Q2 2026 SSH Communications Security Oyj Earnings Call Transcript
Key Points
- Net sales grew by 6.8% in Q2 2026, with a positive EBITDA of EUR0.2 million.
- Subscription ARR increased by 14.3%, driven by strong growth in PrivX sales, which grew 25% in the quarter.
- Cash flow from operations improved to EUR1 million in Q2, showing a clear improvement from the previous year.
- Strategic partnerships, particularly with Leonardo, are expected to drive future growth and have already resulted in initial deals.
- Recognition from industry analysts, such as Gartner and KuppingerCole, positions PrivX as a leader in the PAM market, enhancing market credibility and visibility.
- EBIT was negative at EUR0.5 million, indicating ongoing profitability challenges.
- Sales were less strong in the Americas and APAC regions compared to EMEA, highlighting regional performance disparities.
- The transition from legacy products to subscription models is still ongoing, with some churn in legacy products affecting overall ARR growth.
- Awareness of SSH Communications Security Oyj's solutions remains a challenge, despite efforts to increase visibility and recognition.
- Leadership changes, with both the CEO and CFO set to leave, may create uncertainty during the transition period.
Welcome to SSH Communications Security's investor call for Q2 of 2026. My name is Aino Virolainen, and I will be hosting the call.
The results will be presented by our CEO, Rami Raulas, and our CFO, Michael Kommonen. After their presentation, we will have a Q&A session, and you can ask questions throughout the call by writing in the chat.
The call is being recorded, and we will share the recording as well as the presentation material on our investor pages later.
But now we are good to start, so Michael, the floor is yours.
Thank you, Aino, and good morning also on my behalf.
So in the second quarter of 2026, our net sales grew by 6.8%, and our EBITDA returned positive, being EUR0.2 million in the second quarter. Sales reached EUR5.7 million. Driving that growth underlying was the subscription growth. Subscription ARR grew 14.3%. And
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