QPR Software Oyj — Annual Report 2025

Mar 27, 2026

7437003V4S76KM56UW70-2025-12-31-0-en.xhtml

25 ( 74 ) QPR SOFTWARE PLC FINANCIAL STATEMENTS 2025

QPR Software Plc Annual Report 2025 and related Annual Financial Report (AFR) ESEF tagging is officially published in Finnish. QPR Software Plc has decided to provide voluntarily non-official version translated in English in this ESEF tagged document.

26 ( 74 ) Consolidated Comprehensive Income Statement, IFRS (EUR 1,000)

Note	2025	Restated 2024
Net sales	3	5,619
Other operating income	4	1
Materials and services	5	933
Employee benefit expenses*	6.7	3,044
Depreciation and amortization	8	887
Other operating expenses*	9	1,569
Total expenses		6,433
Operating Result		- 813
Financial income	10	20
Financial expenses	10	- 70
Financial items, net		- 50
Result before tax		- 862
Income taxes	11	- 187
Result for the financial year		- 1,050
Other items in comprehensive income that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations	2	-2
Other items in comprehensive income, net of tax	2	-
Total comprehensive income for the financial year		- 1,048
*The company has reported capitalised product development costs under employee benefit expenses from the financial year 2025. The comparative period figures have been presented in accordance with the 2025 cost classification.
Earnings per share, EUR
Undiluted, EUR	12	- 0.054
Diluted, EUR	12	- 0.054

27 ( 74 ) Consolidated Balance Sheet, IFRS (EUR 1,000)

Note	2025	2024
ASSETS
Non - current assets
Capitalized product development expenses	13	1,101
Other intangible assets	13	139
Goodwill	14	358
Tangible assets	15	5
Other investments	16	5
Right - of - use assets	15	335
Deferred tax assets	17	212
Total non - current assets		2,154
Current assets
Trade and other receivables	18	2,461
Cash and cash equivalents	19	621
Total current assets		3,081
Total assets		5,235
EQUITY AND LIABILITIES
Equity
Share capital	21	80
Other funds	21	21
Treasury shares		- 177
Translation difference		- 63
Invested non - restricted equity fund		6,548
Retained earnings		- 5,229
Equity attributable to shareholders of the parent company		1,180
Non - current liabilities
Interest - bearing lease liabilities	22	333
Interest - bearing liabilities	22	-
Total non - current liabilities		333
Current liabilities
Interest - bearing lease liabilities	22	35
Trade and other payables	23	3,186
Interest - bearing liabilities	22	500
Total current liabilities		3,722
Total liabilities		4,055
Total equity and liabilities		5,235

28 ( 74 ) Consolidated Cash Flow Statement, IFRS (EUR 1,000)

Note	2025	2024
Cash flow from operating activities
Result for the period		- 1,050
Adjustments for the result
Depreciation	887	1,036
Other adjustments	8	242
Changes in working capital:
Increase ( - )/decrease (+) in short - term non - interest bearing receivables	28	- 649
Increase (+)/decrease ( - ) in short - term non - interest bearing liabilities		- 917
Interest expense and other financial expenses paid		-39
Interest income and other financial income received		15
Taxes paid		- 20
Net cash flow from operating activities		- 855
Cash flow from investing activities
Acquisition of tangible assets		-
Capitalized development expenses		- 310
Acquisition of other intangible assets		- 117
Proceeds from sales of tangible and intangible assets		-
Net cash flow from in investing activities		-428
Cash flow from financing activities
Proceeds from borrowings		-
Repayments of borrowings	22	-500
Payment of lease liabilities		- 44
Share issue, net	21	1,624
Net cash used in financing activities		1,079
Change in cash and cash equivalents		-204
Cash and cash equivalents at the beginning of year		825
Effect of exchange rate differences		-
Cash and cash equivalents at the end of year	19	621

29 ( 74 ) Consolidated statement of changes in equity, IFRS EUR (1,000)

	Share capital	Other funds	Translation differences	Treasury shares	Invested non- restricted equity fund	Retained earnings	Total Equity
Equity Jan 1, 2024	80	21	-67	-348	4,925	-4,263	348
Total comprehensive income for the period:
Profit for the period						-82	-82
Translation differences			-2				-2
Total comprehensive income for the period			-2			-82	-84
Transactions with owners of the Company:
Disposal of own shares				103
Stock option scheme							93
Transactions with owners of the Company				103			141
Adjustment year 2024*				-5	-9		-4
Equity Dec 31, 2024	80	21	-65	-244	4,925	-4,316	401
Equity Jan 1, 2025	80	21	-65	-244	4,925	-4,316	401
Total comprehensive income for the period
Profit for the period						-1,050	-1,050
Translation differences			2				2
Total comprehensive income for the period			2			-1,050	-1,048
Transactions with owners of the Company:
Disposal of own shares				67
Stock option scheme							156
Share issue, net							1,624
Transactions with owners of the Company				67			1,828
Equity Dec 31, 2025	80	21	-63	-177	6,548	-5,229	1,180

• An adjustment has been made to the 2024 statement of changes in equity regarding translation differences and retained earnings, aligning the comprehensive income with the group’s statement of comprehensive income.

30 ( 74 ) NEW AND AMENDED STANDARDS AND INTERPRETATIONS ADOPTED IN 2025

There were no changes during the financial year

Consolidation principles

The Consolidated Financial Statements include the parent company, QPR Software Plc, and the subsidiaries it controls. The parent company's control is based on the ownership of the entire share capital or a majority of shares in the case of subsidiaries, as well as 100% voting rights. The Company did not own shares in joint ventures or associated companies in 2025 and 2024. Subsidiaries acquired during the financial period are consolidated from the date on which control is obtained, and divestments are included until the date on which control ceases. Intragroup shareholdings are eliminated using the acquisition cost method. Intercompany business transactions, receivables, liabilities, unrealized profits, as well as intragroup profit distribution, are eliminated in the Consolidated Financial Statements. The profit for the financial year applicable to non-controlling interests is presented separately in the consolidated comprehensive income statement, and the share of the non-controlling interest in shareholders’ equity is presented separately in the consolidated balance sheet. The Group’s subsidiaries did not have any non- controlling interests in 2025 and 2024.

Continuity of operations

The Consolidated Financial Statements have been prepared in accordance with the principle of continuity considering the active measures implemented and business forecast. Additional information in the Note 28.

Foreign currency translation

The functional currency of foreign subsidiaries has been determined to be the local bookkeeping currency. Transactions denominated in foreign currency have been translated into the group reporting currency using the exchange rate valid on the transaction date. Monetary items have been converted into the Group reporting currency using the exchange rate on the closing date, and non-monetary items using the exchange rate on the transaction date. The exchange gains and losses from business operations are included in

NOTES TO FINANCIAL STATEMENTS

Company Information

QPR offers services and software tools for developing business processes and enterprise architecture. The Group’s parent company, QPR Software Plc (company ID 0832693-7), is a public limited liability company incorporated in Finland. The parent company is domiciled in Helsinki, Finland, and its registered office is located at Keilaranta 1, 02150 Espoo, Finland. The shares of the parent company, QPR Software Plc, have been listed on the Helsinki Stock Exchange since 2002.A copy of the Consolidated Financial Statements is available on the Internet at www.qpr.com or at QPR Software Plc, at Keilaranta 1, 02150 Espoo, Finland. QPR Software Plc’s Board of Directors have approved the financial statements for publication on February 13, 2026. Shareholders have the right to approve or reject financial statements in the Annual General Meeting or decide to revise them. The Annual General Meeting has also right to decide to amend the financial statements. 31 ( 74 ) operating profit, and the exchange gains and losses from financial assets or liabilities are included in financial income and expenses. The income and expense items in the comprehensive income statements of foreign subsidiaries are translated into Euro using the average exchange rates for the year, and the balance sheets are translated using the exchange rates on the balance sheet date. Translation differences arising from the elimination of foreign subsidiaries and the translation of equity items accumulated after the acquisition are entered into other comprehensive income items. The foreign currency gains and losses from monetary items which are part of the net investment in a foreign unit are recognized in other comprehensive income items.

Revenue recognition

Net sales include the normal sales income from the Group’s business operations, deducted sales-related taxes and discounts granted. When calculating net sales, they are adjusted to account for exchange rate differences. Revenue is recognized when (or as) the control of goods or services are transferred to a customer either over time or at a point in time. The consolidated net sales consist of software license sales, software maintenance services, cloud services (SaaS) and consulting. In relation to its resellers, the Company acts as a principal and records in its net sales the revenue from the software sales of the resellers to the end customers, and records in its costs the reseller commission.

Software license revenue is recognized at a point in time, when (or as) a company transfers control of license or user rights to a customer. Limited term license performance obligations are license and maintenance, and revenue is recognized as the performance obligation if fulfilled, either at a point in time or over time, during the agreement period. Long-term software license contracts agreed for indefinite duration have the performance obligation for licenses and maintenance. The license part of the revenue is recognized at a point in time, in the beginning of each invoicing period, however not earlier than delivery is performed. The maintenance part as well as cloud services in total are recognized over time, evenly during the contract period. Software maintenance services covering software updates and customer support are recognized over time, evenly during the agreement period. Cloud services (SaaS) in totality are recognized over time, as the performance obligation is the service rendered over time. Revenues from consulting services are recognized as services are rendered, when (or as) control of the services has been transferred to the customer. The Group uses payment terms typical for each market, including domestic terms, which are typically shorter than international terms.

Advance payments

Licenses and maintenance fees for long-term, indefinite-term software licenses (Renewable Licenses), software maintenance revenues, as well as revenues from cloud services (SaaS services) are generally invoiced before the commencement of the performance obligation. The portion of the performance obligation is recorded in the balance sheet as deferred income liabilities, and, correspondingly, either as accounts receivable or, upon the fulfillment of the performance, into the bank account.

Other operating income

Other operating income includes income that is not related to the Group core business. Government grants are recorded in other operating income, except when they are related to investments, in which case they are deducted from the acquisition cost of the asset. 32 ( 74 )

Research and development expenditure

Research costs are expensed as incurred. Expenses related to the introduction of new technology, or the development of a new product are capitalized and amortized over the useful life of 4 years. When determining the duration of useful economic life, the technology’s eventual obsolescence and the product’s typical life cycle are considered. Amortization begins when the product becomes commercially viable. Maintenance costs and minor improvements to existing products are expensed. Grants received for product development are recognized in the income statement for the periods in which the corresponding expenses are incurred.

Pension plans

The Group’s pension scheme is a defined contribution plan managed by a pension insurance company. The expenses are recognized in the comprehensive income statement in the financial period that the contribution relates to. The Group does not have a legal or constructive liability to pay additional contributions in case of non-performance by the pension insurance company.

Share-based payments

The Group has adopted an option plan for key persons as of beginning of the year 2019 and expanded it with new plans in 2022, 2023 and 2024. In the Group incentive plan payments are made in the form of equity instruments. The benefits granted under the plans are recognized at fair value on the date on which they were granted and entered as costs evenly throughout the period during which they were earned. The effect of the plans on profit or loss is presented under the costs of employee benefits. The cost determined on the date on which the options were granted is based on the Group estimate of the number of options for which rights are presumed to arise at the end of the incentive earning period. The Group updates the presumption of the final number of options on the final day of every reporting period. Changes in estimates are treated through profit or loss. The fair value of the option plan is defined based on the Black-Scholes pricing model. Terms that are not market based, such as profitability and specific growth targets, are not taken into consideration when determining the fair value of options. Instead, they affect the estimate of the final number of options. When option rights are exercised, the assets obtained from share subscriptions are entered into the invested unrestricted equity fund in accordance with the terms of the plan.

Operating profit

IAS 1 “Presentation of Financial Statements” does not define the concept of operating profit. The Group uses the following definition of operating profit: operating profit is the sum of net sales and other operating income, less the cost of materials and services, expenses for employee benefits, other operating expenses, as well as depreciation, amortization and impairment losses of tangible and intangible assets. Exchange rate differences arising from working capital items are included in operating profit, whereas exchange rate differences arising from financial assets and liabilities are included in financial income and expenses.

Impairment

At each annual closing, the Group reviews asset items for any indication of impairment losses. If there are such indications, the amount recoverable from the said asset item is assessed. The recoverable amount of tangible and intangible assets is the higher of the asset item’s fair value less the cost arising from disposal and its value in use. The recoverable amount of financial assets is either the fair value or the present value of expected future cash flows discounted at the original effective interest rate. An impairment loss is recognized in the comprehensive income statement when the carrying amount is greater than the recoverable amount.

Goodwill is not amortized but its recoverable amount is estimated annually or more frequently if circumstances indicate that the value may be impaired. Such an estimate is prepared at least at each annual closing. For such purposes, goodwill is allocated to cash-generating units. An impairment loss is recognized in the consolidated comprehensive income statement, if the impairment test shows that the carrying amount of 33 ( 74 ) goodwill exceeds its recoverable amount. In this case the goodwill is recorded at its recoverable amount. After the initial recognition, goodwill is valued at original acquisition cost, less impairment losses recognized. Impairment losses on goodwill cannot be reversed.

Income taxes

The tax expense in the comprehensive income statement consists of tax based on taxable income for the financial year and deferred tax. Tax based on taxable income for the financial year is calculated based on taxable income and the tax rate valid in each country. Income taxes are charged to income, except when they are related to items recorded in equity or other items in comprehensive income, in which case the tax expense is adjusted to such items. Deferred taxes are calculated based on temporary differences between the book value and tax value of an asset or liability item. Deferred taxes are calculated at tax rates enacted by the balance sheet date. A deferred tax asset is recognized in the amount that it is probable, in accordance with IAS 12, that future taxable income will be generated against which the temporary difference can be utilized. Deferred tax liabilities are recognized in the balance sheet in full.

Intangible assets

Goodwill arising from business acquisitions represents the excess of the cost of an acquisition, the amount of non-controlling interests, and previously owned equity interests, over the fair value of the net assets of the acquired company. Goodwill is valued at the original acquisition cost minus impairment losses. Other intangible assets include, for example, patents. They are amortized on a straight-line basis over their useful life, which is 2 – 5 years.Tangible assets

The balance sheet values of tangible assets are based on original acquisition cost minus accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method and is based on the estimated useful life of the asset. The Group didn’t capitalize any borrowing costs in 2025 and 2024. Useful lifetimes of tangible assets:
* Machinery and equipment 3 – 7 years
* IT machinery and equipment 2 – 5 years

Lease agreements

The Group has adopted the IFRS 16 standard on leases. According to the standard, a contract is or contains a lease if the Group has a right to control the use of an identified asset for a certain period of time in exchange for consideration. When determining the non-cancellable period, the Group assesses the probability of exercising extension and termination options by considering all relevant facts and circumstances. Lease payments are divided into liabilities and financial expenses. Financial expenses are recognized in the income statement for the lease period. The right-of-use asset is depreciated using the straight-line method over the asset’s useful life or lease term, if shorter than useful life. Lease liabilities are discounted at the average loan interest rate of the year. When future lease payments are revised due to changes in an index rate or the terms of the lease, the right-of-use asset and the corresponding lease liability are revalued to reflect these changes. The group applies a practical expedient, under which the company does not recognize lease agreements with a lease term of up to 12 months at the commencement date (short-term lease) on the balance sheet. Instead, 34 ( 74 ) the company recognizes the lease payments related to short-term leases as expenses on a straight-line basis over the lease term. The Group primarily leases premises for office and warehouse use. Lease agreements are typically made either as fixed-term contracts or indefinite-term contracts.

Financial assets and liabilities

The Group’s financial assets are classified into the following measurement categories: financial assets at fair value through profit or loss and financial assets at amortized cost. The classification of financial assets is based on the purpose of the acquisition (business model for managing the asset) that is determined upon initial recognition. Transaction costs are included in the original carrying amount of a financial asset when the item is not measured at fair value through profit or loss. Purchases and sales of financial assets are recorded on the trade date. Items recognized at amortized cost comprise trade receivables. Financial liabilities are initially recognized at fair value minus the transaction costs that are directly attributable to the acquisition or issue of financial liability. Subsequently financial liabilities, except for derivative liabilities, are measured at amortized cost using the effective interest rate (EIR) method. Financial liabilities may include both non-current and current liabilities and they can be interest-bearing or non-interest-bearing. Financial assets and liabilities measured at fair value are presented in accordance with the hierarchy levels based on fair value measurement. Levels 1, 2 and 3 are based on the source of information used in the measurement. On level 1, fair values are based on public quotes. On level 2, fair values are based on quoted market rates and prices, discounted cash flows, and valuation models (options). For assets and liabilities classified on level 3, there is no reliable market information source, and therefore, the fair values of these instruments are not based on market information. To measure expected credit losses of trade receivables from customers, the Group uses a simplified approach. According to the approach the loss allowance is measured based on an allowance matrix and recognized at an amount equal to lifetime expected credit losses. Expected credit losses are measured based on historical information on previous credit losses, and also the available information on future economic conditions is included in the model.

Derivative contracts

Derivative contracts are initially recognized at fair value on the date on which the Group becomes party to the contract and are subsequently measured at fair value. The Group has no derivative contracts in 2025 and 2024.

Cash and cash equivalents

Cash and cash equivalents include cash and cash equivalents which are highly liquid and have a maturity of no more than three months from the date of acquisition.

Treasury shares

The repurchase of our own shares as well as the related direct costs are recorded as deductions in equity.

Provisions

A provision is recognized when the Group has a legal or constructive obligation as a result of an action, the outflow of resources required to settle the obligation is probable, and a reliable estimate of the amount can be made. A restructuring provision is recognized when a detailed and appropriate plan has been prepared, and the company has begun to implement the plan or has announced that it will do so. Restructuring provisions are based on the management’s best estimate of the expenses to be incurred, e.g., from employee termination payments. 35 ( 74 ) A provision for a loss-making agreement is recognized when unavoidable expenditure required to fulfill the obligations exceeds the benefits obtainable from the agreement.

Accounting principles that require management consideration, and essential factors of uncertainty related to management estimates

The preparation of the financial statements in accordance with IFRS standards requires management to make estimates and assumptions that affect the amounts of assets and liabilities at the date of the balance sheet, as well as the amounts of income and expenses for the reporting period and future periods. In addition, professional judgment is required in applying the accounting principles used in the preparation of the financial statements. Since the estimates and assumptions related to the determination of the carrying amounts of assets and liabilities are based on management's views at the date of the financial statements, expected outcomes, and other assumptions that were available when preparing these consolidated financial statements and are considered appropriate in the circumstances. Estimates involve risks and uncertainties, and actual outcomes may differ from the estimates and assumptions made. In estimates requiring management judgment, the management has taken into account general uncertainties such as geopolitical tensions, inflation, and uncertainties affecting the overall economic development in the valuation. Uncertainties may affect revenue development, the discount rate used, and the evolution of the company's cost structure. Additionally, uncertainties may impact the company's customers' payment behavior, as well as potential misjudgments in the capitalization of research and development expenses resulting from technology choices. Estimates are reviewed if there are changes in circumstances or if new information or experience is obtained. Since estimates inherently involve various degrees of uncertainty, the actual outcome may differ from the estimated, leading to adjustments in the carrying amounts of assets and liabilities. Learn more about the key areas which require management consideration:
* Share-based payments and option schemes (Note 7)
* Product development expenditure (Note 9)
* Goodwill (Note 14)
* Deferred tax (Note 17)
* Trade receivables (Note 18)
* Leases (Note 27)
* Financial risk management (Note 28)

Adoption of new or revised IFRS standards

The Group has not yet adopted the following already published new or amended standards and interpretations. The Group will adopt them immediately after the standard or interpretation is effective or, when applicable, at the beginning of the next financial year. (= On December 31, 2024, the standard in question was not yet approved for adoption in EU)
* Annual Improvements to IFRS Accounting Standards—Volume 11 (effective for financial years beginning on or after 1 January 2026, early application is permitted). Management estimates the impact of individual standards on the Group’s reporting.
* IFRS 18 Presentation and Disclosure in Financial Statements (effective for financial years beginning on or after 1 January 2027, early application is permitted). The change in the standard will affect the presentation of Group financial statement.
Other new and revised standards and interpretations are not expected to influence the Consolidated Financial Statements when they become effective . 36 ( 74 )

1. Segment information

QPR Software reports on one operating segment: Operational development of organizations. In addition to this, the Company reports net sales from products and services as follows: Software licenses, Renewable software licenses, Software maintenance services, Cloud services (SaaS), and Consulting services. Recurring revenue reported by the Group consists of software maintenance services and cloud services as well as of renewable software licenses. They are based on long-term, indefinite, or multi-year contracts, and are generally invoiced annually in advance. The accounting and valuation principles for the segments are the same as in the Consolidated Financial Statements.

Net sales by Operating segment Group (EUR 1,000)
| | 2025 | 2024 |
| :--- | ---: | ---: |
| Operational development of organizations | 5,619 | 6,614 |
| Total net sales | 5,619 | 6,614 |

3.# Net sales

Net Sales by Product Group

The Group’s net sales derive from software and consulting businesses are broken down as follows:

Group (EUR 1,000), IFRS	2025	2024	Change%
Software licenses	334	926	-64 %
Renewable software licenses	314	420	-25 %
Software maintenance services	1,330	1,717	-23 %
Cloud services(SaaS)	2,769	2,721	2 %
Consulting services	873	830	5 %
Total net sales	5,619	6,614	-15 %

Net Sales by Geographic area

The geographical areas reported are Finland, the rest of Europe including Turkey, and the rest of the world. Net sales are reported according to the customer’s headquarter location.

37 ( 74 )

Change	Group (EUR 1,000), IFRS	2025	2024	%
Finland	2,179	2,579	-16 %
Europe incl. Turkey	2,668	2,656	0 %
Rest of the world	773	1,379	-44 %
Total net sales	5,619	6,614	-15 %

Balance sheet items based on customer agreements are presented in Note 20.

4. Other operating income

Group (EUR 1,000), IFRS	2025	2024
Government grants	-	132
Other items	1	-
Total	1	132

In 2024, the Company received government grants from Business Finland in connection with the Decision Intelligence product research project and the North America Market Exploration market study.

5. Materials and services

Group (EUR 1,000), IFRS	2025	2024
Materials and services	933	1,026

The Group’s materials and services mainly comprise commissions to the reseller network, cloud service usage charges, and subcontracted consulting services.

6. Employees and related parties

Restated

Group (EUR 1,000), IFRS	2025	2024
Wages and salaries*	2,617	2,690
Pension expenses -defined contribution plans*	367	388
Other personnel expenses*	60	57
Total	3,044	3,136

*Starting from the financial year 2025, the company has reported product development capitalizations in expenses arising from employee benefits. The figures for the comparison period are presented in accordance with the 2025 cost classification.

38 ( 74 )

Average number of employees during the year (persons)	32	33

Related parties

The Group and the parent company’s related parties include members of the parent company’s Board of Directors and the Executive Management Team, including the Chief Executive Officer, their spouses, domestic partners, children and dependents, spouses’ or domestic partners’ children and dependents, as well as entities controlled by any such related party. Entities and individuals holding more than 20% ownership interest are also considered related parties.

The Group does not have any loans, commitments or guarantees granted to or received from related parties. The Group has not had business transactions with related parties in 2025 and 2024. The list of Group companies has been presented in Note 16.

Salaries, bonuses, fringe benefits and change in vacation bonus and bonus accruals for management

The Group has determined management to include members of the Board of Directors and the Executive Management Team, including the Chief Executive Officer.

Group (EUR 1,000)	IFRS	2025	2024
Salaries and other short-term benefits:
Members of the Board of Directors		120	120
Chief Executive Officer Heikki Veijola		188	181
Executive Management Team		845	1,029
Total		1,153	1,330

Bonuses of the Parent company’s Board of Directors

Group (EUR 1,000)	IFRS	2025	2024
Board fees by member:
Ervi Pertti, Chairman of the Board		45	45
Hovila Maija		25	-
Koskela Antti		25	25
von Schantz Linda		-	25
Tapaninen Jukka		25	25
Total		120	120

39 ( 74 )

7. Share based payments

Option scheme

QPR Software is operating with 2022, 2023 and 2024 stock option plans intending to use these as part of the Group's incentive and commitment program for the key employees. The purpose of the stock options is to encourage the key employees to work on a long-term basis to increase the shareholder value and retain the key employees at the company. The stock options are issued gratuitously. The subscription period for the previous stock options marked 2019 B was January 1 - January 31, 2024, and no shares were exercised in the scheme. The number of shares for the stock option plan 2022, subscribed by exercising stock option corresponds to a maximum of 1.9% of the Company’s shares and votes after possible share subscriptions, if new shares are issued in the share subscription. As a result of the share subscriptions with stock options, the number of the Company’s shares may increase by a maximum of 489,542 shares, if new shares are issued in the share subscription. The number of shares for the stock option plan 2023, subscribed by exercising stock options corresponds to a maximum of 5.2% of the Company’s shares and votes after possible share subscriptions, if new shares are issued in the share subscription. As a result of the share subscriptions with stock options, the number of the Company’s shares may increase by a maximum of 1,000,000 shares if new shares are issued in the share subscription. The number of shares for the stock option plan 2024A, subscribed by exercising stock option corresponds to a maximum of 4.0% of the Company’s shares and votes after possible share subscriptions, if new shares are issued in the share subscription. As a result of the share subscriptions with stock options, the number of the Company’s shares may increase by a maximum of 720,00 shares. The amount of 540,000 stock options is marked with the symbol 2024 B and 540,000 with the symbol 2024 C. The share subscription period with the Stock Options 2024 B shall be between September 9, 2028 and September 8, 2030. The share subscription period with the Stock Options 2024 C shall be between September QPR Software Plc's Annual General meeting held on June 18 th , 2025, resolved that EUR 45,000 annual fee (2024: EUR 45,000) shall be paid for the Chairman of the Board of Directors and EUR 25,000 (2024: EUR 25,000) annual fee shall be paid for the other members of the Board of Directors. Approximately 40 % of the remuneration to the members of the Board of Directors will be paid in the company’s shares and 60% in cash, and the shares will be granted as soon as it is possible after the next Annual General Meeting when insider rules allow it. No separate meeting fees are paid. The Company does not have any exceptional pension arrangements for the CEO. Pension expenses accrued, based on the CEO's salary and bonuses and the Finnish pension legislation, amounted to EUR 33 thousand in 2025 (2024: EUR 32 thousand). The period of notice for the CEO is four (4) months. Compensation on termination is equivalent to three (3) months’ salary. Other members of the Group's Executive Management Team do not enjoy special benefits related to termination of their contract. In 2025, the maximum annual bonus of Executive Management Team, including the CEO, was 50% of the annual base salary. The bonus scheme for members of the Executive Management Team was based on a set of KPI's including development of the Group net sales, new sales and other non-financial KPI's 2025. For financial year 2025 about 11 thousand euros (2024: EUR 110 thousand) will be paid to the executive management team, including the CEO. Starting from the year 2025, performance-based bonuses include sales commissions, to the extent that management is covered by them.

40 ( 74 )

9, 2029 and September 8, 2031. The theoretical market value of the stock options 2024 B and stock options 2024 C shall be determined at the grant date of the stock options. The terms and conditions of the stock options 2022, 2023 and 2024 are available on the company’s webpage: www.qpr.com.

Share-based payment arrangements granted	2022	2023	2024A
Subscription period	15.6.2025-31.5.2027	6.9.2026-6.9.2028	10.9.2027-9.9.2029
Share subscription price	0.85	0.42	0.59
Stock options outstanding at the end of the period, pcs	489,542	1,000,000	655,200
Estimated expense of share option program, EUR 1,000	88	150	131

Recognized as an expense in the income statement (1,000 EUR)	2025	2024	2022	24
2023	88	52
2024A	45	15
Total	156	93

8. Depreciation and amortization

Group (EUR 1,000), IFRS	2025	2024
Intangible assets	828	934
Tangible assets
Machinery and equipment	17	55
Right-of-use assets, buildings	42	47
Total	887	1,036

No write-downs (2024: EUR 2 thousand) have been made on assets in 2025.

41 ( 74 )

9. Other operating expenses

Other operating expenses by expense category

Group (EUR 1,000), IFRS	2025	Restated2024
Non-statutory indirect employee costs	54	74
Premise expenses	22	59
Travel expenses	54	49
Marketing and other sales promotion	264	200
Computers and software	268	276
External services	752	758
Doubtful receivables and bad debts	19	-23
Other expenses	136	173
Total	1,569	1,234

Starting from the financial year 2025, the company has reported capitalized development costs under employee benefit expenses. The comparative figures for the comparison period are presented in accordance with the 2025 cost classification.

Auditors’ remunerations

Auditing	70	66
Other services	12	3
Total	82	69

The fees are divided between EY and KPMG for the audit in 2025 as follows: EY 29 EUR thousand & KPMG 51 EUR thousand. The share for other services in 2025 is 10 EUR thousand for EY and 3 EUR thousand for KPMG. The figures for 2024 are covered entirely by KPMG.

Product development expenses incurred during the year

Expenses recognized in profit or loss	871	979
Capitalized expenses	310	331
Total	1,181	1,310

Product development expenses consist of personnel expenses. Recognized expenses do not include amortization. The amortization of capitalized product development expenses is presented in Note 13.

42 ( 74 )

10.# Financial income and expenses Recognized in profit or loss

Group (EUR 1,000), IFRS

	2025	2024
Interest income from loans and other receivables	15	5
Exchange rate differences	5	11
Financial income total	20	16
Interest expenses of the financial liabilities measured at amortized cost	-19	-36
Other financial expenses	-40	-50
Exchange rate differences	-11	-17
Financial expenses total	-70	-103
Financial income and expenses, net	-50	-87

Exchange rate differences in profit and loss

	2025	2024
Exchange rate differences included in net sales	-47	9
Exchange rate gains in financial income	5	11
Exchange rate losses in financial expenses	-11	-17
Total	-53	2

11. Income taxes

Recognized in profit or loss

Group (EUR 1,000), IFRS

	2025	2024
Current tax expense	7	-18
Withholding taxes recognized as an expense	-82	-
Tax expense from previous years	1	-13
Deferred tax	-113	52
Total	-187	21

Reconciliation of tax rate

Group (EUR 1,000), IFRS

	2025	2024
Result before tax	-862	-103
Income tax calculated at the Finnish corporate tax rate	172	21
Effect of different tax rates in foreign subsidiaries	0	-3
Effect of options and IFRS 16	-33	-23
	43	( 74 )
43	( 74 )

1. Intangible assets

Group (EUR 1,000), IFRS

	Computer software	Other intangible assets	Capitalized product development	Total
Book value Jan 1, 2024	1	29	2,217	2,245
Increases and decreases	0	0	331	331
Amortization for the financial year	-1	-16	-919	-935
Acquisition cost Dec 31, 2024	1,064	2,632	10,649	14,345
Accum. amortization and write-downs Dec 31, 2024	-1,064	-2,621	-9,020	-12,705
Book value Dec 31, 2024	0	13	1,629	1,641
Book value Jan 1, 2025	0	13	1,629	1,641
Other items	-5	-	-	-
Deferred tax, costs related to share issuance	24	-	-	-
Recognition of previously unrecognized tax loss	-	55	-	-
Tax effect of deductable temporary expense	-	-	11	-
Tax expense from previous years	-18	-13	-	-
Withholding tax write-offs	82	-	-	-
Recognition of new deferred tax asset	-	-	152	-
Adjustments to previously recognized deferred tax assets	113	-	-	-
Corporate income tax recognized	6	-	-	-
Unrecognized deferred tax asset	-154	-179	-	-
Tax expense in the comprehensive income statement	187	21	-	-
Increases and transfers	0	117	310	427
Amortization for the financial year	0	-6	-822	-828
Acquisition cost Dec 31, 2025	1,064	2,749	10,959	14,772
Accum. amortization and write-downs Dec 31, 2025	-1,064	-2,627	-9,842	-13,533
Book value Dec 31, 2025	0	124	1,116	1,239

Capitalized product development expenses were EUR 310 thousand (2024: EUR 341 thousand). Unfinished product development projects were EUR 15 thousand (2023: EUR 26 thousand), which have not yet commercialized and respectively started depreciations, were recognized in the balance sheet at the end of the financial year.

Capitalized product development expenses are tested for impairment at the end of each financial year or at any event if there is indication of impairment on any asset. The capitalized product development expenses has been performed for impairment test at December 31, 2025, based on the amount to be generated from the cash-generating unit is determined based on value-in-use calculations. The impairment test calculations are prepared following the discounted cash flow method using the management approved estimates driven from budget for the following year and subsequent development derived from the strategic plans. The terminal year value has been defined based on the long-term strategic plans taking average cash flows of the period. Cash flows beyond the 5-year period are calculated using the terminal value method. The terminal growth rate of 2.0% percent (2.0%) used in projections is based on management’s assessment on conservative long-term growth. Key driver for the valuation is the revenue growth based on the Group’s performance and future strategic growth plans, market position as well as the potential in key markets. The applied discount rate is the weighted average cost of capital (WACC). The components of the WACC are risk-free rate, market risk premium, company specific factor, and industry specific beta, cost of debt and debt/equity ratio. The WACC of 10.40% percent (10.24 %) has been used in the calculations. As a result of the impairment test, no impairment loss for the CGU was recognized for the financial period end December 31,2025.

Accounting estimates and management's judgements

The management uses significant estimates and judgement when determining whether there are indications of impairment of R&D assets. Management judgement has also been used when defining the amount of cash generating units and taken into account software business area and related consulting recoverable amounts. The QPR Group's revenue as a whole has been reviewed as the cash-generating unit. The cash flow projections are based on budgets and financial estimates approved by management covering a 5-year period. Cash flow forecasts are based on QPR’s existing business structure, actual results and the management’s best estimates on future sales, cost and EBITDA development, general market conditions, growth potential on the markets as well as economic uncertainties. Management has considered in the estimates the impact of decided structural changes in all business areas to improve performance. Management tests the impacts of changes in significant estimates used in forecasts by sensitivity analyses. According to the sensitivity analysis, in the group-level testing, a need to write down capitalized product development costs or goodwill would arise if the revenue growth rate were to weaken by 19 percent from the assumed average revenue growth during the strategy period. A change in the discount rate is not expected to have an impact.

1. Goodwill

Group (EUR 1,000), IFRS

	2025	2024
Acquisition cost Jan 1	358	358
Acquisition cost Dec 31	358	358
Book value Dec 31	358	358

QPR's goodwill arises from the acquisition of Nobultec Ltd in 2011 and it has been allocated to the group software business (previously to the Process Mining business unit). QPR has made goodwill impairment test for the reporting period at 31.12.2025. The recoverable amount from the cash generating unit is determined based on value in-use calculations. The calculations are prepared following the discounted cash flow method using the management approved estimates driven from budget for the following year and subsequent development derived from the strategic plans. The terminal value has been defined based on long-term strategic plans. Cash flows beyond the 5-year period are calculated using the terminal value method. The terminal growth rate of 2.0% percent (2.0%) used in projections is based on management’s assessment on conservative long-term growth. The key drivers for the valuation are the revenue growth based on the software business performance and future strategic growth plans, market position as well as the potential in key markets. The applied discount rate is the weighted average cost of capital (WACC). The components of the WACC are risk-free rate, market risk premium, company specific factor, and industry specific beta, cost of debt and debt/equity ratio. The WACC of 10.40% percent (10.24 %) has been used in the calculations. The pre-tax WACC is 10.8%. As a result of the impairment test, no impairment loss for the CGU was recognized for the financial period ended December 31, 2025.

Accounting estimates and management's judgements

The management uses significant estimates and judgement when determining whether there are indications of impairment of goodwill. Management judgement has also been used when defining the amount of cash generating units and considered Process Mining software business area and related consulting recoverable cash flows, as well as recoverable cash flows from common functions. The cash flow projections are based on budgets and financial estimates approved by management covering a 5-year period. Cash flow forecasts are based on QPR’s existing business structure, actual results and the management’s best estimates on future Net Sales, cost development, general market conditions and growth potential on the market as well as economic uncertainties. Management has considered decided structural changes impacting to all business areas for improving performance as well as realized last quarter growth drivers. Management tests the impacts of changes in significant estimates used in forecasts by sensitivity analyses. At the testing date of 31 December 2025, the excess of the recoverable amount over the carrying amount in the statement of financial position was EUR 18 894 thousand. Based on the sensitivity analysis, the forecasted average growth rate of software revenue used in the goodwill impairment test would need to fall below 18% before any need to consider an impairment of the carrying amounts would arise.

1. Tangible and right-of-use assets

Group (EUR 1,000), IFRS

	Machinery and equipment	Right-of-use assets: buildings
Book value Jan 1, 2024	81	318
Increases	-	412
Decreases	-6	-307
Depreciation for the financial year	-55	-47
Acquisition cost Dec 31, 2024	2,272	1,641
Accum. depreciation and write-downs Dec 31, 2024	-2,250	-1264
Book value Dec 31, 2024	20	377
Book value Jan 1, 2025	20	377
Increases	2	-
Depreciation for the financial year	-17	-42
Acquisition cost Dec 31, 2025	2,273	1,641
Accum.

12. Earnings per share

Undiluted earnings per share are calculated by dividing total comprehensive income attributable to shareholders of the parent company by the weighted average number of shares outstanding during the financial year.

Group (EUR 1,000), IFRS

	2025	2024
Total comprehensive income attributable to shareholders of the parent company (EUR thousand)	-1,050	-82
Number of shares outstanding (1,000 pcs)	19,360	17,836
Earnings per share (EUR/share)
Undiluted and diluted	-0.054	-0.005

The Group are operating stock option plans 2022, 2023 and 2024. In 2025 and 2024, the stock option scheme did not have a dilutive effect. Total outstanding shares on December 31,2025 were 19,659,667.depreciation and write-downs Dec 31, 2025 -2,268 -1,305 Book value Dec 31, 2025 5 335 The Notes related to lease agreements in Right-of-use assets are presented in Notes 27 Leases agreements.

16. Shares and other investments

The parent company of the Group is QPR Software Plc.

Subsidiaries owned by parent company	Domicile	2025	2024
Owned directly:
QPR CIS Oy	Helsinki, Finland	100 %	100 %
QPR Software AB	Stockholm, Sweden	100 %	100 %
QPR Services Oy	Helsinki, Finland	100 %	100 %
QPR Software Inc.	Indianapolis, IN, USA	100 %	100 %
QPR Software Limited	London,UK	100 %	100 %

Other shares	2025	2024
Acquisition cost Jan 1	5	5
Acquisition cost Dec 31	5	5
Book value Dec 31	5	5

18. Trade and other receivables

Group (EUR 1,000), IFRS
| | 2025 | 2024 |
| :--- | :--- | :--- |
| Trade receivables | 2,013 | 2,024 |
| Credit loss provision | -21 | -5 |
| Accrued income and prepaid expenses | 167 | 186 |
| Other receivables | 302 | 150 |
| Total | 2,461 | 2,355 |

Geographical breakdown of trade receivables:
| | Finland | Other European countries incl. Turkey | Countries outside Europe | Total |
| :--- | :--- | :--- | :--- | :--- |
| 2025 | 568 | 946 | 499 | 2,013 |
| 2024 | 691 | 650 | 683 | 2,024 |

Currency breakdown of trade receivables:
Group (EUR 1,000), IFRS
| | 2025 | % | 2024 | % |
| :--- | :--- | :--- | :--- | :--- |
| EUR (Euro) | 1,535 | 76.2 | 1,634 | 80.7 |
| USD (U.S. Dollar) | 327 | 16.2 | 307 | 15.2 |
| SEK (Swedish Krona) | 26 | 1.3 | 18 | 0.9 |
| ZAR (South African Rand) | 3 | 0.1 | 15 | 0.7 |
| JPY (Japanese Yen) | 8 | 0.4 | 21 | 1.0 |
| GBP (Pound Sterling) | 1 | 0.0 | 29 | 1.4 |
| PLN (Polish Zloty) | 3 | 0.1 | - | - |
| CHF (Swiss Franc) | 2 | 0.1 | - | - |
| AED (United Arab Emirates dirham) | 109 | 5.4 | - | - |
| Total | 2,013 | 100 | 2,024 | 100 |

Age analysis of trade receivables:
Group (EUR 1,000), IFRS
| | 2025 | % | 2024 | % |
| :--- | :--- | :--- | :--- | :--- |
| Not due | 1,273 | 63.2 | 1,363 | 67.4 |
| 0 -90 days overdue | 388 | 19.3 | 593 | 29.3 |
| 90 -180 days overdue | 155 | 7.7 | 63 | 3.1 |
| More than 180 days overdue | 198 | 9.8 | 5 | 0 |
| Total | 2,013 | 100 | 2,024 | 100 |

Fair value of trade receivables: The initial book value of trade receivables equals fair value because the effect of discounting is not material considering maturity.

Credit losses and provision of credit losses
Group (EUR 1,000), IFRS
| Trade receivables | Credit loss expectation based on trade receivables 2025 |
| :--- | :--- |
| Not due 1,273 | 0 |
| 0 -60 days overdue 348 | 2 |
| 60 -120 days overdue 71 | 1 |
| 120 -180 days overdue 123 | 2 |
| >180 days overdue 198 | 20 |
| Total | 25 |

In 2025, the Company recognized a credit loss provision of EUR 21 thousand (2024: EUR 0) The Group did not recognize any impairment of trade receivables in 2025 (2024: EUR 3 thousand).

17. Deferred tax assets and liabilities

Group (EUR 1,000), IFRS
| | 2025 | 2024 |
| :--- | :--- | :--- |
| Jan 1 | 325 | 273 |
| Recorded in income statement | -113 | 52 |
| Dec 31 | 212 | 325 |

A deferred tax asset of EUR 212 thousand (2024:325 thousand) has been recognized in the balance sheet for confirmed and estimated unused losses of the Group’s Finnish Companies. These tax assets companies will most likely be able to utilize before the end of the utilization period. The Group has unrecognized deferred tax assets of EUR 1,216 thousand, resulting from confirmed and estimated losses for the fiscal years 2021–2025. The total of recognized and unrecognized deferred tax assets is EUR 1,428 thousand. As of the Financial Statement date December 31, 2025, QPR has estimated if it is probable that company can utilize the deferred tax assets in future. The evaluation was mainly based on previous results of previous financial years. The conclusion drawn based on the evaluation is based on emphasizing objective unfavorable evidence compared to more subjective favorable evidence. The primary factors in this assessment are used more objectively include realized long-term financial performance compared to inherently more subjective expectations of future financial performance in Finland. QPR continues to assess the utilization of deferred tax assets, especially monitoring realized profits, and may reclassify the deferred tax asset related to Finland back to the balance sheet when sufficient tax profitability is achieved. In Finland, deferred tax assets can be offset against profits for the next ten tax years from 2027 to 2033, and those can be utilized against future tax liabilities in Finland.

19. Cash and cash equivalents

Group (EUR 1,000), IFRS
| | 2025 | 2024 |
| :--- | :--- | :--- |
| Bank accounts | 621 | 825 |
| Total | 621 | 825 |

20. Balance sheet items related to customer contracts

Group (EUR 1,000), IFRS
| | 2025 | 2024 |
| :--- | :--- | :--- |
| Trade receivables | 2,013 | 2,024 |
| Contract assets | 8 | 119 |
| Contract liabilities | -2,156 | -2,534 |

Contract assets are items for which performance obligations have already been fulfilled, but the customers have not yet been invoiced. In QPR Software, contract assets are usually related to consulting services, which are invoiced after the performance obligations have been fulfilled. Contract liabilities, on the contrary, are items which have already been invoiced, but for which performance obligations have not yet been entirely fulfilled. In QPR Software, contract liabilities are usually related to maintenance or SaaS fees, which are invoiced in advance and are recognized as revenue over the duration of the contract period.

21. Shareholders' equity

Share
The Company has one series of shares, and the maximum value of share capital is EUR 80 thousand. All issued shares have been paid in full.

Other funds
Includes the reserve fund in subsidiary QPR Software AB.

Treasury shares
Includes the purchase price of shares repurchased by the Group. The change in the number of treasury shares is due to board remuneration, which has been partly paid in the company’s own shares. The disposal of treasury shares has been accounted for using the FIFO method.

Invested unrestricted equity fund
Includes funds raised from the right issuance in 2025. The right issuance raised gross proceeds of €1.742.402. The costs related to the right issuance in 2025 amounted to €118.733. A total of 1.675.386 new shares were registered in connection with the issue.

Changes in number of shares
Parent company QPR Software Oyj (1 000 pcs)
| | 2025 | 2024 |
| :--- | :--- | :--- |
| Shares at Jan 1. | 18,175 | 18,175 |
| Subscriptions | 1,675 | - |
| Shares at Dec. 31 | 19,851 | 18,175 |

Calculation of the distributable funds
Parent company QPR Software Oyj (EUR)
| | 2025 | 2024 |
| :--- | :--- | :--- |
| Retained earnings | -4,868,012 | -4,205,310 |
| Result for the financial year | -928,871 | -643,379 |
| Treasury shares | -177,027 | -244,349 |
| Invested unrestricted equity fund | 7,272,133 | 5,529,731 |
| Distributable funds | 1,298,224 | 436,693 |

22. Other non-current liabilities and interest-bearing loans

Non - current liabilities
Group (EUR 1,000) IFRS
| | 2025 | 2024 |
| :--- | :--- | :--- |
| Non-current Lease liabilities | 333 | 372 |
| Loans from banks | - | 500 |
| Total | 333 | 872 |

Current interest - bearing loans
Group (EUR 1,000) IFRS
| | 2025 | 2024 |
| :--- | :--- | :--- |
| Loans from banks, next year repayment | 500 | 500 |
| Lease liabilities | 35 | 29 |
| Total | 535 | 529 |

The company has EUR 500 thousand of short-term loan from banks. Interest-bearing loans consist of Euribor and 1.05% interest margin. The Group has a credit limit of EUR 0.5 million, which was not in use at the end of 2025 (2024: EUR 0 thousand). The parent company has a revolving credit facility of EUR 1.5 million with Nordea for financing need. The funds were used at the end of 2025 EUR 0 million (2024: EUR 0.5 million) in the long-term loans and EUR 0.5 million (2024: EUR 0.5 million) in the short-term loans. The agreement for the revolving credit facility was signed on January 24, 2023 extending the previous credit facility agreements. The loan will be maturing on January 30, 2026 and December 31, 2026.

24. Classification of financial assets and liabilities

The table discloses carrying amounts of financial assets and financial liabilities. The fair value hierarchy level for equity investments measured at fair value is 3. The carrying amount of other financial assets and financial liabilities is a reasonable estimate of their fair value. The financial assets and liabilities are classified in accordance with IFRS 9.

Carrying amounts of financial assets and financial liabilities Dec. 31, 2025
| | Note | At fair value through profit or loss | Recognised at amortised cost | Total |
| :--- | :--- | :--- | :--- | :--- |
| Financial assets | | | | |
| Financial assets measured at fair value | | | | |
| Equity investments | 16 | 5 | | 5 |
| Total | | | | 5 |

Financial assets not measured at fair value
Considering the discounted present value of the debt, considering its maturity and interest rate, it is 493 thousand euros, which is 7 thousand euros lower than the original book value of the debt, which is 0.5 million euros.

Repayment schedule of right-of-use liabilities
| | 2025 | 2024 |
| :--- | :--- | :--- |
| Nominal interest rate | 4,00% | |
| Maturity | 2025-2034 | |
| Book value | 368 | 402 |

Group (EUR 1,000) IFRS
| | Interest-bearing right-of-use liabilities |
| :--- | :--- |
| Lease liabilities | 368 | 402 |
| Interest-bearing right-of-use liabilities | 368 | 402 |

23. Trade payables and other liabilities

Group (EUR 1,000), IFRS
| | 2025 | 2024 |
| :--- | :--- | :--- |
| Trade payables | 89 | 374 |
| Accrued expenses and prepaid income | 1,896 | 707 |
| Advances received | 773 | 2,363 |
| Other liabilities | 428 | 659 |
| Total | 3,186 | 4,104 |

The initial carrying amount of trade payables and other liabilities corresponds to the fair value because the effect of discounting is not material considering the maturity of the item. The amount of trade payables in foreign currencies was 25 %, (2024: 25 %).

27. Lease agreements

Leases in the Balance Sheet
Group (EUR 1,000), IFRS
| Dec 31, 2025 | Dec 31, 2024 |
| :--- | :--- |
| Assets | |
| Non-current assets | |
| Right-of use assets, buildings | 335 | 402 |
| Trade and other receivables | 18 | |
| Cash and cash equivalents | 19 | 621 | 621 |
| Total | 3,081 | 3,081 |
| Financial liabilities | |
| Financial liabilities not measured at fair value | |
| Bank borrowings | 22 | 500 | 500 |
| Right-of-use liabilities | 22 | 368 | 368 |
| Trade payables and other liabilities | 23 | 3,186 | 3,186 |
| Total | 4,055 | 4,055 |

25. Adjustments to the cash flow from operating activities

Group (EUR 1,000), IFRS
| | 2025 | 2024 |
| :--- | :--- | :--- |
| Other items | 242 | 111 |
| Total | 242 | 111 |

Other items include Stock option program IFRS2 adjustments, board remuneration paid in company shares, and adjustments to financial items.

26.## Commitments and contingent liabilities

Group (EUR 1,000), IFRS	2025	2024
Business mortgage	2,383	2,382
Lease liabilities and rental commitments
Maturing within one year	-	26
Maturing during in 1-5 years	-	-
Total	2,383	2,408

Business mortgages are given as guarantee for Nordea towards revolving credit facility loan (EUR 1,5 million). Rental guarantees totaling EUR 3 thousand are included in other current receivables. Rental agreements related to office furniture and IT equipment are included in rental commitments.

	53	( 74 )
Total	335	402
Lease liabilities, non-current	333	372
Lease liabilities, current	35	29
Total	368	402

Lease assets and liabilities are related to the office lease agreement of the Group parent company. The maturity of the agreement is presented in the Notes 28 Financial Risk Management.

Leases in the Income Statement	2025	2024
Depreciation of right-of-use assets	-42	-47
Interest expenses	-15	-18
Total	-57	-65

The total cash outflow for leases in 2025 was EUR 44 thousand (2024: 152).

28. Financial Risk Management

The International business operations of QPR Group are exposed to risks typical in normal international transactions. Financial risk management aims to secure sufficient financing cost-effectively and to monitor, and when necessary, to mitigate the materializing risks. Risk management is a centralized responsibility of the Group’s financing function and the CEO. The general risk management policies are approved by the QPR Software Plc Board of Directors. The Board is also responsible for supervising the adequacy, appropriateness, and effectiveness of the Group’s risk management

Foreign exchange risk

The main sales currency for the Group is Euro, and most purchases are made in Euros. The majority of trade receivables are in Euros (EUR), 76% (81). During the financial year, the most significant invoicing currencies after EUR were the U.S. Dollar (USD) and the United Arab Emirates Dirham (AED). If the value of USD and AED against EUR were to decrease by 10%, and the share of currencies were to remain on the same level, the value of trade receivables would decrease by EUR 44 thousand, equaling 2.2 % of the total value of all trade receivables. Correspondingly, if the value of all non-EUR invoicing currencies were to decrease by 10%, the value of trade receivables would decrease by EUR 48 thousand. A breakdown of trade receivables by currency is presented in Note 18. In accordance with the foreign exchange risk policy approved by the Board of Directors, the Company may engage in foreign currency hedging. The purpose of currency hedging is to reduce the uncertainty brought by exchange rates and to minimize the adverse impact of exchange rate changes on the Group’s cash flow, financial results, and equity. Management regularly reviews the Company’s foreign exchange risks, taking into account the hedging costs. At the end of 2025 and 2024, the Company did not have any hedging instruments.

Interest rate risk

54 ( 74 )

The impact of interest rate changes on the Group result is insignificant, and the Group did not take any hedging measures during the financial year. According to the financing agreement made on January 24th, 2023, the interest rate for the 0.5 million EUR short term loans is tied to Euribor.

Liquidity risk

Liquidity risk is defined as financial distress or extraordinarily high financing costs due to the shortage of liquid funds in a situation where business conditions unexpectedly deteriorate and require financing. The company has access to a €0.5 million bank overdraft facility, which provides flexibility in managing cash flow. The facility was undrawn as of year-end 2025. The purpose of liquidity risk management is to maintain sufficient liquidity and to ensure that funds are continuously available to finance business operations quickly enough. The share issue carried out in 2025 has strengthened the company’s cash position and liquidity. QPR maintains sufficient liquidity through efficient cash management and deposits. The Parent company has a loan amount of 0.5 million. The company has a loan with no associated financial covenants. The credit limit will be repaid in instalments of 250 thousand on January 30, 2026, and December 30,2026.

Maturity of financial assets and liabilities (numbers are undiscounted)

| | Dec, 31 2025 | | |
|:---|---:|---:|---:|---:|
| Group, IFRS (EUR 1,000) | Book value | 0–6 months | 7–12 months | beyond 12 months |
| Trade and other payables | 89 | 89 | - | - |
| Bank borrowings, revolving credit facility | 500 | 250 | 250 | - |
| Lease liabilities (IFRS16) | 368 | 17 | 18 | 333 |
| Total | 958 | 357 | 268 | 333 |

| | Dec, 31 2024 | | |
|:---|---:|---:|---:|---:|
| Group, IFRS (EUR 1,000) | Book value | 0–6 months | 7–12 months | beyond 12 months |
| Trade and other payables | 374 | 374 | - | - |
| Bank borrowings, revolving credit facility | 1,000 | 500 | - | 500 |
| Lease liabilities (IFRS16) | 402 | 16 | 17 | 369 |
| Total | 1,776 | 890 | 17 | 869 |

The average interest rate of the bank loan was 3,445% (year 2024: 3,917%), which consists of Euribor 1 and 3 and 6 months and 1.05% interest margin. Trade payables were interest-free, and the imputed interest of the lease liability is 4.0% (year 2024: 4.0%).

Operative credit risk

The Group’s international business operations are by their nature exposed to reasonable credit risk related to individual partners. However, the Group’s customer base and reseller network is broad and spread over several market areas. Thus, the Group’s trade receivables are collected from a large number of resellers and customers in several market areas, and according to management’s estimate there are no concentrations of reseller, customer, or geographical risks. In addition, the continuous and active monitoring of receivables and credit

55 ( 74 )

limits aims to mitigate the Group’s credit risks. The Group’s maximum credit risk corresponds to the book value of trade receivables. Additional information on the Group’s trade receivables is presented in Note 18.

29. Capital management

Group (EUR 1,000), IFRS	2025	2024
Cash and cash equivalents	621	825
Net liabilities	248	577
Shareholders' equity	1,180	401
Gearing, %	21.0	143.9
Equity ratio, %	26.5	11.9
Total balance sheet	5,235	5,906

The development of Group's capital structure is monitored, in particular, through gearing and equity ratio.

30. Reconciliation of alternative key figures (EUR 1.000)

	2025	2024
Total Equity at the end of the period	1,180	401
Balance sheet total	5,235	5,906
Advances received at the end of the period	773	2,534
Total equity at the end of the period x 100	26.5 %	11.9 %
Balance sheet total - advances received at the end of the period

A member firm of Ernst & Young Global Limited
Ernst & Young Oy
Korkeavuorenkatu 32-34
FI-00130 Helsinki
FINLAND
Tel: +358 207 280 190
www.ey.com/fi
Business ID: 2204039-6, domicile Helsinki

(Translation of the Finnish original)

Independent Auditor’s Report on the ESEF Consolidated Financial Statements of QPR Software Oyj

To the Board of Directors of QPR Software Oyj

We have performed a reasonable assurance engagement on the financial statements 7437003V4S76KM56UW70-2025-12-31-0-fi.zip of QPR Software Oyj (y-identifier: 0832693-7) 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 Board of Directors and financial statements (the ESEF financial statements) 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 control as they determine is necessary to enable the preparation of ESEF financial statements in accordance the requirements of the Commission’s regulatory technical standard.

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 relevant to the engagement we have performed, and we have fulfilled our other ethical responsibilities in accordance with these requirements. The firm applies International Standard on Quality Management (ISQM) 1, which requires the 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

Auditor’s Responsibilities

Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities Markets Act, provide assurance on the financial statements that have been prepared in accordance with the Commission’s technical regulatory standard. We express an opinion on whether the consolidated financial statements A member firm of Ernst & Young Global Limited 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 Standard on Assurance Engagements (ISAE) 3000.The engagement includes procedures to obtain evidence on:
* whether the primary financial statements 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 requirements 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 requirements of Article 4 of the Commission's regulatory technical standard and
* whether there is consistency between the ESEF financial statements and the audited financial statements.

The nature, timing and extent of the selected procedures depend on the auditor’s judgement. This includes an assessment of the risk of material deviations due to fraud or error from the requirements of the Commission’s technical regulatory 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 financial statements that are included in the ESEF financial statements of QPR Software Oyj 7437003V4S76KM56UW70-2025-12-31-0-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 statements of QPR Software Oyj for the financial year ended 31.12.2025 has been expressed in our auditor's report dated 13.2.2026. With this report we do not express an opinion on the audit of the consolidated financial statements nor express another assurance conclusion.

Helsinki 26.3.2026

Ernst & Young Oy
Authorized Public Accountant Firm

Maria Onniselkä
Authorized Public Accountant