FSECURENasdaq HelsinkiSoftware - InfrastructureIFRS · EUR

F-Secure Oyj

F-Secure is a Finnish cybersecurity company headquartered in Helsinki, specializing in consumer security solutions. The company aims to make every digital moment safer by providing award-winning security products and services that protect consumers from scams and cyber threats. F-Secure operates globally with a strong presence in the Nordics and Asia, and partners with over 200 channel partners, including major telecommunications providers. In 2024, F-Secure reported a revenue of €146.3 million and employed approximately 530 people.

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Revenue146m EUR
−0.4 %y/y
Operating profit (EBIT)35.5m EUR
−7.5 %y/y
EBIT margin24.4%
−1.9 ppy/y
Net income22.4m EUR
+6.2 %y/y
Free cash flow39.2m EUR
+3.7 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

050100150m EUR2021: 106 m EUR2021: EBIT 43 m EUR20212022: 111 m EUR2022: EBIT 39 m EUR20222023: 130 m EUR2023: EBIT 29 m EUR20232024: 146 m EUR2024: EBIT 38 m EUR20242025: 146 m EUR2025: EBIT 36 m EUR2025TTM 2026: 148 m EURTTM 2026: EBIT 31 m EURTTM14831
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Security Suite65 %

Comprehensive security applications like F-Secure Total.

Embedded Security25 %

Security features embedded in partner applications.

Direct Sales10 %

Security products sold directly to consumers.

Customers

F-Secure primarily serves consumers seeking robust cybersecurity solutions to protect their digital lives. The company targets individuals concerned about scams and identity theft, offering user-friendly and comprehensive security products. F-Secure also partners with telecommunications providers, enabling them to offer integrated security solutions to their customers. The company's products are designed to enhance consumer trust in digital environments, which is crucial in today's scam-prone world.

Consumers

Buy security products to protect personal devices and identities.

Telecommunications Providers

Integrate F-Secure's security features into their services.

Direct Consumers

Purchase security solutions directly through online channels.

Strategy

F-Secure's strategic priorities focus on innovation, operational excellence, and expanding its AI-driven security offerings. The company aims to enhance consumer trust by providing seamless security experiences and maintaining strong partnerships with telecommunications providers. F-Secure is investing in AI-based solutions like Horizon and Halo to address the evolving threat landscape. The company also seeks to grow its embedded security offerings, leveraging its partner network to reach more consumers.

AI-driven Security SolutionsMedium term

To address evolving cyber threats and enhance consumer protection.

Partnership ExpansionShort term

To leverage telecom networks for broader market access.

Operational ExcellenceLong term

To improve efficiency and maintain competitive advantage.

Geography

Q3/2025

F-Secure operates globally, with a strong presence in the Nordics and Asia, where it has seen excellent growth. The company also serves markets in Europe and North America, although it faces challenges in some European regions. F-Secure's headquarters are in Helsinki, Finland, and it has multiple offices worldwide to support its international operations. The geographic distribution of revenue reflects a diverse market presence, with significant contributions from the Nordic countries.

Nordic Countries31 %
Other Europe31 %
North America29 %
Rest of World8.3 %

Share of the revenue the company reports by geography.

Risks

F-Secure faces several risks, including intense competition in the consumer cybersecurity market, which could lead to price pressures and market share challenges. The company must also adapt to rapid technological changes and evolving cyber threats, such as scams and AI-based attacks. Geopolitical instability and economic uncertainties could impact demand and increase operational costs. Additionally, F-Secure relies heavily on partnerships, and any disruption in these relationships could affect revenue and growth prospects.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Intense Competition1Partnership Dependence2Technological Changes4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Intense CompetitionImpact: HighLikelihood: Medium

    Could lead to price pressures and market share erosion.

  2. Partnership DependenceImpact: HighLikelihood: Medium

    Disruption could affect revenue and growth.

  3. Geopolitical InstabilityImpact: High

    Could impact demand and increase operational costs.

  4. Technological ChangesImpact: MediumLikelihood: Medium

    Need to adapt to new technologies and cyber threats.

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Accounting

Judgemental items
Revenue Recognition

Based on subscription models, impacting revenue timing.

Impact: Significant on financial statements

Seasonality

Affects quarterly revenue comparability.

Impact: Moderate

Goodwill Impairment

Potential due to competitive pressures.

Impact: High

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Last updated: 24/09/2026

F-Secure Oyj (FSECURE) Revenue, Earnings & Financials 2025 – Clarifo