Finland's SSH Communications Security Q2 sales up but EBITDA hit by investment costs

SSH Communications Security Oyj

17/07/2026 07:09

Overview
Finland cybersecurity software firm's Q2 net sales rose 6.8% yr/yr to EUR 5.7 mln
Q2 EBITDA fell to EUR 0.2 mln from EUR 0.4 mln a year ago
PrivX PAM solution drove growth, but investments weighed on profitability

Outlook
Company expects business through Leonardo partnership to accelerate in H2 2026
SSH Communications Security says it is well positioned to leverage earlier investments for growth

Result Drivers
PRIVX GROWTH - PrivX PAM solution was the main driver of sales growth, with revenue from PrivX up 25.1% yr/yr and multiple new customer wins and expansions
INVESTMENTS WEIGH ON PROFITABILITY - EBITDA declined due to continued investments in sales, marketing and R&D activities
CURRENCY IMPACT - Weaker US dollar reduced reported sales growth; at constant currency, Q2 revenue growth would have been 7.7%

Company press release: ID:nMFN4LS2FS

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Sales
Miss
EUR 5.70 mln
EUR 6 mln (2 Analysts)
Q2 EPS
 
-EUR 0.01
 
Q2 EBITDA
 
EUR 200,000
 
Q2 Operating Profit
 
-EUR 500,000
 

Analyst Coverage
The one available analyst rating on the shares is "strong sell"
The average consensus recommendation for the software peer group is "buy."
Wall Street's median 12-month price target for SSH Communications Security Oyj is €2.35, about 5.4% above its July 16 closing price of €2.23

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)