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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.
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Q2 2025 earnings summary14 Aug, 2025

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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Frequently asked questions

Yubico is a global cybersecurity most known for its invention of the YubiKey, a device that provides phishing-resistant multi-factor authentication (MFA). The company has made significant contributions to the development of the FIDO2, WebAuthn, and FIDO Universal 2nd Factor (U2F) open authentication standards, positioning itself as a leader in hardware-based security solutions for digital access. Yubico's products, including the YubiKey and YubiHSM, are designed to offer enhanced security for a wide range of IT systems and online services, ensuring secure access and data protection for individuals and organizations worldwide. The company's solutions are used by customers in over 160 countries, including a significant portion of Fortune 500 companies, highlighting its widespread acceptance and trust in the cybersecurity community. The company is headquartered in Stockholm, Sweden and its shares are listed on the Nasdaq First North Growth Market Stockholm.

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