Revenue increased by 19.6 percent to 61.3 million euros (51.2 million euros). The impact of exchange rates on the comparison period’s revenue was -0.6 million euros, and revenue grew by 20.9 percent at comparable exchange rates.
Annual Recurring Revenue (ARR) in the second quarter was 160.4 million euros (155.9 million euros on March 31, 2026), representing a growth of 2.4 percent at comparable exchange rates.
EBITA was 9.3 million euros (11.6 million euros), or 15.1 percent (22.7%) of revenue.
EBIT was 6.1 million euros (9.6 million euros), or 9.9 percent (18.8%) of revenue.
Earnings per share were 0.09 euros (0.27 euros).
January–June 2026
Revenue increased by 15.8 percent to 114.0 million euros (98.5 million euros). The impact of exchange rates on the comparison period’s revenue was -3.3 million euros, and revenue grew by 19.8 percent at comparable exchange rates.
Annual Recurring Revenue (ARR) was 160.4 million euros (119.9 million euros), representing a growth of 32.1 percent compared to June 30, 2025, at comparable exchange rates.
EBITA was 14.3 million euros (20.1 million euros), or 12.6 percent (20.4%) of revenue.
EBIT was 7.6 million euros (16.1 million euros), or 6.6 percent (16.3%) of revenue.
Guidance reiterated – upward pressure on forecasts
Qt reiterated its 2026 guidance: at least 10% currency-adjusted revenue growth and at least a 15% EBITA margin. At the H1 level, revenue had already grown by nearly 20% in comparable currencies, so the lower end of the guidance appears very achievable. The full impact of the savings program in H2 supports an increase in margins, and the strong Q2 performance creates upward pressure on our full-year forecasts.
Was that the bottom? Revenue growth was roaring. Need to dig deeper.
Well, how about that. It’s nice to see these numbers after such a long stagnant period. It’s also funny to notice how quiet the group stays when they don’t get to bash the company and its management for poor results.
It will also be interesting to see what happens on the short-selling front.
Stupid question: revenue is 60m but ARR is 160m, so it’s larger than the revenue. Is that measured over the whole year or what am I not getting? Isn’t it usually, for example, revenue 100m and recurring billing out of that 80m?
And the revenue/EBITA beats. It’s definitely satisfying. It’s astonishing how well the short-sellers managed to cover in the big picture, even if not all of them hit the nail on the head.
I personally have QT in a shockingly large overweight position; I’m almost too embarrassed to say how much.
I took a quick look at the report and noticed the section: “However, Qt had organic growth, excluding IAR revenue, of X.X% in the second quarter and X.X% in January–June, both at comparable exchange rates.” It’s a pity the figures were omitted, but based on the phrasing, I would conclude that there wasn’t much organic growth. Hopefully, it will be announced in the webcast.
On the surface, a good result in many respects and development in the right direction.
Free cash flow should be clearly improved starting from H2 2026. It is also good that the debt taken for the IAR acquisition was paid down during Q2 (15.0m).
The graphs below help to illustrate how difficult it is to look at Qt’s profit and cash flow solely on a quarterly basis vs. 12 months.
Uskoo ken tahtoo, mutta ainakin on jotain mitä odottaa (kiitos @Marianne_Palmu hyvästä kysymyksestä)
" So it’s like the potential market is like a double basically. So that’s kind of the size I’m envisioning. So if you add all that together, with the current portfolio, you should be able to build a full EUR 500 million business with a very, very profitable operations."
Kauppalehti’s brief news reports that SEB has raised its target price for Qt Group to 34 euros (previously 28 euros) and lowered its recommendation to “hold” (previously “buy”).
A typical tweet for Juha Varis.
He always looks for something negative in his tweets, worth following.
It is partly true, but the acquisition is also on the “expense side,” meaning surely they can’t report figures before the acquisition indefinitely.
(kiitos 
