F-Secure (FSC1V) Q4 2025 earnings summary

Executive summary

• Strategic partnerships, AI-driven innovations, and leadership changes—including new CTO, CFO, and CSO—accelerated growth prospects and transformation in 2025.

• Evolution into an AI-native organization highlighted by the launch of Horizon and Halo platforms, with embedded security and scam protection products central to growth.

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

• Q4 and full-year 2025 revenue were stable to slightly negative, missing growth targets but maintaining strong cost control.

• Earnings per share for 2025 was EUR 0.13, with a proposed dividend of EUR 0.04 per share.

Financial highlights

• 2025 reported revenue was EUR 145.7 million, down 0.4% year-over-year; currency neutral growth was 0.6%.

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

• Q4 2025 adjusted EBITA was EUR 12.0 million (33.6% of revenue), 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.

Outlook and guidance

• 2026 guidance targets mid- to high single-digit currency neutral revenue growth.

• Adjusted EBITA for 2026 projected at EUR 44–50 million, down from EUR 50.3 million in 2025.

• Growth expected to accelerate in H2 2026 as new Tier 1 deals go live, driven by partner business and Embedded Security.

• CapEx expected to be at or slightly above 2025 levels, but a smaller percentage of revenue.

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