Investors

Outlook for 2025

Growth: F-Secure expects mid-single digit revenue growth for 2025.

Profitability: The group’s adjusted EBITA is expected to be approximately on the
same level as in 2024 (EUR 52.2 million).

Background for the outlook:

• F-Secure expects the core consumer cyber security 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 security and Scam Protection. The growth may be moderated due to the uncertainties around consumer sentiment in certain markets.
• Partner business and especially Embedded services are expected to drive FSecure growth during 2025. Growth is expected to accelerate throughout the year as new partners and services gradually start to generate revenue.
• Direct business revenue development is expected to be negative due to continued strategy of refraining from paid customer acquisition.
• Gross margin is expected to be slightly lower than in 2024 (86.2%) due to growth of strategic partners with embedded solutions, as these typically have a lower gross margin level than F-Secure Total business.
• F-Secure continues to develop its service, operations and production capabilities further to meet Tier 1 partner requirements. These efforts are still reflected in the higher cost base. As business scales we expect to leverage continued service level investments across a wider partner base, leading to positive Adjusted EBITA % development over time.
• Capex level is expected to remain on similar level as in 2024. However, new product development projects related to partner demand can have an impact on the outcome.

(*Industry analyst views such as Gartner and IDC, and F-Secure management estimates.