Slides
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Juha Varelius, CEO Ann Zetterberg, interim CFO February 26, 2026 Q4 2025 results
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2 Agenda Business performance Product innovation in 2025 Financials Outlook and guidance for 2026 01 02 03 04
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Business performance 01 Juha Varelius, CEO
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01 Business performance ▪Quarterly net sales were EUR77.1 million ▪ An increase of 12.6% or 18.6% at comparable currencies ▪ Revenue from IAR totaled EUR 8.1 million ▪ Organic growth at comparable currencies was 6.1% ▪EBITA-margin at 35.6% and EBITA was EUR 27.5 million in Q4/25 ▪Profitability decreased due to one-off costs related to the acquisition and higher personnel expenses. ▪Challenging operating environment continued ▪Weak global economic situation and uncertain outlook led to noticeable cautiousness in customers’ purchasing behaviour 45 53 42 68 47 51 41 77 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Net sales, MEUR Q4/25: Acquisition of IAR contributed to net sales growth
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01 Business performance ▪Full-year net sales reached EUR 216.3 million, an increase of 6.6 percent at comparable currencies ▪Organic growth at comparable currencies was 2.6 percent ▪Distribution license revenue on exceptionally high level at EUR 56.8 million, an increase of 26.4%, driven by automotive, medical and industrial manufacturing industries ▪Operating profit (EBITA) was EUR 51.8 million, a decrease of 27.2%. EBITA-margin was 24.0% ▪Personnel increased: end of year headcount at 1,136 (864), out of which 215 employees from IAR ▪One-off costs related to IAR acquisition totaled EUR 5.8 million in 2025 ▪IAR’s EBITA-margin is on a lower level than Qt Group, which impacts profitability ▪ Underlying business growth in terms of ARR1 has developed well in 2025 ▪Value of Qt and SQS developer license base as ARR at end of year amounted to EUR 127.1 million, an increase of 8.3% at comparable exchange rates. 2025: Challenging market conditions slowed down net sales growth 121.1 155.3 180.7 209.1 216.3 2021 2022 2023 2024 2025 Net sales, MEUR 1ARR 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.
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02 Product innovation Our collaboration with Infineon helps create more intuitive and efficient AI- powered consumer devices, while our FACE-conformant Qt framework release strengthens our position in mission-critical GUIs. R&D focus on consumer and defense sectors We launched three AI assistants that accelerate the work of product development teams: the Qt AI Assistant for developers, the Qt Design Studio Assistant for designers, and the Squish AI Assistant for quality engineers. Improving efficiency through AI We introduced plans for Qt Bridges, which will enable developers to use Qt’s GUI capabilities seamlessly across multiple programming languages. Over time we will support software innovation outside our current ecosystem. Expanding to new ecosystems Bridging automated NVIDIA CUDA Safety and coding guidelines to Axivion strengthens our position as forerunner in software quality. Partner in next-generation of safety critical innovation Leading technological progress in embedded development Strategic milestones and key product innovations in 2025
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Financials 03 Ann Zetterberg, interim CFO
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Income statement Q4/2025 EUR 1,000 Q4/25 Q4/24 Change, % FY2025 FY2024 Change, % Net sales 77,099 68,480 12.6% 216,281 209,063 3.5% Other operating income 46 7 534 20 Materials and services -1,226 -1,133 8.2% - 5,293 - 3,920 35.0% Personnel expenses -31,762 -25,203 26.0 % -111,064 -98,022 13.3 % Depreciation* -1,247 -979 27.5 % - 4,036 -3,426 17.8 % Other operating expenses -15,459 -9,789 57.9 % - 44,614 -32,515 37.2 % Operating result (EBITA) 27,451 31,383 -12.5 % 51,807 71,199 -27.2 % EBITA-% 35.6 % 45.8 % 24.0 % 34.1% Amortization** -3,248 -2,008 61.8 % - 9,270 -8,030 15.4 % Operating result (EBIT) 24,203 29,376 -17.6 % 42,537 63,169 -32.7 % EBIT-% 31.4 % 42.9 % 19.7 % 30.2 % Financial income and expenses (net) -492 4,717 - 2,277 7,189 Profit before taxes 23,711 34,093 -30.5 % 40,260 70,359 -42.8 % Income taxes -5,057 -5,457 -7.3 % - 8,474 -13,045 -35.0 % Net profit for the period 18,654 28,636 -34.9 % 31,786 57,314 -44.5 % % of net sales 24.2 % 41.8 % 14.7% 27.4 % *Depreciation, amortization and impairment (excl. Intangible assets arising from business combinations) **(Intangible assets arising from business combinations) Net sales ▪Q4: Growth 12.6%. Exchange rate impact -3.5 MEUR. 18.6% at comp currency. (organic 6.1%) ▪ 2025: Growth 3.5%. Exchange rate impact -6.1 MEUR. 6.6% at comp currency. (organic 2.6%) Expenses ▪Personnel: End year, y-o-y +267/+31%. +215 head count from IAR in Q4. ▪Other Opex: IAR acquisition related costs 4.1 MEUR in Q4. FY its 5.8 MEUR. ▪Capitalized assets in Q4 in IAR: 0.2 MEUR Profitability ▪Q4: EBITA 27.5 MEUR 35.6% (45.8%) ▪2025 EBITA 51.8 MEUR 24.0% (34.1%) ▪Q4: EPS 0.73 (1.13) 2025: EPS 1.25 (2.26) 03 Financials 8
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9 EUR 1,000 31.12.2025 31.12.2024 Non-current assets Goodwill 166,886 44,370 Other intangible assets 125,804 39,159 Contract assets 3,430 3,250 Other non-current assets 14,473 6,777 Total non-current assets 310,593 93,556 Current assets Trade receivables 58,449 54,353 Other receivables 26,207 16,763 Contract assets 8,974 9,230 Cash and cash equivalents 40,124 64,861 Total current assets 133,754 145,207 Total assets 444,347 238,763 Total shareholders’ equity 209,522 178,433 Long-term interest-bearing liabilities 109,038 2,199 Deferred tax liabilities 28,725 11,386 Other long-term liabilities 5,818 5,654 Total long-term liabilities 143,581 19,239 Short term liabilities Interest-bearing liabilities 34,186 2,117 Accounts payable 4,379 2,275 Other short-term liabilities 52,679 36,699 Total short-term liabilities 91,244 41,090 Total shareholders’ equity and liabilities 444,347 238,763 03 Financials Balance sheet Q4/2025 Assets ▪IAR prel. PPA added 205 MEUR in net assets. ▪Goodwill 122.5 MEUR ▪Other PPA intangible assets 89.9 MEUR – Annual amortization of 4.8 MEUR a tax ▪11.2 MEUR net in other IAR assets and debt ▪Trade receivables balance 58.4 MEUR (54.3) ▪Other receivables, IAR acq. related 5.1 MEUR ▪Ending cash balance 40.1 MEUR (64.9) Equity and liabilities ▪Equity ratio 50.8% (81.6%) ▪Interest-bearing debt 143.2 MEUR of which 134.4 MEUR rem IAR financing ▪IAR prel. PPA - deferred tax18.5 MEUR ▪Other short-term liabilities 5.1 MEUR rem IAR shares. ▪Operative cash flow 40.2 MEUR (53.7)
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Outlook and guidance for 2026 04 Juha Varelius, CEO
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11 ▪Our plan is to have the majority of IAR’s customers transitioned to the SaaS model in the next three years ▪ If transition goes as planned, IAR’s revenue decreases year-on-year in 2026 and by 2027 revenue begins to increase again driven by the SaaS subscriptions ▪Challenges in market environment continue to cause uncertainty inshort-term ▪Long-term growth prospects look promisingas the number of displays and intelligent devices is growing across industries, and use of AI boosts growth for quality assurance business 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. Market outlook and guidance for 2026 04 Outlook and guidance
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