Slides
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Juha Varelius, CEO Jouni Lintunen, CFO October 30, 2025 Q3 2025 results
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2 Agenda Business performance Completing the acquisition of IAR Financials Outlook and guidance for 2025 01 02 03 04
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Business performance 01 Juha Varelius, CEO
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4 01 Business performance ▪Quarterly net sales were EUR40.7 million ▪ A decrease of 3.4% or 0.2% at comparable currencies ▪ Year-to-date (Q1-Q3/25) our net sales growth is +1% at comparable currencies ▪EBITA-margin at 10.5 % in Q3/25 ▪EBITA was EUR 4.3 million ▪Challenging market environment impacted net sales ▪Weak global economic situation and on-going trade tensions ▪Noticeable cautiousness in customers’ purchasing behaviour ▪Average deal size smaller than expected and decreased from comparison period ▪Distribution license revenue was on previous year’s level ▪Long-term strategic investments continued in key areas ▪Personnel totaled 922 on September 30, year-on-year increase of 64 Comparable net sales on previous year’s level 45 53 42 68 47 51 41 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Net sales, MEUR
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Completing the acquisition of IAR 02 Juha Varelius, CEO
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1) Source: https://www.mordorintelligence.com/industry-reports/microcontroller-mcu-market 6 ▪ Together with IAR, we now have a more comprehensive product offering for the microcontroller (MCU) market, which is expected to grow at an annual rate of approximately 10%1 ▪ IAR’s key product, the Embedded Workbench compiler, is typically selected at the beginning of product development projects, which will increase the growth opportunities of Qt’s other products as potential customers are reached early in the R&D process ▪ IAR is well positioned in safety-critical systems, which creates growth opportunities for Axivion solutions in particular ▪ IAR’s transition to a SaaS subscription licensing model is a strategically important initiative for us, also for its long-term revenue uplift potential The acquisition of IAR completed 02 IAR
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Financials 03 Jouni Lintunen, CFO
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Income statement Q3/2025 EUR 1,000 Q3/25 Q3/24 Change, % 1-9/2025 1-9/2024 Change, % Net sales 40,722 42,176 -3.4 % 139,182 140,583 -1.0 % Other operating income 5 1 507.6 % 488 13 3,699.4 % Materials and services -1,161 -1,038 11.8 % - 4,067 -2,787 46.0 % Personnel expenses -25,125 -22,848 10.0 % - 79,302 -72,819 8.9 % Depreciation* -927 -794 16.8 % -2,789 -2,447 14.0 % Other operating expenses -9,230 -7,167 28.8 % -29,155 -22,727 28.3 % Operating result (EBITA) 4,284 10,330 -58.5 % 24,356 39,816 -38.8 % EBITA-% 10.5 % 24.5 % 17.5 % 28.3 % Amortization** -2,008 -2,008 0.0 % -6,023 -6,023 0.0 % Operating result (EBIT) 2,277 8,323 -72.6 % 18,334 33,794 -45.7 % EBIT-% 5.6 % 19.7 % 13.2 % 24.0 % Financial income and expenses (net) -201 1,930 - 1,785 2,472 Profit before taxes 2,076 10,253 -79.7 % 16,549 36,266 -54.4 % Income taxes -650 -2,566 -74.7 % -3,417 -7,588 -55.0 % Net profit for the period 1,426 7,687 -81.4 % 13,132 28,677 -54.2 % % of net sales 3.5 % 18.2 % 9.4 % 20.4 % *Depreciation, amortization and impairment (excl. Intangible assets arising from business combinations) **(Intangible assets arising from business combinations) ▪Net sales ▪Exchange rate impact -1.4 MEUR ▪Expenses ▪September 30 headcount 922, y-o-y +64/+7.5% ▪Profitability ▪Q3 EBITA decreased 58.5 % to 4.3MEUR ▪IAR acquisition related costs 1.7MEUR ▪EBIT 2.3 MEUR /5.6 % ▪Net profit 1.4 MEUR / 3.5 % ▪Q3 EPS 0.06 EUR 03 Financials 8
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9 EUR 1,000 30.9.2025 30.9.2024 31.12.2024 Non-current assets Contract assets 2,194 3,717 3,250 Other non-current assets 87,020 92,038 90,306 Total non-current assets 89,214 95,755 93,556 Current assets Trade receivables 39,512 45,733 54,353 Other receivables 18,454 17,683 16,763 Contract assets 6,349 9,736 9,230 Cash and cash equivalents 93,947 44,925 64,861 Total current assets 158,261 118,077 145,207 Total assets 247,474 213,832 238,763 Total shareholders’ equity 190,902 150,465 178,433 Total long-term liabilities 18,621 18,843 19,239 Short term liabilities Interest-bearing liabilities 3,142 2,278 2,117 Accounts payable 2,602 1,858 2,275 Other short-term liabilities 32,207 40,388 36,699 Total short-term liabilities 37,951 44,524 41,090 Total shareholders’ equity and liabilities 247,474 213,832 238,763 03 Financials Balance sheet Q3/2025 ▪Operative cashflow +32.4 MEUR ▪Assets ▪Ending cash balance 93.9 MEUR ▪Trade receivables balance 39.5 MEUR ▪A reduction of 3.9 MEUR in contract assets ▪Equity and liabilities ▪Only limited changes
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Outlook and guidance for 2025 04 Juha Varelius, CEO
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11 ▪Long-term growth prospects look very promising ▪ Increase in the number of displays and devices is a significant growth driver to Qt development tools ▪ Growing use of AI in software development increases the need for quality assurance tools and test automation ▪Challenges in market environment cause uncertainty inshort-term ▪ General uncertainty in the operating environment may reduce thedemand for the products of Qt’s customers ▪ The weakening of the global economic situation may also affect thesolvency of the company’s customers We estimate that ▪ our net sales for 2025 will increase by 3-10 percent year-on-year at comparable exchange rates, and ▪ our operating profit margin (EBITA %) will be 20-30 percent in 2025. The outlook includes the estimated impact of the acquisition of IAR Systems Group: approximately EUR 8-10 million positive impact to full year net sales 2025, and approximately EUR 6-7 million negative impact to full year EBITA as one- off costs related to the transaction. Market outlook and guidance for 2025 04 Outlook and guidance
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