F-Secure (FSC1V) Q4 2025 earnings summary

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.