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Financial Statements Review for 1 January–31 December 2025 Strategic partners and AI innovations accelerate F-Secure’sgrowth prospects 5 February 2026 Timo Laaksonen CEO | Sari Somerkallio CFO | F-Secure Corporation
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Q4/2025: Strategic partners and AI innovations accelerate F-Secure’sgrowth prospects • Fourth quarter currency neutral revenue decreased by -1.3% • Reported revenue decreased by -3.6% • Adjusted EBITA was EUR 12.0 million (EUR 11.8 million), 33.6% of revenue (31.8%). • Strong progress on the strategic journey with several major milestones announced during the quarter • Consumer sentiment neutral at best with global and local uncertainties – business execution faced delays, particularly with Tier 1 partners • Evolution into an AI-native organization exemplified by Horizon and Halo • AI Growth Initiative of the Year award at the AI Gala 2025 25-Feb-26
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Year 2025 in brief • Currency neutral revenue growth 0.6%. Reported revenue decreased by -0.4% • Adjusted EBITA EUR 50.3 million (EUR 52.2 million), 34.5% of revenue (35.7%) • Continued to advance our mid-term growth strategy by focusing on Tier 1 partnerships • Major developments in our operational excellence, incl. delivery capabilities and service maturity • Enhanced Embedded Security portfolio with a host of new capabilities 5-Feb-26 3
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F-Secure signed a strategic partnership with one of the world’s largest Tier 1 Communication Service Providers • On 9 December 2025, F-Secure signed a contract which includes a wide range of Embedded Security capabilities, enabling this partner to develop new types of security services that create completely new value for its over 100 million customers • Service delivery project will commence immediately with launch of new services expected around mid year 2026 • Initial three-year contract with automatic renewal thereafter for one year at a time, unless separately terminated 5-Feb-26 4
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Strategic partners – top service providers in the world 5 Strategic partners Target: Top20Service Providers • Large base, high ARPU • Security from VAS to core service • Looking for unique solution, high margin and churn reduction • High investment/maintenance power • A significant expansion agreement signed in December with an existing strategic partner for Credit Monitoring, Financial Transaction Monitoring and Identity Fraud Insurance - a new embedded security domain for us. Service launch expected by the end of Q1 2026. The agreement under negotiation contains a minimum guaranteed revenue. • Final-stage negotiations ongoing with another leading CSP for an agreement for our embedded security solutions at significant scale, service launch expected in Q2 2026. The agreement under negotiation contains a minimum guaranteed revenue.
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We establish our position as the market leader in scam protection 6 We innovate and utilize data and AI Strategic priorities in 2025 We continue to transform to accelerate growth 5-Feb-26 3 1 2
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We continue to see strong growth potential and maintain a healthy pipeline of opportunities, especially in the Tier 1 partner segment We secured several contract renewals and expansions, underscoring continued confidence in our offering: • an extension Total service for one of our major U.S. partner to include the scam protection module • a new major partner in the Asia-Pacific region for our Total service • an extension agreement with a Nordic banking partner to include scam protection in their Total offering These developments highlight our continued ability to deepen relationships with key partners and expand the reach of our cyber security solutions across diverse markets. 75-Feb-26 We establish our position as the market leader in scam protection We innovate and utilize data and AIWe continue to transform to accelerate growth 3 1 2
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8*Source: GASA Global Anti-Scam Alliance - Global State of Scams survey 2024, n=58,329 people from 43 countries; Global consumer market survey by F-Secure, Jan 2024, N=7,000 Data breaches AI Malware Quantum Scams We confront the biggest challenges facing cybersecurity 5-Feb-26 2000 2020 20252010 2030 ComplexityScam pandemic 77% worry about their online security 71% find security too complex Source: GASA Global Anti-Scam Alliance Global State of Scams 2025 (n=46 000, 42 countries in North & South America, Europe, Africa, Middle East, Asia & Oceania; Global consumer market survey by F-Secure, Jan 2025, N=9,000 ; Global consumer market survey by F-Secure, Jan 2025, N=9,000 $442+ billion reported lost to scams in ’2025* We establish our position as the market leader in scam protection We innovate and utilize data and AIWe continue to transform to accelerate growth 3 1 2
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Rapid evolution of the scam threat landscape in the age of AI 5-Feb-26 Sources: Searchengineland 2025, Gartner 2024 & 2025 9 “Meta reportedly makes 10% of its revenue from fraudulent ads and scams” November 7, 2025 Access to Private Data Exposure to Untrusted Content Ability to Communicate Externally AI Agentic Lethal trifecta Rise of scams in social media Rise of AI agentic browsers Malicious prompt injections AI-sourced traffic explodes 527% YoY Search volume forecast to drop 25% by 2026 AI assistants to reduce app usage 25% by 2027 We establish our position as the market leader in scam protection We innovate and utilize data and AIWe continue to transform to accelerate growth 3 1 2
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Awards & recognition our portfolio has won in 2025 5-Feb-26 10 AV-Test AV-LabsAV-Comparatives Other recognition FakeShop Top Performer AI Scam Scanner Scam Supports the scam protection story Scam Scam Scam Scam Winner “AI Growth Initiative 2025” Recognized as the leader in the Telco channel
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Protect Prevent Recover 5-Feb-26 11 Contextual relevance Proactively helpful Emotional resonance Signals: Behavior & Usage Precision: Protection & actionable eventsPartner F-Secure Our consumer experience vision: AI-powered. Human-centered. Security reimagined We establish our position as the market leader in scam protection We innovate and utilize data and AIWe continue to transform to accelerate growth 3 1 2
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5-Feb-26 Horizon Success 2025 ✓ “Done-for-you” security business platform to serve 1000’s of F-Secure partners ✓ 360° readiness for partners to market, sell, invoice, customer care – fully online ✓ Early Access Program launched 5 Dec 2025 ✓ First partners onboarded successfully ✓ Public launch 4 Feb 2026 ✓ AI native product, AI native creation process
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Halo: Mobile-first scam protection, consumer-first experience User-centric experience innovation Addresses critical market gaps where traditional security products overwhelm users with complexity, making protection feel uncertain Consumer-first validation Built for direct-to-consumer business to rapidly test, learn, and incorporate insights into our broader portfolio offering; Public launch planned for early H2 2026 AI-first development approach AI-native mobile security solution designed from the ground up to deliver effortless protection and genuine peace of mind 5-Feb-26 13 BY F-SECURE
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Way of working – AI powered operating model 14 • Select the most critical workflows and rethink those from ground up into AI-native • Build agentic-AI capabilities across the whole staff • Establish F-Secure IQ: unified partner data & information architecture (contracts, specs, usage, roadmap alignment) • Identify and pilot AI-native teams and define effective behaviors/practices/collaboration • Build leadership skills to lead revolution, not evolution Outcome • From point-solutions & single user benefits to transforming entire business processes Objective Increase agility and speed re-imagining cross-company ways of working and AI-native behavior
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Financials Sari Somerkallio, CFO
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Q4/2025 Partner channel currency neutral revenue growth flat • Partner channel revenue in North America negatively affected by the weak US dollar • At comparable exchange rates, Security Suite revenue decreased by -1.7%. Reported revenue decreased by -3.7% and was EUR 23.4 million (EUR 24.3 million). • Total conversion continued well, as well as ARPU except for some pricing changes. • Strong activity in Sweden and Finland. • DACH region continued to perform well except for Germany, where revenue declined significantly due to continued challenges faced by a key partner in its core business. • At comparable exchange rates, Embedded Security revenue increased by 8.4%. Reported revenue increased by 1.8% and was EUR 5.8 million (EUR 5.7 million). • Growth in Japan continued, although in fourth quarter it was weaker than in the previous quarters. • Growth supported by good development in the US 5-Feb-26 16 Among our key markets, Sweden and Finland continued to show strong performance Partner channel revenue EURm 24.3 24.5 24.2 23.5 23.4 5.7 5.6 5.9 6.0 5.8 30.0 30.1 30.2 29.5 29.2 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Security suite Embedded -2.6% / +0.2%* +1.8% / +8.4 -3.7% / -1.7% Change* *Change / Currency neutral change
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10.7 11.3 12.0 10.7 11.4 10.9 2.9 2.8 10-12/2024 10-12/2025 Nordic countries Rest of Europe North America Rest of the world 7.0 7.0 6.7 6.6 6.5 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/2025: Revenue – Direct channel & geography 5-Feb-26 17 Renewal rates were high and ARPU development was healthy Direct channel revenue EURm -7.8% / -7.5%* +4.9% -10.7% -4.6% -1.7% Revenue by geography EURm Change 37.0 35.7 -3.6% -1.3% Currency neutral change +4.9% -10.5% +1.1% +5.6% Among our key markets, especially Sweden and Finland showed significant growth • User numbers declined due to reduced investments in paid customer acquisition *Change / Currency neutral change
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8.4 8.3 7.9 5.5 3.8 4.2 Q4 2024 Q4 2025 Sales and marketing Research and development Administration 18 Q4/2025: Operating expenses decreased • Operating expenses totaled EUR -18.0 million (EUR -20.1 million) • Sales and marketing costs declined slightly (-1.3%) • Administration costs increased by 11.4% due to some one-off costs during the quarter • R&D activity increased, but a higher level of capitalization led to lower level of R&D expenses. R&D costs decreased by EUR 2.5 million. • Capital expenditures totaled EUR 3.9 million (EUR 1.2 million), primarily related to technology investments 20.1 18.0 OPEX1 development in Q4 2025 EURm -10.6% OPEX, % of revenue 12% (10%) 15% (32%) 23% (23%) 1) Excluding Items Affecting Comparability (IAC) and depreciation and amortization.
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19 Gross margin and adjusted EBITAdevelopment 11.7 12.7 13.2 14.6 11.8 13.1 11.9 13.3 12.0 31.7% 34.9% 36.1% 40.3% 31.8% 35.4% 32.2% 37.0% 33.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 0 5 10 15 20 25 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Adjusted EBITA Adjusted EBITA (%) 33.0 31.2 31.4 31.4 32.1 31.7 31.3 30.2 30.2 89.4% 85.7% 85.9% 86.4% 86.7% 85.4% 84.8% 83.9% 84.6% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 0.0 10.0 20.0 30.0 40.0 50.0 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Gross Margin Gross margin % Gross margin EURm Adjusted EBITA and adjusted EBITA margin EURm Gross margin was impacted by lower-than-expected volumes and higher proportion of Embedded business EUR -1.9 m EUR 0.2 m 5-Feb-26
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20 Revenue was negatively impacted by soft performance in Rest of Europe and declining Direct business 12.7 13.1 13.2 11.9 14.6 13.3 11.8 12.0 1-12/2024 1-12/2025 Q1 Q2 Q3 Q4 50.3 34.5% Revenue by channel EURm 1–12/2025 in brief: currency neutral growth 0.6%, reported revenue at previous year's level (-0.4%) 118.2 119.0 28.0 26.8 1-12/2024 1-12/2025 Direct channel (18% of the revenue) Partner channel (82% of the revenue) Revenue by geography EURm 146.3 145.7 Adjusted EBITA EURm-0.4% / +0.6% 52.2 35.7% +0.6% / +1.8% -4.5% / -4.5% +6.5% / +6.5% -5.6% / -5.6% -2.6% /-0.1% Change / Currency neutral change -3.7% 42.0 44.8 48.1 45.4 45.5 44.3 10.6 11.3 1-12/2024 1-12/2025 Nordic countries Rest of Europe North America Rest of world 146.3 145.7 +6.0% / +8.4% Change / Currency neutral change -0.4% / +0.6%
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• Q4 cash conversion on a regular level of 74.2% against the strong comparison period (99.4%) • Cash conversion for 1-12/2025 was 79.1% (80.5%) • Equity ratio was 21.5% (17.4%). • Cash at the end of 2025 amounted to EUR 10.8 million (EUR 8.1 million). 21 Operating cash flow EUR 11.6 (9.1) million for Q4/2025 Operating cash flow and cash conversion (QTD) 13.2 7.9 16.8 5.0 9.1 9.7 10.8 11.6 11.6 141.2% 74.6% 126.6% 40.5% 99.4% 75.5% 89.9% 77.7% 74.2% Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Operating cash flow Cash conversion 5-Feb-26
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0.17 0.13 0.12 0.13 0.07 0.07 0.04 0.04 2022 2023 2024 2025 Earnings / share Dividend / share EUR EPS Dividend per share Proposed dividend EUR 0.04 per share Dividend policy Around or above 50% of net profit; which can be adjusted as long as leverage is higher than the targeted level (2.5x). Leverage 1-12/2025 was 2.8x. Distributable funds on 31 December 2025: EUR 15.2 million, total dividend payable EUR 7.0 million. Dividend proposal EUR 0.04 per share, to be paid in two instalments. Earnings per share (EPS) 1-12/2025: EUR 0.13 (0.12). 31.2% of the January– December 2025 earnings. 22 Board of Directors’ proposal for the distribution of profit 1) EPS for the period 7–12/2022, and the dividend % of the biannual net profit 0.091) 0.08
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5-Feb-26 23 Outlook for 2026 Background for the outlook • F-Secure expects the core consumer cybersecurity market to grow mid-single digit CAGR mid- to long-term1). F-Secure sees the potential to grow faster than the market, focusing on partner channel and its offering around Embedded security and Scam Protection. The growth may be moderated by uncertainties around consumer sentiment in certain markets and general economic volatility. • Partner business and especially Embedded Security solutions are expected to drive F-Secure growth during 2026. Growth is expected to accelerate throughout the year as the most significant Tier 1 services gradually start to generate revenue and support profitability. • Direct business revenue development is expected to be negative due to continued strategy of refraining from paid customer acquisition. Focus is on improving retention rate and ARPU. • Gross margin is expected to be slightly lower than in 2025 (84.7%) due to growth of strategic partners with Embedded Security solutions, as these typically have a lower gross margin level than F-Secure Total business. • F-Secure continues to develop its service, operations and production capabilities further to meet Tier 1 partner requirements. These efforts are reflected in the higher cost base. As business scales up we expect to leverage continued service level investments across a wider partner base, leading to positive Adjusted EBITA % development along with business growth. • Capex level is expected to remain on a similar or slightly higher level as in 2025 related to both product development as well as technology infrastructure improvements. 1) Industry analyst views such as Gartner and IDC, and F-Secure management estimates. Growth F-Secure expects mid to high single-digit currency neutral revenue growth for 2026. Profitability The group’s adjusted EBITA is expected to be EUR 44–50 million in 2026 (2025: EUR 50.3 million).
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Stock Exchange Release: 20 November 2025 F-Secure announced that the company is negotiating a significant strategic partnership agreement with a leading Communications Service Provider. The agreement under negotiation contains a minimum guaranteed revenue, starting from the service launch to customers. Negotiations are ongoing and the company will publish a release with additional details once the agreement has been signed. The launch is expected to take place in the second quarter of 2026. Press Release: 9 December 2025 F-Secure signed a contract which includes wide range of Embedded Security capabilities, enabling this partner to develop new types of security services that create completely new value for its over 100 million customers The service delivery project will commence immediately, and service is expected to be launched to end- customers during late Q2 or Q3 of 2026. The contract period is three years. 5-Feb-26 24 Strategic partnerships accelerate growth prospects Mid-term financial targets for growth and profitability High single digit growth (CAGR) with additional significant upside from major Tier 1 deals Growth Adjusted EBITA margin approaching 40% as revenue reaches EUR 200 million Profitability
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Revenue dynamics in the Partner Business 25 Revenue recognition of typical business components 1) Non-recurring engineering
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Revenue dynamics in the Partner Business 26 Revenue recognition of typical business components 1) Non-recurring engineering Stock exchange release published 20 November 2025 Press release published 9 December 2025
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What constitutes inside information is analyzed case by case based on thorough qualitative and quantitative assessment, relevant facts and circumstances, applicable laws and stock exchange rules as well as internal guidelines for assessing the significance and relevance of information. Trigger value for customer contracts disclosed as a stock exchange release is either • 7% of F-Secures revenue in a single year or • 15% in total over three consecutive years of F-Secure's current year revenue. The assessment is based on the discounted revenue for the first three contract years factoring the time value and risk factors such as the revenue certainty and similar attributes. F-Secures Disclosure policy: https://investors.f-secure.com/en/releases/disclosure_policy F-Secure’sdisclosure thresholds 5-Feb-26 27 As determined in the company’s Disclosure policy:
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Q&A
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The reports and related presentation material will be available on the company’s website at https://www.f-secure.com/en/investors.