F-secure Oyj · OMXHEX:FSECURE
F-secure Oyj — Q3 2026 Earnings Presentation
23 slides from F-secure Oyj's earnings presentation, Oct 28, 2026
Slide 1: Accelerated growth driven by Embedded Security
Interim report January–September 2026 Accelerated growth driven by Embedded Security 28 October 2026 Timo Laaksonen, CEO Robin Pulkkinen, CFO
Slide 2: Q3 2026 in brief
Q3 2026 in brief • Currency neutral revenue grew strongly by 12.4% to EUR 40.5 million, marking the highest organic growth figure since the demerger in 2022. • Adjusted EBITA increased to EUR 13.6 million (EUR 13.3 million) on higher revenue. Margin decreased to 33.6% of revenue (37.0%) due to plann
Slide 3: Commercial progress with strategic (Tier 1) partners
Commercial progress with strategic (Tier 1) partners Volumes continued to grow strongly with US partners Long-standing Japanese partner expanded with SENSE Leading European partner expanded Total to new countries Launch with an undisclosed Tier 1 CSP delayed to 2027 28-Oct-26 3
Slide 4: Tier 1 partner indicated intention to not extend its agreement after March 2027
Tier 1 partner indicated intention to not extend its agreement after March 2027 • Revenue continues normally until March 2027 and would end from April 2027; no impact on 2026 outlook • To our understanding, the non-renewal is related to the partner consolidating its customer apps into a single app •
Slide 5: How our Embedded Security business works
How our Embedded Security business works Partner develops a security app, using internal or external developers and AI-assisted tools. The security capabilities underneath are sourced from security vendors such as F-Secure. F-Secure focuses on the highly scalable embedded security modules and go-to-
Slide 6: Our new D2C mobile security app Kiren launched in the US
Our new D2C mobile security app Kiren launched in the US What • Kiren (formerly Project Halo) launched in September for F-Secure Mobile Security direct customers in the US. • Existing users moved through an automatic app update. Why • Built on the same SDK as Total, but sold directly under its own b
Slide 7: F-Secure Trust: Protecting consumers as AI agents act on their behalf
F-Secure Trust: Protecting consumers as AI agents act on their behalf The challenge F-Secure answer What's next • AI agents increasingly shop • F-Secure TrustPath protects • TrustPath builds on the and manage subscriptions for the full digital journey when approach demonstrated with people. an AI ag
Slide 8: New planned operating model to drive profitable growth
New planned operating model to drive profitable growth Business units Three AI-native business units own product, customer and go-to-market strategy end-to-end: Partner Products Embedded Security Direct Business New Ventures Portfolio: Total, Sense, Portfolio: Embedded Portfolio: Total, Kiren Tests
Slide 9: The expected outcomes of the planned operating model change
The expected outcomes of the planned operating model change Product-market fit Set for growth Agile, innovative, fast One team owning each product Improved profitability and a sharper Agility to anticipate and react to end-to-end will find the right investment focus on growth new threats and market
Slide 10: Financials
Financials Robin Pulkkinen, CFO
Slide 11: Key figures
Key figures EUR million 7-9/2026 7-9/2025 Change % 1-9/2026 1-9/2025 Change % Revenue 40.5 36.1 12.2% 116.6 110.0 6.0% • Currency neutral revenue growth was 12.4% for Gross margin 34.3 30.2 13.4% 98.0 93.2 5.2% Q3/26 and 8.1% YTD. % of revenue 84.8% 83.9% 84.0% 84.7% • Adjusted EBITA increased to EU
Slide 12: Embedded Security continued to drive strong growth
Embedded Security continued to drive strong growth Partner channel revenue Embedded Security EURm • Growth driven by continued good development in the US. +15.6% / +15.8% Change / Currency • In Japan, revenue declined mostly due to a strong 33.4 34.1 neutral change comparison period. 29.5 29.2 29.9
Slide 13: Direct channel revenue supported by record-level renewals and good ARPU
Direct channel revenue supported by record-level renewals and good ARPU Direct channel revenue EURm -2.9% / -2.9%* 6.6 6.5 • Number of users declined as we are not 6.4 6.4 6.4 investing in paid customer acquisition according to our current strategy. • However, development exceeded our expectations,
Slide 14: Group revenue by geography
Group revenue by geography Currency Group revenue by geography Change neutral change EURm 40.5 12.2% 12.4% • Accelerated growth in North 36.1 2.9 -5.9% -0.8% America, driven by the Embedded business Rest of the world 3.0 • Nordic countries mostly 14.7 stable +39.1% +37.9% North America 10.6 • Rest o
Slide 15: Operating expenses increased driven by R&D activity
Operating expenses increased driven by R&D activity OPEX1 development in Q3 2026 EURm +22.1% OPEX, 20.3 % of revenue • Operating expenses totaled EUR -20.3 million 3.6 (EUR -16.6 million). 16.6 9% (10%) • Overall R&D activity increased due to planned 3.4 investments in Embedded Security portfolio an
Slide 16: Gross margin and Adjusted EBITA in euros improved
Gross margin and Adjusted EBITA in euros improved Gross margin Adjusted EBITA and adjusted EBITA margin EURm EURm 60 35 40.3% 37.0% 40% 86.4% 86.7% 85.4% 84.8% 90% 35.4% 50 83.9% 84.6% 83.4% 83.9% 84.8% 33.6% 33.6% 30 31.8% 32.2% 35% 31.8% EUR +4.1 m 80% 25 27.7% 30% 40 33.4 34.3 31.4 32.1 31.7 31.3
Slide 17: 1-9/2026 in brief: revenue increased and profitability declined
1-9/2026 in brief: revenue increased and profitability declined due to Embedded Security ramp-up Change/Currency Change/Currency Revenue by channel neutral change Revenue by geography neutral change Adjusted EBITA EURm EURm EURm / Adjusted EBITA margin % +6.0% / +6.0% / 116.6 +8.1% 38.3 / +8.1% 110.
Slide 18: Operating cash flow started to recover from temporary delay in collections
Operating cash flow started to recover from temporary delay in collections in Q2/26 Operating cash flow and cash conversion (QTD) EURm 25.0 • Operating cash flow declined to EUR 9.1 120% million (EUR 11.6 million) impacted by increase in net working capital, mainly due 20.0 99.4% 100% to higher trad
Slide 19: Shareholders on 30 September 2026
Shareholders on 30 September 2026 10 largest shareholders Number of shares Capital % Ownership distribution 1. Risto Siilasmaa 60,035,288 34.36 2. Skandinaviska Enskilda Banken Ab (publ) 15,180,911 8.69 Helsinki Branch* 3. Nordea Nordic Small Cap Fund 11,614,976 6.65 4. Ilmarinen Mutual Pension Insu
Slide 20: Outlook for 2026
Outlook for 2026 Background for the outlook Specified, 28 October 2026 • F-Secure expects the core consumer cybersecurity market to grow mid-single digit CAGR mid- to long-term1). F-Secure sees the potential to grow faster than the market, focusing on partner channel and its offering around Embedded
Slide 21: Welcome to our AI-themed Investor Deep Dive
Welcome to our AI-themed Investor Deep Dive Date: Tuesday, 24 November 2026 Time: 10-11.30 EET Place: F-Secure HQ and live webcast
Slide 22: Q&A
Q&A
Slide 23: Reports and presentation material available on company website
The reports and related presentation material will be available on the company’s website at https://www.f-secure.com/en/investors.