SSH Communications Security (SSH1V) investor relations material

Executive summary

• Q3 net sales rose 5.3% YoY to EUR 5.7m; subscription ARR grew 23.6% to EUR 15.7m, while EBITDA was EUR 0.3m.

• Management prioritized predictable, profitable growth through recurring revenue, stronger commercial execution, partner relationships, and continued sales, marketing and R&D investment.

Financial highlights

• Q3 net sales were EUR 5.7m vs. EUR 5.5m a year earlier; EBITDA was EUR 0.3m vs. EUR 0.8m, operating result EUR -0.5m vs. break-even, and net result EUR -0.6m vs. break-even.

• Q3 invoicing rose 39.2% to EUR 6.1m; deferred revenue increased 48.8% to EUR 14.4m, including EUR 11.5m due for recognition within 12 months.

• Q3 subscription sales rose 17.8% to EUR 3.9m; 9M net sales increased 3.5% to EUR 16.8m, while 9M EBITDA was EUR -0.1m.

• Q3 operating cash flow was EUR -0.7m vs. EUR -0.2m a year earlier, in line with the stated seasonal pattern.

Outlook and guidance

• FY2026 outlook remained unchanged: net sales are expected to grow YoY, operating cash flow to be positive, and EBITDA to remain negative, with H2 EBITDA expected to exceed H1.

• Priorities include converting delayed orders, scaling PrivX, growing subscription ARR, and maintaining cost control while investing for growth.

• Management views ARR as a leading growth indicator; new contracts and upsells are expected to lift ARR before the impact flows through to recognized revenue.