F Secure Oyj (FSROF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, everybody from Helsinki, Finland. My name is Timo Laakson and I'm the president and CEO of F-Secure. Welcome to F-Secure's half year results session and also covering quarter two results. Let's get going. So with regards to our second quarter, we made consistent progress on multiple fronts, on technology, products, service launches, new business. But we were clearly hampered by a couple of matters that have been communicated to the market last week. First of all, we saw some delays in our tier one business. And secondly, the headwinds in the currency exchange rate between Euro and US dollar have been negative from our perspective. In terms of our quarter two revenue, we grew about 1%. about 2% currency neutral, slightly faster than in quarter one, but not quite what we were forecasting. What was evident was that our tier one partners who already have signed up with us and who have launched new services, their service uptake has been slower for multiple reasons. I'll get back to that a bit later on. Now, also closing of new tier one deals, although I would say that we've been forecasting relatively conservatively knowing what larger enterprises are like in procurement, those deals have been closing way, way slower than we ever expected. I would say roughly delays of four to 10 months even have been experienced in this field. Not that these partners would not be moving forward, because of personal changes, because of timing of other projects that they have ongoing priorities in their IT projects and so forth, have all thrown curveballs into the processes. But these are moving forward slower than expected. In terms of commercial progress, we did sign up a completely new embedded security partner with a major insurance company in Latin America. We expande...