WithSecure's restated financial information for 2021
As announced in a stock exchange release on 17 February 2022, the Board of Directors of WithSecure Corporation (“WithSecure”) decided to pursue towards
the separation of the Consumer Security business through a partial demerger (the “Demerger”), whereby WithSecure’s Consumer Security business would betransferred into a new independent company, to be named F-Secure Corporation (“F-Secure”), whereas the renamed WithSecure Corporation would carry on
the Corporate Security business. The demerger is subject to an approval by an Extraordinary General Meeting of 31 May. The planned completion date of thedemerger is on 30 June 2022.
Reflecting the progress of the demerger plans, WithSecure presents consumer security business as Discontinued operations under IFRS 5 from first quarter of2022.
WithSecure publishes restated quarterly financial information on its 2021 financials. These financials constitute comparative information for WithSecure
Corporation when Consumer Security business ("F-Secure") is presented as discontinued operations. Financial information for discontinued operations does
not reflect future F-Secure's profitability on a stand-alone basis.
Under IFRS 5, the result from discontinued operations is reported separately from continuing operations’ income and expenses in the consolidated income
statement. Comparative periods are restated accordingly. The statement of financial position is not restated.
Discontinued operations include revenue and operating expenses directly related to Consumer Security business and discontinued for continuing businessafter the demerger. Certain costs related to supporting F-Secure during transition period and costs of premises which will be sub-leased to F-Secure are notincluded in Discontinued operations. To improve comparability between periods, Estimated comparable EBITDA has been added as alternative performancemeasure. Presentation of WithSecure and F-Secure in accordance with IFRS 5 does not reflect profitability of either continuing or discontinued business on astand-alone basis prior to the demerger.
The restated financial information included here within is unaudited.

RESTATED INCOME STATEMENT, CONTINUING OPERATIONS (WITHSECURE)
Restated
Income statement
Revenue
Cost of revenue
Gross margin
Other operating income
Sales and marketing
Research and development
Administration
EBIT
Financial net
Result before taxes
Income taxes
Result for the period
Other comprehensive income
Exchange differences on translating foreign operations
Total comprehensive income (parent company owners)

1-3/2021
31,5-10,1
21,4
0,4-17,4-7,3-3,3-6,30,3-6,00,9-5,1

4-6/2021
31,9-10,2
21,7
0,4-18,7-7,7-4,3-8,6-0,4-9,0
1,6-7,5

7-9/2021
32,1-10,1
22,0
0,3-17,6-7,7-3,1-6,1-0,2-6,3
1,3-5,010-12/2021
34,5-11,1
23,4
1,3-19,6-9,3-5,0-9,20,0-9,2
1,3-7,91-12/2021
130,0-41,588,52,5-73,3-32,1-15,7-30,1-0,3-30,55,0-25,5

4,4-0,7-0,1-7,6-1,0-6,0

0,6-7,3

3,9-21,6RESTATED INCOME STATEMENT, DISCONTINUED OPERATIONS (F-SECURE)
Restated
Income statement
Revenue
Cost of revenue
Gross margin
Other operating income
Sales and marketing
Research and development
Administration
EBIT
Financial net
Result before taxes
Income taxes
Result for the period
Other comprehensive income
Exchange differences on translating foreign operations
Total comprehensive income (parent company owners)

1-3/2021
26,3-2,124,10,0-6,3-3,7-1,8
12,40,0
12,4-2,410,0

4-6/2021
26,3-2,1
24,30,1-6,7-3,5-3,2
10,90,1
11,1-2,2
8,9

7-9/2021
26,5-2,324,3
0,1-6,2-3,3-1,6
13,30,0
13,2-2,6
10,6

10-12/2021
27,1-2,6
24,5
0,2-6,8-4,0-2,6
11,2
0,0
11,2-2,5
8,7

1-12/2021
106,3-9,1
97,2
0,3-25,9-14,5-9,347,80,147,9-9,838,20,0
10,00,0
8,9-0,1
10,50,1
8,80,138,3

RESTATED CASH FLOWS, DISCONTINUED OPERATIONS (F-SECURE)
Restated
Cash flow
Net cash flow from operating activities
Net cash flow from investing activities
Net cash flow from financing activities

1-3/2021
5,5-0,20,0

4-6/2021
13,2-0,50,0

7-9/2021
7,0-0,4-0,1

10-12/2021
14,4-0,60,0

1-12/2021
40,2-1,6-0,2

RESTATED DISAGGREGATION OF REVENUE, CONTINUING OPERATIONS (WITHSECURE)
Restated
By sales channels
Corporate security
Cloud-native solutions
On-premise solutions
Cyber security consulting
Total revenue

1-3/2021

4-6/2021

7-9/2021

10-12/2021

1-12/2021

11,8
7,7
12,0
31,5

12,7
7,5
11,6
31,9

13,5
7,4
11,2
32,1

14,7
7,4
12,4
34,552,7
30,0
47,2
130,0

4-6/2021
7-9/2021
10-12/2021
10,2
8,9
11,0
13,8
13,7
14,2
2,1
3,0
2,7
5,7
6,7
6,6
31,9
32,1
34,5

1-12/2021
40,355,1
10,0
24,6
130,0

Restated
By geographical area
Nordic countries
Rest of Europe
North America
Rest of the world
Total revenue

1-3/2021
10,213,4
2,2
5,631,5

RESTATED DISAGGREGATION OF REVENUE, DISCONTINUED OPERATIONS (F-SECURE)
Restated
By sales channels
Consumer security
Partner channel
Direct channel (E-commerce)
Total revenue

1-3/2021

4-6/2021

7-9/2021

10-12/2021

1-12/2021

20,8
5,5
26,3

20,8
5,5
26,3

21,0
5,5
26,5

21,6
5,5
27,1

84,2
22,1
106,3

10-12/2021
9,412,5
3,8
1,4
27,1

1-12/2021
36,949,6
14,6
5,2106,3

Restated
By geographical area
Nordic countries
Rest of Europe
North America
Rest of the world
Total revenue

1-3/2021
9,112,6
3,41,226,34-6/2021
9,1
12,4
3,6
1,226,3

7-9/2021
9,3
12,3
3,7
1,3
26,5

ALTERNATIVE PERFORMANCE MEASURES
WithSecure has included certain non-IFRS based alternative performance measures (APM). Alternative performance measures are provided to reflect theunderlying business performance, and to exclude certain non-operational or non-cash valuation items affecting comparability (IAC). The aim is to improvecomparability, and alternative performance measures should not be regarded as substitutes for IFRS based measures. Alternative performance measures
include EBITDA, adjusted EBITDA, estimated comparable EBITDA and adjusted EBIT. Depreciations, amortization and impairments are excluded from EBITDA.
Also, the adjusted EBITDA and adjusted EBIT exclude IACs which are material items outside the normal course of business. These items are associated withacquisitions, integration costs, gains and losses from the sale of businesses and other items affecting comparability.
Presentation of WithSecure and F-Secure in accordance with IFRS 5 standard does not reflect profitability of either business on a stand-alone basis. Estimatedcomparable EBITDA is presented as APM for profitability to improve comparability between periods. Estimated comparable EBITDA excludes (for Discontinuedoperations: includes) activities related to research and development, and cost of facilities held by WithSecure.

RESTATED RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES, CONTINUING OPERATIONS(WITHSECURE)
Restated
EBITDA
Estimated comparable EBITDA
Adjustments to adjusted EBITDA
Research and development
Facilities held by WithSecure
Adjusted EBITDA
Adjustments to EBITDA
Divestments
Strategy
EBITDA
Depreciation, amortization and impairment losses
EBIT

1-3/2021-1,5

4-6/2021-4,0

7-9/2021-1,610-12/2021-4,1

1-12/2021-11,3-1,2-0,4-3,2-1,1-0,4-5,5-1,1-0,4-3,1-0,9-0,4-5,5-4,4-1,6-17,20,50,5-3,1-3,0-6,1-4,9-4,3-9,2-16,7-13,4-30,1-3,2-3,1-6,3-5,5-3,1-8,6
Restated

EBIT
Adjusted EBIT
Adjustments to EBIT
PPA amortization
Impairment
Divestments
StrategyEBIT

1-3/2021-5,5

4-6/2021-7,8

7-9/2021-5,4

10-12/2021-8,0

1-12/2021-26,8-0,8-0,7-0,7-0,7-1,00,5-2,8-1,00,5-6,3-8,6-6,1-9,2-30,1RESTATED RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES, DISCONTINUED OPERATIONS (FSECURE)
Restated
EBITDA
Estimated comparable EBITDA
Adjustments to adjusted EBITDA
Research and development
Facilities held by WithSecure
Adjusted EBITDA
Adjustments to EBITDA
Strategy
EBITDA
Depreciation, amortization and impairment losses
EBIT

1-3/2021
11,2

4-6/2021
12,2

7-9/2021
12,6

10-12/2021
11,9

1-12/2021
47,8

1,20,412,8

1,10,413,7

1,10,4
14,10,90,413,24,4
1,653,712,8-0,412,4-2,311,4-0,410,9-0,413,7-0,413,3-1,511,6-0,411,2-4,349,5-1,647,8

Restated
EBIT
Adjusted EBIT
Adjustments to EBIT
StrategyEBIT

1-3/2021
12,4

4-6/2021
13,2

7-9/2021
13,710-12/2021
12,7

1-12/2021
52,1

12,4-2,310,9-0,4
13,3-1,511,2-4,347,8

RESTATED KEY RATIOS AND OTHER KEY FIGURES, CONTINUING OPERATIONS (WITHSECURE)
Restated
Profitability
Revenue
Cloud-native corporate security solutions
On-premise corporate security solutions
Cyber security consulting
Gross margin
Gross margin, % of revenue
Operating expenses
Operating expenses for adjusted EBITDA
Adjustment to other income
Adjusted EBITDA
Adjusted EBITDA, % of revenue
EBITDAEBITDA, % of revenue
Adjusted EBIT
Adjusted EBIT, % of revenue
EBIT
EBIT, % of revenue
Estimated combarable EBITDA
Estimated combarable EBITDA, % of revenue

1-3/2021
31,5
11,8
7,7
12,0
21,4
68,0%-28,0-24,9

4-6/2021
31,9
12,7
7,5
11,6
21,7
68,1%-30,7-27,6

7-9/2021
32,1
13,5
7,4
11,2
22,068,5%-28,4-25,4-3,2-10,1%-3,2-10,1%-5,5-17,6%-6,3-20,0%-1,5-4,9%-5,5-17,3%-5,5-17,3%-7,8-24,6%-8,6-26,9%-4,0-12,6%-3,1-9,6%-3,1-9,6%-5,4-16,8%-6,1-18,9%-1,6-5,0%

10-12/2021
34,5
14,7
7,4
12,4
23,4
67,8%
-33,9-29,6
0,5-5,5-15,8%-4,9-14,2%-8,0-23,2%-9,2-26,6%-4,1-12,0%

1-12/2021
130,052,7
30,0
47,2
88,5
68,1%
-121,0-107,6
0,5-17,2-13,3%-16,7-12,8%-26,8-20,6%-30,1-23,2%-11,3-8,7%

10-12/2021
27,1
21,6
5,513,248,6 %
11,241,3 %
11,943,7 %

1-12/2021
106,3
84,2
22,1
53,7
50,6 %
47,845,0 %
47,845,0 %RESTATED KEY RATIOS AND OTHER KEY FIGURES, DISCONTINUED OPERATIONS (F-SECURE)
Restated
Profitability
Revenue
Partner channel
Direct channel (e-commerce)
Adjusted EBITDA% of revenue
EBIT
EBIT, % of revenue
Estimated combarable EBITDA
Estimated combarable EBITDA, % of revenue

1-3/2021
26,320,8
5,5
12,848,7 %
12,447,3 %
11,242,6 %

4-6/2021
26,320,8
5,513,751,9 %
10,941,6 %
12,246,2 %7-9/2021
26,521,0
5,514,1
53,0 %
13,350,0 %12,647,5 %CALCULATION OF KEY FIGURES
Equity ratio, %Total equity
Total assets - deferred revenue

ROI, %

Result before taxes + financial expenses (annualized)
Total assets - non-interest bearing liabilities (average)

ROE, %

Result for the period (annualized)
Total equity (average)

Gearing, %Interest bearing liabilities - cash and bank and financial asset through profit and loss
Total equity

Earnings per share, EUR

Profit attributable to equity holders of the company
Weighted average number of outstanding shares

Shareholders' equity per share, EUR

Equity attributable to equity holders of the company
Number of outstanding shares at the end of period

Operating Expenses

Sales and marketing, research and development, and administration costs

EBITDAEBIT + Depreciation, amortization and impairment

EBITA

EBIT + Amortization and impairment