Hello everybody, welcome to Qt Group's Q2 2026 results presentation. My name is Hertta Närvänen, I'm the Communications Lead at Qt Group. I'm here today with our CEO, Juha Varelius, and our CFO, Ann Zetterberg, who will be presenting the results. After the presentation, we have time for questions, first starting from the room, if time permits, from the line. Without any further ado, let's get going. Please go ahead, Juha. Thank you. Excuse me. Thank you, good morning, everyone, welcome to Qt Q2 results. My name is Juha Varelius, I'm CEO of the company. Pretty much same old agenda, business highlights, market trends, financials by Ann, I'm going to talk about the outlook and guidance for 2026 later. If we go into the Q2, our net sales grew 19.6%, the quarterly net sales was EUR 61.3 million, an increase of 19.6% or comparable currencies, 20.9%. EBITDA margin 15.1% and EUR 9.3 million. ARR increased to EUR 160.4, it was a healthy growth on there. If we look the Q2 a bit more detailed, I'm actually pretty happy about our performance since the distribution license sales year-over-year was a bit over EUR 6 million less this year than it was a year before. Last year we had a EUR 19 million on distribution revenue that we were able to increase our revenues. Our developer license sales has been developing very well overall. If we look on the IAR's been performing very well on their subscription change. We were expecting on aggressive plan that we're going to have a 40% conversion. Now we are on the over 60%, if I remember correctly, 68% conversion on the second quarter, which means that the IAR revenue obviously compared to last year is in a pressure since we have the already maturity of the sales in the subscriptions. That's a good news because in the beginning of the year we of course didn't have an idea that how quickly can we do this transformation and now it seems that we can do it even quicker than we were anticipating. Quicker we do it than we get on a healthy revenue growth on the IAR side as well. Given those caveats, I think that we are pretty happy on the Q2 performance. On the profitability side, we've had the change management negotiations going on. We've done them in the USA and in Finland. They're still going on in some parts of Europe, we do have one-off costs of those in Q2. Given those one-off costs, we're pretty happy on the profitability as well. We're definitely going on the right direction and at the pace even quicker than we were hoping for. I expect that the next year the profitability will be well in the old healthy, good numbers that we were used to see. The change management negotiations where we're targeting EUR 20 million cost savings are well on track. I have no doubt that we're going to be able to reach those numbers. If we look on the license sales, well, it's a mixed bag. It's in a way that we do have different industries, medical and defense industries overall are doing globally very well. If we look automotive, our customers are having challenges in Europe, whereas in Asia-Pacific, the automotive industry is doing relatively pretty well. For us, we do have pockets in the automotive industry where we're doing okay, and then we have pockets where our customers are suffering along with us and of course the tier 1 as well. On regions, well, I would not read too much on the regions on a quarterly level because there is, as you know, in this business, there is quite a lot of fluctuation. EMEA was good, America stable, APAC was on this quarter more moderate. If I look overall on the longer term, let's say that the end of this year and next year, I'm expecting U.S.A. to need quite a substantial improvement still where we are. That's where there is a room for improvement definitely. Well, I already mentioned the IAR subscription licensing model, so no doubts about that can we drive through that change in IAR pricing models that will happen, and that's been very well adopted. That's well on track. Depending on these industries, it's always good to remember that we operate on three regions, so we are a very global company. We do have 70 different industries that we serve. Some of our industries are a bit under pressure, like the automotive, but then on the other hand, some industries are doing very well, like the medical and defense. We also do see overall economy kind of stabilizing. I think that the latest disruption and uncertainty came from the war in Iran. Well, let's see what's going to be the next big disruption, because there's been many of them. If we now look at what our customers are saying and how people are looking for the future, I would say that the market has stabilized pretty much. On APAC, it's been more or less stable all along, but in Europe and in U.S., we've seen some disturbances. I'm not going to talk about much on AI, but I think that if I looked, there was a lot of hype in February, March, April, and then there was a conclusion that the software industry is going to disappear and AI is going to take over everything. I think it's calmed down a little. I'm not saying that AI is not coming. AI is definitely coming. Is it coming so that it's going to take over everything? I have a bit of my doubts. Here are kind of the same phrases I said last time, what do we see in the market is that the companies are not really getting rid of developers because of AI. We do see companies downsizing, they're downsizing because their business is not doing very well, right? They're downsizing developers, and they're downsizing in certain industries. They're downsizing quite a lot of other people as well. We know, you've read the news, there are big automotive companies that have announced that they're going to downsize 100,000 employees by the 2030, and so on and so forth. Do we see that companies are downsizing because of AI? We don't. Do we see that the developers are using AI as a tool to be more efficient? Yes, of course, that we do see. We also see that the AI adds kind of a complexity in a way that the AI does software very quickly and quite a lot, and it's still in a phase that somebody needs to look into it. A human needs to look into it, that what was done. A human needs to look into it, that does this actually make sense? AI, as you know, also has imagination of its own. AI is like a good coworker that never says, "I don't know." It always gives an answer. I've actually encountered this in real life as well, but the AI can be very confident on giving that answer, and AI can do a lot of things. What we see is that on a Qt, what is a framework? Framework kind of gives an architecture to software, and it's like a plumbing of the software in a way, and even for AI, it makes sense to use this. That's kind of where we are. What do I envision is going to happen is that all those that they are now watching and wondering that why I paused, there were people coming in, and I started looking that should I say hello or not. That's why I paused, and I didn't say hello. Hello, welcome. What do we see on AI is the fact that we need to find a way on our monetizing model that it also takes into account that AI does do some coding. This means that we need to start monetizing and invoicing not only per seat, but on the usage of the Qt technology. When that shift is going to happen, well, it's probably going to be something like the subscription change that we're going to have a new version of our framework, and then we start implementing it. We're working on it, and we are now working on different models. We're monitoring how to implement it and whatnot. You can expect that during next year, we'll start moving into that direction once we figure out that what is the best model for us and for our customers, so that we can take into account that there is a developer doing development, and then there is also AI doing development. On IAR, that's kind of already taken care of because IAR is selling subscription, and then IAR charges per simultaneous compilings already now. It's based on a usage on that sense. On Squish, we think that since everything that AI does needs to be tested and whatnot, we expect the software testing market to grow in the future. We, of course, use AI extensively internally, not only in our R&D, and developers are using AI to understand how it works and how they can be more efficient. We use it pretty much everywhere in the company nowadays. I think that the big thing for going forward is that as AI moves into consumption-based pricing models, we need to be careful how much we absorb cost as a company when we are using AI. I think that these business models will be evolving just because AI's business models will be evolving, and how much we need to pay for using AI. Because very easily on R&D, we're using millions of tokens on one go. What's going to be the cost of it? We do use it internally on many various things, starting from sales and marketing. Of course, for example, sales guys making a sales pitch nowadays, it's much more easier using AI because you can get all the info of the target customer and make a tailored, personalized presentation on each customer meeting you have, and you can do that very quickly. Of course, it's giving a lot of efficiencies. We're also looking for the opportunities as we go forward because, as you know, nowadays, we're looking on the development process, and we're looking at where can we offer services and solutions to our customers so that they can be more efficient on their development process. As AI comes along, the most obvious thing that comes to mind, of course, is a vertical integration, because using AI and our tools on smaller customers, we should be able to offer actually ready-made solutions more than we are doing today. We're looking into those opportunities that we have. Where we're particularly strong now is, of course, all the functional safety and safety critical things, because there you need certifications and you can't use open source. You need to be able to prove that your code meets the criteria that are required for car brakes and whatnot. Everything that is somehow functional safety or safety critical. We do have tools starting from IAR. Our compilers are certified using a IAR compiler. You know that you can have a certification that it's done according to the specs. Then you can use Qt and our testing. We have a very comprehensive offering in safety critical, functional safety industries, and that's a very sweet spot for us in this current portfolio we are having. I think that the AI will be a topic for the future, for the investors, I would say, I kind of see this as twofold. Yes, it's going to change very many business models, and it does give us efficiencies internally, at the same time, of course, it also opens up new opportunities for companies that are awake. I don't see AI only a threat. I see that it will open up new opportunities as we go forward. There's going to be a whole service layer on top of these data centers we see as of today. Of course, we're going to be on that wave as well. In that sense, on this AI, I would conclude that we use it ourselves. We are looking for the pricing model change, we're adopting it, and we're looking actively at the new business opportunities it potentially will give us. With that, the financials. Yes. Thank you, Juha. Well, as Juha said, this was quite a nice quarter for us. We had a very good growth. It is fine to repeat it, I think, since it was so nice. The growth was 19.6% in the quarter with a small exchange rate impact. Therefore, at comparable currencies, this was 20.9%. The year-to-date growth was also pretty decent, 15.8%, with a larger exchange rate impact of 3.3%. Thus, it brought us up to 19.7%, about the same level as in Q2 at the comparable currency, then. If we look at the products we sell, as we illustrate them in the interim report, licenses and consulting, it grew 10.3% in Q2, and it grew by 5.3% year to date. The maintenance revenue almost tripled, like it did last quarter because of the IAR effect. IAR has a lot of maintenance revenue in sales. Historically, it has been about half of the revenue that has been those maintenance contracts. Now it is a little less because of the transition into subscriptions, so we are selling less of support and update maintenance contracts in IAR, and instead we are selling subscription. The distribution licenses, those declined. That was totally anticipated. We knew we had a high distribution license level last year, so we knew those were going to decline. They declined in Q2 by 32.4%, and year to date, 17%. Totally anticipated. If you remove that from the development license and consulting parts, we actually had a growth there in Q2 with 38% on that and 18% year to date, which we are actually quite happy with, I must say. Looking at ARR also, rolling 12. We ended up at EUR 160.4, like Juha said. Rolling 12 it grew 33.8%. Obviously, IAR was not there last year, so that is separate. That is why the growth becomes this large for 12 months. At comparable currencies, this was 32.2%. For the quarter, it is still also a decent growth. 4.5% increase in IAR, like Juha also showed in his slide, and that is 2.4% growth at comparable currencies. IAR is growing in ARR as we are moving into subscription, removing perpetual revenue, and instead selling subscription, which is annual recurring revenue instead then. Looking at the cost side. Unfortunately, though the revenue side was good, the cost side grew more. They grew by 31.2% in Q2, and year to date, 21.7%. We are, as you know, working on lowering those, doing those reconstructions, efficiency work, removing some employees here and there as a result of the acquisitions, of course, but also some cost adaptation to various parts of the sales that needs to happen. Looking at the personnel, that grew 38.2% in Q2 and 32.1% year to date. We have had 1,035 employees end of June, and that is a year-on-year growth of 119 people. IAR has 200 people, so you can already in that see the effect of the people that we have downsized in Finland, the U.S., and partly in Norway. We have still got Germany, France to go, and those are ongoing, and those one-off costs will come in Q3, hopefully instead. In Q2, we have EUR 3.7 one-off costs under employee costs and EUR 0.6 costs under other costs that are one-off costs also. Part of it is relating to that business unit security in IAR, which we are removing over time, as it was more of a cost burden than any type of revenue, really. That relates to the EUR 1.6 million. We are, of course, looking at other costs also as part of the integration. Offices, merging entities, and whatever we can do to be a more efficient and strong company for the future. If we look at the EBITDA then, EUR 9.3 million today is lower than what we had last year, EUR 11.6 million, and the margin was 15.1%. If you remove the one-off costs, we are actually up to 22.2%, which is quite in level with what we had last year. The Q2 is still in level with the profitability there if you adjust for that. The year to date, that brings up the EBITDA level 12.6% up to 16.3%, if you adjust for the one-off cost also. Still a fairly decent profitability there also with that adjustment, even though it is actually still then lower than last year. Balance sheet. Not much happens in the balance sheet every quarter. A lot happened when we purchased IAR, but still it can be good to give it a quick run-through. Goodwill, EUR 166.9 million. That is a constant. It doesn't change. We don't depreciate it. You don't never do that with goodwill. Most of the goodwill, as you can see, refers to IAR. The rest of it is pretty equally distributed on froglogic and Axivion. Other intangible assets, EUR 120 million. Those are the technology assets from the purchases of the acquisitions, and we depreciate those over 15 years. IAR also, as I told you before, capitalizes some development asset investments still in the balance sheet. We have a couple of those, and those will be finalized in 2026. The capitalization for Q2 was EUR 0.4 million. That increases the results then by that, because we increase the technology in the balance sheet instead with that same number. No large numbers, but it's good to understand that that is still happening in IAR. It will over time, as we harmonize the handling in Qt with the handling in IAR, likely not happen much of this anymore. It's not our intention to do that. The trade receivables are at a pretty good level. They're around 20% of the rolling 12 sales. A little higher now as we don't have IAR in the rolling 12 sales looking back, but it will harmonize itself down to that over time. We still have a very healthy cash balance, EUR 42.4 million, even though that is, of course, lower than it was last year because we put a lot of money into the acquisition of IAR. Looking at the interest-bearing debt, that was EUR 126 million, of which the bank loan is still EUR 120 million, but we have paid off EUR 30 million. It was EUR 150 million initially. We have a good cash flow and a good position there in paying off the debt in a good time. Other receivables still have those EUR 5.2 million on the receivables and on the debt. As you remember, the arbitration for us to purchase 100% of the shares is still ongoing in Sweden. We haven't bought 100% of the shares, but we have booked 100% of the shares in the balance sheet. Thus, we have an interim booking on the asset side for EUR 5.2 million and a debt to those shareholders on the debt side for when we pay the shares, and those are still there. It is moving along, this arbitration, but rather slowly, I must say. I hope we can make it move forward in a faster speed. The equity ratio is still decent, 53.6% compared to 83%, which, of course, is because we expanded the balance sheet with the IAR acquisition and the debt. It's a pretty solid balance sheet still, looking at it. The operating cash flow was EUR 20.6 million compared to EUR 28.9 million last year. The main other cash flows apart from the operating cash flow was really the amortization of the debt, which we amortized in Q2 with EUR 15 million. The total cash flow for the period was EUR 2.3 million compared to EUR 27.3 million last year. Of course it is lower because the profitability is also lower, which we are working on improving for the future. With that, I guess I will hand over to Juha again to talk about the future. Yeah, sure. Thank you. We haven't changed our full-year guidance, net sales 10% and operating profit at least 15%. As said last time, those are the floors, at least. We're not giving an upper range on that. That's the change. Usually, before we used to give a range, now we give the floor. Our plan was that we're going to transition the majority of the IAR customers into subscription in the next three years. That's what it took roughly in Qt when we did that. Of course, not all the customers will change, but the majority. We're well on track on that. I'm happy how the integration has gone. It's gone actually so well that I see that we didn't even mention it on the slides anymore because we think that it's already kind of a done deal. Of course, the integration is still there. It's gone very smoothly. We haven't had any big problems, and I don't expect to have, and it's going to continue as planned. On IAR integration doing well, the subscription change doing well, and IAR sales on bookings that's been doing really well. I'm happy on the IAR performance, and I expect that to continue. On Qt, on license sales, very happy. The distribution licenses, they do fluctuate from quarter to quarter, and they are, of course, a result of deals done before. Even though they were a lot less this quarter than they were year on year ago, that's only natural. They do fluctuate, and it's based on the fact that how much our customers distribute. I'm not worried about that, we're looking the overall number is heading where it's to be. On regions, I think that, well, there is always room for improvement. I think that the U.S. we've had some execution issues in the past. I think that we are in the right track, but in the U.S., we can still improve our business quite substantially. Other than that, things are looking pretty good. On the macro and global environment, of course, if a country overall is doing well, usually our businesses are doing well because our customers are global customers. They're very big customers building products for either B2B or B2C customers. If the economy is doing well, usually we're doing well. If I look now at how does the rest of the year look, if we're not going to get any big disruptions over here, I'm relatively positive that our numbers will keep on improving. Next year, definitely they're going to be improving on profitability and also on the top line. This is kind of a slow-moving business. These web technologies, they move very quickly, and the moves are very rapid. On embedded businesses, the trends are slower moving. If I look on the overall the rest of the year and next year, I am confident that we are going in the right direction. The operational reorganization, well, they are always tough things to do. We said that we're going to have at least EUR 20 million savings. I reiterate that we're definitely going to have at least EUR 20 million savings. We still have some change negotiations in Europe ongoing. Once they're finalized, then we're done. Like I said before, Finland is already done, the U.S.A. is done, but in Europe we have a few countries that we're still in that process. I have no doubt that we'll be able to finalize them during the H2. Well, yeah, challenges in the market environment continued. Of course, I think that in a way, I guess we should stop talking about the market because it seems that at least for the next two years, we're going to have surprises every week. I expect that there are going to be some disruptions coming. I don't know where, but they will be. The market will be volatile for the next two years. On AI, it's going to come and it's going to be a big thing, but it's like internet at a time. It not only changes some business logic, but it also gives new opportunities. I have no doubt whatsoever that Qt will be one of the companies finding also those opportunities and being able to utilize as the years come. Again, that's like a few year thingy. It's not like what's going to happen in H2. Well, long term, nothing has changed. People do want to have products. They want to have displays. They want to have intellectual, intelligent, mumbling, products going into also in the future. All our customers, if they want to be in a business, they need to improve their products. They need to have new product lines and whatnot. The overall prospect is not going anywhere. I think that also in the future, customers will realize that there is need for developers, there is need for software testing and whatnot. Even a lot of things are being automized. Humans are still needed there for a long, long time, and we're not going to let the machines run over. In that, I thank you and some questions which there seem to be. Hi, Waltteri Rossi from Danske Bank. Thank you for the presentation. Congrats on a good result. First question related to the U.S. You mentioned that you can improve there substantially. What has gone wrong there? If you can go through that once more. In the United States, I think we had some management changes. We did have some operational, how would you describe, not so great operational efficiencies, some attrition over there, a combination of these things. If I look at the operational efficiency in EMEA and APAC, just internally, we can do better in the U.S. Then if I look into region numbers that now U.S. is improving, but if I look in the previous that the U.S. was weaker than the other markets. All our customers are pretty much global. If we're doing well with our product portfolio and products in EMEA and APAC, I don't see any reason why it should be. There have been some people changes. There have been attrition and whatnot. Just the operational efficiency numbers are not in the level that they are in the other markets. Multiple internal things. All right, thanks. Second question related to the ARR development growth there is quite high and I guess it's partly explained by IAR. IAR? Too many three letters. Yeah, exactly. Difficult. How much is IAR from ARR? IAR from Yeah. I'm having the same trouble with the IAR. We need to change the name. I don't think we've disclosed that number because we've not been disclosing the BU numbers. Sorry about that. As a matter of fact, I don't have that figure in my mind now. Okay. Is that one of the top kind of drivers behind the growth? Well, of course. Yeah. Okay. You also don't disclose organic growth? No, we haven't. No. Yeah. I think that as we get a bit better, that's a discussion we need to have internally that we start a BU reporting next year because that would kind of give more highlight. Having the BU numbers myself, I can tell you that you're going to have more questions than you're probably going to get answers when you see them. It's sometimes a bit difficult for us to estimate, but that's definitely a discussion we're having internally that what would be our next year reporting. Well, I'm sure it's going to change. One obvious way probably going forward would be the Do the BU reporting, you still have a whole lot of costs which are central costs and whatnot, but you would see a bit more of the business. You have a lot of numbers that are going like this on every quarter on different directions. They all fluctuate really randomly. Right. Thanks. One last one related to the pricing model change that you foresee also for Qt products starting from next year. Sometime next year, not in the beginning. Yep. Okay. What kind of impacts do you expect that to have potentially for your business or sales? Well, that's too early to say, really. That's why we need to be testing it so much. We need to be simulating now that if we do this kind of a pricing change, how would that actually affect in a real life so that we don't do a pricing change where we half our revenue, right? There is quite a lot we need to look into very carefully. If you go in a consumption-based usage, you would think that the people start using AI extensively, you would think that there is a lot more usage than there is as of today. How do we actually do that pricing? Would there be a different pricing for a developer consuming and AI consuming and all of that? We need to simulate that and test quite a bit. Our target is not to start charging more from our customers as we do today, obviously. How that will turn out, that's too early to say. I wouldn't calculate any revenue increase on that, because at the end of the day, there is also competition, right? I would say that in a market, our products are really good. They are really, really, really good. They are not the cheapest either. My gut feeling is that should we do massive price hikes? No, I don't think so. We would be too expensive. We would be on a very high-end usage, like Formula 1, very high price, very small volume. I think that where we are as of today, that we have pretty high volumes, and we're not definitely the cheapest. I don't see a whole lot of price increases in the future. Of course, there is inflation, not tens of percents. How do we price the AI usage? Because what AI does is that it does a lot of work very quickly, and it consumes a lot. We need to do simulations on that. If you think from a revenue modeling perspective, I wouldn't put any revenue increase based on that at this point. That I wouldn't do. Yes. Felix Henriksson from Nordea. Continuing on the pricing change topic, is it sort of unfair to assume that this would change your developer license revenue recognition in a way that it moves the lumpiness stemming from the one- and three-year- SaaS model, yeah deals? At the same time, could it even be that the revenue impact will be negative as you start that process? I don't see that, no. Yeah, the lumpiness would probably go away, apart from the distribution licenses, of course. Got it. Then on the quarter, can you elaborate on the developer license mix in Q2 between the three and one-year licenses? Was there any shifts there? No. When there is a big shock, like the war starts and the oil prices go sky high, then everybody kind of are scared, right? This is sad to say, but people get used to the wars, right? There is a war in Ukraine going 50 years soon, and it's like a new normal, right? People tend to forget it, right? Whenever there is a big shock, whatever it is, then people tend to go, it's the reserve cash flow, and then it's one year license. As things kind of settle, and things settle nowadays very quickly, as a matter of fact. I think that many businesses are now kind of in normal mode. They're looking forward. They're thinking forward. They're thinking their investment. Of course, they are still cautious, but no big changes on that. About the same. Yep. Yeah. no unusually large share of- No the year licenses- No, no explain the revenue. No unusual large deals or any of that. Yeah. Got it. To me, that implies that there's a bit of a positive trend shift into developer license revenues. Oh, yeah. What's driving that? What are customers telling you differently? Well, people are more confident about their future. Maybe we've been a bit better in performance, it's no secret sauce in that sense. Small improvements here and there. Got it. Then finally, just a housekeeping question on the revenue split between the different end markets. Can you provide an update on that? It seems like especially the defense and medical shares have increased compared to past. You mean industries? Yeah. Okay. Good. Now, I was not prepared for that question. Well, they're definitely increasing because at the same time, the automotive's been going down. I've said a year or two years back that the automotive is roughly 20% or so. I would say that it's somewhere between 10% and 15%. At the same time, medical, well, it kind of changes quarter-on-quarter, but medical is the biggest at the moment. Defense was actually very small, it's growing very rapidly, I expect that defense will pass automotive even if it hasn't already done so. I expect defense to be somewhere in a 15%-20% bracket than medical over there, and medical closer to that 20% bracket. Thank you. Hi, Jaakko Tyrväinen from SEB. Trying to get a bit more understanding on the organic underlying trends in the so-called old Qt. You said that you don't provide any organic growth for Qt, like you did growth rate for Qt like you did in last quarter. Is that correct? I don't think we gave it last quarter either. I recall you said Qt was 11.5% up organically in ARR, I mean. ARR. We talked about it, but not the. Obviously with this development, you can make the assumptions that with such a heavy subscription change we're having on IAR. We really need to change the name. On IAR, the impact on revenue is negative on short term. That's what we're seeing, and of course, that puts pressure on the IAR profitability as well. If we look on Qt revenue on those numbers, EUR 6+ million something down drift on the distribution revenue means that the license sales has been on a very healthy growth on this quarter. Squish actually follows pretty much on Qt because if you're using Qt, the only feasible test tool really is Squish. More Qt does bigger deals and whatnot, Squish goes there. On top of that, Squish can be sold outside of the Qt ecosystem and the open source and whatnot. There it comes. Keep in mind, which I've always been saying, that the quarters are not brothers or sisters together, there is always this quarterly fluctuation. It's not like we have one quarter and then we can make a straight line that this is the future, our business is like this. If I look overall trends that how we're selling licenses, particularly DC licenses, how we're performing on license sales and how we're performing on IAR, I think we are going in a better direction. The question is what's going to be the speed? If I look our change negotiations, that we're going to cut the EUR 20 million cost and where we have this business development as it goes, IAR is going to turn into profitability because of this subscription change next year. We're not going to have these one-off costs. I can say that already now we're seeing a 30+% EBITDA for next year. Good. If I may follow- ARR. Sorry to interrupt before. If I just look the ARR number, not dividing it anywhere, I'm pretty happy. It's a sizable number. Good. A follow-up on that one. Let's put it this way. You had organic ARR growth of 2.4% quarter-over-quarter. How much of this was driven by IAR's subscription change and overall IAR growth, did Qt grew quarter-over-quarter basis? Well, Qt grew organically. On the other questions, we don't have them. Yeah. Qt is growing organically, for sure. On the ARR growth, for those other questions, I don't have an answer for you. Sorry. Okay. You already touched a bit, but on the revenue, on the P&L, and then the volatility there, did you see some significant multi-year deals impacting the strong development license sales growth? No. In that sense, very boring, typical quarter. Okay, good. Thanks. Yeah. As you know, always in our business, well, the quarters do fluctuate. The other fact that we do have is that large part of the quarter sales actually comes into last two weeks, the fourth quarter is insane. Large part of the year result is actually done in probably the three last weeks of December. I don't know why all this buying tends to go towards the end of the year and towards the end of the quarter, but that's very typical for us. At the same time, of course, seeing what's happening, sensing where we're moving and all of that, I say that the underlying performance, underlying environment and whatnot, it is getting better. I have no doubts that with this cost savings, that we're going to be on a very healthy EBITDA numbers next year, even with the very modest revenue growth. When I say the 30%, I'm not expecting that there needs to be a huge top-line growth. That, of course, as you know, affects a lot because the top line basically drops directly into our bottom line. Even with the very modest revenue growth, we're going to have a very healthy EBITDA next year. If we're going to have a decent growth, it's going to be even better. Yes. Hey, Antti Luiro from Inderes. You mentioned in the report that new product sales were going well in defense, aviation and medical. I guess that prompted two questions. First one is that which products are kind of flying the best on the new product side in these segments? The second one is you've kind of broadened your product portfolio quite a bit in the last years, and IAR did one step to that as well. Where are the different products you have in your portfolio in terms of their maturity, I guess, compared to the kind of not legacy Qt, but yeah, the Qt framework? Well, if we talk about defense and medical and whatnot, they're kind of all regulated markets, safety critical markets, and our whole portfolio fits in there very well. IAR and the Qt. Our whole portfolio fits into that particular segment. We are actually seeing some light in automotive as well. Just to give you an idea that if we're successful closing some deals in automotive this year, we're going to talk about that revenue in 2028. Right. If we're successful closing those automotive deals now, we're going to see the revenue starting accumulating in 2028 so that you actually see them on numbers. This is kind of the cycle. We did invest in defense already many years ago, the sentiment was something that you didn't want to put that on a website because it was not well received that somebody does defense work. Now you're seeing being patriotic if you do that, but a few years back. Our position in defense is a constant deliberate work that's been carried out for the past five years. Into your question that all our products are, in that sense, pretty mature. That's why particularly on embedded, we're so successful because if you think our customers that they start a project and they do whatever they do, usually the lifespan of their product is 10 years, and they don't want to buy a product that they do get the updates every three weeks or whatnot that they have to do. If you look Qt, for example, we do couple major releases a year, and we have a lot of people using the old versions of Qt, and that's one of the cornerstones on this embedded, that people can trust that we are here, we are going to be here in next 10 years, and our products are mature, that they can rely on them. They can use our products for the whole lifecycle of the product. That's one of our competitive edges. If you go on a web technologies, it's a different story, but on embedded, that's it. I would say that we have had kind of a new product and let's see how that works. We do have our design tooling, and during this fall we are going to come out with the new versions of that design tooling. It's a mature product in a way that we have had it for a long time, but now it's going to have AI functionalities and whatnot. It's kind of revamped totally, and it's going to be a bit of a new product launch as a whole. It's a mature product, but it's going to be a new release. Like I said, on embedded, our customers respect the fact that we have been around, our products are very robust, tested, and we do not have to do updates very often to them, and they can rely on them for a long time. That's a good portfolio, and that fits very well into functional safety critical segment. Really resonates over there. How do we add our portfolio in the future remains to be seen. I think we are going to be doing acquisitions also in the future, adding products into our portfolio. AI, of course, is changing this scene in a way that the-- If AI improves a bit, if you think for electric bike manufacturer, for example, we do have lots of engineers in-house as well. We have all these tools. If using AI, we might be able to offer a more vertically readymade software than we are doing today. We already do have these customers globally, and we are definitely a market leader in this. Is our next acquisition going to be adding the portfolio in this development process, or is it going to be a product or service that actually enables us to be more vertically integrated? That remains to be seen. Maybe continuing on that and taking the angle of revenue potential in these different products. I guess we have been talking about quality assurance for quite a while, and that could be the next Qt. Yeah. Do you see that product being past its fastest growth phase already, or is that still in the very kind of- No, it's still in the early phases. Yeah. Yeah. It's still in the early phases, yeah. This is, of course, in it, disclaimer, that don't think about the timings, but if we think on a product life cycle, Qt obviously is much further down the road on the growth. IAR is basically going to grow quite a lot due to subscription change. It can almost double its revenue, basically, just due to subscription. That's the likelihood. If it was 40% something, just the subscription change will be 80% something when it's done. Of course, that's going to take three years. How to get organic growth after that is a good question because it's very well integrated into functional safety critical, but not used so much elsewhere. I think that during the next three years, that's going to be the question. What's going to be the strategy for IAR to find organic growth and where? On testing market, yeah, definitely. We bought EUR 12 million revenue. It's definitely a EUR 100 million business on the course of the years. How to grow beyond that, it's then a good question. This is always good to remember that when we started with Qt, we were probably in a EUR 20 million region or something like that. The people were saying that, "Well, if you can throw away a tools business into EUR 100 million, you're like a wizard." Right? Because the EUR 50 million more like it. We got into EUR 100 million, and now we're in a EUR 200 million, and it's still growing, right? When I say that I see that the testing business can grow into EUR 100 million, it's the view I have now. How and where are we going to position it? If you think on testing the Qt potential market, if I look only at the developers, it's probably EUR 1.5 billion if I look at the testing market because it's not only the Qt technology, it's also other languages. The potential market is like a double, basically. That's kind of the size I'm envisioning. If you add all that together, with the current portfolio, you should be able to build a EUR 400 or EUR 500 million business with a very, very profitable operations. What's beyond that? Well, that needs new markets. Don't forget, we're not in South America. We're not in Africa. There are a lot of markets where we're not at this point of time. There are use cases evolving all the time and whatnot. Technology is evolving, of course, the opportunities will grow as we go forward. We need to do this IAR integration. We need to pay a bit of a debt the way, we're looking for new acquisitions. We definitely want to be a growth company also in the future. Hey, time's up. Thank you very much for participating in this second quarter. We had a very good quarter. I'm happy with the results. I think that we're going into the right direction. Really looking forward to seeing you again. Really looking forward to building the business going forward in the second half of the year and next year. Thank you very much.