Slide 1: Financial Statements Release 1 January - 31 December 2024
[\2 F-Secure. Financial Statements Release 1 January —- 31 December 2024 Solid end to the year with focus on future growth 6 February 2025 Timo Laaksonen CEO Sari Somerkallio CFO
Slide 2: Q4/2024: Solid end to the year with focus on future growth
Q4/2024: Solid end to the year with focus on future growth F-Secure Q4 revenue remained stable, EUR 37.0 million (EUR 36.9 million) and was supported by good performance in Direct Business + Positive performance driven by strong demand for both Total and Embedded Security products along with 2.2% gr
Slide 3: Strategic partners, Major partners, Commercial partners
Strategic Major Commercial partners partners partners 3
Slide 4: Trusted Companion
Trusted Companion Our unique Al-powered approach re-imagining consumer security experience Protect Prevent . Recover Scam protection YPmeoHomoOSMe , e% oa 2 Inthe moment Personalized Contextual Browsing Messaging Social Media Payments Impersonation Social engineering
Slide 5: Scam Protection: Massive progress in 2024
Scam Protection Massive progress in 2024 5
Slide 6: Scam protection - we're in the right place at the right time
Scam protection -we're in the right place at the right time Scam Protection module in F-Secure Total wentlive in June. cg Y a Broadest embedded portfolio in the industry Award-winning, Al powered messaging scam protection By the end of 2024, already 26 partners have agreed to introduce Scam Protecti
Slide 7: Reorganizing the operations - related change negotiations
Reorganizing the operations - related change negotiations Announced on 17 October - concluded on 2 December 2024 ¢ Aligning the organization to secure the successful execution of the company’s growth strategy. ¢ Intotal, the negotiations concerned approximately 360 F- Secure employees globally. + As
Slide 8: F-Secure's high-quality performance was recognized
F-Secure's high-quality performance was recognized w
Slide 9: 6-Feb-25
Timo Laaksonen Bruno Rodriguez TL Viswanathan Richard Larcombe Antero Norkio SariSomerkallio Kaisa Tikka-Mustonen Nina Lehto Toby White F-Secure.
Slide 10: Financials
[\2 F-Secure. Financials Sari Somerkallio, CFO
Slide 11: Q4 2024: Revenue development stable, currency neutral +0.9%
Q4 2024: Revenue development stable, currency neutral +0.9% Currency neutral organic growth 0.6% Revenue by geography ¢ — Partner Channel: Revenue remained flat and was EUR 30.0 million (EUR 30. million). Organic EURm Omen; revenue growth 0.5%. » Gr04% ) v HERE neutral % ¢ — Thanksto continued good
Slide 12: F-Secure revenue Lookout revenue
F-Secure revenue Lookout revenue F-Secure revenue Lookout revenue
Slide 13: Operating expenses in Q4 lower than in the comparison period
Operating expenses in Q4 lower than in the comparison period OPEX' development in Q4 2024 EURM — 1 OPEX, 21.3 204 % of revenue 10% (10%) 21% (21%) Q4 2023 @Sales and marketing ™Researchand development # Administration Q4 2024 Excluding Items Affecting Comparability (IAC) and depreciation and amortiz
Slide 14: Gross margin and adjusted EBITA development
Gross margin and adjusted EBITA development Gross margin continued to improve vs. previous quarters in 2024 Gross margin Adjusted EBITA and adjusted EBITA margin EURMm EURM 40.3% 89.4% “857% «85.9% = 864% = 87% 36.1% _ 349% $3.0 312 314 314 321 317% aa he ils 127 H 117 118 Q4/23 Q124 Q2/24 Q3/24 Q4I
Slide 15: 2023 2024 2023 2024 2023 2024
2023 2024 2023 2024 2023 2024 15
Slide 16: After weaker previous quarter, Q4 result converted fully to cash
After weaker previous quarter, Q4 result converted fully to cash Operating cash flow and cash conversion (QTD) 108.1% 10.7 Q4/22 Qt23 Q2/23 Q3/23 Q4/23 Wl Operating cash flow 124.5% 99.4% Q124 Q2/24 Q3/24 Q4l24 — Cash conversion Fourth quarter cash conversion rate was 99.4% (141.2%), mirroring the w
Slide 17: Improved Equity ratio
Improved Equity ratio Net Debt / Net cash and Leverage”) 3.5 3.5 oz 3A 34 Leverage target: 2.5x Wee 179.6 166.6 165.4 163.6 Q4/23 Q124 Q2/24 Q3/24 Q4l24 MM Netdebt/Netcash —=Netdebtto adjusted EBITDA Leverage Q3/2023-02/2024 includes Lookout consumer business unit EBITDA on anillustrative basis as i
Slide 18: Proposed dividend of EUR 0.04 per share
Proposed dividend of 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 EUR adjusted as long as leverage is higher than the 0.17 targeted level. 0.13 Distributable funds on 3
Slide 19: Medium-term financial targets
Medium-term financial targets picies ona November 2024) The targets reflects the company’s growth ambitions and strategic direction. 2025 is stilla business ramp-up year, after which the journey towards achieving the financial targets is expected to accelerate. Growth Profitability Dividend yield Le
Slide 20: Growth Profitability
• • Growth Profitability • • • • 20
Slide 21: Financial calendar
iF F-Secure. Financial calendar Annual Report 2024 > 27 February 2025 + Tat a ~ ‘ January-March 2025 Interim report Annual General Meeting 2025 1 April 2025 29 April 2025
Slide 22: F-Secure
fF F-secure