Redeye comments on SHH’s Q4 2025 report, which landed relatively in-line with the company’s preliminary figures. SSH reported a 13% y/y growth in subscription ARR, while the headline sales growth was softer at -21% due to a large license deal that was recognized in the comparable quarter (Q4 2024). EBITDA came in softer than expected at EUR0.1m (EUR0.8m est), driven by slightly larger administrative expenses than expected and slightly lower sales. A key highlight is PrivX subscription sales increasing by 19% in Q4.
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