Key Highlights for July–September 2026
- At comparable exchange rates, revenue grew by 12.4%. Reported revenue increased by 12.2% to EUR 40.5 million (EUR 36.1 million). Revenue growth was driven by continued strong performance in embedded security.
- At comparable exchange rates, Partner channel revenue grew by 15.8%. Reported revenue increased by 15.6% to EUR 34.1 million (EUR 29.5 million).
- At comparable exchange rates, Direct sales channel revenue decreased by -2.9%. Reported revenue decreased by -2.9% to EUR 6.4 million (EUR 6.6 million).
- Adjusted EBITA was EUR 13.6 million (EUR 13.3 million), representing 33.6% of revenue (37.0%). The euro-denominated growth was driven by the increase in revenue. The change in margin was due to planned investments in the embedded security portfolio as well as Tier 1 service capabilities.
- A Tier 1 partner indicated that it does not intend to renew its contract with F-Secure after March 2027. In 2025, revenue generated from this contract was approximately EUR 16 million. The contract will generate revenue normally until the end of March 2027.
- The potential termination of the Tier 1 partner contract resulted in an impairment of EUR -2.1 million in capitalized development expenses related to the agreement.
- Earnings per share decreased to EUR 0.02 (EUR 0.04).
- Cash flow from operating activities was EUR 9.1 million (EUR 11.6 million).
- On October 1, 2026, a new planned operating model and the initiation of change negotiations were announced. The objective of the change is to enable F-Secure to respond more rapidly to changing customer needs as AI reshapes the market, to direct investments increasingly toward growth-phase products and new customer segments, and to further strengthen profitability.
Outlook for 2026
Specified on October 28, 2026
Growth: Group revenue growth is estimated to be 8–11% (previously: 7–12%) at comparable exchange rates in 2026.
Profitability: Group adjusted EBITA is estimated to be EUR 46–50 million (previously: EUR 44–50 million) in 2026.