)

F-Secure (FSC1V) investor relations material
F-Secure Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue grew 1.1% (2% currency neutral), with growth offset by FX headwinds and delays in Tier 1 partner ramp-ups.
Embedded security partnerships expanded, including a new Latin American contract and launches in Japan and the US.
Issued a negative profit warning and revised outlook due to slower Tier 1 partner ramp-up and ongoing challenges in Germany.
Recognized as a market leader in scam protection and awarded for innovation and sustainability.
Strategic focus on accelerating growth, scam protection, and leveraging data and AI for innovation.
Financial highlights
Partner channel revenue grew 2.6% year-over-year, with embedded services up 4.6%, mainly driven by Japan.
Direct channel revenue declined by over 5% due to reduced marketing spend; renewal rates remain high.
Gross margin slightly lower year-over-year at 84.8%, impacted by higher embedded share and increased costs.
Adjusted EBITA margin at 32.2% in Q2, down from 36.1% last year; H1 margin at 33.8%.
Cash conversion at 89% in Q2, down from 124% last year.
Outlook and guidance
2025 outlook revised to low single-digit currency-neutral revenue growth (1–3%) and adjusted EBITA margin of 32–35%.
Growth to be driven by partner and embedded services; direct business revenue expected to decline.
Gross margin expected to be slightly lower due to higher embedded solutions share.
Capex to remain similar to last year, more weighted to H2.
Leverage target is net debt/adjusted EBITDA below 2.5x medium-term.
Next F-Secure earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage