Qt Group Oyj

Latest Results (18.01.2026):

Qt Group Oyj — third quarter 2025: Qt Group Oyj reported Q3 2025 net sales of EUR 40.7 million, a 3.4% decrease versus Q3 2024 (‑0.2% at comparable exchange rates). Profitability weakened: EBITA was EUR 4.3 million (10.5% of sales) and EBIT EUR 2.3 million (5.6%). Earnings per share in the quarter were EUR 0.06. Year‑to‑date (Jan–Sep 2025) net sales were EUR 139.2 million (‑1.0%) with EBITA EUR 24.4 million (17.5%) and EPS EUR 0.52. The quarter was affected by softer demand (notably smaller deal sizes in automotive), one‑off acquisition costs related to IAR and a lowered full‑year outlook issued October 17, 2025.

Top‑line and currency

Q3 net sales: EUR 40.7m (‑3.4% YoY). At comparable exchange rates Q3 sales declined 0.2%. Jan–Sep net sales: EUR 139.2m (‑1.0% YoY; +0.9% at comparable rates).

Profitability

Q3 operating profit (EBITA) EUR 4.3m (10.5% margin) vs. EUR 10.3m (24.5%) a year earlier; EBIT EUR 2.3m (5.6%). YTD EBITA EUR 24.4m (17.5% margin). Management cites weaker sales and acquisition‑related one‑offs as key drivers of lower margins.

Earnings per share

Q3 EPS was EUR 0.06 (Q3 2024: EUR 0.30). EPS for Jan–Sep 2025 was EUR 0.52 (Jan–Sep 2024: EUR 1.13).

Product mix

License sales and consulting fell 4.2% in Q3, while maintenance revenue increased 5.7% — indicating recurring maintenance strength despite softer developer/distribution licensing.

IAR acquisition impact

Qt initiated and is completing the IAR acquisition. Management estimates IAR will add ~EUR 8–10m to net sales in the remainder of 2025. One‑off acquisition costs are estimated at ~EUR 6–7m for 2025, of which ~EUR 1.7m was booked in Q3. IAR is expected to expand Qt’s addressable MCU and safety‑critical markets.

Guidance update and outlook

On October 17, 2025 Qt lowered its full‑year outlook: updated 2025 guidance expects net sales growth of +3–10% (at comparable FX) and an EBITA margin of 20–30% (previously 10–20% sales growth and 30–40% EBITA margin).

Balance sheet and cash

Strong cash position: cash and equivalents EUR 93.9m at 30 Sep 2025. Interest‑bearing liabilities EUR 7.1m. Net gearing strongly negative at ‑45.5% and equity ratio 84.5%, providing financial flexibility for the IAR transaction.

Market drivers and risks

Management points to weaker customer purchasing behaviour and smaller average deal sizes (notably in automotive) as the main near‑term headwinds. Longer contract lead times, FX exposure and acquisition integration are highlighted as continuing risks and uncertainties.