F-secure Oyj · OMXHEX:FSECURE
F-secure Oyj — Investor Day (June 2026)
42 slides from F-secure Oyj's investor day presentation, Jun 4, 2026
Slide 1: Growth and scale through Tier 1 partners
Growth and scale through Tier 1 partners Investor Deep Dive 2026 4 June, 2026
Slide 2: Presenting today
Presenting today Timo Laaksonen Bruno Rodriquez TL Viswanathan President and Chief Revenue Officer Chief Product Officer Chief Executive Officer 2 4-Jun-26 Investor Deep Dive
Slide 3: Disclaimer
Disclaimer This presentation contains forward-looking statements (such as, by way of example only, expressions “believes”, “expects”, “foresees” or similar) that reflect the current views and assumptions of F-Secure Corporation (“F-Secure”). These forward-looking statements include (but may not be l
Slide 4: Accelerating growth through Tier 1 partners
CEO STRATEGIC DIRECTION Accelerating growth through Tier 1 partners Timo Laaksonen President & CEO 4-Jun-26 Investor Deep Dive
Slide 5: Investor Day 2024: the plan
Investor Day 2024: the plan. Four strategic priorities. 01 Accelerate profitable growth 03 Focus on partner business and Tier 1 partnerships Fund further growth investments. Cornerstone of growth. 02 Deliver Security on the #1 04 Optimize Direct Business revenue Experience vision and profit Set the
Slide 6: Investor Day 2024: the plan, three growth fundamentals
Investor Day 2024: the plan Three growth fundamentals to deliver them. 01 Addressable market • Tier 1 and new verticals • Best partner experience 02 Value increase • Scam protection • Total conversion • Embedded experiences 03 Aspirational culture • Growth mindset • Agility 4-Jun-26 Investor Deep Di
Slide 7: Why Tier 1, why trust-as-a-service
Why Tier 1, why trust-as-a-service The cleanest match between our partners' need to grow and our right to win. DIMENSION PA R T N E R C H A L L E N G E T R U S T- AS - A- S E R V I C E AN S W E R ARPU forecast to decline ~2% per year High-ARPU recurring digital service — REVENUE through 2028. fastes
Slide 8: Trust is moving from talking point to core
Trust is moving from talking point to core AI fraud at scale is rewriting consumer expectations, regulator agendas, and Tier 1 product strategy. The problem The response The Tier 1 reaction $442B globally lost to scams in 2025 of consumers want their CSP to provide cybersecurity AI fraud attempts up
Slide 9: Not a thesis. A position.
Not a thesis. A position. Already the world's #1 provider of security-as-a-service to Tier 1 Communication Service Providers. 10 of 20 largest CSPs globally choose F-Secure Excluding China. Source: management estimates. Undisclosed Partner name not yet public 4-Jun-26 Investor Deep Dive 9
Slide 10: The journey continues
The journey continues We have won practically every Tier 1 opportunity over the last two years. INVESTOR DAY TIER 1 PARTNER SUCCESS PIPELINE COMMITMENT WINS SCALING AHEAD 2024 2024–25 Now Next Set the bar Won the work Earning the next dollar More wins on the way Profitable growth, #1 Right to win po
Slide 11: Mid-term target: high-single digit revenue growth
MID-TERM TARGET: High-single digit revenue growth. Targeted adjusted EBITA level of 40% when revenue approaches €200M €200M Anchored in Tier 1 partner growth built on Lookout Life acquisition US PARTNER BUSINESS single largest growth Success accelerator driver — double-digit across the installed bas
Slide 12: Live your best digital life
OUR VISION & FUTURE Live your best digital life Trust for a world Al keeps rewriting. We are building the invisible layer of trust in consumers' digital life - embedded by the world's largest digital service providers, delivered through Al, and scaled to every digital moment: Shopping, banking, mess
Slide 13: The trust inflection point
The trust inflection point The defining constraint of the AI era for consumers is not capability. It is trust. 900 million weekly ChatGPT users don't trust AI to tell what's real would let AI act on their behalf Adoption faster than smartphone or internet. F-Secure consumer survey, Jan 2026, n=10,00
Slide 14: A once-in-a-generation window
A once-in-a-generation window Combining Al, edge computing, federated learning and our unique Tier 1 distribution a new category emerges. New tech stack Tier 1 distribution Al • Edge • Tier 1s want on the Federated Learning Al boat Agentic world New D2C category Securing Al that acts No category lea
Slide 15: Q&A
Q&A
Slide 16: Win. Launch. Grow.
TIER 1 PARTNERS Win. Launch. Grow. Bruno Rodriguez Chief Revenue Officer 4-Jun-26 Investor Deep Dive
Slide 17: Right to win — confirmed
Right to win — confirmed Four Tier 1 commitments in twelve months T1 CSP Partner name not yet public SIGNED LIVE LIVE LIVE SIGNED Partnership signed February 2026 April 8, 2026 May 2026 Partnership signed Launch in H2 for at Financial Monitoring Largest deal in Japan Tier 1 Launch in planning least
Slide 18: A genuine Tier 1 footprint across three regions
A genuine Tier 1 footprint across three regions The Tier 1 landscape today ~1 BILLION end-user connections across our Tier 1 partners North America Europe Japan Undisclosed Partner name not yet public 4-Jun-26 Investor Deep Dive Source: latest financial reports (Q4 2025 / Q1 2026). 18
Slide 19: The compounding effect – references as commercial assets
The compounding effect – references as commercial assets References allow us to be positioned to win new Tier 1 projects References in motion New projects Multiple Tier 1 projects at an advanced stage in the EU and APAC 4-Jun-26 Investor Deep Dive 19
Slide 20: Embedded Strategy Advantage
Embedded Strategy Advantage The embedded model behind them creates a market position no other consumer cybersecurity vendor can claim. Unique market position F-Secure: Embedded inside the CSP's product Powered by F-Secure Consumer Verizon Digital Secure • AT&T Financial Monitoring • NTT Docomo Scam
Slide 21: The penetration playbook
We've proven we can close. Now we prove we can hyper-grow. The penetration playbook Executive Buy-in ~1 BILLION end-user connections across our Tier 1 partners POS Growth Positioning Marketing Compound Knowledge 2%–20% adoption Sales Sales Incentives Enablement A repeatable five-step system. Detail
Slide 22: Growth runway
Growth runway Potential market size of TOP20 Tier 1 CSPs 200M€+ Annual revenue potential with current embedded portfolio* + <50M€ Future growth potential from new AI trust service category F-Secure revenue from Tier 1 business in 2025 * F-Secure management estimate; 20 CSPs x 10M annual revenue pote
Slide 23: The same capability, beyond CSPs
The same capability, beyond CSPs Beyond the Tier 1 channel: CSPs + DSPs Our modular embedded stack is channel-agnostic by design. Scam protection, identity, privacy and financial monitoring has potential to be relevant to other Tier 1 Digital Service Providers. ADJACENT PARTNER AI NATIVE SECURITY CH
Slide 24: Where we stand on Tier 1 growth
Where we stand on Tier 1 growth Three things to take away Growth through new Tier 1 Right to win — confirmed New Base - Growth playbook channels and solutions 3 delivered · 1 signed Proven Formula applied to new base 1B base and Tier 1 pipeline Four Tier 1 commitments in 12 30 years of experience pr
Slide 25: Q&A
Q&A
Slide 26: Delivering market leadership
TIER 1 SEGMENT Delivering market leadership TL Visvanathan Chief Product Officer 4-Jun-26 Investor Deep Dive
Slide 27: 2024 Recap
2024 Recap 4-Jun-26 Investor Deep Dive
Slide 28: Our position & intent with the Embedded portfolio
Our position & intent with the Embedded portfolio • The broadest portfolio in the industry • Repeatable & scalable platform • Embedded & Scam protection driving growth in our primary addressable market 4-Jun-26 Investor Deep Dive
Slide 29: 2026 Outcomes
2026 Outcomes 4-Jun-26 Investor Deep Dive
Slide 30: Undisputed market leader
Undisputed market leader 50% Market share in Tier 1 segment SDK Sample App Broadest & deepest SDK portfolio <4 months >90% c Fastest time to launch and Portfolio repeatable value creation for new opportunities 4-Jun-26 Investor Deep Dive 30
Slide 31: Building the Tier 1 platform – Available, Scalable & Resilient
Building the Tier 1 platform – Available, Scalable & Resilient What are we doing Opportunity to expand into major partners & new digital service providers Active-active multi-region architecture All services across AWS regions Cross-region data replication Real-time replication with no data loss Ser
Slide 32: Consumer spend through partners accelerating
Consumer spend through partners accelerating Consumer spend on cyber security CAGR 12,1 (BUSD, +4% ~4,5% consumer spend) 11,0 >2X Via partner $5,1B ~8% Embedded Security Direct $4,4B Faster growth in 2026 than Scam Protection consumer cybersecurity CAGR* ~2% $6,6B $7B 2026 2028 Note: Does not includ
Slide 33: One Portfolio across every business model
One Portfolio across every business model End user Consumers Customer Strategic Partners Major Partners Commercial Partners DB segment Driving business success & growth Current portfolio “B2B2C” “B2C” growing in value Partner user experience Total Embedded Security SDKs Co-creation of Consumer led p
Slide 34: Direction
Direction 4-Jun-26 Investor Deep Dive
Slide 35: From search to agentic AI
From search to agentic AI Today Future Usage per AI category % of global adult population 1B+ 60% AI search 50% AI chat/general assistants 40% Agentic CX interactions 30% AI agents in enterprises 20% AI agentic shopping 10% AI coding 0% 2024 2025 2026 2027 2028 Sources: Goldman Sachs, Gartner, DataR
Slide 36: The attack is agentic. The defense must be too.
The attack is agentic. The defense must be too. The threat shift Our response: Agentic Capabilities Portfolio What’s next $442+ billion lost to “scam pandemic” in On-device MCP Proactive 2025, amplified by AI (340% AI framework protection yoy growth in deepfake fraud) End user experience Autonomous
Slide 37: Trust
Trust Contextual relevance Emotional resonance Proactively helpful 4-Jun-26 Investor Deep Dive 37
Slide 38: Trust your AI conversations
Trust your AI conversations Checking the sources of ‘web search’ PII Removal Inspecting files for prompt injection 4-Jun-26 Investor Deep Dive 38
Slide 39: Digital lifestyle flows – connecting the dots
Digital lifestyle flows – connecting the dots Protecting all your digital flows Trust for your digital lifestyle, building resilience Signal correlation over time Memory across phases Personalized posture 4-Jun-26 Investor Deep Dive 39
Slide 40: Q&A
Q&A
Slide 41: Closing words
f F-Secure. Closing words
Slide 42: ¢: F-Secure
¢: F-Secure