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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.
WithSecure
WithSecure (WITH) investor relations material
WithSecure has been delisted
WithSecure Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Annual Recurring Revenue (ARR) for Elements Cloud grew 3% year-over-year to EUR 84.1 million, but declined 1% sequentially; ARR outlook for 2025 was lowered due to large customer churn in Managed Services.
Profitability improved significantly, with adjusted EBITDA for the third quarter at EUR 4.0 million (EUR 1.6 million restated), driven by cost savings from restructuring.
Cloud Protection for Salesforce (CPSF) ARR surged 44% year-over-year to EUR 14.7 million, with revenue up 49% in Q3.
A public cash tender offer by CVC and Risto Siilasmaa was announced and accepted, with Diana BidCo Oy acquiring over 93% of shares.
Divestment of the Cyber Security Consulting business and Malaysian subsidiary completed, impacting group structure and personnel.
Financial highlights
Q3 revenue from continuing operations declined 1% to EUR 28.5 million; nine-month revenue up 2% to EUR 88.0 million.
Gross margin improved to 81.9% in Q3 (80.0% prior year); nine-month gross margin at 81.3%.
Adjusted EBITDA for Q3 was EUR 4.5 million (EUR 1.5 million prior year); nine-month adjusted EBITDA at EUR 6.0 million (EUR 0.6 million prior year).
Earnings per share (combined operations) improved to EUR -0.04 in Q3 (EUR -0.10 prior year).
Cash and cash equivalents at period end were EUR 25.1 million, up 17% year-over-year.
Outlook and guidance
ARR growth guidance for Elements Cloud revised down to 3-10% for 2025 (previously 10-20%).
Adjusted EBITDA for Elements Company segment expected at 3-7% of revenue.
CPSF ARR growth guidance maintained at 20-35% for 2025.
Medium-term target: achieve "Rule of 30+" (revenue growth % + adjusted EBITDA % > 30) by 2027.
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Latest events from WithSecure
- Cloud and CPSF growth, improved margins, and €6.5M cost savings drive positive outlook.WITH
Q2 2025 - Mid-market focus, cloud-native platform, and partner strategy drive growth toward Rule of 30+ by 2027.WITHInvestor Day 2024
- Double-digit ARR growth and improved profitability, but consulting impairment revised outlook.WITHQ3 2024
- Q2 2024 saw 6% revenue growth, strong ARR gains, and improved profitability.WITHQ2 2024
- CPSF ARR up 70%, Elements Cloud ARR up 8%, driving improved margins and European focus.WITHQ1 2025
- Cloud ARR and profitability up; consulting divestment for EUR 22.5 million and strong 2025 outlook.WITHQ4 2024
WithSecure
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Frequently asked questions
WithSecure Oyj, previously known as F-Secure Oyj, operates as a cybersecurity and digital privacy company. It offers a comprehensive suite of services and solutions including cloud protection, endpoint protection, network protection, and advanced threat protection. The company provides a unified cloud-based security platform and vulnerability management services tailored to business needs. Additionally, WithSecure delivers cyber intelligence, cybersecurity consulting, resilience development, security assurance, partner success services, cloud security posture management, and managed detection and response solutions. It markets its products under the WithSecure brand name, leveraging partnerships with various enterprises and institutes to develop advanced, AI-powered cybersecurity solutions. WithSecure has a global presence, serving customers in Europe, Asia Pacific, North America, Latin America, and Africa. The company is headquartered in Helsinki, Finland, and its shares are listed on the Nasdaq Helsinki.