Delårsrapport Q2 2026 Presentation

yubico

Q2 26 presentation

6 Aug 2026

Jerrod Chong

Chief Executive Officer Yubico

Snejana Koleva

Chief Financial Officer Yubico

• Company overview

• Q2 26 Highlights

• Financial overview

• Concluding remarks

  
  
  

• Q&A

Global scale, trusted by enterprises

4,5OO+

Business customers

+ millions of consumers

SEK2.1bn

Net sales LTM Q2 2026

77.8%

Gross margin LTM Q2 2026

3O%

Net sales CAGR between 2020-2025

51O+

Employees

43%

Growth in ARR in the last 2 years

O

account takeovers

4

AI: larger threats and productivity gains, two sides of the same coin

AI-enhanced fraud is growing rapidly, with agentic systems able to run complete campaigns. Meanwhile, companies are applying AI to accelerate productivity.

Post-quantum moving from planning to piloting

Government mandates and Big Tech roadmaps, including Microsoft's timeline, are setting deadlines for PQC readiness. Customers are also engaging on migration ahead of any requirement, treating readiness as a competitive differentiator.

Compliance becoming a differentiator

Governments and regulated industries increasingly require independently validated security, making compliance a key factor in vendor selection and long-term customer trust.

Identity lifecycle becomes a strategic priority

The market is moving beyond authentication toward securing the full identity lifecycle, including verification, enrollment, recovery, governance, and assurance. At the same time, digital identity initiatives are accelerating globally.

AI, post-quantum readiness and validated compliance are increasing demand for hardware-backed trust across the identity lifecycle.

© 2026 Yubico

5

Highlights from Q2 26

Product & technology

Launch of YubiKey 5.8 & FIPS validation

• YubiKey 5.8 extends hardware-backed auth to verified authorization

  (payments, signing, AI agents)*

• Completed FIPS 140-3 validation across YubiKey 5 FIPS portfolio & YubiHSM 2

  Commercial news

  OpenAI and Google expand hardware auth

• Beginning Sept 1, OpenAI will require Trusted Access for Cyber members to use hardware-backed passkeys to access frontier models.

• On July 1, Google added NFC passkey support on Android. Yubico's Passkey Enabler is now generally available.

  Operational efficiency

  Strong net sales and reorganization delivers savings

• Strong net sales growth of 12% in the quarter as well as an EBIT margin of 14% vs 4% in Q2 25.

• Headcount reduced to 507 (-4% YoY) as the reorganization is executed, delivering ~SEK 95 million in annualized savings from Q2.

CMD 2026

November 19th, 2026

Capital Markets Day hosted in Stockholm to deep dive into our strategy, priorities, and future opportunities.

Further details will follow.

* Event after the quarter

6

Share of Bookings per industry, Q2 2026, Percent Some of our customers

SEK Millions

Bookings

Net sales

ARR

Gross profit, margin

EBIT, margin

-5%*

+12%* +12%*

79% 80% 4% 14%

© 2026 Yubico

SEK Millions

Bookings by order size in USD equivalent

• Bookings declined against the

  prior-year comparison due to a large subscription order in Q2 2025

• Small and mid-sized deals under USD 3m grew 18% y-o-y

• Strong EMEA growth, led by a well established channel ecosystem and a high volume of smaller deals. Deals led by defense and public sector

• YubiKey as a Service represented 24 percent of total bookings

Perpetual Bookings by order size in USD equivalent

SEK Millions

+7%*

Perpetual Net sales

SEK Millions

+9%*

• Perpetual bookings increased to SEK 437.1m with very strong growth in e-commerce and smaller contracts

• Public sector remains the largest contributor to perpetual bookings, with defense as part of it and high-tech also active

  
  
  

• Perpetual net sales increased to SEK 446.1m driven by growth in bookings

YaaS Bookings by order size in USD equivalent

SEK Millions

-29%*

Subscription Net sales, and Annual Recurring Revenue

SEK Millions

+27%*

• xxx ● xxx

  • A large multi-year contract in Q2 2025, while Q2 2026 was primarily small-to-mid size contracts

    
    
    

  • The quarterly net sales increase 27% organically, driven by strong development of Annual Recurring Revenue

SEK Millions

+12%

Annual recurring revenue

• Annual Recurring Revenue increased 4.4% year on year to SEK 412m

• New contracts and customer expansions supported growth

• Gross retention rate of 98.1

• Net Retention rate of 107.1

GRR = (Starting ARR LfL-Contractions-Not renewed)/Starting ARR LfL

NRR = (Starting ARR LfL+Expansions-Contractions-Not renewed)/Starting ARR LfL

Gross profit SEK

Millions

EBIT

SEK

Millions

• Gross profit of 80.1%, at the higher end of the guided range of 75-80% -impacted by higher volume of net sales

• EBIT impacted by higher sales volume, SEK -10.6m negative currency impact,

• The cost savings program has been fully executed, and the annualized savings of SEK 95 million as compared to the end of 2025 is realized.

Operating cash flow of SEK 52m, impacted by higher working capital

• Working capital increase mainly driven by higher current receivables, while inventory continues to decrease

• Investing activities include capitalized development costs of SEK 17m

• Cash position strengthened to SEK 1,020m

SEK Millions

1

Advance the Secure Root of Trust

YubiKey & Production: Continue to strengthen Yubico's position as the world's most robust, cryptographically verifiable hardware-backed authentication devices.

2

Elevate YubiKey as a Service

YubiKey as a Service: Accelerate the ability for organizations to benefit from value-added, continuous security for users across all business scenarios, devices, platforms and locations.

3

Expand into Digital Identity Services

Digital Identity Platform: Built on Yubico's foundation, the platform protects user identities end-to-end, unlocks new use cases.

4

Drive

Go-to-Market Expansion

Go to market: Deepen footprint with existing customers, attract new customers and activate everyday users across markets.

5

Simplify Customer Experience

Frictionless engagement: Remove friction at every step, from how customers learn about, buy and deploy Yubico solutions.

FIPS 140-3 Validation

Continuous ARR growth

Yubico 5.8 authorization

Open AI Partnership

E-commerce growth

16

17

The Key to Trust

2