Secunet Security Networks (YSN) investor relations material

Executive summary

• Revenue grew 19.2% year-over-year to €204.7 million in H1 2026, driven by strong Public Sector and core business momentum.

• Order intake surged 78.7% to €287.4 million, with a book-to-bill ratio of 1.4x, indicating robust future growth.

• EBIT increased 20.4% to €8.7 million, and EBITDA rose 15.5% to €19.2 million.

• The second quarter saw especially strong growth, with revenue up 31.6% and EBIT more than doubling year-over-year.

• Cash and cash equivalents fell sharply to €6.9 million due to inventory buildup and dividend payments.

Financial highlights

• Gross profit increased 12.4% to €40.7 million, but margin declined to 19.9% due to higher material costs and sales mix.

• Cash flow from operating activities was -€60.1 million, reflecting significant inventory investments.

• Equity ratio decreased to 36.8% from 40.7% at year-end 2025.

• Q2 2026 revenue was €122.9 million, up 31.6% year-over-year; Q2 EBIT was €12.6 million, up 134.1%.

• Liabilities increased 10.3% to €268.9 million.

Outlook and guidance

• Management expects 2026 sales at the upper end of €460–500 million, with EBIT of €53–58 million and EBITDA of €76–84 million.

• Growth strategy continues with investments in product and organizational development, which may impact margins.