Operator

Hello, and welcome to Qt Group's Q1 2026 Results Presentation. My name is Herta Eronen. I'm the Communications Lead at Qt Group, and I'm here today with our CEO, Juha Varelius; and our CFO, Ann Zetterberg, who will be taking questions first from the room and if time permits, then from the line. So let's get going. Stage is yours. Please go ahead, Juha.

Juha Varelius
President & CEO

Thank you. Hello, everyone. My name is Juha Varelius, CEO of Qt, and we're going to go through the Q1, pretty much the same agenda, business highlights, market trends, and then Ann will talk about financials and then outlook guidance for rest of the year.

If I look at the Q1, our net sales ended up EUR 52.7 million, an increase of 11.6% and on comparable currencies 18.4%. And we're pretty happy on that. EBITDA margin, 9.6% and EUR 5 million on Q1, and that was pretty much on target as well.

ARR, which is the new measure we are now telling EUR 155 million. So the increase of 32.7% in comparable currencies. So that takes away the one- and three-year licenses and whatnot. And of course, we have the IAR in these figures.

So overall, a kind of a typical first quarter, which is usually very slow for us and fourth quarter being the best and busiest quarter, which then reflects on the first quarter numbers.

So if we, well, foundations for long-term