I’m no smarter, but I’ll answer anyway, if only so someone might be able to alleviate my own concerns.
The only thing that puzzles me a bit about this case is how phlegmatic Tier 1 clients seem to be regarding their business with F-Secure. The signing of the Verizon contract was delayed for who knows how long, and the CEO did say in the Q4 2025 interview (when negotiations were still ongoing) that a single iteration of contract negotiations takes over two months due to the partner’s slowness. Maybe that says something about Verizon’s decision-making processes or something similar, but it struck a chord when it was mentioned in the Q2 2026 interview that another Tier 1 launch has been significantly delayed due to the partner’s resource prioritization. Perhaps I’m reading too much into this and it isn’t a significant problem for the investment case as such, but it feels like we aren’t necessarily operating at the same level of motivation as the partners.
Add to this that, by its own admission, F-Secure has won all Tier 1 competitive tenders over the last two years. Does that speak to the excellence and correct positioning of F-Secure’s product, or something else…?
On the other hand, we aren’t buying a PE30 quality company with strong moats—at least not yet.
In the latest interview, it did sound good that if partners demand extremely high operational reliability for services, that could become a small competitive advantage in the long run if, and when, F-Secure has the capabilities and track record to deliver on it.
PS. Was there any more detail in the webcast about the collection issues related to cash flow? That sentence in the earnings report sounded rather strange, even though Atte quickly glossed over it in the results live stream.