Redeye comments on SSH’s Q2 2026 report, which showed net sales of EUR5.7m (EUR5.4m), up 6.8% y/y and 2.9% above our EUR5.5m estimate, with subscription ARR growing 14.3% y/y to EUR14.8m. PrivX subscription growth accelerated further to 25.1% y/y, up from 19.7% in Q1, in our view the single most important data point in the report. EBITDA of EUR0.2m (EUR0.4m) came in well ahead of our EUR-0.4m estimate. The quarter was overshadowed, however, by the same-day announcement that CEO Rami Raulas will retire, with the Board initiating a search for a successor.
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