F-Secure change negotiations concluded

F-Secure Corporation announced on October 25, 2023 that it will start change negotiations. The change negotiations were initiated as part of measures to restructure F-Secure global operating model and personnel to align with the strategic priorities and financial targets of the company. The change negotiations concerned the entire F-Secure personnel globally.

Negotiations have been mostly completed for all group entities. At the start of the negotiations, F-Secure estimated that the change negotiations could result in a reduction of maximum of 70 positions, of which maximum 50 were expected to be in Finland. As a result of the change negotiations and other measures, 56 employments in F-Secure will be terminated, of which 39 in Finland. At the end of November 2023, F-Secure employed a total of 523 people.

F-Secure estimates to achieve annual cost savings of around EUR 9 million as announced on October 25, 2023. These will be achieved through these personnel reductions, as well as savings in operating costs like marketing, subcontracting and other external purchases.

One-off costs related to the changes amounts to a maximum of EUR 2 million, which will be recorded as items affecting comparability (IAC) in the fourth quarter of 2023.

For further information, please contact:

Sari Somerkallio, Chief Financial Officer
tel. +358 40 3569251

Kitta Virtavuo, Chief People Officer
tel. +358 40 7577881

F-Secure in brief

F-Secure is Finland headquartered and globally operating consumer cyber security company. F-Secure offers award-winning security and privacy products and services that make every digital moment more secure, for everyone. F-Secure operates in over 100 countries, has ~200 Service Provider partners and is the global leader providing security through Communication Service Providers. F-Secure Corporation is listed on Nasdaq Helsinki Ltd. Read more: www.f-secure.com.