A

Slide 18: Thank You

Slide 19: Yubico – The Key to Trust