Good afternoon, good morning, good evening, wherever you may be. A warm welcome to F-Secure's Capital Markets Day. This is the first one that we're doing as an independent company focused on consumer security. This is an exciting day for us, a first time, and hopefully this also gives you a new kind of depth into our business and the way that we're approaching the future and our journey to independence. Let's get going. Our agenda today consists of myself giving an intro to what kind of a company we are today and what is our business, what is our business model. In a way, we'll go through the fundamentals, what are we like as a company? After that, as we're becoming independent, we've got a lot of questions from people like yourselves in the room here and many others about how are we going to be capable of being independent in terms of technology and cybersecurity capabilities, and our Chief Technology Officer, Toby White, will be talking about that after me. We'll have a 15-minute break. Those in the room will get a bell so that you know when to get back. Those in the webcast will have a counter so that you know when we start again. After the break, I will be digging a bit deeper into our growth strategy, how we're going about building a bigger, better, stronger F-Secure. We'll finish off by our Chief Financial Officer, Sari Somerkallio, who will be looking at how we're actually creating shareholder value and looking more deeply into the figures of the company now and towards the future. We'll have some closing remarks and a Q&A. Just so that you know, after each session that me and Toby and Sari will be running, we'll have separate Q&A right away. That may be a little bit shorter. If the time isn't enough for you to pose your question either from the room or online, we will have a longer Q&A at the end. Okay? Worry not, you will have your chance to pose those questions. This is what we look like. You will see enough of us during this afternoon. This, as always, is our legal disclaimer. You can find it in the materials afterwards. I will not go into the details with regards to this one, the typical language that you would find in these situations. This is a new era for F-Secure and goes without saying that the level of excitement within the company is very, very high. We're very excited about the future and feel that we are indeed starting a completely new kind of an era. It's a funny thing that you're 34 years old as a company, and you feel like this is a new start. We feel like a startup. These are some of the things that you can see on the slide, what makes this such an exciting moment for ourselves. First of all, we believe that we have a mission and vision that is inspiring to provide brilliantly simple experiences to our customers and partners alike. It's funny how this kind of a vision can become the organizing thought around everything you do in the company, and we can already see that. Secondly, what we do in cybersecurity and what we do in our technology development, now everything is purpose-built and optimized to serve the needs of consumers out there and our partners who are taking our services to consumers. Optimization is also very good. One of the bigger things that hopefully becomes clear during the course of this session is that we are very much a partner first type of a company. For anybody out there who has a large amount of consumers and they would like to extend their own offering to also include consumer security services, we want to be the absolute best partner for them. If they want to build a successful business in consumer security, we're the partner to help them do that, not only with our offering, but the business capabilities that we can offer to them. Finally, we have a very strong financial position already to begin with, and that provides a fantastic base for value creation for our shareholders. Also, it gives us a chance to build a potential M&A pipeline going forward. We've been working on lots of things in addition to the day-to-day business in the past, let's say, nine months that we've been working on the demerger, and one of those things is that we've started looking at what is the new identity of F-Secure now that we're 34 years old and we've been one thing, but now we're going to become a completely new kind of company. That identity has now been turned into a video that we will share with you as a sneak peek. We will be launching all of this officially in our annual global partner event in September, but you will get a sneak peek to what's in store. Let's have a look at the video. A bit different, hopefully, from what you're used to seeing in F-Secure. This, in a way, shows you what we talk about when we talk about the brilliant experiences that we want to provide. We want it to be holistic. We want to touch everyday lives of people, and be capable of serving all the needs that they have. Let's move on. All of the things that you saw in the video are according to a new brand identity and the new vision of the company. All of that will be turned into reality in the next three months or so, and then launched into everything we do starting from September. In this presentation, you will still see the old logo and the new logo a little bit as a mix. Don't get mixed up. Moving on. Now let's talk about the company. What kind of a company are we today, and what are the basic dynamics of our business? This is F-Secure at a glance. At the bottom there, you can see some financial numbers from 2021. At the top, you can see other descriptors of our business. To put it short, we're a rock solid company, EUR 106 million of revenue, 44% adjusted EBITDA last year. We're already a very much a modern SaaS type of a company with 98% of our company revenue coming from subscriptions. The rest is services, one-time services, and very good cash conversion rate at over 90%. In terms of descriptors of our go-to market, we are the number one partner to communication service providers out there. We have 130 partners across the world. Altogether, 170 partners, 40 of them are from other fields. More about that later. We have about 16 million subscribers across the world today, and our retention rate is very high among our customers. Our revenue is split roughly 20% direct business, 80% partners. In terms of geographies, about one-third is coming from the Nordics, about 50% from other countries in Europe, about 20% from Americas and Asia together. We're seeing fastest growth in Asia, North America, actually. That just very quickly. Why de-merge? Is it a positive move not only for WithSecure but also for F-Secure? Absolutely. It is a very positive move for us, and we look at it as a huge opportunity to grow the business to new heights. First of all, we see that now we can be a very customer and partner-centric, market-oriented company with capability to invest for growth. We have strong finances. Now we can actually invest more of that money towards our growth. We have set the bar higher than ever before. We want to lead the market in providing brilliantly simple experiences to consumers and partners alike out there. We want to be the best. We have over 350 people today who can be completely focused on developing technology and cybersecurity specifically for the needs of consumers. Finally, we believe that we can actually now accelerate our strategy execution quite a bit because of that focus and because of that capability to invest into the things that are important for us. Naturally, that creates shareholder value. This is the team that we built, the F-Secure dream team, to deliver on the promise. What we've changed now to drive market centricity and customer and partner centricity is that we've created what we call product business cells. We have two of them, one called Security Suite. If you think of what F-Secure is known for, it is the applications that you download into your devices to keep you safe. That's what it means, all the applications that you would download. Secondly, Network Security. If you think of our offerings, you may be familiar with products like SAFE, Freedome, ID Protection, KEY. They all fall into the Security Suite category, now re-baptized Total. In network security, our core offering is Sense, our security capability that we embed into wireless routers in homes to keep people and devices safe in connected homes. To make sure that we're not just shooting bullets out there that go crisscrossing into different directions, we have portfolio management that pulls it all together and builds a coherent value proposition for the company and looks into what else should we do, to what kind of direction should we go with our offering. Portfolio management is also looking after the customer experience across everything we do. They're also looking at how can we harness data better to support the everyday life of our end customers as well as our partners. They build the business support services that our partners need. Okay? Those are the roles. Portfolio management is run by a Dutch gentleman, Steven Offerein, based out of London. Security Suite by Michał Iwan. He comes from Poland, based out of Warsaw. Network Security by Dmitri Vellikok, who's based out of the New York region and just entered the room over here. All of the things that we drive in these teams, all of it consists product management, R&D, business development, product marketing, product concepting. All of that comes together in the product business cells and our functions support them. Toby White, our CTO, supports it through our common R&D and our labs, which runs research. He'll tell more about that. Our premier marketeer, Richard Larcombe, based out of London, is our Chief Marketing Officer. Toby, by the way, even though he's Scottish, he's based here in Helsinki. Our two business leaders, partner business is run by Paul Palmer. He's from the U.K. and based out of London. Our direct business run by Perttu Tynkkynen here in Helsinki. Finance and legal run by Sari Somerkallio, who's going to be presenting today. Sari joined us in February. People and culture run by Kitta Virtavuo, who joined us, what, nine days ago? Also out of Finland. Mikko Kestilä has been with F-Secure for quite some time. He runs IT, our information security, and customer support. Antero Norkio, who's also here today, runs our Corporate Development, including strategy process. Will be developing a potential M&A pipeline for us. That's the team. All of us have the same incentives and targets, revenue growth, adjusted EBITDA, and employee NPS. That's what all of us share as common targets. Moving on, let's talk a little bit more about the consumer security experience. It's broken. We didn't have a chance to talk before we came into the room about how broken it is. When we run surveys, when we talk to our partners, when we talk to consumers, especially across the world in different markets, they are very concerned about the internet being such a scary place. They have concerns. Am I safe? I'm using this service. Does that keep me safe? Do I need something more? I have something on my mobile phone. Does it keep me now holistically safe? People are confused. They are asking for help. Three out of four people are asking for help in terms of how do I fix my online security. Finally, tech-savvy people. 72% of tech-savvy people say that it is practically impossible for them to secure themselves. If tech-savvy people say this, what's it like for our siblings and moms and dads and kids who are not necessarily quite as tech-savvy as we are? This is not how it's supposed to be. There's tons of good technology, there's tons of good cybersecurity out there, but it doesn't make sense. For some reason, it doesn't make sense. We're not effectively doing the job we should. We're speaking techno language. The benefits of using and having the applications and services in place is a bit unclear, and there's a lack of engagement with people. People don't quite know what's going on. Therefore, we set the target for ourselves and the vision to become the number one consumer security experience company in the world. Pandemic has made things even more complex, people are actually now pivoting more and more towards clear, understandable, relatable services instead of going with even more complexity. It's been enough, thank you. Based on a media agency out of New York survey, 57% of people are actually willing to pay a premium to have a simpler experience. Simplicity makes business sense also. These experience principles may be self-explanatory, but just to repeat them, experiences need to be personal, rewarding, clear, and smooth or fast. That's what we mean by it. It means every single aspect of consumer security. How do people find it? How do they buy it? How do they take it into use? How do they make sure that all of their family members are secure? How do they understand that it's actually delivering value when they have the service in use? If they want to discontinue, how do they do that? Hopefully, they don't need to do that, but even so. This is what we mean by great security experience. Like I said, it's now our organizing thought, and this will be a journey. It's not something that we will come November, we say, "Hey, we've cleared it. It's all done." Absolutely not. We will embark on a journey that will take us quarters and years and years, but we want to be absolutely the best in the market. One of the points on the previous slide was that people are wanting help with their online security and how to get that fixed. Who do they go to? Who you going to call, right? Not Ghostbusters, but they call their service providers, and two out of three actually feel that their service provider should be the natural place. They provide already connectivity to them, then why not also security? This is a good thing, especially considering that for us, communication service providers are a core part of our partners, and we have well over 15 years of experience of working with them. About the market, it's big. It's big enough. Our revenue, EUR 106 million. The current market size is somewhere around between EUR 6 and EUR 7 billion a year, and this is the consumer spend. The consumer spend, according to Gartner, is going to be growing about, what, 3.8%, about 4% a year. It's a big enough market for us to, A, win market share, and also be successful in new pockets of the market. On the right, we can see some of the new pockets of the market. One of them is identity theft protection. That market in itself, it's not all cybersecurity. There are also things like just safeguarding your Social Security number or your credit cards. There are many aspects there that have to do with the credentials that you use when you're online. How do we know that our credentials are safe, that they haven't been hacked? This is a huge market. A part of that market, which is growing fast, has to do precisely what we're providing in our identity protection services. That's growing much faster than the consumer spend of 4% increase. Also, another pocket that is growing at a good pace are the wireless routers that are delivered into people's homes. They have a relatively long life. Think of the routers that you have in your home. How many years have you had them? 260 million new ones are being shipped every year, and these new routers start coming with better capabilities to, for instance, support containerization, which is super important to be able to provide new software and capabilities into routers in addition to just routing traffic. That's a huge enabler for us and helps us grow that market. What is it that we're serving our end customers with, the consumers out there? The all-in-one app, we call it Total. If our partners take it to market, it's called something else. We call it Total. It covers your security, privacy, identity protection, including password management. You can see the things listed on the left there. Also, during quarter three, we're adding smart tasks, which are like, in a way, tips and hints how you can improve your security. It starts talking to you, it starts helping you, and it makes it easier for you to take care of your online security. Naturally, it also contains what we here in the Nordics like to call family rules, because we don't want to control our kids. Elsewhere, it's oftentimes called parental control. We prefer family rules. That's naturally also included in Total. This is all in one app. No need to download several different apps anymore. This has hit the market now in April. We have our first service providers who have launched it. A bit more about that in a minute. Then in terms of Sense, our network security solution for connected homes, there's an SDK, a software development kit, that we embed into the router, which talks to our cloud back end, and then one person in a household uses an app to control the services, either on the left as our app or in the middle there, it's an app that one of our partners has delivered to consumers, and our capabilities are embedded in it. Okay. This is, once again, providing an effortless way to secure a connected home. Every single device in your home that is connected to that router is safe, including the people, by the way, who have their own smart devices. If that is the value proposition we have for consumers, then this is the proposition we have for our partners. Here are some examples, real-life examples, of some of our partners in Europe and North America. On the left there, you can see a case where a communication service provider adds on to their core service security services from F-Secure, and the average revenue per user goes up by 14%. That's a significant number for any communication service provider. In the middle there, you can see different kinds of numbers of how much having consumer security activated with a customer has decreased the churn of the customer base. Anything between 21-60 in these cases. They vary very much from country to country, from CSP to CSP. On the right, NPS, net promoter score. We can see time and again that the customers who have consumer security score higher in terms of NPS. Customer satisfaction is higher, and it can be anything from 10% to 20 percentage points. This is made possible because of the things I said that we develop and take further in the portfolio management team. The Security Business Platform of how we integrate into billing, CRM, customer lifecycle management, what kind of tools we provide, customer support that we provide, as well as data-driven insights. We provide data-driven insights to our partners with regards to cybersecurity, as well as how they're doing in the business. To consumers, naturally, data-driven insights into the app through the smart tasks, all based on a scalable cloud-based delivery platform run by Toby. I've already talked a little bit about our go-to-market model, so won't dwell long on this. On the left there, you see our partner channel, 170 partners all together globally, 130 of those CSPs. You can see some of the names there and logos. We have partners in retail. For instance, over here in the Nordics, Power, Verkkokauppa, Euronics, Amazon in Germany, banking and insurance. We even have some utilities companies who are adding consumer security to their offering. They can naturally address a very large global consumer market. Our direct channel through e-commerce, available through our own website, plus App Store and Google Play, and our partners for go-to-market, Cleverbridge. A few words about our business model. It's a subscription-based business model, and when we look at our partner channel, our partner is the one who does the heavy lifting with regards to sales and marketing, with our support and with our tools and best practices in use. They take it to customers either as bundled with the core service, no separate charge, or as a value-added service that comes with a separate charge, for instance, EUR 7 a month. The expected volume for a bundled service, it goes with the core service, is naturally very large. The user base is very big. When they sell it as a value-added service, it's medium. It's not quite as much, but it's still very significant. Then the unit price, when it's bundled, it's lower, and when it's sold as a value-added service, it's in the mid-tier. Whereas when we sell through our e-commerce, naturally, we take the brunt of sales and marketing, which is not insignificant, especially these times when Google and Facebook and others have increased the prices for digital marketing markedly. We always sell it as a value-added service. Once again, it's a monthly or annual fee. Then the price naturally is higher because we have to cover the sales and marketing cost. That's how our business is built from bottom up. I already talked about the fact that we are a market leader. This is pretty much how we see it. The number of communication service provider contracts globally, we believe that we have slightly under 50% of the CSPs out there that are providing consumer security services. That gives us an edge. On the right, some of the advantages that we have, why we have actually got to this position where we are. Finally, direct business is like our ear to the ground. It's our finger on the pulse of the market. We would never, ever be able to deliver the value that we do in our products, in the way we go to market, the way we communicate, if we didn't have the capabilities of direct business to inform us about what's going on. I thought that, okay, let's share some of those insights that we're gaining from direct business. One thing that we're seeing is that systematically, people are moving away from separate products to the Total offering. We're seeing every single quarter, Total just gains more and more traction. This gives us confidence that we're going to see the same thing in our partner channel. Secondly, we see that the identity protection market and awareness around it's building slowly. Consumers are not yet quite grasping, what do I need this for? How do I use this? What's the threat that is out there? We clearly need to work together with our partners and also in our direct business channel to increase the awareness and educate the market. It's still in its relative infancy. There are some markets where being a European player makes a big difference. Not all, but some. You may guess who they are, and I think you may even guess right. Then the way that we built our experience for our direct customers seems to be going, I would say, quite well. It's already getting an NPS of 47, which is very formidable already, but we're aiming higher, so we see that we're doing things right. If we're learning good things there, we should also share those with our partners. Finally, the marketing best practices that we've got in direct business are now being documented and transferred to our partner channel. That's all I had on the company as an intro. Now I would welcome your questions. We have about six minutes for questions, 5:58 right now. Laura will be helping me out in managing those, both online and from the room. I believe we also have microphones here so that people online can hear the questions from the room. All right. Anybody? Here is the first person in the first row. Hey, thank you for the presentation. Veikko Silvasti from Danske Bank. First of all, on the clarity, I'm also struggling with, I guess, other consumers as well. Let's say we have Apple iPhone. They have their walled garden, their iOS operating system and so forth. They invest billions into it. It's secure. It should be the most secure thing that we can have. How can you add value on top of that with SAFE? What can you bring? Total can add value. SAFE can add value with parental control, right? Total provides password management across different devices, not necessarily all from Apple. It provides identity monitoring, so if your credentials have been hacked, you can use identity monitoring. Those are examples of the things that we can do in addition to VPN, of course. Clear. Maybe secondly, on the Sense product, can you give any estimate of the size of the business at the moment, and is it a faster-growing part, or is the growth coming from sales of Total? Okay. I will actually go into a little bit more detail when we start going through the growth initiatives that we have going on. I hope that I can answer your question pretty much spot on then. Perfect. I'll let other people ask now. Any other questions from the room? There in the front. Thanks. Hi, it's Felix Henriksson from Nordea. I guess on the value prop question there, you walked through the dynamics on how your product actually adds value. If you look at the competitive landscape, more or less all the large cybersecurity names globally do have their all sort of all-in-one Security Suite offering. I'm just perhaps struggling a bit to understand how you differentiate from them and why a consumer would choose your product. There's lots of good product out there. Hands down, there's lots of choices out there. How we differentiate is that what we've built is especially built in a way that a partner can take it on as swiftly and easily and smoothly as possible. Offering-wise, what the end consumer may see may be relatively similar at this moment in time, but the way how we can actually integrate that proposition into a partner's offering and support the partner with business services, that's very unique. There are cases, if somebody has a similar kind of all-in-one suite, clearly we need to look into capabilities that go beyond just that and has to do more with the way we partner. Also, the combination of Total and Sense is unique. There are very few players out there who have the capability to have them both running together and, for instance, your family rules integrated so that when you're at home on the Sense router or when you're away from home, the same rules apply. That's very unique. Can you say anything about your internal targets on how large of a share of revenues in the partner channel do you expect Total to contribute, let's say, by the year-end? I actually have a slide prepared just for you on that. Okay, great. A bit later in the growth section. Yeah, I think my follow-ups were all related to the growth dynamic, so I'll save the rest of my questions for that. All right. Cool, thanks. Any further questions from the room, or shall we have a look at online? Actually, our webcast is all happy because there are no questions so far. Okay. Now please just send your questions. Okay, there's one more over here. Perfect. May I shoot one more? You showed an interesting slide on the dynamics of this service provider market. You're the number one, then we have McAfee and NortonLifeLock. How's the dynamics there? Has McAfee been growing, declining? Have you been winning over market share in that? What's the, let's say, level of aggression in there? It's a tough competed market. Entry into a new partner is laborious and slow if they have already had a consumer security offering in place, because that would mean that you have a customer base using product A or offering A, and even though however good your new offering is going to be, you still have to take those users on a journey to change from one thing to the next. That's always quite a painful thing because you're asking users to do something. Whenever you ask them to do something, you may be losing quite a bit. Change doesn't happen often. If a partner is already providing consumer security services, it's not very common that they change partner. However, there are new product offerings that come to play, like Sense, that may change opinions. There are new product offerings like identity protection that haven't been there before that may make somebody think that, "Hey, but that one is good. Now I have a reason to actually go and change." They don't happen very often. I would say that there is healthy competition that there would always be, but shifts from one service provider to the next don't happen that often. There is a lot of companies who don't provide any consumer services today, so they're in a way virgin territory. We naturally want to win as many of them as possible, especially if they have a bigger user base. Clear. Would you say you have been the one gaining most foothold in this channel? Let's say past three years. Yeah, I would say that I can't compare to competitors in terms of numbers, but I can say that, for instance, last year we won more new partners than we've won maybe like in 10, 15 years. We were very successful at winning new partners last year. Great. Thank you. I'm afraid we have to now jump onto the next section. Thank you very much. Please hold your thought. We will have a Q&A at the end of the session, sometime from now. Now I want to hand over to the next speaker. Thank you. I have to say, that is me, by the way. It was a very posh corporate photo. I got nicely made up, and now I'm no longer recognizable. I would like to talk to you today about, as it says, cybersecurity platforms for complete protection. I think what I want to convey is firstly what is our technology vision that lies behind the product commercial vision that Timo gave us? What do we think this means technologically? Well, I would like to convey the fact that we, as F-Secure, are well-equipped to answer that challenge, and perhaps focus on some specific areas where I think we have unique strengths. There we are. Protecting our digital moments requires a comprehensive security strategy. I'll come back to that phrase about comprehensive security strategy a number of times. Digital moments, Timo showed you our new brand unveiling video with this concept of digital moments, and I think what we are trying to recognize here is that particularly after the last couple of years of pandemic, our exposure to the online world has changed dramatically, and our exposure to the online threat landscape. Digital moments are around the fact that moments in our lives which were perhaps transacted face-to-face before, are now transacted online, and that's the lens through which we need to see the consumer cybersecurity needs. Our thesis is that in order to protect that effectively, we need a comprehensive security strategy. What does that mean? Well, it means protecting more than just devices. The legacy of almost every consumer cybersecurity company lies in the fact that we are able to protect at a device level. We can do antivirus. We can do anti-malware. We need to protect more than just devices. There is our exposure from a privacy perspective. There are the risks to our identities online. There is, what does it mean to protect a family unit, not simply an individual? We all live now in environments in the home which are increasingly connected, and that broadens the range of threats to which we're all exposed. We need to protect consumers everywhere, not just in our connected home, but while we're out there in the world, on public Wi-Fi, on our friend's Wi-Fi. Any technology that we build needs to operate in a wide variety of environments. We can be experts in the internals of the Windows operating system, but actually, that's not enough. We need to work across all the personal devices that are out there. We need to deploy SDKs to routers for the Sense product. We need to deploy, and investigate threats and protections on the network backbone. Of course, a large quantity of our personal data is now in various cloud services. How do we operate around all of this? Finally, of course, none of this is static. Even day-to-day threats are emerging in different ways daily. We must stay on top of that across all of our devices, across everywhere that we do it, on the multiple operating environments, and we need to maintain a forward-looking view. Where will things be in two, three, four, five years? That comprehensive security strategy is absolutely core to whatever we need to perform. We are good at this. We have a history of being good at this. The old F-Secure, the combined company, we had a clear technology strategy of having a strong center of expertise which could be applied to both corporate and consumer segments. I think it's very important to recognize that that didn't dilute our approach to the consumer market. This is an abbreviated history of the last 10 years, showing key innovations that we've made in the consumer segment specifically. Going back 10 years, we launched for the first time, what arguably was actually our first major step in this comprehensive security approach. It was multi-device security via Safe, where for the first time, we promised to protect not simply your Windows laptop, but all of your devices together. Same year, we launched our Security Business Platform. Timo touched on this briefly. Because we are a channel partner first business, a large part of our ability to assure cybersecurity lies in the extent to which we can integrate effectively and provide assurance via partners. Our Security Business Platforms, which enable things like billing integration, customer support, lifecycle management, this is a core part of our security proposition, and we've been doing that for 10 years, and that continues to evolve. 2014, we launched Freedome. I think probably our very visible product, which again, establishing the comprehensive security strategy was a step towards privacy. 2016, we launched the first version of what we call Total in various guises, and that was a very clear step towards our current strategy of enabling this comprehensive security strategy, realizing that actually, the endpoint protection via Safe, the VPN protection via Freedome, the key password protection at that time, they were all part of a holistic approach to security, and that by providing that to consumers collectively, we strengthened the protection of all. At that stage, that was purely a commercial offering. It was purely a marketing bundle of the three individual products, but it still very much emphasized our product-focused approach to consumer security. 2017, we launched Sense, which you've heard about and will hear more about. 2020, we launched Identity Protection, both of these growing very effectively. This year, as you've heard, a couple of months ago, we launched our full one app Total, where all of these various consumer-focused activities are brought together in a single app, and that is being picked up very well by partners. We can see this is answering real customer needs. Along the way, we have picked up all sorts of best protection awards that demonstrate that this is real. None of this is news to you, I'm sure, but it does re-emphasize the fact that even as a combined company, we had significant consumer-focused cybersecurity development, which will continue. There's a few key aspects to that technology underpinning I want to focus on, though. The first one is this, which is our core cybersecurity expertise, if you like. Over the past, depending on how you count it, 20 years, 34 years, there's been lots and lots of work has gone on to developing different approaches to solving the consumer cybersecurity threats. Here are some of them. We've been doing malware research for literally decades. Content classification, data flow modeling, that refers to things like in the Sense device, that we model what goes on around the IoT network to understand threats there, network behaving research. Similarly, we've got investments into artificial intelligence. We build machine learning models, all of which help inform our ability to detect and neutralize threats. All of this sits there in a set of systems that work very effectively. How do we know this? Well, because every 24 hours, these numbers are from a quick analysis we did last week, in fact. 900 million queries to the cloud APIs that power this. That's across all of our products. In F-Secure Total, they're all talking to the same core security engines here, 900 million queries. From which 8 million unique samples were analyzed. From which 700,000 times we detected via various AI models, suspicious behavior happening on devices, on networks, which we could then block. We detected 500,000 pieces of malware which we could block. 53,000 times we detected a unique malicious sample, something that we had never seen before. That's in 24 hours. That's every 24 hours that's going on. That's very much the core cybersecurity technology that lies at the heart of what we do. That's how we bring protection to users. Of course, though, that is not enough. This is echoing much of what we're saying about simplicity. We believe that user experience is an absolutely core part of any security technology stack. It's not a nice add-on. It is part of what delivers security, and for these three reasons, right? We have to make sure that any security is activated. There's no use selling products unless actually they get onto people's devices one way or another and activated. Otherwise, there is no protection being provided. We think very hard about how to optimize that. In some cases, with F-Secure Sense, for example, it's possible to effectively entirely get rid of product activation because the fact that you're rooted there means any devices are naturally protected. Where activation is required, we work very hard to minimize what's needed. As the software is used, it has to not be annoying, it has to be effective, because annoying software doesn't get used. If we're popping up Smart tasks, right, Smart tasks are a great idea, but if they become annoying, software gets uninstalled, and it does not protect. For those very practical reasons, clearly, user experience is part of the protection experience. You don't get a protection experience without effective UX. The third thing is something that's become much more important over the last few years, is the fact that actually UX is an aspect of the security landscape, if you like. phishing, attempts to deceive you via email, smishing, attempts to deceive you via SMS messages, vishing, attempts to deceive you via phone calls. These are a major part, an increasingly large part through the pandemic, of the ways in which you as a consumer are at risk, and these are fundamentally about human behavior and UX. In order to effectively and convincingly counter these threats, we need to have a very deep understanding of what UX means, and we need to have a very deep understanding about how we can build effective counters into our products around this. For us, this is an absolute core approach to our ability to successfully protect consumers. Third aspect of our technology here I want to focus on is specifically around the Security Business Platform that we mentioned earlier. If you're delivering products to consumers, if you care about how consumers use those products because UX is a core part of what we're delivering, then you need to be able to understand how customers are engaging with your products. If you do that effectively, you can go beyond merely measuring, but also driving back personalized insights, personalized nudges that ensure that the consumer is even more effectively protected. We have a concept we call lifecycle messaging that we deliver to a number of our partners, which helps with activation, for example, which is one of the core hurdles to overcome. We can draw insights from how we know consumers use our products in order to personalize those lifecycle messages, make sure they arrive at the right time to ensure that activation rates are maximized. That might be via email, it might be via an SMS, it might be via a push message. Whatever it takes to actually ensure these products are used effectively. That's obviously of interest to us across the board. Certainly, from our direct business, actually, we gain a lot of insights about what works and what doesn't work. We are primarily a partner business. When we think about what we're selling to our partners, sure, we're selling products. They're selling products that might be provided as part of a core service, they might be a value-add service. We're actually selling to those partners their ability to make money. We're selling them a business, and in order to run a consumer security business, you need to have insights into how that business is operating so that you can optimize it. Our Security Business Platform is delivering insights, data dashboards, which let our partners understand how these businesses that they're running operate. That let them gain insights that we have from elsewhere to ensure that those businesses can be optimized, delivering additional revenue for the partner and for ourself. As I showed you a couple of slides ago, this business platform has existed for 10 years. There's a lot of insight, there's a lot of understanding, there's a lot of learnings from the partner market that exist in how that operates and what insights it can generate. Yes, that's the third aspect I wanted to touch on particularly. A couple of slides I would like to provide to talk about the relationship between us and WithSecure. This is one of the key questions that comes up in many forums. I suspect it came up this morning as well. As said, the old F-Secure for a long time had a very clear rationale that it existed to do things once and do things well from a security perspective, and make that available to both corporate and consumer markets. What does it mean now that we're splitting the company in two, we're executing a demerger, how do we do that? This is the answer. Top panel there, what was the old F-Secure, or will be still for the next four weeks? Well, it was 34 years of cybersecurity development. What does that buy you? Well, it buys you experts, staff, fellows who really know what they're talking about, deep expertise. It buys you the algorithms around malware analysis or whatever it might be, that inform our unique understanding of the cybersecurity market. It delivers the software in which those algorithms are embodied, the software that lets us maximize the expertise that we have internally to deliver cybersecurity protection to consumers. It delivers the systems, the infrastructure, the cloud-based delivery mechanisms that all of this is delivered through. That's what it buys you. From a consumer perspective, I'm ignoring swathes of WithSecure activity, of course, but from a consumer perspective, it did that across those five areas I've highlighted there, which are of interest to the consumer market. If you're building a holistic, comprehensive security strategy, I promised I would say that word more than once, these are the five things that we have that really deliver there. What's important to realize there is, of course, that of those five things, only one of them, security, I'm using that as a shorthand for device endpoint security, only one of them, that security one, is a common interest between WithSecure and F-Secure. When we look at how we were operating up until recently, it was very clear, actually, that security interest that was organized such that both parts of the company benefited very strongly from it. The other parts, privacy, identity, home, family, they were purely organized and managed within the consumer part of the business. Now, as we go through and execute this demerger, we do so, as you can see there. People will go to both sides of the organization. We've carefully planned out a new set of organizational structures on both parts of the company, which means that we benefit from certainly everything that is needed around the pure consumer parts of this activity. Where it's a shared concern, experts going to both parts of the company to ensure that we're both well-equipped to drive our portfolios going forward. In terms of products, it's a very simple split. They both go both ways. In terms of all the systems and software and infrastructure, well, we already had and managed much of what the F-Secure security cloud consists of. The ID Protection back end and the data associated with that, all the SENSE activities, all the systems that feed that, the full VPN network that lies behind Freedome, all of that was already under our control and formed the backbone of our security cloud. With respect to security per se, that's something where we have an operating model, which I'll describe on the next slide briefly. We have an operating model where actually we share that competency. From a practical perspective, this means that we have full control to drive our portfolio independently. That's the key thing that we need to deliver on this vision of a comprehensive security approach. We have full and exclusive right to all IP, which is part of the pure consumer activities here. Everything in privacy, identity, family, home, we have that. We have perpetual rights to use all IP in those systems which reflect shared interests like security. Regardless of what happens in the future, we have complete rights and the expertise to go with those rights to drive those independently. Finally, as part of this reorganization, when we made sure that all the right experts moved to the right part of the company to ensure full continuity here, we have created an entity called F-Secure Labs, different from the previous F-Secure Labs, but very much similar in spirit, which allows us to drive our research. Research in terms of how are threats developing daily? How do we stay on top of the 56,000 unique instances of malware that we detect every day? How do we ensure that we maintain a view two, three, four, five years off in the future of what we should be looking at, where we should be going? How do we ensure that we are continuing to develop the features which are required to protect our users that can be productized? We have that research. We have the threat intelligence to inform our own view of the threat landscape. We have the full expertise, software development capability needed to ensure that we can do all of that. It's not necessarily a clean break. There's quite some unpicking to be done, but it's a very conceptually straightforward approach here. We do have everything that's needed to make this work. Of course, WithSecure will remain a key strategic partner for us going forward. For any cybersecurity company, perhaps the core of your value is your ability to maintain an effective view of the threat landscape. Every cybersecurity company claims to have a security cloud. What does that security cloud equate to? Well, it's your view of the threat landscape and your systems to respond to that. Where does the data come from that? Well, it comes from your experts, your threat intelligence that you can generate, and it comes from your ability to harvest data on activities at large via deployed instances of software, via wherever you have insights, sensors in this way. That's never going to be enough. You always need to find ways to enhance that breadth of insight from other third parties. We have always had, and we always will have, a range of third parties with whom we work to acquire additional threat data. Some of those can be very lightweight relationships where we give you money, you give us data. Some of them can be deeper for mutual activities, exchanging data both ways. Sometimes we engage in more deep and extensive research. With F-Secure, we will have almost certainly the deepest relationship with any strategic partner because we will exchange threat intelligence both ways. We have a long legacy of working together. We understand how our data models fit into each other. We have systems that talk to each other very naturally because they have already talked for years. That shared threat intelligence, 20+ legacy years of shared threat intelligence that we retain access to, the shared intelligence we develop going forwards remains something which is of strong mutual benefit, along with the malware analysis systems that lie behind that. That looks like a very simple picture. It doesn't look like that today. As of the de-merger, we will have a transitional period. We have transitional service agreements that govern our interactions to ensure that both parties carry on working because the systems are heavily intertwined today between both parts of the company. We have this 18-month period over which time we will unpick those dependencies which don't make sense, ensure that both parties are able to drive their own strategy independently without losing the ability, so retaining the links which enable us to drive this strategic partnership. I will go to my last slide, you will all be delighted to hear, which is our view of what will make us successful from a technology and an R&D perspective. It's that firstly, we believe collaboration is the key to success. Secondly, believe we are very well-placed to answer that. As said, we need to approach this from the view of a comprehensive security strategy, and that's what this dancing father and his child are intended to represent. We can provide many of the jigsaw puzzle pieces that feed into this, whether that be device endpoint protection, VPN privacy, identity protection, and so on. So far, so good. I think one of our unique contributions here is that because we are a partner channel business, we recognize that we're not simply delivering one view of what is a comprehensive security experience. We're delivering a potentially different view for every one of our partners. Every one of our partners has a different view of the world. They have a different set of customers that they need to talk to. They have a different set of needs that they perceive from the market. They may have a different language or set of concepts which they need to describe their comprehensive security experience for their users. That is our challenge, which is we're not selling a one-size-fits-all solution. We have deliberately a set of capabilities that can be provided in different ways, in a highly configurable, highly modular way, to construct different ways around this comprehensive security experience. Regardless, we know that we may not have everything a partner needs. Because we've worked in this partnership way, it is natural for us to need to collaborate around this. We describe ourselves as a consumer company. Obviously, you can see from our business model, we are very much a B2B company in some ways, and a B2B company, perforce, needs to collaborate effectively with peers around it. Timo mentioned earlier, and I think we'll mention again, the Airties collaboration that we speak of. Here is a partner with whom we need to work because to plug in a comprehensive security experience for some of our partners, they would really like to have smart Wi-Fi in there. That's fine. We'll put smart Wi-Fi in there. Sometimes we need to go and answer needs which we don't yet have an answer for, you know what? Nobody does either, actually. A partner will come to us and say, "Look, for our comprehensive security experience, we really need to be able to do something interesting around recognizing devices in the home, actually. Can you help us with that?" Of course, well, we can. We have a Sense network router. Let's see if we can do something on that. Let's experiment. Let's try something out. Let's work with our operating partner. Let's work with the router manufacturer to whose devices we are deploying. Let's do some active research around what can work here. For that comprehensive security experience, it may never be enough what we can provide directly. We need to be able to approach this from a very partnership, integration-focused way. We have that research focus. As demonstrated, we have 34 years behind us of cybersecurity research, and we bring with us everything we need to ensure that research going forward. We have an integration-first architecture because we have had to in order to deliver value in the partner market, and that's been reinforced by the fact that we are now delivering an all-in-one application because it means we have to build our capabilities so that they can be integrated flexibly with each other and sometimes flexibly with partner apps. With the Sense SDK, as mentioned, we often deploy via a partner's application. We have a collaborative approach because to approach this, you need to have a good way of working in complex multi-stakeholder projects. You need to have the technology which enables that collaboration effectively. Again, that is something that we've had to have in order to play in this partner market. I'll stop there. I've got about five minutes left, but that's kind of the message I wanted to convey. We need to deliver a comprehensive security experience. We have the technology wherewithal to accomplish that, and we're extremely confident that we will do so. I'll pause there for questions. Laura, would you like to join me? Maybe you take the room first. We have somebody. Sorry, I can't see your name. You're Mr. Capital Markets Day, it says. Yes, thank you. Veikko Silvasti, Danske Bank. First of all, could you tell us a bit about your background? How long have you been at F-Secure, and where were you before this? Sure. I have been at F-Secure coming up two years. I joined what was the consumer business unit, in effectively the role I have today as VP of R&D. I took on the teams, which of 120 developers who have been delivering all the consumer products. Following the reorganization, we now have an even larger team because we've taken on additional experts from the rest of the company. I've been sitting in this role for two years, driving these teams to these product outputs. Prior to this, I've spent around 20 years, I guess, that shows my age, in software development one way or the other. Immediately prior to this, I was working for Wärtsilä as VP digital engineering there. Wärtsilä Digital was launched, I think, 2017 or so. I joined at that stage to drive software value across the organization. Great big company. Not a software company, lots of little pockets of software here, there, and everywhere. As part of their digital transformation, I was taking on bringing those together and making sense of it. That was the point at which I had moved to Finland. Prior to that, I spent a number of years around London and Cambridge. I actually founded a startup. Well, I had 10 years of academic research initially around data management, data visualization at the University of Cambridge. I founded a startup off the back of that to take data visualization technology to market. That startup was acquired, and I ended up as group CTO of GlobalData, which is a U.K. company delivering data services and so on until 2017 when I moved here. Great. Thank you. Now that you've been here for around two years at F-Secure, what do you think are the white spots that you want to fill? What's the R&D pipeline, maybe? Any new products coming up? Do you think currently you have the capacity and ability to do those R&D projects that you think you need to do in order to be a comprehensive provider? We have a very ambitious R&D pipeline. Much of our activity over the next couple of years will be taken up with kind of unpicking a number of the dependencies going on. Between WithSecure and F-Secure, there's a lot to unpick there, and to really ensure that we can deliver on that in 2018, I think we need to do a lot. In terms of more interesting R&D development, as it were, we have a clear roadmap around developing our Total proposition, the all-in-one app further. Particularly in terms of fleshing out its ability to perform the sort of the puzzle pieces I'm illustrating there. How much more modular can it get? How much more can we drive the usability of it in a way that both makes it easier for users and actually generates more revenue? Things like internal upsell paths within those products to pull more revenue from the users and from the partners. Around sort of core cyber technology activity, there's always ongoing development in kind of the core pieces which make up our security cloud, enhancing the ID Protection offering, enhancing the privacy offering, the SENSE offering. There are no new products per se planned, but it's a matter of sort of broadening out the proposition that we've got, making it more powerful and finding ways to really deliver more value from it in how we can integrate with partners. Are we equipped towards that? Yes. Rather, we will be. As it stands today, having directly split the company, in a sense, there's a lot of work to do, and there's a lot of teams which need augmented, but they will be augmented. We'll be doing substantial recruitment to ensure that we do have what we need. That's in plans, if you like. Those plans, I'm quite sure, deliver enough capacity to make sure that we can produce what we want in our pipeline. Clear. No clear parts that you're missing in your portfolio, no new products like ID Protection coming up, at least in the next- Not in the sense that you're seeing there. No. In that 10 year of history, there will be later versions of Total, but there's not a new product ready to drop. Right. A final question from me. How many people are you going to add into your R&D team during the next six months? 20 to 30. Thank you. Hi, it's Matti Riikonen, Carnegie. A couple of questions. First of all, when you say that you have rights to use F-Secure's technology, are you paying something for it? Is it going to be a cost for you? Not in the sense that you mean, no. The TSAs clearly attract fees because we need to make sure that there are support services across both sides of the organization. WithSecure using some of our services, we are using some of theirs. In terms of are we paying anything for the right to use the technology, no. Those have been unilaterally assigned as part of the demerger. Basically, no money changing hands between F-Secure and WithSecure related to the technology base going forward? I want to make sure I answer you very carefully here. There are technology services over the next 18 months which one company will offer to the other. It goes both ways because our technology stacks are intertwined. After the 18-month period is over, I think it is entirely plausible that there will be fees exchanged for services one way or the other. I strongly suspect there will be probably more from WithSecure to F-Secure. The details of that, we need to understand a little bit how we get through the next 18 months. I expect there to be a long-term commercial relationship. Some of the services which are required for both companies, we only want to have one of, and they need to be hosted somewhere. They will probably be hosted by WithSecure, and we will pay for WithSecure to perform that hosting. We have full rights in that service, and if we wanted to up sticks and walk away and run our own instance of that service, we would no longer owe any money to WithSecure. Is that clear? Yeah. Yeah. Good. Thank you. The second, the level of extra cost that you will take now with the independent organization, just to keep your current products running, how would you estimate that cost to be? In addition, what is the kind of investment that you will need to make for further or future products? Can you make a distinction between those? I have to be very careful here, and I'm afraid I need to look at Timo and Sari. I'm not actually sure what I'm allowed to say here. How open can I be? I think we have covered that in my section, and then we can continue in the final Q&A. Can I leave Sari to answer those questions and scale forwards? Sure. Okay. Thank you. That's all. I think we are over time now. We promised you all a break, which you might be grateful for, so I will draw a pause now. If there's more questions online, I can quickly tell, we have a couple of questions from the webcast audience, but they're not specifically on the technology side. I suggest we leave them for the general joint Q&A. Perfect. Thank you. I think we'll pause here. We have, I believe, a 15-minute break. Please relieve yourselves one way or another. Thank you. Welcome back. Hope you had a good break. We got cake by the ocean over here, so we're good now. Now we'll focus a bit on how we're going to be driving our growth. What's the strategy for growth? Without further ado, we have three different areas that we focus on. One, by far the most important one really, is to now drive value out of combining the separate products into one we call Total. That helps our partners to increase their average revenue per user. The same applies to us. Then for consumers, it's a more comprehensive experience. Secondly, we are developing new products. Toby is very modest there. What we're doing is that from our point of view, both Sense and ID Protection are still very new in the market. They've been in the market for what, four or five years, three, four years, and in that time, the market is still very much forming. We don't even know precisely what identity protection will consist of three, four years from now. From that point of view, it's still a product concept and a service concept that is still in the making. From that point of view, I would definitely put that into the new product category. Also, in terms of Sense, there are different value propositions within Sense. One of the value propositions is device detection. What kind of devices are in the homes? What are the things that are connected to the wireless routers, and how do you drive value for both our partners as well as the customers out of that? That's an area which we haven't really gone for very actively in the past. We can do certain capabilities, but that can be taken onto a completely new level. There are security capabilities in Sense that we're looking at. There are IoT specific capabilities in Sense. We're still very much in an infancy with regards to that, in understanding the behavior of IoT devices. We can already see what they do, but drawing conclusions on what are all the different kinds of scenarios that are typical and atypical behavior, there's still a lot of work to do. I would say that Sense also is a new product concept. Underneath all of our products, Total, Sense, we have a technology platform that Toby and his team are working on. We are looking at ways how to take this technology platform further, how to componentize it, how to turn it into more of a modular set of capabilities that may one day be monetized in their own right by somebody who builds something bigger using those components. That's something that is happening in the background, and we will talk more about it when there is to talk more about it. It's not necessarily a new product, but a new way to offer our capabilities to market. Finally, we're expanding into new types of channels. I already mentioned finance, insurance, some retail companies, as well as some utilities companies who are already working with us. Let's look into those a bit more. In terms of timing, I've gone through the McKinsey school of thought some 10, 15 years ago, some of that, how you build in waves, is maybe visible in here. By far the biggest and most imminent capability for us to grow our business is with driving value through a more comprehensive product offering. A bit more about how much that can mean on the next slide. The kinds of KPIs that we're using there, for instance, adoption rates. Are we getting our partners along? If we have 170, how many of them have signed up to start providing total services as opposed to the single product by the end of this year, by the end of next year? ARPU growth. Is there subscriber growth? Are we able to attract new subscribers, either directly or indirectly, because the offering is more comprehensive? In the direct business, naturally, we're looking at typical SaaS type of metrics like customer acquisition cost and lifetime value. That is the foundation for everything. I can't highlight that enough. After that, especially what comes to Sense, if you paid attention, we call that product business cell that Dmitri here is running network security. If you think of a sales cycle for anything that has network on it's relatively long. If you think of the deployment cycle of the same thing, it's also quite lengthy. With Sense, we have to be, in a way, appreciating that there's a time to market this, which is longer than for the application type of business. For that one, we're, for instance, looking at how are we increasing the size of the addressable market that we have. How many consumers are behind the communication service providers that have signed up with us? We want to see that that number grows into a much, much bigger number. We also want to see how many of those can we convert. I have a slide on that one a bit later. Finally, expanding into new channels. Same key success metric as for Sense, increasing the addressable market size. We love to work with companies, service providers out there, who may be banks, insurance companies, and so forth, who may have millions or tens of millions of consumers behind them. Naturally, expanding into new channels. One way to get new channels and new customers is to potentially do M&A activity. That's in our horizon three right now. If we start looking a little bit more into what's our ambition with regards to conversion from single product into Total product. This is pretty much correct in terms of sizing. I said earlier that I will come back to the question, what kind of ambition we have. Midterm, three to five years, we would like to see easily 80% or above of our customers to be on Total. Easily, if not 90%. We want it to be a complete conversion. There may be customers who used to use just one product from us. They take Total, and they only activate one module. That's fine. As time goes by, we can expand, and as customers realize that there are more threats out there that they want to be protecting themselves from, then they expand the use of Total. This is why we see that the Total price points can be anything between 20%-50% higher than today. There may be a service provider who has already sold Safe and Freedome and ID Protection. We don't necessarily gain much more average revenue per user when it turns into a single app. We do some, but not that much. Whereas many of our partners have only been providing endpoint protection to their customers. If they then expand it to much more holistic Total, it makes a big difference. It can be much more than 50% even. It varies from partner to partner. There was a question from Veikko earlier on that how have we managed to sign up new partners. It is important that we sign up new partners because we can see here that cohort, or as we say in Finnish, [Non-English content]. In a given year, you sign up new partners. That's a cohort. That cohort grows bigger and bigger and bigger every single year as time goes by. We've used an index here. We're using 2018 and earlier as an index 100. It's not 100 million, it's 100. How the cohorts have been growing year-on-year. As you can see here, the 2019, 2020, and 2021, they all build up. This is an important aspect for us that we hold on to existing partners. There's growth already there. When we add new partners, we get, in a way, growth on growth. Rather than me talking too much about this, let's have a look at what some of our partners are saying about what Total means for them. We say that it's an important growth initiative for us, but equally, it is a very important growth initiative for our partners. Here's the first one. This is Vikas Chanani, AVP at StarHub, a very powerful, strong CSP in Singapore. He's responsible for mobile and new businesses, and this is what he states about Total. This is how they see increasing ARPU with an all-in-one offering. What they wanted to do was to have a comprehensive solution which is simple. We've talked quite a bit about the consumer security experience being broken, and in this case, StarHub is just a case in mind. They've seen that this is too hard. I would go as far as say it's too damn hard to get security messaged across to people, get them to adopt it, and for them to appreciate the value that they're getting. They wanted to get it right. They signed up with us. They've now launched the service this year. I let you read the rest, but we didn't write this. It was Mr. Chanani who wrote this, but this is very much the kind of value proposition that we intended it to be and how they see that it's making sense towards their customers. Effective, no need for multiple apps, simple. Another view on the same topic is a very strong, capable partner we have here in our home country, in Finland, Elisa, another CSP. Antti Ihanainen is a Vice President of Consumer Connectivity Business, and let's have a look at what he has to say. We do see significant increase in security and privacy-related threats and issues within our customers, and the amount of these customers that have been directly affected has grown in recent years. We always start from the customers, and we want to ensure our customers' digital security. We also see that once we do that, we can increase our customers' perceived value and capture some of that value to ourselves. The business case really in these kind of services for us is both boosting our revenue and EBITDA. The ability of our partner, both towards us and to our customer, is the main one. We also appreciate the possibility to do commercial activities fast enough together and also focus on joint cooperation with product development. Seeing possibilities together to go much faster than the market, both being ambitious and open-minded. Okay. A bit more also about what kind of partner they were looking for, and one of the things that Antti mentioned was that he likes the fact that we can do quickly commercial campaigns and activities together. I would say that we're very closely integrated with our partners in this sense. They are not necessarily best specialists in doing consumer security sales and marketing, but we work together with them and together we are a very strong combo. If we look a little bit further about the growth dynamics of what we can expect from Total. If you look at the left there's a partner who wants to keep their current offering unchanged. Maybe they've provided SAFE for endpoint protection, F-Secure SAFE. They take our Total, but they want it to be precisely identical. Only endpoint protection activated for all customers. We naturally get to the new product generation, but they only activate the first service, and then they sell as a premium or as an upsell all the added capabilities. That's one way to go. Naturally, there's a bit more work to do to upsell and convince customers to go for the added values in Total. In partner B, such as DNA here in Finland, who launched yesterday our Total offering, their name for it is DNA Digiturva, digital safety. DNA Digiturva was launched yesterday, and it involves the whole package of Total capabilities, and it's the one single offering for everybody. That's the default value for them. Partners differ in their strategy, how much of the value proposition they go out with. What comes to the schedule of rolling out Total capabilities, there's always battle for IT resources in our partners, absolutely always. There's never enough, and the slots they give you are six or nine months away. Secondly, there's marketing campaign priorities, which are very much linked to the strategic agenda of the partner. RFP and procurement processes take time. Sometimes or oftentimes when we move, for instance, from SAFE to Total, there is no specific RFP. We just renegotiate the terms for a wider product offering. These are some of the dynamics that affect the take-up rate of Total in the market and among our partners. Moving on to Sense. Windstream is a communication service provider in the U.S., and for them, consumer security is considered to be part of their core offering. Many CSPs feel that their core offering is about broadband, voice calls, content, and so forth. For Windstream, they very much looked at consumer security being absolutely core. Let's have a look at what Kevin Boudreaux, Kinetic Secure Product Manager, has to say. At Windstream, we view internet security as a core product, while many of our competitors view cybersecurity as a value-added service. I think that is an important distinction to make because it speaks to our brand DNA and how we support our customers. This shared belief of supporting our customers is what really attracted Windstream to F-Secure in the first place. Long gone are the days where simple malware and virus protection are enough to guard yourself and your customers against cybercrime. In fact, in this day and age, communication service providers really need to partner with cybersecurity outfits that move faster than cybercriminals who are preying upon our subscribers and their vulnerabilities. Communication service providers also need a cybersecurity partner who understands the cybercrime landscape, the consumer marketplace, and the necessary hardware and software solutions needed for proper prevention and protection. F-Secure understands these threats, and they are constantly iterating and improving to meet our needs and the needs of our customers. At Windstream, we supremely value the security F-Secure provides at the gateway level to the protection they provide at the app level, and all the work they do in the background to ensure our customers experience the same level of security, whether they are at home or on the go. In F-Secure, Windstream has found a total cybersecurity solutions partner, which makes a lot of sense for us as a company and our customers. Thank you. Thank you, Kevin. What's making Windstream unique is that they provide router security with Sense, and they have app-based security with our endpoint protection, and those are linked. They are providing a holistic, comprehensive solution to their customers, and irrespective if they're at home or on the go. A few words about Sense. We had our Capital Markets Day at the end of August last year. Since then, we've signed up two new deals, and we're just about to go live with five new partners. We are now live with three, and within the next three, four months, we expect to have five more partners out there. This means, responding to the questions that Veikko posed earlier, that our revenue next year has a good chance of growing significantly on the Sense side. We have one which is still in planning phase. If you look at the graph on the right, what it means is that, I mentioned earlier that Sense being a network-style solution, it's a longer sales cycle, it's a longer implementation and integration cycle. Once you get it in, it scales beautifully because the user doesn't need to do much anything, and that's the whole point. One part of a brilliantly simple consumer security experience is that we don't ask the consumers to do anything. They may say yes to a person from a call center or a sales agent, and that's all it takes. They don't need to do anything. One person in the household has an app. Maybe they have the app already. For instance, Windstream, whoever is a customer of the Kinetic broadband service and F-Secure security service has the My Kinetic app, and we're integrated into that one. We don't require them to download anything more to take Connected Home Security into use. It's all in one application. That's about making the experience easier. Actually, consumers not having to do anything. Just say yes, and we'll turn it on. That's why the network security take-up rates can then be much faster. Whereas typically, our partners are providing endpoint security as a value-added service. There's quite a sales and marketing effort that is taking place. It's a gradual growth. Whereas with network security, it's so easy to take into use and the price is slightly lower that it's a much faster growth line. This is what I mean that we have to appreciate the cycle to market. Would we like to win more than in the first or in the last, what, nine months or so, more than two new partners? Absolutely. We want to win more. We've just reorganized a team of people who now have the holistic responsibility and capability to drive the offering and do what it takes, and especially the integratability and work with the partner ecosystem of smart Wi-Fi providers and router manufacturers to pre-integrate Sense into as many places as possible so that it is an easy deployment for our communication service providers. That's what the next person will be talking about. Juliette Bonnard is from Airties, which is a company that provides solutions to communication service providers so that they can provide excellent Wi-Fi experiences in homes, also called smart Wi-Fi. Let's listen to what Juliette has to say. Hi, my name is Juliette Bonnard. I am the head of marketing and corporate communications at Airties. Airties is a trusted partner to leading broadband operators for managed Wi-Fi and connectivity solutions. Our role is to empower operators to provide the best experience to their customers while ensuring they maintain control over their data through performance monitoring and network management within the home. Today we can see that home connectivity is clearly more important than ever. The pandemic has shown us that it's basically essential, just like electricity. We depend on it for remote work, remote study, telemedicine, entertainment, and the basic need to stay connected with friends and family. Consumers, we've seen, also need to know that their home networks are secure, and they expect their broadband service providers to ensure that it is. That is why Airties teams with F-Secure. We are committed to integrating with best-in-class partners like F-Secure who are also trusted by leading broadband operators. Together, we can offer a unified connectivity and security solution that allows operators to deliver the best possible managed home Wi-Fi experience. F-Secure helps us bring enhanced protection and parental controls that safeguard the entire family or home business from malicious web content, hacking or spyware, phishing, and general threats to unsecured devices. We are very proud of the work we do together on our joint customers, and we look forward to additional collaborations with F-Secure, both on the technology side and on the business front in the coming months and years to come. Thank you. Thank you, Juliette. The whole point here is that not only do we need to make sure that the product itself is right, we need to make sure that we have the ecosystem partners around us who want to work with us and who have an incentive to work with us to pre-integrate our solutions in a way that it's an easy ride for our CSP partners to take on new propositions such as router security. For instance, with Airties, we have integrated the software that goes into the router that they have to provide smart Wi-Fi capabilities into a single client with our SENSE SDK so that the operator just has to make one installation, one integration, and it's done. This is a bigger thing than it sounds. We often talk about features and functions, but this is actually making it easier for our partners to roll out something completely new, such as router security. Finally, we talked about the new partnerships, the new verticals that we're working on. Very shortly, we've realized, makes us feel a bit silly really, that we've been relatively focused for 10, 15 years on working with communication service providers as our partners. Only in the last years, two, three, four years, we've realized that there are a good number of companies out there who have precisely similar kinds of needs than the CSPs to enhance their business for different reasons, to grow and protect their core business, maybe boost retention, maybe enhance the trust element in their brand, or just cross-sell and upsell more valuable high-margin service to their customers. They already serve a good number of customers, why not enhance it? There are some companies for whom it is more natural than to others. Not everybody can sell consumer security services if they are consumer-facing companies, but some definitely are. Here's a case in mind. Allianz, one of the largest insurance companies in the world, one of the premier insurance companies in the world. Here's Tomas Kunzmann, CEO at Allianz Partners. I let him tell the story. He tells it much better than I do. Please Thank you very much, Timo. Greetings from Munich to the whole F-Secure family. It's a pleasure to be part of your Capital Markets Day. We at Allianz have been focusing for decades on very traditional insurance solution. We oriented our protection to customers' physical assets and their wellbeing, such as cars, home, and health. However, during the past year, digital assets of customers remain largely unprotected, such as digital identity, financial data, and their social media accounts. All our customer research is telling us that our customers expect from an insurance company like Allianz to be protected across all facets. Therefore, we are convinced that our customers deserve to have their digital lives protected as well as their physical life, and we identify the urgency to act on it now. We at Allianz Partners strive to provide a full peace of mind to our customers in protecting critical aspects of their whole life, as well in the digital world. Through a comprehensive solution, we are combining insurance, services, and prevention to provide the full peace of mind to our customers. When choosing a partner to embark into the consumer security business, we were looking for an established partner with a highly recognized solution, which is supporting our mission to provide to our customers best-in-class protection, security, and the famous Allianz peace of mind feeling. What we found was a simple, easy-to-use, and innovative solution that provides superior customer experience, and we are very proud to be part of the F-Secure family and looking forward to roll out our solution across the globe. Thank you very much, and see you soon in Helsinki. Thank you, Tomas. Couldn't have said it better myself. What's important for Allianz, as you saw, was that they have already a certain part of the peace of mind covered with the kinds of things that they can do as Allianz insurance company, and now they can extend that peace of mind value proposition with consumer security. We are in an early phase of our partnership with Allianz, and we're currently running exercises in certain European countries. We hope that this will be a fruitful, long-term, major partnership for us in the years to come. That's all I had to tell about our growth initiatives, ones around higher ARPU and Total, about the new products and capabilities, for instance, around Sense, and then finally, the new kinds of vertical partnerships that we're looking for, and as an example, we showed Allianz. Now we have four minutes for questions, so may I have any questions from the room here? Hi, it's Matti Riikonen, Carnegie. Two questions related to the market potential that you have. You touched it earlier in the presentation, but not quite all the elements of it. When we think about the free software that is on the market, to what extent that covers what share of all potential users are using a free software? That used to be a concern maybe a couple of years ago. Yeah. What's your take on that? Okay. The other related to market opportunity, what is the share of people or potential customers not using any kind of software at all at the moment? The first one, anything around 50%-60% of customers may be going for free offerings, just to give you a feel. The share of willingness to pay is going up in every single consumer survey that we're making. We make them one to two years from each other. Every single time it goes up, anything between 2%, 3%, 4%, 5% points. Secondly, can you just quickly remind me again, what was the second one? That was the share of potential customers not using any security solution at all. Good. Precise figures I do not have, but if we look at, for instance, our partners, what kind of penetration rates do they get with our services? They vary from anywhere from 5%-10%, all the way to 30%-35%. Naturally, it doesn't mean that the rest of their customer bases wouldn't be buying something from someone else, for instance, online. From our partner's point of view, there's a whole lot of market that they can still go and grow. It may be either people who don't use anything, or it may be people who are using competing or somebody else's services. Our partners are seeing phenomenal growth opportunities. I talked about the importance of easy consumer experience earlier. For some people, downloading an app, and especially downloading an app into every single device they have, they just won't go through it. It's just too much work, too much thinking, too hard. Which is why we're looking at things like Sense to make it way easier. To put it into the home so that you don't have to do anything. You're just connected to the router, and you get the basic level of security. Not quite as high as with the app, but still, you're getting rid of many of the, for instance, phishing attempts. Can't really say more about that. I would like to know the precise answers to the question you just made. That's good enough. Thank you. Thanks. Time for one more here. Felix here. Hi. Felix Henriksson, Nordea. Just wondering if you could give us any idea of the growth rate in the subscriber base that's around 16 million today over the past couple of years, when you've delivered around 6% revenue growth. I guess what I'm just trying to understand is how much of this has been driven by numbers of subscribers and how much increased ARPU. Mostly increased ARPU, by and large. Okay. Loud and clear. One more. Okay. Laura has one more from online. This is a tough one, though. What is the churn among the consumers who make use of your cybersecurity application via your service partners, and what are you doing to decrease this churn? The churn that we see through our service provider partners is in the region of a few percent points. What we're doing is that we have a global network of what we call service marketing managers, who are all in different regions. In the U.S., in France, in Netherlands, in the U.K., in Germany, and so forth, and they work with our partners in those countries, and they are constantly driving two things. Upsell and new sales to new customers, and supporting, and the other one is retention. With regards to retention, we have the capability to run data analytics on people who are leaving the service. Some of them leave already in the activation process, and we can identify where they're dropped, and then we can start iterating ways how we can improve precisely that step of the activation process. Some of them leave the service because they churn from the network. If they're a customer of a service provider, very often they just leave because they leave the network, and we can't do anything about it. We just have to hope that they join some other service provider that also provides our service. I would say that we do a whole lot of value-based messaging. I think that Toby mentioned earlier lifecycle messaging, and with that messaging, we want to convey value that people are getting from the service, so that when they have it, they realize that it's doing something for me all the time, so that it's not a passive insurance. These are some of the ways that we're going about it. Thanks. Okay. All right. Two minutes over time. Apologies, Sari. Handing over to our next speaker. Hello, everybody. Good to be here. Last but not least, I hope. You have heard how we create value through our strategy, tech capabilities, competencies, and our growth plans. Now let's see how we do that through the financials. As usual in this context, not really giving new numbers in the prospectus. In our case, you've seen a big set of numbers, this carve-out and this pro forma and what have you. My numbers here are mostly based on those carve-out numbers. In the autumn, I'm as happy as you to go into a world where we are reporting real numbers, because I know it's a bit confusing. As there's not so much news, I hope that I'm able to highlight some of the details and dynamics so that it would be useful for you when you're analyzing our numbers. Let's start with the sales. We've seen the nice 6% annual growth during the last couple of years, after a longer flat period. Of course, we need to admit that we've been helped by the things happening in the world. Every time there is uncertainty like the pandemic time has been, it is beneficial for us. Also, it's been, of course, engined by things that we've been doing ourselves. In terms of the channels, you've heard this several times today. It is our own direct channel, which is currently 21% of the sales, and the partner channel. This is something I'd like to look into a little bit more in detail. Timo had a similar slide, I think this is so important that we can repeat maybe a little bit. If we first focus on the left-hand side of this slide. Yes, we are in the consumer cybersecurity business, but most of our business model, that partner model, it is a wholesale model. We are selling B2B. It is the partner who is our customer and pays the bills to us. That has an impact on the dynamics of this. In the e-com business. Let's revert a bit. As Timo said, the prices that the consumers pay, they are similar in both channels. Of course, you have the campaigns and so on, so the price actually varies quite a lot, but it is similar. Otherwise, the consumer, of course, would not buy through both options. In the e-com, we get that ARPU that consumer pays, and we also have our sales and marketing cost. We need to do that legwork ourselves. If we compare that to the partner channel, you've seen that if you take the subscriber base and the top line we get from there, the ARPU we get is actually quite much lower. You might wonder that, yet how does it work? Well, you see it from our P&L that if this is 79% of the business and we have our nice profitability, so it seems to work. The fact is that our costs in that case are so low, it is the partner who's taking care of the sales and marketing. Yes, they get the nice gross margin as well, but then they have the marketing and sales work. For us, in that partner channel, the cost structure is actually very light. This is the big difference in terms of the business model. Another important difference on the right-hand side of this slide, this is not like 100% correct, but it is the big picture and how it's sort of adequate that you look at it. In the partner channel, we are invoicing our partners on monthly basis, and that's also how we are then recognizing the revenue. We get the monthly revenue from there. No deferred revenue from that channel. On e-commerce side, the consumers typically pay upfront. They pay for a 12-month subscription, and then it's over that time that we recognize the revenue. Basically, one month at a time. That's where the deferred revenue comes from that you see in our balance sheet. I think it's quite important, especially for the analysts who are modeling our business, to understand how this works. Still continuing on the revenue, in terms of the geographies also, this was a little bit mentioned earlier on. We are very European-focused, Nordics and rest of Europe then being, well, not equally big but big chunks, both of them. We want to grow outside Europe, and we have seen higher growth in the other areas already, looking at the CAGR here. It's been bigger than average. Especially during the first quarter this year, it was very nice. This is something that we continue with both in North America and rest of world, which basically means Asia. Also in Timo's slides, we saw all the videos. We saw an American customer. We are working on that. Maybe a little bit talking about that low number in Q1 for Europe. It's not so that the market would be stagnant, but we have pockets where we've had challenges. We had some issues in our retail business, and also Poland was a country. There's been a regulatory change that has an impact on the business. On the other hand, there are also then positive places. Especially I want to mention in e-commerce in Germany, we got a lot of new customers, so that's been a very positive development there. If we move on to the profitability, starting with gross margin, very flat curve at 92% during the past few years. There are differences between products and the channels, but really the big message is that it is very flat, and it is very high. It's really nice that when you grow and the variable cost share is so small in your business, it scales quite nicely. Looking at the key metric, the EBITDA, it's been quite high in the mid-40s. 2020, a little bit higher. That was a pandemic time when marketing was lower and sales cost reduced, less traveling and so on. This we saw in many businesses, so likewise here. The profitability was good at that time. Here it's really important to see that this is the past, and the future will be different. Of course, as we've been part of a bigger group, especially on the admin area, there's been synergies of working together, so we'll lose some of those synergies. Also as we want to build our growth and invest in the R&D capabilities, that's also an area where we see increases. You see there on the text on the slide that we expect to add EUR 4 million-EUR 5 million on annual level to our cost base. That's why our Midterm EBITDA target is 42%, which of course sounds funny to have lower ambition than here, but it's because of that, and then we just want to grow faster than we've grown in the past, which should make the equation work. A little bit more then about this cost structure, what is going on there. Again, if we start with the history, sales and marketing was lower in 2020, and after that, it's been growing with the same pace as the top line. R&D has been growing more steadily, and that's the area where you can, at least now in the future years, expect a share of sales go up, as that's a necessary investment for the growth. In admin, the story is a little bit more difficult. There was increase already in 2021. We had some strategic projects that were burdening the admin part. That explains the 2021 being higher. In the last 12 months, dropping out the first quarter from 2021, it's more already related to the de-merger preparation. Of course, the big consultancy costs are reported as IAC and not part of this, we have had also starting to ramp up certain capabilities and so on. That's a number where we see it continuing on a higher level due to losing some of the synergies. Not sure that we'll go back to the 5% level we've seen, at least in the short term, but lower after we get to a more stable phase. Now the interesting thing is what happens in the between. I will show later on the outlook that we issued this morning. From there, you see that we actually expect the end of this year to have clearly lower profitability than what we've seen. It's related to this ramp-up of the future capabilities, the number you saw on the previous page about those EUR 4 million-EUR 5 million. At the same time, we are not ready for all of that, and we are having some of these TSAs, transitional service agreements, with WithSecure. We are at the same time still paying for certain services, even if we are ramping up the own ones. We have double cost in a way. We have many different services defined, and the length of those vary from three to 18 months. You see that this year we are paying EUR 9 million approximately for these services. EUR 4 million of them are on the tech side. The tech side is where it's closer to that 18 months, the services. There you can, I don't even remember by heart the exact numbers, but you can assume that that EUR 4 million will sort of double for next year. It's still a significant cost next year while Toby is ramping up our own capabilities. On the remaining EUR 5 million, which is the admin, there we are closer to this three to six-month TSA, just finishing earlier next year, latest half year next year. There it will start going down faster. Now it is the next year that is a challenging part where we are building up own things and still having support from the old side, and this is what explains the low number for this year. Looking at another KPI that we use, Rule of 40 is a typical SaaS metric. You can ask whether it is relevant for us or not, but we feel that it very nicely combines the profitability and growth, which are both important for us. As you see, for us, it's been more of Rule of 50. We've been at 50 and above. Now having this dip of profitability in front of us, so yes, it will also go down. We are building also for the higher growth so that the growth part of this metric would become higher. We will certainly continue following up this because here those two metrics can compensate each other, and for future, we feel that growth is the way how you grow the absolute numbers. This brings us nicely to cash, where we also have strong numbers now, the latest one here at 100%. Basically, our whole result is cash flow, and that's basically because we have so little actually investments outside the P&L, so mostly it's within OpEx. Here we will have a little bit more CapEx on our intangible assets like IT and certain tech capabilities, but it will remain high, and which means that we have very well funds available on top of these P&L investments for both dividends and potential M&As like were mentioned. If we look at the balance sheet, I think this is maybe not the very typical balance sheet, quite light. Assets EUR 39 million, most of that is trade receivables, just so what the ongoing business brings. Fixed assets low, that is mainly intangible assets. We can expect that part also in the future to remain low. No goodwill in there. On the equity and liabilities side, there, this deferred revenue that came from that eCom business. That's again, a big share. Good to notice that in the other liabilities, we don't have currently any debt from bank debt. We have, those of you who read our prospectus carefully, notice that we have a EUR 10 million RCF that is available for us. I know based on discussions during the spring that if needed, there is funding available for more if we came up with something big. This is a balance sheet that is very easy to leverage. If we turn to this outlook, revenue growth we expect it to be between 4% and 6% during this year, a bit higher than during Q1. Profitability, this is, where the big news was that after the very nice Q1, the full year is expected to be at 40% EBITDA, which means that the remaining quarters are on average below 40%. This is exactly related to what I was explaining about this double cost structure that we have currently. Building up the capabilities and still trying to get rid of the old support structures. Of course, in most of the areas, for example, if I take my own finance organization. We have all the planned roles populated, but there are still some processes where we need some support and backup arrangements, even if we are in the daily business doing fine on our own. The other admin parts, they are IT, HR mainly. Here I want to really repeat what we have said earlier during the spring. Despite of this rest of the year having that, for us, very low profitability. We retain all these earlier set targets. In midterm, growth target is to be high single-digit revenue growth and the profitability to be EBITDA margin to be above 42%. On the slide, you see for reference the historical margin, but as explained, that's not the right benchmark for us. Continue to grow above market rate, and that Rule of 40 is something that we will follow. Basically combining the two top targets that we have. This was all that I had on my mind. Happy to answer some questions, and looks like I've saved a lot of time for both Q&A and from what the previous one went over the timetable. Hi, it's Matti Riikonen, Carnegie. Two questions. In the profitability target, you talk about initial growth investments, and of course, that comes to the question that when does that end? When do you think you will have normal times? Is it the 18 months that you talked about with the tech investments, or is it going to be further than that? Yeah. It is of course a good question, I think within 18 months, we should be pretty fine. We know that in R&D, we have a roadmap where we plan to continue investing in that. If we take the IT area, we, I think already within half a year, we've done what we need to, those which are one-off nature when we are building up our systems. It depends really on the area, I would say that on this admin side, it goes faster. On R&D side, it's also about us wanting to invest more in that than in the past as we see that's the way to build for the growth. I think, yeah, definitely within 18 months. Okay, sure. The second one, have you set any balance sheet targets like net debt to EBITDA or equity ratio? As you mentioned, using leverage is something, of course, to consider. Any guidelines for that? Yeah. That's a good one, and I know that is something that many in the audience would like to have, and we are not quite ready for that yet. First of all, we need to see then what our balance sheet actually looks like on the last of June. It's quite a complicated process how the assets are and the cash are divided between the companies. Also now that we don't need any like, we have the equity what we have, we have the cash that we have, and they will of course start accumulating. Now the question is just that when we get the cash flow in, what we do with that money? It's clear that if there was a big M&A opportunity or something, it would be easy to leverage. If you would like to see what is the maximum, how far we want to go, so that number I don't have, but I think that's where we can do some homework. It's clear that there is plenty of room. Okay. Fair enough. Thank you. I'm sure our board members are also listening to this. We will have a discussion around this. Hi. Felix from Nordea. About your margins in the, let's say, very longer term, if we look at some of your peers like, let's say NortonLifeLock and Avast, who operate in the consumer security sector, they're operating with above 50% EBITDA margins. Is that a level that down the road eventually you could theoretically achieve? Or is there something structurally different in your business compared to these guys, aside from perhaps the channel mix, which is obviously way more partner-focused in your case? I think the channel structure doesn't prohibit us from getting there. Currently, we have just set the midterm target. They are bigger than us and seeing that gross margin we have. If we grew bigger, I think this is an extremely scalable business, and it's clear that if, let's say, we would double our top line, our OpEx would not double. In that sense, I think it is possible to get higher, and that's why the growth is so important, and that's why we want to focus on that. Thanks. Secondly, if you could just provide a bit more color on the capital allocation priorities, aside from the dividend payout target that you have provided. What are the key areas in terms of that? If we say the dividend target is around or above 50%, what that means, is that what you mean? Yeah. Where's the remaining of the cash flows being directed to or invested? Yeah. I think that should be interpreted so that if we don't have good investment objects, then it would be definitely the above 50%. We have not said what above 50% could be, but it doesn't mean max 52%, but it really means above. Then if there are other good uses for the money where we would ensure growth, then it would be the around 50%. That's why it's defined so that we want to leave space for the higher dividend because, of course, we cannot be a bank. We know that we don't have any debt in the balance sheet, so we should not start just making it fatter. That's clear. Fair enough. Thanks. Any other questions from online? Yeah. Hey. Veikko Silvasti from Danske Bank. One quick question regarding the problem with Poland. That hurt your sales growth in Q1. Could you just remind us what happened there? What was the change in regulation, and is there risk for similar changes in other countries as well? Yeah. In the big picture, the change was that earlier, the communication service providers could provide the services to the consumers on this opt-out basis, and now they actively need to opt in. Which created this, and now I'm not quite sure how long it will take for that to recover, but we see that impact still. Maybe when we have later on everybody on the stage, maybe Timo can build on that. Okay. Clear. Thank you. At this point, this was a Poland topic specifically. Okay, I think we are ready with this and can move on to the closing part. Thank you. All right. Starting to finish off. I have one more slide. No more, I promise. Just recapping why F-Secure, we believe, is a fantastic investment opportunity for investors out there. First of all, we're in a good market. This is a growing market. There's lots of opportunity. We're still relatively small. There's ample opportunity for us to grow. Secondly, we are already today the leader in the communication service provider partner business and consumer security services through them. We can, A, grow business with those very same partners, for instance, with Total and Sense. Secondly, we can naturally acquire new ones. The fact that we are as strong as we are with communication service providers doesn't go unnoticed. CSPs out there, they know we are the force to be reckoned with, many of them come to us. That helps us grow. Like I mentioned, we can very much replicate the offering and the go-to-market model now with other types of partners than CSPs, such as banks, insurance companies, retail, utilities. We have a very scalable SaaS business model that Sari just went through. We've been systematically outperforming the growth of consumer spend annually now for the last years, and we continue to be on that route. Finally, our strong cash flow and our capability to create value naturally, and profitability, provides us the capability to pay solid dividends. I think that in these days of great uncertainty in the market, a company like ourselves should be in a good position. That's all I had as a recap. Now I would like to ask my colleagues, Sari and Toby, to come onto the stage once more as we run the final Q&A. I believe that Laura also has some questions from online that we still haven't addressed. Let's take those. First of all, if there are still any questions over here from the room, happy to take those first. Hey, Veikko, Danske Bank. First of all, on the M&A then, very strong cash flow you have, balance sheet, you're probably able to leverage up to 2x or even more on EBITDA. You probably can have over EUR 100 million to use on M&A. What are you looking for? As when talked about R&D pipeline, there were no new big products coming out, what could be the target then? There's many ways we can grow. Product is not the only one. We're actually quite happy with the product we have. We're making enhancements to those. Like I said, F-Secure Sense and ID Protection, for instance, are very novel market areas and they still have a lot of mileage on them, let alone F-Secure Total. Also in terms of having access to different regions of the world, there are players who could help us access partners that we haven't been able to access up until today. There may also be certain technologies which are such that we have potentially been using third parties to complement our own offering. We might acquire some technology that makes us more independent and helps us, for instance, drive the cost down, once again, potentially improving the EBITDA. These are just some examples. Access to market and technology, those are two possibilities. We are looking into certain areas in the, let's say, the comprehensive Security Suite that a customer may need or a partner may want, and we're looking at certain areas that might fit our current offering. Okay. Interesting. The final question from me would be, how the CSP partners now like it that you start selling this product also to Allianz and the other ones. Basically, you're taking away the business from your other partner channel when you start selling to Allianz. Obviously, they shouldn't be too happy about it. It doesn't make any difference, really. For instance, in the Netherlands, every single CSP is selling our services. They don't see that as a problem. Allianz is yet another company who can enter into markets. Each one of these companies have different levels of customer relationships and level of, in a way, loyalty. They see that the more F-Secure is out there, it's actually helping them. I've spoken with a few partners in the last weeks specifically, and they've felt that that makes sense. Sounds good. I haven't heard a single negative word up until today. They don't see it as a problem. There's so much of the world out there which is unserviced that there's room for everybody. Okay. Clear. All from me. Thank you. No questions from the room. Was there a question? No. Okay, why don't we, Laura, go for the online questions? Okay. A couple of questions here as well. Still on the channel, what is the average percentage of partners, customers who make use of your services? How are you planning to increase this? Okay, that's a very relevant question. I think I mentioned earlier that starting from anything around 5%-10% of the partners' customer base to even above 30%, that's where we can get. The ways how we can increase that is that, one, our service marketing managers work together with our partners to help them find new ways to attract customers who haven't taken on the services beforehand. When they are doing that, they are actually leveraging the learnings from other service providers and our Direct Business so that they can do a phenomenally good job. That's one. The second thing is that, like I said, not everybody will want to ever necessarily install an app. It's just too hard. Naturally, we want to fill some of that gap with router security, which is a much easier experience for consumers to get secured, especially and specifically when they're at home. Makes a lot of sense. Yeah. Well, I'm turning to another topic. This is a big one. You probably have heard it before. What are the biggest risks related to the upcoming split? Finance, technology, skills, capacity, et cetera. How have you mitigated those risks, and are any surprises to be expected? First of all, I have to say that surprises can always happen, but we're prepared very well, so I wouldn't be counting on that. It is also a surprise. Maybe I'll hand over to Sari to take this one. Yes, I feel that we are quite well prepared. All those areas that were listed, we have definitely worked on them. Of course, I think IT is generally the area where something could go wrong, at least those of us who have been involved in big projects know. Also, we are not dependent on one system in the sense our ERP is actually not the place where we do daily business. We have a very good team working on that. I feel we are fine there. I'm sure Toby can comment the tech part that how you see the risks in your area. Yes. The tech part, I think in many ways is going to be the most complicated, but it's also the one I'm least worried about. We've known that this de-merge is coming for some time. We announced it first in August last year, and we've had a series of working groups within the company, the key technical leads, the architects. Starting small, growing. There's probably been, I would say, 80 to 100 people involved in the planning of that. We spent an extraordinarily large amount of time over the last year working out what is our future operating model, how do we ensure that all the systems that we share as one company today can carry on working, and how can we transition through that to a situation where the two companies can operate independently. It is one of those slightly fractal things that at the top it seems very simple. The further down you drill into it, the more and more complexity there lies. I think we've covered that complexity very extensively. While of course there can always be surprises. If we could expect them, then they wouldn't be surprises. I'm very confident on the technology front, certainly, that we have a very good handle on what's going on. If surprises do arise, I think we are well prepared to deal with them. I would like to highlight one more thing. It's our people. Doing a de-merger, one of the toughest bits is actually to have your people with you. You may start seeing attrition that wasn't expected, and then you call it a surprise. The way that we've addressed this is that as quickly as we have been able to, by not breaking any rules of confidentiality, we've involved large numbers of people into the planning exercises. People have been part of making sure that what we're doing is going to work. What's important for them, naturally, they have secured that, but also people around them and the teams. I would say that's gone remarkably well. Like I mentioned earlier, we have excitement in the team. I would say that people are either neutral or positive about the change. From that perspective, for instance, in terms of attrition, we haven't seen any negative trends in any way so far. I would say that that's the most sensitive bit, that we keep the people here and focus on them. If we do that, everything will go fine. I could actually maybe still continue on this. Of course, in a big project like this, we have had also many advisors, both on legal side, financial side, and we are basically going through the same process as in an IPO. There are many checklists that do we have things in place. I think also as we have people who have done this many times and we are going through their lists and really there is this IPO due diligence. At least that has helped us in planning all the details as they know where the surprises and issues normally come. I think that also improves our comfort level, having that external support and guidance. The traffic lights are green, right? Yes. Traffic lights are green. Any other questions online? That's all. That's it? Broadcast. Any more questions from the room? Time for last orders. Hi, Matti Riikonen Carnegie. A small question. You guide EBITA level of profitability, and sorry for my ignorance, but is there a big difference between your EBITA and EBIT? Why have you chosen to use EBITA? Normally for a company that has not made acquisitions, has not that much to amortize, it would be easier to use EBIT. Why this selection? Yeah. Good question. WithSecure has traditionally used EBITDA with the D, we had a discussion about this, and we felt that EBITDA was just better for us. The depreciation part is very small, the difference is not big. Of course, going forward, we don't have the goodwill amortizations, which would create a big difference there between EBIT and EBITDA. Of course, we have now some of these intangible asset investments coming up within IT and R&D. There will be some of that. Okay. Give us time. Thank you. All right. If nothing else, I thank everybody here in the room for good engagement, good questions. It's been a pleasure. Also, everybody on the webcast, glad to have you with us. We'll be naturally looking forward to seeing all of you in our interim results session in July. Even before that, we're proud to say that with our partners, we've now made live our investor website. If you go to investors.f-secure.com, you can now see our own investor pages starting from yesterday, I believe. Also, for instance, the materials and recording of this session will be available there. All right. Thank you. There's a lot of this material that was in the prospectus, so maybe in a nicer reading format than the prospectus. All right. Very good. With that, thank you very much. See you next time. Thank you. Thank you.