Q2 2026 Yubico AB Earnings Call Transcript
Key Points
- Net sales grew 12% organically in Q2 2026, with strong performance in the perpetual segment.
- EBIT margin improved by 12 percentage points year-over-year, reaching 14.4%.
- Gross profit margin was strong at 80%, at the higher end of the guided range.
- Small and mid-sized bookings grew 18%, demonstrating resilience and a diversified customer base.
- Customer retention is excellent, with a gross retention rate of 98% and net retention rate of 107%.
- Strong growth in the EMEA region, driven by channel ecosystem expansion.
- YubiKey as a Service (subscription) now represents 24% of total bookings, providing recurring revenue.
- Continued product innovation, including FIPS-validated devices and post-quantum-ready YubiKeys.
- Partnership with OpenAI is driving awareness and enterprise conversations about security.
- Healthy cash position of SEK 1.02 billion, supporting future investments.
- Order bookings declined 5% organically, impacted by a lack of large multi-year deals.
- Currency fluctuations negatively impacted EBIT by SEK 10 million.
- The company underwent a reduction in force, reflecting cost-saving measures and organizational restructuring.
- Cash flow from operations was weaker due to higher current receivables, driven by strong net sales.
- Large enterprise orders remain unpredictable, with buying cycles influenced by geopolitical factors.
- The post-quantum product timeline is not yet disclosed, creating uncertainty for future growth.
- The OpenAI partnership has not yet translated into specific, quantifiable demand figures.
- Geopolitical tensions and protectionist policies are causing some customers to buy locally, leading to more distributed purchasing patterns.
Welcome to Yubico Q2 2026 report presentation. For the first part of the presentation,
(Operator Instructions)
CEO Jared Chong and CFO Sanjana Koliva.
Hi, everyone. Thanks for joining us. We will walk through the agenda, we'll give you our key highlights. I'll hand it over to Snejana to give you the details on the financial details. For those who are joining us and not familiar with Yubico, we are a very innovative cybersecurity organization that continues to innovate and produce products that help companies around the world be phishing resistant and prevent account takeovers. We are very excited to share our report, we do have a good, strong list of our customers around the world. We've been around for more than 20 years, with a very strong direction to continue our global expansion and serve many more customers over the next few years
I want to take a step back and provide an update on how we look at our industry, the trends that we see, and the type of news that we are
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