Ssh Communications Security OyjOMXHEX: SSH1V

Q1 2026 Results Presentation

· MarketScreener
‌Q1 fi0fi6 Investor sell Agende

Financial results

Business highlights Q1 2026



CEO Review Outlook 2026 QCA

28 April, 2026

Rami Raulas, CEO



Michael Kommonen, CFO

Revenue -0,1 MEUR

CER +3%

Invoicing +7%

EBITDA -0,6 MEUR

PrivX

+ 20%

EMEA

+ 8%

AMER (CER)

+ 2%

EUR

- 8%

APAC

- 22%

‌Q1 2026 main topics

  • Financials

  • PrivX Growth





  • Invested in PrivX integrations to broaden opportunities in the Privileged Access Management (PAM) market.

  • Sales and marketing investment increased

    reflecting our focus on growth opportunities.

  • New Digital Face Increase Demand

  • Broaden NQX markets: A European satellite manufacturer selected NQX for Quantum Safe Network Encryption

  • Progress with Leonardo and other Partners

  • New Leadership Team Announced



‌Q1/26: Net sales declined by 1.6%, EBITDA was -0.6 MEUR

Net sales decrease -

1.6% to 5.3 MEUR

  • Subscription ARR growth +3.5%

  • PrivX sales growth +19.7% in Q1

EBITDA was -0.6 MEUR

  • Continued investments in sales, marketing and PrivX

    integrations

    • AMER and APAC regions suffered from weak USD

Balance sheet strengthening

  • Announced voluntary tender offer for hybrid loan on March 16th

  • Announced tender results after 1st quarter end - 92.5% of remaining

hybrid loan was purchased





‌Q1 2026

8,0

7,0

6,0

5,0

(MEUR)

4,0

3,0

2,0

1,0

6,8

  • Subscription sales growth (+3.9%) in Q1

  • Deferred revenues increased to 14.0 MEUR (11.8 MEUR)

  • EBITDA: -0.6 MEUR (0.2 MEUR)

  • EBIT: -1.4 MEUR (-1.1 MEUR)

  • Cash flow from operations: 2.1 MEUR in Q1 (0.7 MEUR)

    5,1

    5,2

    5,4

    5,4

    5,5

    5,4

    5,3

    0,5

    0,4

    Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126

    0,1

    0,2

    0,8

    1,0

    1,7

    0,0

    -1,0

    NET SALES EBITDA

    -0,6





    ‌PrivX is our Growth Engine: Recent PrivX deals

    • Nordic telecommunications and digital services company

    • European airport company

    • European division of a large Asian multinational company that provides IT services, technology solutions, and digital Infrastructure

    • two deals with High Performance Computing (HPC) customers Infrastructure





      ‌New PrivX developments

    • Unveiled our Agentic AI (NHI) integration in PrivX to the market

    • Integrated PrivX for Leonardo GCC Cybersecurity service with AI MCP integration

      • for advanced detection and response to risks and vulnerablities

    • PrivX 43 Announced

      • API Proxy for Integrations (Kubernetes, Terraform, ansible, servicenow, …)



        ‌Favorable market conditions

        • Great Product Portfolio on growth markets

        • Very positive customer satisfaction and Peer Recommendations

        • Great new Analyst reports

        on our solutions

        • Integrated solutions

        • Leveraging European Sovereignty





        ‌Gartner Market Guide for CPS 1

    • A listed vendor

    • "SSH's PrivX OT provides identity-based access to industrial systems without exposing passwords or creating standing privileges. It eliminates static credentials through a keyless and passwordless authentication model, provides CPS access through centralized policies, strong authentication, and just in time authorization - with support for native industrial protocols. PrivX OT brokers credentials transparently, eliminating risks associated with shared accounts and hard coded secrets common in OT environments. Sessions are encrypted, audited, time limited, and connections are quantum-safe."





1Gartner, Market Guide for CPS Secure Remote Access, Katell Thielemann, Wam Voster, Sumit Rajput, 3 February 2026

Gartner Disclaimers

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.



‌SSH Communications Security



SYSTEMS

HUMANS



NETWORKS

Quantum-safe network Security









Restricted/Confidential level network encryption - 6x performance and Quantum Crypto Agility (QS /PQC)

Best of breed Matrix based Secure Messaging and Secure Mail

10

WITH HUMAN AND NON-HUMAN (NHI) IDENTITIES

Quantum Safe Communications Security for Networks, Systems and Humans



‌SSH Communications Security

OT/CPS

Secure Access Management

File encryption



Secure data &

File transfer

Secure Collaboration

Quantum-safe network Security

NETWORKS SYSTEMS HUMANS

Zero Trust Privileged Access Management

Secrets & Key Management

Restricted/Confidential level network encryption - 6x performance and Quantum Crypto Agility (QS /PQC)

Best of breed Matrix based Secure Messaging and Secure Mail

11

WITH HUMAN AND NON-HUMAN (NHI) IDENTITIES

Quantum Safe Communications Security for Networks, Systems and Humans

‌Solution portfolio - focus

  1. PrivX for mid-large tech-driven companies ("Ideal ICP")

  2. PrivX SRA for OT



  3. PrivX & PKM for Keyless & passwordless (large Finance orgs)

    1. Remove standing & shared credentials = Zero Standing Access (ZSP)

    2. Automate with Ephemeral Access

  4. NQX for quick Quantum Safe (PQC) transition

    1. Large Critical Infrastucture networks (Defense, energy, transportation,…)

    2. Critical comms (Satellite reconnaisance, datacenter)

  5. SalaX Secure Messaging

    1. Sovereignty

    2. Out Of Band Supply Chain & Customer communications

‌Solution portfolio - focus

1. PrivX for mid-large tech-driven companies ("Ideal ICP")



‌PrivX in FINANCIAL SERVICES

Secure access for modern IT & AI

Global Quant Trading

Modern PAM provides fine-grained secure access, session recording for High-Performance Computing (HPC) environment.



‌Solution portfolio

  1. PrivX for mid-large tech-driven companies ("Ideal ICP")

  2. PrivX SRA for OT



  3. PrivX & PKM for Keyless & passwordless (large Finance orgs)

    1. Remove standing & shared credentials = Zero Standing Access (ZSP)

    2. Automate with Ephemeral Access

  4. NQX for quick Quantum Safe (PQC) transition

    1. Large Critical Infrastucture networks (Defense, energy, transportation,…)

    2. Critical comms (Satellite reconnaisance, datacenter)

  5. SalaX Secure Messaging

    1. Sovereignty

    2. Out Of Band Supply Chain & Customer communications

‌PrivX SRA in 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.



‌Solution portfolio

  1. PrivX for mid-large tech-driven companies ("Ideal ICP")

  2. PrivX SRA for OT



  3. PrivX & PKM for Keyless & passwordless (large Finance orgs)

    1. Remove standing & shared credentials = Zero Standing Access (ZSP)

    2. Automate with Ephemeral Access

  4. NQX for quick Quantum Safe (PQC) transition

    1. Large Critical Infrastucture networks (Defense, energy, transportation,…)

    2. Critical comms (Satellite reconnaisance, datacenter)

  5. SalaX Secure Messaging

    1. Sovereignty

    2. Out Of Band Supply Chain & Customer communications

‌NQX SECURE DATA TRANSMISSIONS

Quantum Safe Protect sensitive and secret data

SATELLITE OPERATOR

For the world's largest and most advanced SAR (synthetic aperture radar) satellite constellation data protection on ground. Persistent monitoring capabilities to detect and respond to changes in any location on Earth



‌Solution portfolio

  1. PrivX for mid-large tech-driven companies ("Ideal ICP")

  2. PrivX SRA for OT



  3. PrivX & PKM for Keyless & passwordless (large Finance orgs)

    1. Remove standing & shared credentials = Zero Standing Access (ZSP)

    2. Automate with Ephemeral Access

  4. NQX for quick Quantum Safe (PQC) transition

    1. Large Critical Infrastucture networks (Defense, energy, transportation,…)

    2. Critical comms (Satellite reconnaisance, datacenter)

  5. SalaX Secure Messaging

    1. Sovereignty

    2. Out Of Band Supply Chain & Customer communications

‌SalaX in HEALTHCARE SERVICES

Sensitive data in health care.

Health service provider

Secure communications and sharing of protected data



‌Progress with Leonardo deals with SSH solutions embedded in Leonardo Zero Trust Solution



‌POLO STRATEGICO NAZIONALE

Tier IV Certification & 99.995% Uptime

The highest market rating ensuring full fault tolerance with no single point of failure

+3000 targets

500 actors

3.6 Billion

Long term investment

A national industry program founded by PNRR Mission 1 (Next Gen EU) through 2035

Lazio (Acilia, Pomezia)

4 Data Centers in

Lombardy (Rozzano, Santo Stefano Ticino)

Targeting 500-600 total administrations including central,

Dual Region architecture

Facilities operate in "active-active" mode with real time data replication

local and helathcare entities

Secure & Sovereign Cloud Models

Provides private and controlled Public Cloud services via Google and Oracle technology with PSN operational control

Digital Sovereignty & National Resilience

Created to protect strategic data and ensure the continuity os essential state serives

The National Strategic Hub (PSN) is Italy's sovereign cloud infrastructure designed for the Public Administration, with the goal of ensuring the protection and control of critical national data.

© 2025 Leonardo - Società per Azioni

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Divisione Cyber & Security Solutions





‌Outlook for 2026

We expect net sales to grow during 2026 compared to 2025. We estimate EBITDA and cashflow from operating activities to be positive for 2026.

24



‌Q&A



‌Investor call recordings and presentations can be found from our website:

https://www.ssh.com/investors

Upcoming Investor calls:

  • Q2 investor call 17 July 2026

  • Q3 investor call 28 October 2026

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