As we close the chapter on an eventful 2025, I find myself both grateful and honored to step into the role of Acting CEO. Having been part of the Yubico journey for over 12 years – most recently as President and COO – I have witnessed firsthand that our success is deeply rooted in a singular commitment: protecting our customers. As we move forward, this responsibility remains my priority, guiding us as we continue to support our partners and the broader identity community.

Building Momentum Through Trust and Service

Looking back at the final quarter of 2025, we saw the largest booking activity in fixed currency in our history for a single quarter, a testament to the growing trust organizations place in our solutions. While we are proud of this solid growth, what is most encouraging is the acceleration of our subscription business, YubiKey as a Service.

We are seeing strong engagement across critical industries, particularly within the high-tech, financial services, and defense sectors. This shift reinforces the strength and durability of our recurring revenue base and highlights a key trend: enterprises are increasingly seeking flexible, service-based models to secure their workforce. From signing multi-year agreements with major IT providers to rolling out self-service ordering portals, we are dedicated to simplifying large-scale deployments and reducing operational friction for our enterprise customers.

Strategy: from hardware keys to digital identities

While we navigate the immediate demands of the market, our vision is long-term. At our recent Investor Day in Stockholm, we shared the strategic roadmap that will guide our investments and execution for the years ahead. Our strategy is anchored in five connected priorities designed to secure the future of digital identity:

• Advance the secure Root of Trust: Continue to strengthen Yubico’s position as the world’s most robust, cryptographically verifiable hardware-backed authentication devices.
• Enhance YubiKey as a Service: Accelerate the ability for organizations to benefit from the adoption of the YubiKeys through value-added services, continuous security for users across all business scenarios, devices, platforms and locations.
• Expand into Digital Identity Platform and Services: Built on Yubico’s foundation, the platform protects user and AI agent identities end-to-end, unlocks new use cases, to increase trust and privacy across the customer ecosystem.
• Drive Go-to-Market Expansion: Deepen footprint with existing customers, attract new customers and activate everyday users, across markets, by leveraging our ecosystem of technical alliances, channel partners and system integrators.
• Simplify Customer Experience: Remove friction at every step, from how customers learn about, buy and deploy Yubico solutions at speed and scale, to empowering strong customer voices. 

Looking Ahead to 2026

Yubico was founded on a clear and enduring mission: to make the digital world safer. When in the wrong hands, AI is increasing the speed and scale of cyber threats, emphasising our responsibility to stay ahead of them. Accelerating this mission requires focus and discipline. In 2026, we are prioritizing product innovations while maintaining the scale, quality, and trust you expect from us. We are simplifying how we engage with the market to deliver greater value with less complexity.

Our long-term growth ambitions remain unchanged, and we will continue to invest in our organization to support future scale. Together, we are working for a safer digital world for everyone by making identities private and secure. We will protect what matters most and carry Yubico’s mission forward with integrity, passion, and purpose.