import QtQuick
import QtQuick.Controls
import EosADAS
import “TurnSignals”
import “Cluster2D”
import Data 1.0 as Data
import QtQuick3D.Helpers
Rectangle {
id: eosADAS
anchors.centerIn: parent
height: width * 0.375 // keep aspect ratio
color: “#000000”
border.width: 1
width: Constants.width
property real scaleFactor: (eosADAS.height / 720)
property alias roadLaneLines: adasView.lanelines
property alias timelineAnimationAdas: adasView.
timelineAnimationAdas
ADAS {
id: adasView
width: eosADAS.width * 0.66
height: width / 2
anchors.centerIn: parent
}
ANNUAL REPORT | 2025
Qt Group | Annual Report 2025
22
investors.qt.io
05 Qt Group in 2025
06 CEO’s Review
09 Board of Directors’ Report
20 Consolidated Key Figures
21 Sustainability Statement
68 Financial Statements
69 Consolidated income statement
70 Consolidated statement of financial position
71 Consolidated cash flow statement
72 Consolidated statement of changes in shareholders’ equity
73 Notes to the Consolidated Financial Statements
106 Parent company’s income statement
107 Parent company’s balance sheet
108 Parent company’s cash flow statement
109 Basic information on the parent company and accounting policies applied in the financial statements
110 Notes to the parent company financial statements
114 Signatures to the Financial Statements and the Board of Directors’ Report
115 Auditor's Report
122 Assurance Report on the Sustainability Statement
125 Corporate Governance Statement
127 Board of Directors
132 Management Team
137 Remuneration Report for Qt Group Plc’s Governing Bodies 2025
144 Information for Shareholders
This PDF report has been published voluntarily and is not an xHTML document compliant with the ESEF (European Single Electronic Format) regulation.
TABLE OF CONTENTS
A pit stop normally takes less than 3 seconds, and
everything needs to happen very quickly. We go down
to milliseconds and need an interface that reacts
really quickly to see immediately if there is an issue.
Qt really delivers this as a first-class framework.
Alessandro Agansati
Project Leader, Pitstop System
Sauber Motorsport
Read more ›
We chose IAR because the performance
and functional safety certification
really matter to us. Faster, more
compact code gives us a better
return on investment by freeing up
development resources and allowing us
to use smaller, lower‑cost MCUs. That
directly reduces our overall component
costs and helps us deliver more value
to our end customers.
Senior Software Engineer
DENSO
Read more ›
Enabling secure, high-performance embedded development
IAR is a global leader in commercial embedded software development tools,
providing a high‑performance suite used to program microcontrollers and
microprocessors across a wide range of architectures. IAR’s solutions play a
critical role in securing and accelerating the development of smart products in
sectors such as automotive, industrial automation and medical devices.
Qt Group
in
2025
Operating Profit (EBIT)
M€
42.5
63.2
EBIT margin
% of net sales
19.7
30.2
Return on Investment
%
15.5
43.4
Equity Ratio
%
50.8
81.6
2.26
1.25
Earnings per Share
€
834
Personnel on Average
958
Operating Profit (EBITA)
M€
51.8
71.2
EBITA margin
% of net sales
24.0
34.1
Net Sales
M€
216.3
(Comparison 2024)
209.1
20252020
240
220
200
180
160
140
120
100
80
60
40
20
0
2021 2022 2023 2024
79.5
121.1
155.3
180.7
209.1
216.3
Qt Group | Annual Report 2025
55
Qt Group | Annual Report 2025
66
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Year 2025 was defined by exceptionally volatile
global market conditions. Despite challenges in
the operating environment, Qt Group strengthened
its position as a trusted partner for companies
building the next generation of intelligent devices
and applications. We are seeing a growing recog‑
nition across industries of the critical role software
plays in successful product innovation, and are
excited to be part of the accelerating
development of graphical user interfaces.
The operating environment in 2025 was anything but
stable. Weak global economic situation, geopolitical ten‑
sions and increased uncertainty in future outlook across
industries contributed to a challenging year for almost
everyone in the global product development ecosystem.
As our customers’ decision‑making cycles lengthened, we
made necessary adjustments to our full year growth expec‑
tations. Qt Group ended the year 2025 with a total of EUR
216.3 million net sales, which amounted to 6.6 percent
year‑on‑year growth at comparable exchange rates. Our
profitability or EBITA‑margin in 2025 amounted to 24.0
percent of net sales. Our solid financial position and scal‑
able business model allowed us to continue investing in our
products and strategic expansion throughout 2025.
CEO'S REVIEW
Qt Group | Annual Report 2025
77
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
we operate as one unified team. IAR’s values, perspectives
and practices are to be incorporated to our Culture Handbook,
which provides guidelines to personnel and outlines our target
culture. The handbook reflects the contributions of more than
300 employees and Management Team members, offering a
snapshot of daily life at Qt, while acknowledging the unique
characteristics of our 17 offices across 11 countries.
Strategic milestones and innovation
Throughout 2025, the technology landscape, and AI in par‑
ticular, continued to evolve at an exceptional pace. Genera‑
tive AI models became increasingly capable, and development
focused tools saw significant adoption across the industry.
We have closely followed the evolution of these capabilities,
especially the rise of models that now understand Qt devel‑
opment and can provide practical guidance for both Qt C++
and QML programming.
During 2025, we welcomed technological progress in our port‑
folio that directly supports our strategic priorities and long
term vision. During the year, we launched three AI assistants
that accelerate the work of developers and quality engineers:
the Qt AI Assistant for developers, the Qt Design Studio Assis‑
tant for designers, and the Squish AI Assistant for quality engi‑
neers. Each assistant improves the product development
I want to extend my sincere thanks to our personnel, cus‑
tomers, developer community, partners, and shareholders
– your support and confidence are essential to our success,
and together we are building the future of digital experiences.
Key highlight: the acquisition of IAR
In October, we completed the acquisition of I.A.R. Systems
Group AB (“IAR”), a leader in embedded development solu‑
tions. Together, we offer a broader, more integrated solution
covering the entire embedded product development lifecycle
from UI design to optimized embedded software. We help
accelerate IAR’s transition towards a SaaS‑based licensing
model, which is a key initiative to expand our recurring revenue
streams and support our long‑term growth. IAR’s deep exper‑
tise in microcontroller (MCU) development strengthens our
position in the fast‑growing MCU market, while their strong
presence in safety‑critical systems creates new growth
opportunities for our Software Quality Solutions (SQS) busi‑
ness. Our shared vision is clear: empowering customers to
build smarter, safer and more efficient products.
With IAR’s integration to Qt Group, we welcomed 215 new
colleagues, increasing our total number of personnel to 1,136
as of December 31, 2025. To support a smooth transition, we
launched an initiative to align our ways of working and ensure
workflow by augmenting human skills with intelligent auto‑
mation, resulting in higher quality without diminishing the
value of human creativity and judgement.
Our R&D efforts also expanded across our key industry sec‑
tors: industrial automation, medical, automotive, consumer
electronics, aerospace and defense, and micromobility.
Through our collaboration with Infineon, we are helping man‑
ufacturers to create more intuitive, efficient, AI‑powered con‑
sumer devices by combining Infineon’s hardware expertise
with Qt’s strengths in graphical user interface (GUI) develop‑
ment. At the same time, the release of our FACE conformant
software framework provides defence organizations with a
more efficient and cost effective way to develop mission crit‑
ical UIs. This strengthens our position in a sector where reli‑
ability, speed, and compliance are essential.
During 2025, we released long‑term support (LTS) versions
of Qt for MCUs which focused on improving performance and
stability. Our solution for building low‑cost, high‑performance
GUIs, has enabled for example Desay SV to create a supe‑
rior human‑machine interface (HMI) to Volkswagen California
campervan and Verge Motorcycles to get their HMI running on
their motorcycle in just 6 weeks after switching to Qt and Qt
Design Studio. Keurig Dr Pepper also uses Qt Design Studio
Qt Group | Annual Report 2025
88
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
to improve the handoff between designers and developers,
resulting in a premium user experience with consistent brand
look and feel across a wide range of coffee machines.
We launched support for NVIDIA CUDA Safety and coding
guidelines in our Axivion toolset, part of our SQS offering.
By bridging automated CUDA compliance into Axivion, we
strengthen our position as a forerunner in software quality,
and in supporting the next generation of safety‑critical
product innovation.
We also introduced our plans for Qt Bridges, which will enable
developers to use Qt’s GUI capabilities seamlessly across mul‑
tiple programming languages. Over time, this technology will
evolve into a built‑in Qt feature that supports software inno‑
vation across ecosystems beyond our current scope.
The Qt Bridges technology attracted a lot of interest at our
Qt World Summit 2025 event, which brought together over
800 software development professionals in Munich to dis‑
cuss the latest innovations in smart device and application
development. Customers such as Harman, Vorwerk, Metso,
and Siemens showcased their key insights on developing with
Qt at this event.
We continued to expand the Qt professional community by
partnering with technology partners, semiconductor manu‑
Juha Varelius
President & CEO
Qt Group Plc
Looking ahead
At the core of everything we do is our commitment to our
customers– their challenges, their ideas, and the future they
bring to life through their products. This focus guides not only
our daily R&D work but also our long‑term strategic decisions,
such as the acquisition of IAR, which increases the value we
bring to our customers across the entire product develop‑
ment lifecycle. While we are proud to support every stage of
product development with our comprehensive portfolio, cus‑
tomers are equally free to pick and choose: each one of our
solutions stands strong on its own, delivering top‑tier per‑
formance within their own segment. With our unique offering
and position in the market, Qt Group continues its journey as
a Nordic embedded powerhouse going global.
At the core of everything we do
is our commitment to our customers
– their challenges, their ideas, and
the future they bring to life through
their products.
facturers, service partners and educational institutions, and
by developing our e‑learning platform Qt Academy. Our Edu‑
cational Licensing program remained popular among students
and academic staff with close to 50,000 active licenses. At the
same time, Qt Academy saw exceptional growth, with user
numbers increasing 96 percent and we welcomed more than
20,000 new learners. Through the University & Talent Net‑
work, we deepened our engagement with academic institu‑
tions to support and inspire the next generation of Qt devel‑
opers.
Report of the
Board of Directors
Qt Group | Annual Report 2025
10
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Financial Reporting
Net Sales
Qt Group Plc’s net sales in 2025 amounted to EUR 216.3
million (EUR 209.1 million), representing a growth of 3.5
percent. Net sales of distribution licenses grew by 26.4
percent to EUR 56.8 million. License sales and consulting
increased by 0.7 percent, while maintenance revenue
increased by 48.2 percent. Revenue from the acquired IAR
Year 2025 in Brief
• Net sales increased by 3.5 percent to EUR 216.3 million
(EUR 209.1 million). At comparable exchange rates,
net sales increased by 6.6 percent. Organic net sales
growth at comparable exchange rates was 2.6 percent.
• Operating result (EBITA) was EUR 51.8 million
(EUR 71.2 million), or 24.0 (34.1) percent of net sales.
• Operating result (EBIT) was EUR 42.5 (63.2) million,
or 19.7 (30.2) percent of net sales.
• The number of employees was 958 (834) on average
and 1,136 (869) at the end of the year.
• Earnings per share were EUR 1.25 (2.26).
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 2024 with the actual exchange rates
of the reporting period 2025 and by comparing the reported net sales in 2025 with the cal-
culated 2024 net sales at comparable exchange rates.
business amounted to EUR 8.1 million, of which EUR 4.9
million was maintenance revenue. The effect of exchange
rates on net sales for the January–December comparison
period was EUR -6.1 million. At comparable exchange
rates, net sales grew by 6.6 percent. Organic net sales
growth at comparable exchange rates was 2.6 percent.
EUR 1,000
1–12
2025
1–12
2024
Change,
%
License sales and consulting ¹ 198,607 197,141 0.7 %
Maintenance revenue 17,674 11,922 48.2 %
Total 216,281 209,063 3.5 %
Of which distribution licenses 56,811 44,954 26,4%
1 Includes hardware sales from acquired IAR business
Qt Group | Annual Report 2025
11
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Financial performance
Qt Group’s operating result (EBITA) for 2025 amounted to
EUR 51.8 million (EUR 71.2 million), representing 24.0 per-
cent of net sales (34.1%). Operating result (EBIT) was EUR
42.5 million (EUR 63.2 million), representing 19.7 percent of
net sales (30.2%).
The company invested particularly in strengthening its sales
and R&D organizations, which increased personnel expenses.
IAR's share of personnel expenses was EUR 4.8 million. Other
operating expenses increased due to one-off costs related
to the acquisition of IAR, totaling at EUR 5.8 million in 2025.
Qt Group’s profit before taxes was EUR 40.3 million (EUR 70.4
million) and profit amounted to EUR 31.8 million (EUR 57.3
million) in 2025. Taxes for the period under review came to
EUR 8.5 million (EUR 13.0 million). Earnings per share for 2025
amounted to EUR 1.25 (2.26).
EUR 1,000
1–12
/2025
1–12
/2024
Change,
%
Net sales 216,281 209,063 3.5%
Other operating income 534 20 2,553.8%
Materials and services -5,293 -3,920 35.0%
Personnel expenses -111,064 -98,022 13.3%
Depreciation, amortization and impairment
(excl. Intangible assets arising from business combinations) -4,036 -3,426 17.8%
Other operating expenses -44,614 -32,515 37.2%
Operating result (EBITA) 51,807 71,199 -27.2%
EBITA-% 24.0% 34.1%
Depreciation
(Intangible assets arising from business combinations) -9,270 -8,030 15.4%
Operating result (EBIT) 42,537 63,169 -32.7%
EBIT-% 19.7% 30.2%
Qt Group | Annual Report 2025
12
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Financing and Investments
Cash flow from operating activities was EUR 40.2 million (EUR
53.7 million) in January-December 2025. Qt Group’s cash and
cash equivalents totaled EUR 40.1 million (EUR 64.9 million)
at the end of December.
Qt Group’s consolidated balance sheet total at the end of the
fiscal year stood at EUR 444.3 million (EUR 238.8 million). Net
cash flow from investments in January–December 2025 was
EUR -196.5 million (EUR -4.5 million).
Equity ratio was 50.8 percent (81.6%) and gearing 49.2 per-
cent (-33.9%). Interest-bearing liabilities amounted to EUR
143.2 million (EUR 4.3 million), of which short-term loans
accounted for EUR 34.2 million (EUR 2.1 million). In 2025,
return on investment was 15.5 percent (43.4%) and return on
equity was 16.4 percent (38.1%).
Acquisitions
On July 4, 2025, Qt Group Plc’s wholly owned subsidiary The
Qt Company Ltd announced a recommended public cash offer
to the shareholders of class B shares in I.A.R. Systems Group
AB. The offer was completed on October 17, 2025.
The product portfolios of Qt Group and IAR are complemen-
tary. IAR’s deep expertise in microcontroller (MCU) develop-
ment strengthens Qt Group’s position in the fast-growing
MCU market, while their strong presence in safety-critical
systems creates new growth opportunities for Qt Group’s
Software Quality Solutions (SQS) business.
The purchase price consideration recognized at the date of
acquisition is EUR 205 million. Qt Group funds the Offer with
a combination of cash and a loan of approximately EUR 150
million.
The purchase price allocation prepared for IAR was still pre-
liminary as of December 31, 2025. The preliminary purchase
price allocation was prepared in accordance with IFRS 3 Busi-
ness Combinations and related guidance. Recognized intan-
gible assets consist of technology (EUR 45.4 million), trade-
mark (EUR 5.8 million) and customer relationships (EUR 38.7
million). Based on the initial accounting, on the date of acqui-
sition Qt Group recognized goodwill of EUR 122.5 million from
the technical expertise and synergies of the acquired company
and the company’s operating model. The expenses related to
the acquisition, EUR 5.8 million, are included in other operating
expenses in the consolidated income statement.
Research and Development
Qt Group capitalized product development costs by EUR 0.1
million in 2025 related to IAR's development projects..
Product development expenses during the financial year
totaled EUR 34.5 million (EUR 29.5 million), representing 16.0
percent (14.1%) of net sales. Product development expenses
increased by 17.2 percent year-on-year.
There were, on average, 317 people (including 86 employees
from IAR in Q4) working in product development during the
financial year (276 people).
Qt Group | Annual Report 2025
13
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Personnel
In 2025, the number of the Group’s personnel was 958
(834) on average and 1,136 (869) at the end of the financial
year. Personnel expenses during the financial year totaled
EUR 111.1 million (EUR 98.0 million), representing an increase
of 13.3 percent.
At the end of the financial year, personnel working outside
Finland represented 75 percent (68%) of the total.
Changes in the Management Team
Qt Group’s Senior Vice President, Sales and member of the
Management Team Steffan Schumacher moved to other posi-
tion outside the Company from March 31, 2025. Victor Dem-
bovsky, Vice President of EMEA Sales served as interim SVP,
Sales until November 2, 2025. Erik Rehn (b. 1986, M.Sc. Econ)
joined Qt Group’s Management Team as Senior Vice Presi-
dent, Sales and Business Operations on November 3, 2025.
Qt Group’s Senior Vice President, Ventures and member of
the Management Team Petteri Holländer asked to resign
from the Management Team as of July 24, 2025. Qt Group’s
Senior Vice President, Software Quality Solutions business
unit and member of the Management Team Aleksina She-
meikka moved to other position outside the Company from
October 21, 2025. Qt Group’s Senior Vice President, Product
Management Juhapekka Niemi moved to work as interim
Senior Vice President, Software Quality Solutions business
unit and continues as a member of the Management Team.
Personnel, on average
1-12
/2025
1-12
/2024
Change,
%
Finland 289 259 11.6%
Rest of Europe 370 305 21.3%
APAC 175 151 16.1%
North America 124 120 3.5%
Total 958 834 14.8%
Group Structure
Qt Group Plc’s subsidiary responsible for its operations in Fin-
land is The Qt Company Oy, which has subsidiaries in Sweden,
Norway, Germany, the United Kingdom, France, the United
States, India, China, South Korea and Taiwan, as well as a
branch in Japan.
Qt Group | Annual Report 2025
14
Qt Group 2025 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 company’s net sales are derived from on-premise, sub-
scription-based developer licenses and quality assurance
licenses, as well as distribution licenses and consulting ser-
vices. In 2025, Qt Group’s net sales amounted to EUR 216.3
million, and operating result (EBIT) was EUR 42.5 million.
The number of personnel was 1,136 at the end of 2025. Qt
Group’s strategy is focused on expanding its business and
creating long-term growth opportunities. The company exe-
cutes growth investments, particularly in R&D, sales, and the
innovation of new solutions.
IAR, acquired by Qt Group in October 2025, provides soft-
ware and services for developing embedded applications that
companies around the world use in the creation of safe and
secure products. IAR is headquartered in Uppsala, Sweden,
and has strategically located sales and support offices world-
wide. Its solutions support the development of embedded
devices across a wide range of industries, including automo-
tive, industrial automation, IoT, medical, defense, and public
safety. IAR’s and Qt’s businesses are highly complementary
in nature, with both companies generating the majority of
their revenue from the same customer industries and geo-
graphical markets.
Major Risks and Risk Management
The purpose of the company’s risk management process is
to identify and manage risks in a way that enables the com-
pany to achieve its strategic and financial objectives, as well
as to monitor and assess the likelihood of any adverse impacts
arising from the company’s operations on its customers, part-
ners, the environment, or the company itself.
Qt Group’s risk management is a continuous process in which
major risks are identified, listed and assessed, after which the
company determines the responsible persons and the risks
are assessed using a separate scoring methodology, enabling
an evaluation of both the impact of each risk and their rel-
ative significance. The significant strategic and operational
risks identified through the risk management process are
reviewed on a regular basis. 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 man-
agement and the company’s internal control 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 solvency,
and the potential weakening of the company’s negotiating
position, especially in the case of large customers. Qt Group
manages customer risk through the active development of
the customer structure and the proactive prevention of poten-
tial 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 satisfaction 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 through a
Qt Group | Annual Report 2025
15
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
comprehensive employee survey conducted by a third party.
The annual survey is complemented by quarterly Pulse sur-
veys, which provide real-time insights into changes, support
continuous dialogue with employees, and help assess the
impact of ongoing initiatives. The personnel survey provides
employees with the opportunity to give anonymous feedback
to the company’s management. The results are used in devel-
oping the company’s operations, particularly at the team and
business 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-
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-
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 31, 2025, the number of Qt
Group Plc shares outstanding was 25,391,211 (25,391,211).
On December 31, 2025, the company had a total of 46,652
shareholders, including nominee-registered shares, according
to Euroclear Finland Oy.
The company received no flagging notifications during the
financial year 2025.
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
21,792,018 shares were traded in Nasdaq Helsinki during
the reporting period. This accounts for 85.8 percent of the
total number of shares.
The volume-weighted average price of the share was
EUR 50.93, with the lowest price being EUR 30.42 (Novem-
ber 25, 2025) and the highest price EUR 92.10 (February
21, 2025). The closing price at the end of December was
EUR 32.94 per share, and Qt Group’s market capitalization
was EUR 836 million.
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 data
security and data protection. Completion of the training is
monitored. Qt Group conducts regular vulnerability audits of
critical systems and assesses data security 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
Qt Group | Annual Report 2025
16
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
10 LARGEST SHAREHOLDERS ON DECEMBER 31, 2025
Shareholder
Number of shares
and votes
Percentage of shares
and votes, %
Ingman Group 5,460,000 21.4
SEB* 4,291,719 16.8
Ilmarinen Mutual Pension Insurance Company 1,714,011 6.7
Varma Mutual Pension Insurance Company 759,491 3.0
Citibank Europe Plc* 418,582 1.6
Juha Varelius 400,982 1.6
Tommi Uhari 346,266 1.4
Elo Mutual Pension Insurance Company 346,000 1.4
The State Pension Fund of Finland 330,000 1.3
Kari Karvinen 300,000 1.2
Total 14,367,051 56.4
* Nominee registered
DISTRIBUTION OF HOLDINGS BY NUMBER OF SHARES HELD ON DECEMBER 31, 2025
Number of shares
Percentage of
shareholders, %
Percentage of shares
and votes, %
1–100 77.3 4.4
101–1 000 20.4 10.7
1 001–10 000 2.0 8.7
10 001–100 000 0.2 11.6
100 001–1 000 000 0.0 19.6
1 000 001–9 999 999 0.0 45.0
Total 100.0 100.0
SHAREHOLDING BY SECTOR ON DECEMBER 31, 2025
Shareholder by sector
Percentage of
shareholders, %
Percentage of
shares, %
Non-financial corporations 4.0 27.7
Financial and insurance corporations* 0.2 22.7
General government 0.0 12.9
Not-for-profit institutions 0.3 0.7
Households 95.3 33.2
Foreign holding 0.3 2.8
*Including nominee-registered - 19.8
Information on shareholding is based on data by Euroclear Finland Oy.
Qt Group | Annual Report 2025
17
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Governance
Qt Group Plc's Annual General Meeting (AGM) held on April 9,
2025, adopted the company's financial statements, including
the consolidated financial statements for the accounting
period 1 January–31 December 2024, reviewed the Remu-
neration Report for company’s governing bodies and dis-
charged the Members of the Board and the Chief Executive
Officer from liability. The AGM decided that based on the bal-
ance sheet to be adopted for the accounting period ended
December 31, 2024, no dividend will be paid.
The AGM decided to elect five members to the Board. Elina
Anckar, Marika Auramo, Matti Heikkonen, Robert Ingman
and Mikko Marsio were re-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 October 9, 2026 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 authoriza-
tion is 2,000,000. The authorization concerns both the issu-
ance 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 company,
or for other purposes decided by the Board of Directors. The
authorization includes the Board of Directors' right to decide
on all terms relating to the share issue and granting of spe-
cial rights including the subscription price, its payment and
its entry into the company's balance sheet. The authorization
shall be valid for 18 months from the issue date of the autho-
rization, i.e. until October 9, 2026, and it replaces any earlier
authorizations on share issue and granting of special rights.
Corporate Governance Statement
Qt Group Plc has published on its website a Corporate Gover-
nance Statement report that has been prepared in accordance
with the Governance Code for Listed Finnish Companies 2025
(“Governance Code”) and chapter 7, section 7 of Finnish Secu-
rities Market Act (746/2012). This Statement has been issued
separately from the Board’s operating and financial review.
Qt Group | Annual Report 2025
18
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Events after the Review Period
Thilak Ramanna (b. 1979, M.Sc. Software systems) joined
Qt Group’s Management Team as Senior Vice President, Qt
business unit as of January 1, 2026. Senior Vice President,
Research and Development Tuukka Turunen began reporting
to Senior Vice President, Qt business unit and left the Man-
agement Team on January 1, 2026. CEO of IAR Systems Group
Cecilia Wachtmeister joined Qt Group’s Management Team in
her role as Senior Vice President, IAR business unit on Jan-
uary 1, 2026. Qt Group’s CFO and member of the Manage-
ment Team Jouni Lintunen moved to other position outside
the Company from February 6, 2026. CFO of IAR Systems
Group Ann Zetterberg serves as interim CFO and member of
the Management Team until a permanent CFO is appointed.
The company does not have any other significant events after
the end of the fiscal year that would have affected the finan-
cial statements.
Risks and Business Uncertainties
Qt Group’s risks and uncertainties are related to significant
potential 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 assurance
and deployment. Qt Group operates in a highly competitive
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 mar-
kets 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 consider-
able fluctuation in quarterly net sales and profitability in par-
ticular is the contract turnaround times which, in the major
customer segment, are very long at up to 18 months.
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, development
and quality assurance tools, especially in the automotive, con-
sumer 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 soft-
ware becomes increasingly complex and incorporated into
millions of everyday devices, the demand for quality assur-
ance tools will grow. Qt Group expects that the quality assur-
Qt Group | Annual Report 2025
19
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
ance 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.
General economic slowdown may reduce the demand for
the products of Qt’s customers and, consequently, slow the
growth of Qt Group’s business. Increased geopolitical risks
generally add uncertainty to global trade, which affects com-
panies’ investment decisions and inventory management,
as well as general consumer demand. The weakening of the
global economic situation may also affect the solvency of the
company’s customers.
Outlook for 2026
We estimate that our full-year net sales for 2026 will increase
by at least 10 percent year-on-year at comparable exchange
rates, and that our operating result margin (EBITA %) will be
at least 15 percent in 2026.
The percentage of change in net sales at comparable exchange
rates is calculated by translating the net sales from the com-
parison period of 2025 with the actual exchange rates of the
reporting period of 2026 and by comparing the actual net
sales in 2026 with the net sales of 2025 calculated at com-
parable exchange rates.
Espoo, March 19, 2026
The Board of Directors of Qt Group
Qt Group | Annual Report 2025
20
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
EUR thousand 31.12.2025 31.12.2024 31.12.2023
Net sales 216,281 209,063 180,743
Operating result (EBITA) 51,807 71,199 55,379
EBITA, % 24.0% 34.1% 30.6%
Operating result (EBIT) 42,537 63,169 47,349
EBIT, % 19.7% 30.2% 26.2%
Net profit 31,786 57,314 35,455
- % of net sales 14.7% 27.4% 19.6%
Return on equity, % 16.4% 38.1% 33.9%
Return on investment, % 15.5% 43.4% 35.6%
Interest-bearing liabilities 143,225 4,316 20,513
Cash and cash equivalents 40,124 64,861 33,595
Net gearing, % 49.2% -33.9% -10.7%
Equity ratio, % 50.8% 81.6% 64.4%
Earnings per share (EPS), EUR 1.25 2.26 1.40
EPS adjusted for dilution, EUR 1.25 2.26 1.39
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 2025
22 General Disclosures
22 General Disclosures (ESRS 2)
34 EU taxonomy
34 General Disclosures
35 Taxonomy Information
39 Social Information
39 Own Workforce (S1)
49 Workers in the Value Chain (S2)
52 Governance Information
52 Business Conduct (G1)
55 Entity-Specific Disclosures: Data Protection
57 Content Index
Qt Group | Annual Report 2025
22
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
General Disclosures (ESRS 2)
General basis for preparation of sustainability
statements (BP-1)
This ESRS sustainability statement has been prepared at the
Group level as at January 1, 2025, and the scope of consoli-
dation is the same as in the financial statements, except for
IAR Systems Group ("IAR") acquired on October 17, 2025,
which has only been included to a limited extent. IAR has
been included as part of Qt Group’s sustainability reporting for
2025 with regard to the own workforce-related metrics (i.e.
S1-6, S1-9, S1-14, and S1-17). The sustainability statement
examines the company’s entire value chain from upstream
to downstream. (see SBM-1 – Strategy, business model and
value chain).
General Disclosures
Disclosures in relation to specific
circumstances (BP-2)
This report presents the estimated impacts 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.
In the 2024 report, the materiality scores and threshold values
presented for the material topics were incorrect, and all fig-
ures have been corrected. The correction had no impact on
the outcome of the materiality assessment.
of the Board Robert Ingman is independent of Qt Group, but
not independent of its major shareholders.
The Board of Directors had two (2) committees in the finan-
cial year 2025: 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, which means that the Audit
Committee also supervises sustainability impacts, risks and
opportunities. Responsibilities or processes related to the
monitoring and oversight of the progress of impacts, risks
and opportunities have not otherwise been separately spec-
ified in the company’s terms of reference or Board mandates.
Qt Group integrated sustainability risks into its risk manage-
ment during 2025. In connection with the integration pro-
cess, Qt identified certain challenges in the systematic mon-
itoring of sustainability impacts and opportunities as part of
risk management, and the company is therefore considering
preparing a separate sustainability program in 2026.
The management of impacts, risks and opportunities is
reported as part of this sustainability statement approved
by the Audit Committee and the Board of Directors. The Man-
agement Team has operational responsibility for the develop-
ment of HR, data protection, and corporate culture, but no reg-
ular monitoring has been specified for their progress thus far.
The role of the administrative, management
and supervisory bodies (GOV-1)
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 various stakeholders. The
operational management, i.e. the CEO and the other members
of the Management Team, is responsible for the company’s
business operations and governance in accordance with the
instructions issued by the Board of Directors and the provi-
sions 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 adminis-
trative, management, and supervisory bodies regarding the
supervision of different sustainability matters. Qt has used
external ESG experts in its double materiality analysis, climate
scenario analysis, and sustainability reporting process. More
information on the background and expertise of the members
of the Management Team and the Board of Directors is pro-
vided in Qt’s Corporate Governance Statement.
There is no representation of employees in the administrative
and supervisory bodies, but all members of the Management
Team are employed by the company. All (100%) of the mem-
bers of the Board of Directors are independent of Qt. The Chair
Qt Group | Annual Report 2025
23
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Information provided to and sustainability
matters addressed by the undertaking’s
administrative, management and supervisory
bodies (GOV-2)
Qt will review the development of targets, metrics, and mea-
sures related to impacts, risks and opportunities as well as
the sustainability management model during 2026. This work
is still in progress, and the monitoring processes have there-
fore not yet been defined or their systematic monitoring not
yet put on the agenda of the Management Team or the Board
of Directors. Identified sustainability risks, i.e. data protection
risks, have been integrated into Qt’s risk management. The
administrative, management, and supervisory bodies have
not separately considered identified sustainability matters
as part of strategic decisions.
The Audit Committee of the Board of Directors discussed mat-
ters related to sustainability reporting twice during 2025. The
Audit Committee has also discussed matters related to the
company's own workforce (S1), business conduct (G1), and
data protection on its agenda.
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.
However, Qt is developing systematic risk-based supply chain
management for technical consultants during 2026.
GENDER DISTRIBUTION AT TOP MANAGEMENT LEVEL
Board of Directors* 2024, n 2024, %* 2025, n 2025, %*
Female 2 33% 2 40%
Male 4 67% 3 60%
Other 0 0 0 0
Not reported 0 0 0 0
Total 6 100% 5 100%
Gender distribution** 0.5 - 0.67 -
Management Team*** 2024, n 2024, %* 2025, n 2025, %*
Female 3 (2) 30% 2 25%
Male 7 (7) 70% 6 75%
Other 0 0 0 0
Not reported 0 0 0 0
Total 10 (9) 100% 8 100%
* Situation at the end of the year.
** Number of women in relation to the number of men.
*** Changes in the Management Team in 2025: Steffan Schumacher until March 31, 2025, Petteri Holländer until July 24, 2025,
Aleksina Shemeikka until October 21, 2025, Erik Rehn from November 3, 2025. Reported figures as of December 31.
Qt Group | Annual Report 2025
24
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Integration of sustainability-related
performance in incentive schemes (GOV-3)
Qt does not have incentive or remuneration schemes related
to sustainability matters.
Statement on due diligence (GOV-4)
Qt has not yet systematically created or implemented a due
diligence process and has not included a due diligence pro-
cess in its governance model.
However, the due diligence process is applied partially, and
its phases are described in the following sections of this Sus-
tainability Report:
• 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.
Risk management and internal controls over
sustainability reporting (GOV-5)
The development of Qt’s sustainability reporting process,
which began in 2024, continued in 2025. Qt Group takes
into account any risks to the completeness and integrity of
data that may arise in the collection of sustainability data, for
example, by involving employees from the company’s various
functions, clearly documenting the source of data and date of
collection, and validating the data collected internally before
external verification.
So far, the company has considered the risk management
and internal control of sustainability reporting to be at a suf-
ficiently good level, but the company will assess the need
to implement sustainability reporting as part of the internal
control system in 2026. The Audit Committee discusses the
risk management and oversight of sustainability reporting
together with the content of the report annually.
Qt Group | Annual Report 2025
25
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Strategy, business model, and value chain
(SBM-1)
Qt Group is a global software company whose main products
and tools are the Qt development environment and quality
assurance and testing solutions. The company’s products sup-
port the customers’ entire product development process. The
products can be used either as a seamless set of solutions or
as separate tools and development environments, depending
on the customer’s needs. Qt’s customers operate in more than
70 industries. They produce devices and applications in the
automotive, medical devices, industrial automation, and con-
sumer 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 People and Culture func-
tion, the corporate infrastructure (legal services, accounting
and finance), technological infrastructure (external servers,
databases, and data), and procurement (professional services
and IT services).
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 that are tailored to the various
needs of customers (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 an export may not necessarily be permitted.
Qt Group’s mass-market products do not contain any func-
tionality that would make them subject to strict export con-
trol regulations. Any restrictions primarily relate to appli-
cable sanctions regimes, and for products other than mass-
market products, export licences are applied for on a product-
by-product basis. Qt's policy is that their products or related
technical information may not be exported, re-exported, or
transferred directly or indirectly to countries or entities that
are subject to sanctions.
Acquired by Qt Group in October 2025, IAR provides software
and services for the development of embedded software that
companies worldwide use to manufacture safety critical prod-
ucts. IAR is headquartered in Uppsala, Sweden, and has stra-
tegically located sales and support offices around the world.
IAR solutions support the development of embedded appli-
cations across a wide range of industries including automo-
tive, industrial automation, IoT, medical devices, defense, and
public safety. IAR’s and Qt’s businesses are very similar in
nature, and the companies’ net sales are mainly generated in
the same customer industries and geographical areas.
Qt Group | Annual Report 2025
26
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Interests and views of stakeholders (SBM-2)
Stakeholder
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 Discussions in connection
with the publication of
interim reports and at
investor meetings, and other
communication during the year.
Analysts follow listed
companies and write analyses,
share information and feedback
from the capital markets with
the company’s management.
Assessment of the capital
market in the company’s
strategy, operations, and
communications.
Continuous development 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 2025
27
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Stakeholder
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.
Continuous development 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 above-mentioned stakeholders as part of the double materiality analysis.
Qt Group | Annual Report 2025
28
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Material impacts, risks, and opportunities and
their interaction with strategy and business
model (SBM–3)
In its double materiality assessment that was completed in
2024, Qt identified material sustainability impacts, risks, and
opportunities related to its own workforce (S1), external con-
sultants (S2), business conduct (G1), and data protection (enti-
ty-specific). They are presented in section IRO-1. The most
significant impacts, risks, and opportunities are related to Qt’s
own workforce and business conduct in its own operations.
External consultants are employees of Qt’s service providers
who typically provide support in the deployment of products
and services in the downstream value chain. Data protec-
tion is related to Qt’s subcontracting chain and 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
that could have significant effects on the company’s business.
Qt Group integrated sustainability risks into its risk manage-
ment during 2025. In connection with the integration pro-
cess, Qt identified certain challenges in the systematic mon-
itoring of sustainability impacts and opportunities as part of
risk management, and the company is therefore considering
preparing a separate sustainability program in 2026.
The material impacts on people identified by Qt are described
in more detail in the sections of Own workforce (S1) and
Workers in the value chain (S2). Qt has not identified any
material positive or negative impacts related to the environ-
ment.
Qt’s strategy is focused on business expansion and the cre-
ation 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 prac-
tice. The impacts related to workers in the value chain are
also partly related to Qt’s business model. Data protection,
i.e. identified sustainability risks, 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. The relation-
ship of impacts and opportunities to the company’s strategy
will be examined in more detail as part of the double materi-
ality assessment to be updated in 2026.
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 compa-
ny's capacity to address its material impacts and risks or to
take advantage of its material opportunities.
The double materiality analysis completed in 2024 was still
valid during the reporting year. However, Qt Group’s organi-
zational structure and scope of operations have increased as
a result of the IAR acquisition on October 17, 2025. Although
no new Group-level material topics are expected to arise
from the acquisition, the double materiality analysis (DMA)
will be updated in the first quarter of 2026 to ensure that
the new operations, risks, and opportunities are appropri-
ately addressed.
Qt Group carried out a climate scenario and resilience analysis
in the fourth quarter of 2025. Climate-related impacts, risks,
and opportunities will also be reassessed as part of the 2026
update of the double materiality analysis.
Qt Group | Annual Report 2025
29
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Description of the processes to identify
and assess material impacts, risks and
opportunities (IRO-1)
Qt Group's material sustainability impacts, risks, and oppor-
tunities were identified in a double materiality analysis that
began in late 2023 and was completed in the second quarter
of 2024. The project team included representatives from Qt’s
various functions (e.g. People & Culture, 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 back-
ground material (including trend reports, benchmarking and
ESRS standards) and internal interviews. The risks and oppor-
tunities 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 survey was submitted to the Management Team for
assessment. Based on the Management Team’s assessments,
a framework was created for a survey to be sent to stake-
holders concerning sub-topics under the following themes: E1
Climate change, S1 Own workforce, S2 Workers in the value
chain and G1 Business conduct, as well as the entity-specific
disclosure theme of 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/busi-
ness partners, educational institutions, Qt’s Board of Direc-
tors, owners and analysts. The material topics were deter-
mined on the basis of the stakeholders' responses and the
management's assessment. A larger weight was assigned
to the views of the Management 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, with an
actual impact already taking place assigned a value of 15. The
likelihood of an impact was assigned the highest score if the
impact was identified as already occurring (actual impact).
For positive 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 (nega-
tive impact) or high significance (positive impact) to insignif-
icant impact. The severity of the impacts related to business
conduct was assessed on the basis of whether the impact
increases (positive impact) or reduces (negative impact) trust
in the industry among the general public.
With regard to scope, the geographical 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 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 total value of the variables and
dividing it by the maximum value. The threshold value was
defined as 2.0. Topics for which the score was 2.0 or higher
were assessed to be material. The company has adjusted the
materiality values and threshold value of the material sustain-
ability themes published in the 2024 Sustainability Statement.
Qt Group | Annual Report 2025
30
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Qt’s material sustainability themes
Own workforce (S1) Topic Type Time horizon Materiality value
Working conditions Secure employment Positive impact Short-term 3.4
Working conditions Working time Positive impact Short-term 3.4
Working conditions Adequate wages Positive impact Short-term 2.8
Working conditions Social dialogue Positive impact Short-term 2.5
Working conditions Work-life balance
Positive impact,
opportunity
Short-term,
medium-term 4.2
Working conditions Health and safety
Negative &
positive impact Short-term 2.9
Equal treatment and opportunities for all
Gender equality and equal pay
for work of equal value
Positive impact,
opportunity Short-term 3.3
Equal treatment and opportunities for all Training and skills development Positive impact, opportunity Long-term 2.8
Equal treatment and opportunities for all Measures against violence and harassment in the workplace Positive impact Short-term 3.2
Equal treatment and opportunities for all Diversity
Positive impact,
opportunity
Medium-term,
long-term 3.2
Other work-related rights Privacy
Negative & positive impact,
risk, opportunity Short-term 3.1
Workers in the value chain (S2)
Working conditions Health and safety
Negative &
positive impact
Short-term,
medium-term 2.1
Business conduct (G1)
Corporate culture
Negative & positive impact,
opportunity
Short-term,
medium-term 3.1
Corruption and bribery Prevention and detection, including training
Negative & positive impact,
opportunity
Medium-term,
long-term 3.8
Corruption and bribery Incidents Negative impact Medium-term 2.1
Entity-specific Data protection Positive impact, risk Short-term 4.1
Qt Group | Annual Report 2025
31
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
The double materiality assessment covered 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 updated on
a regular basis to reassess the material impacts, risks, and
opportunities.
Qt’s Management Team has been closely involved in identi-
fying and assessing the materiality of sustainability impacts,
risks, and opportunities, and the Board’s Audit Committee
has discussed the progress of the process of identifying and
assessing sustainability impacts, risks, and opportunities, i.e.
all impacts, risks, and opportunities as a whole. The Board of
Directors reviews and approves the identified impacts, risks,
and opportunities.
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 anal-
ysis. On a preliminary basis, the following were identified as
potential impacts: the role of Qt's products in the development
of technologies and products that support climate change
adaptation (positive impact), CO2 emissions in the value chain
(emissions caused by procurements and the use of products,
negative impact) and the energy consumption of Qt's offices
(negative impact). However, they did not exceed the materi-
ality threshold value in the Management Team’s assessment
or stakeholder survey, and, consequently, did not emerge as
material themes.
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. However, it is
difficult — or even impossible — to collect reliable informa-
tion about these steps, especially the use of the products, as
customers can use Qt’s products in many different ways as an
applied component of different devices, services or products.
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 caused by shortages of raw materials
due to 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.
Qt Group carried out a climate scenario and resilience analysis
in the fourth quarter of 2025. The analysis was based on the
TCFD framework and looked at transition risks and physical
risks in high and low warming scenarios (IPCC). Qt will describe
the analysis and its results in more detail in the 2026 Sustain-
ability Statement. Climate-related impacts, risks, and oppor-
tunities will be reassessed as part of the 2026 update of the
double materiality analysis.
Qt Group | Annual Report 2025
32
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
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 materiality
analysis. In the assessment, the impacts, risks, and opportu-
nities 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 con-
cern), firstly on the basis of background materials and inter-
views.
The recycling of IT hardware used by Qt in its activities was
identified as a potential impact on a preliminary basis. An
assessed potential negative impact was the emission of lead
contained in hardware into the environment if decommis-
sioned equipment is not recycled appropriately. The recycling
of end-of-life IT equipment was also identified as a positive
impact, as Qt’s offices around the world are committed to
recycling appropriately. The rise in prices of IT hardware if
very harmful substances, such as lead, are banned was identi-
fied as a risk. No financial opportunities were identified. How-
ever, none of these exceeded the materiality threshold in the
Management Team’s assessment or the stakeholder survey.
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 analysis. The consumption of clean water
at Qt’s offices was identified as a potential impact on a pre-
liminary 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 Management 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.
Description of processes to identify and assess
material biodiversity and ecosystem-related
impacts, risks, and opportunities
Biodiversity and ecosystem-related impacts have been iden-
tified and assessed as part of the double materiality anal-
ysis. 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 spe-
cies, pollution), and impacts on the state of species, ecosys-
tems, and ecosystem services.
The connection between the use of natural resources (IT
equipment and other procurement) and land-use change and,
consequently, biodiversity loss were identified as a potential
negative impact on a preliminary basis. 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 analysis on the basis of background material and inter-
views. The identified dependencies on ecosystem services
included, for example, the natural resources and minerals 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.
Qt Group | Annual Report 2025
33
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
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 analysis. The assessment took into
account, among other things, the required resources, i.e. their
inflows, outflows of resources related to services and prod-
ucts, as well as waste and waste management.
The procurement of IT hardware and peripherals, among
others, and waste generated at the offices were identified
as potential negative impacts on a preliminary basis. Rising
prices of hardware and recycling were identified on a prelim-
inary basis as a potential risk, while cost savings achieved
through efficient recycling were identified as an opportunity.
However, 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.
Disclosure Requirements in ESRS covered by
the undertaking’s sustainability statements
(IRO-2)
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, which have ambitious sustainability targets, and Qt
uses the low-carbon cloud service of Amazon Web Service
(AWS). Qt’s offices are located in modern buildings located in
urban areas. The buildings have infrastructure designed for
energy saving, waste sorting facilities and good public trans-
port connections. Although charging Qt’s products consumes
electricity, it has only a minor impact on the energy consump-
tion of the end-use of the products.
The process to identify and assess material impacts, risks
and opportunities is described in General disclosures ESRS
2 section IRO-1.
A list of datapoints and their locations in the report is reported
on pages 66–67.
Qt Group | Annual Report 2025
34
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
EU Taxonomy
Commission Delegated Regulation (EU) 2026/73 also provides the
possibility to apply the EU Taxonomy regulation applied in 2024
sustainability reporting (covering Commission Delegated Regu-
lation (EU) 2021/2139), the supplementary Delegated Climate
Regulation (Commission Delegated Regulation (EU) 2022/1214),
the Delegated Environmental Regulation (Commission Delegated
Regulation (EU) 2023/2486) and the Amendments to the Del-
egated Climate Regulation (Commission Delegated Regulation
(EU) 2023/2485) to sustainability reporting for the financial year
2025. This option has been used in taxonomy reporting for the
financial year 2025.
General Disclosures
The EU Taxonomy is a classification system designed to
direct funding to activities that significantly contribute to the
achievement of environmental objectives. Qt Group is obli-
gated to disclose the share of turnover, capital expenditure
and operating expenditure that is identified as potentially
environmentally sustainable economic activity in the tax-
onomy or meets its technical assessment criteria.
The current taxonomy includes six environmental objectives.
In order for an activity to be taxonomy-eligible, it must com-
plete the description of the economic activity included in the
taxonomy. In order for an activity to be taxonomy-aligned,
it must be considered to significantly contribute to at least
one of the six environmental objectives in addition to being
taxonomy-eligible without causing significant harm to other
objectives.
Qt Group has assessed the taxonomy eligibility and align-
ment of the Group’s operations. The objective of this process
is to identify potentially taxonomy-eligible activities and to
review the technical assessment criteria for each environ-
mental objective for all relevant economic activities. Qt Group
has not identified taxonomy-eligible economic activities, and
therefore the company has not identified any activities whose
taxonomy alignment could have been determined.
As the EU taxonomy continues to be developed, Qt Group
continuously monitors its operations in relation to the tax-
onomy reporting requirements. New activities in accordance
with the criteria of the new environmental objectives in future
versions of the taxonomy may affect the taxonomy eligibility
and alignment of Qt Group’s operations, in which case com-
pliance with the criteria will be reassessed.
Taxonomy eligible turnover
Based on the review of the economic activities currently in-
cluded in the taxonomy classification, Qt Group’s business is
included in activity 8.2 Computer programming and consult-
ing services and related activities (NACE J62) of the European
Commission’s Delegated Regulation (2021/2139). Activity 8.2
is not defined as an enabling activity in the taxonomy. Accord-
ing to the company’s estimate, 0% of the company’s turnover
is taxonomy-eligible under the current taxonomy and 100% is
non-eligible. In addition, 0% of the company’s turnover is tax-
onomy-aligned and 100% is non-taxonomy-aligned.
Taxonomy eligible capital expenditures
Qt Group has specified operating expenditure (denominator),
EUR 174.3 million. Operating expenditure includes the com-
pany’s operating expenses during the financial year. Accord-
ing to the company’s estimate, 0% of the company’s business
expenses are taxonomy-eligible under the current taxono-
my and 100% are non-eligible. In addition, 0% of the compa-
ny’s operating expenses are taxonomy-aligned and 100% are
non-taxonomy-aligned.
Taxonomy eligible operating expenditures
Capital expenditure included in the taxonomy assessment is
defined as: increases in tangible and intangible assets during
the financial year before depreciation, amortization and re-
valuations, including revaluations due to changes in valua-
tion and impairment during the financial year and excluding
changes in fair value.
According to Qt Group’s estimate, 0% of capital expenditure is
taxonomy-eligible under the current taxonomy and 100% is
non-eligible. In addition, 0% of the company’s capital expendi-
ture is taxonomy-aligned and 100% is non-taxonomy-aligned.
The required information is shown in the tables on the fol-
lowing pages.
Qt Group | Annual Report 2025
35
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Environmental Information
Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)
TURNOVER, FINANCIAL YEAR 2025
2025 Substantial contribution criteria DNSH criteria
Economic activities
Code
Turnover, MEUR
Proportion of turnover, 2025
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% 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%
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 216.3 100%
TOTAL (A+B) 216.3 100%
Qt Group | Annual Report 2025
36
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
2025 Substantial contribution criteria DNSH criteria
Economic activities
Code
CapEx
Proportion of CapEx, 2025
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 217.5 100%
TOTAL (A+B) 217.5 100%
CAPITAL EXPENDITURE (CAPEX), FINANCIAL YEAR 2025
Qt Group | Annual Report 2025
37
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
2025 Substantial contribution criteria DNSH criteria
Economic activities
Code
OpEx
Proportion of OpEx, 2025
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 174.3 100%
TOTAL (A+B) 174.3 100%
OPERATING EXPENSES (OPEX), FINANCIAL YEAR 2025
Qt Group | Annual Report 2025
38
Qt Group 2025 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
Qt Group | Annual Report 2025
39
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Social Information
Material impacts, risks, and opportunities and
their interaction with strategy and business
model (SBM-3 disclosure requirement)
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
2025. 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 neg-
ative impacts on the company's own workforce. They have
not been identified as widespread or systemic, but as indi-
vidual 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
analysis 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 risk was 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 edu-
cated and/or specialists engaged in demanding expert duties.
Of the material impacts, risks, and opportunities, the devel-
opment of employees’ skills and the strengthening of corpo-
rate culture have been particularly highlighted in Qt’s strategy.
Own workforce (S1)
Interests and views of stakeholders
(SBM-2 disclosure requirement)
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).
Policies related to own workforce (S1-1)
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 vio-
lence and harassment, and the diversity of the personnel. The
Code of Conduct is described in more detail in the Business
conduct (G1) section.
Qt's methods of engagement with their own workforce are
discussed in more detail in the General disclosures (ESRS 2)
section Interests and views of stakeholders (SBM-2).
Secure employment and employee turnover
Qt aims to promote employment security by offering its
employees mainly employment contracts valid until further
notice (93% in 2025) and by complying with local labor laws.
Work-life balance
Qt’s hybrid work guidelines published in 2025 support
employees’ work-life balance and flexible working life. The
general guideline for hybrid work is that one can work remotely
two days a week. Managers are responsible for planning office
and remote days with their own teams. For a new employee,
it is recommended to work at the office 4–5 days a week for
Qt’s strategic goal is to attract, develop, and retain top talent
as Qt’s employees.
Qt Group | Annual Report 2025
40
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
the first 3 months to ensure a smooth onboarding. Employees
have had the opportunity to comment on the hybrid work
guidelines, the implementation of which is the responsibility
of the People & Culture team. Work-life balance and workload
play an important role in employees' performance reviews.
Adequate wages
Qt pays adequate wages to all of its employees. In order
to offer its employees competitive wages, Qt monitors the
market averages in the industry in different countries.
Social dialogue (job satisfaction)
Qt Group’s Code of Conduct aims to promote open and
constructive interaction in the work community. The Code
describes the commitment to an open, inspiring, and equal
work environment where employees have the opportunity
to reach their full potential and contribute to Qt’s vision and
goals.
Health and safety
In its Code of Conduct, Qt is committed to providing a safe
and healthy workplace for all employees and to promoting a
culture in which everyone takes responsibility for their own
safety and that of others. In addition to training on the Code
of Conduct, all Qt employees receive country-specific training
on occupational health and safety. The occupational safety
management system is based on local laws and regulations in
each country. Qt also has an international travel policy set and
implemented by the Management Team, aimed at ensuring
the safety of employees on business trips.
Qt aims to remediate its human rights impacts, meaning occu-
pational health impacts in particular, by offering occupational
health care or insurance to all employees in each of its oper-
ating 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, with
their manager or the unit's People & Culture representative
at an early stage. Employees who wish to report misconduct
anonymously can do so via the company's whistleblowing
channel. Additional information about Qt’s human rights com-
mitments and processes for monitoring them is provided in
the section Business conduct policies and corporate culture
(G1-1).
Diversity & gender equality, and equal pay
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 competencies required for each
position, and the pay 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
company's intranet.
In its Code of Conduct, Qt commits to offering equal opportu-
nities for personal growth and career development, regard-
less of ethnic origin, religion, age, nationality, regardless of
gender identity, disability, sexual orientation, political opinions,
or other personal characteristics. Qt does not tolerate sexual,
physical, or psychological violence or harassment or any form
of discrimination, abuse, intimidation, or workplace bullying.
Qt has not separately defined vulnerable groups. Instead, the
principles apply to everyone.
Prevention of discrimination and harassment
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 suspected
misconduct is investigated and addressed. Qt also carries out
an annual job satisfaction survey and, in 2024, the survey
was amended to include a question on whether employees
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
have experienced harassment at the workplace. The survey
results are used to create an action plan for addressing areas
that require further development.
Training and skills development
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 an employee’s perspective. The handbook
includes, among other things, instructions and tips related to
on-the-job learning, an employee-specific training budget,
and a selection of e-learning. The handbook also encourages
employees to talk to their manager about training.
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 pro-
cess, which aims to help managers 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 imple-
mentation of the employee handbook.
Employee data protection
Employee privacy is governed by Qt’s Employee Privacy Note,
which applies to all Qt employees. The note precisely speci-
fies the information Qt collects on its employees and for what
purposes, what information is not collected, and the rights
of the employees. Qt’s General Counsel is responsible for the
implementation of the privacy note.
Processes for engaging with own workers and
workers’ representatives about impacts (S1-2)
Employees’ views of Qt as an employer and workplace are
surveyed annually by means of an extensive personnel survey
(employee Net Promoter Score eNPS & engagement survey).
The survey investigates how employees perceive, for example,
communication and giving feedback, well-being at work, the
meaningfulness of work, workload, learning and self-devel-
opment opportunities, leadership, and work ergonomics at Qt.
The results of the annual survey are reported to the Group
Management Team and each business function’s manage-
ment 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 communica-
tion channels. The results also include action plans that have
been created based on the results of the survey.
In addition to the annual survey, Qt conducts a pulse survey
three times a year to obtain up-to-date information on the
well-being and sentiments of the personnel.
Employees are informed of the company's key updates in
quarterly briefings and via the intranet. Communication takes
place directly with employees at both the organizational level
and the team level. In addition, Qt has statutory employee rep-
resentatives in Finland, Norway, France, Germany, and Japan.
Discussions with the employee representatives are carried out
in accordance with local legislation.
Qt started developing internal communications in late 2024
as a response to the need to clarify communications practices.
Under the leadership of Communications and IT, the key com-
munication channels were upgraded, new operating methods
were introduced, and guidelines were drawn up to make the
flow of information clearer and more uniform globally. The
reforms were implemented in spring and early summer 2025,
and Qt’s employees from different areas were extensively
involved. The latest measurements show a slight increase in
satisfaction with communications.
During 2025, Qt added training for middle management to
strengthen managers’ communication skills, such as lis-
tening leadership, constructive feedback, building coopera-
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Processes to remediate negative impacts and
channels for own workers to raise concerns
(S1-3)
Qt has recognized that negative impacts on employee health,
such as mental health and work ergonomics, are likely. The
company aims to prevent and remediate these impacts by,
for example, training supervisors to identify the impacts,
arranging regular personal discussions between employees
and managers, and assigning a dedicated People & Culture
representative 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 support model.
Employees can, depending on the country, report concerns
to shop stewards, the unit’s People & Culture representa-
tives or to the occupational health care provider either through
tion relationships, and clear and inspiring communication of
the strategy.
The SVP of People & Culture (a member of the Management
Team) has operational responsibility for communicating the
annual personnel survey and the quarterly pulse surveys and
for ensuring that the feedback from the personnel is taken
into account.
its online service or at an in-person appointment. In some
of Qt's operating countries, employees can also use the ser-
vices of psychologists and psychiatrists as part of occupa-
tional health care.
Misconduct and other issues can be reported anonymously
via a whistleblowing channel that is managed by a third party.
Reports received via the whistleblowing channel are imme-
diately communicated to the General Counsel, the CFO and
the SVP of People & Culture, and the processing of all whis-
tleblower reports starts within seven days of the report being
made. More information about the whistleblowing channel is
provided in the Governance disclosures section (G1-1).
These various channels are communicated to the employees
as part of manager briefings, through the intranet and occupa-
tional health care, and through shop stewards, and in lectures
by work ability consultants and on the Qurious e-learning plat-
form. 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 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Sustainability measures related to own
workforce (S1-4)
Qt Group’s goal is to strengthen the positive impacts of mate-
rial sustainability themes related to the company’s own work-
force. In addition, preventive efforts have been made to miti-
gate or prevent the occurrence of identified negative impacts
related to health and safety and employee data protection.
During 2025, Qt focused on promoting the following mea-
sures:
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 2025,
Qt increased manager training for both basic and advanced
manager levels. The systematization of the training as part
of the annual plan has started and will continue during 2026.
Work-life balance
Qt aims to support the employees' well-being and ability to
cope with the demands of work by enabling flexible working
hours and hybrid work. Qt Group’s hybrid work guidelines
were published in 2025 and have been implemented by teams
and in different operating countries. Qt uses flexible working
hours, which enables flexible working hours at the start and
end of the working day, for example. Shortened working hours
can also be negotiated at the employee’s initiative in special
situations.
Adequate wages
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 an annual employee satisfaction survey, the
results of which are discussed in the management teams
of the company and the various units. Based on the results,
action plans are drawn up at all levels of the organization,
including team-specific plans. In addition to the annual survey,
a pulse survey has been developed since 2025 to provide more
up-to-date feedback from employees. Pulse surveys are con-
ducted three times a year.
Health and safety
In each of Qt’s operating countries, Qt's employees have
access to either occupational health services or insurance and
an early support model. In addition, some operating coun-
tries use separate mental health services. In order to raise
awareness of the services available, Qt provided training on
the early support model and mental health support tools to
managers in EMEA in 2025. The mental health discussion aid
available to all employees has received good feedback, and its
use was increased during 2025. The manager course on the
early support model was added to the Qurious platform for
use by all managers during 2025. In Qt’s operating countries,
separate health examinations are also in use, especially with
regard to mental health.
Gender equality and equal pay
In order to promote equal pay, Qt uses a career framework,
the purpose of which is to create a transparent framework
for career development and pay. The path defines the com-
petence required for each position and the pay based on it. In
addition, Qt has prepared for the implementation of the EU’s
Wage Transparency Directive in 2025 by, for example, clari-
fying the definitions of different wage categories.
Employee diversity
To strengthen diversity, equity and inclusion (DEI), Qt revised
and harmonized its recruitment processes in 2025. The com-
pany introduced a new recruitment system that also facili-
tates globally uniform structured processes. The job adver-
tisement templates were also revised to ensure an inclusive
language, role-specific assessment forms were added to
support equal candidate evaluation, and recruitment chan-
nels were expanded to reach a more diverse talent pool. In
addition, the Talent Acquisition team and recruiting managers
were trained to reduce recruitment bias. In addition, Qt began
to systematically collect the experiences of jobseekers to sup-
port development work.
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
The integration of DEI perspectives into recruitment and lead-
ership will be deepened in 2026. Training for managers and
interviewers will continue, and the Talent Acquisition team
will be strengthened especially with regard to inclusive com-
munication and the practical application of DEI themes. The
candidate experience and inclusion are developed in events
organized four times a year. In addition, DEI will be incorpo-
rated into employer branding activities and university collab-
orations, and junior programs will be expanded to strengthen
organizational diversity.
Measures against violence and
harassment in the workplace
In 2025, Qt launched a training program for managers in
response to the employees’ feedback on workplace behavior
and interaction situations. The aim of the training is to
strengthen open dialogue, provide managers with tools for
constructive feedback processing, and support them in
resolving challenging situations. The first trainings were con-
ducted at several locations in EMEA, and the program will be
expanded to other regions during 2026.
If incidents related to harassment arise, for example, in open
feedback from employee satisfaction surveys, they are for-
warded to Qt’s local People & Culture teams for processing.
Employees are encouraged to report inappropriate situations
they have experienced with a low threshold.
Sustainability targets
related to own workforce (S1-5)
Qt has not set measurable result-oriented targets related to
the management of material impacts, risks, and opportunities
related to its own workforce. Qt’s plan was to set targets in
the second half of 2025, but due to the IAR acquisition that
began in July 2025, the company decided to postpone the set-
ting of targets. The aim is to set targets in accordance with the
minimum disclosure requirements by the end of 2026, and
the setting of relevant targets 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.
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 continuous active dialogue between the man-
ager and the employee.
To support the career development of managers, Qt uses a
global career path that defines career levels based on expe-
rience and competence and serves as a general model for
employees to better understand the career opportunities
available. Employees also have access to training material
on the Qurious learning platform. In 2025, the Qurious port-
folio was expanded with several technical courses and other
selected training courses.
Employee data protection
In 2025, Qt launched an extensive Data Governance project
that surveys the current state of data management in dif-
ferent business units and also identifies development areas
related to employee data protection, such as access rights
management and the processing of documents containing
personal data. The work will continue in 2026, when the
improvements found will be implemented both unit-specifi-
cally and at the entire organizational level.
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
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 & working hours • Hybrid work instructions
• Weekly working hours recorded in employment contracts
• Up-to-date working time monitoring and process in some
countries
• Process for handling the results of the job satisfaction
survey
Local legislation regarding working hours Working time monitoring by country,
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 • Annual job satisfaction survey and pulse surveys General satisfaction index as a guiding
reference
Quarterly
Health and safety • Early support model in EMEA and North America
• 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
Monitoring 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
• Annual job satisfaction survey
- As per incident and annually
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’s material sustainability themes
Qt Group | Annual Report 2025
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Characteristics of the undertaking's employees (S1-6)
NUMBER OF EMPLOYEES
Region 2024 2025
EMEA 564 659
APAC 120 175
North America 151 124
Total 834 958
Number of employees as the average for the reporting period (number of employees on the
last day of each month, added up and divided by 12). The average number of employees in
each area is rounded to an integer.
NUMBER OF EMPLOYEES BY COUNTRY
Country 2024 2025
Finland 259 288
Germany 206 217
United States 120 124
Countries in which the Qt has at least 10% of its total number of employees.
Average number of employees for the reporting period.
NUMBER OF EMPLOYEES BY CONTRACT TYPE AND GENDER
Female Male Other Not reported Total
Contract type* 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025
Employees 184 286 649 849 1 1 0 0 834 1,136
Permanent employees 181 264 610 796 1 1 0 0 765 1,061
Temporary employees 20 22 50 53 0 0 0 0 65 75
Non-guaranteed hours
employees** 4 1 3 6 0 0 0 0 6 7
* Number of employees on December 31 in the reporting year. 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 of the year, added up and divided by 12).
** No minimum or fixed number of working hours in the contract.
EMPLOYEE TURNOVER
2024 2025
Total number of employees
who have left the company*
92 116
Employee turnover**, % 11% 12.1%
* Total number of employees who left voluntarily or due to dismissal or retirement
or who died during employment during the reporting year.
** Number of employees who left the company in 2024 divided by the number
of employees for the reporting period (average).
Diversity Metrics (S1-9)
AGE DISTRIBUTION
OF EMPLOYEES
Under 30 years old 30–50 years old Over 50 years old Total
2024 2025 2024 2025 2024 2025 2024 2025
Number of employees 131 158 603 756 135 222 869 1,136
% 15% 14% 69% 67% 16% 20% 100% 100%
Situation on December 31 in the reporting year. Percentages rounded to integers.
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Health and safety metrics (S1-14 )
2024 2025
Percentage of employees covered by a health and safety management system*, % 100% 100%
Number of fatalities as a result of work-related injuries and work-related ill health 0 0
Number of recordable work-related accidents (including fatalities) 9 5
Recordable work-related accidents per one million hours worked 6.3 3.4
The number of cases of recordable work-related ill health that are subject to legal restrictions
on the collection of data 0 0
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 3
* Systems based on legal requirements and/or recognized standards. IAR is not included in the reported figures for occupational health and safety management systems.
The figures apply to employees. Aside from 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. .
Adequate wage (S1-10)
Adequate wages are paid to all (100%) 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.
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Remuneration metrics (pay gap and total remuneration) (S1-16) Incidents, complaints and severe human rights impacts (S1-17)
NUMBER OF COMPLAINTS RELATED TO OWN WORKFORCE
Type 2024 2025
Incidents of discrimination and harassment reported 1 1
Complaints 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 0
Reports made to the National Contact Points for OECD
Multinational Enterprises, where applicable 0 0
The total amount of fines, penalties, and compensation
for damages as a result of the reported incidents and
complaints 0 0
The number of severe human rights violations and
incidents connected to the company's own workforce 0 0
The total amount of fines, penalties and compensation
for damages relating to incidents of discrimination and
harassment 0 0
Total 1 1
Qt Group’s anonymous whistleblowing channel reports for the entire year and IAR’s anonymous whistleblowing channel reports from
October 17 to December 31, 2025.
2024 2025
Gender pay gap among employees 17.2 18.2
Annual total remuneration ratio** 6.5 5.6
IAR is not included in the reported figures.
* 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.
** Ratio of the highest paid individual to the median annual total remuneration for all employees.
This includes the basic salary, bonuses, and some fringe benefits.
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Workers in the Value Chain (S2)
Material impacts, risks, and opportunities and
their interaction with strategy and business
model (SBM 3 disclosure requirement)
In Qt Group's case, workers in the value chain refer to external
consultants acting as employees of consulting companies who
work remotely, and occasionally at Qt’s offices or at the end
customer’s office, but who do not belong to the company’s
own workforce, i.e. who are not self-employed persons or
temporary agency workers. Qt signs agreements with the
employers of the consultants. There were cooperation agree-
ments with approximately 10 service providers in 2025.
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. No separate groups have been
identified among consultants who are particularly vulnerable
from the perspective of occupational health and safety, or
who are subject to more positive impacts than other groups.
With regard to consultants, challenges related to occupational
health and safety, particularly from the perspective of mental
health, were identified as a material potential negative impact.
The impacts have not been identified as widespread or sys-
temic, but are related to individual incidents.
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 consul-
tants. In addition, external consultants have the right to take
days off and national holidays, which must be planned and
confirmed in advance. For other types of contracts, the con-
sultants have the opportunity to organize their working time
more flexibly. Aside from these mechanisms and regular dia-
logue with consultants, Qt has not taken particular 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.
Policies related to value chain workers (S2-1)
Qt’s Code of Conduct guides the impacts on workers in the
value chain, meaning external consultants, as regards health
and safety and sustainable working conditions. Service pro-
viders are required to commit to the Code of Conduct. For con-
tracts lasting longer than one month, consultants are required
to complete training on the Code of Conduct. The Code of
Conduct is described in more detail in section G1-1 Business
conduct policies.
A framework agreement concluded with service providers
requires that the service provider commits to respecting
human rights and taking care of the health and safety of
its 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 company that is the service provider represents external
consultants in their negotiations and is ultimately responsible
for bringing up their views. Qt’s project managers engage in
discussions with the consultants regularly: on a weekly basis,
every two weeks or every two months at a minimum. Pro-
curement specialists engage in discussions with the man-
ager representing the service provider at least once a month.
The signing of framework agreements is the responsibility of
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
the director in charge of professional services and a procure-
ment specialist.
Qt aims to primarily prevent its negative impacts and to
engage in continuous dialogue with consultants. The consul-
tants' primary point of contact regarding health-related prob-
lems or other problems is their own employer. Consultants
can also submit anonymous reports if they observe any vio-
lations 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.
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.
Processes for engaging with value chain
workers about impacts (S2-2)
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 man-
ager has monitoring meetings with external consultants on
a weekly basis, while the procurement specialist has similar
meetings on a monthly and quarterly basis with the consul-
tants' representative. 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 persons. Qt's procurement specialist acts as
the primary contact person for the suppliers. The meetings
also aim to find ways to resolve any problems. The occupa-
tional health of the consultants is the responsibility 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.
Processes to remediate negative impacts
and channels for value chain workers to raise
concerns (S2-3)
Contracts continuing for more than one month require consul-
tants to complete Qt’s Code of Conduct training. If the contract
lasts longer than one year, the training must be repeated. For
more information on compliance with the Code of Conduct and
the whistleblowing channel, please refer to the Governance
disclosures section (G1-1).
As part of the course, consultants also receive information on
the whistleblowing channel, which they can also use to anony-
mously report misconduct or shortcomings.
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 Professional Ser-
vices unit. The agenda of these meetings includes project sit-
uation reviews, resource allocation and other matters related
to subcontracting.
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Actions related to value chain workers (S2-4)
Aside from supplier agreements and terms of contract con-
cerning working hours, for example, Qt has not implemented,
and is not planning to implement, any particular measures
relating to the health of external consultants. No separate
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.
Targets related to value chain workers (S2-5)
Qt has not set any targets related to the health of external
consultants, nor is the company planning to set such targets
for the time being. Setting result-oriented targets is chal-
lenging, as Qt does not have visibility due to reasons related
to the protection of the privacy of consultants in occupational
health.
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 2025, the number of reports was 0 (0
in 2024).
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Governance Information
Business Conduct (G1)
Business conduct policies and corporate
culture (G1-1)
Qt’s Code of Conduct lays the foundation for Qt’s entire busi-
ness culture. The company updated the Code of Conduct at
the end of 2025 and took into account the needs and expec-
tations of employees, customers, and other stakeholders in
the process. In connection with the update, Qt’s previously
separate human rights policy was integrated into Qt’s Code
of Conduct. In the Code of Conduct, Qt Group commits to con-
ducting its business in a professional manner with honesty
and integrity, and to complying with the highest moral, ethical,
and legal standards. Qt is committed to conducting business
in accordance with internationally recognized human rights
standards, including the UN Guiding Principles on Business
and Human Rights (UNGP).
The Code of Conduct sets out the ethical principles and com-
mitments that guide all of the company's operations. It covers,
among other things, compliance with laws and regulations,
fair competition, anti-corruption and anti-bribery, respect for
human rights, a safe and equal working environment, infor-
mation security, environmental responsibility, and open and
responsible communication.
The Code of Conduct applies to all Qt Group employees, sup-
pliers, and partners in all geographical regions. The purpose
of the Code of Conduct is to build trust among stakeholders,
ensure responsible and transparent business models, manage
risks, and promote sustainable development. The new Code of
Conduct will also be published in local languages in all coun-
tries where Qt has an office during 2026.
The monitoring process for compliance with the Code of
Conduct is based on several reporting channels, such as the
manager, People & Culture, Legal, and the anonymous whis-
tleblowing channel. All reports are processed and inves-
tigated according to the defined process. Confidentiality is
ensured to the extent possible, and persons who may have a
conflict of interest in the incident are disqualified. The whis-
tleblower will not be retaliated against even if the concerns
prove unfounded.
The CEO approves the Code of Conduct and is responsible
for the implementation of the Code of Conduct. The CFO is
responsible for keeping the Code of Conduct up to date and
for updating its content as necessary.
The Code of Conduct has been prepared considering the expec-
tations and interests of key stakeholders. For employees, the
focus is on ensuring a safe, equal, and respectful working envi-
ronment and psychological safety. For customers and part-
ners, fair competition, openness, confidentiality, and data
protection are emphasized. For suppliers and subcontrac-
tors, the policy requires respect for human rights and respon-
sible procurement practices. From the society's and environ-
mental perspective, the policy supports the principles of sus-
tainable development and the reduction of the environmental
footprint. For investors, financial reliability and transparent
reporting are the key.
The Code of Conduct is closely linked to all of Qt's impacts,
risks, and opportunities related to business conduct. The cor-
porate culture guided by the Code of Conduct has been iden-
tified as both a positive impact and a business opportunity
that drives productivity. On the other hand, there is a pos-
sibility of a negative impact on work culture if employees do
not feel that they are heard or that they do not fit within the
framework of Qt’s culture. The Code of Conduct also relates to
deficiencies in awareness related to the prevention of corrup-
tion and bribery and incidents of corruption and bribery, which
have been identified as potential negative impacts. Training
in the Code of Conduct, which covers themes related to the
prevention of corruption and bribery, 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 (Qt) 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 business practices that are indicative
of corruption or bribery. This policy applies to all employees,
Qt Group | Annual Report 2025
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
partners, and other parties with whom Qt operates. In 2025,
Qt updated its anti-corruption policy to be aligned with the
UN Convention against Corruption (UNCAC).
All employees receive training on the Code of Conduct as part
of their orientation. From 2025, Code of Conduct training will
be mandatory for all employees every year. Qt monitors the
percentage of employees who have completed the training.
All of Qt’s stakeholders have the opportunity to use the whis-
tleblowing channel to anonymously report any observed viola-
tions of the Code of Conduct, such as corruption or bribery, the
gray economy, or other legal non-compliance. Qt has not sep-
arately 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 user-
name and password. Information on the channel is provided
as part of the training on the Code of Conduct and to external
consultants 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 7 days, and the whis-
tleblower 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 SVP
of 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. Qt instructs that all data security
violations, such as phishing attempts, should be reported by
email to security@qt.io.
Corporate culture development project
In summer 2024, Qt launched a project aimed at developing
the corporate culture. During 2025, Qt invited more than 300
employees and members of the Management Team to several
workshops to gain a diverse picture of the company’s values,
practices and work culture globally, taking into account the
local characteristics of all offices and countries.
As a result of the project, Qt published a Culture Handbook
in October 2025, which provides guidelines for Qt’s day-
to-day work and describes the company’s target culture. The
main target group of the Culture Handbook is the compa-
ny’s employees. The Culture Handbook is to be updated reg-
ularly and, for example, the perspectives of employees who
are transferred in connection with acquisitions will be taken
into account through surveys and discussions. At the end of
2025, the company established a working group consisting
of employees from different functions, an internal commu-
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. Qt’s goal is that from 2026 onwards, 100
percent of employees and external consultants working on
customer projects will have completed the training during the
reporting year. In 2025, 92 percent of employees completed
the training*. The metric is internally created and internally
monitored, and the measurement has not been validated by
an external party. Qt intends to develop the process and mon-
itoring of external consultant training during 2026 and will
report the completion rate of ISO 27001 training for external
consultants from 2026 onwards.
*Employees who joined the training system by December 16, 2025, and are still employed on
December 31, 2025, in proportion to employees employed at the end of the year. Employees
without an obligation to work (e.g. due to parental leave) are not included in the figure. In
2024, all employees who had completed the training during their employment were included.
nications expert and the SVP of People & Culture; the aim is
to draw up operating methods and a schedule for the imple-
mentation of the Culture Handbook. During 2026, Qt will also
update the Culture Handbook to take into account the views,
practices, and values of IAR employees, and add the compa-
ny’s new offices in Poland and the UK.
Qt Group | Annual Report 2025
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Supplier relations (G1-2)
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 appropriate
employees, are justified, and have been sent to the company
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.
Prevention and detection of corruption and
bribery (G1-3)
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.
The themes of corruption and bribery are mandatory training
in the Code of Conduct for part-time employees. In addition,
the Code of Conduct is incorporated into supplier agreements
concerning customer projects. All members of the Manage-
ment Team and Board of Directors are required to complete
the Code of Conduct training.
If the persons designated to process whistleblower reports
are identified as being parties to the incident concerned by
the whistleblower report, they may be disqualified from its
processing as necessary. The incidents are reported to the
Board of Directors as part of financial statements information.
The reporting to the Board of Directors concerns the number
of incidents leading to an investigation by the public authori-
ties. Qt has not separately determined functions-at-risk with
regard to corruption and bribery.
Confirmed incidents of corruption or bribery
(G1-4)
Qt has not been subject to any convictions or fines for violation
of anti-corruption and anti-bribery laws, and has therefore not
had to implement any remedies. The existing preventive pro-
cesses, such as agreements and training, have been sufficient.
Qt Group | Annual Report 2025
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
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 the
section 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. The 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 the Qt Group is processed pursuant to applicable
data protection legislation. The Privacy Policy does not apply
to employee or recruitment data that is 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
accountable for the implementation of the policy. The Pri-
vacy Policy is aligned with the ISO 27001 information security
management standard and the ISO 9001 quality management
standard, and it is publicly available on Qt’s website.
Actions and resources in relation to data
protection
Qt Group’s operations are ISO 27001-certified, and the pri-
ority during 2026 is to merge IAR, acquired in October 2025,
into the same processes. During 2025, Qt also continued to
develop its operations in response to the requirements of the
European Union’s Network and Information Security Direc-
tive (NIS2).
Qt Group offers a range of IT and information security training
courses that support the development of employee compe-
tence, ethical operations, and information security in accor-
dance with the ISO 27001 standard. In 2025, Qt updated the
information security training to be more clearly classified. The
training is provided by a partner specializing in the theme.
The cyber security awareness training package, which is
mandatory for all employees, covers the basics of informa-
tion security and data protection, access control, data classi-
fication, the safe use of email and passwords, the security of
remote work and the online environment, and the clean desk
principle. There are also online training courses for employees
on artificial intelligence and for a certified data protection
expert, for example. The training strengthens the employees’
capacity to comply with the company’s data protection and
information security principles, which are an integral part of
Data protection
the Qt Group’s operations and ISO 27001-compliant man-
agement system.
Working hours of specialists, such as the information secu-
rity expert, legal expert and the head of information manage-
ment and IT operations, have been allocated to the measures.
In addition, resources have been budgeted for the necessary
tools, such as a system for managing information related to
the ISO standard.
Qt Group | Annual Report 2025
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Metrics in relation to data protection
Qt monitors and measures the share of all employees who
have completed the cyber security awareness training
package. The metric is internally created and internally mon-
itored, and the measurement has not been validated by an
external party.
Share of employees who completed the cyber security
training package in 2025 (2024):
• 97% (two courses in 2024: 71% & 89%)
Employees who have joined the training system by December 16 and are still employed on
December 31, 2025, in proportion to employees employed at the end of the year. Employees
without an obligation to work (e.g. due to parental leave) are not included in the figure. The
completion rate of two mandatory courses was monitored in 2024, and one comprehen-
sive course was in use in 2025.
Targets related to data protection
Qt has set a target of 100 percent for the completion rate of
information security and data protection-related training by
the end of 2026.
In 2025, Qt developed a learning platform and will add new
data protection training courses for all employees. At the same
time, the data collected by the learning platform has been
improved and the monitoring of the achievement of the target
has been developed.
The monitoring for 2025 only covers employees, but Qt’s aim
is to monitor the course completion rates of external con-
sultants separately starting from 2026. The target has been
set internally, and stakeholders have not been engaged in
setting it.
Qt Group | Annual Report 2025
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
List of datapoints 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
23
ESRS 2 GOV-1
Percentage of board
members who are
independent paragraph
21 (e)
Delegated Regulation (EU)
2020/1816, Annex II
Yes 22
ESRS 2 GOV-4
Statement on due diligence
paragraph 30
Indicator number 10
of Table #3
of Annex 1
Yes 24
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
Qt Group | Annual Report 2025
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Qt Group 2025 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 number 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 2025 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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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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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 39
ESRS 2 – SBM-3 – S1
Risk of incidents of child
labour paragraph 14 (g)
Indicator number 12
of Table #3
of Annex I
Yes 39
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 52
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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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 40, 52
ESRS S1-1
Processes and measures
for preventing trafficking in
human beings paragraph
22
Indicator number 11
of Table #3
of Annex I
Yes 52
ESRS S1-1
Workplace accident
prevention policy or
management system
paragraph 23
Indicator number 1
of Table #3
of Annex I
Yes 40
ESRS S1-3
Grievance/complaints
handling mechanisms
paragraph 32 (c)
Indicator number 5
of Table #3
of Annex I
Yes 42, 52-53
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 47
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 47
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 48
ESRS S1-16
Excessive CEO pay ratio
paragraph 97 (b)
Indicator number 8
of Table #3
of Annex I
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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ESRS S1-17
Incidents of discrimination
paragraph 103 (a)
Indicator number 7
of Table #3
of Annex I
Yes 48
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 number 14
of Table #3
of Annex I
Delegated
Regulation
(EU) 2020/1816,
Annex II Delegated
Regulation
(EU) 2020/1818 Art
12 (1)
Yes 52
ESRS 2 – SBM-3 – S2
Significant risk of child
labour or forced labour in
the value chain paragraph
11 (b)
Indicators number 12
and number 13 of Table #3
of Annex I
Yes 49
ESRS S2-1
Human rights policy
commitments paragraph
17
Indicator number 9
of Table #3 and Indicator
number 11 of Table #1 of
Annex 1
Yes 52
ESRS S2-1
Policies related to value
chain workers paragraph
18
Indicator number 11 and
number 4 Table #3 of
Annex 1
Yes 49, 50, 52
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 49, 50, 52
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 49, 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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ESRS S2-4
Human rights issues and
incidents connected to its
upstream and downstream
value chain paragraph 36
Indicator number 14
of Table #3
of Annex 1
Yes 51
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 52, 53
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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ESRS G1-1
Protection of whistle-
blowers paragraph 10 (d)
Indicator number 6
of Table #3
of Annex 1
Yes 53
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 54
ESRS G1-4
Standards of anti-
corruption and anti-bribery
paragraph 24 (b)
Indicator number 16
of Table #3
of Annex 1
Yes 52–54
Disclosure Requirement
and related datapoint SFDR reference Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference Material to Qt
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Code Caption Page
General Disclosures
General Disclosures (ESRS 2)
BP-1 General basis for preparation of sustainability statements 22
BP-2 Disclosures in relation to specific circumstances 22
GOV-1
The role of the administrative, management and supervisory
bodies 22–23
GOV-2
Information provided to and sustainability matters addressed
by the undertaking’s administrative, management and
supervisory bodies 23
GOV-3
Integration of sustainability-related performance in incentive
schemes 24
GOV-4 Statement on due diligence 24
GOV-5
Risk management and internal controls over sustainability
reporting 24
SBM-1 Strategy, business model and value chain 25
SBM-2 Interests and views of stakeholders 26–27
SBM 3
Material impacts, risks and opportunities and their interaction
with strategy and business model 28, 30
IRO-1
Description of the processes to identify and assess material
impacts, risks and opportunities 29
IRO-2
Disclosure Requirements in ESRS covered by the undertaking’s
sustainability statements 33
MDR-P Policies adopted to manage material sustainability matters
39-41,
49-50,
52-53, 55
MDR-A
Actions and resources in relation to material sustainability
matters
43-44, 51,
53, 55
MDR-M Metrics in relation to material sustainability matters
43-44, 51,
53, 56
MDR-T Tracking effectiveness of policies and actions through targets
44, 51, 53,
56
Code Caption Page
Environmental information
Taxonomy information
Social information
Own workforce (S1)
S1-1 Policies related to own workforce 39–41
S1-2
Processes for engaging with own workers and workers’
representatives about impacts 41
S1-3
Processes to remediate negative impacts and channels for own
workers to raise concerns 42
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 43–44
S1-5
Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities 45
S1-6 Characteristics of the undertaking’s employees 46
S1-9 Diversity metrics 46
S1-10 Adequate wages 47
S1-14 Health and safety metrics 47
S1-16 Remuneration metrics (pay gap and total compensation) 48
S1-17 Incidents, complaints and severe human rights impacts 48
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67
Qt Group 2025 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 49–50
S2-2
Processes for engaging with value chain workers about
impacts 50
S2-3
Processes to remediate negative impacts and channels for
value chain workers to raise concerns 50
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 51
S2-5
Targets related to managing material negative impacts,
advancing positive impacts, and managing material risks and
opportunities 51
Governance information
Business conduct (G1)
G1–1
Corporate culture and business conduct policies and corporate
culture 52–53
G1–2 Management of relationships with suppliers 54
G1–3 Prevention and detection of corruption and bribery 54
G1–4 Confirmed incidents of corruption or bribery 54
Financial
Statements 2025
69 Consolidated income statement
70 Consolidated statement of financial position
71 Consolidated cash flow statement
72 Consolidated statement of changes
in shareholders’ equity
73 Notes to the Consolidated Financial Statements
106 Parent company income statement
107 Parent company balance sheet
108 Parent company cash flow statement
109 Basic information on the parent company
and accounting policies applied
in the financial statements
110 Notes to the parent company financial statements
114 Signatures to the Financial Statements
and the Board of Directors’ Report
115 Auditor's Report
121 Assurance Report on the Sustainability Report
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Qt Group | Annual Report 2025
69
Consolidated income statement
Consolidated statement of comprehensive income
| 1 Jan–31 Dec | 1 Jan–31 Dec | ||
EUR thousand | Notes | 2025 | 2024 |
| 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 | 2025 | 2024 |
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 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Qt Group | Annual Report 2025
70
Consolidated statement of financial position
ASSETS
EUR thousand | Notes | 31 Dec 2025 | 31 Dec 2024 |
| 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 | |||
Inventory | |||
Trade receivables | 15 | ||
Other receivables | 15 | ||
Contract assets | 2 | ||
Cash and cash equivalents | 16 | ||
Total current assets | |||
Total assets |
EQUITY AND LIABILITIES
EUR thousand | Notes | 31 Dec 2025 | 31 Dec 2024 |
| 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 |
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Qt Group | Annual Report 2025
71
Consolidated cash flow statement
| 1 Jan–31 Dec | 1 Jan–31 Dec | |
| EUR thousand | 2025 | 2024 |
| 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 | |
| EUR thousand | 2025 | 2024 |
| Purchases of tangible and intangible assets | - | - |
Payment for acquisition of subsidiary, net of cash acquired* | - | - |
| Cash flow from investments | - | - |
| Change in lease liabilities | - | - |
| Repayment of long-term borrowings | - | - |
| Proceeds from 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 |
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Qt Group | Annual Report 2025
72
Consolidated statement of changes in shareholders’ equity
| Unrestricted | Total | |||||
| shareholders’ | Translation | Retained | shareholders’ | |||
EUR thousand | Share capital | equity reserve | Own shares | difference | earnings | equity |
Shareholders’ equity 1 January 2024 | - | |||||
| Comprehensive income for the period | ||||||
Net profit | ||||||
Comprehensive income | - | - | ||||
Stock option program and equity incentive program | - | - | ||||
Shareholders’ equity 31 December 2024 | - | |||||
Shareholders’ equity 1 January 2025 | - | |||||
| Comprehensive income for the period | ||||||
Net profit | ||||||
Comprehensive income | - | - | ||||
Stock option program and equity incentive program | ||||||
Shareholders’ equity 31 December 2025 | - | - |
Qt Group | Annual Report 2025
73
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Notes to the
Consolidated
Financial
Statements
Accounting policies applied in the consolidated financial statements
Qt Group | Annual Report 2025
74
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
The consolidated financial statements are drawn up for the
calendar year, which is the fiscal period for the Group’s parent
company and other Group companies. The financial state-
ments are presented in thousands of euros. The Board of
Director’s report and the financial statements are available
in Finnish and English. The Finnish version is the official ver-
sion that will apply if there is any discrepancy between the
language versions.
Consolidation Principles
The consolidated financial statements include the parent
company, Qt Group Plc , and all of its subsidiaries. Acquired
subsidiaries are consolidated using the acquisition method,
according to which the assets and liabilities of the acquired
company are measured at fair value on the date of acquisi-
tion, and the remaining difference between the consideration
transferred and the acquired shareholders’ equity constitutes
goodwill. Subsidiaries acquired during the fiscal period are
included in the consolidated financial statements as of the
date of acquisition, while divested subsidiaries are included
until the date of divestment. Intra-Group transactions, receiv-
ables, liabilities, unrealized margins and internal profit distri-
bution are eliminated in the consolidated financial statements.
All subsidiaries included in the consolidated financial state-
ments are fully owned, except for a small minority interest
in I.A.R Systems Group AB, which will be redeemed through
a mandatory redemption procedure in accordance with the
Swedish Companies Act in early 2026. The Group does not
have minority interests. The Group does not have associated
companies or joint ventures.
The financial statements for The Qt Company GmbH are
included in these consolidated financial statements and there-
fore apply the exemption provided in section 264 (3) of the
German Code of Commerce for 2025.
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
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 result.
The income statements of non-Finnish consolidated compa-
nies have been converted into euro at the weighted average
exchange rate for the period, and their balance sheets have
been converted at the exchange rate quoted on the balance
sheet date. Translation differences arising from the applica-
tion of the cost method are treated as items adjusting con-
solidated shareholders’ equity.
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-
Qt Group | Annual Report 2025
75
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
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.
Business acquisitions and applying acquisition method re-
quires making certain estimates and assessments concerning
especially the fair value of the acquired intangible assets and
liabilities assumed and the useful lives of the acquired intan-
gible assets. Value measurement is based on anticipated
cash flows. Estimating cash flows for customer relationships,
technology-based assets, and trademarks and brand names
is based on assessments that include for example:
• assessments related to long term sales forecast and
development of margins
• defining appropriate discount rates
• estimations related to customer loyalty
• estimations related to appropriate market-based royalty
percentages.
Crucial Factors of Uncertainty
Associated with Estimates
Impairment testing is carried out annually to test goodwill and
intangible assets with an unlimited useful life and evaluate
any indications of impairment. Recoverable amounts from the
cash generating unit are determined as calculations based on
value in use. The preparation of these calculations requires
the use of estimates.
License revenue is recognized in accordance with the factual
substance of the agreement. Income recognition requires a
binding contract and complete delivery of the product. Income
is recognized based on the time of delivery. License mainte-
nance fees are allocated evenly over the agreement period.
The most significant decision requiring judgment is related to
the ratio between the license and maintenance fee compo-
nents of the products.
Qt Group | Annual Report 2025
76
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
1. Business Combinations
Acquisitions in 2025
On July 4, 2025, Qt Group Plc’s wholly owned subsidiary The Qt Company Ltd
announced a recommended public cash offer to the shareholders of class B shares
in IAR. The offer was completed on October 17, 2025. The product portfolios of Qt
Group and IAR are complementary. IAR’s deep expertise in microcontroller (MCU)
development strengthens Qt Group’s position in the fast-growing MCU market, while
their strong presence in safetycritical systems creates new growth opportunities for
Qt Group’s Software Quality Solutions (SQS) business.
The purchase price consideration recognised at the date of acquisition is EUR 205
million. Qt funds the Offer with a combination of cash and a loan of approximately
EUR 150 million.
The purchase price allocation prepared for IAR Group is still preliminary as of December
31, 2025. The preliminary purchase price allocation was prepared in accordance with
IFRS 3 Business Combinations and related guidance. Recognized intangible assets
consists of technology (EUR 45.4 million), trademark (EUR 5.8 million) and customer
relationships (EUR 38.7 million). Based on the initial accounting, on the date of acqui-
sition Qt Group recognised goodwill of EUR 122.5 million from the technical exper-
tise and synergies of the acquired company and the company’s operating model. The
expenses related to the acquisition, EUR 5.8 million, are included in other operating
expenses in the consolidated income statement.
Acquisitions in 2024
No acquisitions were made during the financial year 2024.
| EUR thousand | |
| Summary of IAR Group's acquisition | |
Cash consideration | 205,098 |
Directed share issue | - |
Earn-out | - |
Total purchase price consideration | 205,098 |
| Assets and liabilities | |
Tangible assets | 3,249 |
Intangible assets | 95,779 |
Other assets | 3,420 |
Trade and other receivables | 11,230 |
Cash and cash equivalents | 10,645 |
Total assets | 124,324 |
Long-term liabilities | 1,260 |
Short-term liabilities | 20,729 |
Deferred tax liability | 19,752 |
Total liabilities | 41,742 |
Net assets | 82,582 |
Goodwill | 122,515 |
Purchase price | 205,098 |
Qt Group | Annual Report 2025
77
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
EUR thousand | 2025 | Net Sales | 2024 | Net Sales | |
License sales and consulting* 1 | 198,607 | 197,141 | |||
Maintenance revenue | 17,674 | 11,922 | |||
Total net sales | 216,281 | 209,063 | |||
*of which distribution licenses | 56,811 | 44,954 | |||
1 | Includes hardware sales from acquired IAR business |
EUR thousand | 2025 | Net Sales | 2024 | Net Sales |
Finland | 1,604 | 2,363 | ||
Rest of Europe | 86,084 | 75,695 | ||
APAC | 54,406 | 54,979 | ||
North America | 74,187 | 76,026 | ||
Total net sales | 216,281 | 209,063 |
Assets and Liabilities Related to Contracts with
Customers
The timing of invoicing may differ from the timing of revenue
recognition. The Group recognizes a contract asset when rev-
enue is recognized prior to invoicing, and a contract liability
when revenue is recognized after invoicing.
Contract liabilities are typical for the Group because of timing
of revenue recognition: revenue for licenses in general is rec-
ognized at a point in time whereas maintenance revenue is
recognized evenly over the contract period. Contract liabilities
are mainly short-term (12 months or less), and more informa-
tion relating to maturity of contract liabilities are presented
in the table below.
Qt Group | Annual Report 2025
78
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
2. Net Sales Breakdown
Operating Segments
The Group reports one business segment that provides its
customers with software development tools. The Group’s
highest operational decision-maker is the President and
CEO together with the Group Management Team. Due to Qt
Group’s business model, nature of operations and governance
structure, the reported segment covers the entire Group, and
its figures are congruent with the consolidated figures.
EUR thousand | 2025 | 2024 |
Trade receivables | 58,449 | 54,353 |
| Contract assets | ||
Non-current contract assets | 3,430 | 3,250 |
Current contract assets | 8,974 | 9,230 |
| Contract liabilities | ||
Non-current advances reveived | 5,818 | 5,654 |
Current advances received | 25,871 | 14,330 |
EUR thousand | 2025 | 2024 |
| Revenue recognized from amounts included in contract liabilities | ||
at the beginning of the period | 11,878 | 10,824 |
Qt Group | Annual Report 2025
79
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
EUR thousand | 2025 | 2024 |
Other income | 534 | 20 |
| Total | 534 | 20 |
4. Materials and services
EUR thousand | 2025 | 2024 |
External services | 5,293 | 3,920 |
Total | 5,293 | 3,920 |
External services are mainly comprized of outsourcing services and subcontracting. The
growth is mainly due to an increase in subcontracting costs.
Qt Group | Annual Report 2025
80
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
EUR thousand | 2025 | 2024 |
Wages and salaries | 90,758 | 84,391 |
Pension costs (defined contribution plans) | 7,439 | 6,627 |
Equity incentive program | 585 | -1,184 |
Other personnel expenses | 12,282 | 8,188 |
Total | 111,064 | 98,022 |
Group’s personnel on average | 2025 | 2024 |
Finland | 289 | 259 |
Rest of Europe | 370 | 305 |
APAC | 175 | 151 |
North America | 124 | 120 |
Total | 958 | 834 |
Qt Group | Annual Report 2025
81
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
EUR thousand | 2025 | 2024 |
Research and development costs | 34,549 | 29,487 |
Total | 34,549 | 29,487 |
7. Depreciation and Amortization
EUR thousand | 2025 | 2024 |
| Depreciation and amortization by asset category | ||
| Intangible assets | ||
Software and licenses | 20 | - |
Amortization from purchase price allocation (PPA) | 9,270 | 8,090 |
Other intangible assets | 38 | 21 |
| Property, plant and equipment | ||
Buildings | 2,701 | 2,129 |
Machinery and equipment | 1,278 | 1,216 |
Total depreciation, amortization and impairment | 13,307 | 11,456 |
No regular amortization is booked on goodwill. Instead, goodwill is tested for impairment
annually and when there are indications of impairment. More information on the impairment
testing of goodwill is provided in Note 12, Intangible assets.
Qt Group | Annual Report 2025
82
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
EUR thousand | 2025 | 2024 |
Personnel expenses | 4,189 | 2,851 |
Travel and representation expenses | 5,412 | 5,000 |
Marketing and communications | 6,116 | 4,269 |
External services | 14,647 | 8,567 |
Costs of premises | 3,579 | 3,303 |
IT expenses | 8,240 | 6,876 |
Other expenses | 2,431 | 1,649 |
Total | 44,614 | 32,515 |
| The acquisition of IAR increased operating expenses across all cost categories. The most |
| significant increase was due to one-off acquisition-related rewards that are included in |
EUR thousand | 2025 | 2024 |
Exchange rate gains | 875 | 1,615 |
Other financial income | 1,062 | 6,877 |
Total | 1,937 | 8,492 |
EUR thousand | 2025 | 2024 |
Interest expenses for loans from financial institutions | 1,131 | 280 |
Exchange rate losses | 2,962 | 156 |
Other financial expenses | 121 | 866 |
Total | 4,214 | 1,303 |
Qt Group | Annual Report 2025
83
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
EUR thousand | 2025 | 2024 |
Taxes for the period | 11,052 | 15,333 |
Taxes for previous periods | -64 | 62 |
Deferred tax | -2,515 | -2,350 |
Total | 8,474 | 13,045 |
| Reconciliation of tax expenses | ||
| with the tax rate of the Group’s home country (20%) | ||
Earnings before tax | 40,260 | 70,356 |
Taxes calculated at the parent company’s tax rate | 8,052 | 14,071 |
Effect of deviating tax rates of foreign subsidiaries | -624 | 27 |
Income not subject to tax | -140 | -1,335 |
| Share-based payment related expenses | ||
Non-deductible expenses and other differences | 1,254 | 160 |
| Withholding taxes | ||
Other items | -5 | 59 |
Taxes for previous periods | -64 | 62 |
Total | 8,474 | 13,045 |
Effective tax rate | 21% | 19% |
Qt Group | Annual Report 2025
84
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Earnings per share | 2025 | 2024 |
| Net profit attributable to parent company shareholders | ||
(EUR thousand) | 31,786 | 57,314 |
| Weighted average number of shares | ||
during the financial period, 1,000 shares | 25,391 | 25,391 |
Undiluted earnings per share (EUR/share) | 1,25 | 2.26 |
| The diluted weighted number of shares | ||
for the calculation of earnings per share, 1,000 shares | 25,391 | 25,391 |
Diluted earnings per share (EUR/share) | 1,25 | 2.26 |
85
Qt Group | Annual Report 2025
85
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
12. Goodwill and Other Intangible Asset
Qt Group | Annual Report 2025
86
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
| GOODWILL AND OTHER INTANGIBLE ASSETS 2025 | ||||||
| Other | Customer | |||||
| intangible | relationships and | Capitalized | ||||
EUR thousand | Goodwill | assets | Technologies | product brands | R&D | Total |
Acquisition cost, 1 January | 44,370 | 7,333 | 25,600 | 34000 | - | 111,304 |
Translation differences and other adjustments | - | -45 | - | - | 52 | 7 |
Acquisition of subsidiary | 122,515 | 2,319 | 45,350 | 44,524 | 5,454 | 220,163 |
Additions | - | - | - | - | 141 | 141 |
Disposals | - | - | - | - | - | - |
Acquisition cost, 31 December | 166,886 | 9,608 | 70,950 | 78,524 | 5,648 | 331,615 |
Accumulated depreciation and impairment, 1 January | - | -4,290 | -7,642 | -15,842 | - | -27,775 |
Translation differences and other adjustments | - | -0 | - | - | - | -0 |
Acquisition of subsidiary | - | -1,823 | - | - | - | -1,823 |
Depreciation for the period | - | -58 | -3,186 | -6,084 | - | -9,328 |
Disposals | - | - | - | - | - | - |
Accumulated depreciation and impairment, 31 December | - | -6,171 | -10,828 | -21,926 | - | -38,926 |
Book value, 1 January | 44,370 | 3,043 | 17,958 | 18,158 | - | 83,530 |
Book value, 31 December | 166,886 | 3,437 | 60,122 | 56,598 | 5,648 | 292,690 |
Qt Group | Annual Report 2025
87
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
| GOODWILL AND OTHER INTANGIBLE ASSETS 2024 | ||||||
| Other | Customer | |||||
| intangible | relationships & | Capitalized | ||||
EUR thousand | Goodwill | assets | Technologies | product brands | R&D | Total |
Acquisition cost, 1 January | 44,370 | 7,257 | 25,600 | 34,000 | - | 111,228 |
Translation differences and other adjustments | - | -3 | - | - | - | -3 |
Acquisition of subsidiary | - | - | - | - | - | - |
Additions | - | 79 | - | - | - | 79 |
Disposals | - | - | - | - | - | - |
Acquisition cost, 31 December | 44,370 | 7,333 | 25,600 | 34,000 | - | 111,304 |
Accumulated depreciation and impairment, 1 January | - | -4,206 | -5,082 | -10,372 | - | -19,660 |
Translation differences and other adjustments | - | -3 | - | - | - | -3 |
Acquisition of subsidiary | - | - | - | - | - | - |
Depreciation for the period | - | -81 | -2,560 | -5,470 | - | -8,111 |
Disposals | - | - | - | - | - | - |
Accumulated depreciation and impairment, 31 December | - | -4,290 | -7,642 | -15,842 | - | -27,775 |
Book value, 1 January | 44,370 | 3,052 | 20,518 | 23,628 | - | 91,567 |
Book value, 31 December | 44,370 | 3,043 | 17,958 | 18,158 | - | 83,530 |
| The note Is updated to correspond to the 2025 presentation methods. |
Qt Group | Annual Report 2025
88
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
| Identified | Total value | |||
| intangible | subject | |||
| EUR thousand | assets | Goodwill | Other items | to testing |
125,804 | 166,886 | 27,955 | 320,644 |
Qt Group | Annual Report 2025
89
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
| Identified | Total value | |||
| intangible | subject | |||
| EUR thousand | assets | Goodwill | Other items | to testing |
39,036 | 44,370 | 40,460 | 123,767 |
Qt Group | Annual Report 2025
90
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
90
Qt Group | Annual Report 2024
Qt Group | Annual Report 2025
91
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
| Tangible assets 2025 | ||||
| Right-of-use-assets, | Right-of-use-assets, | Machinery and | ||
| EUR thousand | buildings | machinery and equipment | equipment | Total |
Acquisition cost, 1 January | 11,504 | 2,705 | 5,504 | 19,712 |
Translation differences and other adjustments | -24 | 2 | -268 | -290 |
Acquisition of subsidiary | 6,818 | 337 | 2,926 | 10,082 |
Increases | 4,742 | 174 | 934 | 5,850 |
Disposals | -359 | -517 | -876 | |
Acquisition cost, 31 December | 22,681 | 3,219 | 8,579 | 34,479 |
Accumulated depreciation and impairment, 1 January | -7,882 | -2,281 | -3,768 | -13,930 |
Translation differences and other adjustments | -21 | 0 | 241 | 220 |
Acquisition of subsidiary | -4,498 | -52 | -2,250 | -6,801 |
Depreciation for the period | -2,701 | -281 | -996 | -3,978 |
Disposals | 359 | 439 | 798 | |
Accumulated depreciation and impairment, 31 December | -14,743 | -2,615 | -6,335 | -23,692 |
Book value, 1 January | 3,622 | 424 | 1,736 | 5,782 |
Book value, 31 December | 7,938 | 604 | 2,244 | 10,786 |
Qt Group | Annual Report 2025
92
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
| Tangible assets 2024 | ||||
| Right-of-use-assets, | Right-of-use-assets, | Machinery and | ||
| EUR thousand | buildings | machinery and equipment | 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 |
Qt Group | Annual Report 2025
93
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
| 14. Deferred Tax Assets and Liabilities | ||||||||||
Changes in deferred tax during 2025 | Changes in deferred tax during 2024 | |||||||||
| Recognized | Recognized | |||||||||
| 1 Jan | in the income | Translation | 31 Dec | 1 Jan | in the income | Translation | 31 Dec | |||
| EUR thousand | 2025 | Acquisition | statement | difference | 2025 | 2024 | Acquisition | statement | difference | 2024 |
| Deferred tax assets: | ||||||||||
Tangible assets | 939 | 13 | 952 | 878 | 61 | 939 | ||||
Other items | 771 | 2298 | 75 | 50 | 3,194 | 913 | -142 | 771 | ||
Offset against deferred tax liabilities | -844 | -844 | -835 | -844 | ||||||
Total | 867 | 2,298 | 88 | 50 | 3,303 | 956 | -81 | 867 | ||
| Deferred tax liabilities: | ||||||||||
From allocations of the fair values of acquisitions | 11,419 | 19,752 | -2576 | 14 | 28,609 | 13,828 | -2,409 | 11,419 | ||
Tangible assets | 844 | 844 | 835 | 9 | 844 | |||||
Other items | -33 | 149 | 116 | -2 | -31 | -33 | ||||
Offset against deferred tax assets | -844 | -844 | -835 | -844 | ||||||
Total | 11,386 | 19,752 | -2,427 | 14 | 28,725 | 13,826 | -2,431 | 11,386 | ||
Qt Group | Annual Report 2025
94
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
EUR thousand | 2025 | 2024 |
Trade receivables | 62,570 | 57,863 |
Credit loss provision | -4,120 | -3,510 |
Lease security deposits | 838 | 847 |
Accrued income | 15,616 | 6,395 |
VAT receivable | 2,405 | 3,174 |
Other receivables | 6,498 | 6,347 |
Total | 83,807 | 71,115 |
EUR thousand | 2025 | 2024 |
Undue trade receivables | 47,893 | 43,850 |
Trade receivables 1–30 days overdue | 4,888 | 5,284 |
Trade receivables 31–60 days overdue | 1,921 | 2,537 |
Trade receivables 61–90 days overdue | 1,187 | 827 |
Trade receivables 91–120 days overdue | 1,518 | 672 |
Trade receivables 121–180 days overdue | 958 | 795 |
Trade receivables 181–360 days overdue | 1,357 | 1,823 |
Trade receivables over 360 days overdue | 2,848 | 2,075 |
Total | 62,570 | 57,863 |
Qt Group | Annual Report 2025
95
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
17. Notes to Shareholders’ Equity
EUR thousand | 2025 | 2024 |
Bank accounts | 40,124 | 64,861 |
Total | 40,124 | 64,861 |
| Number | Share capital | |
| of shares | (EUR thousand) | |
1 January 2025 | 25,391,211 | 500 |
31 December 2025 | 25,391,211 | 500 |
Qt Group | Annual Report 2025
96
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
EUR thousand | 2025 | 2024 |
Equity incentive program 2025-2027 | -585 | - |
Equity incentive program 2022–2024 | 1,184 | |
Total | -585 | 1,184 |
Qt Group | Annual Report 2025
97
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Equity incentive program 2022–2024
The Board of Directors of Qt Group Plc has decided on 16
February 2022 to establish a new equity incentive program
for the company’s President and CEO and other key persons.
Objective of the program is to bring together the company
owners’ and key persons’ goals for enhancing the compa-
ny’s value, commit the key persons to the company, and to
offer them a competitive incentive program based on com-
pany shares.
The incentive program has one reward collection period cov-
ering years 2022–2024. Rewards in the program are deter-
mined by Qt Group Plc’s net sales in 2024. Rewards will start
accumulating once the net sales for 2024 exceed EUR 210
million, and then continue to increase in a linear manner up
to a maximum value equivalent to 130,000 shares once net
sales reach EUR 310 million. Of the maximum reward equiv-
alent to the value of 130,000 shares, the President and CEO’s
share is 10,000 and for other key persons it is equivalent to
the value of 120,000 shares. The 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 con-
cerning e.g. their hand-over. Performance of the equity incen-
tive program 2022–2024 is zero as the minimum net sales
threshold was not met.
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
Qt Group | Annual Report 2025
98
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
| 19. Short-term Liabilities | ||
EUR thousand | 2025 | 2024 |
Loans from financial institutions | 29,786 | - |
Earn-out liabilities | - | 890 |
Lease liabilities | 4,400 | 2,117 |
Accounts payable | 4,379 | 2,275 |
Advances received | 25,871 | 14,330 |
Accrued charges and deferred credits | 21,075 | 13,043 |
Other liabilities | 5,734 | 8,435 |
Total | 91,244 | 41,090 |
The carrying amount of accounts payable and other lia-
bilities is a moderate estimate of their fair value. The
terms of payment of the Group’s accounts payable
comply with the ordinary terms of payment of companies.
The increase of short-term liabilities is explained, among other
things, by the short-term portion of the loan taken for the acqui-
sition of IAR, as well as by items arising from the consolidation
of IAR. The most material of these at the end of the financial year
is advance payments received, totaling EUR 11,739 thousand.
Accrued charges and deferred credits are comprized of alloca-
tions of wages and salaries and personnel expenses and other
cost accruals. The increase in accrued liabilities is explained by
liabilities assumed in the acquisition of IAR as well as by the
liability related to the squeeze-out procedure of IAR shares,
amounting to EUR 5,065 thousand.
Besides the aforementioned, EUR 5,818 thousand (EUR 5,654
thousand) of the advances received have been presented in
Other long-term liabilities.
Qt Group | Annual Report 2025
99
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
20. Financial Liabilities and
Financial Risk Management
| FINANCIAL LIABILITIES | |||||
2025 | 2024 | ||||
| Fair value | |||||
EUR thousand | Asset values | Fair values | Asset values | Fair values | hierarchy |
| Long-term | |||||
Loans from financial institutions | 104,625 | 104,625 | - | - | 2 |
Earn-out liabilities | - | - | 3 | ||
Lease liabilities | 4,413 | 2,199 | |||
Total | 109,038 | 2,199 | |||
| Short-term | |||||
Loans from financial institutions | 29,786 | 29,786 | - | - | 2 |
Earn-out liabilities | 890 | 890 | 3 | ||
Lease liabilities | 4,400 | 2,117 | |||
Total | 34,186 | 3,007 |
Qt Group | Annual Report 2025
100
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
| 2025 | ||||
EUR thousand | 2026 | 2027 | 2028 | Total |
Loans from financial institutions | 33,382 | 32,613 | 76,478 | 142,473 |
Lease liabilities | 4,400 | 2,639 | 1,775 | 8,814 |
Accounts payable | 4,379 | 4,379 | ||
Total | 42,161 | 35,251 | 78,253 | 155,666 |
| 2024 | ||||
EUR thousand | 2025 | 2026 | 2027 | Total |
Loans from financial institutions | - | - | - | - |
Earn-out liabilities | 890 | - | - | 890 |
Lease liabilities | 2,191 | 1,280 | 880 | 4,352 |
Accounts payable | 2,275 | - | - | 2,275 |
Total | 5,356 | 1,280 | 880 | 7,517 |
Qt Group | Annual Report 2025
101
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Qt Group | Annual Report 2025
102
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
21. The Group’s contingent liabilities
| CONTINGENT LIABILITIES | ||
EUR thousand | 2025 | 2024 |
| Pledges given on own behalf | ||
Guarantees | 2,693 | 745 |
Pledges and contingent liabilities total | 2,693 | 745 |
22. Transactions with Related Parties
The Group’s related parties include the parent company and
its subsidiaries. In addition, related parties are considered to
include the members of the parent company’s Board of Direc-
tors and the Group Management Team, including the Presi-
dent and CEO and persons and companies in which the man-
agement or Board of Directors exercise control or significant
influence.
Except for management remuneration, there have not been
any material transactions between Qt and its members of the
Board of Directors, the President and CEO or the members of
the Management Team including any companies controlled or
significantly influenced by them.
Qt Group | Annual Report 2025
103
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
22. Transactions with Related Parties
Name
Group’s
holding Domicile Country
Qt Group | Annual Report 2025
104
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Qt Group | Annual Report 2025
105
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
23. Events After the Closing Date of the
Reporting Period
Thilak Ramanna (b. 1979, M.Sc. Software systems) joined
Qt Group’s Management Team as Senior Vice President, Qt
business unit as of January 1, 2026. Senior Vice President,
Research and Development Tuukka Turunen began reporting
to Senior Vice President, Qt business unit and left the Man-
agement Team on January 1, 2026. CEO of IAR Systems Group
Cecilia Wachtmeister joined Qt Group’s Management Team in
her role as Senior Vice President, IAR business unit on Jan-
uary 1, 2026. Qt Group’s CFO and member of the Manage-
ment Team Jouni Lintunen moved to other position outside
the Company from February 6, 2026. CFO of IAR Systems
Group Ann Zetterberg serves as interim CFO and member of
the Management Team until a permanent CFO is appointed.
The company does not have any other significant events after
the end of the fiscal year that would have affected the finan-
cial statements.
Qt Group | Annual Report 2025
106
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Parent Company’s Income Statement FAS
EUR Notes 2025 2024
Net sales 383,273,77 413,518.00
Personnel expenses 1 -872,761,70 -899,691.88
Other operating expenses 2 -1,606,837,36 -1,406,405.08
Operating result -2,096,325.29 -1,892,578.96
Financial expenses 3 -10,762,28 -103,871.79
Earnings before appropriations and taxes -2,107,087,57 -1,996,450.75
Appropriations
Group contributions received 2,406,115.75 1,996,450.75
Total appropriations 2,406,115.75 1,996,450.75
Income taxes 0.00 0.00
Net profit 299,028.18 0.00
Qt Group | Annual Report 2025
107
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
EUR Notes 31.12.2025 31.12.2024
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 0.00 0.00
Current receivables from group companies 33,899,473.38 28,683,507.79
Other receivables 185,717.40 156,581.35
Cash in hand and at banks 141,725.26 30,425.78
Total 34,226,916.04 28,870,514.92
Total assets 51,633,844.28 46,277,443.16
Parent Company’s Balance Sheet (FAS)
EUR Notes 31.12.2025 31.12.2024
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 -390,872.93
Net profit 5 299,028.17 0.00
Total 45,602,570.33 45,303,542.16
Long-term liabilities
Long-term interest-bearing liabilities 0.00 0.00
Total 0.00 0.00
Short-term liabilities
Accounts payable 118,836.62 211,633.63
Other liabilities 174,957.46 114,569.30
Short-term interest-bearing liabilities 24,271.10 15,162.96
Accrued charges
and deferred credits 6 5,713,208.77 632,535.11
Total 6,031,273.95 973,901.00
Total shareholders’ equity and liabilities 51,633,844.28 46,277,443.16
Qt Group | Annual Report 2025
108
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Parent Company’s Cash Flow Statement FAS
EUR 2025 2024
Net profit before tax
-2 ,107,087.57 -1,996,450.75
Adjustments to net profit
10,762.28 103,871.79
Change in working capital
2,209,278.91 18,265,603.55
Interest paid
-10,762.28 -400,505.12
Other financial items
0.00 -2,394.85
Cash flow from financial items and taxes
-10,762.28 -402,899.97
Cash flow from operations
102,191.34 15,970,124.62
Repayment of current borrowings
0.00 -16,000,000.00
Net changes in bank overdrafts 9,108.14 8,985.38
Cash flow from financing
9,108.14 -15,991,014.62
Change in cash and cash equivalents
111,299.48 -20,890.00
Cash and cash equivalents at beginning of period
30,425.78 51,315.78
Cash and cash equivalents at end of period
141,725.26 30,425.78
Qt Group | Annual Report 2025
109
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
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 respon-
sible 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 financial
institutions are included in long- and short-term liabilities
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.
Qt Group | Annual Report 2025
110
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Notes to the Parent Company Financial Statements FAS
1. Information on Personnel and Related Parties
EUR 2025 2024
Wages and salaries 788,572.37 812,554.00
Pension expenses 82,163.42 85,424.04
Other personnel expenses 2,025.91 1,713.84
Total 872,761.70 899,691.88
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.
2. Other Operating Expenses
EUR 2025 2024
Expert services 621,977.52 577,764.09
Other expenses 984,859.84 828,640.99
Total 1,606,837.36 1,406,405.08
Auditor’s fees
Audit 43,279.33 41,293.78
Other services* 68,553.49 49,781.80
Total 111,832.82 91,075.58
* Among this amount, EUR 38,809.22 (EUR 33,569.97) is related to statements based on auditing acts and other regulations.
The company’s auditor for 2024 and 2025 was KPMG Oy Ab.
3. Financial Income and Expenses
EUR 2025 2024
Other financial expenses 10,762.28 103,871.79
Total 10,762.28 103,871.79
Qt Group | Annual Report 2025
111
NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
4. Investments
HOLDINGS IN GROUP COMPANIES
EUR 2025
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 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
ITEMIZATION OF SHARES
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%
Qt Group | Annual Report 2025
112
NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
5. Changes in Shareholders’ Equity
EUR 2025 2024
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 55,154,383.73
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
Own shares, 31 December -9,959,968.64 -9,959,968.64
Retained earnings -390,872.93 -390,872.93
Net profit (loss) 299,028.18 0.00
Total shareholders’ equity 45,602,570.34 45,303,542.16
EUR 2025 2024
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 -390,872.93
Net profit (loss) 299,028.18 0.00
Total distributable funds 45,102,570,33 44,803,542.16
Qt Group | Annual Report 2025
113
NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENTS
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
6. Accrued Charges and Deferred Credits
EUR 2025 2024
Accrued charges and deferred credits
to group companies 5,635,000.00 500,000.00
Personnel expense allocations 74,290.01 70,778.70
Other accrued charges and deferred credits 3,918.76 61,756.41
Total 5,713,208.77 632,535.11
Board of Directors' dividend proposal
Parent company’s net result showed a profit of EUR 299,028.18. 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 2025.
Qt Group | Annual Report 2025
114
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Signatures to the Financial Statements
and the Board of Directors’ Report
Espoo, 19 March 2026
Auditors’ note
The report of the audit has been issued today.
Helsinki, 19 March 2026
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
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 accordan-
ce 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 regu-
lations in force in Finland, provide a true and fair view of the
assets, liabilities, financial position, and profit or loss of the
company and the entities included in the consolidated finan-
cial statements.
The report of the Board of Directors provides a true and fair
view of the development and results of the business activi-
ties of the company and the entities included in the conso-
lidated financial statements, as well as a description of the
principal risks and uncertainties and other matters concer-
ning the company. The sustainability statement included in
the report of the Board of Directors has been prepared in ac-
cordance with the reporting standards referred to in Chapter
7 and Article 8 of the Taxonomy Regulation.
Qt Group | Annual Report 2025
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
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 2025. 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 perfor-
mance and financial position in accordance with the laws and regulations governing the prepa-
ration of financial statements in Finland and comply with statutory requirements.
Our opinion is consistent with the additional report submitted to the Audit Committee.
Qt Group | Annual Report 2025
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Basis for Opinion
We conducted our audit in accordance with good auditing
practice in Finland. Our responsibilities under good auditing
practice 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 pro-
fessional 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 state-
ments as a whole. The level of materiality we set is based
on our assessment 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 statements. We have also taken into account mis-
statements and/or possible misstatements that in our opinion
are material for qualitative reasons for the users of the finan-
cial 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
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.
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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
• Accuracy of revenue recognition of license, maintenance and consulting revenues is considered
as a key audit matter due to the large volumes of transactions.
• Accounts receivable may involve a valuation risk, especially regarding overdue accounts
receivable, where the valuation involves management's discretion.
• We have tested controls over revenue recognition and carried out substantive procedures
related to the timely recognition of revenue in accordance with the contracts.
• We have analyzed accounts receivable and assessed the collection of overdue accounts
receivable as well as the appropriateness of the credit loss provision defined by the
management.
• In addition, we have evaluated the adequacy of financial statement disclosures related to
revenue and accounts receivable.
Valuation of Goodwill and Acquisition Related Intangible Assets
– Refer to Accounting Principles and Notes 1, 7 and 12 in the Consolidated Financial Statements
• The Group has expanded its operations through acquisitions, as a result of which the amount
of goodwill and intangible assets related to acquisitions included in the Group's balance sheet
is significant. On 31 December 2025, goodwill in the consolidated balance sheet was EUR 167
million and intangible assets related to acquisitions were EUR 117 million.
• Goodwill and intangible assets, with indefinite useful life, are subject to annual impairment
testing.
• The preparation of the cash flow forecasts used in the impairment testing requires
management's discretion regarding revenue growth, profitability, long-term growth factor and
discount rate among others.
• Due to the judgement included in the forecasts used in the testing and the significance of
balance sheet values, the valuation of goodwill and intangible assets related to acquisitions is a
key audit matter.
• Regarding the acquisition of I.A.R. Systems Group AB that occurred in 2025, we have carried
out procedures related to the purchase price allocation to assess the technical accruacy of
the calculations and the appropriateness of assumptions used. KPMG’s specialists have
participated in the audit.
• Regarding impairment testing, we have carried out the following audit procedures, among
others:
– We have assessed the key assumptions used in the calculations, such as profitability,
discount rate and long-term growth factor.
– We have also assessed the appropriateness and consistency of the testing methods and
key assumptions between different years.
– KPMG's valuation specialists have participated in the audit, testing the technical accuracy of
the calculations and comparing the assumptions used with market- and industry-specific
data.
• In addition, we have assessed the appropriateness and adequacy of the disclosures to the
consolidated financial statements concerning these items.
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. Reasonable
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 appro-
priate 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.
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-
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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
governance, we determine those matters that were of most
significance 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
regulation 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 com-
munication.
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 information
included in the Annual Report but does not include the finan-
cial statements or our auditor’s report thereon.
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 and, in doing so,
consider whether the other information is materially inconsis-
tent 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 prepared in compliance with
the applicable provisions, excluding the sustainability report
information on which there are provisions in Chapter 7 of the
Accounting Act and in the sustainability 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, we conclude that
there is a material misstatement of the other information, we
are required to report that fact. We have nothing to report in
this regard.
Helsinki, March 19, 2026
KPMG OY AB
Audit Firm
Jonne Ahokas
Authorized Public Accountant, KHT
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Independent Auditor's Report
on the ESEF Financial
Statements of Qt Group Plc
(Translation of the Finnish original)
To the Board of Directors of Qt Group Plc
We have performed a reasonable assurance engagement on the financial statements
qtgroupoyj-2025-12-31-1-fi.zip of Qt Group Plc (Business ID 2733394-8) that have been
prepared in accordance with the Commission's regulatory technical standard for the financial
year ended 31.12.2025.
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
consolidated 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 financial
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 consoli-
dated 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 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 finan-
cial 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 Securities
Markets Act is that the primary financial statements, notes
and company's identification data in the consolidated finan-
cial statements that are included in the ESEF financial state-
ments of Qt Group Plc qtgroupoyj-2025-12-31-1-fi.zip for
the financial year ended 31.12.2025 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 31.12.2025
has been expressed in our auditor's report dated 19. March
2026. With this report we do not express an opinion on the
audit of the consolidated financial statements nor express
another assurance conclusion.
Helsinki 19. March 2026
KPMG OY AB
Audit Firm
Jonne Ahokas
Authorzed Public Accountant, KHT
AUDITOR'S REPORT ON THE ESEF FINANCIAL STATEMENTS OF QT GROUP PLC
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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.–31.12.2025.
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), and
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 information
for reporting in accordance with the sustainability reporting standards (double materiality
assessment).
Our opinion does not cover the tagging of the group sustainability report with digital XBRL sus-
tainability 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
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Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
requirement in the absence of requirements for the tagging
of sustainability information in 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.
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 sustainability reporting standards has been identified,
• 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,
and for
• such internal control as the Board of Directors and the Man-
aging Director determine is necessary to enable the prepa-
ration of a group sustainability report that is free from mate-
rial misstatement, whether due to fraud or error.
Inherent Limitations in the Preparation of a
Sustainability Report
Preparing a group sustainability report requires a 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.
When reporting forward-looking information in accordance
with ESRS standards, a company's management is required
to make assumptions about possible future events, and to
disclose the company's possible future actions in relation
to those events, as well as to prepare the forward-looking
information based on these assumptions. Actual results are
likely to differ because forecasted events often do not occur
as expected.
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
aggregate, they could reasonably be expected to influence
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the decisions of users taken on the basis of the group sus-
tainability report.
Compliance with the International Standard on Assurance
Engagements (ISAE) 3000 (Revised) requires that we exer-
cise professional judgment and maintain professional scep-
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 rele-
vant to the engagement in order to design assurance pro-
cedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effective-
ness 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, misrepresenta-
tions, or the override of internal control.
Description of the Procedures That Have Been
Performed
The procedures performed in a limited assurance engage-
ment 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 professional judgment, including the assessment of risks
of material misstatement, whether due to fraud or error. Con-
sequently, the level of assurance obtained in a limited assur-
ance engagement is substantially lower than the assurance
that would have been obtained had a reasonable assurance
engagement been performed.
Our procedures included, among others, the following:
• We interviewed the company’s management and persons
responsible for collecting and preparing the information
contained in the group sustainability report
• Regarding the double materiality assessment process, we
assessed the implementation of the process carried out
by the company and the information disclosed on the pro-
cess in relation to the requirements of the ESRS standards.
• Through interviews we gained understanding of the key pro-
cesses related to collecting and consolidating the sustain-
ability information.
• We got acquainted with the internal guidelines and oper-
ating principles relevant to the sustainability information
disclosed in the group sustainability report, as applicable.
• We got acquainted with the background documentation and
documents prepared by the company, as applicable, and
assessed whether they support the information included
in the group sustainability report.
• In relation to the EU taxonomy information, we gained
understanding about the process by which the company
has defined taxonomy eligible and taxonomy aligned activ-
ities and assessed the regulatory compliance of the infor-
mation provided.
• We assessed the information disclosed on material sus-
tainability matters in the group sustainability report in
relation to the requirements of the ESRS standards.
Helsinki, March 19, 2026
KPMG OY AB
Authorized Sustainability Audit Firm
JONNE AHOKAS
Authorized Sustainability Auditor, KRT
ASSURANCE REPORT ON THE SUSTAINABILITY REPORT
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Corporate
Governance
Statement 2025
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Qt Group | Annual Report 2025
126126
This Corporate Governance Statement has been pre-
pared 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 sepa-
rately from the Board’s operating and financial review.
The Governance Code is available on the Finnish
Securities Market Association website
www.cgfinland.fi.
Governance
Qt Group Plc’s (hereinafter referred to as the “company”)
corporate governance system is based on the Companies
Act, the Securities Markets Act, general corporate gover-
nance recommendations, and the company’s Articles of
Association and in-company rules and regulations on cor-
porate 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 opera-
tions, and does business abiding by the applicable profes-
sional requirements approved by Board members, who
demonstrate 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
operations.
• 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 six (6) 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 compa-
ny’s Articles of Association define the responsibilities and
duties of the Shareholders’ Meeting. Extraordinary General
Meetings decide on the matters for which they have been
specifically convened.
2025
Qt Group’s Annual General Meeting 2025 was held in Helsinki
on April 9, 2025.
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127127
composing the Board of Directors, the objective 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.
2025:
In the financial year 2025, the company’s Board of Directors
had five members, of whom three were men (60 percent) and
two were women (40 percent). The defined diversity princi-
ples were well fulfilled in all respects.
The Board has prepared and approved a written agenda for
its work. In addition to Board duties prescribed by the Compa-
nies Act and other rules and regulations, the Board of Direc-
tors 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
company’s short- and long-term strategies.
• The Board’s general duty is to steer the company’s busi-
ness with a view to maximizing shareholder value in the
long term, while taking account of expectations set by va-
rious stakeholder groups; and
• Board members are required to perform on the basis of
sufficient, 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-assess-
ment;
• 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
secretary of the Board of Directors; 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. An external consultant is employed for this evaluation,
if necessary.
In addition to the members of the Board, the meetings are
attended by the President and CEO, the CFO and the General
Counsel, who serves as the secretary of the meetings. The
matters discussed by the Board are prepared by the com-
mittees of the Board of Directors and the President and CEO.
Board of Directors
Operations and Duties
Elected by the Shareholders’ Meeting, the Board of Direc-
tors is in charge of company administration and the appro-
priate organization of company operations. Under the Articles
of Association, the Board of Directors must consist 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 requirements of company size, market position, and busi-
ness industry should be duly reflected when composing the
Board of Directors. In addition, the aim is to have males and
females equally represented on the Board of Directors. When
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128128
Board of Directors
Robert Ingman
Male, b. 1961
M.Sc. (Eng.), M.Sc. (Econ.)
Chair of the Board of Directors 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 Etteplan 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 Directors of
Qt Group Plc since 2018 and Vice Chair
of the Board since 2024. Member of the
Audit Committee.
Has worked as Chief Revenue Officer
(2022–2024) at Cadmatic Oy; SVP,
Digital business and Software in Process
Industries division 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). Chairman of the Board at
Howspace Oy.
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 Vodafone.
Previously Chief Business Officer at
SAP EMEA region and several mana-
gerial positions at SAP, including Glob-
al Chief Operating Officer at SAP Amer-
ica (2017–2019), General Manager at
EMEA region (2015–2017) and Man-
aging 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 and member of the Audit
Committee.
CEO at Pinja Group.
Previously Chief Commercial Officer at
Enreach for Enterprises (2021-2024),
CEO at Benemen Oy (2018–2021), EVP
Global Operations and member of
the executive 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. Chair 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 Business Control,
Boardband Services at Telia-Sonera
Finland Oy (2012–2013); Chief Finan-
cial Officer at Sodexo Oy (2007–2012)
and Country Controller at H&M Hennes
& Mauritz Oy (2002-2007). Member of
the Finance and Tax Committee at Con-
federation of Finnish Industries (EK)
(2024–).
Independent of the Company
and major shareholders.
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Composition of Board of Directors
The Board of Directors of Qt Group Plc 2025
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
Mikko Välimäki** Ph.D, LL.M 1976 CEO, IQM Finland -
* Company shares held directly or through legal entities under the person’s control/influence as of 31 December 2025.
** Board member until April 9, 2025.
Member Participation
Robert Ingman (Chair) 15/15
Elina Anckar 14/15
Marika Auramo 15/15
Matti Heikkonen 14/15
Mikko Marsio 15/15
Mikko Välimäki* 4/4
Total 97%
* Board member until April 9, 2025.
2025:
Of the Members of the Board, Elina Anckar, Marika Auramo, Matti Heikkonen and Mikko Marsio
are independent of the company and its major shareholders. Robert Ingman is independent
of the company. Robert Ingman is not independent of the company’s major shareholders due
to his role as Chairman of the Board of the company's largest shareholder, Ingman Develop-
ment Oy Ab.
During the financial year 2025, the Board of Directors held 15 meetings.
The participation rate in the meetings in 2025 was as follows:
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Committees of the Board of Directors
The Board of Directors appoints the members and chairmen
of the committees from among its members and confirms
the key duties and policies of each 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 col-
legiate responsibility for the committees’ work.
Compensation and Nomination Committee
The majority of the members of the Compensation and Nom-
ination Committee must be independent of the company. The
committee meets as necessary and invites the company’s
President and CEO, other members of senior management or
external experts to its meetings to the extent that it is neces-
sary for the matters to be discussed.
The main duties of the Compensation and Nomination Com-
mittee are as follows:
• ensure the appropriateness of compensation and remu-
neration schemes
• plan and search for successor candidates for the mem-
bers of the Board and the President and CEO
• prepare matters concerning the company’s compensation
and remuneration schemes, the company’s remuneration
policy and remuneration report, as well as proposals for
the AGM concerning the members of the Board and their
remuneration
• evaluate the remuneration of the President and CEO and
other senior management
2025:
During 2025, the members of the Compensation and Nomina-
tion Committee and their participation in the meetings were
as follows:
Member Participation
Matti Heikkonen (Chair) 7/7
Marika Auramo 7/7
Robert Ingman 7/7
Total 100%
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Audit Committee
The members of the Audit Committee must have sufficient
expertise and experience with respect to the Committee’s area
of responsibility and the mandatory tasks relating to auditing.
The majority of the members of the Audit Committee must be
independent of the company and at least one member shall
be independent of the company’s significant shareholders.
The Audit Committee meets regularly, at least four times per
year. In addition to the members, meetings of the Audit Com-
mittee are attended by the company's auditor, the CEO and
the CFO, who present agenda items to the Audit Committee,
and the General Counsel, who serves as the secretary of the
meetings. The Audit Committee may also invite other repre-
sentatives of the company’s management to its meetings at
its discretion.
The main duties of the Audit Committee include the following:
• monitoring the Group’s financial position and funding
position;
• monitoring the company’s financial statements reporting
process;
• supervising the company’s financial reporting process and
tasks related to the assurance of sustainability reporting;
• monitoring the effectiveness of the company’s internal
control, internal audit, and risk management systems;
• reviewing the description of the main features of the
internal control and risk management systems related to
the financial reporting process included in the company’s
Corporate Governance Statement;
• monitoring the company’s significant financial, funding
and tax risks, as well as processes and risks related to
IT security;
• monitoring and assessing whether agreements and other
legal acts between the company and its related parties
meet the requirements of the ordinary course of business
and arm's-length terms;
• monitoring, supervising and assessing the audit, the
independence of the audit and the offering of services
other than auditing services by the audit firm, and
processing reports prepared by the auditor for the Audit
Committee;
• preparing a proposal for a decision on the election of
the company's auditor and sustainability reporting
assurance provider;
• evaluating insurance policies required for the company’s
operations; and
• monitoring and assessing compliance with laws,
regulations and recommendations issued by the
authorities
2025:
The members of the Audit Committee and their participation
in committee meetings in 2025 were as follows:
Member Participation
Elina Anckar (Chair)¹ 5/5
Mikko Marsio² 5/5
Matti Heikkonen³ 3/3
Mikko Välimäki⁴ 2/2
Total 100%
1 Member of the Committee until April 9, 2025, and Chair as of April 9, 2025
2 Chair of the Committee until April 9, 2025, and member as of April 9, 2025
3 Member of the Committee as of April 9, 2025
4 Member of the Committee until April 9, 2025
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CEO and Management Team
The Board of Directors appoints, and may discharge, the company’s CEO and, on the CEO’s
proposal, confirms the appointment of the other members of the Management Team and the
key terms of their employment. The Board of Directors decides on the CEO’s remuneration and
other benefits in accordance with the remuneration policy. The CEO manages the company’s
2025:
Name Education Year of Birth Responsibility
Shareholding,
pcs ¹
Juha Varelius M.Sc. (Econ.) 1963 Chief Executive Officer 400,982
Petteri Holländer ² M.Sc. student (Eng.) 1974 SVP, Ventures -
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 1,400
Juhapekka Niemi ³ Information Technology Engineer 1968 SVP, Software Quality Solutions (interim) 14,711
Mika Pälsi Master of Laws 1970 General Counsel 513
Erik Rehn ⁴ M.Sc. (Econ.) 1986 SVP, Sales & Business Operations 591
Steffan Schumacher ⁵ Bachelor of Information Technology 1975 SVP, Sales -
Aleksina Shemeikka ⁶ M.Sc. Engineering, MBA 1979 SVP, Software Quality Solutions -
Tuukka Turunen Master of Science in Technology, Licentiate in Technology 1974 SVP, Research and Development 130,000
1 Company shares held directly or through legal entities under the person’s control/influence as of 31 December 2025.
2 Member of the Management Team until July 24, 2025
3 Changed positions within the Management Team from SVP, Product Management to interim SVP, SQS as of August 20, 2025.
4 Member of the Management Team from November 3, 2025
5 Member of the Management Team until March 31, 2025
6 Member of the Management Team until October 21, 2025
operational activities in accordance with the Companies Act and the instructions and orders
issued by the Board of Directors. The Management Team assists the CEO in the company’s
operational management.
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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 manageri-
al 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 develop-
ment 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 as of December 31, 2025
Juhapekka Niemi
Male, b. 1968
Information Technology Engineer
Senior Vice President, Software Quality
Solutions (interim) of Qt Group Plc since
2025.
Previously, Senior Vice President, Product
Management and Senior Vice President,
Sales. Member of the management team
since 2016.
Previously acted as Chief Business Offi-
cer at Digia Oyj (2013–2016) as well as in
various managerial and directorial posi-
tions at Nokia Oyj (2000–2013).
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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).
Erik Rehn
Male, b. 1986
Master of Science in Economy
Senior Vice President, Sales & Business
Operations of Qt Group Plc since 2025.
Previously acted as Chief Revenue Officer
at ABAX Group (2023–2025), Head of
Global Sales at UpCloud Oy (2021–2023)
and in several managerial positions at
Amazon Web Services and IBM.
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 positions 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).
Management Team as of December 31, 2025
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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, and to mon-
itor and assess the likelihood of potential adverse impacts
arising from the company's business operations and affecting
the company's customers or partners, the environment, or
the company itself.
Risk management 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 pri-
oritized according to an assessment scale in order to assess
the effects and mutual significance of risks. Significant stra-
tegic and operational risks identified through the risk man-
agement process are reviewed regularly.
The Audit Committee of the Board of Directors reviews the
company’s risk assessment every six months. The Audit Com-
mittee is responsible for monitoring the adequacy of risk man-
agement systems, as well as reviewing the most significant
risks and uncertainties annually and assessing them on a reg-
ular basis.
More information on the company’s most significant risks is
available in the Board's operating and financial review, which
is included in the company’s annual report, and in note 20 to
the consolidated financial statements.
Internal Control and Risk Management
Internal Control
The company’s internal control ensures that the company
achieves its operational goals, its operations are efficient, its
financial and other information is reliable, and the company
complies with the relevant laws and policies. The main princi-
ples of the company's internal control are based on the main
elements of the COSO (Committee of Sponsoring Organiza-
tions of the Treadway Commission) framework. Internal con-
trol policies are defined in the company's operating instruc-
tions for internal control.
The company has a decentralized organizational model
in which functions are divided in such a way that no indi-
vidual may independently perform measures unbeknownst
to at least one other individual. The company’s operations
are divided into function-specific areas of responsibility and
support functions, with the Senior Vice Presidents in charge
of each function reporting to the President and CEO. The
Senior Vice Presidents responsible for the company’s func-
tions report to the Management Team on development mat-
ters, strategic and annual planning, investments and internal
organizational matters related to their areas of responsibility.
The Group’s finance function coordinates the internal control
assessment process and implements assurance measures
concerning assessments. Annual assessments of internal
control ensure that potential changes in risks, control pro-
cesses, systems and organizational responsibilities are taken
into account in internal control.
Internal Control in Financial Reporting
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 appropriateness 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 man-
agement. The company continuously monitors key financial
processes related to sales, revenue, expenses and profitability,
as well as incoming and outgoing payments.
Financial reports are regularly reviewed by the CFO, the Man-
agement Team and the Board of Directors. In the monitoring,
the actual outcomes are compared with targets, forecasts and
previous reporting periods. If the actual outcomes deviate
from these, the members of the Management Team are
responsible for initiating corrective measures.
Internal Audit
The Board’s Audit Committee regularly assesses the need for
a separate internal audit function. Thus far, the Audit Com-
mittee has concluded that there is no need for a separate
internal audit function due to the company’s size, organi-
zational structure and largely centralized financial manage-
ment. The absence of a separate internal audit function has
also been taken into account when planning the scope of the
external audit.
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Auditor
The AGM elects the auditor for a term of office that ends at the
following AGM. The AGM also decides on the fees to be paid
to the auditor. The auditor is responsible for the audit of the
consolidated financial statements and the parent company’s
financial statements and accounting, and reports regularly to
the Board of Directors and its Audit Committee.
2025:
KPMG Oy Ab, Authorized Public Accountants, serves as the
auditor of the company, with Authorized Public Accountant
Jonne Ahokas as the principal auditor.
During the financial year 2025, the auditor was paid EUR 95
thousand in fees for auditing services and EUR 49 thousand
for services that were not related to auditing. Of this amount,
EUR 39 thousand was related to the auditor's statements
based on legislation and other regulations.
Insider Administration
Qt Group complies with the EU's Market Abuse Regulation
(MAR) and the Nasdaq Helsinki Oy Guidelines for Insiders.
The company has imposed trading restrictions on the mem-
bers of the Management Team, persons involved in the prepa-
ration of financial reports, and other employees who, based
on their job description, are deemed to receive confidential
information or information on the company's financial posi-
tion. Persons subject to trading restrictions may not trade in
Qt Group's shares or other financial instruments during the
closed window. The closed window covers 30 calendar days
before the publication of an interim report or financial state-
ment bulletin.
The company’s General Counsel is responsible for compliance
with the insider guidelines and monitoring the disclosure obli-
gation regarding trading.
Principles Concerning
Transactions with Related Parties
Related parties of the company mean the related parties
of a listed company in accordance with the Limited Liability
Companies Act (IAS 24).
A related party transaction means an agreement or other legal
act between the company and a related party.
The company's Board of Directors monitors and evaluates
related party transactions and decides on all related party
transactions that are outside of the scope of the company’s
ordinary activities or are not concluded on arm’s-length terms.
According to the company’s related party transaction guide-
lines, the members of the Board and the Management Team
are obliged to provide the company’s General Counsel, who
is the company’s nominated responsible person for related
party matters, advance notice of any transactions concluded
with the company by them personally or by their respective
related parties.
At the same time, the company’s General Counsel monitors all
transactions that the company concludes outside the scope
of the company’s ordinary activities or that are not concluded
on arm’s-length terms.
In the event that the General Counsel becomes aware of a
related party transaction that is outside the scope of the com-
pany’s ordinary activities or which is not concluded on arm’s-
length terms, the General Counsel shall present the transac-
tion for approval by the Board of Directors before the trans-
action is concluded.
With the exception of transactions between different group
companies, the company does not ordinarily conclude any
transactions with its related parties. As a rule, all of the com-
pany's agreements and business transactions are concluded
on arm’s-length terms.
More information on the company's transactions with related
parties is provided in note 22 to the consolidated financial
statements.
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Remuneration
Report 2025
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Remuneration Report for Qt Group Plc’s Governing Bodies 2025
This remuneration report for governing bodies describes the
remuneration and other financial benefits paid to the gov-
erning bodies, i.e. the Board of Directors and the President
and CEO, of Qt Group Plc (”Company") for the fiscal year 2025.
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 Finnish Corporate
Governance Code 2025 for Finnish listed companies.
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
2024 remuneration report was presented to the 2025 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 reward model, which incorporates
the Company’s strategic goals and the shareholders’ interests.
The remuneration of governing bodies for the fiscal year 2025
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 and new customer acquisition.
The Company exercised its right to clawback groundlessly paid
monthly fees during the fiscal year 2025. The correction was
made during the fiscal year and the table presenting Board of
Directors remuneration shows the fees after the correction.
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.
EUR 1,000 2025 2024 2023 2022 2021
Average remuneration of
the Board of Directors² 58 51 53 56 48
Change, %¹ 13.7% -3.77% -5.4% 16.7% 0%
Remuneration of the President and CEO 447 492 524 15,945³ 27,473⁴
Change, %¹ -9.2% -6.1% -96.7% -42.0% >100%
Employee remuneration ⁵ 95 100 102 107 117
Change, %¹ -4,4% -2.4% -4.5% -8.5% 11.4%
Net sales 216,281 209,063 180,743 155,318 121,139
Change, %¹ 3,5% 15.7% 16.4% 28.2% 52.5%
Operating result 42,537 63,169 47,349 36,870 28,812
Change, %¹ -32,7 33.4% 28.4% 28.0% 69.3%
Qt Group Plc market capitalization, 31.12. 836,386 1,706,289 1,637,733 1,126,713 3,364,135
Change, %¹ -50,98% 4.19% 45.4% -66.5% >100%
1 Change compared to the previous year.
2 Average remuneration is calculated from the total fees paid to the Board of Directors divided by the number of board members prorated based on time at the Board of Directors.
3 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.
4 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.
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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Remuneration of the
Board of Directors
During the fiscal year 2025, the Qt Group Plc’s Board of Direc-
tors were paid monthly fees
• 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
approved by the Company.
The Company’s board members are not included in reward
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 following table presents the remuneration of the mem-
bers of the Board of Directors during the fiscal year 2025.
Name Board CNC¹ AC²
Monthly fees
EUR
Meeting fees
EUR
Total
EUR
Elina Anckar³ Member Chair 36,000 11,000 47,000
Marika Auramo Member Member 36,000 11,500 47,500
Matti Heikkonen ⁴ Member Chair Member 36,000 17,500 53,500
Robert Ingman Chair Member 72,000 11,500 83,500
Mikko Marsio⁵ Vice Chair Member 48,000 12,000 60,000
Mikko Välimäki⁶ Member Member 9,000 4,500 13,500
Total 237,000 68,000 305,000
1 Compensation and Nomination Committee
2 Audit Committee
3 Member of the Audit Committee until 9 April 2025. Chair of the Audit Committee as of 9 April 2025.
4 Member of the Audit Committee as of 9 April 2025.
5 Chair of the Audit Committee until 9 April 2025. Member of the Audit Committee as of 9 April 2025.
6 Member of the Board and Member of the Audit committee until 9 April 2025
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Remuneration of the President
and CEO, EUR 2025 2024 2023 2022 2021
Fixed Salary 428,835 412,000 402,000 366,000 336,000
Fringe benefits 720 720 720 720 720
Short-term incentives - 58,740 90,212 199,392 297,758
Long-term incentives - - - 15,363,849² 26,821,800¹
Other benefits ³ 17,291 20,664 23,429 14,899 16,824
Other rewards ⁴ - - 8,069
Total 446,846 492,124 524,430 15,944,860 27,473,102
Fixed vs. variable remuneration 100% / 0% 88% / 12% 81% / 19% 2% / 98% 1% / 99%
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 monthly 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 remuneration. The Group conducts salary bench-
marking towards international data on an annual basis. The
aim is to keep CEO’s base salary competitive towards market,
and thus it has been reviewed also during 2025.
The remuneration model includes two types of variable remu-
neration components: a cash reward paid under the Compa-
ny’s short-term incentive scheme and a reward paid in shares
and/ or options (and, if applicable, in cash) under the Compa-
ny’s long-term incentive scheme.
The CEO has no supplementary pension scheme from the
Company.
The following table presents the remuneration of the Pres-
ident and CEO Juha Varelius during the last five fiscal years.
1 Long-term incentives income from the sale of stock options received through the Company’s 2016 option scheme.
2 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.
3 Other benefits: holiday bonus
4 Service Year Award
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Short-term Incentive (STI)
Under the company’s short-term incentive scheme, the
earning criteria for the CEO’s bonus is the Group’s organic
net sales. Incentive will start accumulating once the net sales
exceed the set minimum level and the Group 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 2025 H1, paid August 2025
Reward criteria Net sales
Criteria weight 100%
Achievement 0%
EBITA threshold below threshold
Payment, EUR 0
CEO STI 2025 H2, to be paid March 2026
Reward criteria Net sales
Criteria weight 100%
Achievement 0%
EBITA threshold below threshold
Payment, EUR 0
CEO STI 2024 H2, paid March 2025
Reward criteria Net sales
Criteria weight 100%
Achievement 0%
EBITA threshold above threshold
Payment, EUR 0
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Qt Group | Annual Report 2025
142142
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 Board of Directors nominates the CEO to the LTI plan
and decides on their share grant. Possible share delivery will
take place after the consolidated financial statements have
been prepared, and performance criteria evaluation can be
completed.
Performance Share Plan 2022
The share-based long-term incentive plan (“Performance
Share Plan 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
rewards pursuant to the program would have been 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 would
have been 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
Performance Share Plan 2025
The company’s Board of Directors decided on 13 February
2025 on a new share-based long-term incentive plan (“Per-
formance Share Plan 2025”) for the Company’s key personnel.
The plan covers the years 2025–2027.
Plan has got four performance criteria. The applicable perfor-
mance 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. In assessing the achievement of the
performance criteria, any acquisitions made during the mea-
surement period (2025–2027) are included in the revenue to
the extent that the purchase price is paid otherwise than by
directing a share issue of new company shares to the sellers.
Despite the possible fulfillment of the respective performance
criterion, no reward will be paid for any performance criteria
if the Company's operating result percentage (EBITA%) during
the measurement period of the respective performance cri-
teria is less than 25 percent.
The possible rewards pursuant to the program will be paid
upon the confirmation of the financial statements for 2027
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.
Qt Group 2025 Board of Directors’ Report Key Figures Sustainability Statement Financial Statements Governance Remuneration
Qt Group | Annual Report 2025
143143
Plan type Performance Share Plan 2022 Performance Share Plan 2025
Performance criteria & weight Net sales, 100%
Target (million euros): min 210 – max 310
Net sales 2027, 70%
Target (million euros): min 333 – max 394
Strategic target 2025 / New customer acquisition, 10%
Strategic target 2026 / New customer acquisition, 10%
Strategic target 2027, 10%
Threshold n/a Operating result percentage (EBITA %) minimum 25%
Share grant
Target level grant size at the time of the grant as
- % of Annual Base Salary
- number of gross shares
150%
5,000
100%
5,500
Maximum level grant size at the time of the grant as
- % of Annual Base Salary
- number of gross shares
300%
10,000
200%
11,000
Share delivery 2025 2028
Achievement % 0% n/a
Share delivery (gross shares) 0 n/a
REMUNERATION OF THE PRESIDENT AND CEO
Qt Group | Annual Report 2025
144144
Information for Shareholders
Qt Group Plc’s investor communications produce reliable
and up-to-date information on the Company’s business
operations in a timely and equal manner for all inter-
ested 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, 14 April 2026 at 10 a.m.
More information on registering for the AGM and the
AGM documents are available at investors.qt.io.
Financial calendar 2026
20 March Annual Report 2025
13 May Interim Statement January–March
6 August Half-Year Financial Report
29 October Interim Statement January–September
Basic information on the share
Listed (2016) on Nasdaq Helsinki Ltd
Trading code: QTCOM
Number of shares (Dec 30, 2025) 25,470,211
IR Contact
pr@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