Corrected Transcript

11-Dec-2023

WithSecure Corp. (FSC1V.FI)
Business Update Call

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Business Update Call

11-Dec-2023

CORPORATE PARTICIPANTS
Laura Viita

Thomas Jansson

Vice President, Controlling, Investor Relations & Sustainability,
WithSecure Corp.

Chief Financial Officer, WithSecure Corp.

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.
.....................................................................................................................................................................................................................................................................

OTHER PARTICIPANTS
Felix Henriksson

Kimmo Stenvall

Analyst, Nordea Bank Abp

Analyst, OP Yrityspankki Oyj (Broker)

Matti Riikonen
Analyst, Carnegie Investment Bank AB (Finland).....................................................................................................................................................................................................................................................................

MANAGEMENT DISCUSSION SECTION
Laura Viita
Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

A very good afternoon and welcome to WithSecure Finland. My name is Laura Viita. I'm the Investor Relations
Director of WithSecure and, very warmly, wish you welcome to this strategy update.
In the end of October, we published a revised strategy for WithSecure. We have been receiving a lot of questions,and wanted to provide this opportunity to talk to the management and get a little bit of insight of what the revised
strategy means for WithSecure.
So, today, we have our President and CEO, Juhani Hintikka, who will first present the revised strategy, what itmeans, what's the background, and the motivation. And, after that, the CFO, Tom Jansson, and Juhani, will beready to answer questions.
We will take the questions, both from the room and from online, through the webcast. So, you can send yourquestions to the webcast any time.
So, with that, I welcome Juhani to the stage.
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

Thank you, Laura, and good afternoon, everybody. Nice to be here and to talk about strategy. We will beconcentrating on strategy in this session. So, that means that we will not be commenting on Q4 performance or
any of related short term things but, rather, put our focus into what's going to happen in the future and where weare heading.

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And, as a company, as we have mentioned before, we have been ongoing quite a significant transformation, first,
from becoming two companies almost 18 months ago now, and then taking further steps into focusing ouractivities and finding the best future opportunities for growth. And, appropriately, we think we are calling our new
strategy the Focal Future.
So, let me walk you through what that means in practice. So, first, I would like to say that our purpose, which is tobuild and sustain digital trust, that hasn't changed in any way. We are still here to do that. We are still here so thatpeople who rely on us can do so with confidence. And we expect that those who partner with us do notexperience a serious loss from a cyberattack, which is a fairly lofty goal in today's world. However, this purpose isalso something that we feel that our people are getting a lot of their motivation from. And this, for many of ouremployees, is the reason they come to work every day.
The environment is not standing still either. So, what we are kind of experiencing out there, and what you canread in the papers almost on a daily basis are incidents related to cybersecurity. But there are also certain key
topics that we would like to point out that we're experiencing and observing. First of all, the cybercrime isindustrializing. We have seen that there are quite well-organized criminal groups that are treating cybercrime as away of making money in a relatively systematic manner. And they are also making investments in terms of theirtools, and ways of attacking, and breaching companies' defenses. And, of course, the latest addition to this has
been the advent of AI, which very much has been used by the defenders. But today and tomorrow, we expect tosee that also in the hands of the attackers.
The attack surface, which is, as the name says, the surface that we should be concerned about. That is where wewill find or the attackers will find the potential vulnerabilities, the ways into the IT environment, the landscape,which we are protecting. And we are, of course, all the time also evolving our IT landscape and the environmentthat that means consequently that the attack surface is also expanding, and we need to be aware of this, and weneed to develop our defenses and capabilities to match this evolution.
This of course, is a well-known phenomena related to cloud computing, Internet of Things, automation, and soforth. And this is evolution that will not stop. And that means also that the way we look at cybersecurity needs toevolve as well.
And then finally, we're all connected. This is an interconnected world. It means that businesses are alsointerconnected. So, very often you're operating in an environment where things are connected. There are
dependencies. There are dependencies that relate to vulnerabilities, and that means that a single security breachcan actually become quite severe indeed.
So, what is the opportunity then, and what do companies like us, and specifically what does WithSecure aim to doabout it? So, first of all, we recognize that cybersecurity is an area where you can almost invest as much as you
would like. There's actually no end to it. There's always somebody who will come up with a new proposal as towhat you should be doing.
At the same time, this industry is not immune to economic realities and macroeconomic circumstances.
and oftentimes the investments in cybersecurity are actually a fraction of the investment that is generally done onIT.

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So, I think what is emerging and what we are experiencing in our customer base is a demand for minimum
effective security. Rather than piling security solutions on top of each other, we actually think that there is space inthe market for minimum effective security, taking care of things that are critical for you, taking care of things that
relate to your business outcomes, and that is what we are proposing is the new opportunity.
At the same time, we see that there's quite a widespread discussion around regulation, data privacy, and otherrelated factors, and we can clearly identify globally that there are actually, geopolitically speaking, three bigger
areas. There's the China related domain, there's the US related domain, and then there's the European domain.
And they are all different, and they tend to look at security, privacy, cybersecurity in different ways. In the US, it's
very much about the market deciding what the right course of action is that. And if that is contested, that usually
happens legally.
There's the Chinese way where there's the basic assumption that the state is able to control, and monitor things,
and you give up a lot of your privacy in order to gain some benefits, and access to certain tools and platforms.
And then there's the European way, the continent that has pioneered the GDPR legislation where we generally
can say that we put more emphasis on privacy, digital privacy, and cybersecurity related to those. And there's, ofcourse, regulation related to that that will – is actually now coming into effect in this year and next year related to
NIS2 and the cyber resilience that have been driven by EU. And we believe that this European way of
approaching cybersecurity can actually be something which is potentially quite attractive also to many of the end
users and companies where they can clearly feel that working with a company that embraces these values is
actually placing a trust in somebody that seems trustworthy. When you're emphasizing and advocating thesevalues, it doesn't mean that we would only operate in Europe, but it does mean that we look at things from aEuropean perspective. And we believe that for many customers, this is attractive going forward.
About 50% of the current attacks are directed against midsized businesses globally. This is not well known, butless well known even is the fact that these companies are not investing in proportion. So it means that thesecompanies, these midsized businesses, are very much targeted, but at the same time they often times are
overwhelmed and under-resourced. They lack the capabilities. They lack the resources and funding to effectively
counter these threats. And, of course, we believe that that is an area where we can help.
And our vision is to become a flagship of European cybersecurity that cyber adversaries hate and our partners
love. And this, in a way, says it all. We feel that we are out there still against the cyber adversaries that we'vebeen – we've been battling for the entire time we have been in the business and emphasizing the fact that we put
our partners first and we continue to be successful together with our partners when they are successful.
More concretely, we are basing our strategy on these building blocks. First of all, when we look at things from atechnology and portfolio perspective, we talk about the Elements cloud and we specifically talk about it for
security outcomes. We like the things and think about security in terms of outcomes. What is it that we actually
are after? What is the outcome that aligns with the business outcome that our customers want?
And for this, we have the Elements platform, which has now been complemented also with so-called co-security
services. These are services that we build on top of the software that actually allow us to better and ourcustomers to better take advantage of the platforms and of the technology. So, they can be very simple things,
and they can scale up to all the way up to managed services. But the important thing is that all of this is
packaged, it's modularized, and it's easy to deploy, easy to order, and easy for our partners to get the benefit out.

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We put our channel partners first when addressing the mid-market, and our definition of mid-market is companies
between 200 seats to 2,000 seats. That is where we are focusing our efforts. Now, of course, we have customers
that are larger than this, and we have customers that are smaller than this. But moving forward, we think this isthe best opportunity for us to grow. And many of these characteristics that I mentioned, under-resourced,
overwhelmed, but very true for companies of this size.
And then, winning with the European way, as discussed earlier, a key part of this differentiation also moving
forward, we look at things from a longer term perspective.
Then we have some underlying capabilities that are important. We believe excellence in co-security. The fact that
we have software, but we have supporting services we believe makes a big differentiation – gives us a gooddifferentiation against some of our peers in the industry and also very much fulfills, say, a need that clearly is out
there because of the inherent complexity that is related to these solutions.
Artificial intelligence, I wouldn't talk about it today. But for us, of course, this is something that we've been
investing in almost for 20 years already. I think, as mentioned earlier, the new thing is that the attackers now will
be using these tools as well. And of course, the new thing is the popularization of AI and some -the advent ofsome of the tools that have been made available. And we will be incorporating those also into our products andinto our operations.
And then finally, the human expertise. This is very much still about the people, the competence, the capability that
we have in this company. And as you will remember, these capabilities, competencies are hard to come byglobally, and there is still a great demand for talent in cybersecurity.
A little bit deeper look into the portfolio then. So this is the vision for Elements cloud and if we look at it from theleft, we have – initially, we have the protection, detection, and response, very much the market there is today,
very much centered around Endpoints, but also started to cover the cloud space with the cloud detection andresponse capabilities. That is complemented with this co-security services on the extreme right that I talked about.
These are services that you then pile on top of the software platform, and depending on the need, they can bevery extensive, comprehensive, or they can be simple co-monitoring services, where we complement ourpartner's offering.
And then there's the part in the middle, the green part, make market and attack. So one of the interesting new
spaces in this industry is called exposure management. And it can be simplified by saying that what it means is,
we're taking a proactive approach to cybersecurity when historically, we've been trying to first, prevent things fromhappening, then we have said that, okay, we couldn't prevent everything. Then, it was about detecting something
happening, and taking some action. That is the world we live in today. But tomorrow, this will be increasingly
about taking proactive action, in understanding what is happening with the attack surface, finding vulnerabilities
before they become problems, and taking general action related to that.
We will be launching a new product in May at SPHERE around this one and that will pave the way for ourdevelopment into this new space called exposure management. If you look it up, some of the analyst houses thatare following our industry like Gartner, are actually talking quite a bit about this one. It is still a market that is not
fully developed, but it has great promise and that's where we are gearing our future investments into.
Then another picture, and this maybe illustrates better what I said about complementing the software platform
with services products. So, on the left-hand side, you have the Endpoint Protection products starting with EPP,
then moving into Endpoint Detection and Response, and then adding co-monitoring, Incident Response

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Readiness, and Intelligent Threat Exposure. So, you see that how does it behave on an annual basis when we
look at per user pricing.
So, EPP being at the level of €20. But if you're able to kind of go up to EDR, and then complement that with comonitoring, you're already talking about €60, three times the amount and of course, then moving onwards to theproactive side where we can expect higher revenues per user on an annual basis all the way up to six times.
And I said, Intelligent Threat Exposure, this is about 360 visibility across digital risks. It is about the active
discovery of vulnerabilities, attack path simulations. Many of these things have actually been done already but asa consulting service. Now, this is emerging as software, a software product that can be deployed automatically.
And if you recall, we said that we want to bring the minimum cost effective security. We want to bring it tomidmarket that doesn't necessarily have the capabilities to invest in a similar way than large companies that havebeen doing consulting, for example.
Coming back to the definition midmarket, 200 seats to 2,000 seats, co-security, mind it, and co-security, ofcourse, means other things than bringing services there. It also means that we're looking at the business from ourpartners' perspective. We're looking at the business from a partnering perspective. Also, when we talk about theend customers, because our thesis is that nobody can actually solve their security challenges alone. And this is acollaborative effort that requires working together.
We believe that some of the things that have made us famous, some of the things that have made us successful
are still valid tomorrow, always just seconds away. Our responsiveness is there. We have the footprint. We havethe global presence to answer to our customers. And we can also help our partners with accelerated time tomarket and healthy profits, because we will together devise solutions that make it easy to deploy, easy to buy,
easy to deliver for our partners, and that alone will set us apart from the competition.
And we will, as said, put our partners first. We let them define what the success is for their customers. We will
adapt and we will differentiate by putting our partners always first.
This is a user interface. So we don't only supply products to our partners or to the end customers via our partners.
We also give our partners tools where they can run the business. So this is an example where the partner canmonitor real-time what kind of revenues they are generating from the software they have out there, how manycustomers they have, and what kind of capabilities, and characteristics there are out there. We're continuously
developing this. This is a window into that world. And, of course, it's a channel also for us to communicate andinteract with our partners in terms of ordering, delivering, supporting them with their business.
We're also becoming more focused in terms of the geography and our presence. So, we have identified five key
growth markets Finland, the German-speaking area DACH, France, UK, and Japan. These markets are partly
chosen because of our current presence there, the current opportunities we see. And we are now in 2024 putting
most of the emphasis now in developing these markets for fast growth. And then we have a number of othermarkets that we call the challenger markets here. We'll take care of the customers we have there, take care ofthose partners we have there. But relatively speaking, we'll invest a little bit less there in 2024. And we are, ofcourse, then aiming to grow some of these countries and markets to the left where they can be characterized as
focus markets.
Couple of words about consulting and then cloud protection for Salesforce. So, what I just presented to you
represents the so-called unified company strategy. It is a strategy where we are all focusing on the same thing.
We're all focusing on the mid-market in these given countries with this Elements cloud portfolio and doing that

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together with partners. But as you're aware, in addition, we, of course, have a significant consulting business as
part of the group, and we have said that we are conducting a strategic review that is ongoing regarding thisbusiness. As part of this transformation that we are undertaking now and fine-tuning our organization. We are also
making this a completely independent unit within the group, so we will be running the consulting business with its
own sales organization, own delivery organization.
And there are, of course, certain connection points to the rest of the group. But for all practical purposes, it's afairly independent business unit. And, here, we are, of course, taking advantage of the presence we have, thegood clientele we have in the financial sector, especially in US, UK, Nordics, and Singapore. And we continue todifferentiate this business by being research based, by providing top-of-the-range technical skills and expertise interms of leading-edge solutions, and understanding also of the most complex and evolving cyber threats. And thiscontinues, as said, as part of the group.
And then we have Cloud Protection for Salesforce, which has been run separately, so we continue to do that.
Here, we are also conducting a strategic review. Maybe from a slightly different perspective, we are more thinkingof potential avenues to find more capital for accelerating the growth rather than thinking of divesting it as an entity.
And, here, we continue to believe that this is a significant opportunity on its own. Its customer base is enterpriseand large enterprise.
So, if we look at, for example, the US market, half of the customers are Fortune 500 companies. That continues tobe the focus. And, of course, that, in a way also, dictates the sales approach, which is an enterprise sales
approach. It is directly to these large companies.
So in summary, we aim to become the golden standard for mid-market in cybersecurity with those characteristics
that I outlined. This requires that we continue to be a leader in cloud security, meaning that our products, ourleading products, meaning our portfolio is comprehensive. It fulfills the needs with the services it offers. And we
aim to be the flagship of European cybersecurity, which is a space where there are not that many contestants,
actually, because most of the players in the European cybersecurity market are actually coming from outside ofEurope.
This, ladies and gentlemen, concludes my presentation. And I think we're happy to take some questions from theaudience.

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QUESTION AND ANSWER SECTION
Laura Viita

A

Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

Right. So we'll start with the questions in the room. So, Felix first. Okay. Okay.
.....................................................................................................................................................................................................................................................................

Felix Henriksson
Analyst, Nordea Bank Abp

Q

Hi. Thank you. Felix Henriksson, Nordea. I have a few questions. I can go one by one. First, starting with theconsulting business. I just wanted to hear your thoughts about the impacts of a potential divestment to the rest of
your business, the software business. How much sort of overlap has there been in service delivery and well, forexample, your incident response capability suffer as a consequence of this action?
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

Yeah. The impact is fairly limited. So the businesses from a customer base or go-to-market perspective arecompletely separate. So there's no synergy there. We have certain capabilities that we will continue to have evenafter potentially divesting consulting business. For example, incident response readiness or threat intel, that is acapability that is required both on the consulting side, but also on the product company side. And we are taking
steps to establish two teams to that effect.
.....................................................................................................................................................................................................................................................................

Felix Henriksson
Analyst, Nordea Bank Abp

Q

Right. I think in the past, you've sort of described that the sort of consulting business and the frontline insights thatyou get from that business is a competitive advantage for you. And also that, sort of, cloud content protection issomething that you differentiate yourself with. So, could you perhaps clarify with a few bullet points what are thesort of key competitive advantages of WithSecure that will differentiate you from competitiveness going forward.
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

Are you talking about now the new mid-market focus company?
.....................................................................................................................................................................................................................................................................

Felix Henriksson
Analyst, Nordea Bank Abp

Q

The new – the new – the new company.
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

Yeah. So, of course, when we said to go back a little bit and to go back to consulting, actually, we have said that
consulting has given us a lot of insight as to what's going on in the world, and that's helped us craft completely
new products. That has been true. And I think there's a recognition of the fact that we also need consulting likecapabilities in the new unified company as well.

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11-Dec-2023

We – we will have them because we continue to track the market closely because we need to implement into oursoftware capabilities that respond to threats that are out there. So, we have similar capabilities even in the
product company going forward.
As to what will differentiate the mid-market focused partner company, I think there are a couple of things. One of
the things, of course, is in itself the fact that our portfolio is leading. We could, of course, argue that all the good
players have a solid product portfolio, maybe so. But very few have actually supporting services as part of theportfolio. And then we have a very credible and exciting roadmap for moving forward into exposure. I think thatalone will also provide us differentiation.
Then the fact that we are placing our partners first, that we always say that their business comes first and we arevery close to them, we think that is a big differentiator. And finally, we do believe that taking the European
approach towards privacy, cybersecurity, and embracing some of the potential aspects of the related regulation
will help us differentiate moving forward.
.....................................................................................................................................................................................................................................................................

Felix Henriksson
Analyst, Nordea Bank Abp

Q

Thanks. And then a couple of financial questions before I let others ask as well. You also announced a new costsavings program with targeting €20 million of annual cost savings going forward. So, could you perhaps provide a
bit more clarification on the areas that you aim to cut costs and how will you be able to cut such a large amount ofcost without sacrificing your growth outlook?
.....................................................................................................................................................................................................................................................................

Thomas Jansson
Chief Financial Officer, WithSecure Corp.

A

Yeah. I mean, that's – that is a process that is ongoing at the moment. And of course, the aim is that we ensurethat we have a healthy cost structure going forward also with this new strategy and it's a big task that ourorganization is going through and very unfortunate. But we are making actions to secure our profitability also
going forward and this is impacting the entire company in a way or another.
.....................................................................................................................................................................................................................................................................

Felix Henriksson
Analyst, Nordea Bank Abp

Q

Okay. So, no rough splits between sort of sales and marketing, R&D, and admin costs lines, for example, which
will witness the largest reductions?
.....................................................................................................................................................................................................................................................................

Thomas Jansson
Chief Financial Officer, WithSecure Corp.

A

Like I said, I think at this stage, it's – we are – this will impact as we have announced, the entire company in someshape or format.
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

Maybe I could add just a little here that, of course, we are looking at best practices and benchmarks in the market,
and our aim is to be within those brackets. And I think there was some room for improvement also in terms ofgetting there, which we will now do.
.....................................................................................................................................................................................................................................................................

9
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Felix Henriksson

Q

Analyst, Nordea Bank Abp

Right. And then just finally, I guess you also will be booking sort of some kind of restructuring charges related tothe cost savings program as well as the strategic review. So, kind of give us any guidance on what to expect interms of one-off costs for both of these sort of initiatives?
.....................................................................................................................................................................................................................................................................

Juhani HintikkaA

President & Chief Executive Officer, WithSecure Corp.

Well, we will announce those when the process is complete. So but as we have said before, we are expecting
these costs to be booked in Q4.
.....................................................................................................................................................................................................................................................................

Felix Henriksson

Q

Analyst, Nordea Bank Abp

Right. Thanks.
.....................................................................................................................................................................................................................................................................

Matti Riikonen

Q

Analyst, Carnegie Investment Bank AB (Finland)

Hi, it's Matti Riikonen, Carnegie. A couple of questions and I will continue with some of the topics that were asked
previously. If we think that previously you had some synergies between the consulting business and the productbusiness. I mean, that is part of the strategy that you talked about many years. Then we would naturally assume
that there would be some costs that you will now take for the kind of company that will be left after the consulting
business is sold. So could you give us some kind of idea of the cost increases in the remaining business that are
related to capturing the basically same knowledge to develop the, let's say, Elements portfolio modules further?
So what's the kind of cost increase that will be generated from this divestment?
.....................................................................................................................................................................................................................................................................

Juhani HintikkaA

President & Chief Executive Officer, WithSecure Corp.

Well, like I said, I think this also relates to current process. So we are making sure that the future cost structure isappropriate for also the new company. So, that is kind of taken care of in this ongoing process.
.....................................................................................................................................................................................................................................................................

Matti Riikonen

Q

Analyst, Carnegie Investment Bank AB (Finland)

So, in a way, you're saying that the €20 million in cost savings are somewhat dependent on the divestment ofthese other units that you plan. So, it's not quite clear cut what costs will actually be triggered and what thenneeds to be saved?
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

Well, I think it's very difficult to say what are – what would be the dis-synergies. I think we are forming a new unit,
and at the same time, we are then looking at the entire company and making sure that we have a cost structurethat supports our belief of the future and the strategy. So, I wouldn't maybe characterize it that way to you – with
the question.
.....................................................................................................................................................................................................................................................................

Matti Riikonen
Analyst, Carnegie Investment Bank AB (Finland)Q101-877-FACTSET www.callstreet.com

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Okay. Then, if we think about the new Elements modules that you described in the presentation, do you think thatyou will maintain the same R&D cost per sales so far or do you think that you would need to increase the R&D
spend to make those happen?
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

So, we have used, like I said earlier, we have used some benchmarks in the industry and, of course, our target is
to be competitive. And our target is neither to overinvest, but neither underinvest either. Of course, as you saw
from the portfolio picture, we have future plans. We plan to launch exposure management in May. That meansthat we need to maintain a good level of R&D investment there.
And, just to complement Tom's earlier answer, of course, when we are doing this restructuring, as announced,
and targeting this €20 million of cost savings, of course, that is the vehicle for us to get there. And we will report indue course then what the portion of R&D cost is to sales and that will become visible.
.....................................................................................................................................................................................................................................................................

Matti Riikonen
Analyst, Carnegie Investment Bank AB (Finland)

Q

Okay. And then further related to costs, and not just R&D costs but total costs, should we assume that the €20
million cost savings are net so that part of that amount saved will not be used for other types of cost increases
elsewhere in the organization. Or is the €20 million gross savings that you will take out from the current cost baseanyway, and there will be no kind of slippages to other investments in the company?
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

Well, I think there's always cost that's moving around, there is inflation, there is salary increases, and so on. So,
you can say that it's a net number from that perspective, but is saving from what we see as current run rate.
.....................................................................................................................................................................................................................................................................

Matti Riikonen
Analyst, Carnegie Investment Bank AB (Finland)

Q

Because if we just think that the kind of margin improvement path that you have had so far leads to some, let'ssay, estimate for 2024. And it would be, kind of, very easy to just add €20 million run rate on that, and then, we
would have a new normal, but often it doesn't happen like that. So, it would be kind of nice to understand thatwhat would be the true saving after cost increases, what will actually be left for shareholders to consider.
.....................................................................................................................................................................................................................................................................

Thomas Jansson
Chief Financial Officer, WithSecure Corp.

A

Well, I think we will return to this question after Q4 when we look at the guidance for next year. So, that's a betterway of looking at it.
.....................................................................................................................................................................................................................................................................

Matti Riikonen
Analyst, Carnegie Investment Bank AB (Finland)Q

All right. Fair enough. Thank you.
.....................................................................................................................................................................................................................................................................

Kimmo Stenvall
Analyst, OP Yrityspankki Oyj (Broker)

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Business Update Call

11-Dec-2023

Yeah, it's Kimmo Stenvall from OP Markets. One question on the cloud protection for Salesforce. So, can you justhelp clarify how this kind of unified – this unit is? Is it easy to divest or did I catch up right that you may be
acquiring also minority shareholder for this business or what is the plan on this?
.....................................................................................................................................................................................................................................................................

Juhani HintikkaA

President & Chief Executive Officer, WithSecure Corp.

So, we haven't announced any kind of definite plans, but we have said that we are not primarily looking at fullscale divestment, but more an injection of capital or investment into it. And it is run as it is today as a separate
unit, and it has its own go-to-market on separate customer base, etcetera, so it's fairly easy to identify if you takein such investment where the money would be going there. The primary motivation there would simply be toaccelerate the growth that we are experiencing there.
.....................................................................................................................................................................................................................................................................

Kimmo Stenvall

Q

Analyst, OP Yrityspankki Oyj (Broker)

Okay. Thank you.
.....................................................................................................................................................................................................................................................................

Laura Viita

A

Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

All right. I'll move on to the questions from the line. So, it seems that there are people who have a flu, and they
are online. So, first of all, there's Atte Riikola, our analyst. So, which one is more important for your growth in the
future, support your existing partners to increase sales? Or to find completely new partners?
.....................................................................................................................................................................................................................................................................

Juhani HintikkaA

President & Chief Executive Officer, WithSecure Corp.

Both are important, but I would say that we will probably put even more emphasis on winning completely new
customer – or new partners going forward.
.....................................................................................................................................................................................................................................................................

Laura Viita

A

Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

Why do partners choose WithSecure's products instead of some other vendors?
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

I think it's a couple of things. First of all, it needs to be a first-class product, which it is. It needs to be easy to use,which it is. And then I think you need to demonstrate that you are a true partner to your partner. So, you give themtools, you give them training, you give them pricing, you give them a complete package as to how to do businessand be successful together with us. And this latest addition, adding packaged services that support the software isactually very welcomed by the partners because it gives them further opportunity to differentiate.
.....................................................................................................................................................................................................................................................................

Laura Viita
Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

A

Very good. What makes Japan an interesting market for WithSecure? How does the competitive landscape differ
from Europe?
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A
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Corrected Transcript

Business Update Call

11-Dec-2023

So, we've been in Japan since 1998. And Japanese market, this has many, many of you, I'm sure know is amarket where you need to take a long-term perspective. It takes a long time to build a reputation in the market
when the customers win their trust. But we have that. So, we have gained that over the years. They value quality,
they value the technology that we bring in there. So, that is the foundation that we have in Japan.
The Japanese market has the usual suspects in terms of competition, but it also has strong Japanese players in
the marketplace. So, it is as competitive as many other markets. But I would say that in Japan, I think we arebenefiting from our history partly, and then, also of the partners that we have in Japan. We have fairly big partners
in Japan that address the mid-market together with us. And of course that I think is maybe the biggest differencecompared to Japan and some of the other markets that our partners are very large companies there typically.
.....................................................................................................................................................................................................................................................................

Laura Viita

A

Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

All right. And then about the cost savings program. How much do you think it is affecting your ability to grow in the
coming years?
.....................................................................................................................................................................................................................................................................

Juhani HintikkaA

President & Chief Executive Officer, WithSecure Corp.

So we have tried our best to plan the restructuring activities in such a way that it wouldn't hurt our focus. And ofcourse, I say this with reference also to the geographic focus where we say that, okay, we are going to focus ourinvestment in these five key markets where we see the best opportunities for us to grow. And then the challenger
markets are more being supported with more moderate growth ambitions. I think that's part of the story as such as
we are cutting costs as Tom said, in all levels.
.....................................................................................................................................................................................................................................................................

Laura Viita

A

Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

All right, then there's a question from the audience. Is there a plan to sell WithSecure?
.....................................................................................................................................................................................................................................................................

Juhani HintikkaA

President & Chief Executive Officer, WithSecure Corp.

We are very happy with the current plan that we have and we continue executing it as it is.
.....................................................................................................................................................................................................................................................................

Laura Viita
Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

A

Good. Then moving on to Waltteri Rossi, our analyst, how do you see the continuing cloud and software businessat approximately €100 million level in sales changes – chances of surviving against large competitors?
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

I think there is space and I think this is – I think the proof of this is that there are many companies that are smaller
than us who are doing quite well in the market as well. But it's a question of finding your own place in the market,
both in terms of geography, but also in terms of the product offering. And admittedly, when we look at the
Endpoint market where majority of our product business is today, of course, it's relatively crowded. But at thesame time, we are, as always, in technology business, we have our eyes already on the next opportunity or the
next segment of market, which in our case is the exposure management space. And there, of course, our targets
are ambitious.

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Corrected Transcript

Business Update Call

11-Dec-2023

Laura Viita

A

Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

Then just to continue on that, what is keeping Microsoft out of the mid-market and how can you compete?
.....................................................................................................................................................................................................................................................................

Juhani HintikkaA

President & Chief Executive Officer, WithSecure Corp.

So Microsoft is a very large company and I wouldn't make any assumptions about them being out of any market ingeneral. But I think one thing that sets us apart from them is the fact that we provide services that help ourpartners differentiate against the Microsoft offering.
.....................................................................................................................................................................................................................................................................

Laura Viita

A

Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

What about the profitability of the cloud and software business right now?
.....................................................................................................................................................................................................................................................................

Juhani HintikkaA

President & Chief Executive Officer, WithSecure Corp.

So this has typical software business characteristics in terms of the gross margin it commands. So, basically the
primary cost item between the top line and the gross margin is the cloud cost. So we run our operations in –primarily in AWS cloud. And the biggest cost item is the cost we pay to AWS.
.....................................................................................................................................................................................................................................................................

Laura Viita

A

Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

Direct channel and personal service has been your value proposition, but now you are shutting it down. Does thislower your value to customers?
.....................................................................................................................................................................................................................................................................

Juhani HintikkaA

President & Chief Executive Officer, WithSecure Corp.

So we are not shutting down the direct business that we currently have. We will continue to take good care ofthose customers. And, of course, it's good to remember that while we have these intentions of focusing on
partners via partners towards mid-market, some of these companies are still large enough to say that they want tobuy directly from us, and that will still be the case.
But I would classify it more as an exception than the rule. And then, of course, we have had fairly significant MDR
customers that we continue to serve directly in many cases. And maybe something to mention here, if it hasn't
been clear from the presentations, that we are not divesting MDR in any way. We continue very much being aplayer there, and we continue to build our future MDR roadmap on top of the same software platform as we doeverything else in the company. And, by the way, that fact that we will have a single software platform in thecompany is a big source of savings also moving forward.
.....................................................................................................................................................................................................................................................................

Laura Viita

A

Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

Is the exposure management something that current customers have been showing interest towards?
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A
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Corrected Transcript

Business Update Call

11-Dec-2023

I think there are early indications of interest but, as always, in the tech business, you will have then someforerunners, some people who are more progressive, and some people who are, in a way, investing, if not
immediately money, but also time and thinking about the future and what is really required. And we are quite
optimistic about the early indications we're receiving.
.....................................................................................................................................................................................................................................................................

Laura Viita

A

Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

All right. Then I'm moving on to Jaakko Tyrväinen, our analyst. Could you give any further indication of what is,
first of all, the profitability level of consulting; and, second, sales level of cloud protection for Salesforce?
.....................................................................................................................................................................................................................................................................

Thomas Jansson

A

Chief Financial Officer, WithSecure Corp.

We haven't published those and we will look at it also then for next year, and see what we come back with then atthat point of time.
.....................................................................................................................................................................................................................................................................

Laura Viita

A

Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

All right. How many channel partners do you have now in Europe? And is the intention to increase the number ofpartners or to have a deeper cooperation with the existing ones?
.....................................................................................................................................................................................................................................................................

Juhani HintikkaA

President & Chief Executive Officer, WithSecure Corp.

So, the intention is to do both but, I think, we will maybe be more visibly going after completely new partners
because, oftentimes, it means also completely new end customers. And, in terms of our overall partner base, wehave around 7,000 partners, 6,000 active, I would maybe say, and Europe is the majority of those. I can't give you
an exact number on them.
.....................................................................................................................................................................................................................................................................

Laura Viita

A

Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

What is the addressable market in your sweet spot, i.e., European mid-sized company market?
.....................................................................................................................................................................................................................................................................

Juhani HintikkaA

President & Chief Executive Officer, WithSecure Corp.

Now, we don't have that off the top of my head. We can probably come back to that because we derive thatmarket figures from public sources.
.....................................................................................................................................................................................................................................................................

Laura Viita

A

Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

What about the up sales potential, could you indicate how lot share of your clients are still in EPP only?
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

Off the top of my head, no. But I think there's been significant progress actually during this year in certain markets
that have been EPP only or even business suite only, which is still our on premise solution. We reported it as partof our ARR business, which it is.

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Business Update Call

Corrected Transcript
11-Dec-2023

But it's on premise and we are in the process of migrating these customers to our cloud based offering. And thathas gone well this year and will continue. One shining example, for example, has been France, where we havedone tremendous progress during this year.
.....................................................................................................................................................................................................................................................................

Laura Viita
Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

A

Have you analyzed what is the ballpark funding need for cloud protection for Salesforce in order to execute theplanned growth strategy?
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

We are not disclosing that level of detail at this point.
.....................................................................................................................................................................................................................................................................

Laura Viita
Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

A

All right. Now, there are no longer questions in the chat. So, if you have any question on your mind, just shoot.
There are more questions here in the room.
.....................................................................................................................................................................................................................................................................

Felix Henriksson
Analyst, Nordea Bank Abp

Q

Hi. Felix Henriksson, Nordea. Going back to that upsell sort of question that was asked earlier. Would you
consider reporting sort of the average number of modules used in your Elements platform going forward?
Because I think this is a pretty integral part of your equity story. And you also demonstrated it here today. And weappreciate if you could give us any further color on, for example, what has happened after the 2022 CMD when
you sort of showed the progression in the number of products adopted by customers. So, if you could give us any
concrete numbers around that that would be great either now or in the future.
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

I can certainly consider that. I mean, of course, it's in our interest as well to kind of help you build an accurate
picture of our business. And as you said, it is in a way a function of how many customers we have and how manymodels do we have out there and how much potential there is left to upsell.
.....................................................................................................................................................................................................................................................................

Felix Henriksson
Analyst, Nordea Bank Abp

Q

Right. And then on the exposure management side, I guess this is to be thought as an additional module of yourbusiness. And just looking at the competitive landscape, I guess there's already some forerunners in the market.
So, what's the value proposition to customers? Is it sort of about selling this to existing customers who alreadyhave Elements or how do you expect to sort of compete with the forerunners out there in the market?
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

Yeah. There are many companies or several companies who have made announcements that they have this, but
in reality the market is still very early. So, we are not led at all by going into the market in May, and it will be acompletely new product because it's also tackling a different problem than the detection and response space that
we cover with our current offering. But of course, it will integrate into the Elements cloud that we have.

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Business Update Call

Corrected Transcript
11-Dec-2023

Time will tell, of course, how this market will develop. But we believe that there's great promise in going after it,
and hopefully, we'll be able to talk more about it. We will obviously get into the details of that in May when welaunch the product at SPHERE, which is our annual event.
.....................................................................................................................................................................................................................................................................

Felix Henriksson
Analyst, Nordea Bank Abp

Q

Thanks. And, finally, going into the topic or theme of sort of vendor consolidation that has been happening thisyear in a softer market, these one-stop shops and best-in-class security platform companies have been sort of
doing better. So, a couple of questions related to that. Firstly, what do you sort of say to those who argue that thisis sort of a winner-takes-it-all market? And, secondly, do you expect this vendor consolidation theme to easewhen the economy picks up a bit more?
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

Forecasting is difficult, especially about forecasting the future, as they used to say. So, it is true that there's been
more pressure on consolidation, I think, with the market slowdown, and that there had been bigger entities as aresult of that. But at the same time, I think this is similar to any technology business that kind of tends to happen.
And then you turn your eyes and, okay, what is the next segment where you could again be operating with little bit
different characteristics?
I think in our case, we recognize the fact that the endpoint market is a fairly contested space where we play andwhere we earn our living today. We think, though, that we are one of the few ones that has a credible services
offering to actually complement our portfolio there, and we think that is differentiating us. And you can only
compete there even in this contested space if you have a really good product, which we do. So, I think prettymuch bearing that in mind, I think that that is the current outlook for that.
.....................................................................................................................................................................................................................................................................

Felix Henriksson
Analyst, Nordea Bank Abp

Q

All right. Thank you.
.....................................................................................................................................................................................................................................................................

Matti Riikonen
Analyst, Carnegie Investment Bank AB (Finland)

Q

Hi. Matti Riikonen, Carnegie. A couple of questions. We talk – if we talk about the cost savings, and how they kindof go forward in 2024, when would be the time when you have reached 100% level of reaching the €20 million of
cost saving rate during 2024? I'm assuming that it will be in 2024, but just how quickly do you think that you can
ramp-up those savings and when is the time when basically everything has been done so that after that all €20
million will be visible?
.....................................................................................................................................................................................................................................................................

Thomas Jansson
Chief Financial Officer, WithSecure Corp.

A

Well, and they will start in Q1 and depending on different processes. But expectation at this point probably would
be that the first half we would be done with.
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A
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Business Update Call

Corrected Transcript
11-Dec-2023

Yeah, we have pretty much concluded the negotiations and there are communications taking place also alreadythis week regarding the fine-tuned organizational setup and responsibilities. So we are well on time with that andwith our plans.
.....................................................................................................................................................................................................................................................................

Matti Riikonen
Analyst, Carnegie Investment Bank AB (Finland)Q

All right. And then just a technical question. Now that you have said that consulting and cloud protection for
Salesforce will be kind of non-core, how do we see that in your reporting? Do you plan to change it so that we canbasically look at what is remaining and what is not remaining as separate line items?
.....................................................................................................................................................................................................................................................................

Thomas Jansson
Chief Financial Officer, WithSecure Corp.

A

That is, of course, under review, which is clear in this stage. And we will come back to that when we are in a –when we publish the Q4 results as well for next year.
.....................................................................................................................................................................................................................................................................

Matti Riikonen
Analyst, Carnegie Investment Bank AB (Finland)

Q

Right. Because obviously people probably are more interested in the parts that will stay and not any longer, butpart of the record will not stay, so...
[indiscernible] (00:53:02).
.....................................................................................................................................................................................................................................................................

Thomas Jansson
Chief Financial Officer, WithSecure Corp.

A

We need to look at this.
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

Of course.
.....................................................................................................................................................................................................................................................................

Matti Riikonen
Analyst, Carnegie Investment Bank AB (Finland)

Q

The quicker, the better.
.....................................................................................................................................................................................................................................................................

Thomas Jansson
Chief Financial Officer, WithSecure Corp.

A

Yes.
.....................................................................................................................................................................................................................................................................

Matti Riikonen
Analyst, Carnegie Investment Bank AB (Finland)Q

All right. Thank you. That's all for me.
.....................................................................................................................................................................................................................................................................

Laura Viita
Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

A
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Business Update Call

Corrected Transcript
11-Dec-2023

All right. There's one more question from Atte Riikola, our analyst. Five years ago, MDR managed detection andresponse was the next big growth pocket in your markets, but it became very crowded segment. What will prevent
this from not happening in the exposure management?
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

A

We need to move fast. We need to execute faster than what we have done in order to capture the opportunity.
And we need to enable our partners to execute fast and capture that opportunity. I think it comes down into
couple of simple things like that one.
.....................................................................................................................................................................................................................................................................

Laura Viita
Vice President, Controlling, Investor Relations & Sustainability, WithSecure Corp.

All right. No more questions in the chat. No more questions in the room. So maybe a word of wisdom and then we
can wrap up.
.....................................................................................................................................................................................................................................................................

Juhani Hintikka
President & Chief Executive Officer, WithSecure Corp.

Now, I would simply like to say that this, of course, as I said in the beginning, is a company in transformation,
starting with the demerger, and then moving onwards into which we believe now is a very sound plan for the
future. We have focus. We have a focused end customer segment. We know how we are going to address it. We
have a credible portfolio, and we have a good roadmap also to the future with some exciting opportunities tochange the stage completely. So I will leave you with that. Thank you.
.....................................................................................................................................................................................................................................................................

Thomas Jansson
Chief Financial Officer, WithSecure Corp.

Thank you.

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