Q2 2025 SSH Communications Security Oyj Earnings Call Transcript
Key Points
- Net sales grew by 5.7% in Q2 2025, with a total of EUR 5.4 million.
- Subscription ARR increased by 10.9%, and PrivX sales grew by 15.1% in the second quarter.
- The partnership and investment agreement with Leonardo S.p.A. was successfully closed, enhancing strategic opportunities.
- Invoicing growth reached 35%, indicating increased activity and potential for future growth.
- Successful partner summits and new partnerships, including with Leonardo and Cinia, have been established, expanding market reach.
- Currency headwinds affected sales growth, which would have been 7.6% at a constant currency rate.
- Cash flow from operations was negative at EUR 1.4 million.
- EBITDA was slightly below the previous year, indicating challenges in maintaining profitability.
- The company aspires for higher growth than the moderate 5.7% revenue increase achieved.
- There is a risk of losing focus on other partnerships and strategic plans due to the significant focus on the Leonardo partnership.
Welcome to SSH Communications Securities investor call for Q2 of 2025. I'm Aino Virolainen. I am a member of the SSH Finance team, and I handle our Investor Relations. The Q2 results will be presented by our CEO, Rami Raulas; and our CFO, Michael Kommonen. Then after the presentation, we will have a Q&A session.
(Operator Instructions).
The call is hosted with our own solution, SalaX Secure Messaging. The call will be recorded, and we will share the recording on our investor pages. Now I think we are good to start. So I will invite our CFO, Michael, to start with the financials. So please go ahead.
Thank you, Aino, and good morning also on my behalf. So looking at the second quarter results, our net sales grew 5.7% and EBITDA reached EUR0.4 million. Net sales totaling at EUR5.4 million. Underpinning this growth was a subscription ARR growth of 10.9% and PrivX overall sales grew 15.1
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