Slide 1: Consistent progress offset by FX and Tier-1 ramp-up delays
Half-year Financial Report 1 January – 30 June 2025 Consistent progress offset by FX and Tier-1 ramp-up delays 18 July 2025 Timo Laaksonen CEO | Sari Somerkallio CFO | F-Secure Corporation
Slide 2: Q2/2025: Consistent progress offset by FX and Tier-1 ramp-up delays
Q2/2025: Consistent progress offset by FX and Tier-1 ramp-up delays We continued to make meaningful progress in advancing our commercial performance, driving innovation, and enhancing operational excellence • Q2 revenue grew by 1.1%, currency neutral growth was 1.9% • The adoption of new services by
Slide 3: 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 data and AI scam protection 18-Jul-25 3
Slide 4: Tier 1 partner business outlook
We continue to transform We establish our position as the We innovate and utilize 1 to accelerate growth 2 market leader in scam protection 3 data and AI Tier 1 partner business outlook Core growth engine for F-Secure in the mid-term – but not the only one • Market dynamics remain unchanged ̵ Rising
Slide 5: F-Secure again recognized in multiple fields
We continue to transform We establish our position as the We innovate and utilize 1 to accelerate growth 2 market leader in scam protection 3 data and AI F-Secure again recognized in multiple fields F-Secure Named Leading Cyber F-Secure won a Gold Medal in the Proof of Concept Award at Fiber Securit
Slide 6: F-Secure SPECIES25 Partner event
We continue to transform We establish our position as the We innovate and utilize 1 to accelerate growth 2 market leader in scam protection 3 data and AI F-Secure SPECIES25 Partner event Driving innovation, sharing best practices and delivering tangible business results SPECIES is about driving insi
Slide 7: HackWeek - Driving Innovation with AI & Data
We continue to transform We establish our position as the We innovate and utilize 1 to accelerate growth 2 market leader in scam protection 3 data and AI HackWeek - Driving Innovation with AI & Data Most popular Hack Week ever with > 50 submissions ▪ Focused on applying AI and data-driven approaches
Slide 8: Financials
Financials Sari Somerkallio, CFO ee fF F-secure
Slide 9: Q2/2025: Partner channel revenue increased by 2.6% and was EUR 30.2 million
Q2/2025: Partner channel revenue increased by 2.6% and was EUR 30.2 million Growth was burdened by strongly weakened US dollar Partner channel revenue EURm • Partner channel revenue in North America was negatively impacted by +2.6% weak US dollar Change • Revenue from Security Suite increased by 2.1
Slide 10: Q2/2025: Revenue - Direct channel & geography
Q2/2025: Revenue - Direct channel & geography Renewal rate and ARPU developed well during the Among our key markets Japan, Sweden and Finland quarter showed significant growth Currency neutral Direct channel revenue Revenue by geography Change change EURm EURm -5.1% 36.5 36.9 +1.1% +1.9% 7.1 2.4 2.9
Slide 11: Q2/2025: Operating expenses growth was mainly driven by different timing of R&D capitalization projects
Q2/2025: Operating expenses growth was mainly driven by different timing of R&D capitalization projects OPEX1 development in Q2 2025 EURm +6.8% OPEX, • Operating expenses increased by 6.8% and 18.1 19.3 % of revenue was EUR 19.3 million (EUR 18.1 million) 11% (10%) • Sales and Marketing costs were i
Slide 12: Gross margin and adjusted EBITA development
Gross margin and adjusted EBITA development Gross margin was somewhat lower as expected due to higher growth of Embedded business Gross margin Adjusted EBITA and adjusted EBITA margin EURm EURm 92.0% 40.3% 89.4% 89.4% 40.0% 50.0 25.0 36.4% 36.1% 85.7% 85.9% 86.4% 86.7% 85.4% 84.8% 90.0% 34.9% 35.4%
Slide 13: H1/2025 in brief: revenue increased +1.5%, currency neutral growth +1.2%
H1/2025 in brief: revenue increased +1.5%, currency neutral growth +1.2% Good development was offset by Tier1 ramp-up delays Revenue by geography Revenue by channel Adjusted EBITA EURm EURm EURm +1.5% Change / Currency +1.5% neutral change -3.3% 72.9 74.0 72.9 74.0 5.1 5.4 +6.3% / +5.2% 25.8 25.0 14
Slide 14: Operating cash flow EUR 10.8 million until the end of quarter
Operating cash flow EUR 10.8 million until the end of quarter Operating cash flow and cash conversion (QTD) 141.2% 124.5% 16.8 99.4% 89.4% • Q2 cash conversion rate was 89.4% 63.3% 66.5% 66.1% (124.5%) 13.2 32.5% 40.5% • During the quarter F-Secure signed and 10.8 withdrew EUR 35 million loan, which
Slide 15: Revised outlook for 2025
Revised outlook for 2025 15 Revised on 8 July 2025 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 E
Slide 16: F-Secure's Disclosure Policy updated on 17 July 2025
F-Secure’s Disclosure Policy updated on 17 July 2025 The Disclosure Policy describes the principles and procedures applicable to the external communication of F-Secure to the financial capital market representatives The update relates on how F-Secure discloses exceptionally large customer contracts:
Slide 17: Financial calendar
Financial calendar 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: Q&A
Q&A
Slide 19: F-Secure
¢: F-Secure