Slide 1: Reimagining business through AI
Interim Report 1 January – 30 September 2025 Reimagining business through AI 28 October 2025 Timo Laaksonen CEO | Sari Somerkallio CFO | F-Secure Corporation
Slide 2: Q3/2025: Reimagining business through AI
Q3/2025: Reimagining business through AI Our Q3 performance was a mixed bag • Third quarter currency neutral growth was +1.3%. Due to the weak US dollar, reported revenue remained flat • We continued to advance our strategy, focusing on innovation, operational excellence, and commercial performance
Slide 3: Strategic priorities in 2025
Strategic priorities in 2025 1 2 3 We establish our position We continue to transform We innovate and utilize as the market leader in to accelerate growth data and AI scam protection 28-Oct-25 3
Slide 4: Strong growth potential and healthy pipeline of opportunities
1 We continue to transform to accelerate growth 2 We establish our position as the market leader in scam protection 3 We innovate and utilize data and AI We continue to see strong growth potential and maintain a healthy pipeline of opportunities, especially in the Tier1 partner segment We secured se
Slide 5: Cybersecurity solution of the year for Telecommunications
1 We continue to transform to accelerate growth 2 We establish our position as the market leader in scam protection 3 We innovate and utilize data and AI Cybersecurity solution of the year for Telecommunications F-Secure has been named “Cybersecurity Solution of the Year for Telecommunications” in t
Slide 6: F-Secure Scam Protection
1 We continue to transform to accelerate growth 2 We establish our position as the market leader in scam protection 3 We innovate and utilize data and AI F-Secure Scam Protection Staying ahead of emerging threats 2024 Scam Protection Launched Scam Protection against online shopping, investment, tax
Slide 7: Embedding protection: The trust advantage for Telcos, Banks & Digital Services
1 We continue to transform to accelerate growth 2 We establish our position as the market leader in scam protection 3 We innovate and utilize data and AI Embedding protection: The trust advantage for Telcos, Banks & Digital Services F-Secure’s new report shows concerning consumer scam awareness gap
Slide 8: Driving AI transformation & Horizon AI powered platform
1 We continue to transform to accelerate growth 2 We establish our position as the market leader in scam protection 3 We innovate and utilize data and AI Driving AI transformation & Horizon AI powered platform Our ways of working range from AI-assisted operations to AI-native processes, moving beyon
Slide 9: Financials
Financials Sari Somerkallio, CFO
Slide 10: Q3/2025 Partner channel revenue at comparison period level
Q3/2025 Partner channel revenue at comparison period level Among our key markets, Sweden, Finland and Japan continued to show strong performance Partner channel revenue EURm • Partner channel revenue in North America was negatively affected by +0.4% the weak US dollar Change • Revenue from Security
Slide 11: Q3/2025: Revenue - Direct channel & geography
Q3/2025: Revenue - Direct channel & geography Renewal rates were high and ARPU development was Among our key markets Japan, Sweden and Finland healthy showed significant growth Currency neutral Direct channel revenue Revenue by geography Change change EURm EURm -5.9% 36.3 36.1 -0.8% +1.3% 7.0 7.0 7.
Slide 12: Q3/2025: Operating expenses at comparison period level
Q3/2025: Operating expenses at comparison period level OPEX1 development in Q3 2025 EURm +0.2% OPEX, • Operating expenses totaled EUR 16.6 million % of revenue (EUR 16.6 million) 16.6 16.6 • Sales and Marketing costs declined by 9.5% 10% (9%) driven by reduced engagement with retail 3.3 3.4 partners
Slide 13: Gross margin and adjusted EBITA development
Gross margin and adjusted EBITA development Gross margin was impacted by lower-than-expected volumes and higher proportion of Embedded business Gross margin Adjusted EBITA and adjusted EBITA margin EURm EURm 40.3% 89.4% 89.4% 36.1% 37.0% 40.0% 50.0 25 36.4% 85.7% 85.9% 86.4% 86.7% 85.4% 84.8% 90.0%
Slide 14: 1-9/2025 in brief: revenue increased +0.8%, currency neutral growth +1.2%
1-9/2025 in brief: revenue increased +0.8%, currency neutral growth +1.2% Revenue was negatively impacted by soft performance in Rest of Europe and declining Direct business Revenue by geography Revenue by channel Adjusted EBITA EURm EURm EURm +0.8% -5.3% Change / Currency +0.8% neutral change 109.2
Slide 15: Operating cash flow EUR 11.6 million (5.0) for Q3/2025
Operating cash flow EUR 11.6 million (5.0) for Q3/2025 Operating cash flow and cash conversion (QTD) 141.2% 124.5% 16.8 99.4% 89.4% 63.3% 78.3% 66.1% 13.2 • Q3 cash conversion was at a good level; 66.5% 11.6 10.8 78.3% (40.5%) 40.5% 9.7 9.1 • Equity ratio was 18.7% (14.4%) 7.9 6.0 • Cash at the end
Slide 16: Outlook for 2025
Outlook for 2025 16 Revised on 8 July 2025 Background for the outlook • F-Secure expects the core consumer cyber security 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
Slide 17: Q&A
Q&A
Slide 18: Reports and presentation material available on the company's website
The reports and related presentation material will be available on the company’s website at https://www.f-secure.com/en/investors.