Interim report
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Interim Report 1 January - 30 September 2026
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02 Accelerated growth driven by Embedded Security Highlights of July–September 2026 • Currency neutral revenue growth was 12.4%. Reported revenue increased by 12.2% to EUR 40.5 million (EUR 36.1 million). Revenue growth was driven by Embedded Security, which continued to perform strongly. ◦ Currency neutral revenue from Partner channel increased by 15.8%. Reported revenue increased by 15.6% to EUR 34.1 million (EUR 29.5 million). ◦ Currency neutral revenue from Direct channel decreased by -2.9%. Reported revenue decreased by -2.9% to EUR 6.4 million (EUR 6.6 million). • Adjusted EBIT A was EUR 13.6 million (EUR 13.3 million), 33.6% of revenue (37 .0%). The increase in euros was driven by higher revenue. The margin change was due to planned investments in Embedded Security portfolio and Tier 1 service level capabilities. • A Tier 1 partner indicated intention to not extend its agreement with F-Secure after March 2027 . In 2025, revenue from the agreement was approximately EUR 16 million. The agreement will continue to generate revenue normally until the end of March 2027 . • The possible non-renewal of the Tier 1 partner contract led to a EUR -2.1 million impairment of related capitalized assets. • Earnings per share (EPS) decreased to EUR 0.02 (EUR 0.04). • Operating cash flow was EUR 9.1 million (EUR 11.6 million). • On 1 October, planned new operating model announced and change negotiations started. The objective is to enable F-Secure to respond faster to changing customer needs as AI reshapes the market, to shift investment toward growth-stage products and new customer segments, and to further strengthen profitability. Highlights of January–September 2026 • Currency neutral revenue growth was 8.1%. Reported revenue increased by 6.0% to EUR 116.6 million (EUR 110.0 million). Growth was driven by strong performance of the Embedded Security business. ◦ Currency neutral revenue from Partner channel increased by 11.2%. Reported revenue increased by 8.6% to EUR 97 .4 million (EUR 89.7 million). ◦ Currency neutral revenue from Direct channel decreased by -5.3%. Reported revenue decreased by -5.3% to EUR 19.2 million (EUR 20.3 million). • Adjusted EBIT A was EUR 36.2 million (EUR 38.3 million), 31.0% of revenue (34.8%). Decline was due to planned investments in Embedded Security portfolio and Tier 1 service level capabilities as well as currency impact. • Items affecting comparability (IAC) were EUR -1.7 million (EUR 0.1 million) consisting of costs related to organizational restructuring in sales and services teams. In addition, possible non-renewal of the Tier 1 partner contract led to a EUR -2.1 million impairment of related capitalized assets. • Earnings per share (EPS) decreased to EUR 0.06 (EUR 0.10). • Operating cash flow was EUR 22.5 million (EUR 32.0 million). Cash flow from operating activities was impacted by an increase in net working capital, mainly due to higher trade receivables resulting from increased revenue. Cash flow began to recover following a temporary delay in collections in the second quarter, which had led to an increase in trade receivables. These were mostly collected during the third quarter. • Net debt declined to EUR 137 .7 million (EUR 149.2 million), and the leverage ratio was 2.8x (31 Dec 2025: 2.8x). Figures in brackets refer to the corresponding period in the previous year, unless otherwise stated. Percentages and figures presented herein may include rounding differences and therefore may not add up precisely to the totals presented. Figures in this interim report are unaudited. Q3/26 interim report
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03 Outlook Outlook for 2026 Specified on 28 October 2026 Growth: The group’s currency neutral revenue growth is expected to be 8–11% (previously: 7–12%) in 2026. Profitability: The group’s adjusted EBIT A is expected to be EUR 46–50 million (previously: EUR 44–50 million) in 2026. Background for the outlook: • F-Secure expects the core consumer cybersecurity market to grow mid-single digit CAGR mid- to long-term 1) . 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 new 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 T otal 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 EBIT A % 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. Financial targets F-Secure's medium-term financial targets and dividend policy for the company reflect the company’s growth ambitions and strategic direction. • Growth: High single digit growth (CAGR) with additional significant upside from major Tier 1 deals • Profitability: Adjusted EBIT A margin approaching 40% as revenue reaches EUR 200 million • Dividend Yield: Around or above 50% of net profit, which can be adjusted as long as leverage is higher than the targeted level • Leverage: Net debt / adjusted EBITDA ratio below 2.5x, excluding temporary impact from acquisitions F-Secure Corporation follows the Rule of 40 metric as internal performance measurement and guiding principle, according to which the combined revenue growth rate and profitability margin should be equal to or greater than 40%. 1)Industry analyst views such as Gartner and IDC, and F-Secure management estimates. Q3/26 interim report
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04 Financial performance EUR million 7-9/2026 7-9/2025 Change % 1-9/2026 1-9/2025 Change % 1-12/2025 Revenue 40.5 36.1 12.2% 116.6 110.0 6.0% 145.7 Gross Margin 34.3 30.2 13.4% 98.0 93.2 5.2% 123.4 % of revenue 84.8% 83.9% 84.0% 84.7% 84.7% Operating expenses1) -20.3 -16.6 22.1% -60.9 -54.3 12.2% -72.3 Sales & Marketing -7 .9 -7 .0 11.7% -24.4 -23.9 1.9% -32.2 Research & Development -8.9 -6.2 43.6% -25.1 -19.2 30.6% -24.7 Administration -3.6 -3.4 4.8% -11.4 -11.2 2.4% -15.4 Adjusted EBIT A1) 13.6 13.3 2.0% 36.2 38.3 -5.6% 50.3 % of revenue 33.6% 37 .0% 31.0% 34.8% 34.5% Items affecting comparability (IAC)2) - 0.0 - -1.7 0.1 0.1 EBIT 7 .3 9.7 -24.9% 20.0 27 .3 -26.6% 35.5 % of revenue 18.0% 26.9% 17 .2% 24.8% 24.4% Earnings per share (EUR)3) 0.02 0.04 -37 .9% 0.06 0.10 -34.1% 0.13 Earnings per share, adjusted for PPA amortization (EUR)3) 0.03 0.04 -30.2% 0.09 0.13 -27 .0% 0.16 Shareholder's equity per share, EUR 0.36 0.29 0.32 Operating cash flow 9.1 11.6 -21.4% 22.5 32.0 -29.7% 43.6 Cash conversion % 71.6% 77 .7% 59.1% 80.7% 79.1% Deferred revenue 24.0 23.2 3.4% 27 .0 Net debt (+) / Net cash (-) 137 .7 149.2 -7 .7% 145.6 Net debt/Adjusted EBITDA 2.8 2.9 2.8 Gearing, % 220.2% 294.7% 260.0% Equity ratio % 23.8% 18.7% 21.5% Personnel at the end of the period 597 532 12.2% 549 1) Excluding Items Affecting Comparability (IAC) and depreciation, amortization and impairment. 2) A reconciliation and breakdown of items affecting comparability is presented at the end of this report. 3) Based on the average number of shares for the reporting period. Q3/26 interim report
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05 Timo Laaksonen, President and CEO The third quarter of 2026 brought clear progress with new business wins, an expanding product portfolio and active participation in new tenders. We also received a non- renewal indication from one of our Tier 1 partners, which is a setback for 2027 . Nevertheless, we expect the positive development of our business to continue. Currency neutral revenue grew strongly by 12.4 percent to EUR 40.5 million, marking the highest organic growth figure since the demerger in 2022. Growth was driven by the continued strong performance of Embedded Security, particularly in the US. Security Suite revenue continued to decline moderately. Going forward, we will allocate more resources to Security Suite development and marketing to reverse this trend. Adjusted EBIT A increased to EUR 13.6 million (EUR 13.3 million), driven by higher revenue. Adjusted EBIT A margin decreased to 33.6% of revenue (37 .0%), due to planned investments in the Embedded Security portfolio and Tier 1 service level capabilities. We strengthened our financial position by refinancing our loan portfolio through a new EUR 147 million agreement with Danske Bank and OP Corporate Bank. The new agreement significantly improves our financing terms, while giving us a stronger footing into 2027 . Direct business continued to perform above our expectations, supported by record-level renewal rates and good ARPU. The decline in Direct business has practically stopped quarter-over-quarter, and we see good opportunities in new sales for 2027 . This is supported by the September launch of Kiren, the new brand for Project Halo, to our F-Secure Mobile Security direct customers in the US. Kiren is an AI-native mobile security app that screens messages, calls and links in the background to catch scams and AI-powered threats before they reach the user. It is built on the same F-Secure Embedded Security capabilities as T otal, but sold directly under its own brand, allowing fast development and quick response to consumer feedback. Our large installed base in the US, with a relatively small share of paying subscribers so far, gives us significant conversion potential. In 2026, we are focusing on the existing user base, with a broader US roll-out planned for next year. In September, a leading Japanese telecommunications operator and long- standing F-Secure partner expanded the partnership by adding F-Secure SENSE, our home network security solution, to its new home internet service. SENSE monitors home network activity and connected devices to identify and block threats. The expansion gives SENSE the potential to reach a significant number of households in Japan. In September, we demonstrated how F-Secure Trust technology and AMD Silo AI’s model routing can work together to keep digital journeys safe, private and efficient by deciding where each piece of data is processed based on sensitivity, cost, model capability and performance. Our upcoming solution TrustPath uses this approach to protect the entire journey as AI agents increasingly compare products, manage subscriptions and complete purchases on people's behalf. It enters beta during the fourth quarter, with launch planned for the first quarter of 2027 . We also continue to develop the value proposition of TrustGuard, our protection layer for interactions with AI assistants. In October, we announced plans to renew our operating model to drive profitable growth and greater agility through AI-native ways of working. The proposed change has been planned carefully and builds on our strategy. F-Secure would organize into three business units: Partner Products, Embedded Security and Direct Business, each with end-to-end accountability for its customers, products and go-to-market strategy. A New Ventures unit would incubate and validate new technologies, product concepts and business models. T o discuss the planned changes, we started change negotiations covering all F-Secure roles, units and locations. The estimated gross annual cost savings are around EUR 13 million, part of which would be reinvested in growth, while strengthening profitability and supporting progress toward our medium-term financial targets. Q3/26 interim report
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06 As announced in September, we received an indication that one of our largest Tier 1 partners does not intend to extend its agreement, which runs until the end of March 2027 . The agreement generated approximately EUR 16 million in revenue in 2025 and will contribute normally until it ends, so our 2026 outlook is not affected. However, it led to a EUR -2.1 million impairment of capitalized assets related to the contract in the third quarter. If the agreement is not extended, 2027 revenue is expected to be weaker than previously anticipated. T o our understanding, the non- renewal is related to the partner consolidating the apps it offers to its customers into a single app. We have not been informed of a move to a competitor and continue to be in dialogue on future services with the partner. Overall, we see significant opportunities in Embedded Security as several Tier 1 partners either embark on building or expanding their security app offerings. These apps may take form either as a dedicated security app or as part of an operator app, or a combination thereof. Our Embedded Security value proposition is focused on our scalable core offering - security capability modules underneath the user application layer. We expect continued positive momentum in both absolute and relative profitability in 2027 . Looking ahead, while AI is changing the way we work, the threats we defend against and our market opportunities, our planned operating model is intended to direct investment quickly into growth areas while further strengthening profitability. Our Fellows have quickly adopted AI-native ways of working while keeping our day-to-day commitments to customers and partners. This confirms that the F-Secure Fellowship continues to be our superpower during the fundamental transformation in the cybersecurity market. Q3/26 interim report
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07 Group performance Revenue by sales channel F-Secure reports Partner channel revenue divided into its main product portfolios: Security Suite and Embedded Security. EUR million 7-9/2026 7-9/2025 Change % Currency neutral change % 1-9/2026 1-9/2025 Change % Currency neutral change % 1-12/2025 Partner channel 34.1 29.5 15.6% 15.8% 97 .4 89.7 8.6% 11.2% 119.0 Security Suite 22.9 23.5 -2.4% -2.3% 69.7 72.2 -3.5% -1.8% 95.6 Embedded Security 11.2 6.0 86.1% 87 .1% 27 .7 17 .6 57 .9% 66.8% 23.4 Direct channel (E-commerce) 6.4 6.6 -2.9% -2.9% 19.2 20.3 -5.3% -5.3% 26.8 T otal 40.5 36.1 12.2% 12.4% 116.6 110.0 6.0% 8.1% 145.7 Revenue by geography EUR million 7-9/2026 7-9/2025 Change % Currency neutral change % 1-9/2026 1-9/2025 Change % Currency neutral change % 1-12/2025 Nordic countries 11.4 11.3 0.6% 0.6% 34.1 33.5 1.8% 1.8% 44.8 Rest of Europe 11.4 11.1 3.3% 3.3% 34.0 34.7 -1.9% -1.9% 45.4 North America 14.7 10.6 39.1% 37 .9% 40.5 33.5 21.2% 27 .0% 44.3 Rest of the world 2.9 3.0 -5.9% -0.8% 8.0 8.4 -5.0% 2.5% 11.3 T otal 40.5 36.1 12.2% 12.4% 116.6 110.0 6.0% 8.1% 145.7 Q3/26 interim report
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08 July-September 2026 Revenue F-Secure currency neutral growth was 12.4%. Reported revenue increased by 12.2% and was EUR 40.5 million (EUR 36.1 million). Revenue growth was driven by Embedded Security, which continued to perform strongly. Deferred revenue decreased by -5.4% from the previous quarter's end as expected. Partner channel Currency neutral revenue in the Partner channel increased by 15.8%. Reported revenue increased by 15.6% and was EUR 34.1 million (EUR 29.5 million). Reported revenue was burdened by the weak Japanese yen, which was partly offset by the stronger US dollar. At comparable exchange rates, Security Suite revenue decreased by -2.3%. Reported revenue decreased by -2.4% and was EUR 22.9 million (EUR 23.5 million). Nordics development was stable. Rest of Europe turned to modest growth, supported by continued good development in several markets and easing decline in the larger markets. Progress in North America continued to be weak, partly due to modest performance of customers with legacy products. A stronger focus on Embedded Security over recent quarters contributed to a moderate decline in Security Suite. At comparable exchange rates, revenue from Embedded Security increased by 87 .1%. Reported revenue increased by 86.1% and was EUR 11.2 million (EUR 6.0 million). Growth was supported by continued good development with the US customers. In Japan, revenue declined mostly due to a strong comparison period. Direct channel Currency neutral revenue from Direct channel decreased by -2.9%. Reported revenue decreased by -2.9% and was EUR 6.4 million (EUR 6.6 million). The number of users declined, as we are not investing in paid customer acquisition in line with our current strategy. Development was nevertheless better than expected, supported by record-level renewals and good ARPU. The revenue decline was driven by weak performance in North America, where customers are using a legacy product. Gross margin Gross margin increased to EUR 34.3 million (EUR 30.2 million) or 84.8% of revenue (83.9%), driven by increased revenue and improved efficiency in cost of revenue. Operating expenses Operating expenses excluding depreciation, amortization and impairment and items affecting comparability were EUR -20.3 million (EUR -16.6 million). Sales and marketing costs increased and were EUR -7 .9 million (EUR -7 .0 million) due to increased activity. Research and development (R&D) costs increased and were EUR -8.9 million (EUR -6.2 million). Overall R&D activity increased due to planned investments in Embedded Security portfolio and Tier 1 service level capabilities. There were also fewer capitalized projects. Administration costs were EUR -3.6 million (EUR -3.4 million). Depreciation and amortization excluding impairment and purchase price allocation (PPA) amortization increased due to the higher R&D capitalization during the last couple of years and totaled EUR -2.8 million (EUR -2.2 million). During the quarter, possible non-renewal of the Tier 1 partner contract led to a EUR -2.1 million impairment of related capitalized assets. PPA amortizations related to the Lookout consumer security business acquisition totaled EUR -2.0 million (EUR -1.9 million). Profitability Adjusted EBIT A increased to EUR 13.6 million or 33.6% of revenue (EUR 13.3 million, 37 .0%). Adjusted EBIT A is seasonally higher in the third quarter because of summer holidays. EBIT was EUR 7 .3 million and 18.0% of revenue (EUR 9.7 million, 26.9%). EBIT declined due to impairment costs. Q3/26 interim report
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09 January-September 2026 Revenue F-Secure currency neutral growth was 8.1%. Reported revenue increased by 6.0% and was EUR 116.6 million (EUR 110.0 million). Revenue growth was driven by good development in the Embedded Security business. Partner channel Currency neutral revenue in the Partner channel increased by 11.2%. Reported revenue increased by 8.6% and was EUR 97 .4 million (EUR 89.7 million). Reported revenue was burdened by the weak US dollar and the weak Japanese yen. At comparable exchange rates, Security Suite revenue decreased by -1.8%. Reported revenue decreased by -3.5% and was EUR 69.7 million (EUR 72.2 million). Nordics development was stable. Rest of Europe declined modestly, although development turned to growth during the third quarter. Progress in North America was weak, partly due to modest performance of customers with legacy products. A stronger focus on Embedded Security over recent quarters contributed to a moderate decline in Security Suite. At comparable exchange rates, revenue from Embedded Security increased by 66.8%. Reported revenue increased by 57 .9% and was EUR 27 .7 million (EUR 17 .6 million). Growth was supported by good development with the US customers. In Japan, revenue declined due to a service discontinuation by one partner earlier in the year, which was partly offset by expansion in other services with the same partner. Direct channel Currency neutral revenue from Direct channel decreased by -5.3%. Reported revenue decreased by -5.3% and was EUR 19.2 million (EUR 20.3 million). The number of users declined, as we are not investing in paid customer acquisition in line with our current strategy. Development was nevertheless better than expected, supported by record-level renewals and good ARPU. The revenue decline was driven by weak performance in North America, where customers are using a legacy product. Gross margin Gross margin increased to EUR 98.0 million (EUR 93.2 million) in absolute terms, while in relative terms, gross margin declined slightly to 84.0% of revenue (84.7%) mainly as business mix shifted more towards the lower-margin Embedded Security business. Operating expenses Operating expenses excluding depreciation, amortization and impairment and items affecting comparability were EUR -60.9 million (EUR -54.3 million). Sales and marketing costs increased to EUR -24.4 million (EUR -23.9 million) due to increased activity, partly offset by organizational restructuring, which took place in the first quarter. Research and development (R&D) costs increased and were EUR -25.1 million (EUR -19.2 million). Overall R&D activity increased in terms of capex and opex, driven by planned investments in Embedded Security portfolio and Tier 1 service level capabilities. However, there were fewer capitalized projects in the third quarter than during the first half of the year. Administration costs were EUR -11.4 million (EUR -11.2 million). Items affecting comparability (IAC) totaled EUR -1.7 million (EUR 0.1 million), consisting of costs related to organizational restructuring in sales and services teams mainly outside Finland during the first quarter. Depreciation and amortization excluding impairment and purchase price allocation (PPA) amortization increased due to the higher R&D capitalization during the last couple of years and totaled EUR -8.0 million (EUR -6.4 million). During the third quarter, possible non-renewal of the Tier 1 partner contract led to a EUR -2.1 million impairment of related capitalized assets. PPA amortizations related to the Lookout consumer security business acquisition totaled EUR -5.8 million (EUR -5.9 million). Q3/26 interim report
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10 Profitability Adjusted EBIT A amounted to EUR 36.2 million or 31.0% of revenue (EUR 38.3 million, 34.8%). EBIT was EUR 20.0 million and 17 .2% of revenue (EUR 27 .3 million, 24.8%). EBIT declined due to planned investments in Embedded Security portfolio and Tier 1 service level capabilities as well as currency impact. EBIT was also burdened by impairment costs. Q3/26 interim report
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11 Cash flow, financial position and financing EUR million 7-9/2026 7-9/2025 Change % 1-9/2026 1-9/2025 Change % 1-12/2025 Operating cash flow 9.1 11.6 -21.4% 22.5 32.0 -29.7% 43.6 Cash conversion % 71.6% 77 .7% 59.1% 80.7% 79.1% Cash and cash equivalents 9.1 22.1 -58.7% 10.8 Bank loans, non-current 127 .0 136.0 -6.6% 121.3 Bank loans, current 15.0 30.0 -50.0% 30.0 Lease liabilities, non-current 3.1 3.7 -17 .8% 3.4 Lease liabilities, current 1.7 1.5 12.5% 1.7 Financial income 0.2 0.2 -6.2% 0.8 1.0 -25.3% 1.3 Financial expense -2.8 -2.0 38.2% -6.6 -7 .0 -6.9% -9.3 Capital Expenditure 2.3 3.3 -31.2% 9.5 8.9 7 .3% 12.8 % of revenue 5.7% 9.3% 8.1% 8.0% 8.8% In January–September 2026, cash flow from operating activities before financial items and taxes amounted to EUR 30.1 million (EUR 40.2 million). Operating cash flow was EUR 22.5 million (EUR 32.0 million). Cash flow from operating activities was impacted by an increase in net working capital, mainly due to higher trade receivables resulting from increased revenue. Cash flow began to recover following a temporary delay in collections in the second quarter, which had led to an increase in trade receivables. These were mostly collected during the third quarter. Third quarter included also one-off payments related to loan arrangements (EUR -0.6 million). Cash conversion rate was 59.1% (80.7%) in January-September 2026. Cash at the end of September 2026 was EUR 9.1 million (EUR 22.1 million). The Group has a revolving credit facility (RCF) of EUR 10 million. F-Secure has drawn down EUR 5 million revolving credit facility for general cash management purposes. During the quarter, F-Secure signed a EUR 147 million financing agreement with Danske Bank A/S and OP Corporate Bank, consisting of a EUR 137 million term loan facility and a EUR 10 million revolving credit facility. The new facilities replace the company's previous term loan, Nordic Investment Bank loan and revolving credit facility, consolidating three separate facilities into one. The facilities have a three-year maturity with two one-year extension options. The first repayment is in June 2027 . At the end of September 2026, F-Secure net debt amounted to EUR 137 .7 million (EUR 149.2 million) and the net debt to adjusted EBITDA ratio was 2.8x. Group’s loan agreement includes a quarterly measured financial covenant based on the ratio between net debt and adjusted EBITDA. The Group has met these covenant terms and conditions on the reporting date. The equity ratio was 23.8% (18.7%) at the end of September 2026. T otal assets were EUR 263.2 million (EUR 270.1 million) at the end of September 2026. As of 30 September 2026, current lease liabilities were EUR 1.7 million (EUR 1.5 million), and non-current lease liabilities were EUR 3.1 million (EUR 3.7 million). The lease liabilities relate to leases for office premises and cars. In July–September 2026, capex amounted to EUR 2.3 million (EUR 3.3 million) and was mainly related to investments in Embedded Security portfolio and Tier 1 capabilities. However, there were fewer capitalized projects in the third quarter than during the first half of the year. Q3/26 interim report
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12 Organization Organization and leadership At the end of September 2026, F-Secure had 597 (532) employees. The average number of personnel in January–September period was 593 (520). The increase in the number of employees was driven by investments in R&D capabilities and the insourcing of selected technology teams. F-Secure Leadership T eam On 21 September 2026, F-Secure announced that Chief T echnology Officer Santeri Kangas is leaving the company. He continued in his role until 25 September 2026, after which his role and responsibilities as a member of the F-Secure Leadership T eam ended. Rashmi H K was appointed as interim Senior Vice President, T echnology, and a member of the Leadership T eam of F-Secure Corporation, effective 26 September 2026. On 1 October 2026, F-Secure announced plans to renew its operating model, which would also change the composition of the Leadership T eam. If the changes are executed as planned, the Leadership T eam would consist of the following members as of 1 January 2027: • Timo Laaksonen, President and Chief Executive Officer • Nina Lehto, Executive Vice President, Partner Products • Bruno Rodriguez, Executive Vice President, Embedded Security • Executive Vice President, Direct Business (to be appointed) • Dimi Vellikok, Senior Vice President, New Ventures • Rashmi H K, Senior Vice President, T echnology • Robin Pulkkinen, Chief Financial Officer, Finance & Legal • Jyrki Tulokas, Chief Strategy Officer, Strategy Office • Kaisa Tikka-Mustonen, Chief People Officer, People & Culture The current Leadership T eam members continue to lead their respective units until the end of December 2026. The composition of the Leadership T eam at the end of September 2026 was as follows: Timo Laaksonen President & Chief Executive Officer Rashmi H K Interim Senior Vice President, T echnology Richard Larcombe Chief Marketing Officer Nina Lehto Senior Vice President, Services Robin Pulkkinen Chief Financial Officer Bruno Rodriguez Chief Revenue Officer Kaisa Tikka-Mustonen Chief People Officer Jyrki Tulokas Chief Strategy Officer Q3/26 interim report
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13 Organization Shares and shareholders At the end of September 2026, the registered share capital of F-Secure was EUR 80,000 and the company had 174,713,257 fully paid shares. F-Secure has one share class and the company’s shares are included in a book- entry system. The closing price of the share at the end of September 2026 was EUR 1.54. In January–September 2026, the highest price paid was EUR 2.34 and the lowest EUR 1.47 . In January–September 2026, the share’s volume weighted average price was EUR 1.82. The share trading volume in January–September 2026 was EUR 81.4 million and 44.7 million shares. On 30 September 2026, the company’s market capitalization was EUR 269 million. The number of registered shareholders at the end of September 2026 was 35,269 including nominee registers (9). The list of the shareholders of F-Secure Corporation is based on the information given by the Euroclear Finland Ltd. F-Secure did not hold any treasury shares at the end of the review period. The Board of Directors of F-Secure resolved on directed share issue without consideration for reward share payment The Board of Directors of F-Secure Corporation resolved on 26 March 2026, based on the authorization granted by the Annual General Meeting of Shareholders on 25 March 2026, on a directed share issue without consideration for payment of rewards in accordance with the terms and conditions of the Restricted Share Plan 2023–2025. A total maximum of 6,187 new shares in the company was, in deviation from the shareholders’ pre-emptive subscription right, issued without consideration to the CEO of the company entitled to the reward. The new shares entered into the Finnish Trade Register on 9 April 2026 and trading of the new shares on the official list of Nasdaq Helsinki Ltd started on 10 April 2026. Following the entry of the new shares into the Trade Register, the total number of shares in the company was 174,713,257 . The Board of Directors of F-Secure resolved on a directed share issue without consideration to the participants of the Employee Share Savings Plan On 6 October 2026, F-Secure announced the resolution of its Board of Directors, based on the authorization granted by the Annual General Meeting of Shareholders on 25 March 2026, on a directed share issue without consideration to deliver the matching shares for the plan period 2023–2026 of the Employee Share Savings Plan. A total of 41,273 new shares were issued, in deviation from the shareholders' pre-emptive subscription right, to the participants of the plan period. The new shares were entered into the Trade Register and applied for public listing on Nasdaq Helsinki in October 2026. Following the entry, the total number of shares in the company is 174,754,530. Q3/26 interim report
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14 Governance Resolutions of the Annual General Meeting of F-Secure Corporation and organizational meeting of the Board of Directors The Annual General Meeting of F-Secure Corporation was held on Wednesday, 25 March 2026. The Annual General Meeting adopted the annual accounts and the consolidated annual accounts for the financial year that ended on 31 December 2025, discharged the members of the Company’s Board of Directors and the CEO from liability, and approved all proposals made to the Annual General Meeting by the Board of Directors. More detailed information can be found in the stock exchange release published on 25 March 2026. Similarly, the minutes of the Annual General Meeting are available on the company's website at https://investors.f-secure.com/en/ corporate_governance/governing_model/annual_general_meeting_2026. Resolution on the use of the profit shown on the balance sheet and the payment of dividend The Annual General Meeting resolved that based on the balance sheet for the financial year that ended on 31 December 2025, a dividend of EUR 0.04 per share be paid. The dividend was paid in two installments: the first installment of EUR 0.02 per share on 8 April 2026 and the second installment of EUR 0.02 per share on 7 October 2026. Q3/26 interim report
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15 Risks and uncertainties Risks related to F-Secure's operating environment Intensifying competition in the consumer security market could lead to a general decline in the price level and affect F-Secure’s ability to maintain or increase its market share, and the intensifying competition could thus have an adverse effect on F-Secure's revenue, profitability, and market share. F-Secure may not be able to keep up with rapid changes in customer demand, distribution channels, technologies such as AI and the evolution of consumer cybersecurity threats such as scams, which could have an adverse effect on F-Secure's reputation, competitiveness, operational results and financial position. Uncertainty about F-Secure’s key markets, financial markets and general economic situation could have an adverse effect on F-Secure’s business and growth opportunities and reduce the demand or increase the cost of the products and services offered by F-Secure. Geopolitical instability has increased uncertainty in the world and the risk of unexpected disruptions of the world economy. For example, the war in Ukraine and the escalation in the Middle East have caused some exceptional consequences to the cybersecurity landscape, such as highly visible governmental activities, as well as organized civilian response to the war efforts. In addition, there is a risk that F-Secure may be indirectly affected by escalating trade war (“tariffs”) that may increase inflation, reduce consumer purchasing power or otherwise negatively affect consumers and F-Secure's channel partners. Risks related to F-Secure's business operations and strategy If F-Secure’s agreement with a significant business partner or Channel Partner is terminated or expires, or if F-Secure is unable to continue to work with a business partner or Channel Partner on acceptable terms, or if a channel partner fails to fulfill its obligations, this could significantly reduce F-Secure's revenues, increase its costs, hinder its operations and weaken its ability to provide services or solutions to its customers. In addition, some Channel Partners may be slow to adopt new solutions, which may delay F-Secure's revenue growth or increase maintenance-related costs. The loss of key personnel and skilled employees, the possible delay in new hires or increase in personnel expenses could weaken F-Secure’s profitability and the standard of its services or solutions, hinder operations and prevent F-Secure from successfully developing and growing its business, including effective and differentiating innovation strategy. Actual, possible, or perceived defects, disruptions or vulnerabilities in F-Secure products or services, including risks from usage of AI technologies, could lead to security breaches or cybersecurity attacks and errors. Such incidents may also result from errors or misuse by F-Secure employees or business partners. These issues could harm F-Secure or its customers' reputation, reduce sales, disrupt operations, tie up personnel resources, lead to contractual penalties or regulatory fines and increase other costs. F-Secure channel partners may not always promote the latest version of our product offering, and end customers on various channels may be using older product versions ("legacy products"). Supporting these legacy products may increase F-Secure costs or adversely affect planned future product releases, their scope, availability and/or competitiveness, while migrating end-customers to the latest product versions may take time, require additional investments, and thus affect revenue growth. F-Secure provides consumer cybersecurity solutions to some of the largest Service Providers in the world (“Tier 1 Channel Partners”) and aims to win new Tier 1 Channel Partner contracts. Tier 1 Channel Partners may require solutions that F-Secure is unable to develop, deliver and maintain at the expected level of profitability. These contracts may also expose F-Secure to Service Level Agreement claims (support penalties) or other similar and material contractual liabilities, such as related to a consumer data breach. F-Secure may be required to make upfront investments to develop and deliver these solutions, which may have a negative impact on F-Secure product roadmaps, company revenues and profitability. F-Secure is in the process of transforming the company and its operating model with its growth strategy and taking advantage of AI capabilities in our offering and business processes. Changes in the company's strategic priorities, structure and processes may take time to become effective. Additionally, these strategic investments and changes may at least initially have a negative impact on the Q3/26 interim report
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16 company's product roadmap and its operations. These combined can have a negative impact on the financial outlook of the company. Risks related to the technology used by F-Secure, intellectual property rights and other regulations Any malfunction in technologies, IT systems or network connections used by F- Secure or any security breaches could result in disruption of F-Secure's service offerings. F-Secure may fail to register, protect, manage, maintain and enforce its intellectual property rights, and F-Secure may be subject to intellectual property infringement claims, which may result in significant costs. Leakage of personal data collected by F-Secure may have a material adverse effect on F-Secure’s business and reputation and result in claims for damages as well as fines and orders imposed by the authorities. As is customary in the cybersecurity industry, F-Secure protection is a combination of its own IPR and third-party solutions. F-Secure's reliance on these third-party solutions for key technology and services exposes the company to risks such as third party software vulnerabilities and data breaches, failure to meet service-level agreements, and increased or unpredictable costs, any of which could adversely affect F-Secure's operations, reputation, and financial results. Risks related to F-Secure's financial position and financing The number of operations and locations outside the eurozone in different currencies exposes F-Secure to a risk related to currency fluctuations. Changes in the exchange rates between currencies could have an adverse effect on F- Secure’s revenue, results and financial position. F-Secure is exposed to transaction risks caused by purchasing and selling products and goods in currencies that are not F-Secure’s home currencies, in particular the US dollar. In addition, F- Secure is exposed to investment risks in its units abroad and translation risks that arise when investments in subsidiaries in different currencies are converted into F-Secure’s operational currency, i.e., the euro. Furthermore, F-Secure financed the acquisition of Lookout’s consumer security business with bank debt subject to leverage covenants. Failure to comply with the covenants would lead to early expiry of the debt. Changes in interest rates have an impact on interest costs. Q3/26 interim report
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17 Significant events Significant events during the review period Refinancing of loan portfolio through a new EUR 147 million financing agreement On 28 August 2026, F-Secure signed a EUR 147 million financing agreement with Danske Bank A/S and OP Corporate Bank, consisting of a EUR 137 million term loan facility and a EUR 10 million revolving credit facility. The new facilities replace the company's previous term loan, Nordic Investment Bank loan and revolving credit facility, consolidating three separate facilities into one. The facilities have a three-year maturity with two one-year extension options and carry improved pricing compared to the previous facilities. Tier 1 partner indicated its intention not to extend its agreement after March 2027 On 29 September 2026, F-Secure announced that it had received an indication from one of its Tier 1 partners that the partner intends not to extend its agreement with F-Secure, which is scheduled to end at the end of March 2027 . In 2025, revenue from the agreement was approximately EUR 16 million. The agreement will continue to generate revenue normally until the end of March 2027 , and the situation does not affect F-Secure's outlook for 2026. If the agreement is not extended, F-Secure expects its revenue development in 2027 to be weaker than previously anticipated, while the positive momentum in both absolute and relative profitability is expected to continue. F-Secure's medium-term financial targets remain unchanged. Significant events after the review period Planned renewal of operating model and start of change negotiations On 1 October 2026, F-Secure announced that it plans to renew its operating model and started change negotiations on possible role changes and redundancies in Finland and in other countries. The objective is to enable F-Secure to respond faster to changing customer needs as AI reshapes the market, to shift investment toward growth-stage products and new customer segments, and to further strengthen profitability. Under the planned operating model, F-Secure would be organized into three business units, Partner Products, Embedded Security and Direct Business, each responsible for its own product, customer and go-to-market strategy. In addition, F-Secure plans to establish a New Ventures unit for developing and validating new business models, products and customer segments. Common functions, consisting of T echnology, Strategy Office, Finance & Legal, and People & Culture, would set company-wide standards and best practices for all business units. The planned changes would also affect the structure and composition of the Leadership T eam. The new operating model is targeted to be effective as of 1 January 2027 . The planned changes are estimated to generate gross annual cost savings of around EUR 13 million. While part of the savings would be reinvested in growth, including new roles, technology and product initiatives, the planned changes are also intended to strengthen F-Secure's profitability and support the company's progress toward its medium-term financial targets. One-off costs related to the planned changes are expected to be recorded as items affecting comparability (IAC), and more information about these will be disclosed once the negotiations are concluded. The change negotiations cover all F-Secure roles, units and locations. F-Secure expects the changes to result in a maximum reduction of 145 roles globally, of which a maximum of 58 in Finland and 87 in other countries. In Finland, the negotiations began on 6 October 2026, and are estimated to last six weeks. The change negotiations do not affect F-Secure's outlook for 2026 or its medium- term financial targets. The planned operating model will not affect F-Secure's financial reporting. Q3/26 interim report
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18 Financial reporting in 2027 F-Secure Corporation's planned release schedule for financial reports in 2027 is as follows: • Financial Statements Release 2026 on Friday, 5 February 2027 • Annual Report 2026 during the week beginning 22 February 2027 (week 8) • Interim Report for January–March 2027 on Thursday, 29 April 2027 • Half-year Financial Report for January–June 2027 on Tuesday, 20 July 2027 • Interim Report for January–September 2027 on Thursday, 28 October 2027 The reports will be available on the company's website https://investors.f-secure.com/en/ immediately after publication. All reports are available in Finnish and English. Helsinki, 28 October 2026 Board of Directors F-Secure Corporation Q3/26 interim report
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19 Financial statements Income Statement EUR thousand 7-9/2026 7-9/2025 Change % 1-9/2026 1-9/2025 Change % 1-12/2025 Revenue 40,454 36,056 12.2 % 116,633 110,039 6.0 % 145,739 Cost of revenue -6,154 -5,817 5.8 % -18,607 -16,833 10.5 % -22,348 Gross margin 34,300 30,239 13.4 % 98,026 93,206 5.2 % 123,391 Other operating income 112 196 -43.1 % 442 541 -18.2 % 771 Sales and marketing -8,067 -7 ,486 7 .8 % -24,950 -24,993 -0.2 % -33,738 Research and development1) -13,309 -7 ,714 72.5 % -33,901 -23,916 41.7 % -30,934 Administration2) -5,761 -5,544 3.9 % -19,572 -17 ,525 11.7 % -23,953 EBIT 7 ,275 9,691 -24.9 % 20,046 27 ,313 -26.6 % 35,538 Financial income 195 207 -6.2 % 762 1,020 -25.3 % 1,295 Financial expenses -2,792 -2,021 38.2 % -6,562 -7 ,048 -6.9 % -9,285 Profit before taxes 4,677 7 ,877 -40.6 % 14,246 21,286 -33.1 % 27 ,548 Income tax -814 -1,657 -50.9 % -2,925 -4,114 -28.9 % -5,178 Result for the period 3,863 6,220 -37 .9 % 11,321 17 ,172 -34.1 % 22,370 Other comprehensive income Exchange difference on translation of foreign operations 156 -157 -198.8 % 1,756 -7 ,334 -123.9 % -7 ,468 Comprehensive income for the period 4,018 6,063 -33.7 % 13,077 9,837 32.9 % 14,902 1) Costs related to impairment increased research and development expenses by -2.1 MEUR in 7-9/2026 and 1-9/2026. 2) Costs related to restructuring increased administration costs by EUR 0.0 million in 7-9/2026 (EUR 0.0 million) and by EUR -1.7 million in 1-9/2026 (EUR +0.1 million). Earnings per share 7-9/2026 7-9/2025 Change % 1-9/2026 1-9/2025 Change % 1-12/2025 Earnings per share, basic and diluted, EUR 0.02 0.04 -37 .9 % 0.06 0.10 -34.1 % 0.13 Q3/26 interim report
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20 Financial statements Statement of financial position EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 Assets T angible assets 912 833 967 Right-of-use assets 4,522 5,038 4,825 Intangible assets 115,224 119,484 119,443 Goodwill 87 ,760 87 ,045 87 ,029 Deferred tax assets 304 178 187 Other long-term receivables 595 570 590 T otal non-current assets 209,318 213,147 213,040 Inventories - 15 20 Accrued income 6,293 4,013 2,435 Trade and other receivables 37 ,579 30,310 33,980 Income tax receivables 919 595 861 Cash and cash equivalents 9,099 22,056 10,771 T otal current assets 53,890 56,989 48,067 T otal assets 263,207 270,136 261,106 EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 Shareholders' equity and liabilities T otal Equity 62,519 50,648 56,017 Interest-bearing liabilities, non-current 130,077 139,771 124,691 Deferred tax liabilities 6,992 4,657 5,873 Deferred revenue, non-current 4,986 5,182 5,940 Other non-current liabilities 13 13 13 T otal non-current liabilities 142,067 149,623 136,517 Interest-bearing liabilities, current 16,718 31,527 31,710 Trade and other payables 22,560 19,270 14,720 Provisions 220 252 640 Income tax liabilities 154 834 435 Deferred revenue, current 18,969 17 ,984 21,068 T otal current liabilities 58,621 69,866 68,573 T otal equity and liabilities 263,207 270,136 261,106 Q3/26 interim report
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21 Financial statements Cash flow statement EUR thousand 7-9/2026 7-9/2025 1-9/2026 1-9/2025 1-12/2025 Cash flow from operations Result for the financial year 3,863 6,220 11,321 17 ,172 22,370 Adjustments 9,814 7 ,872 24,613 21,750 29,694 Cash flow from operations before change in working capital 13,676 14,093 35,934 38,922 52,064 Change in net working capital -1,702 279 -5,871 1,239 1,943 Cash flow from operations before financial items and taxes 11,974 14,371 30,064 40,161 54,007 Net financial items and taxes -2,886 -2,804 -7 ,579 -8,161 -10,438 Cash flow from operations 9,088 11,567 22,485 32,000 43,569 Cash flow from investments Net Investments in tangible and intangible assets -2,302 -3,348 -9,501 -8,851 -12,772 Proceeds from sale of intangible and tangible assets -4 - -6 -2 -3 Cash flow from investments -2,306 -3,348 -9,506 -8,853 -12,775 Cash flow from financing activities Repayments of lease liabilities -405 -191 -1,208 -837 -1,227 Repayments of interest-bearing liabilities -137 ,000 - -152,000 -35,334 -50,334 Increase in long-term interest-bearing liabilities 137 ,000 - 137 ,000 35,000 35,000 Change in short-term interest-bearing liabilities -3,000 - 5,000 -8,000 -8,000 Decrease in interest-bearing receivables - - - 3,757 3,757 Dividends paid - - -3,494 -3,493 -6,987 Cash flow from financing activities -3,405 -191 -14,702 -8,907 -27 ,790 Change in cash 3,376 8,027 -1,725 14,240 3,003 Cash and cash equivalents at the beginning of the period 5,695 14,071 10,771 8,095 8,095 Effect of exchange rate changes on cash 28 -42 52 -278 -327 Cash and cash equivalents at period end 9,099 22,056 9,099 22,056 10,771 Q3/26 interim report
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22 Financial statements Statement of changes in shareholder’s equity EUR thousand Share capital Unrestricted equity reserve Retained earnings Translation difference T otal Equity 31 December 2024 80 9,590 35,371 1,977 47 ,018 Comprehensive income for the period 17 ,172 -7 ,334 9,837 T otal comprehensive income for the period 17 ,172 -7 ,334 9,837 Cost of share-based payments 779 779 Dividend -6,987 -6,987 Equity 30 September 2025 80 9,590 46,335 -5,357 50,648 Equity 31 December 2025 80 9,590 51,837 -5,491 56,017 Comprehensive income for the period 11,321 1,756 13,077 T otal comprehensive income for the period 11,321 1,756 13,077 Cost of share-based payments 414 414 Dividend -6,988 -6,988 Equity 30 September 2026 80 9,590 56,584 -3,736 62,519 Q3/26 interim report
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23 Financial statements Notes to the financial statements 1. Basis of preparation This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The accounting principles applied are consistent with those followed in the annual report 2025, note 1 Basis of preparation and accounting principles. The information on this interim report is unaudited. Percentages and figures presented herein may include rounding differences and therefore may not add up precisely to the totals presented. All figures are presented as EUR thousand unless otherwise stated. Segment information F-Secure has only one segment (consumer security). Revenue per sales channel and geographical information about revenue are presented in Note 2 Revenue Significant exchange rates and sensitivity to exchange rate changes Closing rate Average rate One euro is 30 Sep 2026 30 Sep 2025 31 Dec 2025 1-9/2026 1-9/2025 1-12/2025 USD 1.1355 1.1741 1.1750 1.1644 1.1060 1.1200 GBP 0.8546 0.8734 0.8726 0.8657 0.8452 0.8531 JPY 178.27 173.76 184.09 184.24 164.52 167 .76 FX Sensitivity The sensitivity of F-Secure’s profit before taxes to foreign exchange rate fluctuations when all other variables are held constant is as follows: +/- 10% FX rate change (EUR million) 30 Sep 2026 30 Sep 2025 31 Dec 2025 USD -1.4/+1.7 -0.6/+0.7 -0.6/+0.7 The sensitivity of F-Secure's equity to foreign exchange rate fluctuations when all other variables are held constant is as follows: +/- 10% FX rate change (EUR million) 30 Sep 2026 30 Sep 2025 31 Dec 2025 USD -6.7/+5.5 -6.6/+5.4 -6.6/+5.4 Q3/26 interim report
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24 Financial statements 2. Revenue Disaggregation of revenue Sales channels 7-9/2026 7-9/2025 1-9/2026 1-9/2025 1-12/2025 Partner channel 34,053 29,464 97 ,398 89,726 118,975 Security Suite 22,901 23,470 69,660 72,161 95,569 Embedded Security 11,153 5,993 27 ,738 17 ,565 23,406 Direct channel (E-commerce) 6,401 6,592 19,235 20,313 26,764 T otal 40,454 36,056 116,633 110,039 145,739 F-Secure reports Partner channel revenue divided into its main product portfolios: Security Suite and Embedded Security. Security Suite: F-Secure T otal is an all-in-one consumer cybersecurity application that provides complete protection against scams as well as security, privacy and identity protection on all consumers’ personal devices. Embedded Security: Comprehensive portfolio of consumer cybersecurity capabilities available as Software Development Kits (SDKs) and cloud Application Programming Interfaces (APIs) that can be embedded in Service Provider’s app or service, including also F-Secure Sense, which provides router security. Embedded Security typically has a lower gross margin than Security Suite due to lower pricing, and higher expected volumes. The partner is responsible for the implementation of the solution. Geographical information 7-9/2026 7-9/2025 1-9/2026 1-9/2025 1-12/2025 Nordic countries 11,399 11,332 34,111 33,502 44,756 Rest of Europe 11,441 11,078 33,987 34,656 45,403 North America 14,748 10,599 40,533 33,456 44,317 Rest of world 2,866 3,047 8,003 8,425 11,263 T otal 40,454 36,056 116,633 110,039 145,739 Q3/26 interim report
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25 Financial statements 3. Goodwill, right-of-use, intangible and tangible assets EUR thousand 1-9/2026 1-9/2025 1-12/2025 Book value at beginning of period 212,263 217 ,046 217 ,046 Additions 10,605 13,667 17 ,799 Disposals -128 -51 -46 Impairment -2,065 - - Depreciation and amortization -13,819 -12,094 -16,343 Translation differences 1,562 -6,168 -6,193 Book value at end of period 208,419 212,400 212,263 During the third quarter, possible non-renewal of the Tier 1 partner contract led to a EUR -2.1 million impairment of related capitalized assets. EUR thousand 7-9/2026 7-9/2025 1-9/2026 1-9/2025 1-12/2025 Depreciation, amortization and impairment by function Sales and marketing 200 446 585 1,089 1,533 Research and development 4,440 1,539 8,803 4,698 6,243 Administration 2,136 2,117 6,457 6,437 8,668 T otal depreciation, amortization and impairment 6,776 4,101 15,845 12,224 16,443 EUR thousand 7-9/2026 7-9/2025 1-9/2026 1-9/2025 1-12/2025 Amortization 4,223 3,636 12,365 11,076 14,849 Impairment 2,065 - 2,065 - - Depreciation 488 466 1,415 1,148 1,595 T otal depreciation, amortization and impairment 6,776 4,101 15,845 12,224 16,443 Q3/26 interim report
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26 Financial statements 4. Financial assets and liabilities The carrying amount of the Group’s interest-bearing financial assets and liabilities does not significantly differ from their fair value. F-Secure’s financial assets and liabilities are presented in the following tables. Carrying Value Financial assets Financial liabilities EUR thousand Amortized Cost Amortized Cost T otal 30 Sep 2026 Cash and cash equivalents 9,099 9,099 Trade receivables 27 ,687 27 ,687 Bank loans 142,000 142,000 Trade payables 3,980 3,980 Lease liabilities 4,794 4,794 30 Sep 2025 Cash and cash equivalents 22,056 22,056 Trade receivables 20,158 20,158 Bank loans 166,030 166,030 Trade payables 3,573 3,573 Lease liabilities 5,267 5,267 31 Dec 2025 Cash and cash equivalents 10,771 10,771 Trade receivables 25,594 25,594 Bank loans 151,336 151,336 Trade payables 2,530 2,530 Lease liabilities 5,065 5,065 During the third quarter, F-Secure signed a EUR 147 million financing agreement with Danske Bank A/S and OP Corporate Bank, consisting of a EUR 137 million term loan facility and a EUR 10 million revolving credit facility. The new facilities replace the company's previous term loan, Nordic Investment Bank loan and revolving credit facility, consolidating three separate facilities into one. The new facilities have a three-year maturity with two one-year extension options. The first repayment is in June 2027 . The interest rate for credit facilities is variable. F-Secure has also drawn down EUR 5 million revolving credit facility for general cash management purposes. Group Treasury is responsible for monitoring cash balances and cash forecasts to keep liquidity risk at a manageable level. We expect stable and positive cash flow from operations, existing cash balances, and revolving credit facilities to be sufficient to fund our operations and obligations for the next 12 months. Group’s loan agreement include a financial covenant, measured on a quarterly basis. The covenant relates to the ratio between net debt and adjusted EBITDA, as defined under the terms of the loan agreement. The group has met covenant terms and conditions on the reporting date. As of 30 September 2026, F-Secure’s lease liabilities relate to leases for office premises and cars. Q3/26 interim report
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27 Financial statements Financial liabilities Contractual maturities of financial liabilities: Amount due within 12 months Amount due after 12 months T otal Nominal value Bank loans 15,000 127 ,000 142,000 142,000 Lease liabilities 1,868 3,233 5,100 4,794 T otal 16,868 130,233 147 ,100 146,794 Q3/26 interim report
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28 Financial statements Quarterly figures and alternative performance measures Income statement quarterly EUR thousand 7-9/2026 4-6/2026 1-3/2026 10-12/2025 7-9/2025 Revenue 40,454 39,837 36,342 35,700 36,056 Cost of revenue -6,154 -6,424 -6,029 -5,515 -5,817 Gross margin 34,300 33,413 30,313 30,185 30,239 Other operating income 112 145 186 231 196 Sales and marketing -8,067 -9,184 -7 ,699 -8,745 -7 ,486 Research and development -13,309 -11,294 -9,298 -7 ,018 -7 ,714 Administration -5,761 -6,078 -7 ,734 -6,428 -5,544 EBIT 7 ,275 7 ,003 5,768 8,225 9,691 Financial net -2,598 -1,688 -1,514 -1,963 -1,814 Profit before taxes 4,677 5,314 4,255 6,262 7 ,877 Income taxes -814 -1,220 -890 -1,064 -1,657 Profit for the period 3,863 4,095 3,364 5,199 6,220 Q3/26 interim report
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29 Financial statements Key figures EUR thousand 7-9/2026 4-6/2026 1-3/2026 10-12/2025 7-9/2025 Revenue 40,454 39,837 36,342 35,700 36,056 Revenue growth % 12.2 % 8.0% -2.1 % -3.6 % -0.8 % Currency neutral growth % 12.4 % 9.9% 2.1 % -1.3 % 1.3 % EBIT A 13,563 11,117 9,795 11,998 13,327 % of revenue 33.5 % 27 .9% 27 .0% 33.6% 37 .0% Adjusted EBIT A 13,598 11,015 11,545 11,998 13,327 % of revenue 33.6 % 27 .7% 31.8% 33.6% 37 .0% EBIT 7 ,275 7 ,003 5,768 8,225 9,691 % of revenue 18.0 % 17 .6% 15.9% 23.0% 26.9% Earnings per share, EUR1) 0.02 0.02 0.02 0.03 0.04 Earnings per share, excluding PPA, EUR1) 0.03 0.03 0.03 0.04 0.04 R&D costs 13,3092) 11,294 9,298 7 ,018 7 ,714 % of revenue 32.9 % 28.3% 25.6% 19.7% 21.4% Capital expenditure 2,302 2,691 4,507 3,920 3,348 % of revenue 5.7 % 6.8 % 12.4 % 11.0 % 9.3 % Deferred revenue 23,955 25,311 26,667 27 ,008 23,166 Operating cash flow 9,088 5,496 7 ,901 11,568 11,567 Net debt (+) / Net cash (-) 137 ,695 143,072 142,278 145,630 149,241 Net debt/Adjusted EBITDA 2.8 2.9 2.8 2.8 2.9 Equity ratio % 23.8 % 22.2% 19.9% 21.5% 18.7% Shareholder's equity per share, EUR 0.36 0.33 0.31 0.32 0.29 Gearing, % 220.2 % 245.0% 266.0% 260.0% 294.7% Cash conversion, % 71.6 % 52.9% 50.4% 74.2% 77 .7% Personnel at the end of the period 597 616 580 549 532 1) Based on the average number of shares during the reporting period. 2) Includes costs related to impairment EUR -2.1 million. Q3/26 interim report
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30 Financial statements Alternative Performance Measures In addition to EBIT , F-Secure uses Adjusted EBIT A and Adjusted EBITDA as key performance indicators when measuring performance between periods. Adjusted EBIT A and Adjusted EBITDA exclude items outside normal business operations. Items affecting comparability are associated with costs related to listing, acquisition and restructuring. Adjusted EBIT A and Adjusted EBITDA are presented in addition to EBIT to reflect the underlying business performance and to enhance comparability between periods. F-Secure believes that these comparable alternative performance measures provide meaningful supplemental information by excluding items outside normal business operations, which reduce comparability between the periods. Reconciliation between adjusted EBITDA, EBITDA, adjusted EBIT A, EBIT A and EBIT EUR thousand 7-9/2026 7-9/2025 1-9/2026 1-9/2025 1-12/2025 Adjusted EBITDA 14,086 13,793 37 ,574 39,462 51,907 Adjustments to EBITDA Items related to restructuring -35 - -1,683 75 75 EBITDA 14,051 13,793 35,891 39,537 51,982 Depreciation, amortization and impairment -6,776 -4,101 -15,845 -12,224 -16,443 EBIT 7 ,275 9,691 20,046 27 ,313 35,538 Adjusted EBIT A 13,598 13,327 36,159 38,314 50,312 Adjustments to EBIT A Items related to restructuring -35 - -1,683 75 75 EBIT A 13,563 13,327 34,475 38,389 50,387 Amortization -2,271 -1,702 -6,545 -5,205 -6,930 Impairment -2,065 - -2,065 - - PPA amortization -1,952 -1,933 -5,819 -5,871 -7 ,919 EBIT 7 ,275 9,691 20,046 27 ,313 35,538 Q3/26 interim report
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31 Financial statements Classification of adjusted costs in operating expenses EUR thousand 7-9/2026 7-9/2025 1-9/2026 1-9/2025 1-12/2025 Operating expenses Sales and marketing -8,067 -7 ,486 -24,950 -24,993 -33,738 Research and development -13,309 -7 ,714 -33,901 -23,916 -30,934 Administration -5,761 -5,544 -19,572 -17 ,525 -23,953 T otal -27 ,137 -20,744 -78,423 -66,434 -88,625 Depreciation, amortization and impairment by function Sales and marketing -200 -446 -585 -1,089 -1,533 Research and development -4,440 -1,539 -8,803 -4,698 -6,243 Administration -2,136 -2,117 -6,457 -6,437 -8,668 T otal -6,776 -4,101 -15,845 -12,224 -16,443 IAC and PPA by function Administration -5,761 -5,544 -19,572 -17 ,525 -23,953 Less: Items related to restructuring 35 0 1,683 -75 -75 Less: PPA amortization 1,952 1,933 5,819 5,871 7 ,919 Administration excluding IAC and PPA -3,773 -3,611 -12,070 -11,729 -16,109 Research and development -13,309 - -33,901 - - Less: Impairment 2,065 - 2,065 - - Research and Development excluding impairment -11,245 - -31,836 - - Operating expenses less depreciation, amortization, impairment and IAC Sales and marketing -7 ,867 -7 ,040 -24,365 -23,904 -32,206 Research and development -8,870 -6,176 -25,098 -19,218 -24,691 Administration -3,590 -3,427 -11,432 -11,163 -15,359 T otal -20,326 -16,642 -60,895 -54,285 -72,256 Q3/26 interim report
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32 Calculation of key figures Key figure Definition Currency neutral revenue growth, % ((Current period revenue at constant currency - Prior period revenue)/Prior period revenue) x 100 EBITDA EBIT + Depreciation, amortization and impairment EBIT A EBIT + Amortization and impairment EBIT Result before taxes and net financial items Adjusted EBITDA EBITDA before items affecting comparability Adjusted EBIT A EBIT A before items affecting comparability Items affecting comparability Items affecting comparability are items outside normal business operations, such as restructuring, acquisition and costs related to listing Operating expenses Sales and marketing, research and development, and administration expenses Capital expenditure Corresponds to the Statement of Cash Flow line item Net investments in intangible and tangible assets Operating cash flow Corresponds to the Statement of Cash Flow line item Cash flow from operations Key figure Definition Net debt (+) / Net cash (-) Interest-bearing liabilities – Interest-bearing receivables - Cash and cash equivalents Net debt/Adjusted EBITDA Net debt/Adjusted EBITDA for the last 12 months Equity ratio, % T otal equity/T otal assets Gearing, % (Interest bearing liabilities – cash and bank) / T otal equity Cash conversion, % (Adjusted EBITDA–Capital expenditure –/+ Change in net working capital) / Adjusted EBITDA Earnings per share, EUR Profit attributable to equity holders of the company / Weighted average number of outstanding shares Earnings per share, adjusted for PPA, EUR (Profit attributable to equity holders of the company + PPA amortization adjusted by tax impact) / Weighted average number of outstanding shares Shareholders' equity per share, EUR Equity attributable to equity holders of the company / Number of outstanding shares at the end of period Q3/26 interim report
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