Financials WithSecure Oyj

Equities

WITH

FI4000519228

Software

Real-time Estimate Tradegate Other stock markets 03:05:50 2025-07-10 am EDT			5-day change	1st Jan Change
1.048 ^EUR	-2.96%		+9.09%	+42.67%

Jun. 02	WithSecure Closes Sale of Cybersecurity Business to Neqst	MT
May. 30	Neqst Partner AB completed the acquisition of Cyber security consulting business from WithSecure Oyj for approximately ?22.5 million.	CI

Projected Income Statement: WithSecure Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	220.2	236.3	134.7	142.8	147.4	132.5	145.5	143.7
Change	-	7.3%	-42.99%	6.02%	3.21%	-10.11%	9.79%	-1.22%
EBITDA ¹	35.7	36.5	-26.7	-16.1	3.1	7.204	11.91	15.6
Change	-	2.24%	-173.15%	39.7%	119.25%	132.39%	65.35%	30.96%
EBIT ¹	22.9	25.3	-42.55	-43.89	-10.1	-3.463	1.542	7.39
Change	-	10.48%	-268.19%	-3.15%	76.99%	65.71%	144.54%	379.09%
Interest Paid ¹	-3.2	-0.278	-1.619	0.205	-0.218	-0.87	-0.3967	-0.3967
Earnings before Tax (EBT) ¹	16.5	17.43	-44.17	-43.69	-39.8	-5.004	0.7465	5.505
Change	-	5.63%	-353.43%	1.1%	8.89%	87.43%	114.92%	637.43%
Net income ¹	12.9	12.7	-38.21	-40.03	-37.98	-3.74	0.6634	4.5
Change	-	-1.53%	-400.8%	-4.76%	5.12%	90.15%	117.74%	578.22%
Announcement Date	2/10/21	2/17/22	2/9/23	2/13/24	2/12/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	53	54.5	57.9	57.8	58.2	58.7	61.66	59.7	32.5	33.5	36.4	35.2	34.8	34.8	37.98	36.24	36.84	36.1	38.1	36.55	30.77	31.17	31.9
Change	-	2.83%	6.24%	-0.17%	0.69%	0.86%	5.05%	-3.19%	-45.56%	3.08%	8.66%	-3.3%	-1.14%	0%	9.12%	-4.58%	1.66%	-2%	5.54%	-4.06%	-15.83%	1.3%	2.35%
EBITDA ¹	10.2	11	7.3	9.6	8.1	11	7.7	7.9	-10.5	-4	-6.1	-6.2	-7.9	-2.3	0.2	-0.001	-1.131	1.9	2.4	1.346	1.033	2.367	1.833
Change	-	7.84%	-33.64%	31.51%	-15.62%	35.8%	-30%	2.6%	-232.91%	61.9%	-52.5%	-1.64%	-27.42%	70.89%	108.7%	-100.5%	-113,000%	267.99%	26.32%	-43.92%	-23.23%	129.03%	-22.54%
EBIT ¹	6.9	7.7	4.3	6.2	5.4	8.3	4.7	4.9	-13.5	-6.1	-8.352	-13.9	-9.6	-11.8	-8.611	-2.916	-4.71	-17.2	-1.1	-3.801	-1.15	-0.35	-0.6
Change	-	11.59%	-44.16%	44.19%	-12.9%	53.7%	-43.37%	4.26%	-375.51%	54.81%	-36.92%	-66.43%	30.94%	-22.92%	27.03%	66.14%	-61.52%	-265.18%	93.6%	-245.55%	69.74%	69.57%	-71.43%
Charge d'intérêts ¹	-0.7	-0.6	-0.6	0.3	-0.3	-0.2	0.022	-0.5	-0.2	-0.3	-0.819	0.017	0.421	0.062	-0.295	0.272	-0.083	-	-0.128	-0.761	-0.1	-0.1	-0.1
Earnings before Tax (EBT) ¹	5.3	6.3	2.6	6.4	2.1	6.9	2.029	-3.1	-13.7	-6.4	-9.171	-13.93	-9.155	-11.7	-	-2.643	-4.627	-17.78	-14.76	-2.23	-1.9	0.1	-0.65
Change	-	18.87%	-58.73%	146.15%	-67.19%	228.57%	-70.59%	-252.78%	-341.94%	53.28%	-43.3%	-51.85%	34.26%	-27.8%	-	-	-75.07%	-284.16%	16.98%	84.89%	14.8%	105.26%	-750%
Net income ¹	3.1	5	2.7	4.9	1.4	5.6	0.803	-3.7	446.8	-4.9	-7.91	-11.08	-6.854	-10.37	-	-2.161	-3.634	-17.53	-14.65	-3.584	-1.5	0.4	-0.5
Change	-	61.29%	-46%	81.48%	-71.43%	300%	-85.66%	-560.77%	12,175.68%	-101.1%	-61.43%	-40.14%	38.17%	-51.36%	-	-	-68.16%	-382.42%	16.42%	75.54%	58.15%	126.67%	-225%
Announcement Date	7/16/20	10/29/20	2/10/21	4/29/21	7/15/21	10/21/21	2/17/22	4/27/22	7/20/22	10/27/22	2/9/23	4/20/23	7/13/23	10/18/23	2/13/24	4/24/24	7/16/24	10/23/24	2/12/25	4/25/25	-	-	-

¹EUR in Million

Estimates

Forecast Balance Sheet: WithSecure Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-11.6	-24.6	-41.9	-22.9	-0.58	-22.3	-23.6	-45.8
Change	-	-112.07%	-70.33%	45.35%	97.47%	-3,744.83%	-5.83%	-94.07%
Announcement Date	2/10/21	2/17/22	2/9/23	2/13/24	2/12/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: WithSecure Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	7.9	6.569	4.77	5.159	5.929	6.125	5.675	5.867
Change	-	-16.85%	-27.39%	8.16%	14.93%	3.31%	-7.35%	3.38%
Free Cash Flow (FCF) ¹	38.8	24.17	-25.01	-28.22	-5.316	4.582	7.9	11.25
Change	-	-37.7%	-203.48%	-12.82%	81.16%	186.2%	72.39%	42.45%
Announcement Date	2/10/21	2/17/22	2/9/23	2/13/24	2/12/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: WithSecure Oyj

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	16.21%	15.45%	-19.82%	-11.27%	2.1%	5.44%	8.19%	10.86%
EBIT Margin (%)	10.4%	10.71%	-31.59%	-30.73%	-6.85%	-2.61%	1.06%	5.14%
EBT Margin (%)	7.49%	7.38%	-32.79%	-30.59%	-27%	-3.78%	0.51%	3.83%
Net margin (%)	5.86%	5.38%	-28.37%	-28.03%	-25.77%	-2.82%	0.46%	3.13%
FCF margin (%)	17.62%	10.23%	-18.57%	-19.76%	-3.61%	3.46%	5.43%	7.83%
FCF / Net Income (%)	300.78%	190.29%	65.46%	70.5%	14%	-122.51%	1,190.75%	250.09%
Profitability
ROA	-	5.24%	-	-17.66%	-	-	-	-
ROE	16.2%	14.3%	-32.5%	-32.9%	-44.1%	-4.38%	1.84%	8.15%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	3.59%	2.78%	3.54%	3.61%	4.02%	4.62%	3.9%	4.08%
CAPEX / EBITDA (%)	22.13%	18%	-17.87%	-32.04%	191.26%	85.02%	47.64%	37.61%
CAPEX / FCF (%)	20.36%	27.18%	-19.07%	-18.28%	-111.53%	133.66%	71.84%	52.13%
Items per share
Cash flow per share ¹	0.2941	0.1941	-0.1182	-0.1313	0.0035	0.0533	0.07	0.1
Change	-	-33.99%	-160.88%	-11.1%	102.67%	1,423.71%	31.26%	42.86%
Dividend per Share ¹	0.04	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	0.52	0.6	0.8	0.59	0.3934	0.4004	0.4048	0.4063
Change	-	15.38%	33.33%	-26.25%	-33.32%	1.79%	1.09%	0.37%
EPS ¹	0.08	0.08	-0.22	-0.23	-0.22	-0.0203	0.0035	0.0245
Change	-	0%	-375%	-4.55%	4.35%	90.78%	117.26%	599.14%
Nbr of stocks (in thousands)	158,192	158,387	174,527	175,873	176,017	175,847	175,847	175,847
Announcement Date	2/10/21	2/17/22	2/9/23	2/13/24	2/12/25	-	-	-