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Inside information, profit warning: WithSecure Corporation lowers its 2022 comparable revenue growth outlook to approximately 9.6% and revises its cloud-native revenue growth outlook to approximately 32%

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WithSecure Corporation, Stock Exchange Release, 10 January 2023, 16:45 EET

Inside information, profit warning: WithSecure Corporation lowers its 2022 comparable revenue growth outlook to approximately 9.6% and revises its cloud-native revenue growth outlook to approximately 32%

WithSecure Corporation revises its revenue outlook for 2022.

The company now expects its comparable revenue to grow approximately 9.6% from the previous year (previous outlook: double-digit growth). Previous year’s comparable revenue, adjusted for divested consulting businesses, was EUR 122.8 million.

Revenue from cloud-native products is expected to grow approximately 32% from previous year (previous outlook: approximately 30%, accelerating in the second half of 2022). Previous year revenue from cloud-native products was EUR 51.8 million. Previous outlook target of accelerating growth in the second half will not be met.

WithSecure 2022 outlook for Estimated comparable EBITDA remains unchanged.

Rationale for updating the outlook

Revenue from cloud-native products continues strong performance. Full year revenue growth of 2022 will exceed the outlook, however the target of accelerating growth in second half will not be met, due to some slowness in customers’ decision-making observed in late 2022. The cloud-native revenue grew by 33% in the first half and is expected to grow by approximately 32% in the second half of 2022.

With this development, combined with previous quarters’ weaknesses in cyber security consulting performance, the full year revenue growth outlook will be slightly lower than the previous outlook (double-digit growth).

New outlook for 2022

Revenue from cloud-native products will grow by approximately 32% from previous year. Previous year revenue from cloud-native products was EUR 51.8 million.

Comparable revenue of the group will grow by approximately 9.6% from previous year. Previous year’s comparable revenue, adjusted for divested consulting businesses, was EUR 122.8 million.

Estimated comparable EBITDA will decrease from previous year. The decrease is mainly due to increased investments in new product areas, as well as sales and marketing efforts including brand renewal related to company demerger. The Estimated comparable EBITDA will improve in second half of 2022 compared to the first half.

Previous outlook for 2022

Revenue from cloud-native products will grow by approximately 30% from previous year, accelerating in the second half of 2022. Previous year revenue from cloud-native products was EUR 51.8 million.

Comparable revenue of the group will grow at a low double-digit rate from previous year. Previous year’s comparable revenue, adjusted for divested consulting businesses, was EUR 122.8 million.

Estimated comparable EBITDA will decrease from previous year. The decrease is mainly due to increased investments in new product areas, as well as sales and marketing efforts including brand renewal related to company demerger. The Estimated comparable EBITDA will improve in second half of 2022 compared to the first half.

Financial statement release

WithSecure will publish the Financial Statement Release and Annual Report 2022 on 9 February 2023.

Contact information:

Laura Viita, Investor Relations Director
WithSecure Corporation
+358 50 487 1044
investor-relations@withsecure.com

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