Qt Group Oyj - Interim report (Q1 and Q3)

Qt Group Plc Interim statement January-March 2024

This release is a summary of Qt Group Plc's Interim Statement for January-March
2024. The complete report is attached to this release as a PDF file, and it is
also available on the company's website at www.qt.io/investors

First quarter 2024: Net sales growth slightly weaker than estimated, operating
profit (EBITA) increased by 40.5 percent

January-March 2024

  · Net sales increased 12.8 percent to EUR 45.1 million (EUR 40.0 million). The
effect of exchange rates on the comparison period's net sales was EUR 0.4
million, and at comparable exchange rates, net sales increased by 13.9 percent.
  · Operating profit (EBITA) was 11.0 million (EUR 7.8 million) or 24.3 percent
(19.5%) of net sales.
  · Operating profit (EBIT) was 9.0 million (EUR 5.8 million) or 19.9 percent
(14.5%) of net sales.
  · Earnings per share were EUR 0.30 (EUR 0.17).

The figures in brackets refer to the comparison period, i.e., the corresponding
period in the previous year. The percentage of change in net sales at comparable
exchange rates is calculated by translating the net sales from the comparison
period of 2023 with the actual exchange rates of the reporting period of 2024
and by comparing the reported net sales in 2024 with the calculated 2023 net
sales at comparable exchange rates.

Key figures

[][][][][]
EUR 1,000                         1-3/2024  1-3/2023  Change, %  1-12/2023
Net sales                           45,078    39,971      12.8%    180,743
Operating profit (EBITA)            10,961     7,800      40.5%     55,379
EBITA, %                             24.3%     19.5%                 30.6%
Operating profit (EBIT)              8,954     5,792      54.6%     47,349
EBIT, %                              19.9%     14.5%                 26.2%
Return on equity, %                   6.0%      4.9%                 33.9%
Return on investment, %               6.9%      4.7%                 35.6%
Interest-bearing liabilities [1]     4,463    28,271     -84.2%     20,513
Cash and cash equivalents[ ][1]     34,436    23,071      49.3%     33,595
Net gearing, % [1]                  -23.1%      5.7%                -10.7%
Equity ratio, % [1]                  71.6%     54.2%                 64.4%
Earnings per share (EPS), EUR         0.30      0.17      73.5%       1.40
Diluted earnings per share, EUR       0.30      0.17      73.4%       1.39
Personnel, on average                  797       699      14.0%        732

[1] At the end of period

Juha Varelius, President and CEO

Qt Group's net sales growth in the first quarter of 2024 was slightly weaker
than estimated despite the fact that, due to the strong comparison period,
moderate growth was expected in the first months of the year. Net sales for
January-March 2024 amounted to EUR 45.1 million. At comparable exchange rates,
net sales increased by 13.9 percent.  Net sales growth was weaker than estimated
due to the sales of distribution licenses being weaker than estimated.
Otherwise, the license base has continued to grow at a steady rate.

Operating profit (EBITA) in the first quarter was EUR 11.0 million, or 24.3
percent of net sales. This represents year-on-year growth of 40.5 percent.

In January-March 2024, our number of personnel increased by 31 employees and
stood at 806 at the end of March. The number of personnel has increased by 14.1
percent when compared to the end of March last year. We will continue to recruit
personnel and invest in research and product development, focusing particularly
on key strategic growth areas.

We announced two significant partnerships at the beginning of 2024. We joined
the Software-Defined Vehicle landscape on Amazon Web Services (AWS). Qt is one
of the only Human-Machine Interface (HMI) development platforms available in AWS
Marketplace. We also started a collaboration with Infineon Technologies AG, the
world leader in automotive semiconductors. Infineon's graphics-enabled TRAVEO™
T2G Cluster microcontrollers are now available with Qt's lightweight and high
-performance graphics framework and easy-to-use developer toolkit. The new
solution further increases efficiency in the development of graphical user
interfaces (GUI).

Our view is that we are in an excellent position to grow our position in the
software development tools and the quality assurance markets, both within the Qt
ecosystem and beyond it.  We are continuing to execute the growth strategy we
published last fall, and we are confident that our growth will accelerate
particularly in the latter half of 2024, and that our full-year net sales will
grow in line with our previously published forecast.

Outlook for 2024

We estimate that our full-year net sales for 2024 will increase by 20-30 percent
year-on-year at comparable exchange rates and that our operating profit margin
(EBITA %) will be 25-35 percent in 2024.

News conference

Qt Group will hold an English-language news conference on April 25, 2024, at
15:30-16:30 EEST at Itämerentorni in Helsinki, Finland, and as a webcast at
www.qt.io/investors. CEO Juha Varelius and CFO Jouni Lintunen will present the
results at the news conference. Analysts and investors can participate in the
news conference in person or via conference call at
https://palvelu.flik.fi/teleconference/?id=50048456.

Further information:
President and CEO Juha Varelius, tel. +358 9 8861 8040

Distribution:
Nasdaq Helsinki
Key media
www.qt.io

Attachments:

2024_Q1_EN.pdf