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Yubico (YUBICO) investor relations material
Yubico Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net sales declined 18.8% year-over-year to SEK 499.1 million in Q2 2025, but sales momentum returned late in the quarter, especially in subscription bookings.
Subscription model gained traction, with sales up 32.5% to SEK 79.2 million, now 15.9% of net sales, and bookings representing 32% of total bookings.
ARR increased 37% year-over-year to nearly SEK 400 million, driven by new multi-year subscription deals, including a major high-tech client conversion.
EBIT margin dropped sharply to 4.2% from 21.3% year-over-year, mainly due to lower net sales, currency effects, and delayed revenue recognition from subscriptions.
The company remains committed to long-term targets of 25% annual growth and 20% EBIT margin, expanding in high-tech, AI, and financial sectors.
Financial highlights
Q2 net sales: SEK 499.1 million, down 18.8% year-over-year; subscription sales up 32.5% to SEK 79.2 million.
Gross margin: 79.1%, down from 80.3% last year, mainly due to currency effects.
EBIT: SEK 21.2 million (4.2% margin), down from SEK 130.8 million (21.3%).
Net profit: SEK 8.9 million, down from SEK 103.6 million; EPS after dilution SEK 0.10.
Net cash position improved to SEK 902.6 million; cash and equivalents at SEK 945.5 million.
Outlook and guidance
Strong sales pipeline and renewed order momentum expected for H2 2025, with a focus on subscription model opportunities.
Short-term negative impact on net sales and EBIT from subscription transition, but long-term revenue and margin per customer expected to be higher.
Long-term financial targets reaffirmed: 25% average annual growth and 20% EBIT margin.
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