Qt Group Plc: Interim statement January-March 2026
Qt Group Plc | Stock Exchange Release | May 13, 2026 at 1:00 pm EEST
This release is a summary of Qt Group Plc's Interim Statement for January-March 2026. 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.
First quarter 2026: Net sales growth of 11.6% in a challenging market
January - March 2026
- Net sales increased 11.6 percent to EUR 52.7 million (EUR 47.2 million). The effect of exchange rates on the comparison period’s net sales was EUR -2.7 million and at comparable exchange rates, net sales increased by 18.4 percent.
- ARR increased to EUR 155.9 million (EUR 122.1 million), an increase of 32.7 percent at comparable exchange rates.
- Operating profit (EBITA) was EUR 5.0 million (EUR 8.5 million) or 9.6 percent (17.9%) of net sales
- Operating profit (EBIT) was EUR 1.5 million (EUR 6.5 million) or 2.8 percent (13.7%) of net sales
- Earnings per share were EUR 0.01 (EUR 0.20).
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 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.
Consolidated key figures
| EUR 1,000 | 1-3/2026 | 1-3/2025 | Change, % | 1-12/2025 |
| Net sales | 52,727 | 47,236 | 11.6% | 216,281 |
| Operating profit (EBITA) | 5,049 | 8,460 | -40.3% | 51,807 |
| EBITA, % | 9,6% | 17.9% | 24.0% | |
| Operating profit (EBIT) | 1,497 | 6,452 | -76.8% | 42,537 |
| EBIT, % | 2,8% | 13.7% | 19.7% | |
| Net profit | 356 | 4,966 | -92.8% | 31,786 |
| % of net sales | 0.7% | 10.5% | 14.7% | |
| Return on equity, % | 0.2% | 2.7% | 16.4% | |
| Return on investment, % | 0.4% | 3.4% | 15.5% | |
| Interest-bearing liabilities 1 | 143,529 | 7,599 | 1788.8% | 143,225 |
| Cash and cash equivalents 1 | 56,411 | 80,570 | -30.0% | 40,124 |
| Net gearing, % 1 | 41.3% | -39.8% | 49.2% | |
| Equity ratio, % 1 | 51.3% | 82.3% | 50.8% | |
| Earnings per share (EPS), EUR | 0.01 | 0.20 | -92.8% | 1.25 |
| Diluted earnings per share, EUR | 0.01 | 0.20 | -92.8% | 1.25 |
| Personnel, on average | 1,126 | 878 | 28.3% | 958 |
1 At the end of period
Juha Varelius, President and CEO
In the first quarter of 2026, net sales were EUR 52.7 million, an increase of 11.6 percent or 18.4 percent at comparable exchange rates. The effect of exchange rates on revenue was EUR -2.7 million. The recurring revenue base continued to strengthen in the first quarter of 2026. ARR grew 32.7 percent at comparable exchange rates in the last 12 months, reflecting that our long-term customer relationships remain solid, even as the broader operating environment remained challenging. Geopolitical tensions and market uncertainty that characterized 2025 continued into the new year, and customer caution around new product development investments persisted, particularly in export-exposed segments.
The general weak economic situation and uncertain outlook continue to caution companies to start new product development projects or make additional investments into on-going projects. Customers are increasingly cost-conscious, actively looking to find savings across their software development spend. Operating profit (EBITA) was EUR 5.0 million or 9.6 percent of net sales in the first quarter of 2026. Company expects that the on-going reorganization and cost review will support better profitability already for the second half of 2026.
Qt Group’s ARR on March 31, 2026, amounted to EUR 155.9 million, an increase of 32.7 percent in the last 12 months at comparable exchange rates from March 31, 2026. Increasing recurring revenue indicates a solid foundation for Qt Group’s long-term growth.
In the first quarter of 2026 we continued to add new customers while defending our position with our top customers, reflecting the underlying health of our installed base in across multiple industries. In APAC, business continued to grow with sustained positive demand signals. In EMEA, export-related business face the risk from global economic conditions, whereas demand in less impacted sectors is growing. In Americas, the overall business sentiment remains cautious due to perceived market risks.
Integration of IAR
The integration of IAR into Qt is progressing according to plan. During the first quarter of 2026, we laid the operational foundations for a unified organization, aligning core systems, establishing data-sharing across teams, and preparing for the full integration of IAR into the Qt group.
AI Partnerships in Q1
AI-assisted development is growing rapidly but embedded and safety-critical industries face unique challenges around hardware requirements, physical testing, and regulatory compliance. While our customers are already using AI for production code, industry-wide certification and verification standards are still evolving. With tools like Squish and IAR Compiler, Qt is well-positioned to bridge this gap.
We strengthened our partner network by announcing collaboration with Qualcomm Technologies to pre-optimize Qt’s framework for their Dragonwing IQ series processors, presenting a proof-of-concept and demo applications for Edge AI use cases. At NVIDIA GTC 2026, we joined the NVIDIA Halos AI Systems Inspection Lab, where Axivion, the only tool handling CUDA C++ extensions specifically, automates the safety documentation that regulated industries need to certify Physical AI systems.
Strengthening our operational foundation
In mid-April, after the reporting period, Qt Group launched reorganization measures to improve operational efficiency, respond to the changed market environment, and fully leverage synergies arising from IAR and other acquisitions the company has carried out in the past years. The reorganization is expected to result in annual cost savings of approximately EUR 20 million. Globally, the planned actions may impact up to 200 positions in total. We believe that this planned reorganization is a necessary step to build a more agile and clearer organization, that will strengthen our long-term profitability and ability to execute on our strategy.
Guidance for 2026
Qt estimates that the full-year net sales for 2026 will increase by at least 10 percent year-on-year at comparable exchange rates, and that the 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 May 13, at 3:00–4:00 pm EEST in Eliel studio, Sanomatalo, in Helsinki, Finland, and as a live webcast at www.qt.io/investors. CEO Juha Varelius and 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/q1-2026/dial-in
Further information:
President and CEO Juha Varelius, tel. +358 9 8861 8040
Distribution:
Nasdaq Helsinki
Key media
www.qt.io