F Secure Oyj (FSROF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome everybody to F-Secure's quarter one results session. Good to have you with us. As the header says, we have been working on our strategic partner or tier one growth for a couple of years already, and we are now starting to see good progress with that. So that growth is now starting to materialize. We're very, very happy about that. Let's get to the story right away. We made strategically, as said, good advancements in the quarter that we have just closed, and we've overall had good momentum in our partner ecosystem. Our currency-neutral revenue growth was 2.1%. Unfortunately, we had some headwinds with dollar and yen, so our reported revenue decreased by 2.1%. Our chief financial officer will go into the details how this is now in a way portrayed in our different channels and in our products. Big differences there. Our adjusted EBITDA was 11.5 million euros, which is roughly 32% of revenue. A slight decrease, but it will once again be going into some of the reasons why it has gone down. And as major advances, I will come back to those on our Tier 1 partner front in a moment. But naturally, right after closing quarter one, a major piece of news was that we signed our partner agreement extension with Verizon for a service they call Digital Secure. on the 8th of April, and on the same day we launched the service to their customers. This resulted in a positive profit warning, so we raised our revenue outlook. We had already in our plans taken into account that we would be gaining more traction in terms of revenue, thanks to the Verizon deal in our plans for this year, but we actually launched the service slightly earlier than we expected. Therefore, we needed to adjust our revenue outlook upwards a bit. And then in the beginning of the year in January, we made som...