Listeds - [Earnings wrap] Qt sinks on margin drop, Incap and Solar Foods gain despite softer numbers

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[Earnings wrap] Qt sinks on margin drop, Incap and Solar Foods gain despite softer numbers

Feb 26, 2026

The biggest heavyweight in the Finnish earnings season so far today received crushing capital market feedback as shares in Qt Group, a software development tools provider, tumbled 11 percent to EUR 21.72 this afternoon, sharply underperforming the OMX Helsinki 25 index, which was down 0.9 percent.

The selloff came after Qt reported weaker profitability for 2025. Fourth-quarter net sales rose 13 percent to EUR 77.1 million, including EUR 8.1 million from the acquired IAR business. For the full year, net sales increased 4 percent to EUR 216.3 million, but EBITA dropped 27 percent to EUR 51.8 million, cutting the margin to 24 percent.

Qt CEO Juha Varelius said general market uncertainty persisted through 2025, while acquisition-related costs of EUR 4.1 million and higher personnel expenses weighed on profitability. Qt expects full-year 2026 net sales to grow by at least 10 percent at comparable exchange rates and an EBITA margin of at least 15 percent.

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Incap Corporation, an electronics manufacturing services provider, rose 5.2 percent to EUR 10.52, outperforming the benchmark. Full-year revenue decreased 6.7 percent to EUR 214.6 million, while net profit dropped to EUR 14 million from EUR 22.7 million. The board proposed no dividend. Incap expects revenue and comparable EBITA in 2026 to be clearly higher than in 2025, including the impact of the Lacon acquisition completed in February.

Solar Foods, a Finnish food technology company producing Solein protein from carbon dioxide and electricity, gained 3.7 percent to EUR 4.61. Full-year operating loss widened to EUR 10.4 million from EUR 8.9 million, while revenue totaled EUR 0.1 million. CEO Rami Jokela called 2025 “a turning point” as commercialization advanced. The board proposed no dividend.

Authors

Emmi Laine

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.