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Qliro (QLIRO) investor relations material
Qliro Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
Executive summary
Total payment volume grew 50% year-over-year in Q3, reaching SEK 4,379 million, driven by new merchant activations, strong SME and enterprise momentum, and market share gains in the Nordics.
BNPL volumes rebounded, growing 19%-90% in Q3, supporting future loan book and income growth, though still lagging overall TPV growth.
Expansion in Norway and Finland contributed over SEK 2 billion in new merchant contracts and TPV, with Finland showing strong early momentum.
Organizational and efficiency initiatives, including restructuring and executive changes, incurred SEK 20-25 million in non-recurring costs in H2, with profitability targeted for Q1 2026.
The number of connected merchants increased by 127% to 456, and active consumers reached 7.2 million.
Financial highlights
Operating income grew 3% year-over-year in Q3 to SEK 99.2 million, but was held back by legacy enterprise headwinds.
Adjusted operating loss was SEK -23.2 million, with reported operating loss at SEK -42.8 million for Q3.
Credit losses declined 2% year-over-year to -26.8 MSEK, with credit losses as a percentage of TPV down to 0.61% from 0.93%.
Gross profit remained flat due to increased variable costs and a shift in payment mix; gross margin (GM1) improved to 15.77%.
Loan book grew 6% in Q3, driven by BNPL volume recovery.
Outlook and guidance
Profitability is targeted for Q1 2026, supported by cost savings, efficiency programs, and BNPL-driven loan book growth.
Q4 income growth is expected to be around 15%, with continued strong development in Norway and Finland.
Annual TPV is projected to reach SEK 21.5 billion once all new agreements are live, a 34% increase over LTM.
Detail path to Q1 2026 profitability
Explain take rate decline despite TPV growth
Address 24% drop in public deposits
Q1 2026 profitability drivers?
Checkout Gen 3 competitive advantage?
SME segment's future profit contribution?
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Q4 202510 Feb, 2026
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Frequently asked questions
Qliro AB operates through Nordic Retail and Financial Services segments. It offers retail services through QliroOne, a payment platform solution with extensive payment options that enables merchants to sell and promote products and services; and financial services, including interest-free loans and savings accounts. The company was incorporated in 2014 and is headquartered in Stockholm, Sweden.
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