Slide 1: Strategic partners and AI innovations accelerate F-Secure's growth prospects
Financial Statements Review for 1 January–31 December 2025 Strategic partners and AI innovations accelerate F-Secure’s growth prospects 5 February 2026 Timo Laaksonen CEO | Sari Somerkallio CFO | F-Secure Corporation
Slide 2: Q4/2025: Strategic partners and AI innovations accelerate growth prospects
Q4/2025: Strategic partners and AI innovations accelerate F-Secure’s growth 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 strate
Slide 3: Year 2025 in brief
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
Slide 4: Strategic partnership with one of the world's largest Tier 1 CSPs
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 c
Slide 5: Strategic partners – top service providers in the world
Strategic partners – top service providers in the world • 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 t
Slide 6: 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 scam protection data and AI 5-Feb-26 6
Slide 7: We continue to transform to accelerate growth
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 Tier 1 partner segment We secured s
Slide 8: We confront the biggest challenges facing cybersecurity
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 confront the biggest challenges facing cybersecurity Scam pandemic Complexity Quantum $442+ 77% billion worry about their AI online security re
Slide 9: Rapid evolution of the scam threat landscape in the age of AI
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 Rapid evolution of the scam threat landscape in the age of AI Rise of AI agentic browsers AI Agentic Lethal trifecta Rise of scams in social media
Slide 10: Awards & recognition our portfolio has won in 2025
Awards & recognition our portfolio has won in 2025 AV-Test AV-Comparatives AV-Labs Other recognition Scam Scam AI Scam Scanner Winner “AI Growth Initiative 2025” Scam Recognized as the leader in the Telco channel FakeShop Top Performer Scam 5-Feb-26 Scam Supports the scam protection story 10
Slide 11: Our consumer experience vision: AI-powered. Human-centered.
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 Our consumer experience vision: AI-powered. Human-centered. Security reimagined Protect Prevent Recover Contextual relevance Proactively helpful E
Slide 12: Horizon Success
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 ✓ A
Slide 13: Halo: Mobile-first scam protection, consumer-first experience
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 rap
Slide 14: Way of working – AI powered operating model
Way of working – AI powered operating model • Select the most critical workflows and rethink those from ground up into AI-native Outcome Objective • Build agentic-AI capabilities across the whole staff • From point-solutions & Increase agility and single user benefits to speed re-imagining • Establi
Slide 15: Financials
Financials Sari Somerkallio, CFO
Slide 16: Q4/2025 Partner channel currency neutral revenue growth flat
Q4/2025 Partner channel currency neutral revenue growth flat Among our key markets, Sweden and Finland continued to show strong performance Partner channel revenue EURm • Partner channel revenue in North America negatively affected by the -2.6% / +0.2%* weak US dollar Change* • At comparable exchang
Slide 17: Q4/2025: Revenue – Direct channel & geography
Q4/2025: Revenue – Direct channel & geography Renewal rates were high and ARPU development was Among our key markets, especially Sweden and healthy Finland showed significant growth Currency neutral Direct channel revenue Revenue by geography Change change EURm EURm -7.8% / -7.5%* 37.0 35.7 -3.6% -1
Slide 18: Q4/2025: Operating expenses decreased
Q4/2025: Operating expenses decreased OPEX1 development in Q4 2025 EURm -10.6% OPEX, • Operating expenses totaled EUR -18.0 million 20.1 % of revenue (EUR -20.1 million) 18.0 3.8 • Sales and marketing costs declined slightly (-1.3%) 4.2 12% (10%) • Administration costs increased by 11.4% due to some
Slide 19: 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% 36.1% 37.0% 40.0% 50.0 25 85.7% 85.9% 86.4% 86.7% 85.4% 84.8% 90.0% 34.9% 35.4%
Slide 20: 1–12/2025 in brief: currency neutral growth 0.6%
1–12/2025 in brief: currency neutral growth 0.6%, reported revenue at previous year's level (-0.4%) 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 -0.4% / +0.6% -0.4% / +0.6% -3
Slide 21: Operating cash flow EUR 11.6 (9.1) million for Q4/2025
Operating cash flow EUR 11.6 (9.1) million for Q4/2025 Operating cash flow and cash conversion (QTD) 141.2% 126.6% 16.8 74.6% 99.4% • Q4 cash conversion on a regular level of 89.9% 77.7% 74.2% 74.2% against the strong comparison period (99.4%) 13.2 75.5% 11.6 11.6 10.8 • Cash conversion for 1-12/202
Slide 22: Proposed dividend EUR 0.04 per share
Proposed dividend EUR 0.04 per share Board of Directors’ proposal for the distribution of profit Earnings / share Dividend policy Dividend / share Around or above 50% of net profit; which can be adjusted EUR as long as leverage is higher than the targeted level (2.5x). 0.17 Leverage 1-12/2025 was 2.
Slide 23: Outlook for 2026
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 Prote
Slide 24: Strategic partnerships accelerate growth prospects
Strategic partnerships accelerate growth prospects Mid-term financial targets for Stock Exchange Release: 20 Press Release: 9 December growth and profitability November 2025 2025 F-Secure announced that the F-Secure signed a contract which Growth Profitability company is negotiating a significant in
Slide 25: Revenue dynamics in the Partner Business
Revenue dynamics in the Partner Business Revenue recognition of typical business components 1) Non-recurring engineering 25
Slide 26: Revenue dynamics in the Partner Business
Revenue dynamics in the Partner Business Stock exchange release published 20 November 2025 Revenue recognition of typical business components Press release published 9 December 2025 1) Non-recurring engineering 26
Slide 27: F-Secure's disclosure thresholds
F-Secure’s disclosure thresholds As determined in the company’s Disclosure policy: 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 gu
Slide 28: Q&A
Q&A
Slide 29: 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.