F-Secure (FSC1V) Investor Deep Dive 2026 summary

Strategic priorities and business evolution

• Four strategic priorities: accelerate profitable growth, deliver a leading security experience, expand Tier 1 partnerships, and optimize direct business for profitability.

• Expanded addressable market through Tier 1 and new verticals, emphasizing partner experience, scam protection, and embedded security solutions.

• Shifted vision from security to trust, aiming to build an invisible layer of trust in digital life, leveraging AI and embedded solutions.

• Company culture emphasizes growth mindset and agility to adapt to market changes.

• Emphasis on Tier 1 partners as the cornerstone of growth, leveraging trust-as-a-service to address partner challenges like ARPU decline and high churn.

Market position, Tier 1 partner strategy, and ecosystem

• Holds the #1 global position in security-as-a-service for Tier 1 CSPs, serving 10 of the 20 largest global CSPs, with partnerships including Verizon, AT&T, Orange, Vodafone, Docomo, KDDI, Charter, and SoftBank.

• Achieved significant wins with Orange Europe, AT&T, Verizon, and Docomo, expanding embedded security and scam protection offerings.

• Embedded business model integrates security SDKs into CSP apps, transforming security from a value-added to a core service.

• Tier 1 footprint spans North America, Europe, and Japan, reaching approximately 1 billion end-user connections.

• Multiple Tier 1 projects are at advanced stages in the EU and APAC, leveraging existing references to win new business.

Financial guidance, targets, and growth outlook

• Midterm target is high single-digit revenue growth and adjusted EBITA approaching 40% as revenue nears EUR 200 million, anchored on Tier 1 growth and Lookout Life acquisition.

• Tier 1 business revenue is under EUR 50 million in 2025, with annual revenue potential exceeding EUR 200 million from the embedded portfolio and further upside from new AI trust services.

• Consumer spend through partners is growing more than twice as fast as the overall consumer cybersecurity market CAGR, with embedded security and scam protection as key drivers.

• Partners see increased ARPU and better retention through security services, countering industry-wide ARPU decline.

• Growth playbook and embedded portfolio enable scalable, repeatable expansion across partners and new verticals.