Yubico (YUBICO) Q2 2026 earnings summary

Executive summary

• Net sales grew 12% year-over-year in Q2 2026, with EBIT margin rising to 14.4% from 4.2% in Q2 2025, driven by product innovation, global expansion, and cybersecurity leadership.

• Launched YubiKey 5.8 and completed FIPS 140-3 validation, expanding hardware-backed authentication and supporting new use cases.

• Operational reorganization reduced headcount by 4% YoY, delivering SEK 95 million in annualized savings and driving efficiency.

• Bookings declined 7.2% YoY due to a strong prior-year comparison, but small and mid-sized deals grew 18%.

• Strong growth in high-tech, public sector, and EMEA, with ongoing expansion of ecosystem partnerships and collaborations with OpenAI.

Financial highlights

• Net sales reached SEK 543.9 million, up 12% year-over-year, with organic growth of 11.7% and a negative currency impact of -2.8%.

• EBIT increased to SEK 78.5 million, with margin improving to 14.4%.

• Gross profit margin reached 80.1%, at the high end of guidance.

• Cash position remains strong at SEK 1,020 million, with operating cash flow of SEK 52 million.

• Subscription sales rose 23.4% to SEK 97.8 million, now 18% of net sales; ARR increased 4.4% to SEK 411.8 million.

Outlook and guidance

• Demand remains strong, especially in public sector and defense, with resilience built into the business model.

• Growth trajectory expected to continue, contingent on consistent product innovation and execution.

• Capital Markets Day scheduled for November 19, 2026, to provide further strategic updates.