Results Presentation Q4 2025

Financial results

Business highlights Q4 2025 CEO Review

Outlook 2026 Q&A

Rami Raulas, CEO Michael Kommonen, CFO

February 17, 2026

Net sales decrease -

21.1% to 5.4 MEUR

• Subscription ARR growth

+12.5%

• PrivX sales growth +17.7% in Q4

EBITDA was 0.1 MEUR

• Low license sales compared to comparison period impacted

profitability negatively

• Continued headwind from weak

USD

Growth focus

• Leonardo deal closed announced in fourth quarter

• Deal pipeline driven by Leonardo partnership developed positively

8,0

7,0

6,0

(MEUR)

5,0

4,0

3,0

2,0

1,0

5,4

5,4

5,5

5,4

5,0

5,1

5,2

0,1

0,4

0,2

0,5

0,2

0,8

1,0

1,7

6,8

• Subscription sales continued to grow (+12.2%) during Q4

• Deferred revenues increased to

  14.6 MEUR (13.0 MEUR)

• EBITDA: 0.1 MEUR (1.7 MEUR)

• EBIT: -0.7 MEUR (0.8 MEUR)

  Cash flow from operations: 1.9 MEUR in Q4 (3.2 MEUR)

  
  
  

• 0,0

  Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425

  NET SALES EBITDA
  
  
  
  

  Our three offices

  and various partners around the world

  →

  ‌SSH Communications Security

  Helsinki, Finland

  New York, USA

  Singapore

  AMER

  33%

  APAC

  12%

  EMEA

  55%

  
  
  

  5

  
  
  ‌New hires = competent resourcing

  • New hires in

    • USA

    • EMEA

    • R&D

      ✚ 16 in 2025

      ✚ 6 in Jan/Feb 2026

      ‌A look into 2026 - invest for growth

  • Partners

    • Leonardo

    • Others

  • Marketing & sales focus

    • CPO

    • Demand and Lead development

    • Analyst "validations"

      
      
      

  • Changing market requirements favor our portfolio

    • Modern PAM

    • Migration to Keyless and Passwordless

    • Quantum Safety - NQX , NATO R and EU R certifications in progress

    • Sovereignity

    • OT

Gartner Peer Insights

93%

• "Honorable Mention"

• "SSH Communications Security sells PrivX PAM, which is available both as software and as SaaS for PASM, PEDM, RPAM and some PAM for machines capabilities. It also offers capabilities to adaptively address PAM CPS scenarios and provides ZTNA-type capabilities to its PAM customers without changes to existing infrastructure. SSH did not meet the business performance inclusion criteria."

1 Gartner® Magic Ǫuadrant for Privileged Access Management by Abhyuday Data, Paul Mezzera, Shubham Gera, Tarun Rohilla, Michael Kelley, 13 October 2025.

Gartner Disclaimers

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

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

• Enterprise scalability with modern

  architecture

• Policy-based controls & leading-edge SSH key management

• Migration to passwordless and keyless access

  "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 without sacrificing efficiency."

  - Carlos Rivera, Author of the Research

  
  
  
  
  
  
  
  
  ‌Partners
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

  Leonardo

• SSH's innovative cybersecurity solutions integrated with Leonardo's industrial capability and domain-specific knowledge

• Driving EU strategic autonomy and digital

  sovereignty

• Focus on Critical Infrastructures, Public Safety, Aerospace, Space and Defence

  Other Commercial Partners

  
  
  

• Serving other markets regionally and locally

• Focused in Asia, Nordic, DACH, France, AMER

https://www.ssh.com/strategic-partnership-leonardo-ssh_zero_trust

‌NEW COMPREHENSIVE ZERO TRUST OFFERING

Data

Secure

Collaboration

Apps

Post quantum encryption

Post quantum VPN

Network

Policy Decision

Policy Enforcement

Identity

Access

Users

LEONARDO ZERO TRUST INTEGRATED PORTFOLIO

AUTHENTICATION

AUTHORIZATION

DATA IN TRANSIT PROTECTION

DATA IN USE PROTECTION

Devices

IT / OT / IoT

Session Control Monitor Record & Audit

Confidential

Computing

Visibility & Analytics Automation & Orchestration Governance

‌CRITICAL INFRASTRUCTURES & LARGE ENTERPRISE - MARKET SEGMENTS

RAILWAY

National & Regional Railway, Metro

ENERGY INFRASTRUCTURES

Production and distribution

SMART CITY & MOBILITY

Safe Cities, Intelligent Urban Mobility

HYDROGEN PLANTS

Large production and distribution plants

TRANSPORTATION

Railways, Metro, Tram, eBUS

WIND OFFSHORE PLANTS

Large production and distribution plants

ROAD INFRASTRUCTURES

MIT/ANSFISA, Roads, Bridges and Works of Art

OIL&GAS & INDUSTRY

Off-Shore, On-Shore, Pipeline, LNG

PORTS & LOGISTICS

MIT/RAM, Ports, Interports , ZES/ZLS, Navy

WATER/UNDERWATER

Aqueducts, Dams, Wastewater, Pipelines, Cables

AIRPORTS

Airports, National Aviation Authority (ENAC, ENAV)

NUCLEAR

Decommissioning, New Power Plants

LARGE COMPANIES

General Contractors, Companies,

BANKING

Banks, Poste

• ~ 40 new opportunities

DEFENSE

Approved supplier for NATO's NCI Agency

‌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

Quantum Safe Communications Security for Networks, Systems and Humans

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WITH HUMAN AND NON-HUMAN (NHI) IDENTITIES

‌PrivX Most Modern PAM

1.

Legacy

PSWM PAM

2.

Transitional

PAM

PrivX

3.

Modern PAM

4.

Intelligent PAM

• Vault-centric

• Static passwords

• Basic session monitoring

• Vault still central

• Zero Standing Privileges

• Ephemeral credentials

• Unified access across cloud, on-premises, and Kubernetes

• Continuous risk-adaptive access

• AI-driven anomaly detection

• Automated policies

  • Machine identity governance

‌NQX Quantum Safe Network Encryption

Quantum Safe migration is ON - opportunity for SSH NQX

PROTECT HIGH VALUABLE DATA TRANSMITTED OVER UNTRUSTED NETWORK

• Early market mover, NIST PQC Migration Consortium member

• Superior security and highest performance

• Designed for Quantum Safe PQC

• Crypto Agile & future proof

• 2026 will be the start for Quantum Safe transition

18

‌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.

19

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

https://www.ssh.com/investors

Upcoming Investor calls:

• Q1 investor call 28 April 2026

• Q2 investor call 17 July 2026

• Q3 investor call 28 October 2026

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