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    Thomas Nilsson • Nordea

    Thomas Nilsson's questions to Yubico AB (YUBCF) leadership

    Thomas Nilsson's questions to Yubico AB (YUBCF) leadership • Q1 2025

    Question

    Thomas Nilsson questioned the impact of difficult Q1 comps on order bookings, asked for the composition of the order book, and inquired if the bookings decline would cause 2025 sales growth to fall below the 25% target.

    Answer

    CEO Mattias Danielsson acknowledged the tough comparison and explained that Q1 was missing the very large 'outlier' deals, though the volume of mid-sized deals remained steady. He noted that despite lower order bookings, net sales were close to the 25% growth target due to a backlog from orders placed in Q4 2024 that were delivered in Q1. While not providing a specific full-year forecast, Danielsson expressed optimism about closing large deals later in the year and stated it was too early to determine the full impact on annual net sales.

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    Thomas Nilsson's questions to Yubico AB (YUBCF) leadership • Q3 2024

    Question

    Thomas Nilsson from Nordea questioned the strategic priorities for the faster-growing EMEA and APAC regions and asked for the long-term target for inventory levels as a percentage of sales.

    Answer

    CEO Mattias Danielsson explained that the go-to-market strategy in EMEA and APAC relies exclusively on a two-tier channel model, working with value-added resellers while maintaining direct sales involvement for large, complex customers. He expects this growth trend to continue due to lower market penetration compared to the Americas. Regarding inventory, both Danielsson and CFO Camilla Oberg stated that while there's no specific target, a long-term level in the 25%-27% range of sales seems appropriate, down from the current 28%, though quarterly fluctuations are expected.

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    Thomas Nilsson's questions to YUBICO.ST leadership

    Thomas Nilsson's questions to YUBICO.ST leadership • Q4 2024

    Question

    Thomas Nilsson asked for an update on the long-term goal for subscriptions to reach 40% of sales and inquired about the churn rate among customers on the subscription offering.

    Answer

    Executive Mattias Danielsson reiterated that the subscription model is the preferred enterprise offering and a key part of a multi-year journey. He stated that customer churn has been 'very low,' primarily occurring only in cases of customer M&A activity. He added that renewal rates are high, often including expansions, and that the company is exploring ways to report these metrics more clearly in the future.

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