Qt Group (QTCOM) Q4 2025 earnings summary

Executive summary

• Q4 2025 net sales rose 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 grew 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% (EUR 51.8 million).

• Personnel increased to 1,136 at year-end, including 215 from IAR.

Financial highlights

• 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.

• Ending cash balance: EUR 40.1 million, down due to IAR acquisition.

• Equity ratio declined to 50.8% from 81.6% due to IAR acquisition financing.

• Interest-bearing debt rose to EUR 143.2 million, mainly from IAR financing.

Outlook and guidance

• 2026 net sales expected to grow at least 10% year-over-year at comparable exchange rates.

• Operating profit margin (EBITA %) projected to be at least 15% in 2026.

• IAR revenue expected to decline in 2026 due to SaaS transition, with recovery and growth from 2027.

• No decline expected in legacy Qt business in 2026.

• Market environment remains uncertain in the short term, but long-term growth prospects are positive.