SSH Communications Security Corporation | Stock Exchange Release | February 17, 2026 at 09:00:00 EET
Full year net sales decreased by 2%, EBITDA and cash flow from operations positive during Q4 and full year
October–December 2025:
· Net sales totaled EUR 5.4 million (6.8 million)
· EBITDA was EUR 0.1 million (1.7 million)
· Operating loss (EBIT) was EUR -0.7 million (0.8 million)
· Loss for the period was EUR -0.2 million (0.5 million)
· Earnings per share was EUR -0.01 (EUR 0.01¹)
January–December 2025:
· Net sales totaled EUR 21.6 million (22.2 million)
· EBITDA was EUR 1.5 million (3.4 million)
· Operating loss was EUR -2.2 million (-0.3 million)
· Loss for the period was EUR -2.3 million (-0.8 million)
· Earnings per share was EUR -0.08 (EUR -0.06¹)
Operating cash flow was EUR 1.1 million (EUR 2.7 million). The equity ratio was 78.7% (52.8%). Liquid assets, including short-term liquid investments, were EUR 21.0 million (EUR 2.9 million).
1) The 2024 figure has been corrected to include only the interest on the hybrid loan for the relevant period.
Key figures
| EUR million | 10–12/2025 | 10–12/2024 | Change % | 1–12/2025 | 1–12/2024 | Change % |
| Net sales | 5.4 | 6.8 | -21.1 | 21.6 | 22.2 | -2.4 |
| EBITDA | 0.1 | 1.7 | -96.2 | 1.5 | 3.4 | -55.9 |
| % of net sales | 1.2 | 25.3 | 7.0 | 15.5 | ||
| Operating profit/loss | -0.7 | 0.8 | -2.2 | -0.3 | ||
| % of net sales | -13.4 | 12.2 | -10.1 | -1.2 | ||
| Profit/loss before taxes | -0.7 | 0.9 | -2.5 | -0.6 | ||
| Profit/loss | -0.2 | 0.5 | -2.3 | -0.8 | ||
| Return on equity, % | -13.0 | -8.7 | ||||
| Return on investment, % | -13.3 | -5.1 | ||||
| Cash and cash equivalents | 11.0 | 2.9 | ||||
| Short-term liquid investments | 10.0 | |||||
| Gearing (%) | -38.2 | -8.9 | ||||
| Equity ratio (%) | 78.7 | 52.8 | 49.1 | |||
| Earnings per share, EUR1 | -0.01 | 0.01 | -0.08 | -0.06 | ||
| Shareholders' equity per share, EUR | 0.32 | 0.23 | 40.8 | |||
| Recurring revenue, ARR | 21.0 | 20.5 | 2.4 | |||
| Subscription revenue, ARR | 13.8 | 12.3 | 12.5 | |||
| Invoicing | 10.3 | 8.2 | 25.2 | 23.9 | 22.3 | 7.5 |
| Deferred revenue | 14.6 | 13.0 | 12.6 | |||
| Current | 10.7 | 10.5 | 1.7 | |||
| Non-current | 3.9 | 2.5 | 59.4 |
1) The 2024 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.
Business outlook for 2026
We expect net sales to grow during 2026 compared to 2025. We estimate EBITDA and cash flow from operating activities to be positive for 2026.
CEO review
2025 and especially the fourth quarter were marked by significant effort and progress in building partnerships globally. The financial investment and strategic partnership agreements with Leonardo S.p.A. were successfully closed in the fourth quarter.
Total ARR including maintenance sales grew by 2.4% to EUR 21.1 million. Subscription ARR grew by 12.5% to EUR 13.8 million.
In the fourth quarter, subscription sales grew by 12.2%, totaling EUR 3.4 million, whilst total revenue decreased by 21.1% year-on-year, totaling EUR 5.4 million (EUR 6.8 million). The decrease was mainly due to significant license sales in Q4 2024 that did not repeat in Q4 2025. EBITDA for Q4 remained positive, however, decreasing to EUR 0.1 million (EUR 1.7 million).
Full year revenue decreased by 2.4% year-on-year. Reported sales growth was affected negatively by a weaker U.S. dollar. With constant exchange rates the full year revenue would have decreased by 0.8%. Full year EBITDA was EUR 1.5 million (EUR 3.4 million)
We put a lot of investment and activity into building strategic partnership with Leonardo. SSH solutions were integrated into Leonardo’s “Made In Europe Zero Trust Offering” Suite. This resulted in a number of new opportunities in sectors like transportation, critical infrastructure and public sector. We also started activities to broaden our presence in the Defence market together with Leonardo.
We signed and activated multiple new partnerships in regional markets in APAC, AMER and EMEA. We aim to accelerate our growth through partners, widening the addressable market.
To increase awareness for our solutions and drive growth we have addressed the market analysts’ recognition of our products. Many customers rely on leading industry analyst insights on vendors. In the fourth quarter SSH was named an “Honorable Mention” in the 2025 Gartner® Magic Quadrant™ for PAM Solutions, as one of only two European PAM vendors included in the report. In addition, Industrial Cyber recognized PrivX and NQX for their strong capabilities in Industrial Secure Remote Access (ISRA) and secure site-to-site connectivity. PrivX was also recognized by KuppingerCole as a leader in Secure Remote Access (SRA) solutions for OT and Industrial Control Systems (ICS).
In our solutions portfolio PrivX is the main growth product, in the expanding Privileged Access Management (PAM) market. The solid progress of PrivX can also be seen in its subscription sales, which grew 19.1% year-on-year. In the fourth quarter, we succeeded in expanding usage among several existing customers as well as winning new customers.
During 2026, SSH Communications Security Corporation publishes the following financial information:
- FY 2025 Financial Statements Bulletin: February 17, 2026
- FY 2025 Financial Statements and Report of the Board of Directors: March 5, 2026
- Annual report released during Week 11
- Business Review, January–March (Q1): April 28, 2026
- Half-year report, January–June (Q2): July 17, 2026
- Business Review, January–September (Q3): October 28, 2026
SSH Communications Security Corporation's Annual General Meeting is planned for Thursday, March 26, 2026, in Helsinki, Finland.
Helsinki, February 17, 2026
SSH COMMUNICATIONS SECURITY
Board of Directors
Rami Raulas
CEO