Income Statement

F-Secure's revenue growth in the last quarter was driven by strategic investments in its Embedded Security business, which has shown significant returns. The company's focus on partner channel and Embedded Security solutions has paid off, with notable wins in the Tier 1 Communication Service Provider (CSP) segment, including a major partnership with Verizon. However, the Security Suite business experienced a moderate decline, which F-Secure is addressing through a return to more balanced commercial and product efforts. The company's expansion into new markets, such as Japan through its partnership with NTT DOCOMO, is also contributing to its revenue growth. Overall, F-Secure's revenue development is expected to continue, driven by its strategic direction and investments in emerging technologies like AI and quantum research.

The realised revenue for Q2 2026 is 33.4 million Euros, and the predicted revenue for Q2 2027 (e) is 31.0 million Euros. The revenue is expected to decrease by 2.4 million Euros, which is a 7.2% decrease from the realised value. The revenue is expected to decrease by 17.3 million Euros from 2025 to 2026, which is a 11.9% decrease. From 2026 to 2027, the revenue is expected to decrease by 7.3 million Euros, which is a 5.5% decrease. The annual revenue values are 145.7 million Euros in 2025, 132.4 million Euros in 2026, and 125.1 million Euros in 2027.

F-Secure's EBIT profitability has experienced a decline, with a notable drop in profitability margin compared to the previous year. This decrease can be attributed to increased costs associated with restructuring and investments in service level improvements, which have not yet translated into significant revenue growth. Furthermore, the company's focus on partner channel and Embedded Security solutions has led to a lower gross margin, as these partnerships typically have lower gross margins than F-Secure's overall business. Additionally, the company's efforts to improve retention rates and ARPU in its direct business have not yet yielded the desired results, contributing to the decline in profitability. Overall, F-Secure's EBIT profitability is being impacted by a combination of strategic investments and operational challenges, which are expected to have a temporary impact on the company's financial performance.

The realised Ebit for Q2 2026 is 7.0 million Euros, while the predicted Ebit for Q2 2027 (e) is 5.4 million Euros. The expected change in Ebit from Q2 2026 to Q2 2027 (e) is a decrease of 1.6 million Euros, which represents a 22.86% decline. The expected change in Ebit from 2025 to 2026 is a decrease of 8.5 million Euros, which is a 24.3% drop. From 2026 to 2027, the expected change is a further decrease of 0.7 million Euros, a 2.6% drop. The annual Ebit values are 35.5 million Euros in 2025, 27.0 million Euros in 2026, and 26.3 million Euros in 2027.

The realised profit before tax in Q2 2026 is 5.3 million Euros, while the predicted profit before tax in Q2 2027 (e) is 7.6 million Euros. The expected change in profit before tax from Q2 2026 to Q2 2027 (e) is 2.3 million Euros, which represents a 43.4% increase. The profit before tax is expected to decrease by 5 million Euros from 2025 to 2026, which is a 18.5% change. From 2026 to 2027, the profit before tax is expected to increase by 5.7 million Euros, which is a 25.5% change. The annual values for profit before tax are 27.5 million Euros in 2025, 22.5 million Euros in 2026, and 28.2 million Euros in 2027.

The realised profit for Q2 2026 is 4.1 million Euros, while the predicted profit for Q2 2027 (e) is 6.1 million Euros. The expected change in profit from Q2 2026 to Q2 2027 (e) is 2 million Euros, representing a 48.78% increase. The expected change in profit from 2025 to 2026 is a decrease of 5.6 million Euros, which is a 24.8% drop. From 2026 to 2027, the expected change is an increase of 4.8 million Euros, which is a 27.0% rise. The annual profit values are 22.4 million Euros in 2025, 17.8 million Euros in 2026, and 22.6 million Euros in 2027.