Raw Therapee is a free RAW converter and digital photo processing software.

Features
# Selectable high performance demosaicing algorithms (EAHD and HPHD and VNG-4).
Compare them on this comparison page.
# Using DCRaw 8.82/1.398 for decoding RAW images
# Image post processing in 16 bit / channel mode
* Exposure control in RGB space
o Auto exposure with adjustable clipping point / Exposure compensation / Shadow and highight compression / Contrast adjustment, curve editor
* White balance adjustment in RGB space
o With in-camera, automatic and spot white balance options / Temperature/Green tint fine tuning
* Highlight Recovery
* Shadows/Highlights control in RGB space
* Basic Luminance curve tool to modify the luminance channel in CIELab color space
o Brightness / Contrast adjustment, curve editor
* USM sharpening applied on the CIELab luminance channel
o Classical USM parameters (Radius, Amount, Threshold) / Option to avoid noise amplification / Sharpening halo control
* Optional RL Deconvolution based sharpening for even better sharpening results
* Color shift control in CIELab color space
o Allows color shift by shifting the CIELab "a" and "b" channels
* Color booster applied on the CIELab "a" and "b" channels
o Amplifies color channels "a" and "b" together or separately / Avoids color overamplification in high chrominance areas / Option to avoid clipping caused by too high color boosting
* Luminance denoising algorithm applied on the CIELab luminance channel
o Edge sensitive method to preserve as much details as possible
* Color denoising tool applied on the CIELab "a" and "b" channels
o Classical gaussian blur or edge sensitive bluring of the color channels
* Fast switching between different postprocessing profiles
* Image flipping horizontally or vertically, rotation by 90 degrees clockwise or counter clockwise
* Arbitrary image rotation (straightening tool)
o with fill function or automatic crop
* Simple lens distortion correction
* Crop tool
* Chromatic Aberration correction tool
* Channel Mixer for Red, Green and Blue channels
* C/A Correction
* Vignetting Correction

# ICC based color management
# Change History with bookmarks to support before/after checking
# Output options:
* Supported file formats:
o JPEG (8 bit), PNG (8 or 16 bit), TIFF (8 or 16 bit)
* Image ouput size could be set
* EXIF data is preserved in JPEG output (except crw files)
* Output directory and automatic file naming highly customizable

# File browsing with thumbnails
# Localization supported (utf8 language file):
already included languages are: czech, deutsch, english, espanol, italian, latvian, magyar, nederlands, polish, russian, slovak, swedish

What's New
* dcraw 8.97/1.428
* Updated translations
* Many bugs fixed