Restated Financials for WithSecure Corporation
WithSecure Corporation has made significant updates to its financial reporting for 2024, particularly regarding its segments. The company has announced its intentions concerning the Cyber security consulting business as part of a strategic shift to focus on its core operations.
Divestment of Cyber Security Consulting Business
In early 2025, WithSecure revealed plans to divest its Cyber security consulting segment. This step is set to close in the upcoming months, and, upon completion, the cyber security consulting business will be categorized as discontinued operations within their financial reports.
Implications for Segment Reporting
The impending divestiture has several implications for how WithSecure reports its financials:
- Consulting services in Japan, not affected by the divestment, will now be reported under Elements Company/Other.
- A product that was previously part of Elements Company/Other will shift to discontinued operations as part of the divestment process.
- Group function costs will no longer be included in discontinued operations, refining the clarity of the financial statements.
As part of these adjustments, the financial results for 2024 have been restated to ensure a consistent basis for comparison going forward. Small variances between these restated figures and previous reports may occur due to rounding and estimation methods utilized during the preparation of the financial information.
Stability in the Cloud Protection for Salesforce Segment
Despite these changes, the Cloud Protection for Salesforce segment remains unaffected. The overall financial data for WithSecure group continues to reflect their solid performance, offering a direct insight into their operations.
Detailed Financial Overview
The financial adjustments allow stakeholders to clearly see the impact of these changes. For instance:
Restated Elements Company Financials
Here’s a brief overview of the restated revenue figures for Elements Company:
| Metrics | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | FY2024 |
| Revenue | 26.8 mEUR | 26.5 mEUR | 26.3 mEUR | 27.0 mEUR | 106.6 mEUR |
| Gross Margin | 21.2 mEUR | 21.0 mEUR | 20.9 mEUR | 21.6 mEUR | 84.7 mEUR |
| Adjusted EBITDA | 0.6 mEUR | -0.9 mEUR | 1.6 mEUR | 1.5 mEUR | 2.9 mEUR |
Corporate Performance Metrics
In alignment with the restated financials, WithSecure is dedicated to maintaining operational growth and profitability. The strategic decisions made contribute to a refined focus on core competencies and operational efficiencies. The total revenue across continued operations showcases a promising performance with consistent revenue generation across quarters.
Future Outlook
Looking forward, WithSecure is poised to leverage its resources effectively to enhance shareholder value amidst the restructuring in the cyber security segment. With their strong focus on digital security solutions and continuous improvements, the future appears bright for WithSecure.
Contact Information
For more detailed inquiries, stakeholders are encouraged to connect with Laura Viita, VP of Controlling, Investor Relations, and Sustainability at WithSecure Corporation:
Phone: +358 50 487 1044
Email: investor-relations@withsecure.com
Frequently Asked Questions
What changes are being made to WithSecure's segment reporting?
WithSecure is divesting its Cyber security consulting business, which will be classified as discontinued operations in future financial reports.
Which segments will remain unaffected by the changes?
The Cloud Protection for Salesforce segment is not impacted by the adjustments in segment reporting.
What financial figures have been restated?
The restated financials comprehensively detail revenue, gross margin, and adjusted EBITDA for various segments for FY2024.
How can investors obtain more information?
Investors can reach out to Laura Viita via email or phone for further insights into the financial developments.
What is WithSecure's future outlook after the divestment?
WithSecure aims to maintain operational growth while enhancing focus on its remaining core competencies after the divestment of its consulting segment.
