Qliro (QLIRO) Q1 2025 earnings summary

Executive summary

• Achieved 20% year-over-year TPV growth to SEK 3.3 billion, with over 200% increase in merchant base, primarily driven by SME segment expansion and new product launches.

• Nordic expansion exceeded expectations, with Norway and Finland launches doubling the addressable market and contributing to rapid volume growth.

• Strategic focus on composable payments and merchant-centric solutions led to significant conversion improvements and high merchant ROI.

• SME segment became a key contributor to operating income, reflecting successful product-market fit and diversification.

Financial highlights

• Operating income grew 2% year-over-year to SEK 101.5 million, mainly from SME sales, while legacy enterprise contracts were a headwind.

• Operating loss was SEK 15.1 million, lower than Q1 last year and flat sequentially on an adjusted basis.

• Credit losses increased 11% year-over-year to SEK 26.6 million, but underlying credit metrics are improving.

• Take rate declined to 3.09% due to payment mix shift; BNPL volumes down 9% year-over-year.

• Gross margin (GM1) decreased to 16.2%; GM2 fell to 13.8%.

Outlook and guidance

• Reiterated guidance of 15–30% income growth in H2 2025, with acceleration expected into 2026 as new merchant volumes go live.

• Expects over 39% TPV growth compared to 2024, driven by new merchant signings and SME/enterprise sales acceleration.

• Continued investment in payment capabilities and prioritization of growth to capitalize on market opportunities.