Slide 1: Building momentum with new strategic partnership
Interim Report 1 January – 31 March 2025 Building momentum with new strategic partnership 29 April 2025 Timo Laaksonen CEO | Sari Somerkallio CFO | F-Secure Corporation
Slide 2: Q1/2025: Building momentum with new strategic partnership
Q1/2025: Building momentum with new strategic partnership The first quarter marked commercial achievements to enable future growth and strategic progress • Q1 revenue grew by 2.0%, supported by favorable US dollar exchange rates • Profitability (adjusted EBITA %) exceeded our expectations in the qua
Slide 3: Strategic priorities in 2025
Strategic priorities in 2025 We establish our position as We innovate and utilize We continue to transform to the market leader in scam data and AI accelerate growth protection 29-Apr-25 3
Slide 4: We continue to transform to accelerate growth
We continue to transform to accelerate growth Progress with Tier 1 partners Tier 1 services Strategic partnership launched with Orange • Soft Bank Security One Orange will be making the • AT&T ActiveArmor 2.0 highest level of security accessible to customers in • Identity protection Europe by includ
Slide 5: We establish our position as the market leader in scam protection
We establish our position as the market leader in scam protection • Official release of F-Secure Scam Kill Chain – a novel framework providing a systematic and sophisticated understanding of scams • We won AV-TEST award - malware is still used today as a tool for scamming • Prevented over 450,000 me
Slide 6: F-Secure won prestigious AV-TEST award for outstanding cyber security performance
F-Secure won prestigious AV- TEST award for outstanding cyber security performance We were recognized with the prestigious AV-TEST Best Protection Award 2024 for consumer users, highlighting the excellent results of our flagship Total security solution. The AV-TEST Award 2024 honors the products tha
Slide 7: F-Secure an official contributor to Verizon's 2025 Data Breach Investigations Report
F-Secure an official contributor to Verizon’s 2025 Data Breach Investigations Report • Verizon has just published their 2025 Data Breach Investigations Report (DBIR) which uncovers key trends in cyber security • This year, F-Secure is an official contributor to the report, reinforcing our commitment
Slide 8: We innovate and utilize data and AI
We innovate and utilize data and AI • AI Adoption Skyrocketing: Over 25% of our workforce uses Claude daily, with 20-25% growth weekly • AI-Powered Security: NextGen AI actively protects customers from scams in real-time • Development Revolution: AI is enhancing the entire software lifecycle, speedi
Slide 9: Sari Somerkallio, CFO
Sari Somerkallio, CFO
Slide 10: Partner channel revenue increased by 2.2% to EUR 30.1 million
Partner channel revenue increased by 2.2% to EUR 30.1 million Positive impact from currency exchange rates. Partner channel revenue • Partner channel revenue in the North America was positively impacted EURm by currency exchange rates +2.2% • Revenue from Security Suite increased by 2.9% and was EUR
Slide 11: Revenue - Direct channel & geography
Revenue - Direct channel & geography High service renewal rates and healthy ARPU development during the quarter Currency neutral Direct channel revenue Revenue by geography Change change EURm EURm +0.9% 36.4 37.1 +2.0% +0.5% 7.1 2.4 7.0 7.0 7.0 2.7 -9.0% -9.2% 6.9 11.9 +5.7% +1.2% 11.2 12.1 11.9 -1.
Slide 12: Operating expenses declined from the comparison period
Operating expenses declined from the comparison period OPEX1 development in Q1 2025 EURm -0.8% • Operating expenses decreased by OPEX, 0.8% and was EUR 18.3 million 18.5 % of revenue 18.3 (EUR -18.5 million) • Marketing costs were temporarily 10% (10%) lower than in the comparison period, as sales a
Slide 13: Gross margin and adjusted EBITA development
Gross margin and adjusted EBITA development Adjusted EBITA margin exceeded our expectations in the quarter Gross margin Adjusted EBITA and adjusted EBITA margin EURm EURm 93.6% 40.3% 92.0% 40.0% 50.0 89.4% 89.4% 25 36.7% 36.4% 36.1% 85.7% 85.9% 86.4% 86.7% 85.4% 90.0% 34.9% 35.4% 32.4% 31.8% 35.0% 3
Slide 14: Operating cash flow EUR 9.7 million at the end of quarter
Operating cash flow EUR 9.7 million at the end of quarter Operating cash flow and cash conversion (QTD) 141.2% 124.5% 16.8 99.4% • Cash conversion rate was 66.5% 78.8% 63.3% 66.5% (63.3%) 66.1% 13.2 • F-Secure has a loan of EUR 20 million 32.5% 40.5% maturing in 2028. At the end of 2024 9.7 EUR 8 mi
Slide 15: Outlook for 2025 remained unchanged
Outlook for 2025 remained unchanged 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 security
Slide 16: Q&A
Q&A
Slide 17: Financial calendar
Financial calendar Half-year Financial Report for January–June 2025 18 July 2025 Interim Report for January–September 2025 28 October 2025 The reports and related presentation material will be available on the company’s website https://www.f -secure.com/en/investors immediately after publication.
Slide 18: F-Secure
¢: F-Secure