Qt Group Plc | Stock Exchange Release | February 26, 2026 at 1:00 pm EET
This release is a summary of Qt Group Plc's Financial Statements Bulletin for January 1 - December 31, 2025. The complete report is attached to this release as a PDF file, and it is also available on the company's website at www.qt.io/investors
Fourth quarter 2025: Acquisition of IAR contributed to net sales growth
October-December 2025
- Net sales increased 12.6 percent to EUR 77.1 million (EUR 68.5 million). The effect of exchange rates on the comparison period's net sales was EUR -3.5 million and at comparable exchange rates, net sales increased by 18.6 percent. Organic net sales growth at comparable exchange rates was 6.1 percent.
- Operating profit (EBITA) was EUR 27.5 million (EUR 31.4 million) or 35.6 percent (45.8%) of net sales
- Operating profit (EBIT) was EUR 24.2 million (EUR 29.4 million) or 31.4 percent (42.9%) of net sales
- Earnings per share were EUR 0.73 (EUR 1.13).
January-December 2025
- Net sales increased 3.5 percent to EUR 216.3 million (EUR 209.1 million). The effect of exchange rates on the comparison period's net sales was EUR -6.1 million and at comparable exchange rates, net sales increased by 6.6 percent. Organic net sales growth at comparable exchange rates was 2.6 percent.
- Operating profit (EBITA) was EUR 51.8 million (EUR 71.2 million) or 24.0 percent (34.1%) of net sales
- Operating profit (EBIT) was EUR 42.5 million (EUR 63.2 million) or 19.7 percent (30.2%) of net sales
- Earnings per share were EUR 1.25 (EUR 2.26).
The figures in brackets refer to the comparison period, i. e., the corresponding period in the previous year. The percentage of change in net sales at comparable exchange rates is calculated by translating the net sales from the comparison period 2024 with the actual exchange rates of the reporting period 2025 and by comparing the reported net sales in 2025 with the calculated 2024 net sales at comparable exchange rates. Organic net sales growth rate at comparable exchange rates excludes net sales from acquired IAR business.
Key figures
| EUR 1,000 | 10-12/2025 | 10-12/2024 | Change, % | 1-12/2025 | 1-12/2024 | Change, % |
| Net sales | 77,099 | 68,480 | 12.6% | 216,281 | 209,063 | 3.5% |
| Operating profit (EBITA) | 27,451 | 31,383 | -12.5% | 51,807 | 71,199 | -27.2% |
| EBITA, % | 35.6% | 45.8% | 24.0% | 34.1% | ||
| Operating profit (EBIT) | 24,203 | 29,376 | -17.6% | 42,537 | 63,169 | -32.7% |
| EBIT, % | 31.4% | 42.9% | 19.7% | 30.2% | ||
| Return on equity, % | 9.6% | 19.0% | 16.4% | 38.1% | ||
| Return on investment, % | 9.1% | 21.0% | 15.5% | 43.4% | ||
| Interest-bearing liabilities1 | 143,814 | 4,316 | 3,231.9% | 143,814 | 4,316 | 3,231.9% |
| Cash and cash equivalents1 | 40,124 | 64,861 | -38.1% | 40,124 | 64,861 | -38.1% |
| Net gearing, % 1 | 49.2% | -33.9% | 49.2% | -33.9% | ||
| Equity ratio, % 1 | 50.8% | 81.6% | 50.8% | 81.6% | ||
| Earnings per share (EPS), EUR | 0.73 | 1.13 | -34.9% | 1.25 | 2.26 | -44.5% |
| Diluted earnings per share, EUR | 0.73 | 1.13 | -34.8% | 1.25 | 2.26 | -44.5% |
| Personnel, on average | 1,136 | 864 | 31.4% | 958 | 834 | 14.8% |
1 At the end of period
Juha Varelius, President and CEO
While general uncertainty on the market still persisted, the operating environment in the fourth quarter was relatively stable in comparison to the volatile market conditions we experienced throughout 2025. Qt Group's net sales in the fourth quarter amounted to EUR 77.1 million, of which EUR 8.1 million was from our acquired IAR business. The growth was 12.6 percent or 18.6 percent at comparable currencies. Without IAR's impact our quarterly net sales increased 0.7 percent or 6.1 percent at comparable exchange rates year-on-year. Our customers continued to delay their decisions for new product development plans, which meant that our sales to new customers and to existing customers' new product development projects remained at the previous year's level in the fourth quarter.
Our operating profit (EBITA) amounted to EUR 27.5 million, which corresponded to 35.6% EBITA-margin in the fourth quarter. Profitability decreased due to acquisition-related one-off costs, which amounted to EUR 4.1 million in the fourth quarter. In addition, higher personnel expenses decreased operating profit compared to the previous year's level. IAR's EBITA margin is at a lower level in comparison to Qt Group, which has a negative impact on Qt Group's profitability. Our headcount increased to 1,136 as of December 31, 2025, with the addition of 215 employees from IAR.
Our Software Quality Solutions (SQS) business unit achieved a key milestone in November as we announced the support for NVIDIA CUDA Safety and coding guidelines in our Axivion toolset. Developers in safety critical industries can now automatically ensure that their GPU accelerated code complies with NVIDIA's safety rules, making it easier to build reliable AI and graphics intensive applications. The release strengthens our position as a forerunner in software quality, and in supporting the next generation of safety-critical product innovation.
Qt Group's full year net sales increased 3.5 percent to EUR 216.3 million, which corresponds to an increase of 6.6 percent at comparable exchange rates. Growth in distribution licenses was on an exceptionally high level in 2025. Distribution license sales increased 26.4 percent to EUR 56.8 million, driven by growth in automotive, medical and industrial manufacturing industries. Our operating profit (EBITA) amounted to EUR 51.8 million or 24.0 percent of net sales in 2025.
Our underlying business growth in terms of ARR developed favorably in 2025. Qt Group's ARR1 on December 31, 2025, amounted to EUR 127.1 million, an increase of 8.3 percent at comparable exchange rates from December 31, 2024. The effect of exchange rates on the comparison period's ARR was EUR -9.0 million. The recurring revenue model builds a solid foundation for Qt Group's long-term growth. IAR's transition to SaaS licensing model is ongoing, and our plan is to have the majority of IAR's customers transitioned to the SaaS model in the next three years. Because SaaS licensing model replaces upfront license fees with smaller recurring subscriptions, the transition reduces recognized revenue in the short term even though it improves long-term growth and predictability. If the transition goes as planned, IAR's revenue will decrease in 2026 in comparison to its full-year revenue in 2025, and by 2027 the SaaS subscriptions will begin to contribute to IAR's revenue growth positively.
1) ARR at end of period: Value of Qt and SQS developer license base, in which the contract value of multi-year developer license deals is annualized. Excluding IAR licenses, distribution licenses and perpetual licenses. End of year ARR is revalued with the end of year exchange rates.
Outlook for 2026
We estimate that our full-year net sales for 2026 will increase by at least 10 percent year-on-year at comparable exchange rates, and that our operating profit margin (EBITA %) will be at least 15 percent in 2026.
The percentage of change in net sales at comparable exchange rates is calculated by translating the net sales from the comparison period 2025 with the actual exchange rates of the reporting period 2026 and by comparing the reported net sales in 2026 with the calculated 2025 net sales at comparable exchange rates.
News conference
Qt Group will organize a news conference on February 26, 2026, at 3:00-4:00 pm EET in Eliel studio, Sanomatalo, in Helsinki, Finland, and as a live webcast at www.qt.io/investors CEO Juha Varelius and interim CFO Ann Zetterberg will be presenting the results. Analysts and investors can participate in the news conference in person or via conference call: https://events.inderes.com/qt/q4-2025/dial-in
Further information:
President and CEO Juha Varelius, tel. +358 9 8861 8040
Distribution:
Nasdaq Helsinki
Key media
www.qt.io
