Interim report
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c Yubico — Quarterly Report July-September 2026 Q3 Making the digital world safer for everyone
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 2 Record performance underpinned by strong customer demand The third quarter was the strongest in Yubico’s history, with record order bookings, strong sales growth and significantly improved profitability. Performance was supported by strong customer demand across all sectors. Third quarter • Net sales increased by 29.3 percent to SEK 708.0 (547.5) million, whereof 28.3 percent was organic change, and 1.0 percent was positive currency impact. • Subscription sales increased by 29.9 percent to SEK 112.6 (86.7) million, corresponding to 15.9 (15.8) percent of net sales. ARR increased by 13.1 percent to SEK 436.9 (386.2) million. • EBIT amounted to SEK 179.3 (79.6) million, corresponding to an increase in EBIT margin to 25.3 (14.5) percent. • Earnings per share after dilution amounted to SEK 1.69 (0.74). • Bookings increased by 88.2 percent to SEK 949.0 (504.2) million, whereof 85.1 percent was organic change, and 3.1 percent was positive currency impact. January - September • Net sales increased by 3.7 percent to SEK 1,731.2 (1,669.6) million, whereof 9.0 percent was organic change, and -5.3 percent was negative currency impact. • Subscription sales increased by 22.6 percent to SEK 301.0 (245.5) million, corresponding to 17.4 (14.7) percent of net sales. • EBIT amounted to SEK 272.7 (193.4) million, corresponding to an EBIT margin of 15.7 (11.6) percent. • Earnings per share after dilution amounted to SEK 2.65 (1.41). Significant events after the end of the quarter • On November 5th, Yubico’s Board of Directors adopted updated long-term financial targets for the period 2027-2031: average annual net sales growth of 15–20 percent, and a sustainable EBIT margin moving towards 20 percent by 2031. • On November 5th, Yubico appointed CFO Snejana Koleva as Deputy CEO. • On November 19th, Yubico will host a Capital Markets Day in Stockholm, which will also be available via livestream. More information on page 6 and the IR website. • 29.3% Growth in net sales in the quarter 13.1% Growth in ARR in the quarter 25.3% EBIT margin in the quarter LTM Full-year SEKm 2026 2025 Δ% 2026 2025 Δ% 25/ 26 2025 Net sales 708.0 547.5 29.3 1, 731.2 1,669.6 3.7 2,279.5 2,218.0 whereof subscription sales, % 15.9 15.8 17.4 14. 7 17.3 15.3 Gross profit 575.5 430.2 33.8 1, 379.1 1,313.4 5.0 1,792.9 1,727.3 Gross margin, % 81.3 78.6 79.7 78. 7 78.7 77.9 EBIT 179.3 79.6 125.2 272. 7 193.4 41.0 279.1 199.9 EBIT margin, % 25.3 14.5 15.7 11. 6 12.2 9.0 Net profit/loss 148.5 64.2 131.5 231. 6 124.4 86.2 235.3 128.1 Earnings per share, before dilution 1.73 0.74 133.0 2. 70 1.44 87.4 2.73 1.49 Earnings per share, after dilution 1.69 0.74 130.4 2. 65 1.41 87.8 2.70 1.46 Net cash 1,210.7 835.7 44.9 1, 210.7 835.7 44.9 856.0 Bookings 949.0 504.2 88.2 1, 916.6 1,649.9 16.2 2,621.2 2,354.4 whereof subscription bookings, % 22.2 17.1 20.8 20. 9 22.8 23.1 ARR 436.9 386.2 13.1 436. 9 386.2 13.1 391.0 Q3 Jan-Sep
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 3 Q3 26: Record Performance, positioning Yubico for long term growth A quarter well ahead of expectations The third quarter marked the strongest performance in Yubico’s history, and I am proud of how our team delivered such strong results following a challenging start to the year. Growth was broad- based, with particularly strong e-commerce performance, complemented by several significant enterprise orders secured after extended sales cycles. Order bookings amounted to SEK 949 .0 (504.2) million, an increase of 8 8.2 percent. Net sales amounted to SEK 708.0 (547.5) million, an increase of 28.3 percent, and 1.0 percent positive currency impact. Focused execution and the cost savings program completed earlier this year continued to support profitability. Gross margin improved to 81.3 (78.6) percent, and EBIT amounted to SEK 179.3 (79.6) million, corresponding to a margin of 25.3 (14.5) percent. The high-tech sector was the largest contributor to bookings, with public sector and financial services customers contributing to the strong performance. Geographically, Americas drove the increase, supported by large enterprise and public sector orders, while EMEA and Asia Pacific grew more modestly. Excluding large orders, bookings grew 40 percent in the quarter and 20 percent year to date, demonstrating solid growth beyond the largest transactions. The concentration of large orders amplified this quarter's performance, reaching record-high growth in bookings, which should not be viewed as a new baseline. The broader growth nevertheless demonstrates the strength of our customer relationships and conti nued progress in winning new business. We also continued to build our subscription business. Subscription bookings more than doubled year on year from SEK 86.5 to SEK 210.6 million, representing 22.2 (17.1) percent of total bookings. Subscription sales grew to SEK 112.6 (86.7) million, representing 15.9 (15.8) percent of net sales, and ARR increased by 13.1 percent to SEK 436.9 (386.2) million. Next phase of growth: updated financial targets Today we are setting the financial framework for Yubico's next phase of growth. Therefore, the Board of Directors adopted updated long-term financial targets for the period 2027–2031, targeting average annual net sales growth of 15–20 percent and a sustainable EBIT margin moving towards 20 percent by 2031. The new targets reflect our confidence in sustained long -term market opportunities . We aim to expand our product portfolio, strengthen our geographic presence and reach more customers through direct sales, channel partners and global system integrators. Our EBIT margin target is intended to preserve healthy profitability while providing capacity to invest in product development and commercial expansion. It also gives us flexibility to pursue selective acquisitions where these can accelerate our strategy. Our focus is on building predictable, profitable growth for the next phase of the company’s growth period. Expanding our offering to meet evolving security needs As AI reshapes security needs, we are extending our leadership in phishing-resistant authentication into broader digital identity solutions. At YubiNation, our inaugural user conference this week, we introduced YubiID, a new identity lifecycle platform that simplifies identity verification, enrollment of YubiKeys , credential management and recovery. This offering expansion creates new customer value and drives opportunities for recurring revenue growth. We also introduced our next-generation, PQC -ready YubiKey, utilizing post-quantum cryptography. Together, these innovations will deepen customer relationships and expand our market reach. We are rolling them out in stages, incorporating customer feedback and upholding Yubico’s standards of quality and reliability ahead of broader availability. Presenting our long-term strategy at the CMD We look forward to presenting how these opportunities translate into our long-term strategy at our Capital Markets Day in Stockholm on November 19, where the management team will outline the strategy, product roadmap, investment priorities and financial targets. Jerrod Chong, President and CEO
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 4 Group development Net sales July-September Net sales increased by 29.3 percent to SEK 708.0 (547.5) million in the third quarter, whereof 28.3 percent was organic change, and 1.0 percent relates to positive currency impact. The quarter’s strong growth was broad-based, with high customer demand across perpetual and subscription bookings, as well as e-commerce. Performance was further supported by several large enterprise orders, particularly in the technology, financial services and public sectors. Subscription sales increased by 29.9 percent to SEK 112.6 (86.7) million representing 15.9 (15.8) percent of net sales . The growth in subscription sales strengthened the recurring revenue base, with ARR increasing by 13.1 percent to SEK 436.9 (386.2) million. The Americas remained Yubico's largest market, representing 66.7 (64.5) percent of total net sales . Commercial activity was particularly strong among large enterprises and public sector customers. EMEA accounted for 23.3 (25.1) percent of net sales, supported by an established channel ecosystem and continued demand across both large enterprise customers and smaller customer engagements . Commercial activity was strong in DACH, Central and Eastern Europe and Benelux. Asia Pacific represent ed 10.0 (10.4) percent of net sales, with revenue development supported by the delivery of previously secured customer orders. January-September Net sales increased by 3.7 percent to SEK 1,731.2 ( 1,669.6) million, corresponding to an increase of 9.0 percent in local currencies . Subscription sales represented 17.4 percent (14.7) of net sales. Gross profit July-September Gross profit increased by 33.8 percent to SEK 575.5 (430.2 ) million, corresponding to a gross margin of 81.3 (78.6 ), supported by strong sales volumes and a favorable product and channel mix, particularly the continued growth in high-margin e-commerce sales. January-September Gross profit increased by 5.0 percent to SEK 1,379.1 (1,313.4) million, corresponding to a gross margin of 79.7 percent (78.7) EBIT July-September EBIT amounted to SEK 179.3 (79.6) million, corresponding to an EBIT margin of 25.3 (14.5) percent. The significant improvement in profitability was driven by strong sales growth, an improved gross margin and operating leverage, as revenue growth substantially exceeded the increase in operating expenses. Selling and marketing amounted to SEK 234.1 (202.1) million primarily reflecting higher sales commissions driven by strong order bookings and increased marketplace fees associated with e-commerce growth. Administrative expenses amounted to SEK 94.4 (77.6) million, mainly due to higher external costs and bonus accruals. Research and development amounted to SEK 75.0 (71.9) million. Headcount amounted to 506 (536) at the end of the third quarter, a decrease of -5.6 percent since Q3 25. Total recognized expenses for the LTIP programs amounted to SEK 10.0 (29.5) million. EBIT was positively impacted by currency effects of SEK 19.9 million. January- September EBIT amounted to SEK 272.7 (193.4) million, corresponding to an EBIT margin of 15.7 percent ( 11.6). The cost for the LTIP programs amounted to SEK 3.4 (76.3 ) million for the period. The lower costs related to the LTIP programs are driven by a change in management’s assessment regarding the likelihood of the 2024 program vesting, as well as the impact from reduction of headcount. EBIT was negatively impacted by currency effects of SEK -17.1 million. Net profit/loss and earnings per share July-September The net profit amounted to SEK 148.5 (64.2) million. Net financial items of SEK 14.2 (2.7) million were affected by currency effects of SEK 8.4 million related to USD cash balance in the parent company . Earnings per share after dilution amounted to SEK 1.69 (0.74). January-September The net profit/loss amounted to SEK 231.6 (124.4) million. The effective tax was 26.3 (22.9) percent. The increased tax expense f or this period is driven by prior year adjustment related to capitalization of development costs. Earnings per share after dilution amounted to SEK 2.65 (1.41). Net sales, quarterly and 12-month rolling, SEKm EBIT, quarterly and 12 months rolling, SEKm 590 623 623 499 547 548 479 544 708 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Quarter LTM 111 111 93 21 80 6 15 78 179 0 100 200 300 400 500 600 700 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026Quarter LTM
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 5 Group development cont. Bookings July-September Bookings increased by 88.2 percent to SEK 949.0 (504.2) million in the third quarter, whereof of 85.1 percent was organic change, and 3.1 percent was positive currency impact . The quarter set a record for Yubico, with strong growth across perpetual , subscription and e- commerce bookings, driven primarily by the technology, public sector and business services verticals. Several large customer orders, developed over an extended period, materialized during the quarter. Underlying demand remained strong, w ith bookings excluding orders above USD 1 million increasing by approximately 40 percent year on year. The Americas was the primary growth driver, supported by significant orders from large technology companies, financial institutions and government organizations. EMEA also contributed positively, recording its strongest third quarter to date. Both EMEA and APJ contributed with broad-based activity across the regions with sizeable orders in financial institutions and tech-sector. Subscription bookings amounted to SEK 210.6 (86.5) million, an increase of 143.6 percent and a corresponding to 22.2 (17.1) percent of total bookings. Growth was supported by large enterprise renewals and new customer agreements, reflecting continued demand for Yubico's subscription offering. Renewals represented SEK 106. 3 million in the quarter. January-September Bookings increased by 16.2 percent to SEK 1,916.6 (1,649.9) million, corresponding to an increase of 20.9 percent in local currencies. Subscription bookings amounted to SEK 398.0 (345.6 ) million, corresponding to 20.8 percent (20.9) of bookings. Annual recurring revenue, ARR July-September ARR increased by 13.1 percent compared to last year and amounted to SEK 436.9 (386.2) million at the end of the period. From Q2 to Q3 ARR increased by 6.1 percent to SEK 436.9 (411.8) million, the organic growth was 5.8 percent and the currency impact was positive 0.4 percent. Cash flow and financial position July-September Cash flow from operating activities increased significantly to SEK 226.5 (36.2) million in the third quarter, supported by strong profitability and improved working capital. The change in working capital contributed SEK 54.0 (-69.4) million, primarily driven by a reduction in inventory, partly offset by an increase in current receivables following strong sales growth. Inventory decreased in absolute terms, generating a positive cash flow impact of SEK 49.7 (-70.2) million. Inventory as a percentage of LTM sales declined to 27.4 percent, from to 31.6 percent in Q2. Cash flow from investing activities amounted to SEK -21.3 (-9.3) million, including investments in machinery and equipment of SEK -5.3 (-1.4) million and capitalized development projects of SEK -15.8 (-6.4) million. Cash flow from financing activities amounted to SEK -3.9 (-92.2) million, that relates to amortization of lease liabilities . At the end of the period interest-bearing liabilities totaled SEK 27.5 (39.0) million, consisting entirely of lease liabilities. January-September Cash flow from operating activities during the period amounted to SEK 365.7 (203.6) million. Changes in working capital for the period amounted to SEK 99.7 (10.4) million. Cash flow from investing activities amounted to SEK -53.8 (-25.8) million. Cash flow from financing activities amounted to net SEK -11.7 (-102.0) million. Cash and cash equivalents at the end of the period amounted to SEK 1,238.2 (874.7) million. Net cash at the end of the period amounted to SEK 1,210.7 (835.7) million. Bookings by quarter, SEKm ARR, SEKm 85% 81% 89% 68% 83% 72% 88% 76% 78% 15% 19% 11% 32% 17% 28% 12% 24% 22% 0 100 200 300 400 500 600 700 800 900 1,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 Perpetual Subscriptions 293 324 346 394 386 391 384 412 437 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 6 Other information Sustainability Yubico is committed to transparency and accountability in sustainability practices. The company’s overall vision is to make secure login easy and available for everyone. From a societal perspective, digital security is essential to ensure safe communication and to protect customers, citizens and, by extension, democracies. Yubico responds to the United Nations Sustainable Development Goals (SDG) no.9 by supporting a resilient infrastructure, and SDG no.16 by supporting effective, accountable, and transparent institutions and public access to information. For more detailed information relating to our sustainability work, see the Annual Report for 2025. Employees The number of employees in the Yubico group at the end of the period was 506 (536). Risk management Yubico works continuously to identify, evaluate, and manage risks in different systems and processes. Risk analyses are carried out continuously regarding normal operations and in connection with activities that are outside Yubico's regular quality system. The risk and uncertainty factors for the group and the parent company, including business and financial risks, are described in the annual report for the financial year 2025. Parent company The Parent company’s net sales for the third quarter amounted to SEK 404.7 (260.0) million. Profit/loss before tax was SEK 140.9 (64.5) million. Cash and cash equivalents at the end of the period amounted to SEK 751.8 (763.6) million. The number of employees in the Parent Company at the end of the quarter was 154 (165). Ownership and shares Yubico AB trades on Nasdaq Stockholm under the ticker YUBICO. As of September 30, 2026, the number of issued shares were 88 721 882, whereof 86,426,882 were ordinary shares and 2 295 000 were C shares. 1 430 000 C shares were issued to secure delivery of shares to participants in the long-term incentive program for 2026 (“LTI 2026”) and 865 000 C shares were issued to secure delivery of shares to participants in the long-term incentive program for 2025 (“LTI 2025” ). Such class C shares shall be redeemable and, upon a resolution by the board of directors, convertible into ordinary shares in Yubico. As of September 30, 2026, Yubico has repurchased 654,728 of its own shares (corresponding to 0.75% of the total number of issued shares) at an acquisition cost of SEK 88.3 million. The impact on earnings per share is negligible. Long-term incentive program Yubico has four long-term incentive programs, LTI 2023, approved by the EGM on September 19, 2023, LTI 2024, approved by the AGM on May 14, 2024, LTI 2025, approved by the AGM on May 13, 2025, and LTI 2026, approved by the AGM on May 5, 2026. For more information on the PSU programs see the Annual Report 2025, section “The Yubico share and owners” and Note 6. Significant events during the quarter No significant events in the quarter. Capital Markets Day 2026 Yubico will hold a Capital Markets Day at 3:00 PM CET on November 19, 2026 , in Stockholm, with the option to participate in the event remotely. More information as well as the registration link can be found on: https://investors.yubico.com/en/invitation-to-yubicos-capital-markets- day-2026-securing-digital-identities-in-the-age-of-ai/ Nomination Committee The Nomination Committee for Yubico´s 2027 Annual General Meeting has been appointed. According to the current instruction for the Nomination Committee, the Nomination Committee shall comprise four members appointed by the four largest shareholders in the company. The following members have been appointed to the Nomination Committee: • Carsten Browall, appointed by Bure Equity AB • Stina Ehrensvärd, representing herself • Malin Björkmo, appointed by Handelsbanken Funds • Thomas Ehlin, appointed by Fourth Swedish National Pension Fund The members of the Nomination Committee together represent 42.96 percent of the votes in the company. The Annual General Meeting in Yubico will be held on April 29, 2027. Financial targets On November 5th, Yubico’s Board of Directors adopted updated long- term financial targets for the period 2027-2031: • Yubico targets average annual net sales growth of 15– 20 percent over the five-year period. • Yubico aims to achieve a sustainable EBIT margin moving towards 20 percent by 2031. Dividend Policy: Reinvestment in the business is prioritized to support long-term growth. Dividends will be considered when financial position and liquidity exceed operational needs and planned investments.
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 7 Other information cont. The Board of Directors and CEO give their assurance that the interim report provides a fair overview of the development of the Group’s and Parent Company’s operations, profit and financial position and describes the material risks and uncertainty factors faced by the Parent Company and the companies included in the Group. The interim report has, following authorization from the Board of Directors, been signed by the CEO. Stockholm, November 5, 2026 Patrik Tigerschiöld Chairman Jaya Baloo Stina Ehrensvärd Eola Änggård Runsten Paul Madera Gösta Johannesson Jerrod Chong President and CEO Webcast/teleconference Yubico will hold a webcast/conference call, November 5, 2026, at 15:30 CET. Jerrod Chong, CEO , Snejana Koleva, CFO and Alexandra Barganowski, IR of Yubico will present and answer questions. To listen to the conference, click on the following link: https://events.inderes.com/yubico/q3-report-2026 Via the webcast, you can ask written questions. If you wish to ask questions verbally, please register on the following link: https://events.inderes.com/yubico/q3-report-2026/dial-in Financial calendar Capital Markets Day – November 19, 2026 Year-end report January – December: February 11, 2027 Contacts Jerrod Chong CEO jerrod@yubico.com Snejana Koleva CFO snejana.koleva@yubico.com Alexandra Barganowski Investor Relations & Sustainability alexandra.barganowski@yubico.com This report has been subject to review by the company’s auditors. The review report is available on page 8. This interim report is an English translation of the Swedish original. In the event of any discrepancies between the English translation and the Swedish original, the Swedish version shall prevail. The interim report includes such information that Yubico is obliged to make public pursuant to the EU Market Abuse Regulation (MAR). The information was submitted for publication on November 5, 2026, at 7.00 am CET.
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 8 Auditor’s report Translation of Swedish original Yubico AB (publ) org nr 559278-6668 Introduction We have reviewed the condensed interim financial information (interim report) of Yubico AB (publ) as of 30 September 2026 and the nine- month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to expr ess a conclusion on this interim report based on our review. Scope of Review We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Ann ual Accounts Act, regarding the Parent Company. Stockholm, November 5, 2026 Öhrlings PricewaterhouseCoopers AB Patrik Adolfsson Authorized Public Accountant Audit Partner The above Auditor’s report is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 9 Financial statements Condensed consolidated statement of profit or loss Condensed consolidated statement of comprehensive income All equity and total comprehensive income are attributable to owners of the Parent company, and there are no non-controlling interests. LTM Full-year SEKm Note 2026 2025 2026 2025 25/26 2025 Net sales 2 708.0 547.5 1,731.2 1,669.6 2,279.5 2,218.0 Cost of sales 3 -132.5 -117.3 -352.1 -356.2 -486.6 -490.7 Gross profit 575.5 430.2 1,379.1 1,313.4 1,792.9 1,727.3 Research and development 3 -75.0 -71.9 -222.0 -245.4 -293.0 -316.4 Selling expenses 3 -234.1 -202.1 -653.8 -612.5 -921.3 -880.0 Administrative expenses 3 -94.4 -77.6 -241.7 -277.3 -310.4 -346.0 Other income and expenses 7.3 1.0 11.1 15.1 10.8 14.9 EBIT 179.3 79.6 272.7 193.4 279.1 199.9 Net financial items 14.2 2.7 41.4 -32.2 40.6 -32.9 Profit/loss before tax 193.5 82.3 314.1 161.2 319.8 166.9 Tax -44.9 -18.1 -82.5 -36.9 -84.5 -38.8 Net Profit/loss 148.5 64.2 231.6 124.4 235.3 128.1 Earnings per share before dilution, SEK 1.73 0.74 2.70 1.44 2.74 1.49 Earnings per share after dilution, SEK 1.69 0.74 2.65 1.41 2.70 1.46 Average number of shares before dilution (mill) 85.8 86.3 85.8 86.3 85.8 86.2 Average number of shares after dilution (mill) 87.6 87.2 87.4 88.2 87.5 87.8 Q3 Jan-Sep LTM Full-year SEKm Note 2026 2025 2026 2025 25/26 2025 Net Profit/loss 148.5 64.2 231.6 124.4 235.3 128.1 Other comprehensive income Items to be reclassified to profit/loss, after tax Translation differences at translating foreign entities 10.4 -2.3 26.0 -30.7 20.8 -35.8 Tax relating to translation differences - - - - - - Total comprehensive income 158.9 61.8 257.6 93.7 256.1 92.3 Jan-SepQ3
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 10 Financial statements cont. Condensed consolidated statement of financial position 31 Dec SEKm 2026 2025 2025 ASSETS Intangible assets 68.3 23.6 28.3 Property, plant and equipment 63.9 68.0 73.3 Financial assets 9.6 9.0 11.0 Deferred tax assets 92.4 96.1 92.7 Total non-current assets 234.2 196.7 205.4 Inventories 624.0 759.2 715.7 Accounts receivable 399.7 315.7 317.7 Other current assets 146.7 83.9 80.7 Cash and cash equivalents 1,238.2 874.7 895.0 Total current assets 2,408.5 2,033.5 2,009.1 TOTAL ASSETS 2,642.7 2,230.2 2,214.4 EQUITY AND LIABILITIES Equity 1,908.7 1,640.4 1,659.9 NON-CURRENT LIABILITIES Non-current interest-bearing liabilities 17.3 24.0 23.0 Other non-current liabilities 6.9 9.9 4.8 Deferred tax liabilities 16.6 8.2 5.8 Total non-current liabilities 40.9 42.1 33.6 CURRENT LIABILITIES Current interest-bearing liabilities 10.2 15.0 16.0 Accounts payable 43.2 71.4 36.1 Other current liabilities 639.7 461.3 468.9 Total current liabilities 693.1 547.7 520.9 TOTAL LIABILITIES 734.0 589.8 554.6 TOTAL EQUITY AND LIABILITIES 2,642.7 2,230.2 2,214.4 30 Sep
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 11 Financial statements cont. Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows 31 Dec SEKm 2026 2025 2025 Opening equity 1,659.9 1,566.2 1,566.2 Net Profit/loss 231.6 124.4 128.1 Translation differences 25.9 -30.7 -35.8 Total comprehensive income 257.6 93.7 92.3 New share issue 3.6 2.2 2.2 Repurchase of own shares -3.6 -90.4 -90.3 Transaction costs -0.3 -0.5 -0.5 Value of share based compensation -8.5 69.2 90.1 Closing equity 1,908.7 1,640.4 1,659.9 30 Sep LTM Full-year SEKm 2026 2025 2026 2025 25/26 2025 Operating activities Profit/loss before tax 193.5 82.3 314.1 161.2 319.8 166.9 Adjustments for non-cash items, etc. 0.2 36.1 3.7 111.5 42.4 150.3 Income tax paid -21.2 -12.8 -51.8 -79.5 -80.2 -108.0 Cash flow from operating activities before working capital changes 172.5 105.6 266.0 193.2 282.0 209.2 Change in inventory 49.7 -70.2 100.8 -90.6 141.6 -49.8 Change in current receivables -45.8 4.1 -92.1 54.2 -87.5 58.8 Change in current liabilities 50.1 -3.4 91.0 46.7 80.3 36.0 Cash flow from operating activities 226.5 36.2 365.7 203.6 416.3 254.3 Cash flow from investing activities -21.3 -9.3 -53.8 -25.8 -76.4 -48.4 Cash flow from financing activities -3.9 -92.2 -11.7 -102.0 -11.7 -102.0 Cash flow for the period 201.4 -65.3 300.1 75.8 328.2 103.9 Cash and cash equivalents at the beginning of the period 1,020.1 945.5 895.0 824.1 874.7 824.1 Exchange rate differences in cash and cash equivalents 16.7 -5.5 43.0 -25.2 35.3 -32.9 Cash and cash equivalents at the end of the period 1,238.2 874.7 1,238.2 874.7 1,238.2 895.0 Q3 Jan-Sep
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 12 Financial statements cont. Condensed Parent Company income statement LTM Full-year SEKm 2026 2025 2026 2025 25/26 2025 Net sales 404.7 260.0 841.5 786.0 1,112.6 1,057.1 Cost of sales -116.1 -56.6 -249.2 -251.3 -325.8 -327.9 Gross profit 288.6 203.4 592.3 534.7 786.8 729.2 Research and development -20.2 -43.3 -68.2 -140.1 -139.0 -211.0 Selling expenses -34.7 -55.4 -111.8 -145.3 -189.4 -223.0 Administrative expenses -112.2 -43.9 -298.0 -147.6 -339.8 -189.4 Other income and expenses 6.7 0.5 5.0 13.6 4.8 13.4 Operating profit/loss (EBIT) 128.2 61.4 119.5 115.4 123.4 119.3 Net financial items 12.7 3.1 38.4 -30.0 37.5 -30.9 Profit/loss before tax 140.9 64.5 157.9 85.4 160.9 88.4 Tax on profit for the period -29.4 -13.3 -33.0 -18.1 -33.4 -18.5 Net profit/loss for the period 111.4 51.2 124.9 67.4 127.4 69.9 Q3 Jan-Sep
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 13 Financial statements cont. Condensed Parent Company balance sheet 31 Dec SEKm 2026 2025 2025 ASSETS Intangible assets 2.0 3.2 2.7 Property, plant and equipment 28.6 26.2 28.9 Participations in group companies 97.6 88.7 103.7 R eceivables from group companies - - - Other Financial assets 4.2 6.1 6.0 Deferred tax asset 56.1 54.7 54.7 Total non-current assets 188.6 178.8 196.1 Inventories 498.5 630.1 608.1 Accounts receivable 90.3 90.1 112.0 Receivables from group companies 262.1 159.0 31.1 Other current assets 83.0 30.2 41.2 Cash and cash equivalents 751.8 763.6 689.6 Total current assets 1,685.8 1,673.0 1,482.1 TOTAL ASSETS 1,874.4 1,851.8 1,678.2 EQUITY AND LIABILITIES Restricted Equity 221.8 218.2 218.2 Non-restricted Equity 1,361.9 1,225.8 1,249.3 Total Equity 1,583.7 1,444.0 1,467.5 NO N-CURRENT LIABILITIES Other non-current liabilities 3.7 8.2 3.6 Total non-current liabilities 3.7 8.2 3.6 CURRENT LIABILITIES Current liabilities to credit institutions - - - Accounts payable 26.4 66.5 29.9 Liabilities to group companies 145.3 278.1 107.8 Other current liabilities 115.4 55.0 69.4 Total current liabilities 287.0 399.6 207.1 TOTAL LIABILITIES 290.7 407.8 210.7 TOTAL EQUITY AND LIABILITIES 1,874.4 1,851.8 1,678.2 30 Sep
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 14 Condensed notes to the financial statements Note 1. Accounting policies This interim report comprise of the Swedish Parent Company Yubico AB (”Yubico”), with corporate registration number 559278-6668, and its subsidiaries. The Group is a global cybersecurity company whose mission is to make the internet safer for everyone. The operation is to conduct cyber security and to provide security products and services linked to authentication and other business activities associated therewith. The address of the head office is Gävlegatan 22, 113 30 Stockholm. These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting” with some additional disclosures as required by the Swedish Annual Accounts Act. The Parent Company’s interim financial statements have been prepared in accordance with the Swedish Annual Accounts Act (1995:1554) chapter 9 “Interim Report” and the standard RFR 2 “Accounting for legal entities”. The Parent Company applies the same accounting policies as the Group with the exceptions specified in note 2 of Yubico’s annual report 2025. The preparation of financial statements requires management to make estimates for accounting purposes. These estimates and assumptions are based on historical experience and other factors that are considered to be reasonable under current circumstances. Ac tual outcome may differ from the estimates if the estimates or circumstances change. All financial assets and liabilities are measured at amortized cost, which is considered to be a reasonable approximation of fair value due to short durations. These condensed financial statements are presented in Swedish kronor (SEK) which is the Parent Company’s functional currency. All amounts are presented in million Swedish kronor (”SEKm”), unless otherwise indicated. Rounding differences may occur. Disclosures in accordance with IAS 34.16A are provided in the financial statements, notes and other parts of the interim report. IFRS 18 replaces IAS 1 and will become effective on January 1, 2027. The standard introduces new requirements for the structure of the income statement, dividing it into three categories (Operating, Investing, and Financing). The standard does not affect the recognition or measurement of items in the financial report, only presentation and disclosures. Yubico is currently evaluating the impact of IFRS 18.
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 15 Condensed notes to the financial statements cont. Note 2. Net sales For perpetual, the performance obligation is satisfied at the time of delivery and revenue is recognized at that point in time. For subscription, the security solution is consumed by the customer through continuous access to the security service including the access to Yubico’s intellectual property through the license and use of the hardware key over the contract term period. Accordingly, revenue is recognized on a straight-line basis over the contract period. Note 3. Personnel expenses for the group by function LTM Full-year SEKm 2026 2025 2026 2025 25/26 2025 Americas 472.0 352.9 1,133.1 1,157.9 1,477.6 1,502.4 EMEA 165.0 137.6 442.4 376.6 596.9 531.1 Asia Pacific 71.0 57.0 155.7 135.1 205.0 184.4 Total 708.0 547.5 1,731.2 1,669.6 2,279.5 2,218.0 Q3 Jan-Sep LTM Full-year SEKm 2026 2025 2026 2025 25/26 2025 Perpetual 595.4 460.8 1,430.2 1,424.1 1,884.5 1,878.4 Subscription 112.6 86.7 301.0 245.5 395.1 339.6 Total 708.0 547.5 1,731.2 1,669.6 2,279.5 2,218.0 Q3 Jan-Sep LTM Full-year SEKm 2026 2025 2026 2025 25/26 2025 Cost of sales 28.7 27.6 85.1 85.3 112.5 112.7 Research and development 66.0 65.0 200.8 226.7 263.1 289.0 Selling expenses 162.0 138.8 453.0 446.9 636.6 630.4 Administrative expenses 54.2 51.0 146.0 186.0 186.5 226.5 Total 310.9 282.4 884.9 944.9 1,198.6 1,258.6 Q3 Jan-Sep
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 16 Quarterly figures This section includes certain alternative performance measures (APM) which are not defined under IFRS. These are used by Yubico as Yubico believes that these APMs provide valuable information for investors and other stakeholders to evaluate the financial performance of Yubico. As not all companies calculate financial measures in the same way, they are not always comparable with similar measures used by other companies. These measures should therefore not be regarded as a substitute for measures defined under IFRS. SEKm Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net sales 708.0 543.9 479.3 548.3 547.5 499.1 623.1 623.0 589.9 Net sales growth (%) 29.3 -0.7 -23.1 -12.0 -7.2 -18.8 24.9 12.2 44.8 Net sales growth (adjusted for change in foreign currency) (%) 28.3 11.7 -10.2 -1.3 0.1 -11.4 22.4 11.2 49.0 Subscription sales 112.6 97.8 90.6 94.1 86.7 79.2 79.6 74.3 71.2 Subscription sales of net sales (%) 15.9 18.0 18.9 17.2 15.8 15.9 12.8 11.9 12.1 Gross profit 575.5 435.4 368.2 413.9 430.2 394.5 488.7 524.3 478.0 Adjusted operating profit (EBIT) 179.3 78.5 14.9 6.5 79.6 21.2 92.6 110.9 110.7 Operating profit (EBIT) 179.3 78.5 14.9 6.5 79.6 21.2 92.6 110.9 110.7 Net profit/loss for the period 148.5 61.5 21.5 3.7 64.2 8.9 51.3 113.1 81.2 Gross margin (%) 81.3 80.1 76.8 75.5 78.6 79.1 78.4 84.1 81.0 Adjusted EBIT margin (%) 25.3 14.4 3.1 1.2 14.5 4.2 14.9 17.8 18.8 EBIT margin (%) 25.3 14.4 3.1 1.2 14.5 4.2 14.9 17.8 18.8 Net cash 1,210.7 988.7 945.1 856.0 835.7 902.6 805.5 771.9 676.1 Bookings 949.0 577.1 390.6 704.5 504.2 621.8 523.8 771.3 609.7 Bookings growth (%) 88.2 -7.2 -25.4 -8.7 -17.3 -7.6 -9.5 12.8 52.6 Bookings growth (adjusted for change in foreign currency) (%) 85.1 -4.8 -14.4 4.6 -9.3 2.6 -10.7 11.5 58.5 Subscription bookings 210.6 140.0 47.3 198.7 86.5 200.8 58.3 146.0 89.3 Subscription share of bookings (%) 22.2 24.3 12.1 28.2 17.1 32.3 11.1 18.9 14.6 ARR 436.9 411.8 383.5 391.0 386.2 394.4 345.7 324.1 292.7
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 17 Alternative performance measures Key figure Definition Purpose Subscription sales Net sales related to subscription. Understand the magnitude of subscription revenue. Subscription share of net sales Subscription sales in relation to net sales. Measure to analyze the magnitude of the subscriptions in relation to net sales Net sales growth Annual growth in net sales. Used to measure the net sales growth in the company. Net sales growth (adjusted for change in foreign currency) Net sales growth adjusted for changes in foreign currency rates. Used to measure comparable net sales growth excluding translation effects into foreign currency. Gross margin Gross profit as a percentage of net sales. The measure is a complement to the gross profit, which only states the change in absolute figures (when different periods are compared). The gross margin is an indicator of the company's core profitability and helps assess the efficiency of the production and supply chain. EBIT margin Operating profit/loss (EBIT) in relation to net sales. The measure is a complement to the EBIT (Operating profit/loss), which only states the change in absolute figures (when different periods are compared). EBIT margin is used to provide an understanding of the group's overall profitability. Net cash Cash and cash equivalents less interest-bearing liabilities Used to assess the company’s ability to meet its financial obligations and level of debt. Bookings Total value of bookings received during the period. Measure used to analyze the magnitude of increase in bookings. Subscription bookings Total value of subscription bookings received during the period. Measure used to analyze the expected volume of future revenue related to subscription. Subscription share of bookings Subscription bookings in relation to total bookings. Measure to understand the relation of subscription bookings in relation to total bookings. Annual Recurring Revenue (ARR) Total contract value related to subscription contracts as of the end of the reporting period, excluding one-time fees, divided by the term of the contract, translated based on the average foreign exchange rate on a rolling 12-month basis. Management follows this measure as it is important to understand annualized revenue expected from subscribers.
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 18 Reconciliation of alternative performance measures LTM Full-year SEKm 2026 2025 2026 2025 25/26 2025 Gross profit and gross margin Net sales 708.0 547.5 1,731.2 1,669.6 2,279.5 2,218.0 Cost of sales -132.5 -117.3 -352.1 -356.2 -486.6 -490.7 Gross profit 575.5 430.2 1,379.1 1,313.4 1,792.9 1,727.3 Divided by Net sales 708.0 547.5 1,731.2 1,669.6 2,279.5 2,218.0 Gross margin 81.3% 78.6% 79.7% 78.7% 78.7% 77.9% EBIT margin Operating profit (EBIT) 179.3 79.6 272.7 193.4 279.1 199.9 Divided by Net sales 708.0 547.5 1,731.2 1,669.6 2,279.5 2,218.0 EBIT margin 25.3% 14.5% 15.7% 11.6% 12.2% 9.0% Net sales growth (adjusted for change in foreign currency) Total Net sales growth 160.5 61.6 whereof change in foreign currency 5.5 -88.3 whereof growth adjusted for change in foreign currency 155.0 149.8 Total Net sales growth 29.3% 3.7% whereof change in foreign currency 1.0% -5.3% whereof growth adjusted for change in foreign currency 28.3% 9.0% Jan-SepQ3 31 Dec SEKm 2026 2025 2025 Net cash Cash and bank 1,238.2 874.7 895.0 Non-current interest-bearing liabilities -17.3 -24.0 -23.0 Current interest-bearing liabilities -10.2 -15.0 -16.0 Net cash 1,210.7 835.7 856.0 30 Sep
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Quarterly summary CEO statement Group development Other information Financial statements Additional information 19 Yubico at a glance Yubico (Nasdaq Stockholm: YUBICO) is a global cybersecurity pioneer dedicated to making the digital world safer for everyone. As the creator of the YubiKey, Yubico set the gold standard for phishing- resistant, hardware- backed authentication — virtually eliminating account takeovers while keeping secure login effortless. A leader in authentication since 2007, Yubico co-created global standards like FIDO2, WebAuthn, and FIDO U2F, and introduced the foundational technology behind the modern passkey. Today, the company’s passkey solutions secure businesses, governments, and individuals in more than 175 countries, safeguarding the entire digital identity lifecycle from onboarding to recovery. Trusted by the world’s most security -conscious brands, AI frontiers, and institutions, YubiKeys deliver fast, friction- free, passwordless access across hundreds of enterprise applications out of the box. True to its mission, Yubico also drives the Secure it Forward philanthropic initiative, donating YubiKeys to vulnerable communities and nonprofits globally. Our global footprint includes headquarters in Stockholm, Sweden, Silicon Valley, California; and Singapore. Yubico is proud to be recognized as one of TIME’s 100 Most Influential Companies and Fast Company’s Most Innovative Companies. Yubico trading on Nasdaq Stockholm since December 5, 2024. Learn more at www.yubico.com. Our strategy is anchored in five closely connected priorities: • Advance the secure Root of Trust: Continue to strengthen Yubico’s position as the world’s most robust, cryptographically verifiable hardware-backed authentication devices. • Enhance YubiKey as a Service: Accelerate the ability for organizations to benefit from the adoption of the YubiKeys through value-added services, continuous security for users across all business scenarios, devices, platforms and locations. • Expand into Digital Identity Platform and Services: Built on Yubico’s foundation, the platform protects user and AI agent identities end-to-end, unlocks new use cases, to increase trust and privacy across the customer ecosystem. • Drive Go-to-Market Expansion: Deepen footprint with existing customers, attract new customers and activate everyday users, across markets, by leveraging our ecosystem of technical alliances, channel partners and system integrators. • Simplify Customer Experience: Remove friction at every step, from how customers learn about, buy and deploy Yubico solutions at speed and scale, to empowering strong customer voices. Financial targets 2027-2031: Dividend policy: Yubico targets average annual net sales growth of 15–20 percent over the five-year period. Yubico aims to achieve a sustainable EBIT margin moving towards 20 percent by 2031. Reinvestment in the business is prioritized to support long-term growth. Dividends will be considered when financial position and liquidity exceed operational needs and planned investments. Vision A safer internet for all Mission Protect the digital you Sales channels • Direct sales • E-commerce • Distribution partners: distributors and retailers Two business models • Perpetual models: Revenue and costs on delivery. • The subscription-based model: Revenue over 3–5 years and most of the cost in the first year Production and R&D • Adaptable production in Sweden and the U.S • In-house development and development partnerships with leading technology companies
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Yubico AB — Gävlegatan 22 SE-113 30 Stockholm Sweden + 46 8 411 30 00 www.yubico.com Org.nr 559278-6668 https://www.linkedin.com/company/yubico/ https://www.twitter.com/yubico/