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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
F-Secure
F-Secure (FSC1V) investor relations material
F-Secure Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 revenue reached a quarterly record of €40.5m, up 12.2% reported and 12.4% currency-neutral, led by Embedded Security.
Adjusted EBITA rose to €13.6m from €13.3m, while its margin fell to 33.6% from 37.0% amid planned investment.
A Tier 1 partner intends not to renew after March 2027; 2025 revenue was ~€16m, but 2026 guidance is unchanged.
A new operating model is planned for January 1, 2027, targeting faster execution, growth and profitability.
Financial highlights
Q3 revenue was €40.5m, up 12.2% reported and 12.4% currency-neutral; 9M revenue was €116.6m, up 6.0% and 8.1%, respectively.
Q3 gross margin was €34.3m, or 84.8%, versus €30.2m and 83.9%; 9M gross margin was €98.0m versus €93.2m.
Q3 EBIT was €7.3m versus €9.7m; net income was €3.9m versus €6.2m, affected by a €2.1m impairment.
9M adjusted EBITA was €36.2m versus €38.3m; operating cash flow was €22.5m versus €32.0m.
Outlook and guidance
2026 currency-neutral revenue growth guidance narrowed to 8–11% from 7–12%; adjusted EBITA guidance rose at the lower end to €46–50m from €44–50m.
Partner business, especially Embedded Security and new Tier 1 services, is expected to drive growth; Direct revenue is expected to decline while paid acquisition remains paused.
Gross margin is expected slightly below 2025’s 84.7% due to Embedded Security mix; capex is expected similar to or slightly above 2025.
Medium-term targets include high-single-digit CAGR growth, adjusted EBITA margin approaching 40% at €200m revenue, and net debt/adjusted EBITDA below 2.5x, excluding temporary acquisition effects.
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Latest events from F-Secure
- 2024 saw 12.2% revenue growth, strong partner expansion, and a focus on AI-driven scam protection.FSC1V
Investor presentation - Q2 2026 revenue up 9.9–10% currency-neutral, driven by Embedded Security and Tier 1 partners.FSC1VQ2 2026
- Tier 1 partnerships and embedded AI trust solutions drive scalable growth to EUR 200M revenue.FSC1VInvestor Deep Dive 2026
- Tier 1 Verizon partnership and Embedded Security drive growth amid margin pressure.FSC1VQ1 2026
- 2025 revenue stable, EBITA margin 34.5%, AI and partnerships to drive 2026 growth.FSC1VQ4 2025
- High single-digit growth and AI-driven security expansion target Tier 1 CSPs and SaaS scale.FSC1VInvestor Day 2024
- Q3 revenue up 3.5%, adjusted EBITA margin at 40.3%, with transformation ongoing.FSC1VQ3 2024
- H1 2024 revenue up 24.9% to EUR 72.9m, with strong margins and stable outlook.FSC1VQ2 2024
- FY2024 revenue up 12.2%, with new Tier 1 wins and Scam Protection driving 2025 growth outlook.FSC1VQ4 2024
Next F-Secure earnings date
Investor Deep Dive 202624 Nov, 2026
F-Secure
Next F-Secure earnings date
Investor Deep Dive 202624 Nov, 2026
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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.