WithSecure Oyj

WithSecure Corporation has issued a profit warning, lowering its 2024 financial outlook for its Elements Cloud products and services. The company now expects the Annual Recurring Revenue (ARR) for these products to grow by 6–14%, down from the previous forecast of 10–20%. In 2023, the Elements Cloud ARR was EUR 78.4 million. Revenue growth for these products is revised to 8–12%, compared to the earlier estimate of 10–16%, with the previous year's revenue at EUR 76.1 million. The total group revenue growth is now projected at 2–5%, reduced from the prior outlook of 6–12%, with last year's group revenue at EUR 142.8 million. Despite these revisions, the adjusted EBITDA for 2024 is expected to remain positive. The updated outlook is attributed to slower growth in the DACH region and unmet revenue expectations in markets outside the EU and Japan, particularly in the UK and US. Additionally, higher churn rates among large Managed Services customers and underperformance in the cyber security consulting business have impacted revenue. These revenue shortfalls are unlikely to be fully recovered in the last quarter of 2024.

WithSecure Corporation's half-year report for January to June 2024, released on July 16, 2024, highlights favorable growth in annual recurring revenue (ARR) and improvements in consulting performance. Key points include: - Elements Cloud ARR grew by 13% to EUR 82.5 million in the second quarter. - Elements Cloud revenue increased by 10% to EUR 20.5 million. - Revenue growth was strong in France and DACH countries but lower in Japan and the UK. - The SPHERE marketing event led to higher expenses, impacting Adjusted EBITDA, which was EUR -0.5 million. - A business divestment agreement was signed, with completion expected in the second half of 2024. - Cloud Protection for Salesforce ARR increased by 5%, with revenue stable at EUR 2.2 million. - Cybersecurity consulting revenue grew by 12%. - WithSecure moved to new headquarters in Helsinki on July 1, 2024. The company maintains its outlook for 2024, expecting ARR and revenue growth, and positive adjusted EBITDA for the full year. CEO Antti Koskela expressed enthusiasm for his new role and future growth. The full report is available on WithSecure's website, and a webcast presentation is scheduled for July 16, 2024.

WithSecure Corporation will release its half-year report for January-June 2024 on 16 July 2024 at around 08:00 EEST. CEO Antti Koskela and CFO Tom Jansson will present the report via a webcast at 14:00 EEST, which will be conducted in English and accessible online. Written questions can be submitted through the webcast portal. Analysts are invited to attend the presentation at Flik Studio Stage in Helsinki. The presentation materials and a recording of the webcast will be available on the company's website. For further information, contact Laura Viita, VP of Controlling, Investor Relations, and Sustainability at WithSecure Corporation.

WithSecure Corporation announced that Antti Koskela has been appointed as the President and CEO of the company effective from 1 July 2024. Koskela, who has been serving as interim CEO since April 2024, joined WithSecure in 2021 as Chief Product Officer and member of the Global Leadership Team. The Board of Directors, chaired by Risto Siilasmaa, believes Koskela is well-suited to lead the company and execute its growth strategy in the European cybersecurity market. Koskela expressed his enthusiasm for the role, highlighting the company's strong R&D, technological foundation, and talented team. Further information can be obtained by contacting Risto Siilasmaa or Laura Viita.

On April 29, 2024, WithSecure Corporation released a statement regarding a transaction involving Amanda Bedborough, a member of the board. The transaction, which took place on April 25, 2024, involved the receipt of a share-based incentive. The details of the transaction indicate that Bedborough received 13,834 shares at a unit price of 0.00 EUR. The announcement was made as an initial notification, with Laura Viita, the VP of Controlling, investor relations and sustainability at WithSecure Corporation, as the contact person for further information.

WithSecure Corporation has announced a transaction involving Harri Ruusinen, a member of the board. According to the initial notification, Ruusinen received a share-based incentive on April 25, 2024. The transaction involved 4611 shares, which were received at no cost. The announcement was made public on April 29, 2024, at 16:00 EEST.

WithSecure Corporation has released a statement regarding Risto Siilasmaa, a member of the Board/Deputy member, who is subject to a notification requirement. The initial notification refers to a share-based incentive received by Siilasmaa on April 25, 2024. The transaction involved 29,125 shares, with a unit price and volume weighted average price of 0.00 EUR. The contact for further information is Laura Viita, VP of Controlling, investor relations, and sustainability at WithSecure Corporation.

WithSecure Corporation has issued a stock exchange release regarding the manager's transactions of Niilo Fredrikson, a member of the Board. Fredrikson has received a share-based incentive, involving 13,834 shares at a unit price of 0.00 EUR. This initial notification was made on 25th April 2024. Further information can be obtained from Laura Viita, VP of Controlling, Investor Relations and Sustainability at WithSecure Corporation.

WithSecure Corporation has released a stock exchange update on 29 April 2024, concerning the transactions of Kirsi Sormunen, a member of the board. The initial notification reveals that Sormunen received a share-based incentive on 25 April 2024. The transaction involved 17,475 shares, with a unit price of 0.00 EUR. The contact for further information is Laura Viita, VP of Controlling, Investor Relations and Sustainability at WithSecure Corporation.

On April 29, 2024, WithSecure Corporation released a statement regarding the financial transactions of Ciaran Martin, a member of their board. The initial notification revealed that Martin had received a share-based incentive on April 25, 2024. The details of the transaction showed that he received 13,834 shares at no cost. Any further inquiries were directed towards Laura Viita, the VP of Controlling, investor relations and sustainability at WithSecure Corporation.