SSH Communications Security Corporation's Financial Statement Release January–December 2024

Net sales increased by 23%, EBIT positive during Q4

October–December 2024:

Net sales totaled EUR 6.8 million (5.5 million)
EBITDA was EUR 1.7 million (0.5 million)
Operating profit (EBIT) was EUR 0.8 million (-0.4 million)
Profit for the period was EUR 0.5 million (-0.4 million¹ )
Earnings per share was EUR -0.00 (EUR -0.02¹)

January–December 2024:

Net sales totaled EUR 22.2 million (20.3 million)
EBITDA was EUR 3.4 million (1.8 million)
Operating loss was EUR -0.3 million (-1.6 million)
Loss for the period was EUR -0.8 million (-2.0 million¹ )
Earnings per share was EUR -0.10 (EUR -0.10¹)

Operating cash flow was EUR 2.7 million (EUR 3.2 million). The equity ratio was 52.8% (50.0%¹). Liquid assets including short-term liquid investments were EUR 2.9 million (EUR 3.7 million).

1) The comparison period 2023 has been corrected according to IAS 8 due to adjusting interest expenses and deferred revenue. The decrease in interest cost was EUR 0.1 million for Q4 2023 and EUR 0.3 million for the full year 2023. Interest costs are included in financial items and the correction of the error affects profit/loss before taxes and net profit for the year, and any key figures derived from net profit. The correction of the error affects deferred revenue increasing it by EUR 0.3 million in the end of 2023.

Key Figures

EUR million	10–12/2024	10–12/2023	Change %	1–12/2024	1–12/2023	Change %

Net sales	6.8	5.5	23.1	22.2	20.3	9.0
EBITDA	1.7	0.5		3.4	1.8	88.4
% of net sales	25.3	9.6		15.5	8.9
Operating profit/loss	0.8	-0.4		-0.3	-1.6	84.1
% of net sales	12.2	-6.8		-1.2	-8.1
Profit/loss before taxes 1	0.9	-0.4		-0.6	-2.1	71.8
Profit/loss 1	0.5	-0.4		-0.8	-2.0	59.9

Return on equity, %1				-8.7 %	-19.4 %
Return on investment, %1				-5.1 %	-16.4 %
Liquid assets				2.9	2.2	35.8
Short-term liquid investments					1.5
Gearing (%)1				-8.9 %	2.9 %
Equity ratio (%)1				52.8 %	50.0 %

Earnings per share, EUR1	-0.00	-0.02	85.4	-0.10	-0.10	1.9
Shareholders' equity per share, EUR1				0.23	0.25	-10.6

Recurring revenue, ARR				20.5	19.3	6.0
Subscription revenue, ARR				12.3	11.5	7.4
Invoicing2	8.2	5.9	39.1	22.3	18.6	19.8
Deferred revenue1				13.0	12.2	6.0
Current1				10.5	9.8	7.1
Non-current				2.5	2.4	1.6

2) Invoicing number for comparison period 1-12/2023 has been corrected

SSH Communications Security provides alternative performance measures which are not defined by IFRS standards. Alternative performance measures should not be considered substitutes for performance measures in accordance with the IFRS. The alternative performance measures are:

EBITDA = Operating profit/loss + depreciation and amortization.

Recurring Revenue, ARR: Subscription + maintenance revenue at the end of the last month of the reported period multiplied by 12.

Subscription ARR: Subscription revenue in the last month of a reported period multiplied by 12.

Invoicing: Invoices sent during the reported period without VAT.

Deferred Revenue: Non-recognized revenue from invoiced maintenance and subscription sales.

Consolidated net sales

Consolidated net sales for October–December totaled EUR 6.8 million (EUR 5.5 million).

Consolidated net sales for January–December totaled EUR 22.2 million (EUR 20.3 million), increasing by 9.0% year-on-year.

EUR million	10–12/2024	10–12/2023	Change %	1–12/2024	1–12/2023	Change %

By segment
AMERICAS	2.2	2.2	0.1	7.9	7.8	1.4
APAC	0.6	0.4	33.9	1.9	1.5	28.8
EMEA	4.0	2.9	38.7	12.3	11.0	11.7
Total	6.8	5.5	23.1	22.2	20.3	9.0

By operation
Subscription sales	3.1	2.9	4.3	11.9	11.1	7.7
License sales	1.4	0.4	279.4	1.8	0.9	105.2
Maintenance sales	2.0	1.9	3.7	7.8	7.8	-0.7
Professional services & others	0.3	0.3	15.3	0.7	0.6	19.3
Total	6.8	5.5	23.1	22.2	20.3	9.0

The Americas region accounted for 35.7% (38.4%), the Europe, Middle East, and Africa region 55.6% (54.3%), and the Asia Pacific region 8.7% (7.4%) of reported net sales.

A significant part of SSH Communications Security's invoicing is US dollar based. The average exchange rate of the euro against the U.S. dollar was stable compared to 2023. With comparable exchange rates, the year-to-date net sales increase in 2024 would have been 9.0% compared to 2023.

Business outlook for 2025

We expect net sales to grow during 2025 compared to 2024. We estimate EBITDA and cash flow from operating activities to be positive for 2025. At the end of 2024, our Annual Recurring Revenue was EUR 20.5 million (EUR 19.3 million in 2023). Our net sales grew by 9.0% to EUR 22.2 million in 2024, and EBITDA was 3.4 million in 2024.

CEO review

SSH continued solid business growth during Q4 and full year 2024. The fourth quarter revenue grew significantly by 23.1%, reaching EUR 6.8 million (EUR 5.5 million), driven in part by strong license sales. The full year revenue grew by 9.0% to EUR 22.2 million, and EBITDA grew by 88.4% to EUR 3.4 million, representing 15.5% of net sales.

Cash position improved significantly during Q4 compared to Q3 due to strong operational cash flow of EUR 3.2 million. Liquid assets including short-term liquid investments were EUR 2.9 million (EUR 3.7 million).

Subscription sales grew by 7.7% in 2024 totaling EUR 11.9 million with PrivX subscription sales growing 23.2%. License sales grew by 105.2% to EUR 1.7 million in 2024, driven by the cryptographic solution and services announced in February being recognized as revenue during Q4. Total ARR grew by 6.0% to EUR 20.5 million.

We successfully expanded our business in several important growth verticals; defense market, critical infrastructure operators and manufacturing companies (OT).

During the fourth quarter we won several new customers in all regions. In EMEA, we signed an agreement with a leading Nordic energy company for PrivX. The customer sought an IT solution capable of centrally managing critical access at scale across both IT and OT environments. In APAC, a leading regional bank signed a multi-year agreement to expand its use of Tectia and UKM Key Manager in their environment. Additionally, a major Asian gaming giant selected PrivX as its PAM solution to secure access to sensitive intellectual property. In AMER, a global leader in digital payments expanded its use of UKM Key Manager to improve SSH key governance and secure critical transactions. In EMEA, a leading Northern European healthcare provider selected PrivX to strengthen access controls for servers and databases containing sensitive patient data, including medical histories, prescriptions and transcripts of doctor's appointments.

During 2024 we clarified our solution portfolio – Communications Security for Humans, Systems and Networks. New PrivX versions were announced featuring Zero Downtime upgrades and enhanced secrets management. SalaX's Matrix-based Secure Messaging was released to the market. New NQX versions feature certification for security level TL III (confidential information) granted by the Finnish NCSA (National Cyber Security Agency). NQX offers cutting-edge quantum-safe encryption while delivering up to 6x faster throughput than traditional hardware-based encryption solutions – ideal for customers requiring high bandwidth and large data volumes.

The latter half of the year marked a key step in our journey towards accelerating growth and improving profitability with higher efficiency. The main strategic themes of Zero Trust, OT Security and Quantum Safety continue to enable new business opportunities for us. Zero-Trust approach in access control eliminates reusable credentials and their GenAI-fueled phishing attacks. OT in manufacturing companies remains an attractive target for ransomware and extortion and therefore

needs improved resilience for operational continuity and better protection. Deploying Quantum-Safe encryption is vital now for securing long-term data against future quantum computers.

As the inventor of SSH Secure Shell, we have been safeguarding the internet for three decades, celebrating our 30th anniversary in 2025. With our Quantum-Safe, crypto-agile solutions, we remain committed to staying at the forefront of securing communications for the decades ahead, in the next era of Quantum Resilience.

Results and expenses

Operating profit for October–December was EUR 0.8 million (EUR -0.4 million), with net profit totaling EUR 0.5 million (EUR -0.4 million¹ ).

Operating loss for January–December was EUR -0.3 million (EUR -1.6 million), with a net loss totaling EUR –0.8 million (EUR -2.0 million¹ ).

Selling, marketing, and customer support expenses for October–December amounted to EUR -2.5 million (EUR -2.5 million), while research and development expenses totaled EUR –2.3 million (EUR -2.0 million) and administrative expenses EUR -1.4 million (EUR -1.4 million).

Selling, marketing, and customer support expenses for January–December amounted to EUR -9.2 million (EUR -9.4 million), while research and development expenses totaled EUR -8.9 million (EUR -7.9 million) and administrative expenses EUR -4.6 million (EUR -4.8 million). Operating expenses increased by 3.0% compared to the previous year.

Balance sheet and financial position

The financial position of SSH Communications Security was satisfactory during the reporting period. The consolidated balance sheet total on December 31, 2024, was EUR 30.1 million (EUR 31.4 million), of which liquid assets accounted for EUR 2.9 million (EUR 2.2 million), or 9.7% of the balance sheet total. Interest-bearing liabilities were EUR 2.1 million (EUR 2.4 million). Interest-bearing liabilities include a premium loan from ELO mutual pension insurance company, EUR 0.7 million (EUR 1.2 million). On December 31, 2024, gearing, or the ratio of net liabilities to shareholders' equity, was -8.9% (2.9%¹ ), and the equity ratio stood at 52.8% (50.0%¹ ).

The reported gross capital expenditure for January–December totaled EUR 1.5 million (EUR 2.7 million). The reported financial income and expenses of EUR -0.3 million (EUR -0.5 million) consisted mainly of exchange rate gains or losses, interest expenses, interest expenses arising from revenue contracts, and interest on lease liabilities.

During January–December, SSH Communications Security generated a cash flow from operations of EUR 2.7 million (EUR 3.2 million), and cash flow from investing activities was EUR -1.4 million (EUR -5.6 million). Cash flow from investments includes the final installment of deferred purchase price of the acquisition of SSH Secure Collaboration Oy (previously Deltagon) Oy EUR -1.7 million (EUR -1.7 million) and the withdrawal of investment in financial assets of EUR 1.5 million (EUR -1.5 million).

Cash flow from financing totaled EUR -0.6 million (EUR -1.1 million). Cash flow from financing includes proceeds from shares subscribed with option rights of EUR 0.3 million (EUR 1.2 million) and the payment of hybrid instrument interest of EUR 0.0 million (EUR -1.4 million). Total cash flow from operations, investments, and financing was EUR 0.7 million (EUR -3.5 million).

¹⁾ The comparison period 2023 has been corrected according to IAS 8 due to adjusting interest expenses and deferred revenue. The decrease in interest cost was EUR 0.1 million for Q4 2023 and EUR 0.3 million for the full year 2023. Interest costs are included in financial items and the correction of the error affects profit/loss before taxes and net profit for the year, and any key figures derived from net profit. The correction of the error affects deferred revenue increasing it by EUR 0.3 million in the end of 2023.

Short-term investments on December 31, 2024, were EUR 0.0 million (EUR 1.5 million).

Research and development

In our target market, the landscape is constantly evolving. We continue to invest in our future to position ourselves as the go-to company for secure communications between people, applications, systems, and networks. Our research and development expenses for October–December totaled EUR -2.3 million (EUR -2.0 million), the equivalent of 33.8% of net sales (36.0%). During October– December, the company has capitalized new product R&D costs of EUR 0.2 million (EUR 0.5 million).

Research and development expenses for January–December totaled EUR –8.9 million (EUR -7.9 million), the equivalent of 40.0% of net sales (38.6%). During January–December, the company capitalized on new product R&D costs in the amount of EUR 1.4 million (EUR 2.1 million). Depreciation from R&D capitalization assets was EUR -1.7 million (EUR -1.6 million).

Human resources and organization

At the end of December, the Group had 134 employees (158). The number of employees decreased by 24 people from the comparison period. The change was mainly driven by a decrease in headcounts in R&D and Customer Support functions.

At the end of the period, 48 (60) employees worked in sales, marketing, and customer services, 69 (77) in R&D, and 17 (21) in administration.

Board and auditors

The Annual General Meeting of SSH Communications Security Oyj was held on March 25, 2024. The Annual General Meeting unanimously adopted the consolidated financial statements and discharged from liability the Board members and CEO who have been active during the accounting period between January 1, 2023, and December 31, 2023. Henri Österlund, Kai Tavakka, Christian Fredrikson, Catharina Candolin and Tuomo Louhivuori were elected as directors of the company's Board of Directors. At the inaugural meeting of the Board of Directors, Henri Österlund was elected Chairman.

The Authorized Public Accountant Firm Ernst & Young Oy was re-elected as the auditor of the company. Ernst & Young Oy informed the company that Maria Onniselkä, Authorized Public Accountant, will act as the accountant with the main responsibility.

Group management team

On December 31, 2024, the Group Management Team consisted of the following members:

Rami Raulas, Interim Chief Executive Officer Michael Kommonen, Chief Financial Officer Miikka Sainio, Chief Technology Officer

Shares, shareholding, and changes in group structure

The reported trading volume of SSH Communications Security shares totaled 7,794,424 shares (valued at EUR 11,561,134) during the reporting period. The highest quotation was EUR 2.24, and the lowest was EUR 0.98. The trade weighted average share price for the period was EUR 1.33, and the share closed at EUR 1.04 (December 31, 2024).

Accendo Capital is the largest shareholder of SSH, with 27.7% of the company shares and votes. Tatu Ylönen is the second largest shareholder of SSH, with 17.1%, and Timo Syrjälä holds 7.4% of the company's shares. More information about the shareholding can be obtained from the company's website, ww.ssh.com.

Share capital and board authorizations

The company's registered share capital on December 31, 2024, was EUR 1,229,040.93, consisting of 40,968,031 shares.

The Annual General Meeting approved the Board of Director's proposal to authorize the Board of Directors to decide upon the issuing of a maximum of 4,000,000 shares as a share issue against payment or by giving stock options or other special rights entitling to shares, in accordance with Chapter 10 Section 1 of the Finnish Companies Act, either according to the shareholders' pre-emptive right to share subscription or deviating from this right, in one or more tranches. Based on the authorization, it can be either issuing of new shares or the transfer of own shares, which the company may have in its possession.

Based on the authorization, the Board of Directors shall have the same rights as the Annual General Meeting to decide upon the issuing of shares against payment and special rights (including stock options) in accordance with Chapter 10 Section 1 of the Finnish Companies Act. Thereby, the authorization to be given to the Board of Directors includes, inter alia, the right to deviate from the shareholders' pre-emptive rights with directed issues providing that the company has a compelling financial reason for the deviation with respect to the share issue against payment.

Furthermore, the authorization includes the Board of Directors' right to decide upon who is entitled to the shares and/or stock options or special rights in accordance with Chapter 10 Section 1 of the Finnish Companies Act as well as upon the related compensation, subscription, and payment periods and the registering of the subscription price into the share capital or invested non-restricted equity fund within the limits of the Finnish Companies Act.

The authorization will be valid until the next Annual General Meeting but will expire at the latest on June 30, 2025.

The Annual General Meeting approved the Board of Director's proposal to authorize the Board of Directors to decide upon the acquisition of a maximum of 2,000,000 own shares of the company with assets belonging to the company's non-restricted equity, which amounts to approximately 5.0 percent of the company's total shares. The shares can also be acquired other than in proportion to the holdings of the existing shareholders. The maximum compensation to be paid for the acquired shares shall be the market price at the time of purchase, which is determined by public trading.

The Board of Directors proposes that the authorization for the acquiring of the company's own shares would be used, inter alia, in order to strengthen the company's capital structure, to finance and realize corporate acquisitions and other arrangements, to realize the share-based incentive programs of the company or otherwise to be kept by the company, to be transferred for other purposes or to be canceled. The acquisition of shares reduces the company's distributable nonrestricted equity.

A decision concerning the acquisition of own shares must be made so that the combined amount of the own shares, which are in possession of or held as pledges by the company or its subsidiaries, does not exceed one-tenth of all shares. The Board of Directors shall decide upon all other matters related to the acquisition of shares.

The authorization will be valid until the next Annual General Meeting but will expire at the latest on June 30, 2025.

Risks and uncertainties

Substantial risks that might affect the profitability of the company have been reviewed and updated to reflect the current macroeconomic environment.

The largest risks are:

Refinancing risk/liquidity risk, such as being unable to pay obligations due to insufficient liquidity or difficulties in raising financing
Cybercrime, including e.g., ransomware
Delays in product development and closing new business as well as phasing of new business cases
Ability to execute the strategy
Ability to retain and recruit key personnel
Maintaining the ability to innovate and develop the product portfolio, including intellectual property rights (IPR)
IPR litigation and utilization of the patent portfolio
A large portion of the company revenue is invoiced in USD currency, and possible significant fluctuation in the USD exchange rate could have unpredictable effects on profitability. The company decides on hedging of USD-based contracts case by case.
Uncertainty in the macroeconomic environment, which can affect both the company's operational costs and financial expenses, as well as customer decision-making and product demand. Factors causing uncertainty include, for example, high inflation and increased market interest rates, a global pandemic such as COVID-19, or an international conflict such as war.

Principles and organization of risk management of SSH Communications Security are available on the company's web page: www.ssh.com.

Related party transactions

During the reporting period, there have not been any significant transactions with related parties, other than agreed remuneration with executive management and board.

Events after the balance sheet date

On January 8, 2025, the Board of Directors of SSH Communications Security appointed Rami Raulas CEO of the company. Mr. Raulas held the role of Interim CEO since 26, February 2024.

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

EUR million	10–12/2024	10–12/2023	1–12/2024	1–12/2023

Net Sales	6.8	5.5	22.2	20.3
Cost of sales	0.0	-0.1	-0.1	-0.1
Gross margin	6.7	5.4	22.1	20.2
Other operating income	0.2	0.0	0.3	0.2

Selling, marketing and customer support expenses	-2.5	-2.5	-9.2	-9.4
Research and development expenses	-2.3	-2.0	-8.9	-7.9
Administrative expenses	-1.4	-1.4	-4.6	-4.8
Operating profit/loss	0.8	-0.4	-0.3	-1.6

Financial income and expenses1	0.1	-0.0	-0.3	-0.5
Profit/loss before taxes1	0.9	-0.4	-0.6	-2.1
Taxes	-0.3	0.0	-0.2	0.1
Profit/loss for the period1	0.5	-0.4	-0.8	-2.0

Attributable to
Owners of the parent company1	0.6	-0.6	-1.1	-2.5
Non-controlling interests	-0.0	0.1	0.3	0.5
	0.5	-0.4	-0.8	-2.0

Other comprehensive income
Items which might be later transferred to profit or loss:
Foreign subsidiary translation differences	-0.4	0.2	-0.4	0.2
Total comprehensive income	0.1	-0.2	-1.2	-1.8


Attributable to
Owners of the parent company1	0.2	-0.4	-1.4	-2.3
Non-controlling interest1	0.0	0.1	0.3	0.5
	0.1	-0.2	-1.2	-1.8

Earnings per share
Earnings per share (EUR) 1	0.00	-0.02	-0.10	-0.10
Diluted earnings per share (EUR) 1	0.00	-0.02	-0.10	-0.10

Condensed consolidated statement of financial position

EUR million	Dec 31, 2024	Dec 31, 2023
Assets
Non-current assets
Property, plant and equipment	0.2	0.3
Right-of-use assets	1.3	1.2
Goodwill and intangible assets	19.4	21.1
Investments	0.0	0.0
Total non-current assets	21.0	22.6
Current assets
Inventories	0.4	0.4
Trade and other receivables	5.9	4.7
Financial Assets		1.5
Cash and cash equivalents	2.9	2.2
Total current assets	9.1	8.7
Total assets	30.1	31.4

Equity and liabilities
Equity
Attributable to parent company's shareholders1	2.3	3.1
Non-controlling interest1	6.7	6.5
Total equity1	9.0	9.5
Non-current liabilities
Non-current interest-bearing liabilities	0.2	0.7
Lease liabilities	1.1	0.7
Other non-current liabilities	0.0	0.0
Advances received and deferred revenue	2.5	2.4
Deferred tax liabilities	1.0	1.2
Total non-current liabilities	4.9	5.1
Current liabilities
Trade and other payables	4.9	5.9
Current interest-bearing liabilities	0.5	0.5
Lease liabilities	0.3	0.5
Advances received and deferred revenue1	10.5	9.9
Total current liabilities	16.2	16.7
Total equity and liabilities	30.1	31.4

Condensed consolidated statement of changes in equity

	Attributable to the owners of the Company
EUR million	Share capital	Hybrid capital securities	Translation difference	Unrestricted invested equity fund	Retained earnings	Total	Non controlling interests	Total equity
Equity Jan 1, 2023	1.2	12.0	-1.7	24.4	-30.8	5.1	6.0	11.1

Change1			0.2	1.1	-1.0	0.4	0.0	0.4
Net profit1					-2.5	-2.5	0.5	-2.0
Equity Dec 31, 20231	1.2	12.0	-1.5	25.6	-34.2	3.1	6.5	9.5

Change			-0.4	0.3	0.4	0.3		0.3
Net profit					-1.1	-1.1	0.3	-0.8
Equity Dec 31, 20241	1.2	12.0	-1.8	25.8	-34.9	2.3	6.7	9.0

Condensed consolidated statement of cash flows

EUR million	1–12/2024	1–12/2023

Cash flow from operations	2.7	3.2
whereof change in working capital	-0.2	1.6
Cash flow from investing activities	-1.4	-5.6
Cash flow from financing activities	-0.6	-1.1

Increase (+) / decrease (-) in cash	0.7	-3.5

Cash at period start	2.2	5.7
Effect of exchange rate	0.1	-0.1
Cash at period end	2.9	2.2

Notes to the financial statement release

This unaudited Financial Statement Release is prepared in accordance with IAS 34 Interim Financial Reporting using the same accounting policies and methods of computation as in the annual financial statements

This financial statement release does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2023. The presented figures have been rounded from the exact figures.

The accounting policies adopted for this financial statement release are consistent with those applied in 2023 consolidated financial statements, except for the adoption of new standards effective as of January 1, 2024. The Group has not early adopted any standard, interpretation, or amendment that has been issued but is not yet effective. The new standards and amendments had no impact on the financial statement release of the SSH Group.

Changes in property, plant and equipment

EUR million	Dec 31, 2024	Dec 31, 2023
Carrying amount at the beginning of the period	0.3	0.3
Increase	0.1	0.2
Depreciation and impairment	-0.2	-0.1
Foreign exchange rate differences	0.0	-0.1
Carrying amount at the end of the period	0.2	0.3

Changes in right-of-use assets

EUR million	Dec 31, 2024	Dec 31, 2023
Carrying amount at the beginning of the period	1.2	0.9
Increase	1.0	0.8
Decrease	-0.4	-0.1
Depreciation and impairment	-0.5	-0.4
Foreign exchange rate differences	0.0	0.0
Carrying amount at the end of the period	1.3	1.2

Changes in goodwill and intangible assets

EUR million	Dec 31, 2024	Dec 31, 2023
Carrying amount at the beginning of the period	21.1	21.5
Increase	1.5	2.5
Decrease	-0.1	0.0
Amortization and impairment	-3.0	-2.9
Foreign exchange rate differences	0.0	0.0
Carrying amount at the end of the period	19.4	21.1

Contingent liabilities

EUR million	Dec 31, 2024	Dec 31, 2023
Interest on hybrid capital securities	2.9	1.4
Rent security deposits	0.1	0.1

Key figures and ratios

SSH Communications Security provides an alternative performance measure, EBITDA, which is not defined by IFRS standards. Alternative performance measures should not be considered as substitutes for performance measures in accordance with IFRS.

EUR million	1–12/2024	1–12/2023
Net sales	22.2	20.3
EBITDA	3.4	1.8
% of net sales	15.5	8.9
Operating profit/loss	-0.3	-1.6
% of net sales	-1.2	-8.1
Profit/loss before taxes1	-0.6	-2.1
% of net sales	-2.7	-10.4
Return on equity (%)1	-8.7	-19.4
Return on investment (%)1	-5.1	-16.4
Interest-bearing net liabilities	-0.8	0.3
Equity ratio (%)1	52.8	50.0
Gearing (%)	-8.9	2.9
Gross capital expenditure	-1.5	-2.7
% of net sales	-6.8	-13.3
R&D expenses	-8.9	-7.9
% of net sales	-40.0	-38.6
Personnel, period average	145	150
Personnel, period end	134	158

EBITDA = Operating profit/loss + depreciation and impairment

Per share data

EUR	1–12/2024	1–12/2023
Earnings per share undiluted1, 2	-0.10	-0.10
Earnings per share diluted1,2	-0.10	-0.10
Equity per share1	0.23	0.25
No. of shares at period average (thousand)	40,929	40,482
No. of shares at period end (thousand)	40,968	40,664
Share performance
Average price	1.33	1.68
Low	0.98	1.22
High	2.24	2.40
Share price period end	1.04	1.33
Market capitalization period end (EUR million)	42.6	54.1
Volume of shares traded (million)	7.8	3.8
Volume of shares traded as % of total	19.0	9.5
Value of shares traded (EUR million)	11.6	6.0
Price per earnings ratio (P/E)	neg.	neg.
Dividend per share	0.00	0.00
Dividend per earnings, %	0.00	0.00
Effective return on dividend, %	0.00	0.00

2) Earnings per share is impacted by unpaid interest of hybrid capital securities

Reconciliation of alternative performance measures

The following table presents the reconciliation of EBITDA to the operating profit/loss.

EUR million	1–12/2024	1–12/2023
EBITDA	3.4	1.8
Depreciations and amortizations	-3.7	-3.5
Operating profit/loss	-0.3	-1.6

SSH Communications Security will release its Business Review for the first quarter of the year on April 29, 2025.

Helsinki, February 14, 2025

SSH COMMUNICATIONS SECURITY

Board of Directors

Rami Raulas

CEO

For further information, please contact: Rami Raulas, CEO tel. +358 50 331 1741 Michael Kommonen, CFO, tel. +358 40 183 5836

Distribution: NASDAQ Helsinki Ltd. Major media www.SSH.com

Disclaimer

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