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F-Secure (FSC1V) investor relations material

F-Secure Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Feb, 2026

Executive summary

  • Strategic partnerships, AI innovations, and leadership changes accelerated growth prospects, with major milestones and new product launches such as Horizon and Halo platforms.

  • Recognized with the AI Growth Initiative of the Year award and multiple cybersecurity accolades.

  • Reported revenue for 2025 was EUR 145.7 million, a decrease of 0.4% year-over-year; currency neutral growth was 0.6%.

  • Adjusted EBITA for 2025 was EUR 50.3 million (34.5% margin), down from EUR 52.2 million (35.7%) in 2024.

  • Earnings per share increased to EUR 0.13, with a proposed dividend of EUR 0.04 per share.

Financial highlights

  • Q4 2025 reported revenue was EUR 35.7 million, down 3.6% year-over-year; currency neutral revenue decreased by 1.3%.

  • Adjusted EBITA for Q4 2025 was EUR 12.0 million (33.6% margin), up from EUR 11.8 million (31.8%).

  • Gross margin for 2025 was 84.7%, slightly lower due to higher share of Embedded Security.

  • Operating cash flow for 2025 was EUR 43.6 million, up from EUR 38.8 million in 2024.

  • Deferred revenue at year-end was EUR 27.0 million, down 5.2% year-over-year.

Outlook and guidance

  • 2026 guidance: mid- to high single-digit currency neutral revenue growth, with adjusted EBITA expected between EUR 44–50 million.

  • Growth and profitability expected to improve through the year as new Tier 1 deals ramp up, especially in H2.

  • CapEx to remain at or slightly above 2025 levels, but lower as a percentage of revenue.

  • Dividend policy targets payout around or above 50% of net profit, adjusted for leverage.

  • Medium-term targets: high single-digit CAGR, adjusted EBITA margin approaching 40% at EUR 200 million revenue, leverage below 2.5x.

Path to 40% EBITA margin despite lower GM
Leverage ratio reduction strategy
Mitigate Tier 1 partner deal delays
Tier 1 deal ramp-up confidence for 2026?
Halo and Horizon's market impact and strategy?
Operating leverage improvement timeline?
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Frequently asked questions

F-Secure Corporation is a global cyber security and privacy company. The Company operates through two segments: Home Solutions and Enterprise Solutions. The Home Solutions segment offers home security solutions to consumers over the Internet, via retailers and broadband service providers. The Enterprise Solutions segment includes enterprise cyber security solutions and related services for organizations and telecommunications operator networks.

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