Withsecure — Q2 2025 Earnings Presentation
12 slides from Withsecure's earnings presentation, Jul 16, 2025
Slide 1: WithSecure Half-year report Q2 2025
WithSecure Half-year report Q2 2025 Elements software revenue growth offset by managed services decline; new products advancing proactive threat management to a new level Antti Koskela, President and CEO Tom Jansson, CFO 16 July 2025
Slide 2: Elements Company: Strategy execution
Elements Company Strategy execution: • Digital sovereignty discussion accelerating in Europe • SPHERE25 event in May, SPHERE2YOU local events through rest of 2025 • Product launches • Elements Exposure Management 2.0 • Elements XDR Cloud Security • Elements Infinite • Zero-day vulnerability detectio
Slide 3: Elements Company: Financials
Elements Company Financials: • Elements Cloud ARR growth 3% year-on-year to EUR 84.9 million (EUR 82.5 million) • Elements Cloud NRR 99%, reduced by the Managed services churn • ARR decline from previous quarter-end 2% • Elements Cloud software and Co-security services ARR growth of 13%, growth is i
Slide 4: Cloud Protection for Salesforce
Cloud Protection for Salesforce • ARR growth 54% year-on-year, to EUR 14.0 million (EUR 9.1 million) • NRR for CPSF was 122% • New sales and expansions partly offset by EUR vs. USD/AUD exchange rate • Total number of customers approximately 298 at quarter-end • Agentforce provides an expansion to th
Slide 5: Elements SW and Co-security vs Managed services ARR
+13% 66.7 Elements SW and Co-security 65.8 Managed services 61.9 60.3 59.0 Elements SW and Co-security 57.8 services ARR growth of 13%, driven by new customers and expansions. Exposure Management and Elements Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 MDR increasingly driving growth. -22% 23.4 Managed serv
Slide 6: Elements Cloud ARR, revenue and Adjusted EBITDA
Cloud ARR Cloud Revenue On-premise Revenue Adjusted EBITDA +3% 86.6 84.9 82.5 83.3 Elements Cloud ARR growth of 3% 81.8 80.5 78.4 Elements Cloud Net Revenue Retention (NRR) was 99% 73.4 73.3 73.7 21.5 21.9 21.5 19.7 20.6 20.5 20.7 18.7 18.7 19.0 +5% On-premise revenue decline as expected 6.4 6.2 5.9
Slide 7: Cloud Protection for Salesforce ARR, revenue and Adjusted EBITDA
ARR Revenue Adjusted EBITDA +54% 13.9 14.0 12.8 Strong ARR growth year-on-year, new sales and expansions offset by EUR vs. USD currency impact (approximately EUR 0.4 10.2 million); sales mix includes significant balances 9.1 in USD and AUD 8.6 8.4 8.1 8.2 7.4 CPSF NRR was 122% 3.3 3.5 2.8 2.2 2.2 2.
Slide 8: Operating expenses reduction -3% y-o-y
Of 4-6 4-6 Of Change 1-6 1-6 FY (mEUR) revenu 2025 2024 revenue % 2025 2024 2024 e Revenue 29.4 28.6 3% 59.5 57.5 116.0 • Operating expenses reduction -3% y-o-y • S&M – investments in new customer and Gross Margin 23.8 22.8 5% 48.2 45.7 92.6 partner acquisition • R&D – optimization of cloud usage fo
Slide 9: 2025 guidance: ARR growth of 10-20%
Annual Recurring Revenue (ARR) for Elements Cloud products and services will grow by 10-20% from the end of 2024. At the end of 2024, Elements Cloud ARR was EUR 83.3 million. Elements Company segment's Adjusted EBITDA will be 3- 7% of revenue. Annual Recurring Revenue (ARR) for Cloud Protection for
Slide 10: Rule of 30+ target for 2025-2027
Over the next three years (2025-2027), WithSecure will become a “Rule of 30+” company. The components of the target are • Annual revenue growth as percentage • Adjusted EBITDA as percentage of revenue WithSecure is targeting to reach a sum of the components that exceeds 30.
Slide 11: ARR definitions
Elements SW Elements Cloud and Co- ARR, except for: security • Set-up fees services ARR • One-off items Managed services ARR CPSF ARR Discontinued Operations, divested in Q2 2025
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