Secunet Security Networks (YSN) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 grew 19.2% year-over-year to €204.7 million, driven by strong public sector, defense, and homeland security demand, with especially strong Q2 growth.

• Order intake surged 78.7% to €287.4 million, with a book-to-bill ratio of 1.4x, indicating robust future growth.

• EBIT increased 20.4% to €8.7 million, and net income rose 17.3% to €5.9 million.

• Strategic investments in AI, cloud, and partnerships with leading tech firms (e.g., HPE, NVIDIA, Cloudflare) are enhancing technological capabilities and expanding market reach.

• Workforce expanded by 4.7% to support growth and enhance technological expertise.

Financial highlights

• Revenue for H1 2026 reached €204.7 million, up 19.2% year-over-year; Q2 revenue grew 31.6%.

• EBIT rose 20.4% to €8.7 million; EBITDA increased 15.5% to €19.2 million.

• Net income for H1 2026 reached €5.9 million, a 17.3% increase year-over-year.

• Gross profit increased 12.4% to €40.7 million, but margin declined to 19.9% due to higher material costs and sales mix.

• Cash and cash equivalents dropped to €6.9 million as of June 30, 2026, mainly due to increased inventory and dividend payments.

Outlook and guidance

• Revenue guidance for 2026 specified at the upper end of €460–500 million, with EBIT of €53–58 million and EBITDA of €76–84 million.

• Strong order intake and backlog support continued growth, especially in defense and public sector.

• Anticipates typical seasonality with a stronger H2, supported by high order intake and inventory readiness.

• Growth strategy continues with investments in product and organizational development.