SSH Communications Security Interim Report 2026
SSH COMMUNICATIONS SECURITY CORPORATION'S INTERIM REPORT, JANUARY 1 – JUNE 30, 2026
SSH Communications Security Corporation | Stock Exchange Release | July 17, 2026 at 09:00:00 EEST
Net sales increased by 6.8% in Q2, EBITDA 0.2 million
April–June 2026:
- Net sales totaled EUR 5.7 million (EUR 5.4 million)
- EBITDA was EUR 0.2 million (EUR 0.4 million)
- Operating loss was EUR -0.5 million (EUR –0.4 million)
- Loss for the period was EUR -0.6 million (-0.6 million)
- Earnings per share was EUR -0.01 (EUR -0.031)
January–June 2026:
- Net sales totaled EUR 11.1 million (EUR 10.8 million)
- EBITDA was EUR -0.4 million (EUR 0.6 million)
- Operating loss was EUR -1.9 million (-1.5 million)
- Loss for the period was EUR -1.9 million (-2.1 million)
- Earnings per share was EUR -0.04 (EUR -0.071)
Operating cash flow was EUR 1.0 million (EUR -0.6 million). The equity ratio was 69.1% (55.2%). Liquid assets, including short-term liquid investments, were EUR 9.5 million (EUR 2.0 million).
1) The 2025 figure has been corrected to include only the interest on the hybrid loan for the relevant period.
Key Figures
| EUR million | 4–6/2026 | 4–6/2025 | Change % | 1–6/2026 | 1–6/2025 | Change % | 1–12/2025 | |
| Net sales | 5.7 | 5.4 | 6.8 | 11.1 | 10.8 | 2.6 | 21.6 | |
| EBITDA | 0.2 | 0.4 | -40.7 | -0.4 | 0.6 | 1.5 | ||
| % of net sales | 4.3 | 7.7 | -3.4 | 5.7 | 7.0 | |||
| Operating profit/loss | -0.5 | -0.4 | -21.1 | -1.9 | -1.5 | -27.3 | -2.2 | |
| % of net sales | -8.7 | -7.6 | -17.0 | -13.7 | -10.1 | |||
| Profit/loss before taxes | -0.6 | -0.6 | 7.3 | -1.9 | -1.8 | -4.1 | -2.5 | |
| Profit/loss | -0.6 | -0.6 | 9.2 | -1.9 | -2.1 | 7.6 | -2.3 | |
| Return on equity, % | -10.1 | -24.4 | -13.0 | |||||
| Return on investment, % | -9.7 | -17.8 | -13.3 | |||||
| Cash and cash equivalents | 5.4 | 1.2 | 11.0 | |||||
| Short-term liquid investments | 4.1 | 0.8 | 10.0 | |||||
| Gearing (%) | -38.0 | 6.2 | -38.2 | |||||
| Equity ratio (%) | 69.1 | 55.2 | 78.7 | |||||
| Earnings per share, EUR1 | -0.01 | -0.03 | 48.6 | -0.04 | -0.07 | 41.5 | -0.08 | |
| Shareholders' equity per share, EUR | 0.34 | 0.21 | 67.2 | 0.32 | ||||
| Recurring revenue, ARR | 21.1 | 20.0 | 5.4 | 21.0 | ||||
| Subscription revenue, ARR | 14.8 | 13.0 | 14.3 | 13.8 | ||||
| Invoicing | 5.5 | 4.9 | 11.8 | 10.2 | 9.3 | 9.3 | 23.9 | |
| Deferred revenue | 14.0 | 10.9 | 29.0 | 14.6 | ||||
| Current | 10.6 | 7.9 | 34.9 | 10.7 | ||||
| Non-current | 3.4 | 3.0 | 13.5 | 3.9 | ||||
1) The 2025 figure has been corrected to include only the interest on the hybrid loan for the relevant period.
SSH Communications Security provides alternative performance measures which are not defined by IFRS standards. Alternative performance measures should not be considered substitutes for performance measures in accordance with the IFRS. The alternative performance measures are:
EBITDA = Operating profit/loss + depreciation and amortization.
Recurring Revenue, ARR: Subscription + maintenance revenue at the end of the last month of the reported period multiplied by 12.
Subscription ARR: Subscription revenue in the last month of a reported period multiplied by 12.
Invoicing: Invoices sent during the reported period without VAT.
Deferred Revenue: Non-recognized revenue from invoiced maintenance and subscription sales.
The complete interim report is attached to this release (pdf) and is also available on our website.
CEO review
In the second quarter, our revenue grew by 6.8% totaling EUR 5.7 million (EUR 5.4 million). H1 revenue grew by 2.6% totaling EUR 11.1 million (EUR 10.8 million). Reported sales growth continues to be affected by the weaker US dollar, and with constant currency rates the quarterly revenue growth would have been 7.7% and YTD growth would have been 5.2%. Invoicing grew by 11.8% totaling EUR 5.5 million. EBITDA was positive at EUR 0.2 (EUR 0.4 million) reflecting continued investments in sales, marketing and R&D activities.
EMEA continued its stable progress, with revenue growing by 8.5% in the second quarter. Despite the weaker US dollar, AMER region grew by 10.0%, but APAC declined by 11.3%.
Total ARR including maintenance sales, grew by 5.4% to EUR 21.1 million. Subscription ARR grew by 14.3% to EUR 14.8 million.
Privx, now our largest solution business area, continued to be the company’s strong growth engine, with PrivX PAM growing by 25.1% in the second quarter. New PrivX deals were won with Leonardo as well as with a European internet exchange, a global IT services provider and a US-based energy company. Multiple customers also expanded their use of PrivX.
Market transition from static credentials to short-lived access continued to accelerate. We began the migration of a large Key Manager customer, a UK-based multinational bank, to PrivX and its modern, automated ephemeral (temporary) access capabilities. Further migration opportunities were also identified among other customers.
PrivX continued to achieve positive market recognition and was named as an overall leader in the 2026 KuppingerCole Leadership Compass™ for Privileged Access Management. This follows the earlier recognitions received in Q1 2026 and Q4 2025 from multiple other analysts.
Our partnership with Leonardo continued to progress. New business involving Leonardo progressed through PSN, the Italian sovereign cloud services provider, and in the public sector. We expect the business generated through the Leonardo partnership to accelerate during the second half of the year.
Following the repurchase of nearly all of the hybrid loan, our liquidity remains strong. We are well positioned to leverage our earlier investments to drive growth, while continuing to invest in future opportunities.
SSH Communications Security will release its Business Review for the third quarter of the year on October 28, 2026
Helsinki, July 17, 2026
SSH COMMUNICATIONS SECURITY
Board of Directors
Rami Raulas
CEO