Qliro (QLIRO) investor relations material

Executive summary

• Achieved 46% year-over-year total payment volume growth in Q4 to SEK 6,064 million, with full-year growth at 39% to SEK 17,869 million.

• Operating income grew 14% in Q4, in line with guidance, driven by SME and BNPL momentum and new merchant onboarding.

• SME segment contributed 18% to Q4 operating income, up from 6% last year, with over 100 new merchants onboarded and more than 40% of new volume growth.

• Strategic focus on composable payments, Nordic expansion, and delivering superior merchant and consumer experience.

• Profitability targeted for Q1 2026, supported by organizational changes, cost control, and efficiency measures.

Financial highlights

• Q4 operating income reached SEK 115 million (+14% YoY), with gross profit up 26% (GP1) and 22% (GP2).

• Q4 TPV was SEK 6,064 million, up from SEK 4,161 million in Q4 2024.

• Credit losses declined 15% YoY to SEK -26.2 million, with debt collection cases on BNPL loans down 33%.

• Adjusted operating loss improved to SEK -10.5 million in Q4, from SEK -14.8 million, with full-year loss at SEK -78.4 million.

• Gross margin (GM1) improved to 18% from 15% YoY; GM2 margin up to 15.4% from 13.3%.

Outlook and guidance

• Profitability expected in Q1 2026, with at least 21% TPV growth anticipated from already contracted business.

• Continued focus on SME and enterprise sales, and expansion in Norway and Finland.

• Income growth expected to accelerate and catch up with BNPL growth during 2026.

• Market share gains in the Nordics, with future annual TPV projected to exceed SEK 21.5 billion once new agreements are fully implemented.