Slides
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Q4 2025 Investor call Agenda Financial results Business highlights Q4 2025 CEO Review Outlook 2026 Q&A Rami Raulas, CEO Michael Kommonen, CFO February 17, 2026
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Q4 and 2025 Progress and Growth ✓ Leonardo FIA and Strategic Partnership, new pipeline ✓ Subscription sales ✓ APAC, PrivX ✓ New Leadership structure decided ✓ Analyst validations ✓ Progress with KAM and new product entrances ✓ USA market acceptance: FIPS 140-3 for PrivX Challenges ➖Small license sales; strategy for ARR and Subscription sales ➖USD impact and AMER $flat ➖Low double digits overall Subscription Sales growth
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Q4/25: Net sales declined by 21.1%, EBITDA was 0.1 MEUR EBITDA was 0.1 MEUR • Low license sales compared to comparison period impacted profitability negatively • Continued headwind from weak USD Growth focus • Leonardo deal closed announced in fourth quarter • Deal pipeline driven by Leonardo partnership developed positively Net sales decrease – 21.1% to 5.4 MEUR • Subscription ARR growth +12.5% • PrivX sales growth +17.7% in Q4
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Q4 2025 • Subscription sales continued to grow (+12.2%) during Q4 • Deferred revenues increased to 14.6 MEUR (13.0 MEUR) • EBITDA: 0.1 MEUR (1.7 MEUR) • EBIT: -0.7 MEUR (0.8 MEUR) • Cash flow from operations: 1.9 MEUR in Q4 (3.2 MEUR) 5,0 5,1 5,2 6,8 5,4 5,4 5,5 5,4 0,2 0,5 1,0 1,7 0,2 0,4 0,8 0,1 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 (MEUR) NET SALES EBITDA
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SSH Communications Security 5 55% 12% 33%
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New hires = competent resourcing • New hires in • USA • EMEA • R&D ✚ 16 in 2025 ✚ 6 in Jan/Feb 2026
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A look into 2026 - invest for growth • Partners • Leonardo • Others • Marketing & sales focus • CPO • Demand and Lead development • Analyst “validations” • Changing market requirements favor our portfolio • Modern PAM • Migration to Keyless and Passwordless • Quantum Safety - NQX , NATO R and EU R certifications in progress • Sovereignity • OT
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Gartner® Magic Quadrant for Privileged Access Management 1 Gartner Peer Insights • “Honorable Mention” • “SSH Communications Security sells PrivX PAM, which is available both as software and as SaaS for PASM, PEDM, RPAM and some PAM for machines capabilities. It also offers capabilities to adaptively address PAM CPS scenarios and provides ZTNA-type capabilities to its PAM customers without changes to existing infrastructure. SSH did not meet the business performance inclusion criteria.” 1 Gartner® Magic Quadrant for Privileged Access Management by Abhyuday Data, Paul Mezzera, Shubham Gera, Tarun Rohilla, Michael Kelley, 13 October 2025. Gartner Disclaimers GARTNER is a registered trademarks and service mark, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinion s of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or impli ed, with respect to this research, including any warranties of merchantability or fitness for a particular purpose . 93% 2Q 2025
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Enterprise Secrets Management Leadership Compass • Enterprise scalability with modern architecture • Policy-based controls & leading-edge SSH key management • Migration to passwordless and keyless access SSH PrivX: A Modern Approach to Privileged Access Management “Overall, SSH PrivX demonstrates significant merit as a PAM solution. Its thoughtful design and alignment with zero-trust principles and zero-standing privileges make it a strong candidate for organizations aiming to enhance security without sacrificing efficiency.” - Carlos Rivera, Author of the Research
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Partners Leonardo • SSH’s innovative cybersecurity solutions integrated with Leonardo's industrial capability and domain-specific knowledge • Driving EU strategic autonomy and digital sovereignty • Focus on Critical Infrastructures, Public Safety, Aerospace, Space and Defence Other Commercial Partners • Serving other markets regionally and locally • Focused in Asia, Nordic, DACH, France, AMER https://www.ssh.com/strategic-partnership-leonardo-ssh_zero_trust
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NEW COMPREHENSIVE ZERO TRUST OFFERING LEONARDO ZERO TRUST INTEGRATED PORTFOLIO AUTHENTICATION AUTHORIZATION DATA IN TRANSIT PROTECTION DATA IN USE PROTECTION Identity Access Users Devices IT / OT / IoT Policy Decision Policy Enforcement Network Apps Secure Collaboration Visibility & Analytics Automation & Orchestration Governance Data Confidential Computing END TO END CYBER OBSERVABILITY BASED ON AGENTIC AI Post quantum encryption Post quantum VPN PRIVILEGED ACCESS MANAGEMENT Session Control Monitor Record & Audit
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CRITICAL INFRASTRUCTURES & LARGE ENTERPRISE – MARKET SEGMENTS Banks, Poste BANKING National & Regional Railway, Metro RAILWAY ROAD INFRASTRUCTURES MIT/ANSFISA, Roads, Bridges and Works of Art PORTS & LOGISTICS MIT/RAM, Ports, Interports , ZES/ZLS, Navy SMART CITY & MOBILITY Safe Cities, Intelligent Urban Mobility TRANSPORTATION Railways, Metro, Tram, eBUS LARGE COMPANIES General Contractors, Companies, Airports, National Aviation Authority (ENAC, ENAV) AIRPORTSNEW OIL&GAS & INDUSTRY Off-Shore, On-Shore, Pipeline, LNG Decommissioning, New Power Plants NUCLEAR NEW ENERGY INFRASTRUCTURES Production and distribution HYDROGEN PLANTS Large production and distribution plants NEW WIND OFFSHORE PLANTS Large production and distribution plants NEW WATER/UNDERWATER Aqueducts, Dams, Wastewater, Pipelines, Cables NEW
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New Opportunities with Leonardo • ~ 40 new opportunities
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Defensive Cybersecurity DEFENSE Post-Quantum Encryption File Encryption & Secure Data Transfers Secure Messaging Network Encryption Zero Trust Access Management Approved supplier for NATO’s NCI Agency
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SSH Communications Security Restricted/Confidential level network encryption – 6x performance and Quantum Crypto Agility (QS /PQC) Best of breed Matrix based Secure Messaging and Secure Mail 16 Quantum Safe Communications Security for Networks, Systems and Humans WITH HUMAN AND NON -HUMAN (NHI) IDENTITIES NETWORKS SYSTEMS HUMANS Secure data & File transfer Quantum- safe network Security Secure Collaboration File encryption Secrets & Key Management Zero Trust Privileged Access Management OT/CPS Secure Access Management
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PrivX Most Modern PAM PAM Market is moving – opportunity for SSH PrivX 1. Legacy PSWM PAM 2. Transitional PAM 3. Modern PAM 4. Intelligent PAM • Vault-centric • Static passwords • Basic session monitoring • Vault still central • Zero Standing Privileges • Ephemeral credentials • Unified access across cloud, on-premises, and Kubernetes • Continuous risk-adaptive access • AI-driven anomaly detection • Automated policies PrivX • Machine identity governance
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PROTECT HIGH VALUABLE DATA TRANSMITTED OVER UNTRUSTED NETWORK • Early market mover, NIST PQC Migration Consortium member • Superior security and highest performance • Designed for Quantum Safe PQC • Crypto Agile & future proof • 2026 will be the start for Quantum Safe transition 18 NQX Quantum Safe Network Encryption Quantum Safe migration is ON – opportunity for SSH NQX
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Outlook for 2026 We expect net sales to grow during 2026 compared to 2025. We estimate EBITDA and cashflow from operating activities to be positive for 2026. 19
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Q&A
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Investor call recordings and presentations can be found from our website: www.ssh.com/investors Upcoming Investor calls: • Q1 investor call 28 April 2026 • Q2 investor call 17 July 2026 • Q3 investor call 28 October 2026 21