This report does not constitute a rating action. Cyberspace B.V. (Nord Security) is poised to deliver sustained, strong organic growth through improved user retention and successful market diversification. In the 12 months to June 2026, net billings increased 39% year on year to $1.44 billion, with net recurring billings representing 64% of the total (62% in 2025). User retention reached 79% during this period, up from 78% in 2025, while the installed subscriber base rose by 30% to 22 million. Furthermore, the company’s strategic shift beyond the virtual private network (VPN) market is progressing, as non-VPN products--including Saily and Incogni--contributed approximately 20% to June 2026 billings. S&P Global Ratings thinks this diversification should enhance cross-selling opportunities and bolster customer stickiness.
