Q4 2025 net sales grew 12.6% to EUR 77.1 million, with IAR acquisition contributing EUR 8.1 million.
Full-year 2025 net sales reached EUR 216.3 million, up 6.6% at comparable currencies and 3.5% year-over-year; organic growth was 2.6%.
Distribution license revenue surged 26.4%, led by automotive, medical, and industrial sectors.
Profitability declined due to one-off acquisition costs and higher personnel expenses; full-year EBITA margin was 24.0%.
IAR acquisition increased headcount to 1,100–1,136 at year-end, with 215 from IAR.
Q4 EBITA was EUR 27.5 million (35.6% margin); full-year EBITA was EUR 51.8 million (24.0% margin).
Q4 EPS was EUR 0.73; full-year EPS was EUR 1.25.
ARR (excluding IAR and distribution licenses) grew 8.3% year-over-year to EUR 127.1 million.
Equity ratio dropped from 81% to 50.8% due to IAR acquisition financing.
Ending cash balance was EUR 40.1 million, down from EUR 64.9 million a year earlier.
2026 guidance: net sales to increase at least 10% year-over-year at comparable exchange rates; operating profit margin at least 15%.
IAR revenue expected to decline in 2026 due to SaaS transition, with rebound expected in 2027.
No decline expected in legacy Qt business for 2026.
Distribution license revenue for 2026 expected to be flat or slightly down from 2025.
Market environment remains uncertain in the short term, but long-term growth prospects are positive.
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