F Secure Oyj (FSROF) Q1 2026 Earnings Call

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WEBVTT 00:00:01.060 -- 00:00:05.805 Welcome everybody to F-Secure's quarter one results session. 00:00:05.805 -- 00:00:08.506 Good to have you with us. 00:00:09.108 -- 00:00:14.534 As the header says, we have been working on our strategic partner 00:00:14.534 -- 00:00:19.700 or tier one growth for a couple of years already, and we are now starting to see good 00:00:19.700 -- 00:00:24.024 progress with that. So that growth is now starting to materialize. 00:00:24.024 -- 00:00:29.900 We're very, very happy about that. Let's get to the story right away. 00:00:29.900 -- 00:00:35.705 We made strategically, as said, good advancements in the quarter that 00:00:35.705 -- 00:00:37.667 we have just closed, 00:00:37.667 -- 00:00:42.930 and we've overall had good momentum in our partner ecosystem. 00:00:43.032 -- 00:00:47.294 Our currency-neutral revenue growth was 2.1%. 00:00:47.537 -- 00:00:53.082 Unfortunately, we had some headwinds with dollar and yen, so our 00:00:53.082 -- 00:00:56.883 reported revenue decreased by 2.1%. 00:00:57.254 -- 00:01:03.262 Our chief financial officer will go into the details how this 00:01:03.262 -- 00:01:05.462 is now 00:01:06.106 -- 00:01:10.772 in a way portrayed in our different channels and in our products. 00:01:10.772 -- 00:01:16.299 Big differences there. Our adjusted EBITDA was 11.5 00:01:16.299 -- 00:01:18.622 million euros, 00:01:18.622 -- 00:01:23.771 which is roughly 32% of revenue. A slight decrease, but it will once 00:01:23.771 -- 00:01:28.418 again be going into some of the reasons why it has gone down. 00:01:28.418 -- 00:01:33.485 And as major advances, I will come back to those 00:01:33.485 -- 00:01:36.907 on our Tier 1 partner front 00:01:37.010 -- 00:01:42.257 in a moment. But naturally, right after closing quarter one, a maj...