F Secure Oyj (FSROF) Q2 2025 Earnings Call

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WEBVTT 00:00:00.892 -- 00:00:04.496 Good afternoon, everybody from Helsinki, Finland. 00:00:04.496 -- 00:00:08.181 My name is Timo Laakson and I'm the president and CEO of F-Secure. 00:00:08.181 -- 00:00:13.367 Welcome to F-Secure's half year results session and also covering quarter 00:00:13.367 -- 00:00:15.587 two results. 00:00:15.670 -- 00:00:18.493 Let's get going. 00:00:18.493 -- 00:00:23.780 So with regards to our second quarter, we made consistent 00:00:23.780 -- 00:00:28.926 progress on multiple fronts, on technology, products, service launches, new 00:00:28.926 -- 00:00:33.947 business. But we were clearly hampered by a couple of matters that have 00:00:33.947 -- 00:00:37.812 been communicated to the market last week. 00:00:37.812 -- 00:00:41.656 First of all, we saw some delays in our tier one business. 00:00:41.656 -- 00:00:46.943 And secondly, the headwinds in the currency exchange rate between 00:00:46.943 -- 00:00:52.307 Euro and US dollar have been negative from our perspective. 00:00:52.469 -- 00:00:58.033 In terms of our quarter two revenue, we grew about 1%. 00:00:58.621 -- 00:01:03.689 about 2% currency neutral, slightly faster than in quarter one, but not 00:01:03.689 -- 00:01:06.630 quite what we were forecasting. 00:01:08.817 -- 00:01:14.105 What was evident was that our tier one partners who already have signed 00:01:14.105 -- 00:01:18.392 up with us and who have launched new services, 00:01:18.392 -- 00:01:22.117 their service uptake has been slower for multiple reasons. 00:01:22.117 -- 00:01:27.002 I'll get back to that a bit later on. 00:01:27.005 -- 00:01:32.012 Now, also closing of new tier one deals, although I would say that we've been 00:01:32.012 -- 00:01:37.019 forecasting relatively conservatively knowing what larger enterprises are...