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F-Secure (FSC1V) investor relations material
F-Secure Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Currency neutral revenue grew 2.1% year-over-year, but reported revenue declined 2.1% to €36.3M due to FX headwinds.
Adjusted EBITA was €11.5M (31.8% margin), down from €13.1M (35.4%) year-over-year.
Major Tier 1 partnership with Verizon signed, guaranteeing over $15M annual revenue and driving Embedded Security growth.
Organizational changes in global sales and services, including restructuring costs of €1.7M.
Positive profit warning issued and full-year 2026 revenue outlook raised.
Financial highlights
Partner channel currency neutral growth was 4.6%, with Embedded Security up 29.1% and Security Suite down 0.6%.
Gross margin declined to 83.4% (from 85.4% YoY) due to Embedded Security mix.
Capex was €4.5M (12.4% of revenue), mainly for SDK, Tier 1 capabilities, and platform development.
Operating cash flow was €7.9M (down from €9.7M YoY); cash conversion rate dropped to 50.4%.
Net debt reduced to €142.3M (down from €157.1M YoY); leverage ratio 2.8x.
Outlook and guidance
2026 currency neutral revenue growth expected at 7–12%, driven by Verizon and AT&T deals.
Adjusted EBITA guidance: €44–50M (2025: €50.3M); gross margin expected slightly lower due to Embedded Security.
Capex to remain at or slightly above 2025 levels.
Profitability guidance remains broad due to FX, activation rates, and cost uncertainties.
Medium-term targets: high single-digit CAGR, EBITA margin approaching 40% at €200M revenue, leverage below 2.5x.
- 2025 revenue stable, EBITA margin 34.5%, AI and partnerships to drive 2026 growth.FSC1V
Q4 202513 Apr 2026 - H1 2024 revenue up 24.9% to EUR 72.9m, with strong margins and stable outlook.FSC1V
Q2 20243 Feb 2026 - Q3 revenue up 3.5%, adjusted EBITA margin at 40.3%, with transformation ongoing.FSC1V
Q3 202418 Jan 2026 - FY2024 revenue up 12.2%, with new Tier 1 wins and Scam Protection driving 2025 growth outlook.FSC1V
Q4 202429 Dec 2025 - Q1 revenue up 2.0%, profitability strong, and new partnerships to accelerate future growth.FSC1V
Q1 202524 Dec 2025 - Revenue growth slowed by FX and partner delays, with outlook revised downward.FSC1V
Q2 202516 Nov 2025 - Embedded Services rose 10.3% as AI innovation and strong margins offset direct channel decline.FSC1V
Q3 202528 Oct 2025 - Strong revenue growth and focus on Tier 1 partnerships drive security leadership ambitions.FSC1V
Investor Presentation20 Oct 2025 - High single-digit growth and industry-leading scam protection drive strategic expansion.FSC1V
Investor Day 202413 Jun 2025
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