F-Secure (FSC1V) Investor Presentation summary

Financial performance and growth

• 2023 revenue reached €130.4M, up 17.4%, with ~30 million subscribers and ~200 service provider partners.

• Adjusted EBITA for 2023 was €44.6M (34.2% margin); earnings per share €0.13, dividend per share €0.07.

• January–September 2024 revenue grew 16.9% to €109.2M, with organic growth of 2.4%.

• Gross margin remained high, though slightly impacted by post-acquisition costs; Q3 2024 profitability improved due to capitalized tech investments.

• 2024 revenue guidance is €144–147M, with adjusted EBITA expected at €50–53M.

Strategic direction and market positioning

• Aims to be the #1 security experience company, focusing on simple, frictionless security for consumers and partners.

• Strategy includes ramping up Tier 1 partnerships and expanding embedded security offerings.

• Largest growth driver is the "Total" product and its adoption within the partner channel.

• Direct business focuses on retention, with reduced marketing spend for paid customer acquisition.

• Consumer cyber security market expected to grow mid-single digit CAGR through 2026.

Product and service portfolio

• Offers a comprehensive consumer security suite: internet, device, family, scam, privacy, identity, and home protection.

• Provides all-in-one security and privacy apps, SDK/API-based solutions, and embedded security for partners.

• Focus on holistic, contextual, and personalized protection across platforms and devices.