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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.Q2 2025 earnings summary18 Jul, 2025
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.
What's driving the slower Tier 1 service uptake?
How does F-Secure plan to improve partner engagement?
What's the expected impact of new VPN in Total?
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Next F-Secure earnings date
Q3 202528 Oct, 2025
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Frequently asked questions
F-Secure Corporation is a global cyber security and privacy company. The Company operates through two segments: Home Solutions and Enterprise Solutions. The Home Solutions segment offers home security solutions to consumers over the Internet, via retailers and broadband service providers. The Enterprise Solutions segment includes enterprise cyber security solutions and related services for organizations and telecommunications operator networks.
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