WithSecure Corporation, Stock Exchange Release, 22 April 2025 at 13:00 EEST
WithSecure publishes restated 2024 financial information for segments
WithSecure announced in January 2025 its intention to divest the Cyber security consulting business. Closing of the transaction is expected to take place during the second quarter of 2025. In the financial reporting of 2025, the cyber security consulting business will be presented as Discontinued operations.
The planned divestment will lead to the following changes in the segment reporting:
- Japan consulting, not included in the divestment scope, will move to Elements Company/Other
- A product previously included in Elements Company/Other is included in the divestment scope and moves to Discontinued operations
- Allocations of group function costs will be removed from the Discontinued operations
The 2024 financial figures for segments, adjusted with the above-mentioned changes, are presented to ensure comparability of financials.
Small differences between restated segments and other published financial information are possible due to estimates involved in the calculation and rounding.
Cloud Protection for Salesforce segment is not impacted by the changes. Total WithSecure Group information remains unchanged.
| Elements Company (restated) mEUR | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | FY2024 |
| Revenue | 26.8 | 26.5 | 26.3 | 27.0 | 106.6 |
| Elements Cloud | 20.6 | 20.5 | 20.7 | 21.5 | 83.3 |
| On-premise | 5.8 | 5.4 | 5.2 | 5.0 | 21.5 |
| Other | 0.4 | 0.6 | 0.3 | 0.6 | 1.8 |
| Gross Margin | 21.2 | 21.0 | 20.9 | 21.6 | 84.7 |
| Adjusted EBITDA | 0.6 | -0.9 | 1.6 | 1.5 | 2.9 |
| GM-% | 79 % | 79 % | 79 % | 80 % | 79 % |
| Adj.EBITDA-% | 2 % | -3 % | 6 % | 6 % | 3 % |
| Cloud Protection for Salesforce (no changes) mEUR | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | FY2024 |
| Revenue | 2.0 | 2.2 | 2.4 | 2.8 | 9.4 |
| Gross Margin | 1.7 | 1.8 | 2.0 | 2.4 | 7.9 |
| Adjusted EBITDA | -0.4 | -0.4 | -0.1 | -0.1 | -1.0 |
| GM-% | 83 % | 82 % | 84 % | 84 % | 83 % |
| Adj.EBITDA-% | -22 % | -17 % | -3 % | -2 % | -10 % |
| WithSecure Continued operations mEUR | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | FY2024 |
| Revenue | 28.8 | 28.6 | 28.7 | 29.9 | 116.0 |
| Gross Margin | 22.8 | 22.8 | 22.9 | 24.0 | 92.5 |
| Adjusted EBITDA | 0.2 | -1.2 | 1.5 | 1.5 | 1.9 |
| GM-% | 79 % | 80 % | 80 % | 80 % | 80 % |
| Adj.EBITDA-% | 1 % | -4 % | 5 % | 5 % | 2 % |
| WithSecure Discontinued operations mEUR | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | FY2024 |
| Revenue | 7.4 | 8.2 | 7.5 | 8.3 | 31.4 |
| Gross Margin | 2.8 | 3.7 | 3.3 | 3.7 | 13.6 |
| Adjusted EBITDA | -0.2 | 0.1 | 0.4 | 1.0 | 1.2 |
| GM-% | 38 % | 45 % | 45 % | 45 % | 43 % |
| Adj.EBITDA-% | -3 % | 1 % | 5 % | 12 % | 4 % |
| WithSecure Group (no changes) mEUR | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | FY2024 |
| Revenue | 36.2 | 36.8 | 36.1 | 38.1 | 147.4 |
| Gross Margin | 25.7 | 26.5 | 26.2 | 27.7 | 106.1 |
| Adjusted EBITDA | 0.0 | -1.1 | 1.9 | 2.4 | 3.1 |
| GM-% | 71 % | 72 % | 73 % | 73 % | 72 % |
| Adj.EBITDA-% | 0 % | -3 % | 5 % | 6 % | 2 % |
Contact information:
Laura Viita
VP, Controlling, investor relations and sustainability
WithSecure Corporation
+358 50 487 1044
investor-relations@withsecure.com
