Redeye comments on SSH’s Q4 report, which was softer than expected following the January guidance revision. While headline sales declined due to last year’s license deal comparison, subscription ARR accelerated to 13% y/y growth, driven by strong PrivX momentum. EBITDA missed our estimates, but given SSH’s high operating leverage and sub-scale profitability, modest sales deviations have outsized effects on margins. We lower our sales estimates for 2026-2028e and adjust our Base Case to EUR2.9, but continue to view SSH as well positioned for accelerated growth as the Leonardo partnership gains traction toward 2026.
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