F-secure Oyj · OMXHEX:FSECURE
F-secure Oyj — Q2 2026 Earnings Presentation
20 slides from F-secure Oyj's earnings presentation, Jul 17, 2026
Slide 1: Strong growth in the Embedded Security business
Half-year financial report January – June 2026 Strong growth in the Embedded Security business 17 July 2026 Timo Laaksonen, CEO Robin Pulkkinen, CFO
Slide 2: Strong second quarter both commercially and strategically
Strong second quarter both commercially and strategically • Currency neutral revenue growth 9.9%, driven by good development in the Embedded Security business within Tier 1 partners ▪ Reported revenue increased by 8.0% to EUR 39.8 million (EUR 36.9 million). ▪ Moderate decline in Security Suite, whi
Slide 3: Two major Tier 1 wins: Verizon agreement signed and NTT DOCOMO partnership expanded
Two major Tier 1 wins: Verizon agreement signed and NTT DOCOMO partnership expanded Landmark Tier 1 deal with Verizon • Agreement for Embedded Security signed in April 2026 • Minimum guaranteed revenue of USD 15 million for each full year of service • Growth beyond the guaranteed level will be drive
Slide 4: Scam protection is a competitive differentiator for digital service providers
Scam protection is a competitive differentiator for digital service providers 56% 52% ~40m 93% 51% of consumers of victims lose U.S. scam say cyber willing to pay encounter scam money – more victims in the security matters for dedicated attempts than double the past 12 months when choosing scam prot
Slide 5: F-Secure Trust announced – addressing the massive consumer trust gap in the age of AI
F-Secure Trust announced – addressing the massive consumer trust gap in the age of AI • Trust is becoming a premium for consumers – as AI The trust inflection point anxiety grows, so does willingness to pay for visible, verifiable protection • Two capabilities in development under F-Secure Trust: •
Slide 6: Project Halo: Mobile-first scam protection, consumer-first experience
Project 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 busine
Slide 7: 2026 strategic priorities focus on growth and building scale
2026 strategic priorities focus on growth and building scale Strategic objective Development in Q2 2026 Successfully serve, scale and grow every strategic • Significant increase in number of subscribers partner • Successful launch with two strategic partners • New scam protection premium service lau
Slide 8: Financials
Financials Robin Pulkkinen, CFO
Slide 9: Key figures
Key figures Change Change • Currency neutral revenue EUR million 4-6/2026 4-6/2025 1-6/2026 1-6/2025 % % growth was 9.9% for Q2/26 and 6.0% for H1/26. Revenue 39.8 36.9 8.0% 76.2 74.0 3.0% • EBIT declined due to planned Gross margin 33.4 31.3 6.8% 63.7 63.0 1.2% investments in Embedded security port
Slide 10: Embedded Security and Tier 1 customers driving strong growth
Embedded Security and Tier 1 customers driving strong growth Partner channel revenue Embedded Security EURm • Strong growth in the US supported by recent Tier 1 +10.8% / +13.1% Change / Currency wins 33.4 neutral change • Decline in Japan reflects a service discontinuation by 30.2 29.9 one partner e
Slide 11: Direct channel revenue decreased less than expected
Direct channel revenue decreased less than expected Direct channel revenue EURm -4.4% / -4.5%* • Number of users declined as expected due 6.7 6.6 to our current strategy to refrain from paid 6.5 6.4 6.4 customer acquisition investments. • The decline in revenue was especially due to weak performance
Slide 12: Group revenue by geography – strong growth in North America
Group revenue by geography – strong growth in North America Currency Group revenue by geography Change neutral change EURm 8.0% 9.9% 39.8 • Strong growth in North 36.9 -9.1% -1.1% America driven by the 2.7 Embedded business Rest of the world 2.9 • Nordic countries mostly +30.6% +35.2% stable North A
Slide 13: Operating expenses increased driven by R&D activity
Operating expenses increased driven by R&D activity OPEX1 development in Q2 2026 EURm +14.3% OPEX, 22.1 % of revenue 19.3 4.0 • Operating expenses totaled EUR -22.1 million (EUR -19.3 million). 10% (11%) 4.0 • R&D activity increased, driven by investments in Embedded Security portfolio and Tier 1 se
Slide 14: Gross margin and adjusted EBITA declined due to business mix shifts and investments in Embedded Security
Gross margin and adjusted EBITA declined due to business mix shifts and investments in Embedded Security Gross margin Adjusted EBITA and adjusted EBITA margin EURm EURm 30 40.3% 50 36.1% 37.0% 40% 85.9% 86.4% 86.7% 85.4% 84.8% 90% 35.4% 83.9% 84.6% 83.4% 83.9% 33.6% 25 31.8% 32.2% 35% 31.8% 40 EUR +
Slide 15: H1/2026 in brief: revenue increased and profitability declined due to Embedded Security ramp-up
H1/2026 in brief: revenue increased and profitability declined due to Embedded Security ramp-up Change/Currency Change/Currency Revenue by channel neutral change Revenue by geography neutral change Adjusted EBITA EURm EURm EURm / Adjusted EBITA margin % +3.0% / +3.0% / 76.2 +6.0% 76.2 +6.0% 74.0 25.
Slide 16: Operating cash flow declined due to temporary delay in collection
Operating cash flow declined due to temporary delay in collection Operating cash flow and cash conversion (QTD) EURm 25 126.6% • Operating cash flow declined to EUR 120% 5.5 million (EUR 10.8 million), impacted by growth in accounts 20 99.4% receivables due to temporary delay in 100% 89.9% collectio
Slide 17: Shareholders on June 30, 2026
Shareholders on June 30, 2026 10 largest shareholders Number of shares Capital % Ownership distribution 1. Risto Siilasmaa 60,035,288 34.36 2. Skandinaviska Enskilda Banken Ab (publ) 14,598,005 8.36 Helsinki Branch 3. Nordea Nordic Small Cap Fund 11,614,976 6.65 4. Ilmarinen Mutual Pension Insurance
Slide 18: Outlook for 2026
Outlook for 2026 Background for the outlook Unchanged, last 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 arou
Slide 19: Q&A
Q&A
Slide 20: 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.