This release is a summary of Qt Group Plc's Half-Year Report January-June 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.

Second quarter 2025: Net sales slightly decreased, full year guidance unchanged

April-June 2025

• Net sales decreased 3.9 percent to EUR 51.2 million (EUR 53.3 million). The effect of exchange rates on the comparison period's net sales was EUR -1.9 million and at comparable exchange rates, net sales decreased by 0.5 percent.
• Operating profit (EBITA) was EUR 11.6 million (EUR 18.5 million) or 22.7 percent (34.7%) of net sales.
• Operating profit (EBIT) was EUR 9.6 million (EUR 16.5 million) or 18.8 percent (31.0%) of net sales.  
• Earnings per share were EUR 0.27 (EUR 0.53).

January-June 2025

• Net sales increased 0.1 percent to EUR 98.5 million (EUR 98.4 million). The effect of exchange rates on the comparison period's net sales was EUR -1.3 million and at comparable exchange rates, net sales increased by 1.4 percent.
• Operating profit (EBITA) was EUR 20.1 million (EUR 29.5 million) or 20.4 percent (30.0 %) of net sales.
• Operating profit (EBIT) was EUR 16.1 million (EUR 25.5 million) or 16.3 percent (25.9 %) of net sales.
• Earnings per share were EUR 0.46 (EUR 0. 83).

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.

Key figures

¹ At the end of the period

Juha Varelius, President and CEO

The weakening of the global economic situation and general uncertainty in future outlook that began already in the first quarter of 2025 continued in the second quarter. Additionally, increasing trade tensions significantly slowed down Qt Group's revenue growth.  Net sales in the second quarter of 2025 were EUR 51.2 million, which is a 3.9 percent decrease compared to the exceptionally strong second quarter in 2024. At comparable exchange rates net sales decreased 0.5 percent.

There is a noticeable cautiousness in customers' purchasing behavior, which is why net sales was weaker than expected. New customer sales and sales of developer licenses to customers new product development projects were challenging in all geographical areas, especially in the Americas and Europe. Distribution license revenue increased in all geographical areas.

Due to decreased net sales and increased personnel expenses operating profit decreased during the second quarter in comparison to the previous year. In April-June 2025 EBITA-margin was 22.7 percent. The company's cash and profitability were still at a very good level, and we continue our long-term growth investments according to our strategy.

With Qt Bridges technology, announced in May, we can expand the Qt development platform and ecosystem by integrating Qt's graphical user interface development into any chosen programming language. During the first phase supported languages include Rust, Python, .NET, Swift and Kotlin/Java. Over time, our plan is to build a universal engine for enabling software innovations. We introduced Qt Bridges at Qt WorldSummit event, which brought together over 800 software development professionals in Munich to discuss latest innovations and to hear key insights on developing with Qt from companies such as Harman, Metso and Siemens.

In July, we published Qt's recommended public cash offer for I.A.R. Systems Group, which has a strong position in embedded development solutions. Should the offer be completed, the combined company would be able to provide a comprehensive, one-stop shop solution, unlocking significant value for both companies. The product portfolios of Qt Group and IAR are complementary. Furthermore, IAR's commercial compiler offering would enable Qt Group to enter the sizable broader MCU (microprocessor) market, which is driven by, among other things, functional safety requirements. More information about the offer is available at www.nordic-software-offer.com.

Despite the challenging market environment, we estimate, that the developer license net sales will increase from the beginning of the year towards the end of the year. In addition, we estimate that our earlier growth investments into sales and quality assurance and testing business will on their part boost the net sales growth during the second half of the year 2025. We keep our full-year outlook unchanged.

Outlook for 2025 (issued on April 23, 2025):

We estimate that our full-year net sales for 2025 will increase by 10-20 percent year-on-year at comparable exchange rates and that our operating profit margin (EBITA %) will be 30-40 percent in 2025.

News conference

Qt Group will hold an English-language news conference on August 6, 2025, at 11-12 noon EEST at Eliel studio, Sanomatalo in Helsinki, Finland, and as a webcast at www.qt.io/investors. CEO Juha Varelius and CFO Jouni Lintunen will present the results at the news conference. Analysts and investors can participate in the news conference in person or via conference call: https://palvelu.flik.fi/teleconference/?id=50051504

Further information:
President and CEO Juha Varelius, tel. +358 9 8861 8040

Distribution:
Nasdaq Helsinki
Key media
www.qt.io