Slide 1: Tier 1 business growth starting to materialize
Interim report for 1 January–31 March 2026 Tier 1 business growth starting to materialize 29 April 2026 Timo Laaksonen CEO | Sari Somerkallio CFO | F-Secure Corporation
Slide 2: Q1/2026: Strategic advancements and good momentum within our partner ecosystem
Q1/2026: Strategic advancements and good momentum within our partner ecosystem • Currency neutral revenue growth 2.1% • Reported revenue decreased by -2.1% to EUR 36.3 million (EUR 37.1 million) • Adjusted EBITA EUR 11.5 million (EUR 13.1 million), 31.8% of revenue (35.4%) • A quarter of strategic a
Slide 3: Partnership agreement with Verizon, one of the world's leading Communication Service Providers
Partnership agreement with Verizon, one of the world’s leading Communication Service Providers • F-Secure Embedded Security capabilities delivered to Verizon • Binding agreement signed on April 8, 2026, service has been launched in April • Minimum guaranteed revenue, starting from the service launch
Slide 4: Partnerships and other commercial highlights
Partnerships and other commercial highlights Strategic Partners • Verizon agreement and service launch • AT&T Financial Monitoring successfully launched in February as planned Major Partners Strategic partners • Total Scam Protection signed and launched with multiple partners in Europe • Multiple To
Slide 5: The number one security experience recognized
The number one security experience recognized F-Secure Total, our flagship consumer security product, has received the AV-TEST Best Usability Award 2025 for consumer users, recognizing its ability to deliver strong protection without false alarms that interrupt everyday use. Independent testing by t
Slide 6: We confront the biggest challenges facing cyber security
We confront the biggest challenges facing cyber security Scam pandemic Complexity Quantum $442+ 77 % billion AI worry about their online security reported lost to scams in ’2025* Scams Data breaches Malware 71 % find security too 2000 2010 2020 2025 2030 complex Source: GASA Global Anti-Scam Allianc
Slide 7: Rapid evolution of the scam threat landscape in the age of 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 Malicious prompt injections Access to Private Data “Meta reportedly makes 10% of its revenue from fraudulent ads and Ability to Exposure to scams” Novemb
Slide 8: The consumer view of the digital world is worrying
The consumer view of the digital world is worrying How should we bridge the gap between trust and worry? CSPs are in a perfectly positioned to offer security 78 % 74 % worry about their don’t know who 80 % 93 % 82 % safety online to trust online expect their CSP to expect their CSP to security and s
Slide 9: 2026 strategic priorities focus on growth and building scale
2026 strategic priorities focus on growth and building scale Strategic objective Objective purpose 1. Successfully serve, scale Deliver profitable growth with strategic partners — based on carrier- and grow every strategic grade service delivery. partner Partner Success as a growth accelerator boost
Slide 10: Financials
Financials Sari Somerkallio, CFO
Slide 11: Q1/2026 Partner channel currency neutral revenue increased
Q1/2026 Partner channel currency neutral revenue increased Embedded growth accelerating Partner channel revenue EURm Partner channel revenue negatively affected especially by the weak -0.6% / +4.6%* US dollar but also the weak Japanese yen Change* • At comparable exchange rates, Security Suite reven
Slide 12: Q1/2026: Revenue – Direct channel & geography
Q1/2026: Revenue – Direct channel & geography Strong billings in the Direct Business Strong currency neutral growth in North America Currency neutral Direct channel revenue Revenue by geography Change change EURm EURm -8.4% / -8.3%* 37.1 36.3 -2.1% +2.1% 2.4 +1.1% +11.0% 2.5 7.0 6.7 6.6 6.5 6.4 -3.7
Slide 13: Q1/2026: Operating expenses increased
Q1/2026: Operating expenses increased OPEX1 development in Q1 2026 EURm +0.9% OPEX, • Operating expenses totaled -18.5 million (EUR -18.3 % of revenue million). 18.5 18.3 • Sales and marketing costs declined due to organizational restructuring, which took place in the first quarter. 3.7 3.8 10% (10%
Slide 14: Gross margin and adjusted EBITA development
Gross margin and adjusted EBITA development Gross margin declined mainly due to business mix shifts more towards the lower-margin Embedded business Gross margin Adjusted EBITA and adjusted EBITA margin EURm EURm 40.3% 50.0 36.1% 37.0% 40.0% 25 85.7% 85.9% 86.4% 86.7% 85.4% 84.8% 90.0% 34.9% 35.4% 83
Slide 15: Operating cash flow EUR 7.9 (9.7) million for Q1/2026
Operating cash flow EUR 7.9 (9.7) million for Q1/2026 Operating cash flow and cash conversion (QTD) 126.6% 16.8 • Cash conversion on a weaker level of 99.4% 74.6% 89.9% 50.4% against the regular comparison 77.7% 74.2% period (75.5%) mainly due to high capex 75.5% 50.4% 11.6 11.6 • Cash flow from ope
Slide 16: Outlook for 2026
Outlook for 2026 Background for the outlook (updated 10 March 2026) • 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 se
Slide 17: Change of CFO at F-Secure
Change of CFO at F-Secure Robin Pulkkinen will assume the CFO role in the beginning of May 2026. Sari Somerkallio will support the company for proper knowledge transfer during Q2. Thank you for the past years! 29-Apr-26 Partner confidential 17
Slide 18: Q&A
Q&A
Slide 19: The reports and related presentation material will be 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.