Revenue

Qt Group's revenue growth in the last quarter was driven by a 19.6% increase in net sales, with a notable 20.9% increase at comparable exchange rates. This uptick can be attributed to the company's strong recurring revenue base, which continued to strengthen in the second quarter. The adoption of the subscription licensing model within IAR also accelerated, with subscription now representing the majority of bookings within the business unit. However, the company's revenue growth was somewhat tempered by the challenging geopolitical and macro backdrop, which kept customers cautious about long-term investment decisions. Despite this, Qt Group's stable business and strong retention rates, particularly in EMEA and Americas, suggest a solid foundation for the company's long-term growth.

The realised revenue for Q2 2026 is 61.3 million Euros, while the predicted revenue for Q2 2027 (e) is 62.8 million Euros. The revenue is expected to increase by 1.5 million Euros, which is a 2.4% change from the realised value. The revenue is expected to increase by 29.8 million Euros from 2025 to 2026, which is a 13.7% change. From 2026 to 2027, the revenue is predicted to increase by 5.9 million Euros, representing a 2.4% change. The annual revenue values are 216.3 million Euros in 2025, 246.1 million Euros in 2026, and 252.1 million Euros in 2027.

Ebit

Qt Group's EBIT profitability has experienced a significant decline, with a notable drop in the second quarter compared to the same period last year. This downward trend is attributed to increased personnel expenses, which have risen substantially, contributing to the erosion of EBIT margins. Furthermore, the company's operating expenses have also increased, albeit at a slower pace, further exacerbating the decline in EBIT profitability. The management's application of accounting principles and estimates, as well as the impact of exchange rates, have likely played a role in this development. Overall, Qt Group's EBIT profitability appears to be under pressure, necessitating a closer examination of the company's operational efficiency and cost structure.

The realised Ebit for Q2 2026 is 6.1 million Euros, while the predicted Ebit for Q2 2027 (e) is 0.4 million Euros. The predicted Ebit for Q2 2027 (e) is expected to decrease by 93.7% compared to the realised Ebit for Q2 2026, which translates to a decrease of 5.7 million Euros. The Ebit is expected to decrease by 16.5 million Euros from 2025 to 2026, which is a 39.1% decrease. From 2026 to 2027, the Ebit is expected to decrease by 21.3 million Euros, which is a 85.2% decrease. The annual Ebit values are 42.5 million Euros in 2025, 25.0 million Euros in 2026, and 3.7 million Euros in 2027.

Profit befor tax

The realised profit before tax in Q2 2026 is 5.1 million Euros, while the predicted profit before tax in Q2 2027 (e) is 0.4 million Euros. The expected change in profit before tax from Q2 2026 to Q2 2027 (e) is a decrease of 4.7 million Euros, which represents a decline of approximately 92% compared to the previous year. The change in Profit before tax from 2025 to 2026 is a decrease of 17.3 million Euros, which is a 43% drop. From 2026 to 2027, the change is a decrease of 19.3 million Euros, which is a 84% drop. The annual values for Profit before tax are 40.3 million Euros in 2025, 23.0 million Euros in 2026, and 3.7 million Euros in 2027.

Profit

The realised profit for Q2 2026 is 2.4 million Euros, while the predicted profit for Q2 2027 (e) is 0.3 million Euros. The expected change in profit from Q2 2026 to Q2 2027 (e) is a decrease of 2.1 million Euros, which represents a 87.5% decline. The profit is expected to decrease by 15.1 million Euros from 2025 to 2026, which is a 47.6% decrease. From 2026 to 2027, the profit is expected to decrease by 13.8 million Euros, which is a 83.3% decrease. The annual profit values are 31.8 million Euros in 2025, 16.7 million Euros in 2026, and 2.9 million Euros in 2027.