Annual Report 2024
Qt's
cross-platform versatility,
simulator efficiency, and
multi-language productivity
are all best-in-class and play
an important role in the
development of Roland's
products.
Yoshinobu Tatsui
MANAGER, LIVE PRODUCTION DEVELOPMENT GROUP,
SOFTWARE DEVELOPMENT DEPT.
TECHNOLOGY & DEVELOPMENT DIVISION,
R&D CENTER,
ROLAND CORPORATION
Qt Group | Annual Report 2024
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Table
of Contents
Qt Group in 2024 ....................................................... 04
CEO’s Review ................................................................. 05
Board of Directors’ Report ....................................... 07
Consolidated Key Figures ........................................... 17
Sustainability Statement ............................................ 18
Financial Statements ................................................ 64
Consolidated income statement .......................... 65
Consolidated statement
of financial position ................................................... 66
Consolidated cash flow statement ..................... 67
Consolidated statement of
changes in shareholders’ equity ........................... 68
Notes to the Consolidated
Financial Statements ................................................ 69
Parent company’s income statement ................ 98
Parent company’s balance sheet ......................... 99
Parent company’s cash flow statement .........100
Basic information on the parent company
and accounting policies applied
in the financial statements ..................................101
Notes to the parent company
financial statements ...............................................102
Signatures to the Financial Statements
and the Board of Directors’ Report ...................106
Auditor's Report ...................................................... 107
Assurance Report
on the Sustainability Statement ........................... 113
Corporate Governance Statement 2024 .............. 111
Board of Directors ...................................................113
Management Team ..................................................117
Remuneration Report for
Qt Group Plc’s Governing Bodies 2024 ................ 123
Information for Shareholders ................................128
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Qt Group | Annual Report 2024
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Qt Group
in 2024
Operating profit (EBIT)
M€
63.2
47.3M€
EBIT margin
% of net sales
30.2%
26.2%
Return
on Investment
43.4%
35.6%
Equity
Ratio
81.6%
64.4%
1.40 €
2.26
Earnings per Share
€
732
Personnel
on Average
834
Operating profit (EBITA)
M€
71.2
55.4M€
EBITA margin
% of net sales
34.1%
30.6%
Net Sales
M€
20 9.1
180.7M€
2023 2024
2019 2020
240
220
200
180
160
140
120
100
80
60
40
20
0
2021 2022
58.4
79.5
121.1
155.3
180.7
209.1
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Qt Group continued to execute its growth
strategy in 2024. Although we fell short of
our net sales growth targets due to the chal-
lenging market situation, our growth contin-
ued and our profitability was at an excellent
level. I would like to take this opportunity to
thank our personnel, developer community,
partners and customers — it has again been
a pleasure to work with you throughout the
year and build first-class software for the
global market.
Transformation into a multi-product company continued
Our transformation into a multi-product company continued
as planned during the year. We are now even more involved
in supporting our customers in increasing their productivity
throughout the entire product development process, from user
interface design and software development to quality assur-
ance and testing.
The number of smart devices with a graphical user interface
continues to grow. An impressive and seamless user experi-
ence is a significant competitive advantage in the market. In
October, we released a new product version of our software
development platform, Qt 6.8. It includes numerous new fea-
tures that significantly improve the developer experience and
meet the development needs of demanding applications.
CEO's Review
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Juha Varelius
President & CEO
Qt Group Plc
our products comply with the Act and contribute to ensuring
that the products developed by our customers are safe and
secure throughout their entire life cycle.
More strong partners and users
We announced significant new partnerships in 2024. Going
forward, Infineon's graphics-enabled microcontrollers will be
available with Qt’s graphics solution and developer toolkit for
building graphical user interfaces.
We started a collaboration with Qualcomm Technologies, Inc.
on the development of advanced graphical user interfaces and
software quality assurance for industrial IoT devices. The col-
laboration helps IoT manufacturers to significantly accelerate
their devices’ time-to-market. We are now also part of LG Elec-
tronics' automotive content platform, and are partnering with
LG Electronics to embed the Qt software framework for appli-
cation development in LG’s webOS-based in-vehicle enter-
tainment platform.
We also want to contribute to promoting the growth of the
number of Qt professionals. Qt’s cooperation with educational
institutions and the Qt Academy e-learning platform, estab-
lished in spring 2023, continued to grow in popularity. The
As the number of software applications increases, so does the
need for automatic software quality assurance and testing. We
continued to develop our Qt Quality Assurance product port-
folio, which is used in quality assurance and testing in product
development activities, and we increased the sales of the port-
folio — also for product development processes in which Qt’s
development environment and tools are not used. Our solution
delivers significant savings in time and resources for software
developers and accelerates time-to-market.
Investments in growth and information security
Qt Group’s excellent profitability enables growth investments
in areas of strategic importance. We continued to invest in
sales growth, and we expanded our sales focus particularly
to the quality assurance and testing business and customers
outside the Qt ecosystem. We also allocated investments
to research and product development in all of our product
areas. Our products enable our customers to work even more
smoothly throughout their entire organization.
Our growth investments, especially in strengthening our sales
and R&D organizations, were reflected in an increase in the
number of employees. We had 869 employees at the end of
2024. This represents a year-on-year increase of 12 percent.
We also significantly increased our investments in informa-
tion security in 2024. Our holistic approach covers all aspects
of information security, by which we ensure the security of
our operations, products and customers. We were awarded
an ISO 27001:2022 certificate, audited and issued by KPMG,
which verifies the security of Qt Group’s operational activi-
ties and information with the help of an information security
management system (ISMS). We also started preparing for the
European Union’s Cyber Resilience Act. We want to ensure that
number of licenses for students and teachers increased by
63 percent, and the number of Qt Academy users grew by
193 percent, which means tens of thousands of new users.
We intensified our cooperation with educational institutions
by launching a university network called University & Talent
Network.
Qt Group's growth continues
Qt Group continued to grow in 2024. At comparable exchange
rates, net sales increased by 15.7 percent year-on-year.
Although net sales growth fell short of expectations, the
operating margin (EBITA %) was excellent at 34.1 percent, or
EUR 71.2 million. Sales of distribution licenses and consulting
were lower than expected, but the steady growth of net sales
accrued from developer licenses was a positive development.
We are in a good position in the global embedded software
markets, which hold significant potential. We are able to pro-
vide our customers with even higher value-added solutions,
and we are involved in their entire product development pro-
cess, from user interface design and software development
to quality assurance and testing.
Our products enable our customers
to work even more smoothly
throughout their entire organization.
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Financial Reporting
Net Sales
Qt Group Plc’s net sales in 2024 amounted to EUR
209.1 million (EUR 180.7 million), representing a
growth of 15.7 percent. Net sales of distribution
licenses grew by 1.9 percent to EUR 45.0 million.
License sales and consulting increased by 17.5 per-
cent, while maintenance revenue decreased by 8.1
percent. The decrease in maintenance revenue is due
Report of the Board
of Directors
Year 2024 in Brief
• Net sales increased by 15.7 percent to EUR
209,1 million (EUR 180.7 million). At comparable
exchange rates, net sales increased by 15.7
percent.
• Operating profit (EBITA) was EUR 71.2 (55.4)
million, or 34.1 (30.6) percent of net sales.
• Operating profit (EBIT) was EUR 63.2 (47.3)
million, or 30.2 (26.2) percent of net sales.
• The number of employees was 834 (732)
on average and 869 (775) at the end of the year.
• Earnings per share were EUR 2.26 (1.40).
The figures in brackets refer to the comparison period, i.e. the corresponding
period in the previous year. The reporting complies with the International
Financial Reporting Standards (IFRS). The percentage of change in net sales
at comparable exchange rates is calculated by translating the net sales from
the comparison period of 2023 with the actual exchange rates of the reporting
period of 2024 and by comparing the actual net sales in 2024 with the net
sales of 2023 calculated at comparable exchange rates.
to Qt Group’s transition into a subscription license
model. The effect of exchange rates on net sales for the
January–December comparison period was EUR -0.1
million. At comparable exchange rates, net sales grew
by 15.7 percent.
EUR 1,000
1–12
2024
1–12
2023
Change,
%
License sales and consulting 197,141 167,776 17,5%
Maintenance revenue 11,922 12,967 -8,1%
Total 209,063 180,743 15,7%
Of which distribution licenses 44,954 44,115 1,9%
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Profit Performance
Qt Group’s operating profit (EBITA) for 2024 amounted to
EUR 71.2 million (EUR 55.4 million), representing 34.1 per-
cent of net sales (30.6%). Operating profit (EBIT) was EUR
63.2 million (EUR 47.3 million), representing 30.2 percent of
net sales (26.2%).
The company invested particularly in strengthening its sales
and R&D organizations, which increased personnel expenses.
Other operating expenses increased due to increased pur-
chasing of external services and business travel.
Qt Group’s profit before taxes was EUR 70.4 million (EUR 44.8
million) and profit amounted to EUR 57.3 million (EUR 35.5
million) in 2024. Taxes for the period under review came to
EUR 13.0 million (EUR 9.4 million).
Earnings per share for 2024 amounted to EUR 2.26 (1.40).
EUR 1,000
1–12
/2024
1–12
/2023
Change,
%
Net sales 209,063 180,743 15.7%
Other operating income 20 356 -94.3%
Materials and services -3,920 -4,544 -13.7%
Personnel expenses -98,022 -87,739 11.7%
Depreciation, amortization and impairment
(excl. Intangible assets arising from business combinations) -3,426 -3,161 8.4%
Other operating expenses -32,515 -30,277 7.4%
Operating result (EBITA) 71,199 55,379 28.6%
EBITA-% 34.1% 30.6%
Depreciation
(Intangible assets arising from business combinations) -8,030 -8,030 0.0%
Operating result (EBIT) 63,169 47,349 33.4%
EBIT-% 30.2% 26.2%
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Financing and Investments
Cash flow from operating activities was EUR 53.7 million (EUR
40.0 million) in the fiscal year. Qt Group's cash and cash equiv-
alents totaled EUR 64.9 million (EUR 33.6 million) at the end
of December.
Qt Group’s consolidated balance sheet total at the end of the
fiscal year stood at EUR 238.8 million (EUR 206.5 million).
Cash flow from investments in the fiscal year was EUR -4.5
million (EUR -4.9 million).
In 2024, the payment of earn-out liabilities from 2022 com-
pleted Axivion acquisition was EUR 3.3 million. During third
and fourth quarter of 2024, the earn-out liabilities were
adjusted and positive profit impact of EUR 6.7 million was
presented in other financial income.
The equity ratio was 81.6 percent (64.4%) and gearing was
-33.9 percent (-10.7%). Interest-bearing liabilities amounted
to EUR 4.3 million (EUR 20.5 million) of which short-term
loans accounted for EUR 2.1 million (EUR 18.5 million). During
the fiscal year, return on investment was 43.4 percent (35.6%)
and return on equity was 38.1 percent (33.9%).
Acquisitions
Qt Group did not carry out acquisitions in 2024.
Research and Development
Product development expenses are included in the result for
the financial year in their entirety, and the company has no
capitalized product development expenses on its balance
sheet.
Product development expenses during the financial year
totaled EUR 29.5 million (EUR 22.4 million), representing 14.1
percent (12.4%) of net sales. Product development expenses
increased by 31.7 percent year-on-year.
There were, on average, 230 people working in product devel-
opment during the financial year (206 people).
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Personnel
In 2024, the number of the Group’s personnel was 834 (732)
on average and 869 (775) at the end of the financial year.
Personnel expenses during the financial year totaled EUR
98.0 million (EUR 87.7 million), representing an increase of
11.7 percent.
At the end of the financial year, personnel working outside
Finland represented 68 percent (71%) of the total.
Changes in the Management Team
Aleksina Shemeikka (b. 1979, M.Sc. Engineering, MBA), was
appointed as Qt Group’s Senior Vice President, Software
Quality Solutions and member of the Management Team
effective from February 15, 2024. Laura Kilemet (b. 1979,
Master of Science, Economics and Business Administration),
was appointed as Qt Group’s Senior Vice President, People
& Culture, and member of the Management Team effective
from August 26, 2024. The previous SVP, People & Culture,
Mari Heusala moved to other position outside the Company
from August 23, 2024.
Group Structure
Qt Group Plc’s subsidiary responsible for its operations in Fin-
land is The Qt Company Oy, which has subsidiaries in Norway,
Germany, the United Kingdom, France, the United States,
India, China and South Korea, as well as a branch in Japan.
Personnel, on average
1-12
/2024
1-12
/2023
Change,
%
Finland 259 212 21.9%
Rest of Europe 305 275 10.7%
APAC 151 129 17.1%
North America 120 115 4.7%
Total 834 732 14.1%
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Reporting of Non-financial
Information
Qt Group’s Business Model
Qt Group is a globally operating software company whose
technology and tools enable enterprises to enhance the
product development of mobile and desktop applications
and embedded devices through every stage of the process,
from user interface design to software development, quality
assurance and deployment. Qt Group’s customers produce
applications and embedded devices in more than 70 indus-
tries in over 180 countries. The cornerstones of the com-
pany's operations are a scalable and multi-platform product
portfolio, long-term customer relationships, an international
brand, and the expertise of employees and its development.
More information about Qt Group's operations can be found
in the sustainability statement.
The company’s net sales are derived from subscription-based
developer licenses and quality assurance licenses, as well
as distribution licenses and consulting services. In 2024, Qt
Group’s net sales amounted to EUR 209.1 million, and oper-
ating profit (EBIT) was EUR 63.2 million. The number of per-
sonnel was 869 at the end of 2024. Qt Group’s strategy is
focused on expanding its business and creating long-term
growth opportunities. The company executes growth invest-
ments, particularly in R&D, sales, and the innovation of new
solutions.
Major Risks and Risk Management
Qt Group’s risk management is a continuous process in
which major risks are identified and assessed, after which
the company determines the responsible persons and actions
based on the potential significance of the risks. Risks are also
assessed as part of the company’s ISO 9001-certified quality
assurance system. The Audit Committee of Qt Group’s Board
of Directors reviews the company’s risk assessment every six
months. Risk management and the company’s internal con-
trol are described in more detail in the Corporate Governance
Statement included in the Annual Report.
Qt Group has identified various customer risks as one cate-
gory of major operational risks. Examples of customer risks
include changes in customers’ payment behavior or sol-
vency, and the potential weakening of the company’s nego-
tiating position, especially in the case of large customers. Qt
Group manages customer risk through the active develop-
ment of the customer structure and the proactive preven-
tion of potential risk positions. None of Qt Group’s customers
account for more than 10 percent of the company’s annual
net sales. In addition, Qt Group monitors customer satisfac-
tion by means of surveys and takes customer feedback into
account in its product development and other activities.
The execution of Qt Group’s strategy requires success in
recruiting experts, developing employee competence, and
strengthening employee engagement. Personnel risks are
managed by means of various employee benefits and incen-
tive schemes, as well as a goal and development discussion
process. Qt Group aims to promote the professional devel-
opment of its personnel by investing in learning on the job
and by maintaining descriptions of the responsibilities and
requirements of different roles, which supports career plan-
ning within the company. The personnel’s satisfaction and
commitment to Qt Group are evaluated annually by a third-
party survey that measures the most significant issues from
the personnel’s perspective and the company’s performance
in those areas. The personnel survey provides employees
with the opportunity to give anonymous feedback to the
company’s management. The results are used in developing
the company’s operations, particularly at the team and busi-
ness unit levels.
Qt Group keeps a close eye on technology and IT trends in
order to provide its customers with future-proof application
development tools and maintain its competitive position in
a rapidly changing industry. Qt technology is developed, and
new features are added by both the R&D teams and the soft-
ware developers in the open-source community. The active
engagement of the open-source community steers develop-
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
ment efforts and supports the quality assurance of Qt tech-
nology. Qt Group’s strategy includes the possibility of acqui-
sitions, where careful due diligence is carried out to ensure
that any acquired technologies are of sufficiently high quality.
Risks typical to the software business, relating to the appro-
priate protection of intellectual property rights and the poten-
tial violation of the rights of other IPR holders, are managed
through extensive internal policies, terms of conditions of all
agreements, and appropriate follow-up and analysis.
Data security risk is managed through the continuous devel-
opment of working models, security practices, and processes.
The company has mandatory training for personnel on infor-
mation security awareness and practicalities. Completion rate
of the training is monitored. Qt Group conducts regular vul-
nerability audits of critical systems and assesses data secu-
rity risks and their management on a quarterly basis.
Risks and risk management related to the company’s finances
and financing are described in the Corporate Governance
Statement and the Notes to the Consolidated Financial State-
ments.
Sustainability-related risks and their impacts on the com-
pany are separately discussed in the
sustainability statement on page 18.
Share and Shareholders
At the end of the financial year, Qt Group held 79,000 trea-
sury shares, representing 0.3 percent of the total number
of listed shares. On December 30, 2024, the number of Qt
Group Plc shares outstanding was 25,391,211 (25,319,211).
On December 30, 2024, the company had a total of 38,207
shareholders, including nominee-registered shares, according
to Euroclear Finland Oy.
The company didn’t receive flagging notifications in 2024.
Share Price and Turnover
Qt Group Plc’s share (trading code: QTCOM) is listed on the
main list of the Nasdaq Helsinki stock exchange. A total of
12,195,992 shares were traded in Nasdaq Helsinki during
the reporting period. This accounts for 48.0 percent of the
total number of shares.
The volume-weighted average price of the share was EUR
76.12, with the lowest price being EUR 58.00 (January 5,
2024) and the highest price EUR 97.15 (September 2, 2022).
The closing price at the end of December was EUR 67.20 per
share, and Qt Group’s market capitalization was EUR 1,706
million.
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
10 largest shareholders on December 30, 2024
Shareholder
Number of shares
and votes
Percentage of shares
and votes, %
Ingman Development Oy Ab 5,460,000 21.4
Skandinaviska Enskilda Banken Ab (Publ)
Helsinki branch* 5,064,299 19.9
Ilmarinen Mutual Pension Insurance Company 1,603,165 6.3
Citibank Europe Plc* 857,714 3.4
Varma Mutual Pension Insurance Company 759,491 3.0
Savolainen Matti 452,785 1.8
Karvinen Kari 425,000 1.7
Varelius Juha 400,982 1.6
Elo Mutual Pension Insurance Company 378,000 1.5
Uhari Tommi 358,266 1.4
Total 15,759,702 61.9
* Nominee registered
Distribution of holdings by number of shares held on December 30, 2024
Number of shares
Percentage of
shareholders, %
Percentage of shares
and votes, %
1–100 81.0 3.4
101–1 000 16.9 7.3
1 001–10 000 1.8 6.7
10 001–100 000 0.2 10.2
100 001–1 000 000 0.1 24.7
1 000 001–9 999 999 0.0 47.6
Total 100.0 100.0
Shareholding by sector on December 30, 2024
Shareholder by sector
Percentage of
shareholders, %
Percentage of
shares, %
Non-financial corporations 4.1 25.7
Financial and insurance corporations* 0.2 27.9
General government 0.0 12.2
Not-for-profit institutions 0.4 1.1
Households 94.9 28.2
Foreign holding 0.3 4.9
*Including nominee-registered 0.1 24.8
Information on shareholding is based on data by Euroclear Finland Oy.
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Governance
Qt Group Plc's Annual General Meeting (AGM) held on March
12, 2024, adopted the company's financial statements,
including the consolidated financial statements for the
accounting period 1 January–31 December 2023, reviewed
the Remuneration Policy and Remuneration Report for com-
pany’s governing bodies and discharged the Members of the
Board and the Chief Executive Officer from liability. The AGM
decided that based on the balance sheet to be adopted for
the accounting period ended December 31, 2023, no divi-
dend will be paid. The AGM decided to elect six members to
the Board. Robert Ingman, Marika Auramo, Matti Heikkonen,
Mikko Marsio and Mikko Välimäki were re-elected and Elina
Anckar was elected as Board members. At the Organizing
Meeting held after the General Meeting, Robert Ingman was
elected as Chair of the Board and Mikko Marsio was elected
as Vice Chair of the Board.
The AGM authorized the Board to decide on the repurchase
and/or acceptance as pledge of a maximum of 2,000,000
of the company's own shares by using funds in the unre-
stricted equity. The Board shall decide on how the shares
will be repurchased. The shares may be repurchased other-
wise than in proportion to the shareholdings of the current
shareholders. The authorization also includes the acquisition
of shares through public trading organized by Nasdaq Helsinki
Ltd in accordance with its and Euroclear Finland Ltd's rules
and instructions, or through offers made to shareholders.
The shares may be repurchased in order to improve the cap-
ital structure of the company, to finance or carry out acqui-
sitions or other arrangements, to carry out the company's
share-based incentive schemes, to be transferred for other
purposes, or to be cancelled. The shares shall be repurchased
for a price based on the fair value quoted in public trading.
The authorization shall be valid for 18 months from the issue
date of the authorization, i.e. until September 12, 2025 and
it replaces any earlier authorizations on repurchase and/or
acceptance as pledge of company's own shares.
The AGM authorized the Board to decide on share issue and
granting of special rights pursuant to Chapter 10 Section 1
of the Companies Act, subject to or free of charge, in one or
several tranches on the following terms: The maximum total
number of shares to be issued by virtue of authorization is
2,000,000. The authorization concerns both the issuance of
new shares as well as the transfer of treasury shares. By
virtue of the authorization, the Board of Directors is enti-
tled to decide on share issues and granting of special rights
waiving the pre-emptive subscription rights of the share-
holders (directed issue). The authorization may be used in
order to finance or carry out acquisitions or other arrange-
ments, to carry out the company’s share-based incentive
schemes and to improve the capital structure of the com-
pany, or for other purposes decided by the Board of Direc-
tors. The authorization includes the Board of Directors' right
to decide on all terms relating to the share issue and granting
of special rights including the subscription price, its payment
and its entry into the company's balance sheet. The authori-
zation shall be valid for 18 months from the issue date of the
authorization, i.e. until September 12, 2025 and it replaces
any earlier authorizations on share issue and granting of spe-
cial rights.
Corporate Governance Statement
Qt Group Plc has published on its website a Corporate Gov-
ernance Statement report that has been prepared in accor-
dance with the Governance Code for Listed Finnish Compa-
nies 2025 (“Governance Code”) and chapter 7, section 7 of
Finnish Securities Market Act (746/2012). This Statement
has been issued separately from the Board’s operating and
financial review.
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Events after the Review Period
On 13 February 2025, the Board of Directors of Qt Group
Plc released a new share-based incentive plan for the com-
pany’s key employees. The purpose of the incentive plan is
to align the goals of the shareholders and the company's
management to develop the company's value, and to commit
the company's management and key personnel to the com-
pany and achieving the company's strategic goals by offering
them a competitive long-term incentive plan. Members of the
company's Board of Directors are not included in the incen-
tive plan.
The new performance-based incentive plan covers the years
2025-2027. The applicable performance criteria are based
on the company's revenue growth during the measurement
period ending at the end of 2027, as well as annually set
strategic targets, each with a one-year measurement period.
Risks and Business Uncertainties
Qt Group’s risks and uncertainties are related to potential sig-
nificant changes in the operating environment of the com-
pany and its customers, and Qt Group’s ability to execute its
strategy.
Qt Group’s solutions increase productivity in the product
development process of mobile and desktop applications,
and embedded devices with graphical user interfaces from
user interface design to software development, quality assur-
ance and deployment. Qt Group operates in a highly competi-
tive industry that is characterized by the rapid emergence and
development of various new technologies. The emergence
and widespread adoption of significant new technology can
potentially reduce the demand for Qt’s technology.
Qt Group’s distribution license revenue depends on the ability
and capacity of the company’s customers to manufacture
products and devices with graphical user interfaces for the
market. Disruptions in the customers’ global supply chains
may create delays in the production processes of equip-
ment manufacturers and reduce their production volume,
which particularly affects net sales accrued from distribu-
tion licenses.
In addition to organic growth, the company also actively pur-
sues inorganic growth through acquisitions that support its
strategy. Qt Group may be subject to risks related to new
markets as a result of acquisitions. The integration of acquired
products, business operations and personnel also involve var-
ious risks.
Exchange rate fluctuations, particularly between the US dollar
and euro, may have a large impact on the development of
the company’s net sales. Another factor contributing to con-
siderable fluctuation in quarterly net sales and profitability
in particular is the contract turnaround times which, in the
major customer segment, are very long at up to 18 months.
Future Outlook
Operating Environment and Market Outlook
The company estimates the growth prospects for its business
in the next few years as very promising. Qt Group expects that
there will be strong demand for software design, develop-
ment and quality assurance tools, especially in the automo-
tive, consumer electronics, security, defense and aerospace,
medical devices and industrial automation industries.
Qt’s solutions for improving the productivity of software
development and user interface design provide companies
with the ability to respond to the growing requirements in the
software market, driven by the exponential growth of the IoT
market and the increasing speed of software development
life cycles. As software becomes increasingly complex and
incorporated into millions of everyday devices, the demand
for quality assurance tools will grow. Qt Group expects that
the quality assurance and testing automation markets will
continue to grow in the future.
Growth in the sales of developer licenses for devices with
graphical user interfaces will also be reflected in the growth
of net sales from distribution licenses. Distribution license
revenue is based on the customer’s production volume, which
is why Qt Group’s net sales can vary significantly from one
quarter to the next.
Increasing energy prices and a general economic slowdown
may reduce the demand for the products of Qt’s customers
Qt Group | Annual Report 2024
16
Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
and, consequently, slow the growth of Qt Group’s business.
The weakening of the global economic situation may also
affect the solvency of the company’s customers. Also, geo-
political risks add to the general uncertainty in the operating
environment.
Outlook for 2025
We estimate that the company’s net sales for 2025 will
increase by 15–25 percent year-on-year at comparable
exchange rates, and our operating profit margin (EBITA-%)
will be 30-40 percent.
The percentage of change in net sales at comparable
exchange rates is calculated by translating the net sales from
the comparison period of 2024 with the actual exchange rates
of the reporting period of 2025 and by comparing the actual
net sales in 2025 with the net sales of 2024 calculated at
comparable exchange rates.
Espoo, February 27, 2025
The Board of Directors of Qt Group
Qt Group | Annual Report 2024
17
Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
EUR thousand 31.12.2024 31.12.2023 31.12.2022
Net sales 209,063 180,743 155,318
Operating profit (EBITA) 71,199 55,379 42,249
EBITA, % 34.1% 30.6% 27.2%
Operating profit (EBIT) 63,169 47,349 36,870
EBIT, % 30.2% 26.2% 23.7%
Net profit 57,314 35,455 34,301
- % of net sales 27.4% 19.6% 22.1%
Return on equity, % 38.1% 33.9% 49.6%
Return on investment, % 43.4% 35.6% 41.5%
Interest-bearing liabilities 4,316 20,513 28,159
Cash and cash equivalents 64,861 33,595 8,815
Net gearing, % -33.9% -10.7% 22.3%
Equity ratio, % 81.6% 64.4% 52.8%
Earnings per share (EPS), EUR 2.26 1.40 1.36
EPS adjusted for dilution, EUR 2.26 1.39 1.36
Consolidated Key Figures
x 100
x 100
Calculation formulas for key figures
Profit/loss before taxes - taxes
Shareholders’ equity + minority interest (average)
Return on equity
(Profit/loss before taxes + interest and other financing costs)
Balance sheet total - non-interest bearing liabilities (average)
Return on investment:
Interest-bearing liabilities - cash, bank receivables and financial securities
Shareholders’ equity
Gearing
Shareholders’ equity + minority interest
Balance sheet total - advance payments received
Equity ratio
x 100
x 100
Qt Group's
Sustainability
Statement 2024
General Disclosures ................................................... 19
General Disclosures (ESRS 2) ................................. 19
EU Taxonomy .........................................................................32
General Information ..................................................... 32
Taxonomy Information ............................................. 33
Social Information ...................................................... 37
Own Workforce (S1) .................................................. 37
Workers in the Value Chain (S2) ............................ 45
Governance Information ...........................................48
Business Conduct (G1) ............................................. 48
Entity-Specific Disclosure: Data Protection ....... 51
Content Index .............................................................. 53
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
General Disclosures (ESRS 2)
BP-1
General basis for preparation of sustainability
statements
This ESRS sustainability statement has been prepared at
the Group level and the scope of consolidation is the same
as in the financial statements. The sustainability statement
examines the company’s entire upstream and downstream
value chain (see SBM-1 – Strategy, business model and value
chain).
General Disclosures
GOV-1
The role of the administrative, management
and supervisory bodies
Qt Group Plc’s Board of Directors is responsible for preparing
the company’s short-term and long-term strategies, taking
into account the expectations of different stakeholders. The
operational management, i.e. the CEO and the other mem-
bers of the Management Team, is responsible for the com-
pany’s business operations and governance in accordance
BP-2
Disclosures in relation to specific
circumstances
This report presents the estimated effects of financial risks
and opportunities on future cash flow, and these impacts
involve significant uncertainties. The amounts are the CFO's
estimates, and they have not been measured precisely.
The Board of Directors had two (2) committees in the finan-
cial year 2024: the Compensation and Nomination Committee
and the Audit Committee. The Audit Committee of the Board
of Directors is responsible for the oversight of tasks related
to Qt’s sustainability reporting, including the oversight of sus-
tainability impacts, risks, and opportunities. Responsibilities
or processes related to the monitoring and oversight of the
progress of impacts, risks and opportunities have not oth-
erwise been separately specified in the company’s terms of
reference or Board mandates. Dedicated procedures are not
used for oversight for the time being.
The oversight and monitoring process will be developed as
part of risk management, among other things, starting from
2025. The management of impacts, risks and opportunities
is reported as part of this sustainability statement, which is
approved by the Audit Committee and the Board of Directors.
The Management Team has operational responsibility for the
development of HR, data protection and corporate culture,
but no regular monitoring has been specified for their pro-
gress thus far.
with the instructions issued by the Board of Directors and
the provisions of the Finnish Limited Liability Companies Act.
The members of Qt’s Board of Directors and Management
Team have extensive international experience in various man-
agement and business-related roles. Qt has not separately
defined the special competence or expertise of the admin-
istrative, management and supervisory bodies with regard
to the supervision of different sustainability matters. Qt has
used external ESG experts as part of the double materiality
assessment and sustainability reporting process. The Man-
agement Team has participated in the assessment of the
material themes, and the Audit Committee of the Board of
Directors has discussed the progress of the CSRD project in its
meetings and the Board of Directors has approved this sus-
tainability statement. More information on the background
and expertise of the members of the Management Team and
the Board of Directors is provided in Qt’s Corporate Govern-
ance Statement.
There is no representation of employees in the administra-
tive and supervisory bodies, but all members of the Manage-
ment Team are employed by the company. All (100%) of the
members of the Board of Directors are independent of Qt.
Chair of the Board Robert Ingman is independent of Qt, but
not independent of its major shareholders.
Qt Group | Annual Report 2024
2020
Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
GENDER DISTRIBUTION AT TOP MANAGEMENT LEVEL, N
Governance body Female Male Other Not reported Total members
Board of Directors 2 4 0 0 6
Management Team** 3 (2) 7 (7) 0 0 10 (9)
GENDER DISTRIBUTION AT TOP MANAGEMENT LEVEL*, %
Governance body Female Male Other Not reported Total
Board of Directors*** 33% 67% 0 0 100%
Management Team** 30% 70% 0 0 100%
* Average share during 2024 divided by the annual average (headcount).
** The number of the members in the Management Team increased by one during 2024. The numbers before appointment of Aleksina Shemeikka are presented in parentheses.
*** The gender distribution (number of women in relation to the number of men) of the Board of Directors is 0.5.
GOV-2
Information provided to and sustainability
matters addressed by the undertaking’s
administrative, management and supervisory
bodies
In 2024, the Audit Committee of the Board of Directors dis-
cussed the progress of identifying and assessing sustain-
ability impacts, risks, and opportunities in each of its four
meetings. This included reviewing all impacts, risks, and
opportunities as a whole. As the setting of targets, metrics
and measures related to the impacts, risks and opportunities
is still in progress, oversight processes have also not been
specified and they are not regular items on the agenda of the
Management Team or the Board of Directors. The integration
of sustainability-related impacts, risks and opportunities into
Qt’s risk management process has begun, but in the reporting
period 2024, the administrative, management and supervi-
sory bodies have not separately taken into account identified
sustainability matters as part of strategic decisions. Qt has
not yet systematically built a due diligence process, and its
implementation has not been included in the agenda of the
administrative, management and supervisory bodies.
The Audit Committee has also discussed matters related to
the company's own workforce (S1), business conduct (G1),
and data protection on its agenda.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
GOV-3
Integration of sustainability-related
performance in incentive schemes
Qt does not have incentive or remuneration schemes related
to sustainability matters.
GOV-4
Statement on due diligence
Qt has not yet systematically created or implemented a due
diligence process nor has it been incorporated it into the gov-
ernance model. However, the due diligence process is applied
partially, and its steps are described in the following sections
of this sustainability statement:
• Engaging with affected stakeholders: ESRS 2 GOV-2,
SBM-2, IRO-1, S1-2 & S2-2.
• Identifying and assessing negative impacts on people and
the environment: ESRS 2 IRO-1, SBM-3.
• Taking action to address negative impacts on people and
the environment: ESRS 2 MDR-A, S1-4, S2-3, G1-3.
• Tracking the effectiveness of these efforts: ESRS 2
MDR-M, MDR-T, S1-5, S2-5 and S1 & S2 & G1 topic-
specific metrics.
GOV-5
Risk management and internal controls over
sustainability reporting
In 2024, Qt began to integrate sustainability-related impacts,
risks and opportunities into its risk management. The process
will continue in 2025 with an assessment of risks related to
sustainability reporting; how easily and accurately the nec-
essary information is available and how these risks should be
taken into account in policies and practices. However, during
2024 Qt has not yet established a clear model or method for
managing these risks or determining their order of priority.
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
SBM-1
Strategy, business model and value chain
Qt Group is an international software company whose main
products and tools are the Qt development environment and
quality assurance and testing solutions. The company’s prod-
ucts support the customers’ product development process
comprehensively. The products can be used either as an inte-
grated chain or as separate tools and development environ-
ments, depending on the customer’s needs. Qt’s customers
operate in more than 70 industries. They produce devices
and applications in the automotive, health technology, indus-
trial automation, and consumer electronics industries, for
example.
Qt Group’s primary business operations consist of five parts:
• Research and development related to
products and services
• Product management
• Sales and marketing
• Delivery (management & automation)
• After-sales services
(customer support, consulting and training)
The core business is supported by the HR function, the cor-
porate infrastructure (legal services, accounting and finance )
and technological infrastructure (external servers, databases
and data) and procurement (professional services and IT ser-
vices).
For the production of its products and services (upstream
value chain), Qt requires, for example, IT, product develop-
ment, sales and marketing tools and tools used by employees
(computers, phones, etc.). Products and services are delivered
as software, tools and services tailored to customers’ various
needs (downstream value chain).
The EU and the United States both have restrictions on soft-
ware exports. The export permit depends on the nature of
the software and the country to which it is intended to be
exported, and export is not necessarily permitted. Qt Group’s
products do not contain any functionality that would make
them subject to strict export regulations. The restrictions are
mainly related to the economic sanctions currently in place.
Qt's policy is that Qt's products or related technical informa-
tion may not be exported, re-exported or transferred directly
or indirectly to countries or entities that are subject to sanc-
tions.
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Interests and views of stakeholders
Engagement methods Purpose of engagement
Impacts on strategy and
stakeholder relations Planned measures
Informing the administrative,
management and
supervisory bodies
Customers Sales, Customer Success,
customer support, product
managers’ contact with key
customers, customer surveys
about products and customer
relationships.
Creating value for customers
through our products and
services, ensuring customer
satisfaction and collecting
feedback to support continuous
development.
Incorporating feedback into
product development, steering
of strategic and operational
decisions.
Continuous development Yes
Employees Personnel survey, orientation
training, leadership training,
individual development
discussions, team meetings and
team activities, regular business
reviews, communication tools,
culture-related efforts and
remuneration.
Employee well-being, strategy
execution, dialogue between
teams and management.
Updated processes and policies,
reviews of benefits, clearer
communication and clear action
plans.
Continuous development Yes
Board of
Directors
Board meetings, committee
meetings and Annual General
Meeting.
The Board of Directors sees
to the administration of the
company and the appropriate
organization of its operations.
The Board of Directors draws up
the agenda for its work and sees
to its implementation. The Board
also approves the company's
strategy and operating model
based on the proposal of the
Management Team.
Annual strategy work Yes
Analysts Interim reports and financial
statement bulletin, analyst
seminars and roadshows.
Analysts follow listed companies
and write analyses.
Participation in events proposed
by analysts.
- No
Business and
technology
partners
Recurring and occasional
meetings online, at events
and face-to-face, as well as
management-level policy
setting meetings on a case-by-
case basis.
Harmonization of product
interoperability, establishment
of marketing collaboration,
training of partner networks
to increase Qt awareness,
promotion and indirect sales.
Development and support
of various partner products,
budgeting, future tactics and
strategy for product and demo
development.
Continuous development Yes
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Engagement methods Purpose of engagement
Impacts on strategy and
stakeholder relations Planned measures
Informing the administrative,
management and
supervisory bodies
Open source
community
Qt Forum/Community Thorough testing of releases,
community-enabled
achievement of commercial
readiness as quickly as possible
by ensuring stability, versatility
and quality.
Bug fixes, new product releases
and new product ideas for
research and development.
Continuous development No
Shareholders Interim reports and financial
statement bulletin, Annual
General Meeting.
Sharing information to
shareholders about Qt’s
operations and results.
Shareholders have voting and
decision-making power over
the proposals discussed at the
Annual General Meeting.
Shareholders are informed of
the strategy and business model
at general meetings.
No
Holders of
educational
institution
licenses
Cooperation through Qt’s
University & Talent Network:
for example, visiting lectures,
guidance and mentoring of
student projects or event
sponsorship according to the
needs of the university.
Close cooperation with
universities and students
promotes the growth of the
Qt ecosystem and the number
of skilled Qt users, thereby
improving the coverage of Qt’s
products, and reaching future
employees.
Regular reporting to product
managers.
Students receive information
about job vacancies at Qt and in
customer companies.
Expanding Qt’s University &
Talent Network over the next
three years (including an annual
event and increasing global
visibility).
No
External
consultants
E-mail, monthly and quarterly
contact calls, office visits,
procurement expert visits to
partners’ offices annually.
Increasing business and visibility
for both parties (suppliers and
Qt Professional Services) and
strengthening the Qt ecosystem.
Improvement of contracts
and price negotiations (regular
meetings), maintaining and
developing trust and long-term
business relationships, better
understanding of the supplier’s
operations (audits).
Continuous development Yes
Qt has engaged all of the stakeholders listed above as part of the double materiality assessment.
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
SBM–3
Material impacts, risks and opportunities
and their interaction with strategy
and business model
In its double materiality assessment, Qt identified material
sustainability impacts, risks and opportunities related to its
own workforce (S1), external consultants (S2), business con-
duct (G1) and data protection (entity-specific). Most signifi-
cant impacts, risks and opportunities are related to Qt’s own
workforce and business conduct, meaning its own opera-
tions. External consultants are employees of Qt’s subcon-
tracted service providers who typically provide support
in the deployment of products and services in the down-
stream value chain. Data protection (entity-specific disclo-
sure requirement) relates to Qt’s subcontracting chain and
to the users of its products.
Of the material impacts, risks and opportunities identified by
Qt, the failure of data protection is a significant business risk,
which, if realized, could have significant effects on the compa-
ny’s business. Data protection is an integral part of the com-
pany’s risk management and processes. Qt also received the
ISO27001 certification for its operations in 2024.
Following the double materiality assessment, the more
extensive integration of sustainability matters in risk man-
agement was initiated in the fourth quarter of 2024. The
purpose is to take sustainability risks and opportunities into
account more extensively in the company’s decision-making
and as a factor in strategy. The process will continue in 2025.
Qt has identified material impacts on people, and they are
described in more detail in the sections Own workforce (S1)
and Workers in the value chain (S2). Qt has not identified
material impacts related to environment.
Qt’s strategy is focused on business expansion and the
creation of long-term growth opportunities. The company
invests in growth, particularly in product development,
sales and the innovation of new solutions. The impacts on
the company’s own workforce are linked to the strategy, as
Qt’s employees who perform expert work implement the
strategy in practice. The impacts related to workers in the
value chain are also partly related to Qt’s business model.
Data protection plays a significant role in all of Qt’s business
operations. A more detailed assessment of the relationship
between impacts, risks and opportunities and the strategy
has not been carried out, and they have not yet been taken
into account in strategy processes.
Qt’s own operations affect its own workforce, corporate cul-
ture and data protection. Impacts on external consultants
(workers in the value chain) occur through business relation-
ships. The external consultants are employed by Qt’s con-
tracted service provider.
Qt’s material risks or opportunities have not had a significant
effect on its financial position, result or cash flows. The risks
and opportunities have also not been identified as involving
significant risks concerning the adjustment of assets.
Qt has not conducted a separate resilience analysis on the
company's capacity to address its material impacts and risks
or take advantage of its material opportunities.
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
IRO-1
Description of the processes to identify
and assess material impacts, risks and
opportunities
Qt's material sustainability impacts, risks and opportunities
were identified in a double materiality assessment process
that was initiated in late 2023 and was completed in the
second quarter of 2024. The project team included represen-
tatives from Qt’s various functions (e.g. HR, legal, finance, pro-
curement, communications), and the progress of the project
was regularly communicated to the Management Team and
the Audit Committee. In the assessment, the preliminary
negative and positive impacts were first comprehensively
assessed on the basis of all ESRS sub-topics and sub-sub-
topics based on background material (including trend reports,
benchmarking and ESRS standards) and internal interviews.
The risks and opportunities in Qt's value chain were then
assessed.
In the preliminary assessment, a wide range of perspectives
related to the environment, human rights and business con-
duct were assessed in Qt's own operations and the value
chain, related to, for example, pollution, water and marine
resources, biodiversity and the circular economy, as well as
corruption and bribery.
The initial assessment was submitted to the Management
Team for evaluation. Based on the Management Team’s
assessments, a framework was created for a survey to be
sent to stakeholders concerning sub-topics under the fol-
lowing themes: E1 Climate change, S1 Own workforce, S2
Workers in the value chain and G1 Business conduct, as
well as the entity-specific disclosure data protection. The
stakeholder survey respondents included representatives
of Qt's key stakeholders in the upstream and downstream
value chain, i.e. employees, the open-source community,
customers, subcontractors/business partners, educational
institutions, Qt’s Board of Directors, shareholders, and ana-
lysts. The material topics were determined on the basis of
the stakeholders' responses and the management's assess-
ment. A larger weight was assigned to the views of the Man-
agement Team.
For negative impacts, each of the variables related to severity
(scale, scope and remediability) were assessed on a scale of
1–5, which meant that the maximum value for severity was
15. Likelihood was also assessed on a scale of 1–5, where
the value of an actual impact that is already occurring is 15.
The likelihood of impacts received the highest rating if it
was defined as already occurring (actual impact). For posi-
tive impacts, the scale, scope and likelihood were assessed
on the same scale of 1–5. With regard to scale, the extent or
severity of the impact on people, the environment or society
was assessed, ranging from catastrophic (negative impact)
or high significance (positive impact) to insignificant impact.
The severity of the impacts related to business conduct was
assessed on the basis of whether the impact increases (posi-
tive impact) or reduces (negative impact) trust in the industry
among the general public. With regard to scope, the geo-
graphical coverage (local–global) and/or the number of
people affected were examined. The irremediable character
of the impact was assigned the lowest score if the impact
was assessed to be easily remediated and the highest score
if, for example, environmental damage or effect on human
health cannot be remediated. The likelihood of an impact was
assigned the highest score if the impact was identified as
already occurring (actual impact).
The assessment of impacts was followed by an assessment
of the financial risks and opportunities that are associated
with the sustainability topics or which may be caused by
Qt's impacts on people and the environment, for example.
For financial risks and opportunities, their likelihood and
effects on future cash flows were assessed. The effects on
cash flows were assessed from three different perspectives:
effects on business relationships, resources (e.g. prices, avail-
ability) and other effects on cash flows.
The materiality of the impacts, risks and opportunities was
determined by calculating the the total value of the variables
and dividing it by the maximum value. The threshold value
was defined as 0.5. Topics for which the score was 0.5 or
higher were assessed to be material.
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Qt’s material sustainability topics
S1 – Own workforce Topic value Type Time horizon Materiality
Working conditions Secure employment Positive impact Short 0.8
Working conditions Working time Positive impact Short 0.8
Working conditions Adequate wages Positive impact Short 0.7
Working conditions Social dialogue Positive impact Short 0.6
Working conditions Work-life balance
Positive impact,
opportunity Short, medium 0.9
Working conditions Health and safety
Negative &
positive impact Short 0.7
Equal treatment and opportunities for all
Gender equality and equal pay
for work of equal value
Positive impact,
opportunity Short 0.7
Equal treatment and opportunities for all Training and skills development
Positive impact,
opportunity Long 0.8
Equal treatment and opportunities for all
Measures against violence and
harassment in the workplace Positive impact Short 0.73
Equal treatment and opportunities for all Diversity
Positive impact,
opportunity Medium, long 0.67
Other work-related rights Privacy
Negative & positive
impact, risk, opportunity Short 0.67
S2 – Workers in the value chain
Working conditions Health and safety
Negative &
positive impact Short, medium 0.6
G1 – Business conduct
Corporate culture
Negative & positive
impact, opportunity Short, medium 0.8
Corruption and bribery
Prevention and detection, including
training
Negative & positive
impact, opportunity Medium, long 0.9
Corruption and bribery Incidents Negative impact Medium 0.5
Entity-specific Data protection Positive impact, risk Short 0.9
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
The double materiality assessment covered the Qt Group's
entire value chain and all geographical areas, either through
the company's own operations or through business relation-
ships. The double materiality assessment will be carried out
again on a regular basis to reassess material impacts, risks
and opportunities. The monitoring of the material sustain-
ability impacts, risks and opportunities will be implemented
as part of risk management and internal controls. In Qt’s risk
management model, risks are prioritized based on their like-
lihood and the severity of the impact. Sustainability topics
will be incorporated into the same prioritization of risk man-
agement.
Qt’s Management Team has been closely involved in identi-
fying and assessing the materiality of sustainability impacts,
risks and opportunities, and the Audit Committee of the Board
of Directors has addressed the progress of the identification
and assessment process of sustainability impacts, risks and
opportunities, i.e. all impacts, risks and opportunities as a
whole. Board of Directors approves the identified impacts,
risks and opportunities.
With regard to the monitoring of impacts, risks and oppor-
tunities, the decision-making process needs to be updated.
When sustainability impacts, risks and opportunities have
been integrated into the risk management system, they will
Disclosure requirement related to ESRS
2 IRO-1 – Description of the processes to
identify and assess material climate-related
impacts, risks and opportunities
Climate-related impacts, risks and opportunities have been
identified and assessed as part of Qt’s double materiality
assessment. On a preliminary basis, the following were iden-
tified as potential impacts: the role of Qt's products in the
development of technologies and products that support cli-
mate change adaptation (positive impact), CO2 emissions in
the value chain (emissions caused by procurement and the
use of products, negative impact) and the energy consump-
tion of Qt's offices (negative impact). However, they did not
exceed the materiality threshold in the Management Team’s
assessment or stakeholder survey, and consequently did not
emerge as material themes.
In the preliminary evaluation of the double materiality assess-
ment, the identified potential risks were physical risks caused
by climate change (flood, extreme heat, storms, landslides)
in production facilities in the value chain, and logistics prob-
lems in supply chains due to shortages of raw materials orig-
inating from climate change. The identified transition risks
were rising energy prices and stricter climate regulations,
which may increase costs related to calculating and reducing
the carbon footprint, for example.
However, the physical or transition risks did not exceed the
materiality threshold in the Management Team’s assessment
or stakeholder survey. The analysis did not take climate sce-
narios into account or assess the sensitivity of the business
to risks in more detail.
The identification of climate impacts is based mainly on the
energy consumption data of Qt’s offices (Scope 2 emissions)
and, in part, emissions data on business travel (Scope 3 emis-
sions). Based on Qt’s business model, the most significant
part of the value chain’s CO2 emissions can be estimated to
arise in the upstream and downstream value chain. How-
ever, it is difficult — or even impossible — to collect reliable
information about these steps, especially the use of the prod-
ucts, as customers can use Qt’s products in many different
ways as an applied component of different devices, services
or products.
As risks were only identified far along the supply chain, a
more detailed scenario analysis has not yet been carried out.
Qt intends to carry out a climate scenario analysis in 2025.
also be incorporated into the Management Team’s operating
practices.
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Disclosure requirement related to ESRS
2 IRO-1 – Description of the processes to
identify and assess material pollution-related
impacts, risks and opportunities
The impacts, risks and opportunities related to pollution have
been identified and assessed as part of the double materi-
ality assessment. In the assessment, the impacts, risks and
opportunities in Qt's supply chain were comprehensively
assessed on the basis of all ESRS sub-topics and sub-sub-
topics (including microplastics, air, water and soil pollution,
substances of concern), firstly on the basis of background
materials and interviews.
In the initial assessment, the recycling of IT hardware used
by Qt in its activities was identified as a potential impact. An
assessed potential negative impact was the emission of lead
contained in hardware that might potentially be released into
the environment if decommissioned equipment is not recy-
cled appropriately, hence causing negative environmental
impacts. However, the recycling of decommissioned IT equip-
ment was identified as a positive impact, as Qt’s offices
around the world are committed to appropriate recycling.
The rise in prices of IT hardware was identified as a risk in a
scenario where very harmful substances, such as lead, are
banned. No financial opportunities were identified. However,
none of these exceeded the materiality threshold in the Man-
agement Team’s assessment or the stakeholder survey.
Disclosure Requirement related to ESRS
2 IRO-1 – Description of the processes to
identify and assess material water and
marine resources-related impacts, risks and
opportunities
Impacts, risks and opportunities related to water and marine
resources have been identified and assessed as part of the
double materiality assessment. The consumption of clean
water at Qt’s offices was identified as a potential impact on
a preliminary basis. An increase in the price of clean water
used at Qt's offices was identified as a risk. However, neither
of these exceeded the materiality threshold in the Manage-
ment Team’s assessment or the stakeholder survey.
No significant impacts, risks or opportunities related to water
and marine resources, i.e. surface and groundwater consump-
tion, water withdrawals and discharges of water were iden-
tified in Qt's value chain. Dependencies related to marine
resources were also not identified.
Members of the affected communities were not separately
consulted for the assessment.
Disclosure Requirement related to ESRS
2 IRO-1 – Description of processes to
identify and assess material biodiversity
and ecosystem-related impacts, risks and
opportunities
Impacts related to biodiversity and ecosystem have been
identified and assessed as part of the double materiality
assessment. The assessment examined how the company
promotes direct drivers of biodiversity loss (e.g. climate
change, land-use change, freshwater use change, sea-use
change, invasive species, pollution), and impacts on the state
of species, ecosystems and ecosystem services. The con-
nection between the use of natural resources (IT equipment
and other procurement) and land-use change and, conse-
quently, biodiversity loss, were identified as a potential neg-
ative impact in the preliminary assessment. However, this
did not exceed the materiality threshold in the Management
Team’s assessment or the stakeholder survey.
Dependencies related to biodiversity and ecosystems have
been identified and assessed as part of the double materi-
ality assessment on the basis of background material and
interviews. The identified dependencies on ecosystem ser-
vices included, for example, the natural resources and min-
erals used in computers and other procurement, and lunches
served at the offices.
Members of the affected communities were not separately
consulted for the assessment. No material impacts, risks or
opportunities related to pollution were identified.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Disclosure Requirement related to ESRS
2 IRO-1 – Description of the processes to
identify and assess material resource use and
circular economy-related impacts, risks and
opportunities
Qt's resource use and circular economy-related impacts,
risks and opportunities have been identified and assessed as
part of the double materiality assessment. The assessment
took into account, among other things, required resources
including upstream and downstream of resources related to
services and products, as well as waste and waste manage-
ment. Upstream of resources, such as the procurement of IT
hardware and peripherals, and waste generated at the offices
were provisionally identified as potential negative impacts.
Rising prices of hardware and recycling were identified ini-
tially as a potential risk, while cost savings achieved through
efficient recycling were identified as an opportunity. How-
ever, none of these exceeded the materiality threshold in the
Management Team’s assessment or the stakeholder survey,
and no resource use and circular economy-related material
impacts, risks or opportunities were found in Qt’s value chain.
Members of the affected communities were not separately
consulted for the assessment.
A more detailed assessment of systemic, transition or phys-
ical risks or opportunities related to biodiversity and ecosys-
tems has not been carried out. Members of the affected com-
munities were not separately consulted for the assessment.
As no material impacts related to biodiversity have been iden-
tified, the company has also not found it necessary to imple-
ment mitigating measures related to biodiversity.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
IRO-2
Disclosure Requirements in ESRS covered by
the undertaking’s sustainability statements
Climate change (E1) was not identified as a material theme
for Qt. The conclusions were drawn on the basis of several
factors. According to the view of the company's top man-
agement and stakeholders, climate change and energy con-
sumption were assessed as the least important among the
topics assessed. In addition, Qt Group already takes the cli-
mate impacts of energy use into account in many different
ways. The company only uses data center providers, such as
Equinix, that have ambitious sustainability targets. Qt also
uses a low-carbon cloud service through Amazon Web Ser-
vices (AWS), which is committed to switching to fully renew-
able energy by 2025. Qt’s offices are located in modern build-
ings located in urban areas. The buildings have infrastructure
designed for energy saving, waste sorting facilities and good
public transport connections. Although charging Qt’s products
consumes electricity, it has only a minor impact on the energy
consumption of the end-use of the products.
However, climate change may emerge as a material topic in
the coming years if new climate change-related impacts or
financial risks or opportunities are identified in the process
of updating the double materiality analysis. These potential
topics may be related to, for example, increasing regulation.
The process to identify and assess material impacts, risks
and opportunities is described in General disclosures ESRS
2 section IRO-1.
The list of data points and their locations in the report is doc-
umented on pages 53-63.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
EU Taxonomy
General information
The EU Taxonomy is a classification system, the purpose of
which is to steer funding toward activities that substantially
contribute to the achievement of environmental objectives.
Qt Group has an obligation to report the percentages of net
sales (‘turnover’), capital expenditures and operating expen-
ditures that constitute operations that are recognized by the
taxonomy as economic activity that is potentially sustainable
in terms of the environment, or that meet the relevant tech-
nical screening criteria.
The current taxonomy includes six environmental objectives.
To be eligible for the taxonomy, an activity must meet the
description of an economic activity included in the taxono-
my classification. To be aligned with the taxonomy, an activ-
ity must be classified as having a substancial contribution
to at least one of the six environmental objectives without
harming the others.
To define the taxonomy eligibility and alignment and to gath-
er evidence of potential substantial contribution, Qt Group
has assessed the taxonomy eligibility of the Group activities.
Through this process, the aim was to identify potentially eli-
gible activities and review the technical screening criteria for
each of the environmental objectives for all relevant busi-
ness activities. Qt Group has not identified taxonomy eligible
financial activities, so the company has not identified activi-
ties where eligibility could have been determined.
As the EU taxonomy is still being developed, Qt Group con-
stantly monitors its activities in relation to taxonomy report-
ing requirements. The new functions according to the crite-
ria of the new environmental goals of the future versions of
the taxonomy may affect the taxonomy eligibility and align-
ment of the Qt Group functions, in which case the fulfillment
of the criteria will be re-evaluated.
Taxonomy eligible turnover
Based on the review of the financial activities currently in-
cluded in the taxonomy classification, Qt Group's business is
included in the European Commission Delegated Regulation
(2021/2139) activity 8.2 Computer programming and con-
sulting services and related activities (NACE J62). Activity 8.2
is not defined as an enabling activity in the taxonomy. Accord-
ing to the company's assessment, 0 percent of the compa-
ny's turnover is taxonomy-eligible according to the current
taxonomy, and 100 percent is ineligible. In addition, 0 percent
of the company's turnover is taxonomy-aligned and 100 per-
cent is non-taxonomy-aligned.
Taxonomy eligible capital expenditures
Regarding operating expenses, Qt Group has defined busi-
ness expenses (denominator), EUR 144.9 million. Operating
expenses include the company's business expenses during
the financial year. According to the company's assessment,
0 percent of the company's business expenses are taxon-
omy-eligible according to the current taxonomy, and 100
percent are ineligible. In addition, 0 percent of the compa-
ny's operating costs are taxonomy-aligned and 100 percent
non-taxonomy-aligned.
Taxonomy eligible operating expenditures
The capital expenditures taken into account in the taxonomy
assessment are defined as follows: additions to tangible and
intangible assets during the financial year before depreciation,
amortization and revaluations, including revaluations due to
valuation changes and impairments in that financial year and
excluding changes in fair value. The Qt Group estimates that
0 percent of capital expenditures are taxonomy-eligible un-
der the current taxonomy, and 100 percent are ineligible. In
addition, 0 percent of the company's capital expenditures are
taxonomy-aligned and 100 percent are non-taxonomy-
aligned.
The required information is presented in the tables on the
following pages.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)
Turnover, Financial year 2024
Environmental Information
2024 Substantial contribution criteria DNSH criteria
Economic activities
Code
Turnover, MEUR
Proportion of turnover, 2024
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proportion of taxonomy aligned (A.1)
or eligible (A.2) turnover, year 2024
Category "enabling activity"
Category "transitional activity"
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (taxonomy-aligned)
No activity 0 0% 0%
Turnover of environmentally sustainable activities (taxonomy-aligned) (A.1) - 0% 0% 0% 0% 0% 0% 0% 0%
Of which Enabling 0 0% 0% 0% 0% 0% 0% 0% 0% M
Of which Transitional 0 0% 0% 0% S
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
No activity 0 0% 0%
Turnover of Taxonomy-eligible but not environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2) - 0% 0% 0% 0% 0% 0% 0% 0%
A. Turnover of Taxonomy eligible activities (A.1 + A.2) - 0% 0% 0% 0% 0% 0% 0% 0%
B. TAXONOMY-NON ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities 209.1 100%
TOTAL (A+B) 209.1 100%
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
2024 Substantial contribution criteria DNSH criteria
Economic activities
Code
CapEx
Proportion of CapEx, 2024
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proportion of taxonomy aligned (A.1)
or eligible (A.2) CapEx, year 2024
Category "enabling activity"
Category "transitional activity"
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (taxonomy-aligned)
No activity 0 0% 0%
CapEx of environmentally sustainable activities (taxonomy-aligned) (A.1) - 0% 0% 0% 0% 0% 0% 0% 0%
Of which Enabling 0 0% 0% 0% 0% 0% 0% 0% 0% E
Of which Transitional 0 0% 0% 0% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
No activity 0 0% 0%
CapEx of Taxonomy-eligible but not environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2) - 0% 0% 0% 0% 0% 0% 0% 0%
A. CapEx of Taxonomy eligible activities (A.1 + A.2) - 0% 0% 0% 0% 0% 0% 0% 0%
B. TAXONOMY-NON ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 3.7 100%
TOTAL (A+B) 3.7 100%
Capital Expenditure (CapEx), Financial year 2024
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
2024 Substantial contribution criteria DNSH criteria
Economic activities
Code
OpEx
Proportion of OpEx, 2024
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Climate change mitigation
Climate change adaptation
Water
Pollution
Circular economy
Biodiversity
Minimum safeguards
Proportion of taxonomy aligned (A.1)
or eligible (A.2) OpEx, year 2024
Category "enabling activity"
Category "transitional activity"
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (taxonomy-aligned)
No activity 0 0% 0%
OpEx of environmentally sustainable activities (taxonomy-aligned) (A.1) - 0% 0% 0% 0% 0% 0% 0% 0%
Of which Enabling 0% 0% 0% 0% 0% 0% 0% 0% E
Of which Transitional 0% 0% 0% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
No activity 0 0% 0%
OpEx of Taxonomy-eligible but not environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2) - 0% 0% 0% 0% 0% 0% 0% 0%
A. OpEx of Taxonomy eligible activities (A.1 + A.2) - 0% 0% 0% 0% 0% 0% 0% 0%
B. TAXONOMY-NON ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities 145.9 100%
TOTAL (A+B) 145.9 100%
Operating Expenses (OpEx), Financial year 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Row Nuclear energy related activities
1. The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation
facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
NO
2. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best
available technologies.
NO
3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat,
including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety
upgrades.
NO
Row Fossil gas related activities
4. The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil
gaseous fuels.
NO
5. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation
facilities using fossil gaseous fuels.
NO
6. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of heat generation facilities that produce heat/cool
using fossil gaseous fuels.
NO
Nuclear and fossil gas related activities
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Social Information
Disclosure Requirement related to SBM-3
– Material impacts, risks and opportunities
and their interaction with strategy and
business model
Qt’s own workforce mainly consists of employees. The defi-
nition of the company's own workforce is also met annually
by individual freelance consultants, and they are subject to
the same rules as external consultants (see S2 workers in
the value chain). In addition, Qt had a few people in recruit-
ment and assistant positions through a temporary agency
in 2024. Individual freelancers or temporary agency workers
are not included in the reporting of information on the com-
pany's own workforce.
All of the company's employees are subject to material
impacts. Qt’s employees work in expert duties and there are
no significant differences in the type of work they perform. Qt
has not separately identified types of employees that would
be particularly vulnerable to negative impacts.
Fatigue and work ergonomics were identified as potential
negative impacts on the company's own workforce. These
impacts have not been recognized as widespread or systemic.
Rather, they are individual incidents.
All of Qt's employees are subject to material positive impacts:
early support and comprehensive occupational health care
and/or insurance, secure employment, adequate wages, good
work-life balance and the promotion of diversity. In all of Qt’s
operating countries, employees have access to comprehen-
sive health and well-being services and/or insurance, which
means that employees have quick access to services also on
a preventive basis.
Financial opportunities identified in the double materiality
assessment from the employees' perspective included good
work-life balance, skills development, gender equality and
equal pay, and promoting diversity, equality and inclusion
globally. The identified risks included mental health chal-
lenges and protecting the privacy of employee data. These
are all closely linked to Qt's material positive and negative
impacts.
Qt Group’s operations do not involve a risk of child labor or
forced labor. The employees are highly educated and/or spe-
cialists engaged in demanding expert duties.
Own workforce (S1)
Disclosure Requirement related to SBM-2
– Interests and views of stakeholders
The views, rights and interests of the company's own work-
force are discussed in the General Disclosures (ESRS 2) sec-
tion Interests and views of stakeholders (SBM-2).
S1-1
Policies related to own workforce
Qt’s Code of Conduct regulates the following impacts, risks
and opportunities related to the company’s own workforce:
work-life balance, social dialogue (job satisfaction), health
and safety, gender equality and equal pay, measures against
violence and harassment, and the diversity of the personnel.
More information on the Code of Conduct is provided in the
section G1 Business conduct.
The promotion of diversity involves, in addition to the Code
of Conduct, the Qt career framework, which applies to all
Qt employees and specifies the salary, and the competen-
cies required for each position. The purpose of the career
framework is to create a transparent framework for career
development and remuneration, i.e. to promote equal pay
for equal work regardless of the employee’s background and
gender. Qt Group's Management Team is responsible for the
approval and implementation of the career framework. The
career framework is available to all employees on the com-
pany's intranet.
Training and skills development are taken into account in Qt’s
global employee handbook, which applies to all Qt employees.
The handbook provides a framework for promoting contin-
uous learning from the employee’s perspective. The hand-
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
book includes, among other things, instructions and tips
related to on-the-job learning, an employee-specific training
budget and a selection of e-learning courses. The handbook
also encourages employees to talk to their manager about
training opportunities. Qt also has its own learning platform,
Qurious. Managers have access to various online training
modules and the opportunity to participate in, for example,
the 360-degree feedback process, which aims to help man-
agers identify their strengths and development areas and
develop their leadership skills.
The global employee handbook and its country-specific
versions are available to all employees on Qt’s intranet. Qt
Group's Management Team is responsible for the approval
and implementation of the handbook.
Employee privacy is governed by Qt’s employee privacy
note, which applies to all Qt employees. The employee pri-
vacy note precisely specifies the information Qt collects on
its employees and for what purposes, what information is
not collected, and the rights of the employees.
Qt aims to promote secure employment by providing its
employees primarily permanent employment contracts (92%
in 2024) and by complying with local labor laws. In order to
provide adequate wages for the employees, Qt monitors the
industry’s market averages in different countries.
Qt's employee engagement methods are discussed in more
detail in the General Disclosures (ESRS 2) section SBM-2
Interests and views of stakeholders.
Qt aims to remediate its human rights impacts, meaning
occupational health impacts in particular, by offering occupa-
tional health care or insurance to all employees in each of its
operating countries. Qt also has an early intervention model
in place to encourage employees to raise any problems they
notice, such as continuous overtime or lack of motivation, at
an early stage with their manager or unit HR business partner.
Employees who wish to report misconduct anonymously can
do so via the company's whistleblowing channel.
All Qt employees receive country-specific training on occu-
pational health and safety. The occupational safety manage-
ment system is based on local laws and regulations in each
country. Qt also has an international travel policy aimed at
ensuring the safety of employees on business trips.
In the company's Code of Conduct, Qt commits to giving equal
opportunities for personal growth and career development,
regardless of gender, age, ethnicity, disabilities, nationality,
sexual orientation, religious beliefs, political affiliations, mar-
ital or economic status, or position within the company. Qt
does not tolerate sexual, physical, and psychological violence
and harassment or any form of discrimination, abuse, intimi-
dation and workplace bullying. Qt has not separately defined
vulnerable groups. Instead, the principles apply to everyone.
Discrimination is prevented primarily by educating employees
on the Code of Conduct and the whistleblowing channel, and
by providing training to managers. The recruitment team and
managers are instructed to interview candidates based on
each applicant’s competence. Managers are responsible for
ensuring that employees are treated equally.
Discrimination or inappropriate behavior can be reported
anonymously via Qt’s whistleblowing channel. All sus-
pected incidents of misconduct are investigated and actively
addressed. Qt also carries out an annual job satisfaction
survey and, in 2024, the survey was amended to include a
question on whether employees have experienced harass-
ment at the workplace. The survey results are used to create
an action plan for addressing areas that require further devel-
opment.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
S1-2
Processes for engaging with own workers and
workers’ representatives about impacts
Employees’ views of Qt as an employer and workplace are
surveyed annually by means of a personnel survey (employee
Net Promoter Score eNPS & engagement survey). The survey
investigates how employees perceive, for example, commu-
nication and giving feedback, well-being at work, the mean-
ingfulness of work, workload, learning and self-development
opportunities, leadership and work ergonomics at Qt. The
results of the survey are reported to the Group Management
Team and each business function’s management team, where
they are reviewed, and action plans are drawn up at both the
company level and the team level.
The results of the survey are also communicated to employees
at a company-wide briefing and through internal communi-
cation channels. The results also include action plans that
have been created based on the survey results. Employees
are also informed of the company's key updates in quarterly
briefings and the intranet. Communication takes place directly
with employees at both the organizational level and the team
level. In addition, Qt has employee representatives required
by law in Finland, Norway, France, Germany and Japan. Dis-
cussions with the employee representatives are carried out
in accordance with local legislation. Various resources have
been allocated to internal communications, including external
tools and working hours of the Management Team, the com-
munications lead, the HR team and external consultants. The
Senior Vice President, People & Culture, (a member of the
Management Team) has operational responsibility for com-
S1-3
Processes to remediate negative impacts and
channels for own workers to raise concerns
Qt has recognized that negative impacts on employee health,
such as mental health and ergonomics, are likely. The com-
pany aims to prevent and remediate these impacts by, for
example, training managers to identify the impacts, arranging
regular personal discussions between employees and man-
agers, and assigning a dedicated HR business partner for each
business unit, who can be contacted with a low threshold. In
each of Qt’s operating countries, employees have access to
either occupational health services or insurance, as well as
separate mental health services and/or an early interven-
tion model.
munications and for ensuring that the feedback of the per-
sonnel that emerge from the survey are taken into account.
Qt started a development effort focused on internal commu-
nications in the fourth quarter of 2024. Engaging the middle
management's stronger participation in communications is
a development area for 2025.
In 2025, Qt will develop a pulse survey model to carry out
more frequent surveys instead of a single annual personnel
survey. The pulse survey model will be gradually implemented
in Qt's various businesses. The purpose of the pulse survey is
to provide a continuous overview of the situation, allowing to
react if necessary and enabling the evaluation of the effec-
tiveness of the implemented measures.
Employees can report concerns, depending on the operating
country, to shop stewards, the unit’s HR business partners
or to the occupational health care provider either through its
online service or at an in-person appointment. In some of Qt's
operating countries, employees can also use the services of
psychologists and psychiatrists as part of occupational health
care. Misconduct and other issues can be reported anony-
mously via a whistleblowing channel that is managed by a
third party. Reports received via the whistleblowing channel
are immediately communicated to the General Counsel, the
CFO and the SVP, People & Culture, and the processing of all
whistleblower reports starts within seven days of the report
being made.
These various channels are communicated to the employees
as part of manager briefings, through the intranet and occu-
pational health care, and through shop stewards, in lectures
by work ability consultants and on the Qurious e-learning
platform. Qt engages in regular dialogue with employees and
the occupational health care provider, thereby monitoring
employee concerns. The employees’ awareness of the exis-
tence of the various structures and channels is not assessed
separately.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
S1-4
Taking action on material impacts on own
workforce, and approaches to mitigating
material risks and pursuing material
opportunities related to own workforce, and
effectiveness of those actions
Secure employment and employee turnover
Qt aims to improve employee engagement particularly by
developing leadership, providing opportunities for growth
and learning at work, and by providing additional training. In
2024, leadership training will be increased and made more
systematic as part of the annual calendar. The middle man-
agement's competence and opportunities for influence will
be strengthened in particular.
Work-life balance
Qt aims to promote a flexible working life and support the
employees' well-being and ability to cope with the demands
of work by enabling flexible working hours and hybrid work.
Reduced working hours can also be negotiated at the employ-
ee's initiative in special circumstances. In 2025, country-spe-
cific guidelines for flexible working hours will be developed,
and flexible working hours will be made possible, for example,
at the start and end of the working day. Qt’s hybrid work policy
will be implemented more effectively through internal com-
munications in 2025.
Adequate remuneration
Qt is committed to paying fair and competitive wages to its
employees. To ensure this, Qt carries out an annual wage
survey in which Qt’s wage level is compared with market data
and the wage levels are reviewed and, if necessary, modified
on a role-specific basis.
Social dialogue (employee satisfaction)
Qt conducts a job satisfaction survey annually. The results
are discussed in the Group Management Team and unit-spe-
cific management teams. Action plans are drawn up on the
basis of the results at all levels of the organization, including
team-specific action plans. From 2025 onwards, in addition
to the annual survey, more frequent pulse surveys will be car-
ried out to obtain more up-to-date feedback from employees.
Health and safety
In each of Qt’s operating countries, Qt's employees have
access to either occupational health services or insurance and
early intervention model. In addition, employees also have
access to separate mental health services in some of the
operating countries. Qt has recognized that employees do not
have enough information about the available services. With
this in mind, managers at Qt will be provided training in 2025
on the tools available for supporting mental health. The aim
is also to extend the good practices of mental health services
to all of Qt's operating countries. In order to identify mental
health problems in a timely manner, Qt’s occupational health
care services in Finland use, among other things, a separate
health examination related to work and mental health as well
as tripartite negotiations with the employee, the manager and
an occupational health nurse or psychologist.
Gender equality and equal pay
To promote equal pay, Qt updated its career framework in
2023. The framework specifies the skills required for each
task and the remuneration for each task. The aim is to provide
a transparent framework for career development and remu-
neration. In 2024, Qt also started preparing for the implemen-
tation of the EU’s Pay Transparency Directive.
Training and skills development
In order to support the competence and career development
of employees, a development discussion is held once a year
for each employee. The discussions assess the employee's
current role as well as career development goals and oppor-
tunities. In addition to the development discussions, the aim
is to maintain active dialogue between the manager and the
employee. To support the career development of managers,
the first version of the career path was implemented in 2023
in Finland. The next version of the career path began to be
expanded to different countries in 2024. Employees also have
access to training material on the Qurious learning platform.
Qurious was established in 2023, and new courses are added
regularly.
Employee diversity
Employee diversity in its broad definition has been identified
as one of Qt's material opportunities. Concrete further spec-
ifications and measures are planned for 2025.
Measures against violence and harassment in the work-
place
Qt has not taken or planned any particular measures against
violence or harassment due to the low number of incidents
and reports. All reports (1 in 2024) are appropriately pro-
cessed and addressed on a case-by-case basis. Thus far, Qt
has not recognized a need for structural measures.
Employee data protection
Aside from continuous processes, Qt does not have sepa-
rate measures for the development of data protection. The
situation will be reviewed in 2025 and new measures will be
planned if necessary.
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S1-5
Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities
Material sustainability topic Monitoring Target level Base period for monitoring
Secure employment • Employee turnover in relation to the industry trend
• Internal tool
- Monthly
Work-life balance • Weekly working hours recorded in employment
contracts
• Up-to-date working time monitoring and process in
some operating countries
• Process for handling the results of the job satisfaction
survey
Local legislation regarding working hours Working time monitoring on a country-specific
basis
Annual job satisfaction survey
Adequate wages • A wage survey in which Qt’s wage level is compared
with market data and the wage levels are reviewed and,
if necessary, modified on a role-specific basis
All employees (100%) are already paid adequate
wages.
Annually
Social dialogue • Job satisfaction survey
(General satisfaction index as a guiding reference)
- Annually
Health and safety • Early support model in every country
• Country-specific monitoring based on occupational
health and/or insurance reports
Trends, local legislation Annually
Gender equality and equal
pay for equal work
- - -
Training and skills
development
• Data on the Qurious training platform (e.g. course
completion rate by country and unit)
• Job satisfaction survey
We monitor trends and the completion rate
of mandatory courses, such as the course on
the Code of Conduct and the Security training
course.
Real-time data from Qurious, annual job
satisfaction survey.
Measures against violence
and harassment in the
workplace
• Whistleblower reports - -
Diversity • Internal promotions and transfers (internal tool) - Continuous monitoring
Privacy • Monitoring of e-mails/notifications sent regarding
concerns about the employee’s personal data
Legislation Continuous monitoring
Qt has not set measurable, result-oriented targets regarding
the management of material impacts, risks and opportuni-
ties related to its own workforce. The aim is to set the tar-
gets in accordance with the minimum information require-
ments by the end of 2026, and the setting of relevant tar-
gets will be assessed separately for each material impact,
risk and opportunity.
However, Qt monitors the impacts, risks and opportunities
related to its own workforce in different ways.
Qt Group | Annual Report 2024
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S1-6
Characteristics of the undertaking's employees
EMPLOYEES BY REGION
Region Number of employees*
EMEA 564
North America 120
APAC 151
Total 834
EMPLOYEES BY COUNTRY*
Country Number of employees**
Finland 259
Germany 206
United States 120
* Countries in which Qt Group has at least 10% of its total number of employees.
** Average number of employees for the reporting period.
* Number of employees as the average for the reporting period (number of employees
on the last day of each month in 2024, added up and divided by 12). The average number
of employees in each region is rounded to a whole number. Consequently, the total sum
does not correlate directly to the average number of all employees.
NUMBER OF EMPLOYEES BY CONTRACT TYPE AND GENDER
Employment type Female Male Other Not reported Total
Employees 184 649 1 0 834
Permanent employees 181* 610* 1* 0 765
Temporary employees 20* 50* 0 0 65
Non-guaranteed hours
employees** 4* 3* 0 0 6
* Head count on December 31, 2024. Other figures are based on the number of employees as the average for the reporting period (number of employees on the last day of each month
in 2024, added up and divided by 12).
** No minimum or fixed number of working hours in the contract.
EMPLOYEE TURNOVER
Total number of employees who have left the company* 92
Employee turnover**, % 11%
* The aggregate number of employees who left Qt in 2024 voluntarily or due to dismissal, retirement, or death in service.
** Number of employees who left the company in 2024 divided by the number of employees for the reporting period (average).
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S1-9
Diversity metrics
S1-10
Adequate wages
Qt pays adequate wages to all its employees. The wages of
employees in all of Qt's operating countries have been com-
pared to either the country’s minimum wage level or the min-
imum wage specified in the applicable collective agreement
if a national minimum wage has not been established. If the
minimum wage varies within the country, the highest min-
imum wage level is used as the reference value.
AGE DISTRIBUTION OF EMPLOYEES
Under 30 years old 30–50 years old Over 50 years old All
Number of employees* 131 603 135 869
% 15% 69% 16% 100%
* The figures are calculated from the situation on 31 December 2024.
The gender distribution of senior management is reported on page 20.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
S1-14
Health and safety metrics
S1-16
Remuneration metrics
S1-17
Incidents, complaints and severe human rights impacts
Employees
Percentage of employees covered by
health and safety management system*, % 100%
Number of fatalities as a result of work-related
injuries and work-related ill health 0
Number of recordable work-related accidents
(including fatalities) 9
Recordable work-related accidents per
one million hours worked 6.3
The number of days lost to work-related injuries and
fatalities from work-related accidents, work-related ill health
and fatalities from ill health 0
NUMBER OF COMPLAINTS RELATED TO OWN WORKFORCE
Type Total number of reports*
Incidents of discrimination and harassment reported in
2024 1
Complaints made in 2024 related to, for example,
working conditions and terms of employment, equal
treatment and equal opportunities for all, or other work-
related rights (child labor, forced labor, privacy) 0
Reports made to the National Contact Points for OECD
Multinational Enterprises, where applicable 0
The total amount of fines, penalties, and compensation
for damages as a result of the reported incidents and
complaints 0
The number of severe human rights violations and
incidents connected to the company's own workforce 0
The total amount of fines, penalties and compensation
for damages relating to incidents of discrimination and
harassment 0
Total 1
Employees
Gender pay gap among employees*, % 17.2
Total annual earnings ratio** 6.5
* Systems that are based on legal requirements and/or recognized standards.
In addition to employees, Qt's own workforce only includes a small number of freelancers
or temporary agency workers. The relevant information on these individuals is not available.
* Average gross annual salary of men – average gross annual salary of women, divided by the average gross annual salary of men x
100. Includes part-time employees, temporary employees and trainees. The hourly wages of temporary employees have been converted
into annual salaries.
** The ratio between the total annual earnings of the company's top earner and the median total annual earnings of employees. Basic
salary, bonuses and part of fringe benefits are included.
* Reports have been received only through Qt’s anonymous whistleblowing channel.
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Workers in the Value Chain (S2)
Disclosure Requirement related to SBM-3
– Material impacts, risks and opportunities
and their interaction with strategy and
business model
At Qt, workers in the value chain refer to external consul-
tants acting as employees of consulting companies who work
remotely, and occasionally at Qt’s offices or at the end cus-
tomer’s office, but who do not belong to the company’s own
workforce, i.e. who are not self-employed persons or tempo-
rary agency workers. Qt signs agreements with the employers
of the consultants. In 2024, a cooperation agreement was
signed with approximately 15 service provider companies.
The workers in the value chain who work as consultants do
not involve a significant risk of child labor or forced labor. The
consultants are highly educated and/or specialists engaged
in demanding expert duties.
With regard to consultants, challenges related to occupa-
tional health and safety, particularly from the perspective of
mental health, were identified as a material potential nega-
tive impact. These impacts have not been identified as wide-
spread or systemic. Rather, they are related to individual inci-
dents. In time- and material-based contracts, the working
time of consultants is limited to a maximum of eight hours
per day. The aim is to avoid placing an excessive burden on
consultants. In addition, the external consultants have the
right to take days off and national holidays, which must be
planned and confirmed in advance. For other types of con-
tracts, the consultants have the opportunity to organize their
working time more flexibly. Aside from these mechanisms
and regular dialogue with consultants, Qt has not taken par-
ticular measures to manage its impacts on the health and
safety of consultants.
Qt has identified sustainable working conditions as a material
positive impact related to consultants. Qt provides consul-
tants with a flexible working environment, i.e. opportunities
for hybrid and remote work. In-office work is required to some
extent, but these requirements are agreed upon before the
contract is signed, and separately with the customer during
the project.
Material financial risks or opportunities related to workers in
the value chain have not been identified.
No separate groups have been identified among consultants
who are particularly vulnerable from the perspective of occu-
pational health and safety, or who are subject to more pos-
itive impacts than other groups.
S2-1
Policies related to value chain workers
Qt’s Code of Conduct guides the impacts on external consul-
tants as regards health and safety and sustainable working
conditions. Service providers are required to commit to the
Code of Conduct. For contracts lasting longer than one month,
consultants are required to complete training on the Code
of Conduct. Qt monitors the percentage of consultants who
have completed the training. More information on the Code
of Conduct is provided in section G1 Business conduct.
Framework agreement concluded with the service pro-
viders requires service providers to commit to respecting
human rights and looking after the health and safety of
their employees. The contracts are negotiable with regard
to the start date, planned days off and national holidays, for
example. In-office work is usually agreed upon in advance
with the service provider. The service provider company rep-
resents external consultants in their negotiations and is ulti-
mately responsible for bringing up their views. Qt’s project
managers engage in discussions with the consultants regu-
larly: on a weekly basis, every two weeks or every two months
at a minimum. Procurement specialists engage in discussions
with the manager representing the service provider at least
once a month. The signing of framework agreements is the
responsibility of the director in charge of professional services
and a procurement specialist.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Qt aims to primarily prevent its negative impacts and to
engage in continuous dialogue with consultants. The con-
sultants' primary point of contact regarding health-related
problems or other problems is their own employer. Consul-
tants can also submit anonymous reports if they observe
any violations of Qt's Code of Conduct. In addition, both the
service provider company (the consultant's employer) and Qt
have the opportunity to terminate the contract if its terms
are violated.
The impacts related to workers in the value chain are guided
by the Qt Group's Code of Conduct. The Code of Conduct is
discussed in more detail in section G1-1 – Corporate culture
and business conduct policies and corporate culture.
Qt has not received any reports of incidents of non-compli-
ance with the UN Guiding Principles on Business and Human
Rights, the ILO Declaration on Fundamental Principles and
Rights at Work, or the OECD Guidelines for Multinational
Enterprises.
S2-2
Processes for engaging with value chain
workers about impacts
Qt communicates with external consultants in many ways.
The terms of the work performed (including pricing, start
dates and terms of payment) are negotiated between Qt
and the employers of the external consultants. Qt’s project
manager has monitoring meetings with external consultants
on a weekly basis, while the procurement specialist has sim-
ilar meetings with a consulting representative on a monthly
and quarterly basis. In the meetings, the participants review
feedback from the consultants regarding the personnel and
projects. Qt’s representatives discuss these matters with the
suppliers' primary contact people. Qt's procurement spe-
cialist acts as the primary contact person for the suppliers.
The meetings also aim to find ways to resolve any problems.
The occupational health of the consultants is the responsi-
bility of their employer.
In Qt's Professional Services unit, project managers report to
area directors, and area directors report to the head of the
Professional Services unit. For suppliers operating under ser-
vice partner contracts, the effectiveness of the cooperation
and satisfaction are assessed in monthly and quarterly mon-
itoring meetings between the Professional Services business
unit's team and the suppliers.
S2-3
Processes to remediate negative impacts
and channels for value chain workers to raise
concerns
Consultants are required to complete a training on Qt's Code
of Conduct, when the contract extends beyond one month.
If the contract lasts longer than one year, the training must
be repeated. As part of the course, consultants also receive
information on the whistleblowing channel, which they can
also use to report misconduct or shortcomings anonymously.
At the end of 2024, 79 percent of the external consultants
in the Professional Services unit had completed ISO27001
compliance training, which includes a module on Qt’s Code
of Conduct.
Topics including views highlighted by consultants are dis-
cussed in weekly meetings and in management meetings
held at two-week and one-month intervals in the Profes-
sional Services unit. The agenda of these meetings includes
project situation reviews, resource allocation, and other mat-
ters related to subcontracting.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
S2-4
Taking action on material impacts on value
chain workers, and approaches to managing
material risks and pursuing material
opportunities related to value chain workers,
and effectiveness of those actions
Aside from supplier agreements and terms of contract con-
cerning working time, for example, Qt has not implemented
and is not planning to implement any other particular mea-
sures relating to the health of external consultants. No sep-
arate resources have been allocated to managing negative
impacts (mental health) related to consultants, because the
impacts have been assessed to be potential rather than
actual, and they are neither severe nor extensive in scale.
Qt has not identified any material business risks related to
workers in the value chain. No serious human rights violations
have been reported in relation to Qt's value chain.
S2-5
Targets related to managing material negative
impacts, advancing positive impacts, and
managing material risks and opportunities
Qt has not set any targets related to the impacts on the health
of external consultants, nor is the company planning to set
such targets for the time being. Setting result-oriented tar-
gets is challenging, as Qt does not have visibility into the con-
sultants’ occupational health due to privacy regulations. How-
ever, Qt requires the service provider to commit to respecting
human rights and looking after the health and safety of its
employees. Consultants can raise concerns through the whis-
tleblowing channel. In 2024, no reports were received.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Governance Information
G1 Business Conduct
G1–1
Corporate culture and business conduct
policies and corporate culture
Qt’s Code of Conduct lays the foundation for Qt’s entire busi-
ness culture. The Code of Conduct applies to all Qt Group
employees, subcontractors, vendors and partners in all geo-
graphical regions. The Code of Conduct consists of five prin-
ciples: "We do the right thing", "We create a positive working
environment", "We avoid conflicts of interest", "We protect
our data, assets and reputation", and "We act on concerns
and violations".
In its Code of Conduct, the Qt Group commits to conducting its
business with honesty, complying with all applicable laws and
ethical principles. Corruption and bribery are prohibited, and
the company complies with applicable and statutory envi-
ronmental regulations, taking into account the nature of the
business. Qt Group is also committed to creating a working
environment where all employees are treated with respect
and where healthy work-life balance is encouraged. The
company guarantees equal opportunities for career devel-
opment regardless of the employee’s background. Discrim-
ination or harassment in any form is not tolerated. In order
to avoid conflicts of interest, personal relationships must not
influence business decisions, and employees are not enti-
tled to use their position for personal gain. Business gifts
can be accepted only if they are reasonable, such as business
lunches, and do not create conflicts of interest. The Qt Group
complies with data protection legislation and accounting leg-
islation and ensures the reliability of its financial reporting.
The company complies with regulations and ethical standards
in all of its communications.
The Code of Conduct is linked to all of Qt's impacts, risks
and opportunities related to business conduct. The business
culture was identified as both a potential negative and pos-
itive impact as well as a risk and an opportunity. The Code
of Conduct also relates to deficiencies in awareness related
to the prevention of corruption and bribery and incidents of
corruption and bribery, which have been identified as poten-
tial negative impacts. Training on the prevention of corrup-
tion and bribery, which is also part of the Code of Conduct,
was also identified as a positive impact. In addition, Qt has a
separate Anti-Bribery and Corruption Policy, the aim of which
is to ensure that Qt Group and its subsidiaries around the
world comply with all anti-bribery and anti-corruption laws in
their respective countries. Qt has zero tolerance for all busi-
ness practices that are indicative of corruption or bribery. This
policy applies to all employees, subcontractors, partners and
other parties with whom Qt operates. In 2025, Qt plans to
review its Anti-Bribery and Corruption policy in relation to the
UN convention and, if necessary, refine the policy so that it is
in line with the UN convention.
The Code of Conduct is connected to the following material
impacts, risks and opportunities related to the company's
own workforce: work-life balance, social dialogue (job sat-
isfaction), health and safety, gender equality and equal pay,
measures against violence and harassment, and the diversity
of the personnel. All employees receive training on the Code
of Conduct as part of their orientation. From 2025 onwards,
the training will be an annual requirement for employees. Qt
monitors the percentage of employees who have completed
the training, and the target is for all employees to have com-
pleted the training.
Qt’s Code of Conduct also guides the impacts on workers in
the value chain, meaning external consultants, as regards
health and safety and sustainable working conditions. Qt
monitors the percentage of consultants who have completed
the Code of Conduct training.
Data protection, which has been identified as a risk and a
positive impact for Qt, is also an integral part of the Code
of Conduct.
The Code of Conduct is based on the UN Guiding Principles
on Business and Human Rights and the ILO Declaration on
Fundamental Principles and Rights at Work. The Group's
CFO, Senior Vice President, People & Culture, and the Gen-
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
eral Counsel review the Code of Conduct annually. The CEO
approves the Code of Conduct and is responsible for the
implementation of the Code of Conduct.
Qt also has a Human Rights Policy that applies to all of Qt’s
stakeholders and supplements the Code of Conduct. The
Human Rights Policy states that Qt takes appropriate mea-
sures to avoid the exploitation of people via forced labor,
human trafficking, and child labor. The Human Rights Policy
will be integrated into Qt’s Code of Conduct in 2025.
All of Qt’s stakeholders have the opportunity to use the whis-
tleblowing channel to anonymously report any observed vio-
lations of the Code of Conduct, such as corruption or bribery,
the gray economy or other legal non-compliance. Qt has not
separately determined the internal functions that are the
most vulnerable to corruption and bribery.
Whistleblower reports are submitted via a service maintained
by a third party, in which the whistleblower is provided with
an anonymous username and password. Information on the
channel is provided as part of the training on the Code of Con-
duct, which is mandatory for employees and external con-
sultants working in customer projects. The channel is public,
which means that anyone involved with Qt can use it to report
misconduct.
All reports received via the anonymous whistleblowing
channel are taken into processing within seven days, and the
whistleblower receives a response within 30 days, as required
by law. Reports submitted via the whistleblowing channel
are accessible only to the Group’s CFOs, General Counsel and
Senior Vice President, People & Culture. If necessary, they
have the right to discuss the content of the report and the
consequences to be decided on with the company’s CEO,
Management Team, members of the Board of Directors and
other parties deemed necessary by the specified persons.
Compliance with labor legislation is monitored in the EU coun-
tries by legally required employee representatives, to whom
employees can report misconduct. Violations of Qt's Code of
Conduct can be reported via the anonymous whistleblowing
channel and to the HR business partner in each business unit.
All security-related violations, such as phishing attempts,
are advised by Qt to be reported by email to security@qt.io.
Corporate culture development project
Qt launched a corporate culture development project in
summer 2024 with the aim of clarifying the direction in which
Qt’s corporate culture is to be developed in line with the com-
pany's business strategy. The goal of the culture development
project is to find a shared view of the current culture and
employee experience. As a result of the project, in 2025, Qt
will introduce a culture handbook that provides guidelines for
day-to-day work in the Qt Group. The project included group
discussions on Qt's corporate culture. The discussions were
open to all Qt employees. In addition, separate workshops
were organized for Qt's Management Team on the key char-
acteristics of the corporate culture to be pursued.
Targets and metrics
Qt monitors the percentage of employees and suppliers
who have completed training on the Code of Conduct and
the number of reports received via the anonymous whis-
tleblowing channel.
The target is for 100 percent of employees and new sup-
pliers to have completed the training by 2026. For technical
system reasons, it is currently almost impossible to achieve
100 percent coverage. Qt intends to develop the tool and the
calculation boundaries in order to make the target relevant.
In 2024, 84 percent of employees and 79 percent of external
consultants had completed the Code of Conduct training.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
G1–2
Management of relationships with suppliers
At Qt, the primary term of payment for all purchase invoices
is 30 days (net). Invoices are paid on the due date without
delay, provided that they have been approved by the appro-
priate employees, are valid, and have been sent to the com-
pany in accordance with the relevant instructions.
External consultants operating in customer projects are
required to complete ISO27001 training, which includes a
module on Qt's Code of Conduct. Qt has not yet established
requirements for suppliers relating to sustainability topics.
G1–3
Prevention and detection of corruption and
bribery
To prevent allegations or incidents of corruption and bribery,
all Qt employees and external consultants working in cus-
tomer projects complete a section on the prevention of cor-
ruption and bribery as part of the training on the Code of Con-
duct. The whistleblowing practice is applied in the detection
and processing of incidents of corruption and bribery. Cor-
ruption and bribery are also addressed as part of the training
on the Code of Conduct, which is mandatory for employees
and external consultants. In addition, the Code of Conduct
is incorporated into supplier agreements concerning cus-
tomer projects. All members of the Management Team and
the Board of Directors are required to complete training on
the Code of Conduct.
If the persons designated to process whistleblower reports
are identified as being parties to the incident which the whis-
tleblower report concerns, they may be disqualified from its
processing as necessary. The incidents are reported to the
Board of Directors as part of financial statements informa-
tion. The reporting to the Board of Directors concerns the
number of incidents leading to an investigation by the public
authorities. Qt has not separately determined functions-at-
risk with regard to corruption and bribery.
G1–4
Confirmed incidents of corruption or bribery
Qt has not been subject to any convictions or fines for viola-
tion of anti-corruption and anti-bribery laws, and has there-
fore not had to implement any remedies. The existing pre-
ventive processes, such as contracts and trainings, have been
sufficient.
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Policies related to data protection
Data protection is an integral part of Qt’s Code of Conduct.
The Code of Conduct applies to all Qt Group employees, sub-
contractors, vendors and partners in all geographical regions.
More information on the Code of Conduct is provided in sec-
tion G1 Business conduct.
Qt also has a separate Privacy Policy, the main purpose of
which is to protect and manage the personal data of users
collected in connection with the use of Qt’s websites, prod-
ucts and services. Qt Group is committed to protecting the
privacy of its users, those visiting the Qt Group’s web pages,
and people interacting with the Qt Group. Any personal data
processed by Qt Group through its web pages or related to the
downloading or use of the products or services of Qt Group
is processed only pursuant to applicable data protection leg-
islation. The Privacy Policy relates to data protection, which
has been identified as a positive impact and a risk, but it does
not apply to employee or recruitment data, which are subject
to a separate privacy policy (see section S1 Own workforce).
The Privacy Policy is approved by Qt’s Management Team and
CEO, who are also the most senior level in the organization
that is accountable for the implementation the policy. The Pri-
vacy Policy is aligned with the ISO 27001 information secu-
rity management standard and the ISO 9001 quality man-
agement standard, and it is publicly available on Qt’s website.
Data protection
Actions and resources in relation to data
protection
Qt Group was granted the ISO 27001 information secu-
rity management certificate in 2024. During 2024, Qt also
adapted its operations in response to the requirements of the
European Union’s Network and Information Security Direc-
tive (NIS2).
Qt Group offers a comprehensive range of IT and informa-
tion security training courses that support the development
of employee competence, ethical operations and informa-
tion security in accordance with the ISO 27001 standard. The
courses are part of the company’s commitment to a strong
information security culture and data protection.
Mandatory training courses:
• Information security awareness training: An annual pro-
gram that is mandatory for all employees and external
consultants to increase understanding of information
security risks and best practices, such as identifying and
reporting phishing, malware and social engineering.
• Data protection training: Interactive training aimed at
employees. Through practical examples, the participants
learn how to respond to data protection challenges. The
course is completed as part of orientation training.
• Information security training: An interactive course aimed
at employees. Covers information security challenges,
such as scam messages. The course is completed as part
of orientation training.
• Training on IT and information security practices: Con-
tains up-to-date IT and information security policies
and practices, which are also available on the intranet. A
mandatory annual course for all employees and external
consultants (contracts lasting over one month) that
ensures that the participants are familiar with new prac-
tices and supports compliance with ISO 27001 require-
ments.
Voluntary training courses:
• How to use AI successfully? A course aimed at
employees that provides the opportunity to learn about
the use of AI in business.
The aim of the training courses is to increase the employees’
knowledge of information security threats, promote a secu-
rity-aware organizational culture and reduce risks related to
information security. The courses also support regulatory
compliance and the effective implementation of informa-
tion security processes in the organization.
The training courses strengthen the employees’ capacity to
comply with the company’s data protection and information
security policies, which are an integral part of the Qt Group’s
operations and ISO 27001-compliant management system.
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Metrics in relation to data protection
Qt monitors and measures the company-wide completion
rate of two information security related trainings. The metric
is internally created and internally monitored, and the mea-
surement has not been validated by an external party.
Share of employees who completed mandatory training
courses in 2024
• Information security awareness training 89%
• Training on IT and information security policies and prac-
tices 71%
The number of employees who have completed the course in proportion to people employed
on 31 December 2024.
Targets related to data protection
Qt has set a 100 percent completion rate target for training
courses related to information security and data protection
by the end of 2026.
During 2025, Qt will develop the e-learning platform, in
which new company-wide information security trainings
will be added. At the same time, the data collected by the
learning platform is improved and the monitoring of the
achievement of the goal is developed. In 2024, target mon-
itoring only covers Qt employees, but Qt's aim is to mon-
itor the completion rates of external consultants separately
starting from 2026.
The target has been set internally, and stakeholders have not
been engaged in the process.
The resources allocated to the actions mainly consist of
human resources and involve various individuals, including
an information security specialist, legal specialist and the
director in charge of information management and IT oper-
ations. In addition, resources have been allocated to required
tooling, such as a system for management of ISO standard
related information.
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List of data points in cross-cutting and topical standards that derive from other EU legislation
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference Material to Qt
Page
number
ESRS 2 GOV-1
Board's gender diversity
paragraph 21 (d)
Indicator number 13
of Table #1
of Annex 1
Commission Delegated
Regulation (EU) 2020/1816
(²⁷), Annex II
Yes 20
ESRS 2 GOV-1
Percentage of board
members who are
independent paragraph
21 (e)
Delegated Regulation (EU)
2020/1816, Annex II
Yes 19
ESRS 2 GOV-4
Statement on due diligence
paragraph 30
Indicator number 10
of Table #3
of Annex 1
Yes 21
ESRS 2 SBM-1
Involvement in activities
related to fossil fuel
activities paragraph 40 (d) i
Indicator number 4
of Table #1
of Annex 1
Article 449a Regulation (EU)
No 575/2013; Commission
Implementing Regulation (EU)
2022/2453 (²⁸)Table 1: Qualitative
information on Environmental risk
and Table 2: Qualitative information
on Social risk
Delegated Regulation
(EU) 2020/1816, Annex II
Not material
ESRS 2 SBM-1
Involvement in activities
related to chemical
production paragraph 40
(d) ii
Indicator number 9
of Table #2
of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Not material
ESRS 2 SBM-1
Involvement in activities
related to controversial
weapons paragraph 40
(d) iii
Indicator number 14
of Table #1
of Annex 1
Delegated Regulation (
EU) 2020/1818 (²⁹), Article
12(¹) Delegated Regulation
(EU) 2020/1816, Annex II
Not material
ESRS 2 SBM-1
Involvement in activities
related to cultivation and
production of tobacco
paragraph 40 (d) iv
Delegated Regulation
(EU) 2020/1818, Article
12(¹) Delegated Regulation
(EU) 2020/1816, Annex II
Not material
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
ESRS E1-1
Transition plan to reach
climate neutrality by 2050
paragraph 14
Regulation (EU)
2021/1119,
Article 2(1)
Not material
ESRS E1-1
Undertakings excluded from
Paris-aligned Benchmarks
paragraph 16 (g)
Article 449a
Regulation (EU) No 575/2013;
Commission Implementing
Regulation (EU) 2022/2453 Template
1: Banking book-Climate Change
transition risk: Credit quality of
exposures by sector, emissions and
residual maturity
Delegated Regulation
(EU) 2020/1818,
Article12.1 (d) to (g), and
Article 12.2
Not material
ESRS E1-4
GHG emission reduction
targets paragraph 34
Indicator number 4
of Table #2
of Annex 1
Article 449a
Regulation (EU) No 575/2013;
Commission Implementing
Regulation (EU) 2022/2453 Template
3: Banking book – Climate change
transition risk: alignment metrics
Delegated Regulation
(EU) 2020/1818, Article 6
Not material
ESRS E1-5
Energy consumption
from fossil sources
disaggregated by sources
(only high climate impact
sectors) paragraph 38
Indicator number 5
of Table #1 and
Indicator n. 5
of Table #2
of Annex 1
Not material
ESRS E1-5
Energy consumption and
mix paragraph 37
Indicator number 5
of Table #1
of Annex 1
Not material
ESRS E1-5
Energy intensity associated
with activities in high
climate impact sectors
paragraphs 40 to 43
Indicator number 6
of Table #1
of Annex 1
Not material
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference Material to Qt
Page
number
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
ESRS E1-6
Gross Scope 1, 2, 3 and
Total GHG emissions
paragraph 44
Indicators number 1 and 2
of Table #1
of Annex 1
Article 449a; Regulation (EU)
No 575/2013; Commission
Implementing Regulation (EU)
2022/2453 Template 1: Banking
book – Climate change transition
risk: Credit quality of exposures
by sector, emissions and residual
maturity
Delegated Regulation
(EU) 2020/1818,
Article 5(1), 6 and 8(1)
Not material
ESRS E1-6
Gross GHG emissions
intensity paragraphs 53
to 55
Indicators number 3
of Table #1
of Annex 1
Article 449a Regulation (EU)
No 575/2013; Commission
Implementing Regulation (EU)
2022/2453 Template 3: Banking
book – Climate change transition
risk: alignment metrics
Delegated Regulation
(EU) 2020/1818,
Article 8(1)
Not material
ESRS E1-7
GHG removals and carbon
credits paragraph 56
Regulation
(EU) 2021/1119,
Article 2(1)
Not material
ESRS E1-9
Exposure of the benchmark
portfolio to climate-related
physical risks paragraph 66
Delegated Regulation
(EU) 2020/1818, Annex II
Delegated Regulation
(EU) 2020/1816, Annex II
Not material
ESRS E1-9
Disaggregation of monetary
amounts by acute and
chronic physical risk
paragraph 66 (a)
ESRS E1-9
Location of significant
assets at material physical
risk paragraph 66 (c).
Article 449a Regulation
(EU) No 575/2013; Commission
Implementing Regulation
(EU) 2022/2453 paragraphs 46
and 47; Template 5: Banking book
- Climate change physical risk:
Exposures subject to physical risk
Not material
ESRS E1-9
Breakdown of the carrying
value of its real estate
assets by energy-efficiency
classes paragraph 67 (c).
Article 449a Regulation
(EU) No 575/2013; Commission
Implementing Regulation
(EU) 2022/2453 paragraph 34;
Template 2: Banking book -Climate
change transition risk: Loans
collateralized by immovable property
- Energy efficiency of the collateral
Not material
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference Material to Qt
Page
number
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
ESRS E1-9
Degree of exposure of the
portfolio to climate-related
opportunities paragraph 69
Delegated Regulation
(EU) 2020/1818,
Annex II
Not material
ESRS E2-4
Amount of each pollutant
listed in Annex II of the
E-PRTR Regulation
(European Pollutant
Release and Transfer
Register) emitted to air,
water and soil, paragraph
28
Indicator number 8
of Table #1 of Annex 1
Indicator number 2
of Table #2 of Annex 1
Indicator number 1
of Table #2 of Annex 1
Indicator number 3
of Table #2 of Annex 1
Not material
ESRS E3-1
Water and marine
resources paragraph 9
Indicator number 7
of Table #2
of Annex 1
Not material
ESRS E3-1
Dedicated policy
paragraph 13
Indicator number 8
of Table 2
of Annex 1
Not material
ESRS E3-1
Sustainable oceans and
seas paragraph 14
Indicator number 12
of Table #2
of Annex 1
Not material
ESRS E3-4
Total water recycled and
reused paragraph 28 (c)
Indicator number 6.2
of Table #2
of Annex 1
Not material
ESRS E3-4
Total water consumption in
m³ per net revenue on own
operations paragraph 29
Indicator number 6.1
of Table #2
of Annex 1
Not material
ESRS 2 – IRO-1 – E4
1 - E4
paragraph 16 (a) i
Indicator number 7
of Table #1
of Annex 1
Not material
ESRS 2 – IRO-1 – E4
1 - E4
paragraph 16 (b)
Indicator number 10
of Table #2
of Annex 1
Not material
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference Material to Qt
Page
number
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
ESRS 2 – IRO-1 – E4
1 - E4
paragraph 16 (c)
Indicator number 14
of Table #2
of Annex 1
Not material
ESRS E4-2
Sustainable land/
agriculture practices or
policies paragraph 24 (b)
Indicator number 11
of Table #2
of Annex 1
Not material
ESRS E4-2
Sustainable oceans/
seas practices or policies
paragraph 24 (c)
Indicator number 12
of Table #2
of Annex 1
Not material
ESRS E4-2
Policies to address
deforestation paragraph
24 (d)
Indicator number 15
of Table #2
of Annex 1
Not material
ESRS E5-5
Non-recycled waste
paragraph 37 (d)
Indicator number 13
of Table #2
of Annex 1
Not material
ESRS E5-5
Hazardous waste and
radioactive waste
paragraph 39
LIndicator number 9
of Table #1
of Annex 1
Not material
ESRS 2 – SBM-3 – S1
Risk of incidents of forced
labour paragraph 14 (f)
Indicator number 13
of Table #3
of Annex I
Yes 37
ESRS 2 – SBM-3 – S1
Risk of incidents of child
labour paragraph 14 (g)
Indicator number 12
of Table #3
of Annex I
Yes 37
ESRS S1-1
Human rights policy
commitments paragraph 20
Indicator number 9 of Table
#3 and Indicator number 11
of Table #1 of Annex I
Yes 48, 49
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference Material to Qt
Page
number
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
ESRS S1-1
Due diligence policies on
issues addressed by the
fundamental International
Labor Organisation
Conventions 1 to 8,
paragraph 21
Delegated
Regulation
(EU) 2020/1816,
Annex II
Yes 38, 49
ESRS S1-1
Processes and measures
for preventing trafficking in
human beings paragraph
22
Indicator number 11
of Table #3
of Annex I
Yes 49
ESRS S1-1
Workplace accident
prevention policy or
management system
paragraph 23
Indicator number 1
of Table #3
of Annex I
Yes 44, 48
ESRS S1-3
Grievance/complaints
handling mechanisms
paragraph 32 (c)
Indicator number 5
of Table #3
of Annex I
Yes 39
ESRS S1-14
Number of fatalities and
number and rate of work-
related accidents paragraph
88 (b) and (c)
Indicator number 2
of Table #3
of Annex I
Delegated
Regulation
(EU) 2020/1816,
Annex II
Yes 44
ESRS S1-14
Number of days lost to
injuries, accidents, fatalities
or illness paragraph 88 (e)
Indicator number 3
of Table #3
of Annex I
Yes 44
ESRS S1-16
Unadjusted gender pay gap
paragraph 97 (a)
Indicator number 12
of Table #1
of Annex I
Delegated
Regulation
(EU) 2020/1816,
Annex II
Yes 44
ESRS S1-16
Excessive CEO pay ratio
paragraph 97 (b)
Indicator number 8
of Table #3
of Annex I
Yes 44
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference Material to Qt
Page
number
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
ESRS S1-17
Incidents of discrimination
paragraph 103 (a)
Indicator number 7
of Table #3
of Annex I
Yes 44
ESRS S1-17
Non-respect of UNGPs
on Business and Human
Rights and OECD paragraph
104 (a)
Indicator number 10
of Table #1 and
Indicator n. 14
of Table #3
of Annex I
Delegated
Regulation
(EU) 2020/1816,
Annex II Delegated
Regulation
(EU) 2020/1818 Art
12 (1)
Yes 44
ESRS 2 – SBM-3 – S2
Significant risk of child
labour or forced labour in
the value chain paragraph
11 (b)
Indicators number 12
and n. 13 of Table #3
of Annex I
Yes 45
ESRS S2-1
Human rights policy
commitments paragraph 17
Indicator number 9
of Table #3 and Indicator
n. 11 of Table #1 of Annex 1
Yes 48, 49
ESRS S2-1
Policies related to value
chain workers paragraph 18
Indicator number 11 and n.
4 Table #3 of Annex 1
Yes 45, 46, 48,
49
ESRS S2-1
Non-respect of UNGPs
on Business and Human
Rights principles and OECD
guidelines paragraph
19
Indicator number 10
of Table #1
of Annex 1
Delegated
Regulation
(EU) 2020/1816,
Annex II Delegated
Regulation
(EU) 2020/1818,
Art 12 (1)
Yes 48, 49
ESRS S2-1
Due diligence policies on
issues addressed by the
fundamental International
Labor Organisation
Conventions 1 to 8,
paragraph 19
Delegated
Regulation
(EU) 2020/1816,
Annex II
Yes 48, 49
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference Material to Qt
Page
number
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
ESRS S2-4
Human rights issues and
incidents connected to its
upstream and downstream
value chain paragraph 36
LIndicator number 14
of Table #3
of Annex 1
Yes 47
ESRS S3-1
Human rights policy
commitments paragraph 16
Indicator number 9
of Table #3 of Annex 1 and
Indicator number 11
of Table #1 of Annex 1
Not material
ESRS S3-1
Non-respect of UNGPs
on Business and Human
Rights, ILO principles or and
OECD guidelines paragraph
17
Indicator number 10
of Table #1
of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation (EU)
2020/1818, Art 12 (1)
Not material
ESRS S3-4
Human rights issues and
incidents paragraph 36
Indicator number 14
of Table #3
of Annex 1
Not material
ESRS S4-1
Policies related to
consumers and end-users
paragraph 16
Indicator number 9
of Table #3 and Indicator
number 11 of Table #1
of Annex 1
Not material
ESRS S4-1
Non-respect of UNGPs
on Business and Human
Rights and OECD guidelines
paragraph 17
Indicator number 10
of Table #1
of Annex 1
Delegated Regulation
(EU) 2020/1816, Annex II
Delegated Regulation
(EU) 2020/1818, Art 12 (1)
Not material
ESRS S4-4
Human rights issues and
incidents paragraph 35
Indicator number 14
of Table #3
of Annex 1
Not material
ESRS G1-1
United Nations Convention
against Corruption
paragraph 10 (b)
Indicator number 15
of Table #3
of Annex 1
Yes 48
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference Material to Qt
Page
number
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
ESRS G1-1
Protection of whistle-
blowers paragraph 10 (d)
Indicator number 6
of Table #3
of Annex 1
Yes 48
ESRS G1-4
Fines for violation of anti-
corruption and anti-bribery
laws paragraph 24 (a)
Indicator number 17
of Table #3
of Annex 1
Delegated
Regulation
(EU) 2020/1816,
Annex II)
Yes 50
ESRS G1-4
Standards of anti-
corruption and anti-bribery
paragraph 24 (b)
Indicator number 16
of Table #3
of Annex 1
Yes 50
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference Material to Qt
Page
number
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Code Caption Page
General Disclosures
GENERAL DISCLOSURES (ESRS 2)
BP-1 General basis for preparation of sustainability statements 19
BP-2 Disclosures in relation to specific circumstances 19
GOV-1
The role of the administrative, management and supervisory
bodies 19–20
GOV-2
Information provided to and sustainability matters addressed
by the undertaking’s administrative, management and
supervisory bodies 20
GOV-3
Integration of sustainability-related performance in incentive
schemes 21
GOV-4 Statement on due diligence 21
GOV-5
Risk management and internal controls over sustainability
reporting 21
SBM-1 Strategy, business model and value chain 22
SBM-2 Interests and views of stakeholders 23–24
SBM 3
Material impacts, risks and opportunities and their interaction
with strategy and business model 25, 37, 45
IRO-1
Description of the processes to identify and assess material
impacts, risks and opportunities 26–30
IRO-2
Disclosure Requirements in ESRS covered by the undertaking’s
sustainability statements
31
53–63
MDR-P Policies adopted to manage material sustainability matters
37–38,
45–46,
48–49, 51
MDR-A
Actions and resources in relation to material sustainability
matters
40, 47, 49,
51
MDR-M Metrics in relation to material sustainability matters
42–44, 49,
52
MDR-T Tracking effectiveness of policies and actions through targets
41, 47, 49,
52
Code Caption Page
Environmental information
TAXONOMY INFORMATION
Social information
OWN WORKFORCE (S1)
S1-1 Policies related to own workforce 37–38
S1-2
Processes for engaging with own workers and workers’
representatives about impacts 39
S1-3
Processes to remediate negative impacts and channels for own
workers to raise concerns 39
S1-4
Taking action on material impacts on own workforce, and
approaches to mitigating material risks and pursuing material
opportunities related to own workforce, and effectiveness of
those actions 40
S1-5
Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities 41
S1-6 Characteristics of the undertaking’s employees 42
S1-9 Diversity metrics 20, 43
S1-10 Adequate wages 43
S1-14 Health and safety metrics 44
S1-16 Remuneration metrics (pay gap and total compensation) 44
S1-17 Incidents, complaints and severe human rights impacts 44
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Code Caption Page
WORKERS IN THE VALUE CHAIN (S2)
S2-1 Policies related to value chain workers 45–46
S2-2 Processes for engaging with value chain workers about impacts 46
S2-3
Processes to remediate negative impacts and channels for
value chain workers to raise concerns 46
S2-4
Taking action on material impacts on value chain workers, and
approaches to managing material risks and pursuing material
opportunities related to value chain workers, and effectiveness
of those actions 47
S2-5
Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities 47
Governance information
BUSINESS CONDUCT (G1)
G1–1
Corporate culture and business conduct policies and corporate
culture 48–49
G1–2 Management of relationships with suppliers 50
G1–3 Prevention and detection of corruption and bribery 50
G1–4 Confirmed incidents of corruption or bribery 50
Financial
Statements 2024
Consolidated income statement .................................................65
Consolidated statement of financial position .........................66
Consolidated statement of cash flows .....................................67
Consolidated statement of changes
in shareholders’ equity .................................................................... 68
Notes to the Consolidated Financial Statements .................69
Parent company income statement ..........................................98
Parent company balance sheet ...................................................99
Parent company cash flow statement ...................................100
Basic information on the parent company
and accounting policies applied
in the financial statements ......................................................... 101
Notes to the parent company financial statements ......... 102
Signatures to the Financial Statements
and the Board of Directors’ Report ......................................... 106
Auditor's Report ...............................................................................107
Assurance Report on the Sustainability Report ..................113
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Consolidated income statement
Consolidated statement of comprehensive income
| 1 Jan–31 Dec | 1 Jan–31 Dec | ||
| EUR thousand Notes | 2024 | 2023 | |
| Other comprehensive income | |||
| Items which may be reclassified | |||
| subsequently to profit or loss | |||
Translation difference | - | - | |
Total comprehensive income | |||
| Distribution of comprehensive income: | |||
Parent company shareholders |
| 1 Jan–31 Dec | 1 Jan–31 Dec | ||
EUR thousand | Notes | 2024 | 2023 |
Net sales | 2 | ||
Other operating income | 3 | ||
Materials and services | 4 | - | - |
Personnel expenses | 5, 18, 22 | - | - |
Depreciation, amortization and impairment | 7 | - | - |
Other operating expenses | 8 | - | - |
Operating result | |||
Financial income | 9 | ||
Financial expenses | 9 | - | - |
Earnings before tax | |||
Income taxes | 10 | - | - |
Net profit | |||
| Distribution of net profit: | |||
Parent company shareholders | |||
| Net profit attributable to parent company | |||
| shareholders, earnings per share | |||
Undiluted earnings per share (EUR/share) | 11 | ||
Diluted earnings per share (EUR/share) | 11 |
Qt Group | Annual Report 2024
66
Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Consolidated statement of financial position
Assets Equity and liabilities
EUR thousand | Notes | 31 Dec 2024 | 31 Dec 2023 |
| Non-current assets | |||
Goodwill | 12 | ||
Other intangible assets | 12 | ||
Tangible assets | 13 | ||
Long-term receivables | |||
Contract assets | 2 | ||
Deferred tax assets | 14 | ||
Total non-current assets | |||
| Current assets | |||
Trade receivables | 15 | ||
Other receivables | 15 | ||
Contract assets | 2 | ||
Cash and cash equivalents | 16 | ||
Total current assets | |||
Total assets |
EUR thousand | Notes | 31 Dec 2024 | 31 Dec 2023 |
| Shareholders’ equity | |||
Share capital | 17 | ||
Unrestricted shareholders’ equity reserve | 17 | ||
Own shares | 17 | - | - |
Translation difference | 17 | ||
Retained earnings | 17, 18 | ||
Net profit | |||
Total shareholders’ equity | |||
| Long-term liabilities | |||
Deferred tax liabilities | 14 | ||
Long-term interest-bearing liabilities | 20 | ||
Other long-term liabilities | 19 | ||
Total long-term liabilities | |||
| Short-term liabilities | |||
Short-term interest-bearing liabilities | 19, 20 | ||
Accounts payable | 19 | ||
Other short-term liabilities | 19 | ||
Total short-term liabilities | |||
Total liabilities |
Shareholders’ equity and liabilities 238,763 206,510
Qt Group | Annual Report 2024
67
Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Consolidated cash flow statement
EUR thousand
| 1 Jan–31 Dec | 1 Jan–31 Dec | ||
| 2024 | 2023 | EUR thousand | |
| Profit before taxes | |||
| Adjustments to net profit | |||
| Depreciation and amortization | |||
| Other adjustments | - | ||
| Change in working capital | |||
| Change in trade and other receivables | - | - | |
| Change in accounts payable and other liabilities | |||
| Interest paid | - | - | |
| Other financial items | |||
| Taxes paid | - | - | |
| Cash flow from operations |
| 1 Jan–31 Dec | 1 Jan–31 Dec | |
| 2024 | 2023 | |
| Purchases of tangible and intangible assets | - | - |
Payment for acquisition of subsidiary, net of cash acquired* | - | - |
| Cash flow from investments | - | - |
| Change in lease liabilities | - | - |
| Share subscriptions based on stock options 2016 | ||
| Repayment of short-term borrowings | - | |
| Repayment of long-term borrowings | - | |
| Cash flow from financing | - | - |
| Change in cash and cash equivalents | ||
| Cash and cash equivalents at beginning of period | ||
| Net foreign exchange difference | - | |
| Cash and cash equivalents at end of period |
* 2024 cash flow is affected by the payments from 2022 completed Axivion acquisition.
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Consolidated statement of changes in shareholders’ equity
EUR thousand Share capital
| Unrestricted | Total | |||||
| shareholders’ | Translation | Retained | shareholders’ | |||
equity reserve | Own shares | difference | earnings | equity | ||
Shareholders’ equity 1 January 2023 | - | |||||
| Comprehensive income for the period | ||||||
Net profit | ||||||
Comprehensive income | - | - | ||||
Stock option program and equity incentive program | ||||||
| Issue of shares as consideration | ||||||
for a business acquisition | ||||||
Issue of treasury shares | ||||||
Shareholders’ equity 31 December 2023 | - | |||||
Shareholders’ equity 1 January 2024 | - | |||||
| Comprehensive income for the period | ||||||
Net profit | ||||||
Comprehensive income | - | - | ||||
Stock option program and equity incentive program | - | - | ||||
| Issue of shares as consideration | ||||||
for a business acquisition | ||||||
Issue of treasury shares | ||||||
Shareholders’ equity 31 December 2024 | - |
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Notes to the Consolidated Financial Statements
Foreign Currency Translation
Items referring to the earnings and financial position of the
Group’s units are recognized in the currency that is the main
Accounting policies applied in the consolidated financial statements
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
currency of the unit’s primary operating environment (“func-
tional currency”). The consolidated financial statements are
given in euros, which is the operating and presentation cur-
rency of the parent company.
Receivables and liabilities denominated in foreign currencies
have been converted into euro at the exchange rate in effect
on the balance sheet date. Gains and losses arising from for-
eign currency transactions are recognized through profit or
loss. Foreign exchange gains and losses from operations are
included in the corresponding items above operating profit.
Accounting Policies Requiring Consideration
by Management and Crucial Factors of Uncertainty
Associated with Estimates
Estimates and assumptions regarding the future have to be
made during the preparation of the financial statements, and
the outcome may differ from the estimates and assumptions.
Furthermore, the application of accounting policies requires
consideration. These estimates and assumptions are based on
historical experience and other justifiable assumptions that are
believed to be reasonable under the circumstances and that
serve as a foundation for evaluating the items included in the
financial statements.
Consideration by Management Related to
the Selection and Application of Accounting
Policies
The Group’s goodwill is allocated entirely to one cash-gener-
ating unit. According to the estimate of the Group’s manage-
ment, the Group does not have separate independent busi-
nesses and, under the current structure, business operations
can be monitored most reliably as a single cash-generating
unit. In the view of the management, the Group does not have
separate itemizable asset groups whose generated cash flows
would be largely independent of the cash flows generated by
other asset items or asset groups. Accordingly, the Group’s
management does not consider it possible to independently
allocate asset items to smaller cash-generating units.
Notes to the Consolidated Financial Statements
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Notes to the Consolidated Financial Statements
1. Business Combinations
In the fiscal year 2024, the earn-out liabilities were adjusted
and positive profit impact of EUR 6.7 million was presented
in other financial income.
EUR thousand
Summary of Axivion acquisition
Cash consideration | 26,921 |
Directed share issue | 8,273 |
Earn-out | 9,984 |
Total purchase price consideration | 45,178 |
Total assets | 40,021 |
Short-term liabilities | 3,542 |
Deferred tax liability | 10,260 |
Total liabilities | 13,802 |
Net assets | 26,219 |
Goodwill | 18,959 |
Purchase price | 45,178 |
Qt Group | Annual Report 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
| Notes to the Consolidated Financial Statements | ||
Qt Group | Annual Report 2024
73
Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Notes to the Consolidated Financial Statements
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3. Other Operating Income
Other operating income consists of income that is not
attributable to the Group’s actual business. Other oper-
ating income is primarily comprised of income from
organized events.
| Notes to the Consolidated Financial Statements | ||
External services are mainly comprized of outsourcing services and subcontracting.
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EUR thousand 2024 2023
Wages and salaries 84,391 74,357
Pension costs (defined contribution plans) 6,627 5,582
Equity incentive program -1,184 376
Other personnel expenses 8,188 7,424
Total 98,022 87,739
Notes to the Consolidated Financial Statements
5. Personnel Expenses
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7. Depreciation and Amortization
| Notes to the Consolidated Financial Statements | ||
6. Research and Development Costs
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
EUR thousand | 2024 | 2023 |
Personnel expenses | 2,851 | 3,163 |
Travel and representation expenses | 5,000 | 4,400 |
Marketing and communications | 4,269 | 3,733 |
External services | 8,567 | 7,595 |
Costs of premises | 3,303 | 3,193 |
IT expenses | 6,876 | 6,430 |
Other expenses | 1,649 | 1,761 |
Total | 32,515 | 30,277 |
| Notes to the Consolidated Financial Statements | ||
Exchange rate gains and losses mainly consist of intercompany balances denominated in a
currency other than the functional currency of the parties.
Other financial income mainly consists of the earn-out liabilities adjustment from the Axivion
acquisition.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
EUR thousand | 2024 | 2023 |
Taxes for the period | 15,333 | 12,182 |
Taxes for previous periods | -62 | -210 |
Other items | - | |
Deferred tax | -2,263 | -2,607 |
Total | 13,132 | 9,365 |
| Reconciliation of tax expenses | ||
| with the tax rate of the Group’s home country (20%) | ||
Earnings before tax | 70,356 | 44,820 |
Taxes calculated at the parent company’s tax rate | 14,071 | 8,964 |
Effect of deviating tax rates of foreign subsidiaries | 27 | 237 |
Income not subject to tax | -1,335 | - |
Share-based payment related expenses | - | |
Non-deductible expenses and other differences | 160 | 403 |
Withholding taxes | - | |
Other items | 271 | -28 |
Taxes for previous periods | -62 | -210 |
Total | 13,132 | 9,365 |
Effective tax rate | 19% | 21% |
Notes to the Consolidated Financial Statements
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| Notes to the Consolidated Financial Statements | ||
11. Earnings per Share
Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
80
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Notes to the Consolidated Financial Statements
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Notes to the Consolidated Financial Statements
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Notes to the Consolidated Financial Statements
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| Identified | Total value | |||
| intangible | subject | |||
| EUR thousand | assets | Goodwill | Other items | to testing |
47,068 | 44,370 | 17,981 | 109,419 |
Notes to the Consolidated Financial Statements
Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Notes to the Consolidated Financial Statements
84
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EUR thousand
Right-of-use-assets,
buildings
Right-of-use-assets,
machinery and equipment
Machinery and
equipment Total
Acquisition cost, 1 January 9,353 2,424 4,362 16,138
Translation differences and other adjustments - - 47 47
Acquisition of subsidiary - - - -
Increases 2,151 281 1,194 3,626
Disposals - - -98 -98
Acquisition cost, 31 December 11,504 2,705 5,504 19,712
Accumulated depreciation and impairment,
1 January -5,753 -2,021 -2,840 -10,614
Translation differences and other adjustments - - -43 -43
Depreciation for the period -2,129 -260 -956 -3,345
Disposals - - 69 69
Accumulated depreciation
and impairment, 31 December -7,882 -2,281 -3,768 -13,930
Book value, 1 January 3,600 403 1,522 5,525
Book value, 31 December 3,622 424 1,736 5,782
Tangible assets 2024
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EUR thousand
| Right-of-use-assets, | Right-of-use-assets, | Machinery and | ||
| buildings | machinery and equipment | equipment | Total | |
Acquisition cost, 1 January | 7,495 | 2,000 | 3,683 | 13,177 |
Translation differences and other adjustments | - | - | -99 | -99 |
Acquisition of subsidiary | - | - | - | - |
Increases | 2,036 | 423 | 812 | 3,270 |
Disposals | -178 | - | -34 | -212 |
Acquisition cost, 31 December | 9,353 | 2,424 | 4,362 | 16,138 |
Accumulated depreciation and impairment, 1 January | -3,803 | -1,806 | -2,138 | -7,746 |
Translation differences and other adjustments | - | - | 68 | 68 |
Depreciation for the period | -2,058 | -215 | -795 | -3,068 |
Disposals | 108 | - | 26 | 134 |
| Accumulated depreciation | ||||
and impairment, 31 December | -5,753 | -2,021 | -2,840 | -10,614 |
Book value, 1 January | 3,692 | 194 | 1,544 | 5,430 |
Book value, 31 December | 3,600 | 403 | 1,522 | 5,525 |
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Notes to the Consolidated Financial Statements
EUR thousand 1 Jan 2024
Recognized
in the income
statement 31 Dec 2024 1 Jan 2023
Recognized
in the income
statement 31 Dec 2023
Deferred tax assets:
Tangible assets 878 61 939 801 78 878
Other items 913 -142 771 749 164 913
Offset against deferred tax liabilities -835 -844 -789 -835
Total 956 -81 867 760 241 956
Deferred tax liabilities:
From allocation of the fair values of acquisitions 13,828 -2,409 13,828 16,237 -2,409 13,828
Tangible assets 835 9 844 789 46 835
Other items -2 -31 -33 - -2 -2
Offset against deferred tax assets -835 -844 -789 -835
Total 13,826 -2,431 11,386 16,237 -2,365 13,826
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Notes to the Consolidated Financial Statements
EUR thousand 2024 2023
Undue trade receivables 43,850 38,918
Trade receivables 1–30 days overdue 5,284 3,868
Trade receivables 31–60 days overdue 2,537 1,329
Trade receivables 61–90 days overdue 827 800
Trade receivables 91–120 days overdue 672 876
Trade receivables 121–180 days overdue 795 1,478
Trade receivables 181–360 days overdue 1,823 1,132
Trade receivables over 360 days overdue 2,075 2,647
Total 57,863 51,047
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17. Notes to Shareholders’ Equity
| Notes to the Consolidated Financial Statements | ||
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| Equity incentive program 2022–2024 | |
Grant date | 16 February 2022 |
Nature of the scheme | Shares and cash |
Target group | Key personnel |
Share-based remuneration, maximum number of shares | 130,000 |
Earning period begins, date | 1 January 2022 |
Earning period ends, date | 31 December 2024 |
Vesting conditions | Development of Qt Group Plc’s net sales |
Execution | As shares and cash |
Notes to the Consolidated Financial Statements
2024 as a combination of shares and cash, so that the cash
amount will approximately cover the taxes and other statutory
fees resulting from the reward, and the rest of the reward will
be paid to the recipient in shares. Shares paid out as rewards
are not subject to any restrictions concerning e.g. their hand-
over. Performance of the equity incentive program 2022–2024
is zero as the minimum net sales threshold was not met.
| Effect of option program on the net profit | ||
EUR thousand | 2024 | 2023 |
Equity incentive program 2022–2024 | 1,184 | -376 |
Total | 1,184 | -376 |
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19. Short-term Liabilities
Besides the aforementioned, EUR 5,654 thousand (2023: EUR 4,363 thousand)
of the advances received have been presented in Other long-term liabilities.
| Notes to the Consolidated Financial Statements | ||
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Notes to the Consolidated Financial Statements
2024 2023
Fair value
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Notes to the Consolidated Financial Statements
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Financial Risk Management
Notes to the Consolidated Financial Statements
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21. The Group’s contingent liabilities
Contingent liabilities
EUR thousand 2024 2023
Pledges given on own behalf
Guarantees 745 705
Pledges and contingent liabilities total 745 705
Notes to the Consolidated Financial Statements
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| Notes to the Consolidated Financial Statements | ||
22. Transactions with Related Parties
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Notes to the Consolidated Financial Statements
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Parent Company’s Income Statement FAS
EUR Notes 2024 2023
Net sales 413,518.00 370,733.69
Personnel expenses 1 -899,691.88 -822,405.58
Other operating expenses 2 -1,406,405.08 -1,142,446.80
Operating profit -1,892,578.96 -1,594,118.69
Financial expenses 3 -103,871.79 -871,752.17
Earnings before appropriations and taxes -1,996,450.75 -2,465,870.86
Appropriations
Group contributions received 1,996,450.75 2,322,228.54
Total appropriations 1,996,450.75 2,322,228.54
Income taxes - 8,640.19
Net profit - -135,002.13
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EUR Notes 31.12.2024 31.12.2023
Non-current assets
Investments
Holdings in group companies 4 17,406,928.24 17,406,928.24
Total 17,406,928.24 17,406,928.24
Non-current assets total 17,406,928.24 17,406,928.24
Current assets
Accounts receivable
from group companies - -
Current receivables from group
companies 28,683,507.79 91,147,911.27
Other receivables 156,581.35 24,648.82
Cash in hand and at banks 30,425.78 51,315.78
Total 28,870,514.92 91,223,875.87
Total assets 46,277,443.16 108,630,804.11
Parent Company’s Balance Sheet (FAS)
EUR Notes 31.12.2024 31.12.2023
Shareholders’ equity
Share capital 5 500,000.00 500,000.00
Unrestricted shareholders’
equity reserve 5 55,154,383.73 55,154,383.73
Own shares -9,959,968.64 -9,959,968.64
Retained earnings -390,872.93 -255,870.80
Net profit 5 - -135,002.13
Total 45,303,542.16 45,303,542.16
Long-term liabilities
Long-term interest-bearing liabilities - -
Total - -
Short-term liabilities
Accounts payable 211,633.63 59,073.74
Other liabilities 114,569.30 107,219.94
Short-term interest-bearing liabilities 15,162.96 16,305,205.76
Accrued charges
and deferred credits 6 632,535.11 46,855,762.51
Total 973,901.00 63,327,261.95
Total shareholders’ equity
and liabilities 46,277,443.16 108,630,804.11
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Parent Company’s Cash Flow Statement FAS
EUR 2024 2023
Net profit before tax
-1,996,450.75 -2,465,870.86
Adjustments to net profit
103,871.79 871,752.17
Change in working capital
18,265,603.55 13,542,351.57
Interest paid
-400,505.12 -726,110.78
Other financial items
-2,394.85 -1,999.07
Income taxes paid
-
Cash flow from financial items and taxes
-402,899.97 -728,109.85
Cash flow from operations
15,970,124.62 11,220,123.03
Repayment of current borrowings
-16,000,000.00 -
Repayment of non-current borrowings
- -8,000,000.00
Net changes in bank overdrafts 8,985.38 -3,474,532.13
Share subscriptions based on stock options 2016 - 27,229.84
Cash flow from financing
-15,991,014.62 -11,447,302.29
Change in cash and cash equivalents
-20,890.00 -227,179.26
Cash and cash equivalents at beginning of period
51,315.78 278,495.04
Cash and cash equivalents at end of period
30,425.78 51,315.78
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Basic Information on the Parent Company
and Accounting Policies Applied in the Financial Statements
Basic Information on the Company
Qt Group Plc is the parent company of Qt Group, and its
domicile is Espoo and its registered address is Miestentie 7,
FI-02150 Espoo, Finland. Qt Group Plc’s subsidiary responsible
for its operations in Finland is The Qt Company Oy.
Accounting Policies Applied
in the Financial Statements
The parent company’s financial statements have been pre-
pared in accordance with the Finnish Accounting Standards
(FAS). The financial statements are based on original acqui-
sition costs. Acquisition cost-based accounting is discounted
to correspond to the fair value, if necessary.
Pension Arrangements
The pension cover of the company’s personnel is provided
through statutory pension insurance. Pension contributions
and expenses allocated to the financial period are based on
confirmation received from the insurance company. Pension
expenses are recognized as expenses for the year during
which they are incurred.
Taxes
Taxes recognized in the income statement include taxes based
on the net profit for the financial period, and adjustments to
taxes for previous periods.
Tangible and Intangible Assets
Tangible and intangible assets are recognized in the balance
sheet at direct acquisition cost less planned depreciation.
Planned depreciation is based on the following useful lives:
Intangible assets 3–5 years
Acquisitions of fixed assets with a useful life of less than three
years are recognized as annual expenses.
Cash and Cash Equivalents and
Loans from Financial Institutions
Cash and cash equivalents include cash assets and bank
accounts. Overdraft facilities of accounts are presented in
current liabilities on the balance sheet. Loans from finan-
cial institutions are included in long- and short-term liabili-
ties on the balance sheet. Interest expenses are recognized
as expenses for the period during which they are incurred.
Shareholders’ Equity and Dividends
The Board of Directors’ proposal for dividend payout is not
recognized in the distributable shareholders’ equity in the
financial statements before the approval of the Annual
General Meeting.
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Notes to the Parent Company Financial Statements FAS
1. Information on Personnel and Related Parties 2. Other Operating Expenses
3. Financial Income and Expenses
EUR 2024 2023
Wages and salaries 812,554.00 742,579.62
Pension expenses 85,424.04 69,953.08
Other personnel expenses 1,713.84 9,872.88
Total 899,691.88 822,405.58
EUR 2024 2023
IT expenses - 2,153.85
Expert services 577,764.09 427,781.40
Other expenses 828,640.99 712,511.55
Total 1,406,405.08 1,142,446.80
Auditor’s fees
Audit 41,293.78 28,152.87
Other services* 49,781.80 35,092.33
Total 91,075.58 63,245.20
EUR 2024 2023
Other financial expenses 103,871.79 871,752.17
Total 103,871.79 871,752.17
The company’s personnel expenses are comprized of the salaries and fees paid to the
President and CEO and the Board of Directors. More detailed information about the related
parties is presented in Note 22, Transactions with related parties to the consolidated finan-
cial statements.
The company’s auditor for 2023 and 2024 was KPMG Oy Ab.
* Among this amount, EUR 33,569.97 (EUR 19,142.33) is related to statements based on auditing acts and other
regulations.
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4. Investments
Holdings in group companies Itemization of shares
Notes to the parent company financial statements
EUR 2024
Acquisition cost, 1 January 17,406,928.24
Acquisition cost, 31 December 17,406,928.24
Book value, 1 January 17,406,928.24
Book value, 31 December 17,406,928.24
EUR 2023
Acquisition cost, 1 January 17,406,928.24
Acquisition cost, 31 December 17,406,928.24
Book value, 1 January 17,406,928.24
Book value, 31 December 17,406,928.24
Group companies Domicile Country Holding
Share
of votes
Digia Hong Kong Ltd Hong Kong China 100% 100%
The Qt Company Oy Espoo Finland 100% 100%
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5. Changes in
Shareholders’ Equity
EUR 2024 2023
Share capital, 1 January 500,000.00 500,000.00
Share capital, 31 December 500,000.00 500,000.00
Unrestricted shareholders’ equity reserve, 1 January 55,154,383.73 55,127,153.89
Issue of shares - -
Issue of treasury share - -
Share subscriptions based on stock options - 27,229.84
Unrestricted shareholders’ equity reserve, 31 December 55,154,383.73 55,154,383.73
Own shares, 1 January -9,959,968.64 -9,959,968.64
Purchase of treasury shares - -
Decrease of treasury shares - -
Own shares, 31 December -9,959,968.64 -9,959,968.64
Retained earnings -390,872.93 -255,870.80
Decrease of treasury shares - -
Net profit (loss) - -135,002.13
Total shareholders’ equity 45,303,542.16 45,303,542.16
Calculation of distributable funds
Unrestricted shareholders’ equity reserve 55,154,383.73 55,154,383.73
Treasury shares -9,959,968.64 -9,959,968.64
Retained earnings -390,872.93 -255,870.80
Net profit (loss) - -135,002.13
Total distributable funds 44,803,542.16 44,803,542.16
Notes to the parent company financial statements
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6. Accrued Charges and Deferred Credits
EUR 2024 2023
Accrued charges and deferred credits
to group companies 500,000.00 46,726,053.01
Personnel expense allocations 70,778.70 70,115.98
Other accrued charges and deferred credits 61,756.41 59,593.52
Total 632,535.11 46,855,762.51
Board of Directors' dividend proposal
Parent company’s net result showed a profit of EUR 0,00. The Board of Directors of the Qt
Group Plc proposes to the Annual General Meeting that no dividend be paid for the fiscal year
that ended on 31 December 2024.
Notes to the parent company financial statements
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Signatures to the Financial Statements
and the Board of Directors’ Report
Espoo, 27 February 2025
Auditors’ note
The report of the audit has been issued today.
Espoo, 27 February 2025
KPMG Oy Ab
Authorized Public Accountants
Jonne Ahokas, Authorized Public Accountant
Robert Ingman
Chairman of the Board of Directors
Mikko Marsio
Vice Chairman of the Board of Directors
Mikko Välimäki
Member of the Board of Directors
Juha Varelius
President and CEO
Matti Heikkonen
Member of the Board of Directors
Marika Auramo
Member of the Board of Directors
Elina Anckar
Member of the Board of Directors
Statements by the Board of Directors and the CEO
We confirm that:
The consolidated financial statements prepared in accordance with
the international IFRS accounting standards approved for use in the
EU, and the financial statements of the parent company prepared
in accordance with the accounting regulations in force in Finland,
provide a true and fair view of the assets, liabilities, financial posi-
tion, and profit or loss of the company and the entities included in
the consolidated financial statements.
The report of the Board of Directors provides a true and fair view of
the development and results of the business activities of the com-
pany and the entities included in the consolidated financial state-
ments, as well as a description of the principal risks and uncertain-
ties and other matters concerning the company. The sustainability
statement included in the report of the Board of Directors has been
prepared in accordance with the reporting standards referred to in
Chapter 7 and Article 8 of the Taxonomy Regulation.
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Auditor’s Report
This document is an English translation of the Finnish auditor’s report.
Only the Finnish version of the report is legally binding.
To the Annual General Meeting of Qt Group Plc
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Qt Group Plc (business identity code 2733394-8) for
the year ended 31 December, 2024. The financial statements comprise the consolidated balance
sheet, income statement, statement of comprehensive income, statement of changes in equity,
statement of cash flows and notes, including material accounting policy information, as well as the
parent company’s balance sheet, income statement, statement of cash flows and notes.
In our opinion
• the consolidated financial statements give a true and fair view of the group’s financial posi-
tion, financial performance and cash flows in accordance with IFRS Accounting Standards as
adopted by the EU
• the financial statements give a true and fair view of the parent company’s financial performance
and financial position in accordance with the laws and regulations governing the preparation of
financial statements in Finland and comply with statutory requirements.
Our opinion is consistent with the additional report submitted to the Audit Committee.
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Basis for Opinion
We conducted our audit in accordance with good auditing prac-
tice in Finland. Our responsibilities under good auditing prac-
tice are further described in the Auditor’s Responsibilities for
the Audit of the Financial Statements section of our report.
We are independent of the parent company and of the group
companies in accordance with the ethical requirements that
are applicable in Finland and are relevant to our audit, and we
have fulfilled our other ethical responsibilities in accordance
with these requirements.
In our best knowledge and understanding, the non-audit ser-
vices that we have provided to the parent company and group
companies are in compliance with laws and regulations appli-
cable in Finland regarding these services, and we have not pro-
vided any prohibited non-audit services referred to in Article
5(1) of regulation (EU) 537/2014. The non-audit services that
we have provided have been disclosed in note 8 to the con-
solidated financial statements.
We believe that the audit evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinion.
Materiality
The scope of our audit was influenced by our application of
materiality. The materiality is determined based on our profes-
sional judgement and is used to determine the nature, timing
and extent of our audit procedures and to evaluate the effect
of identified misstatements on the financial statements as a
whole. The level of materiality we set is based on our assess-
ment of the magnitude of misstatements that, individually or
in aggregate, could reasonably be expected to have influence
on the economic decisions of the users of the financial state-
ments. We have also taken into account misstatements and/
or possible misstatements that in our opinion are material for
qualitative reasons for the users of the financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the finan-
cial statements of the current period. These matters were
The key audit matter How the matter was addressed in the audit
Revenue Recognition and Valuation of Accounts Receivable
– Refer to Accounting Principles and Notes 2 and 15 in the Consolidated Financial Statements
Revenue recognition is one of the key areas of focus,
in respect of the risk of management override and timing
of revenue for license, maintenance and consulting income.
We have tested controls over revenue recognition,
including timing of revenue recognition, as well as
performed substantive testing.
Accounts receivable includes management estimate
relating to valuation of overdue accounts receivable.
We have assessed the recoverability of overdue accounts
receivable and the related evidence as well as challenged the
management’s assessment of the bad debt provision.
addressed in the context of our audit of the financial state-
ments as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters. The sig-
nificant risks of material misstatement referred to in the EU
Regulation No 537/2014 point (c) of Article 10(2) are included
in the description of key audit matters below.
We have also addressed the risk of management override of
internal controls. This includes consideration of whether there
was evidence of management bias that represented a risk of
material misstatement due to fraud.
We have not identified key audit matters relating to the parent company’s financial statements.
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Responsibilities of the Board of Directors
and the Managing Director for the Financial Statements
The Board of Directors and the Managing Director are respon-
sible for the preparation of consolidated financial state-
ments that give a true and fair view in accordance with IFRS
Accounting Standards as adopted by the EU, and of financial
statements that give a true and fair view in accordance with
the laws and regulations governing the preparation of finan-
cial statements in Finland and comply with statutory require-
ments. The Board of Directors and the Managing Director are
also responsible for such internal control as they determine is
necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the Board of Directors
and the Managing Director are responsible for assessing the
parent company’s and the group’s ability to continue as a going
concern, disclosing, as applicable, matters relating to going
concern and using the going concern basis of accounting. The
financial statements are prepared using the going concern
basis of accounting unless there is an intention to liquidate the
parent company or the group or cease operations, or there is
no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit
of the Financial Statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and
to issue an auditor’s report that includes our opinion. Rea-
sonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with good
auditing practice will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic deci-
sions of users taken on the basis of the financial statements.
As part of an audit in accordance with good auditing practice,
we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the parent company’s or
the group’s internal control.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’
and the Managing Director’s use of the going concern basis
of accounting and based on the audit evidence obtained,
whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the parent
company’s or the group’s ability to continue as a going con-
cern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report to the
related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our con-
clusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or con-
ditions may cause the parent company or the group to cease
to continue as a going concern.
• Evaluate the overall presentation, structure and content
of the financial statements, including the disclosures, and
whether the financial statements represent the underlying
transactions and events so that the financial statements
give a true and fair view.
• Plan and perform the group audit to obtain sufficient appro-
priate audit evidence regarding the financial information of
the entities or business units within the group as a basis for
forming an opinion on the group financial statements. We
are responsible for the direction, supervision and review of
the audit work performed for purposes of the group audit.
We remain solely responsible for our audit opinion.
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We communicate with those charged with governance
regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any sig-
nificant deficiencies in internal control that we identify during
our audit.
We also provide those charged with governance with a state-
ment that we have complied with relevant ethical require-
ments regarding independence, and communicate with them
all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with those charged with gov-
ernance, we determine those matters that were of most sig-
nificance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regula-
tion precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Other Reporting Requirements
Information on our Audit Engagement
We were first appointed as the auditors of Qt Group Plc by
the Annual General Meeting on May 1, 2016, when the com-
pany was founded as the result of de-merger from Digia Plc.
We were appointed as auditors of Digia Plc for the financial
year 2015.
Other Information
The Board of Directors and the Managing Director are respon-
sible for the other information. The other information com-
prises the report of the Board of Directors and the informa-
tion included in the Annual Report, but does not include the
financial statements or our auditor’s report thereon. We have
obtained the report of the Board of Directors prior to the date
of this auditor’s report, and the Annual Report is expected to
be made available to us after that date. Our opinion on the
financial statements does not cover the other information.
In connection with our audit of the financial statements,
our responsibility is to read the other information identified
above and, in doing so, consider whether the other informa-
tion is materially inconsistent with the financial statements
or our knowledge obtained in the audit, or otherwise appears
to be materially misstated. With respect to the report of the
Board of Directors, our responsibility also includes considering
whether the report of the Board of Directors has been pre-
pared in compliance with the applicable provisions, excluding
the sustainability report information on which there are pro-
visions in Chapter 7 of the Accounting Act and in the sustain-
ability reporting standards.
In our opinion, the information in the report of the Board of
Directors is consistent with the information in the financial
statements and the report of the Board of Directors has been
prepared in compliance with the applicable provisions. Our
opinion does not cover the sustainability report information
on which there are provisions in Chapter 7 of the Accounting
Act and in the sustainability reporting standards.
If, based on the work we have performed on the other infor-
mation that we obtained prior to the date of this auditor’s
report, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We
have nothing to report in this regard.
Helsinki, February 27, 2025
KPMG OY AB
Jonne Ahokas
Authorized Public Accountant, KHT
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Independent Auditor's
Report on the ESEF
Financial Statements
of Qt Group Plc
To the Board of Directors of Qt Group Plc
We have performed a reasonable assurance engagement on the financial statements
qtgroupoyj-2024-12-31-0-en.zip of Qt Group Plc (Business ID 2733394-8) that have been
prepared in accordance with the Commission's regulatory technical standard for the finan-
cial year ended 31.12.2024.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the preparation of the
company's report of the Board of Directors and financial statements (the ESEF financial state-
ments) in such a way that they comply with the requirements of the Commission's regulatory
technical standard. This responsibility includes:
• preparing the ESEF financial statements in XHTML format in accordance with Article 3 of
the Commission's regulatory technical standard
• tagging the primary financial statements, notes and company's identification data in the con-
solidated financial statements that are included in the ESEF financial statements with iXBRL
tags in accordance with Article 4 of the Commission's regulatory technical standard and
• ensuring the consistency between the ESEF financial statements and the audited finan-
cial statements.
The Board of Directors and the Managing Director are also responsible for such internal con-
trol as they determine is necessary to enable the preparation of ESEF financial statements
in accordance with the requirements of the Commission's regulatory technical standard.
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Auditor’s independence and quality
management
We are independent of the company in accordance with the
ethical requirements that are applicable in Finland and are rel-
evant to the engagement we have performed, and we have
fulfilled our other ethical responsibilities in accordance with
these requirements.
The auditor applies International Standard on Quality Manage-
ment (ISQM) 1, which requires the firm to design, implement
and operate a system of quality management including poli-
cies or procedures regarding compliance with ethical require-
ments, professional standards and applicable legal and reg-
ulatory requirements.
Auditor’s responsibilities
Our responsibility is to, in accordance with Chapter 7, Sec-
tion 8 of the Securities Markets Act, provide assurance on
the financial statements that have been prepared in accor-
dance with the Commission's regulatory technical standard.
We express an opinion on whether the consolidated financial
statements that are included in the ESEF financial statements
have been tagged, in all material respects, in accordance with
the requirements of Article 4 of the Commission's regulatory
technical standard.
Our responsibility is to indicate in our opinion to what extent
the assurance has been provided. We conducted a reasonable
assurance engagement in accordance with International Stan-
dard on Assurance Engagements (ISAE) 3000.
The engagement includes procedures to obtain evidence on:
• whether the primary financial statements in the consolidated
financial statements that are included in the ESEF financial
statements have been tagged, in all material respects, with
iXBRL tags in accordance with the requirements of Article
4 of the Commission's regulatory technical standard and
• whether the notes and company's identification data in the
consolidated financial statements that are included in the
ESEF financial statements have been tagged, in all material
respects, with iXBRL tags in accordance with the require-
ments of Article 4 of the Commission's regulatory technical
standard and
• whether there is consistency between the ESEF financial
statements and the audited financial statements.
The nature, timing and extent of the selected procedures
depend on the auditor’s judgment. This includes an assess-
ment of the risk of a material deviation due to fraud or error
from the requirements of the Commission's regulatory tech-
nical standard.
We believe that the evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Secu-
rities Markets Act is that the primary financial statements,
notes and company's identification data in the consolidated
financial statements that are included in the ESEF financial
statements of Qt Group Plc qtgroupoyj-2024-12-31-0-en.zip
for the financial year ended 31.12.2024 have been tagged, in
all material respects, in accordance with the requirements of
the Commission's regulatory technical standard.
Our opinion on the audit of the consolidated financial state-
ments of Qt Group Plc for the financial year ended 31.12.2024
has been expressed in our auditor's report dated 27.2.2025.
With this report we do not express an opinion on the audit of
the consolidated financial statements nor express another
assurance conclusion.
Helsinki 27 February 2025
KPMG OY AB
Jonne Ahokas
Authorzed Public Accountant, KHT
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Assurance Report
on the Sustainability
Report
This document is an English translation of the Finnish auditor’s report.
Only the Finnish version of the report is legally binding.
To the Annual General Meeting of Qt Group Plc
We have performed a limited assurance engagement on the group sustainability report of Qt
Group Plc (business identity code 2733394-8) that is referred to in Chapter 7 of the Accounting
Act and that is included in the report of the Board of Directors for the financial year 1.1.–
31.12.2024.
Opinion
Based on the procedures we have performed and the evidence we have obtained, nothing has
come to our attention that causes us to believe that the group sustainability report does not
comply, in all material respects, with
1) the requirements laid down in Chapter 7 of the Accounting Act and the sustainability
reporting standards (ESRS);
2) the requirements laid down in Article 8 of the Regulation (EU) 2020/852 of the European
Parliament and of the Council on the establishment of a framework to facilitate sustainable
investment, and amending Regulation (EU) 2019/2088 (EU Taxonomy).
Point 1 above also contains the process in which Qt Group Plc has identified the informa-
tion for reporting in accordance with the sustainability reporting standards (double materi-
ality assessment) and the tagging of information as referred to in Chapter 7, Section 22 of
the Accounting Act.
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Our opinion does not cover the tagging of the group sustain-
ability report with digital XBRL sustainability tags in accordance
with Chapter 7, Section 22, Subsection 1(2), of the Accounting
Act, because sustainability reporting companies have not had
the possibility to comply with that provision in the absence
of the ESEF regulation or other European Union legislation.
Basis for Opinion
We performed the assurance of the group sustainability report
as a limited assurance engagement in compliance with good
assurance practice in Finland and with the International Stan-
dard on Assurance Engagements (ISAE) 3000 (Revised) Assur-
ance Engagements Other than Audits or Reviews of Historical
Financial Information.
Our responsibilities under this standard are further described
in the Responsibilities of the Authorized Group Sustainability
Auditor section of our report.
We believe that the evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Other Matter
We draw attention to the fact that the group sustainability
report of Qt Group Plc that is referred to in Chapter 7 of the
Accounting Act has been prepared and assurance has been
provided for it for the first time for the financial year 1.1.–
31.12.2024. Our opinion does not cover the comparative infor-
mation that has been presented in the group sustainability
report. Our opinion is not modified in respect of this matter.
Authorized Group Sustainability Auditor's Independence and
Quality Management
We are independent of the parent company and of the group
companies in accordance with the ethical requirements that
are applicable in Finland and are relevant to our engagement,
and we have fulfilled our other ethical responsibilities in accor-
dance with these requirements.
The authorized group sustainability auditor applies Inter-
national Standard on Quality Management ISQM 1, which
requires the authorized sustainability audit firm to design,
implement and operate a system of quality management
including policies or procedures regarding compliance with
ethical requirements, professional standards and applicable
legal and regulatory requirements.
Responsibilities of the Board of Directors and
the Managing Director
The Board of Directors and the Managing Director of Qt Group
Plc are responsible for:
• the group sustainability report and for its preparation and
presentation in accordance with the provisions of Chapter
7 of the Accounting Act, including the process that has been
defined in the sustainability reporting standards and in which
the information for reporting in accordance with the sustain-
ability reporting standards has been identified as well as the
tagging of information as referred to in Chapter 7, Section
22 of the Accounting Act and
• the compliance of the group sustainability report with the
requirements laid down in Article 8 of the Regulation (EU)
2020/852 of the European Parliament and of the Council
on the establishment of a framework to facilitate sustain-
able investment, and amending Regulation (EU) 2019/2088;
• such internal control as the Board of Directors and the Man-
aging Director determine is necessary to enable the prepara-
tion of a group sustainability report that is free from material
misstatement, whether due to fraud or error.
Inherent Limitations in the Preparation of a
Sustainability Report
Preparation of the sustainability report requires company to
make materiality assessment to identify relevant matters to
report. This includes significant management judgement and
choices. It is also characteristic to the sustainability reporting
that reporting of this kind of information includes estimates
and assumptions as well as measurement and estimation
uncertainty. Furthermore, when reporting forward looking
information company has to disclose assumptions related
to potential future events and describe company´s possible
future actions in relation to these events. Actual outcome may
differ as forecasted events do not always occur as expected.
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Responsibilities of the Authorized Group
Sustainability Auditor
Our responsibility is to perform an assurance engagement to
obtain limited assurance about whether the group sustain-
ability report is free from material misstatement, whether due
to fraud or error, and to issue a limited assurance report that
includes our opinion. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggre-
gate, they could reasonably be expected to influence the deci-
sions of users taken on the basis of the group sustainability
report.
Compliance with the International Standard on Assurance
Engagements (ISAE) 3000 (Revised) requires that we exer-
cise professional judgment and maintain professional skep-
ticism throughout the engagement. We also:
• Identify and assess the risks of material misstatement of
the group sustainability report, whether due to fraud or error,
and obtain an understanding of internal control relevant to
the engagement in order to design assurance procedures
that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the
parent company’s or the group’s internal control.
• Design and perform assurance procedures responsive to
those risks to obtain evidence that is sufficient and appro-
priate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
Description of the Procedures That Have Been
Performed
The procedures performed in a limited assurance engagement
vary in nature and timing from, and are less in extent than for,
a reasonable assurance engagement. The nature, timing and
extent of assurance procedures selected depend on profes-
sional judgment, including the assessment of risks of material
misstatement, whether due to fraud or error. Consequently,
the level of assurance obtained in a limited assurance engage-
ment is substantially lower than the assurance that would
have been obtained had a reasonable assurance engagement
been performed.
Our procedures included for ex. the following:
• We interviewed Qt Group Plc’s management and persons
responsible for the preparation and gathering of the sus-
tainability information.
• We familiarized with interviews to the key processes related
to collecting and consolidating the sustainability information.
• We got acquainted with the relevant guidances and policies
related to the sustainability information disclosed in the sus-
tainability report, as appropriate.
• We acquainted ourselves to the background documentation
and other records prepared by the company, as appropriate
and assessed how they support the information included in
the sustainability report.
• In relation to the double materiality assessment process, we
interviewed persons responsible for the process and famil-
iarized ourselves with the process description prepared of
the double materiality assessment and other documenta-
tion and background materials.
• In relation to the EU taxonomy information, we interviewed
the management of the company and persons with key roles
in reporting taxonomy information, we obtained evidence
supporting the interviews and reconciled, as applicable, the
reported EU taxonomy information to supporting documents
and to the bookkeeping.
• We assessed the application of the ESRS sustainability
reporting standards reporting principles in the presenta-
tion of the sustainability information.
Helsinki, 27 February 2025
KPMG OY AB
Authorized Sustainability Audit Firm
JONNE AHOKAS
Authorized Sustainability Auditor, KRT
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Corporate Governance
Statement 2024
I. Introduction
This Corporate Governance Statement has been prepared in accordance with the Governance
Code for Listed Finnish Companies 2025 (“Governance Code”) and chapter 7, section 7 of Finnish
Securities Market Act (746/2012). This Statement has been issued separately from the Board’s
operating and financial review.
The Governance Code is available on the Finnish Securities Market Association website
www.cgfinland.fi.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
II. Governance
Qt Group Plc’s (hereinafter referred to as the “company”) cor-
porate governance system is based on the Companies Act, the
Securities Markets Act, general corporate governance recom-
mendations, and the company’s Articles of Association and
in-company rules and regulations on corporate governance.
The company’s corporate governance principles are integrity,
accountability, fairness and transparency. This means, among
other things, that:
• The company complies with the applicable laws, rules and
regulations.
• The company organizes, plans and manages its operations,
and does business abiding by the applicable professional
requirements approved by Board members, who demon-
strate due care and responsibility in performing their duties.
• The company demonstrates special prudence with respect
to the management of its capital and assets.
• The company's policy is to keep all market participants
actively, openly and equitably informed of its business oper-
ations.
• The company's management, administration and personnel
are subject to the appropriate internal and external audits
and supervision.
Shareholders’ Meeting
The company's highest decision-making body is the Share-
holders' Meeting at which shareholders exercise their voting
rights regarding company matters. Each company share enti-
tles the holder to one vote at the Shareholders' Meeting.
The AGM will be held annually within three (3) months of the
end of the financial year. An Extraordinary General Meeting
will be held if the Board of Directors deems it necessary or
if requested in writing by a company auditor or shareholders
holding a minimum of 10 percent (1/10) of the company's
shares, for the purpose of discussing a specific issue.
The Finnish Limited Liability Companies Act and the company’s
Articles of Association define the responsibilities and duties
of the Shareholders’ Meeting. Extraordinary General Meet-
ings decide on the matters for which they have been specif-
ically convened.
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is that the Board of Directors will always include necessary
expertise especially in the following key areas:
• the company’s field of business,
• management of a similar-sized company,
• the specific nature of a publicly listed company,
• accounting,
• risk management, and
• Board activity.
The aim for the composition the Board of Directors is to have
males and females equally represented. During financial year
2024 the company’s Board of Directors had 6 members, out
of which 4 were male (66.7 percent) and 2 were female (33.3
percent). The defined diversity principles were well fulfilled in
all respects in the company's Board of Directors during finan-
cial year 2024.
The Board has prepared and approved a written agenda for its
work. In addition to Board duties prescribed by the Companies
Act and other rules and regulations, the Board of Directors is
responsible for issues on its agenda, observing the following
guidelines:
• Good board practices require that the Board of Directors,
instead of needlessly interfering in the details involved in
day-to-day operations, concentrate on elaborating the com-
pany’s short- and long-term strategies.
• The Board’s general duty is to steer the company’s business
with a view to maximizing shareholder value in the long term,
while taking account of expectations set by various stake-
holder groups; and
• Board members are required to perform on the basis of suf-
ficient, relevant and updated information, in order to serve
the company’s interests.
In addition, the Board’s agenda:
• defines the Board’s annual action plan and provides a pre-
liminary meeting schedule and framework agenda for each
meeting;
• provides guidelines for the Board’s annual self-assessment;
• provides guidelines for distributing notices of meetings
and advance information to the Board and procedures for
keeping and adopting minutes;
• defines job descriptions for the Chairman, members and sec-
retary of the Board of Directors (the secretary is the Compa-
ny’s General Counsel or, if absent, the CEO); and
• defines the framework within which the Board may set up
special committees or working groups.
The Board evaluates its activities and working methods annu-
ally, employing an external consultant for this evaluation, if
necessary.
Board of Directors
Operations and Duties
Elected by the Shareholders' Meeting, the Board of Directors
is in charge of company administration and the appropriate
organisation of company operations. Under the Articles of
Association, the Board of Directors consists of four (4) to eight
(8) members. The Compensation and Nomination Committee
prepares a proposal for the Shareholders' Meeting regarding
the composition of the new Board of Directors to be appointed.
The majority of Board members must be independent of the
company and a minimum of two (2) of those members must
also be independent of the company's major shareholders.
The President and CEO or other company employees under
the President and CEO's direction may not be elected mem-
bers of the Board.
The term of all Board members expires at the end of the Annual
General Meeting following their election. A Board member can
be re-elected without limitations on the number of succes-
sive terms. The Board of Directors elects its Chairman and Vice
Chairman from amongst its members.
The Board of Directors has determined the principles regarding
the diversity of the Board of Directors. Accordingly, the require-
ments of company size, market position and business industry
should be duly reflected when composing the Board of Direc-
tors. When composing the Board of Directors, the objective
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Board of Directors
Robert Ingman
Male, b. 1961
M.Sc. (Eng.), M.Sc. (Econ.)
Chairman of the Board of Direc-
tors of Qt Group Plc since 2016.
Member of the Compensation
and Nomination Committee.
Full-time Chairman of the Board
of Ingman Group Oy Ab.
His previous posts include
Managing Director at Arla Ingman
Oy Ab (2007–2011) and Ingman
Foods Oy Ab (1997–2006).
Chairman of the Board of Ette-
plan Oyj, Digia Plc, Evli Plc and
Halti Ltd.
Independent of the Company.
Mikko Marsio
Male, b. 1971
M.Sc. (Eng.)
Member of the Board of Direc-
tors of Qt Group Plc since 2018
and Vice Chair of the Board since
2024. Chair of the Audit Com-
mittee.
Has worked as Chief Revenue
Officer (2022–2024) at Cadmatic
Oy; SVP, Digital business and Soft-
ware in Process Industries divi-
sion at ABB (2017–2020) and in
various managerial positions e.g.
at Empower Group (2016–2017),
Dovre Group Plc (2012–2015),
Hewlett-Packard (2005–2008)
and Fortum Plc (1996–2001).
Independent of the Company
and major shareholders.
Mikko Välimäki
Male, b. 1976
PhD, LL.M
Member of the Board of Direc-
tors of Qt Group Plc since 2022.
Member of the Audit Committee.
CEO at IQM Finland.
Contributing in a number of
start-ups including Executive
Chairman at Ellie Technologies Inc.
Previously co-founder and CEO of
Tuxera Inc. (2009–2019).
Independent of the Company
and major shareholders.
Marika Auramo
Female, b. 1967
MBA
Member of the Board of Directors
of Qt Group Plc since 2023.
Member of the Compensation
and Nomination Committee.
CEO, Vodafone Business at Vo-
dafone.
Previously Chief Business Officer
at SAP EMEA region and several
managerial positions at SAP, in-
cluding Global Chief Operating
Officer at SAP America (2017–
2019), General Manager at EMEA
region (2015–2017) and Mana-
ging director of SAP in the Nordic
and Baltic Region (2019–2021).
Prior to that she has worked at
several start-ups (1990–1998).
Member of the Board at Digital
Workforce Services Oy.
Independent of the Company
and major shareholders.
Matti Heikkonen
Male, b. 1976
M.Sc. (Tech)
Member of the Board of Directors
of Qt Group Plc since 2023.
Chair of the Compensation and
Nomination Committee.
CEO at Pinja Group. Previously
Chief Commercial Officer at
Enreach for Enterprises (2021-
2024), CEO at Benemen Oy
(2018–2021), EVP Global Opera-
tions and member of the execu-
tive team at Questback AS (2010–
2018), and CEO at Digium Oy
(2007–2010). Prior to that he
has worked in several managerial
positions at Nokia (2004–2007).
Independent of the Company
and major shareholders.
Elina Anckar
Female, b. 1968
M.Sc. (Econ.)
Member of the Board of Directors
of Qt Group Plc since 2024.
Member of the Audit Committee.
Currently Chief Financial Officer
at Marimekko.
Has worked as Director of Finance
and Human Resources at A-lehdet
(2013–2015); VP, Head of Busi-
ness Control, Boardband Services
at TeliaSonera Finland Oy (2012–
2013); Chief Financial Officer at
Sodexo Oy (2007–2012) and
Country Controller at H&M
Hennes & Mauritz Oy. Member
of the Finance and Tax Committee
at Confederation of Finnish Indus-
tries (EK) (2024–).
Independent of the Company
and major shareholders.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Composition of Board of Directors
The Board of Directors of Qt Group Plc 2024
Name Education Year of Birth Main Activity
Shareholding,
pcs*
Elina Anckar** M.Sc. (Econ.) 1968 Chief Financial Officer, Marimekko 0
Marika Auramo MBA 1967 CEO, Vodafone Business 0
Matti Heikkonen M.Sc. (Tech) 1976 CEO, Pinja Group 48
Robert Ingman* M.Sc. (Eng.), M.Sc. (Econ.) 1961 Chairman of the Board., Ingman Group Oy Ab 5,485,000
Mikko Marsio M.Sc. (Eng.) 1971 Management positions in technology companies 800
Leena Saarinen*** M.Sc. (Food Technology) 1960 Board Professional 2,844
Mikko Välimäki Ph.D, LL.M 1976 CEO, IQM Finland 0
Member PARTICIPATION
Robert Ingman (Chair) 10/10
Elina Anckar * 9/9
Marika Auramo 9/10
Matti Heikkonen 10/10
Mikko Marsio 10/10
Leena Saarinen** 1/1
Mikko Välimäki 9/10
Total 97%
No Board Member owns any stock-options or other share-based rights in the company.
Of the aforementioned Members of the Board, Elina Anckar, Marika Auramo, Matti Heik-
konen, Mikko Marsio, and Mikko Välimäki are independent of the company and its major
shareholders. Robert Ingman is independent of the company. Robert Ingman is not inde-
pendent of the company’s major shareholders due to his role as a Chairman of the Board of
the company's biggest shareholder Ingman Development Oy Ab.
During the financial year 2024, the Board of Directors held 10 meetings. The participation
rate in the meetings was the following:
* Company shares held directly or through legal entities under person’s control/influence as of 31 December 2024.
** Board member as of March 12, 2024.
*** Board member until March 12, 2024.
** Board member as of March 12, 2024.
*** Board member until March 12, 2024.
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Committees of the Board of Directors
The company’s Board of Directors had two (2) committees in
financial year 2024: the Compensation and Nomination Com-
mittee and the Audit Committee.
These committees do not hold powers of decision or execu-
tion. They assist the Board in decision-making concerning their
own areas of expertise. The committees report regularly on
their work to the Board, which governs and assumes colle-
giate responsibility for the committees’ work.
The purpose of the Compensation and Nomination Committee
is to prepare and follow-up the remuneration policy and remu-
neration report for the company’s governing bodies as well as
compensation and remuneration schemes for the company
management in order to ensure that the company’s targets
are met, to guarantee the objectivity of decision-making, and
to see to it that the schemes are transparent and systematic.
The Compensation and Nomination Committee also prepares
a proposal for the Annual General Meeting concerning the
number of members of the Board of Directors, the members
of the Board of Directors, the remuneration of the Chairman,
Vice Chairman and members of the Board and the remuner-
ation of the chairmen and members of the committees of the
Board of Directors.
Member PARTICIPATION
Elina Anckar* 4/4
Marika Auramo** 1/1
Mikko Marsio (pj) 5/5
Mikko Välimäki 5/5
Total 100%
Member PARTICIPATION
Marika Auramo 6/6
Matti Heikkonen (pj) 6/6
Robert Ingman 6/6
Total 100%
The purpose of the Audit Committee is to assist the Board of
Directors in ensuring that the company’s financial reporting,
accounting methods, financial statements and other reported
financial information are legitimate, balanced, transparent and
clear.
During 2024, the members of the Audit Committee and their
participation in the meetings were as follows:
During 2024, the members of the Compensation and Nomi-
nation Committee and their participation in the meetings were
as follows:
* Member of the Committee as of March 12, 2024
** Member of the Committee until March 12, 2024
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Management Team
The company has a Management Team, chaired by the Chief Executive Officer (CEO) of the
company. The Board of Directors appoints the CEO and, upon the CEO’s proposal, confirms
the appointment of Management Team members and their essential terms of their employ-
ment. The CEO, together with the other members of the Management Team, is in charge of
company's business operations and administration in accordance with the instructions and
regulations issued by the Board of Directors, and as defined by the Finnish Limited Liability
Companies Act.
* Company shares held directly or through legal entities under control/influence by a person as of December 31, 2024.
** Member of the Management Team until August 23, 2024
*** Member of the Management Team from August 26, 2024
During the financial year 2024, the Management Team of the company was as follows:
The CEO may take exceptional and far-reaching measures, in view of the nature and scope
of the company's activities, only if so authorized by the Board of Directors. The CEO is not
a member of the Board of Directors but attends Board meetings.
Name Education Year of Birth Responsibility
Shareholding,
pcs*
Juha Varelius M.Sc. (Econ.) 1963 Chief Executive Officer 400,982
Mari Heusala** M.Sc. (Econ.) 1966 SVP, Human Resources 0
Petteri Holländer M.Sc. student (Eng.) 1974 SVP, Ventures 10,000
Laura Kilemet M.Sc. (Econ. & BA) 1979 SVP, People & Culture 10
Katja Kumpulainen eMBA 1973 SVP, Marketing 12,000
Jouni Lintunen Master of Science in Technology 1971 Chief Financial Officer 2,000
Juhapekka Niemi Information Technology Engineer 1968 SVP, Product Management 14,711
Mika Pälsi Master of Laws 1970 General Counsel 513
Steffan Schumacher*** Bachelor of Information Technology 1975 SVP, Sales 100
Aleksina Shemeikka M.Sc. Engineering, MBA 1979 SVP, Software Quality Solutions 0
Tuukka Turunen Master of Science in Technology, Licentiate in Technology 1974 SVP, Research and Development 129,786
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Juha Varelius
Male, b. 1963
Master of Economic Sciences
CEO of the Qt Group Plc since
2016.
Previously acted as the CEO of
Digia Oyj (2008–2016) and in
various managerial positions
at Everypoint Inc and Yahoo!
(2002–2007) as well as Sonera
(1993–2002).
Jouni Lintunen
Male, b. 1971
Master of Science in Technology
Chief Financial Officer of Qt Group
Plc since 2020.
Previously acted as Finance
Director (2016–2020) and as
Business Controller (2013–2015)
at PaloDEx Group Oy, and in
various directorial and expert
positions at Vaisala Oyj (1998–
2013).
Katja Kumpulainen
Female, b. 1973
eMBA
Senior Vice President, Marketing
of Qt Group Plc since 2016.
Previously acted as Chief Marketing
Officer at Digia Oyj (2015–2016)
and Nervogrid Oy (2012–2015)
as well as in various managerial,
directorial and expert positions at
Lite-On Mobile Oy (prev. Perlos)
(2007–2012) and Basware Oyj
(1995–2007).
Laura Kilemet
Female, b. 1979
Master of Science, Economics
and Business Administration
Senior Vice President, People &
Culture at Qt Group Plc since 2024.
Previously acted as HR Director
at Qt Group, several managerial
and development positions at
VTT (2012–2023), HR and CSR
roles at UNHCR (2009–2012),
UNDP (2007–2009), UNFPA
(2007) and Finnish Ministry
for Foreign Affairs (2005–2007).
Management Team
Petteri Holländer
Male, b. 1974
M.Sc. student (Eng.)
Senior Vice President, Ventures
of Qt Group Plc since 2021.
Previously Senior Vice President,
Product Management. Member
of the management team since
2016. Previously acted as Chief
Product Officer, Business Devel-
opment Officer and in other
managerial positions at Digia
Oyj and its predecessors (2001–
2016), and as Product Develop-
ment Officer at Sonera SmartTrust
Oy (1999–2001).
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Management Team
Mika Pälsi
Male, b. 1970
Master of Laws
General Counsel of Qt Group Plc
since 2016.
Previously acted as General
Counsel of Digia Oyj (2009–2016),
Senior Legal Counsel at Tieto Oyj
(2005–2009) and as an attorney
at Castrén & Snellman (1999–
2005).
Tuukka Turunen
Male, b. 1974
Master of Science in Technology,
Licentiate in Technology
Senior Vice President, Research
and Development of Qt Group Plc
since 2016.
Previously acted in various
managerial and directorial posi-
tions at Digia Oyj (2001–2016),
as a software developer at Nokia
Mobile Phones (1997–1998) and
in teaching and research positions
at the University of Oulu (1996–
1997 and 1998–2000).
Aleksina
Shemeikka
Female, b. 1979
M.Sc. Engineering, MBA
Senior Vice President, Software
Quality Solutions at Qt Group Plc
since 2024.
Previously acted in leadership
roles at Zalando SE (2021–2022)
and OP Financial Group (2017–
2021), as well as in various
managerial and development
roles at Ingram Micro (2013–
2016), Illumina Inc. (2010–2012)
and KONE Oyj (2004–2008).
Juhapekka Niemi
Male, b. 1968
Information Technology Engineer
Senior Vice President, Product
Management of Qt Group Plc
since 2023.
Previously Senior Vice President,
Sales. Member of the manage-
ment team since 2016. Previously
acted as Chief Business Officer
at Digia Oyj (2013–2016) as
well as in various managerial
and directorial positions at
Nokia Oyj (2000–2013).
Steffan
Schumacher
Male, b. 1975
Bachelor of Information
Technology
Senior Vice President, Sales of
Qt Group Plc since 2023.
Previously acted as COO of
Efecte Plc following roles as
Managing Director of Professional
Services and COO of EMEA Sales
at Citrix Inc (2017–2020) and
Global Sales Leadership at Micro-
soft Corp (2013–2017) followed
by Global Accounts Director at
Microsoft Western Europe (2008–
2013) and Partner and Sales
Leadership at Microsoft Finland
(2001–2008). Business Unit
Manager at Solteq (1998–2001).
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Organ
Financial Control Environment
Control Function
Audit
Board of Directors
Internal Control
Audit Committee
Group Management Team
President and CEO
Business Unit Management
Controller Function
Annual General Meeting
Written Instructions
Control Functions and Control Environment
The company has a finance function tasked with verifying
monthly reports. The finance function reports to the man-
agement, the Board of Directors and the Board’s Audit Com-
mittee regarding the financial performance of the company.
The company uses a reporting system which compiles sepa-
rate subsidiaries’ reports into the consolidated financial state-
ments. The accuracy of accounting and the financial state-
ments is monitored by the finance function. The company also
has the necessary separate reporting and information systems
for monitoring business operations and asset management.
The Group’s finance function provides instructions for drawing
up financial statements and interim reports, and compiles the
consolidated financial statements. The finance function has
centralized control over the Group's funding and asset man-
agement and is in charge of managing interest rate and cur-
rency risk.
Internal Risk Control
As a general principle, authorization is distributed in the com-
pany in such a way that no individual may independently per-
form measures unbeknown to at least one other individual. For
example, the company’s bookkeeping and asset management
are managed by separate persons, and two authorized per-
sons are needed to sign on behalf of the company.
Group-level reporting and supervision are based on monthly
income reporting led by the CFO and on updates of the latest
forecasts.
III. Financial Reporting Related Internal Control and Risk Management Systems
The company’s operations are divided into function-spe-
cific areas of responsibility, with the Senior Vice Presidents in
charge of each function reporting to the CEO. The Senior Vice
Presidents responsible for the company’s functions report to
the Management Team on development matters, strategic
and annual planning, investments and internal organisational
matters related to their areas of responsibility.
The company’s operational management and supervision take
place according to the corporate governance system described
hereinabove. The Group’s administration unit is in charge of HR
management and policy. The legal affairs unit provides instruc-
tions for and monitors contracts made by the company and
ensures the legality of the Group’s operations.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Communications
The Group's General Counsel is in charge of the company’s
external communications and their correctness. External com-
munications include financial reports and other stock exchange
communications. The General Counsel is responsible for the
publication of interim reports and financial statements, as well
as for actions related to convening and holding Shareholders'
Meetings. Most communications take place through the com-
pany’s website and using stock exchange releases.
Risk Management
The purpose of the company’s risk management process is
to identify and manage risks in such a way that the company
is able to meet its strategic and financial targets. Risk man-
agement is a continuous process, by which the major risks are
identified, listed and assessed, the key persons in charge of risk
management are appointed and risks are prioritised according
to an assessment scale in order to compare the effects and
mutual significance of risks.
The main operational risks handled by the company's risk
management function are customer risk, personnel risk, data
security risk, IPR risk and goodwill risk.
Qt Group manages customer risk by actively managing its cus-
tomer portfolio and avoiding potential risk positions. Personnel
risks are managed with various personnel benefits, incentive
schemes, and a goal and development discussion framework.
The company strives to advance its personnel’s professional
development by focusing on learning on the job and keeping an
up-to-date job description archive to help with career planning
within the Company. Data security risk is managed through the
continuous development of working models, security prac-
tices and processes. Qt Group has established mandatory per-
sonnel trainings for information and cyber security, data pro-
tection and privacy, and the company monitors the training
completion rate. Qt Group has regular vulnerability scans and
has implemented a quarterly security review. In addition, the
company's certified quality systems are regularly evaluated.
Risks associated with shared operating models and best prac-
tices, as well as their integrated development, are managed
according to plan under the supervision of the Group Man-
agement Team. Risks typical to software business, especially
to international product business, relating to appropriate pro-
tection of company’s own IPRs and violation of IPRs of third
parties are managed through extensive internal policies, stan-
dard contracts and appropriate follow-up and analysis. With
respect to IFRS-compliant accounting policies, the company
actively monitors goodwill and the related impairment tests,
as part of prudent and proactive risk management practices
within financial management.
In addition to operational risks, the company is subject to
financial risks. The company’s internal and external financing
and the management of financial risks are coordinated by the
finance function of the Group's parent company. This function
is responsible for the Group's liquidity, sufficiency of financing,
and the management of interest rate and currency risk. The
Group is exposed to several financial risks during the normal
course of its business. The objective of the Group’s risk man-
agement is to minimise the adverse effects of changes in the
financial markets on the Group's earnings. The primary types
of financial risks are interest rate risk, currency risk, credit
risk and funding risk. The general principles of risk manage-
ment are approved by the Board of Directors, and the Group's
finance function is responsible for their practical implementa-
tion together with the business divisions.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
IV. Other Information
Internal Audit
The tasks of internal audit include, among other things, the
assessment of the company’s internal control systems and
risk management, as well as evaluation of the appropriateness
and efficiency of management and administration processes.
To follow business activities and financial administration, the
company has necessary reporting systems in use. As part of
the legality control of the company’s activities, the compa-
ny’s Auditor evaluates the functionality of this internal con-
trol system.
Auditor
KPMG Oy Ab, Authorised Public Accountants, serves as the
auditor of the company, with Authorised Public Accountant
Jonne Ahokas as the principal auditor.
During financial year 2024, the auditor’s fees for auditing ser-
vices was EUR 71 thousand and EUR 50 thousand for services
that were not related to auditing. Among this amount, EUR 34
thousand is related to statements based on auditing acts and
other regulations.
Insider Administration
The company follows the Guidelines for Insiders by Nasdaq
Helsinki Oy.
The company’s General Counsel is responsible for the com-
pliance with the Insider Guidelines and the follow-up of the
disclosure obligation, regarding training.
Related Party Transaction Guidelines
Related parties of the company mean the related parties of a
listed company in accordance with the Limited Liability Com-
panies Act (IAS 24).
Related party transaction means an agreement or other legal
act between the company and a related party.
The Board of Directors shall monitor and evaluate related party
transactions and decide on all such transaction whenever they
are outside the scope of company’s ordinary activities or are
not concluded on arm’s-length terms.
According to company’s related party transaction guidelines
the members of the Board and management team are obliged
to provide the company’s General Counsel, who is company’s
nominated responsible person for related party matters, with
advance notice of any transactions concluded with the com-
pany by them personally or by their respective related parties.
On the other hand, company’s General Counsel will follow-up
all transactions the company concludes outside the scope of
company’s ordinary activities or that are not concluded on
arm’s-length terms.
In the event General Counsel becomes aware of a related party
transaction, which is outside the scope of company’s ordinary
activities or which is not concluded on arm’s-length terms,
General Counsel shall bring such transaction for the approval
by the Board of Directors before such transaction is concluded.
With the exception of transactions between different group
companies, company does not ordinarily conclude any trans-
actions with its related parties. As a main rule, all agreements
and business transactions of the company are concluded on
arm’s length terms.
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Remuneration Report for Qt Group Plc’s Governing Bodies 2024
This remuneration report for governing bodies describes the
remuneration and other financial benefits paid to the gov-
erning bodies, i.e. Board members and the President and CEO,
of Qt Group Plc for the fiscal year 2024. The remuneration and
other financial benefits are reported on a cash basis.
The remuneration report has been written in accordance with
the remuneration-related guidelines of the Corporate Gover-
nance Code for Finnish listed companies 2025.
As a rule, the company has a remuneration policy extending to
the 2028 Annual General Meeting, which was reviewed by the
company’s Annual General Meeting on 12 March 2024. The
2023 remuneration report was presented to the 2024 Annual
General Meeting, and the report was approved without voting.
In accordance with the remuneration policy, the purpose of
the Company’s remuneration is to provide both the Company
management and the Company’s personnel with a competi-
tive, equal and encouraging revenue model, which incorporates
the Company’s strategic goals and the shareholders’ interests.
The remuneration of governing bodies for the fiscal year 2024
took place in accordance with the Company’s remuneration
policy. The CEO’s remuneration is based on fixed salary and
variable pay components, or short-term and long-term incen-
tives, with targets directly linked to the Company’s business
performance. In particular, business performance is measured
by the Company's net sales.
The table below presents the development of the remuner-
ation of the Company’s governing bodies compared to the
development of the average remuneration of the Group’s
employees and the Group’s financial development during the
last five fiscal years.
The company’s net sales has developed steadily in recent
years. The President and CEO remuneration for the fiscal years
2020–2022 include significant Long-Term Incentive payouts.
EUR 1,000 2024 2023 2022 2021 2020
Average remuneration of the Board of Directors 51 53 56 48 48
Change, %¹ -3.77% -5.4% 16.7% 0% 2.1%
Remuneration of the President and CEO 492 524 15,945² 27,473³ 6,994⁴
Change, %¹ -6.1% -96.7% -42.0% >100% >100%
Employee remuneration ⁵ 100 102 107 117 105
Change, %¹ -2.4% -4.5% -8.5% 11.4% 1.9%
Net sales 209,063 180,743 155,318 121,139 79,455
Change, %¹ 15.7% 16.4% 28.2% 52.5% 36.1%
Operating result 63,169 47,349 36,870 28,812 17,017
Change, %¹ 33.4% 28.4% 28.0% 69.3% >100%
Qt Group Plc market capitalization, 31.12. 1,706,289 1,637,733 1,126,713 3,364,135 1,412,600
Change, %¹ 4.19% 45.4% -66.5% >100% >100%
1 Change compared to the previous year.
2 Of the remuneration paid to the President and CEO, a total of EUR 15,363,849 is income based on the Share Bonus Scheme 2019 and from the subscription of stock options
received through the Company’s 2016 option scheme.
3 Of the remuneration paid to the President and CEO, a total of EUR 26,821,800 is income from the sale of stock options received through the Company’s 2016 option scheme.
4 Of the remuneration paid to the President and CEO, a total of EUR 6,508,418 is income from the sale of stock options received through the Company’s 2016 option scheme.
5 Employee remuneration is calculated from the personnel expenses on the financial statements less any social security contributions and by dividing the resulting figure
by the average number of personnel during the fiscal year.
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129
Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Remuneration of the Board of Directors
During the 2024 fiscal year, the Qt Group Plc’s Board of Direc-
tors were paid monthly remuneration
• EUR 3 000 for the Board members
• EUR 4 000 for the Vice-Chair of the Board
• EUR 6 000 for the Chair of the Board.
In addition, the meeting fees were paid
• EUR 500 for each Board member and the Chair of the Board
per Board meeting
• EUR 1 000 for the Committee Chair per Board committee
meeting
• EUR 500 for the Committee Member per Board committee
meeting.
Moreover, standard and reasonable costs resulting from work
on the Board of Directors were reimbursed against invoice.
The Company’s Board Members are not included in any incen-
tive schemes intended for the Company’s management or per-
sonnel, and the Company has not granted stock options nor
share-based remuneration for work on the Board of Directors.
The table below presents the remuneration of the members
of the Board of Directors during the fiscal year 2024.
Name Board CNC¹ AC²
Annual
compensation,
EUR
Meeting fees,
EUR
Total,
EUR
Elina Anckar³ Member Member 28,500 6,000 34,500
Marika Auramo ⁴ Member Member Member 36,000 5,500 41,500
Matti Heikkonen ⁵ Member Chair 36,000 8,500 44,500
Robert Ingman Chair Member 72,000 8,500 80,500
Mikko Marsio⁶ Vice-Chair Chair 45,500 11,000 56,500
Leena Saarinen ⁷ Vice-Chair Chair 4,000 500 4,500
Mikko Välimäki Member Member 36,000 7,500 43,500
Total 258,000 47,500 305,500
1 Compensation and Nomination Committee
2 Audit Committee
3 Member of the Board and Member of the Audit Committee as of 12 March 2024.
4 Member of the Audit Committee until 12 March 2024. Member of the Compensation and Nomination Committee as of 12 March 2024.
5 Member of the Compensation and Nomination Committee until 12 March 2024. Chair of Compensation and Nomination Committee as of 12 March 2024.
6 Member of the Board until 12 March 2024. Vice Chair of the Board as of 12 March 2024.
7 Vice Chair of the Board and Chair of the Compensation and Nomination Committee until 12 March 2024.
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130
Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Remuneration of the President
and CEO, EUR 2024 2023 2022 2021 2020
Fixed Salary 412,000 402,000 366,000 336,000 305,584
Fringe benefits 720 720 720 720 720
Short-term incentives 58,740 90,212 199,392 297,758 164,530
Long-term incentives - - 15,363,849³ 26,821,800² 6,508,418¹
Other benefits ⁴ 20,664 23,429 14,899 16,824 14,583
Other rewards ⁵ - 8,069
Total 492,124 524,430 15,944,860 27,473,102 6,993,795
Fixed vs. variable remuneration 88% / 12% 81% / 19% 2% / 98% 1% / 99% 5% / 95%
Remuneration of the President and CEO
The remuneration of the CEO is considered as a whole, and it
comprises both fixed and variable components.
Fixed remuneration components include the fixed annual
salary payable to the CEO under the CEO’s service contract.
Holiday bonus and fringe benefits, if any, are considered to be
part of this fixed monthly salary.
The remuneration model includes two types of variable remu-
neration components: a cash bonus paid under the Company’s
short-term incentive scheme and a reward paid in shares and/
or options (and, if applicable, in cash) under the Company’s
long-term incentive scheme.
The CEO has no supplementary pension scheme from the
Company.
The following tables presents the remuneration of the Presi-
dent and CEO Juha Varelius during the last five fiscal years and
during fiscal year 2024.
1 Long-term incentives income from the sale of stock options received through the Company’s 2016 option scheme.
2 Long-term incentives income from the sale of stock options received through the Company’s 2016 option scheme.
3 Long-term incentives income based on the Share Bonus Scheme 2019 and from the subscription of stock options
received through the Company’s 2016 option scheme.
4 Other benefits: holiday bonus
5 Service Year Award
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Short-term Incentive (STI)
Under the company’s short-term incentive scheme, the
earning criteria for the CEO’s bonus is the Group’s net sales.
Incentive will start accumulating once the net sales exceed
the set threshold and the Company EBITA is above the set
threshold level. In the event of EBITA achievement % is below
the set threshold, no bonus shall be paid.
Once the net sales target is reached, the President and CEO is
paid an annual bonus amounting to 40 percent of his annual
fixed salary. Between the minimum level and target level, the
bonus is determined linearly between 0 and 100 percent,
depending on actual performance.
Upon exceeding the net sales target, the bonus will increase
as follows: 20 percent of each euro that exceeds the net sales
target is used for the CEO’s and other company personnel's
bonus rewards including social costs. The maximum annual
bonus for the CEO is 120 percent of his annual fixed salary.
The fulfilment of bonus criteria is evaluated, and possible
rewards are paid semiannually.
Remuneration of the President and CEO
CEO STI 2024 H1, paid August 2024
Reward criteria Net sales
Criteria weight 100%
Achievement 72%
Paid, EUR 58,740
CEO STI 2024 H2, to be paid March 2025
Reward criteria Net sales
Criteria weight 100%
Achievement 0%
Paid, EUR 0
CEO STI 2023 H2, paid March 2024
Reward criteria Net sales
Criteria weight 100%
Achievement 0%
Paid, EUR 0
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Qt Group 2024 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Long-term Incentive (LTI)
The Board of Directors sets the performance criteria for the
performance share plan, including the threshold, target and
maximum levels for the performance criteria. The performance
criteria are set for three-year period.
The Board of Directors nominates the CEO to the LTI plan and
decides on his share grant. Possible share delivery will take
place after the consolidated financial statements have been
prepared, and performance criteria evaluation can be com-
pleted.
The share-based long-term incentive plan (“Osakepalk-
kio-ohjelma 2022”) for the company’s key personnel decided
by the company’s Board of Directors on 16 February 2022,
ended on 31 December 2024. The incentive program had one
reward collection period covering the years 2022–2024. The
possible rewards pursuant to the program will be paid upon
the confirmation of the financial statements for 2024 as a
combination of shares and cash, so that the cash amount
will approximately cover the taxes and other statutory fees
resulting from the reward, and the rest of the reward will be
paid to the recipient in shares. Shares paid out as rewards are
not subject to any restrictions concerning e.g. their hand-over.
Remuneration of the President and CEO
Plan type Performance Share Plan 2022–2024
Performance criteria & weight Net sales, 100%
Share grant
Grant size as % of Annual Base Salary at the time of grant 300%
Maximum number of gross shares 10,000
Share delivery 2025
Achievement % 0%
Share delivery (gross shares) 0
During 2024, the Board Nomination and Remuneration Com-
mittee has prepared a new performance share 2025-2027.
The plan was presented for approval by the Board of Direc-
tors in February 2025 along with the 2024 financial state-
ment bulletin.
Qt Group | Annual Report 2024
133
Qt Group Plc’s investor communications produce reli-
able and up-to-date information on the company’s
business operations in a timely and equal manner for
all interested parties.
The company’s annual reports, interim reports, stock
exchange releases and press releases are available in
Finnish and English at investors.qt.io.
To subscribe to stock exchange releases, please send
your e-mail contact information to pr@qt.io.
Qt Group Plc’s Annual General Meeting is planned to be
held on Wednesday, 9 April 2025 at 10 a.m. EET. More
information on registering for the AGM and the AGM
documents are available at investors.qt.io.
Information for Shareholders Financial calendar 2025
28 February Annual Report 2024
24 April Interim Statement January–March
6 August Half-Year Financial Report
31 October Interim Statement January–September
Basic information on the share
Listed (2016) on Nasdaq Helsinki Ltd
Trading code: QTCOM
Number of shares (Dec 30, 2024) 25,470,211
IR Contact
Hertta Närvänen, Communications Lead
Tel: +358 9 8861 8040
E-mail: hertta.narvanen@qt.io
Head office
Qt Group Plc (The Qt Company)
Miestentie 7
02150 Espoo, Finland
Qt Group Oyj (The Qt Company) / Miestentie 7, 02150 Espoo, Finland / +358 9 8861 8040 / pr@qt.io / www.qt.io