F-Secure Oyj

“F-Secure may not be able to keep up with rapid changes in customer demand, distribution channels, technologies such as AI and the evolution of consumer cybersecurity threats such as scams, which could have an adverse effect on F-Secure reputation, competitiveness, operational results and financial position.”

Annual report 2025A · The company itself

“Actual, possible, or perceived defects, disruptions or vulnerabilities in F-Secure products or services, including risks from usage of AI technologies, could lead to security breaches or cybersecurity attacks and errors. Such incidents may also result from errors or misuse by F-Secure employees or business partners.”

Annual report 2025A · The company itself

“Standard Type Description Time horizon Environment Risk (DVC/OO) Failure to meet climate change mitigation targets may negatively impact channel business Mid-term and Long-term Social Opportunity (OO) Evolving threat landscape, protecting consumers against evolving threat landscape (for example scams) benefits both F-Secure and partners Short-term, mid-term and long-term Opportunity (OO) Use data and AI in security applications, for more effective protection and better user experience.”

Annual report 2025A · The company itself

“CEO Use of AI in security applications AI increases risk of security breach While our Code of Conduct is applicable for Consumers and End-Users, serving customers and partners in a business ethical manner is described in the Business Conduct section and under the "Code of Conduct training target".”

Annual report 2025A · The company itself

“F-Secure continues to have a relationship with Lookout and WithSecure for certain protection capabilities after the Lookout Life acquisition and Withsecure demerger. The inability of third parties such as Lookout or WithSecure to provide these protection capabilities could have a material adverse effect on F-Secure’s business and its customers.”

Annual report 2025A · The company itself

“Risk (DVC/UVC, OO) Security of vendors and partners Security vulnerabilities from suppliers and partners, relying on external vendors, especially vendors who are one step removed in the supply chain, adds layers of vulnerability.”

Annual report 2025A · The company itself

“F-Secure reports Partner channel revenue divided into its main product portfolios: Security Suite and Embedded Security. This reporting approach aims to increase transparency in the development of the company's product mix, as the portfolios have different levels of profitability.”

Annual report 2025A · The company itself

“In 2025, F‑Secure’s Technology function focused on scam protection, simplifying our product and systems landscape, improving delivery discipline, and strengthening the foundations for efficient growth and Tier 1 readiness.”

Annual report 2025A · The company itself

“Our advances in scam protection were recognized with an AI award in 2025. We continued to deepen our understanding of online fraud through ongoing research and market assessment, including work on deepfake detection and cross‑channel scams.”

Annual report 2025A · The company itself

“F-Secure sees the potential to grow faster than the market, focusing on partner channel and its offering around Embedded security and Scam Protection.”

Annual report 2025A · The company itself

“We handle personally identifiable information securely, never sell it to third parties, and provide regular workforce training on PII handling as part of our Code of Conduct.”

Annual report 2025A · The company itself

“During 2025, we continued to expand our scam protection capabilities and launched a dedicated Scam Protection offering in our Direct Business in May 2025. This activity continues during our strategy period (2026–2028) and is executed across our focus regions and channels.”

Annual report 2025A · The company itself

“Creating Awareness About Cyber Crimes Increasing consumer awareness on cybercrime is critical to help consumers stay safe when online. Our dual strategy raises awareness directly with service providers and consumers while equipping our 200+ channel partners to educate their customers.”

Annual report 2025A · The company itself

“Actions to mitigate material risks Our most material impact is protecting consumers' digital moments through holistic, engaging cybersecurity products and services directly and through partners.”

Annual report 2025A · The company itself

“F-Secure's main product and service portfolios are: Security Suite: F-Secure Total, which is an all-in-one consumer cybersecurity application that provides complete protection against scams as well as security, privacy and identity protection on all consumers’ personal devices.”

Annual report 2025A · The company itself

“Embedded Security: Comprehensive portfolio of consumer cybersecurity capabilities available as Software Development Kits (SDKs) and cloud Application Programming Interfaces (APIs) that can be embedded into Service Provider’s app or service. Embedded Security portfolio also includes F-Secure Sense, an SDK based solution that provides whole home protection embedded inside a Wi-Fi-router.”

Annual report 2025A · The company itself

“Services: F-Secure Security Business Platform based scalable expert and cloud-based services supporting both Security Suite and Embedded Security business such as delivery and integration, customer care, and partner success services that support F-Secure’s Partner Business.”

Annual report 2025A · The company itself

“Material impact, risk or opportunity Description Personal safety of consumers and/or end-users Security of a person - Protecting our customers Opportunity (OO) Use of AI in security applications AI-powered monitoring tools observe user behavior, detect anomalies, and react accordingly Opportunity (OO) Evolving threat landscape Scams have become commonplace. Opportunities to offer engaging and relevant protection services Risk (OO) Consumer willingness to pay Intensifying competition and negative macro-economic situation may have negative impact on consumer willingness to pay.”

Annual report 2025A · The company itself

“F-Secure business F-Secure designs and offers security and privacy products and services that help millions of consumers to protect themselves against online threats. F-Secure’s offering includes a comprehensive range of security and privacy products and services related to endpoint security, privacy protection, password management and digital identity protection, and router security that protects consumers’ entire connected home.”

Annual report 2025A · The company itself

“Actual, possible, or perceived defects, disruptions or vulnerabilities in F-Secure products or services, including risks from usage of AI technologies, could lead to security breaches or cybersecurity attacks and errors. Such incidents may also result from errors or misuse by F-Secure employees or business partners.”

Annual report 2025A · The company itself

“Environmentally, while F-Secure currently deploys solutions on climate-neutral platforms like AWS, the company recognizes future challenges as AI adoption and customer growth increase energy demands. This drives the company's focus on green coding practices to minimize environmental impact as operations scale.”

Annual report 2025A · The company itself

“Risk (OO) AI increases risk of security breach Effective AI experimentation and roll-out dependent on high quality data sources and may also increases risk of a security breach.”

Annual report 2025A · The company itself

“CEO Use of AI in security applications AI increases risk of security breach While our Code of Conduct is applicable for Consumers and End-Users, serving customers and partners in a business ethical manner is described in the Business Conduct section and under the "Code of Conduct training target".”

Annual report 2025A · The company itself

“Research and development F-Secure Corporation research and development expenditure amounted to EUR 30.9 million (EUR 29.3 million) in 2025, representing 21.2% (20.0%) of revenue and 34.9% (33.1%) of all expenditures. Additionally, capitalized investments in technology were EUR 11.7 million (EUR 11.0 million).”

Annual report 2025A · The company itself

“In 2025, F‑Secure’s Technology function focused on scam protection, simplifying our product and systems landscape, improving delivery discipline, and strengthening the foundations for efficient growth and Tier 1 readiness.”

Annual report 2025A · The company itself

“With the developments made in our standardized Software Development Kit (SDK) approach in 2025 we will scale to serve more Tier 1 partners in 2026. This “build once, deploy broadly” model is intended to scale reach while protecting unit economics.”

Annual report 2025A · The company itself

“A major theme throughout the year was advancing our “one platform, many segments” program. We continued to bring products onto a single, unified SaaS platform and SDKs that can support multiple customer segments. This reduces duplication, increases reliability, and allows us to direct more investment toward innovation.”

Annual report 2025A · The company itself

“Within our engineering work, we emphasized practical, AI‑native efficiency. The use of assistive tools, internal data and model services, and repeatable methods helped targeted teams shorten delivery cycles and reduce rework.”

Annual report 2025A · The company itself

“Our advances in scam protection were recognized with an AI award in 2025. We continued to deepen our understanding of online fraud through ongoing research and market assessment, including work on deepfake detection and cross‑channel scams.”

Annual report 2025A · The company itself

“In 2025, we built the foundation for F-Secure's AI-native future. We launched our AI Learning Academy, upskilling our entire organization in AI capabilities critical to our product innovation and partner service excellence.”

Annual report 2025A · The company itself

“F-Secure is in the process of transforming the company and its operating model with its growth strategy and taking advantage of AI capabilities in our offering and business processes. Changes in the company's strategic priorities, structure and processes may take time to become effective. Additionally, these strategic investments and changes may at least initially have a negative impact on the company's product roadmap and its operations.”

Annual report 2025A · The company itself

“F-Secure sees the potential to grow faster than the market, focusing on partner channel and its offering around Embedded security and Scam Protection.”

Annual report 2025A · The company itself

“Partner business and especially Embedded Security solutions are expected to drive F-Secure growth during 2026. Growth is expected to accelerate throughout the year as the most significant new Tier 1 services gradually start to generate revenue and support profitability.”

Annual report 2025A · The company itself

“Standard Type Description Time horizon Environment Risk (DVC/OO) Failure to meet climate change mitigation targets may negatively impact channel business Mid-term and Long-term Social Opportunity (OO) Evolving threat landscape, protecting consumers against evolving threat landscape (for example scams) benefits both F-Secure and partners Short-term, mid-term and long-term Opportunity (OO) Use data and AI in security applications, for more effective protection and better user experience. AI-powered (network) monitoring tools can track user behavior, detect anomalies, and react accordingly.”

Annual report 2025A · The company itself

“Low-Carbon Service Differentiation: Developing green coding initiatives and a sustainable AI use framework.”

Annual report 2025A · The company itself

“Opportunity Actions 2025 Effectiveness Measures and expected outcomes Evolving Threat Landscape Re-direct resourcing and investments into research, innovation, and product creation capabilities around scam protection Support channel partners by upgrading them to latest F-Secure product versions with scam protection capabilities Support launching, promoting, and selling security directly to consumers, and via existing and new partners Number of new scam protection capabilities launched during the year as part of Embedded or Security Suite portfolios. Outcomes directly connected to consumer satisfaction and F-Secure's revenue growth in key regions and channels Use of AI in Security Applications More engaging, relevant, and contextual protection experience (user experience) Improved security efficacy where AI technologies advance F-Secure's threat research capabilities and allow providing more effective protection capabilities Enhances our consumer and channel partner offerings leading to a differentiated market position in our key regions and channels, further driving growth.”

Annual report 2025A · The company itself

“Furthermore, during 2025, F-Secure piloted "Horizon," an AI-native self-service SaaS platform designed to scale the number of Service Providers the company can serve.”

Annual report 2025A · The company itself

“Risks related to F-Secure’s business operations and strategy If F-Secure’s agreement with a significant business partner or Channel Partner is terminated or expires, or if F-Secure is unable to continue to work with a business partner or Channel Partner on acceptable terms, or if a channel partner fails to fulfill its obligations, this could significantly reduce F-Secure's revenues, increase its costs, hinder its operations and weaken its ability to provide services or solutions to its customers.”

Annual report 2025A · The company itself

“Standard Type Description Time horizon Environment Risk (DVC/OO) Failure to meet climate change mitigation targets may negatively impact channel business Mid-term and Long-term Social Opportunity (OO) Evolving threat landscape, protecting consumers against evolving threat landscape (for example scams) benefits both F-Secure and partners Short-term, mid-term and long-term Opportunity (OO) Use data and AI in security applications, for more effective protection and better user experience.”

Annual report 2025A · The company itself

“The agreement under negotiation contains a minimum guaranteed revenue, starting from the service launch to customers.”

Annual report 2025A · The company itself

“Partner business and especially Embedded Security solutions are expected to drive F-Secure growth during 2026. Growth is expected to accelerate throughout the year as the most significant new Tier 1 services gradually start to generate revenue and support profitability.”

Annual report 2025A · The company itself

“F-Secure products are sold to consumers through approximately 200 CSPs, retailers, banks, insurance companies and directly through online and app stores.”

Annual report 2025A · The company itself

“Negotiations of a significant strategic partnership agreement with a leading Communications Service Provider On 20 November, F-Secure announced that the company is negotiating a significant strategic partnership agreement with one of the world’s leading Tier 1 Communications Service Providers (CSP). The ongoing negotiations relate to delivering F-Secure’s embedded solutions to the customer.”

Annual report 2025A · The company itself

“F-Secure provides consumer cybersecurity solutions to some of the largest Service Providers in the world (“Tier 1 Channel Partners”) and aims to win new Tier 1 Channel Partner contracts. Tier 1 Channel Partners may require solutions that F-Secure is unable to develop, deliver and maintain at the expected level of profitability.”

Annual report 2025A · The company itself

“We serve consumers directly and through approximately 200+ Service Provider partners (communication service providers, retailers, banks, and insurance companies).”

Annual report 2025A · The company itself

“Our channel-based go-to-market model through Service Providers creates the potential to reach hundreds of millions of consumers, prioritizing win-win partner relationships measured by revenue and partner satisfaction.”

Annual report 2025A · The company itself

“Channel Partners include, for example, communication service providers, retailers, banks, and insurance companies.”

Annual report 2025A · The company itself

“Risks related to F-Secure’s business operations and strategy If F-Secure’s agreement with a significant business partner or Channel Partner is terminated or expires, or if F-Secure is unable to continue to work with a business partner or Channel Partner on acceptable terms, or if a channel partner fails to fulfill its obligations, this could significantly reduce F-Secure's revenues, increase its costs, hinder its operations and weaken its ability to provide services or solutions to its customers.”

Annual report 2025A · The company itself

“F-Secure products are sold to consumers through approximately 200 CSPs, retailers, banks, insurance companies and directly through online and app stores.”

Annual report 2025A · The company itself

“We serve consumers directly and through approximately 200+ Service Provider partners (communication service providers, retailers, banks, and insurance companies).”

Annual report 2025A · The company itself

“Channel Partners include, for example, communication service providers, retailers, banks, and insurance companies.”

Annual report 2025A · The company itself

“Material impact, risk or opportunity Description Climate change mitigation Risk (OO) Failure to meet climate change mitigation targets may negatively impact channel business Investing and finance linked to ESG ambition and targets of the company. Some partners not willing to continue business if not sufficient climate ambition.”

Annual report 2025A · The company itself

“Carbon prices spike dramatically within 18 months. Partner requirements accelerate abruptly, potentially threatening material revenue if unmet.”

Annual report 2025A · The company itself

“Key strengths include our current emissions tracking approach and early work on emissions inventory. Vulnerabilities include heavy supply chain dependency in reaching the scope 3 target.”

Annual report 2025A · The company itself

“Supply chain decarbonization Regarding the risk that F-Secure would fail to meet mitigation targets, as emission reduction is heavily reliant on suppliers, we have initiated actions to mitigate emissions in our value chain. In 2025, we set up our supplier climate mitigation program to reduce our emissions.”

Annual report 2025A · The company itself

“Risks related to F-Secure’s business operations and strategy If F-Secure’s agreement with a significant business partner or Channel Partner is terminated or expires, or if F-Secure is unable to continue to work with a business partner or Channel Partner on acceptable terms, or if a channel partner fails to fulfill its obligations, this could significantly reduce F-Secure's revenues, increase its costs, hinder its operations and weaken its ability to provide services or solutions to its customers.”

Annual report 2025A · The company itself

“F-Secure products are sold to consumers through approximately 200 CSPs, retailers, banks, insurance companies and directly through online and app stores.”

Annual report 2025A · The company itself

“We serve consumers directly and through approximately 200+ Service Provider partners (communication service providers, retailers, banks, and insurance companies).”

Annual report 2025A · The company itself

“Channel Partners include, for example, communication service providers, retailers, banks, and insurance companies.”

Annual report 2025A · The company itself

“Uncertainty about F-Secure’s key markets, financial markets and general economic situation could have an adverse effect on F-Secure’s business and growth opportunities and reduce the demand or increase the cost of the products and services offered by F-Secure.”

Annual report 2025A · The company itself

“In addition, there is a risk that F-Secure may be indirectly affected by escalating trade war (“tariffs”) that may increase inflation, reduce consumer purchasing power or otherwise negatively affect consumers and F-Secure's channel partners.”

Annual report 2025A · The company itself

“Background for the outlook: F-Secure expects the core consumer cybersecurity market to grow mid-single digit CAGR mid- to long-term.”

Annual report 2025A · The company itself

“Opportunities to offer engaging and relevant protection services Risk (OO) Consumer willingness to pay Intensifying competition and negative macro-economic situation may have negative impact on consumer willingness to pay.”

Annual report 2025A · The company itself

“F-Secure may also be indirectly affected by escalating trade tariffs that could increase inflation, reduce purchasing power, or negatively affect consumers and channel partners. Despite mitigating factors, if these risks materialize, they may disrupt F-Secure's operations, employees, markets, suppliers, and customers. Such disruptions could materially impact demand.”

Annual report 2025A · The company itself

“Risk Actions 2025 Effectiveness Measures and expected outcomes Consumer willingness to pay decline Continuously add new relevant scam protection capabilities that increase value to consumers. Service Provider partners combine security with their own services or apps for increased value or offer as a new core/value-added service. Partner and product NPS tracking, service provisioning, activation and usage rates leading to subscriber base growth and ARPU increase.”

Annual report 2025A · The company itself

“Direct business revenue development is expected to be negative due to continued strategy of refraining from paid customer acquisition. Focus is on improving retention rate and ARPU.”

Annual report 2025A · The company itself

“Increase cyber threat awareness both directly and through our 200 channel partners by offering free tools and providing educational content We recognize risks in our channel strategy, including changes in agreement scope, potential loss of significant Service Provider partners, and requirements especially when working with Tier 1 Service Providers.”

Annual report 2025A · The company itself

“Interaction with strategy and business model F-Secure has identified an actual positive impact in protecting consumers' digital moments, which continues to guide company strategy, decision-making and execution during 2025 and for the next strategy period (2026-2028): Product and Technology Investments: Provide relevant, engaging and effective protection against modern threats through innovation, threat research, and consumer needs analysis. Our portfolio and protection roadmaps focus on scam protection and leveraging AI capabilities for both effective protection and engaging user experience.”

Annual report 2025A · The company itself

“STEEP Category Driving Force Social Rate of change in partner and investor climate expectations Increasing stakeholder pressure for transparency Technological Pace of decarbonization in IT supply chains Energy efficiency improvements in data centers Economic Evolution of carbon pricing mechanisms Cost of human labor Environmental Physical climate impacts on operations in vulnerable regions Supply chain disruption from extreme events Political Speed and stringency of global climate policy implementation Degree of divergence in regional climate approaches The only material transition risk identified is reputational risk from failing to meet mitigation targets aligned with the Paris Agreement, which could affect stakeholder expectations.”

Annual report 2025A · The company itself

“The loss of key personnel and skilled employees, the possible delay in new hires or increase in personnel expenses could weaken F-Secure’s profitability and the standard of its services or solutions, hinder operations and prevent F-Secure from successfully developing and growing its business, including effective and differentiating innovation strategy.”

Annual report 2025A · The company itself

“Value chain workers’ interests F-Secure respects its value chain workers' human rights through supplier Code of Conduct and partner agreements, focusing on fair labor practices, safe working conditions, and freedom of association and collective bargaining. F-Secure has a supplier Code of Conduct and agreements with certain partners, which seek to ensure that they meet the company's standards for responsible business conduct, including the treatment of their workers.”

Annual report 2025A · The company itself

“S1-4 Actions and resources Scope: All employees globally; targeted initiatives for underrepresented groups. Time Horizon: Ongoing; programs launched and maintained in 2025.”

Annual report 2025A · The company itself

“Learning and Development Targeted training for R&D and leadership roles supports upskilling, addresses skill shortages, and promotes career growth.”

Annual report 2025A · The company itself

“Gender Equality A diverse workforce is a strategically important topic for F-Secure, and due to this, we have implemented targeted recruitment for underrepresented groups.”

Annual report 2025A · The company itself

“We ensure equal access to parental and caregiving leave so that no one is disadvantaged for prioritizing family.”

Annual report 2025A · The company itself

“F-Secure enhances workforce competencies through capability and competence analysis, employee surveys, and centralized training via the Learning Management System (LMS).”

Annual report 2025A · The company itself

“Risk Actions 2025 Effectiveness Measures and expected outcomes Employee Workload and Well-being Provide well-being programs, support resources, and regular check-ins. Monitor health trends and ensure adequate healthcare coverage.”

Annual report 2025A · The company itself

“Environmentally, while F-Secure currently deploys solutions on climate-neutral platforms like AWS, the company recognizes future challenges as AI adoption and customer growth increase energy demands. This drives the company's focus on green coding practices to minimize environmental impact as operations scale.”

Annual report 2025A · The company itself

“Renewable energy and energy efficiency In 2025, F-Secure’s headquarters in Helsinki moved to new office spaces. In the process, renewable energy was considered, and the electricity used in the new Helsinki office is 100% renewable.”

Annual report 2025A · The company itself

“Markets and customer groups served Our end-customers are consumers seeking holistic, easy-to-use security solutions.”

Annual report 2025A · The company itself

“Types of consumers positively impacted by F-Secure F-Secure's purpose is to protect consumers' digital moments, and for that purpose, we have created a design system to make products perceivable, operable, understandable, and robust for the widest possible audience. Our product design focuses on creating solutions that empower users and enhance their safety and confidence online.”

Annual report 2025A · The company itself

“F-Secure is in the process of transforming the company and its operating model with its growth strategy and taking advantage of AI capabilities in our offering and business processes. Changes in the company's strategic priorities, structure and processes may take time to become effective. Additionally, these strategic investments and changes may at least initially have a negative impact on the company's product roadmap and its operations.”

Annual report 2025A · The company itself

“Channel Sales Model: Develop our channel sales capabilities further and continue to build a portfolio that is "fit to channel" to reach large customer bases through our partners. Increase cyber threat awareness both directly and through our 200 channel partners by offering free tools and providing educational content We recognize risks in our channel strategy, including changes in agreement scope, potential loss of significant Service Provider partners, and requirements especially when working with Tier 1 Service Providers.”

Annual report 2025A · The company itself

“Additionally, we increase global cybersecurity awareness to combat cybercrime by educating consumers how to stay safe online. Our global campaigns target diverse regions and involve collaboration with educational institutions, government bodies, NGOs, and customers, emphasizing shared responsibility for cybersecurity.”

Annual report 2025A · The company itself

“Fuel switching For the opportunity to set a policy for e-vehicles, several cars have already been replaced with hybrid or electric models, and this transition will continue as leasing contracts are renewed. In the future, we aim to update our car policy to ensure that by 2030, all leased cars are electric.”

Annual report 2025A · The company itself

“Time horizons, climate scenarios and reduction targets F-Secure has set a GHG reduction target for 2030 and developed a transition plan with defined reduction pathways and annual actions. We use scenarios as a tool to analyze environmental resilience, with time horizons for 2030.”

Annual report 2025A · The company itself

“Channel Sales Model: Develop our channel sales capabilities further and continue to build a portfolio that is "fit to channel" to reach large customer bases through our partners. Increase cyber threat awareness both directly and through our 200 channel partners by offering free tools and providing educational content We recognize risks in our channel strategy, including changes in agreement scope, potential loss of significant Service Provider partners, and requirements especially when working with Tier 1 Service Providers.”

Annual report 2025A · The company itself

“Renewable energy and energy efficiency In 2025, F-Secure’s headquarters in Helsinki moved to new office spaces. In the process, renewable energy was considered, and the electricity used in the new Helsinki office is 100% renewable.”

Annual report 2025A · The company itself

“Renewable energy and energy efficiency In 2025, F-Secure’s headquarters in Helsinki moved to new office spaces. In the process, renewable energy was considered, and the electricity used in the new Helsinki office is 100% renewable.”

Annual report 2025A · The company itself

“Partner channel revenue in North America was weak due to US dollar fluctuations.”

Annual report 2025A · The company itself

“More than 10 percent weakening of the U.S. dollar during the first half of the year has a strong impact, resulting in a negative effect of more than EUR 3 million on full-year forecast compared to the level at the beginning of 2025.”

Annual report 2025A · The company itself

“Risks related to F-Secure´s financial position and financing The number of operations and locations outside the eurozone in different currencies exposes F-Secure to a risk related to currency fluctuations. Changes in the exchange rates between currencies could have an adverse effect on F-Secure’s revenue, results and financial position. F-Secure is exposed to transaction risks caused by purchasing and selling products and goods in currencies that are not F-Secure’s home currencies, in particular the US dollar.”

Annual report 2025A · The company itself

“Through this process, F-Secure identified reputational risk from failing to meet emission reduction targets as the primary material climate risk, given stakeholder expectations and the company's dependency on supply chain emission reductions to achieve its target by 2030.”

Annual report 2025A · The company itself

“Risks related to F-Secure´s financial position and financing The number of operations and locations outside the eurozone in different currencies exposes F-Secure to a risk related to currency fluctuations. Changes in the exchange rates between currencies could have an adverse effect on F-Secure’s revenue, results and financial position. F-Secure is exposed to transaction risks caused by purchasing and selling products and goods in currencies that are not F-Secure’s home currencies, in particular the US dollar.”

Annual report 2025A · The company itself

“Partner channel revenue in North America was weak due to US dollar fluctuations.”

Annual report 2025A · The company itself

“Progress in North America was weak partly due to lower price levels of an existing customer and modest performance of customers with legacy products.”

Annual report 2025A · The company itself

“At comparable exchange rates, revenue from Embedded Security increased by 6.7%.”

Annual report 2025A · The company itself

“Direct Channel Currency neutral revenue and reported revenue from Direct channel decreased by -4.5% and was EUR 26.8 million (EUR 28.0 million). The decline in revenue is especially due to weak performance in North America.”

Annual report 2025A · The company itself

“Similarly, the minutes of the Annual General Meeting are available on the company’s website at https://www.investors.f-secure.com/en/ investors/corporate_governance/governing_model/annual_general_meeting_2026 Outlook for 2026 Growth: F-Secure expects mid to high single-digit currency neutral revenue growth for 2026.”

Annual report 2025A · The company itself

“Furthermore, to realize our purpose of making every digital moment more secure for everyone, our go-to-market model is primarily channel-based and through Service Providers allows us to reach hundreds of millions of consumers behind these partners in our focus regions in Europe, North America and APAC/Japan.”

Annual report 2025A · The company itself

“The majority of F-Secure’s sales come from selling products and services through its extensive and global Channel Partner network, including approximately 200 Channel Partners.”

Annual report 2025A · The company itself

“In addition, there is a risk that F-Secure may be indirectly affected by escalating trade war (“tariffs”) that may increase inflation, reduce consumer purchasing power or otherwise negatively affect consumers and F-Secure's channel partners.”

Annual report 2025A · The company itself

“STEEP Category Driving Force Social Rate of change in partner and investor climate expectations Increasing stakeholder pressure for transparency Technological Pace of decarbonization in IT supply chains Energy efficiency improvements in data centers Economic Evolution of carbon pricing mechanisms Cost of human labor Environmental Physical climate impacts on operations in vulnerable regions Supply chain disruption from extreme events Political Speed and stringency of global climate policy implementation Degree of divergence in regional climate approaches The only material transition risk identified is reputational risk from failing to meet mitigation targets aligned with the Paris Agreement, which could affect stakeholder expectations.”

Annual report 2025A · The company itself

“F-Secure may also be indirectly affected by escalating trade tariffs that could increase inflation, reduce purchasing power, or negatively affect consumers and channel partners. Despite mitigating factors, if these risks materialize, they may disrupt F-Secure's operations, employees, markets, suppliers, and customers. Such disruptions could materially impact demand.”

Annual report 2025A · The company itself

“Uncertainty about F-Secure’s key markets, financial markets and general economic situation could have an adverse effect on F-Secure’s business and growth opportunities and reduce the demand or increase the cost of the products and services offered by F-Secure.”

Annual report 2025A · The company itself

“Opportunities to offer engaging and relevant protection services Risk (OO) Consumer willingness to pay Intensifying competition and negative macro-economic situation may have negative impact on consumer willingness to pay.”

Annual report 2025A · The company itself

“In addition, there is a risk that F-Secure may be indirectly affected by escalating trade war (“tariffs”) that may increase inflation, reduce consumer purchasing power or otherwise negatively affect consumers and F-Secure's channel partners.”

Annual report 2025A · The company itself

“F-Secure may also be indirectly affected by escalating trade tariffs that could increase inflation, reduce purchasing power, or negatively affect consumers and channel partners. Despite mitigating factors, if these risks materialize, they may disrupt F-Secure's operations, employees, markets, suppliers, and customers. Such disruptions could materially impact demand.”

Annual report 2025A · The company itself

“Operations outside the eurozone expose F-Secure to currency fluctuation risks. Exchange rate changes could adversely affect F-Secure's financial position, key figures, and covenants.”

Annual report 2025A · The company itself

“Geopolitical instability has increased uncertainty in the world and the risk of unexpected disruptions of the world economy. For example, the war in Ukraine has caused some exceptional consequences to the cybersecurity landscape, such as highly visible governmental activities, as well as organized civilian response to the war efforts.”

Annual report 2025A · The company itself

“At comparable exchange rates, revenue from Embedded Security increased by 6.7%.”

Annual report 2025A · The company itself

“Underlying business in Japan was good throughout the period, although in the fourth quarter it was weaker than in the previous quarters.”

Annual report 2025A · The company itself

“Similarly, the minutes of the Annual General Meeting are available on the company’s website at https://www.investors.f-secure.com/en/ investors/corporate_governance/governing_model/annual_general_meeting_2026 Outlook for 2026 Growth: F-Secure expects mid to high single-digit currency neutral revenue growth for 2026.”

Annual report 2025A · The company itself

“Furthermore, to realize our purpose of making every digital moment more secure for everyone, our go-to-market model is primarily channel-based and through Service Providers allows us to reach hundreds of millions of consumers behind these partners in our focus regions in Europe, North America and APAC/Japan.”

Annual report 2025A · The company itself

“F-Secure has an office in Malaysia and employees in India, which are considered countries with higher risks.”

Annual report 2025A · The company itself

“The majority of employees are located in Finland and other Nordic countries with relatively mild projected climate impacts, while some limited exposure exists in India and Malaysia.”

Annual report 2025A · The company itself

“The majority of F-Secure’s sales come from selling products and services through its extensive and global Channel Partner network, including approximately 200 Channel Partners.”

Annual report 2025A · The company itself

“Partner Channel Currency neutral revenue in the Partner channel increased by 1.8%. Reported revenue increased by 0.6% and was EUR 119.0 million (EUR 118.2 million).”

Annual report 2025A · The company itself

“The DACH region1 continued to perform well except for Germany, where revenue declined significantly due to ongoing challenges faced by a key partner in its core business.”

Annual report 2025A · The company itself

“Similarly, the minutes of the Annual General Meeting are available on the company’s website at https://www.investors.f-secure.com/en/ investors/corporate_governance/governing_model/annual_general_meeting_2026 Outlook for 2026 Growth: F-Secure expects mid to high single-digit currency neutral revenue growth for 2026.”

Annual report 2025A · The company itself

“Furthermore, to realize our purpose of making every digital moment more secure for everyone, our go-to-market model is primarily channel-based and through Service Providers allows us to reach hundreds of millions of consumers behind these partners in our focus regions in Europe, North America and APAC/Japan.”

Annual report 2025A · The company itself

“The majority of F-Secure’s sales come from selling products and services through its extensive and global Channel Partner network, including approximately 200 Channel Partners.”

Annual report 2025A · The company itself

“F-Secure has an office in Malaysia and employees in India, which are considered countries with higher risks.”

Annual report 2025A · The company itself

“The majority of employees are located in Finland and other Nordic countries with relatively mild projected climate impacts, while some limited exposure exists in India and Malaysia.”

Annual report 2025A · The company itself

“In the Nordics, activity was strong in Sweden and Finland.”

Annual report 2025A · The company itself

“The majority of employees are located in Finland and other Nordic countries with relatively mild projected climate impacts, while some limited exposure exists in India and Malaysia.”

Annual report 2025A · The company itself

“Changes in interest rates have an impact on interest costs.”

Annual report 2025A · The company itself