Qliro (QLIRO) Q1 2025 earnings summary

Executive summary

• Achieved over 39% growth in contracted merchant volumes and 20% year-over-year increase in Q1 total payment volume to SEK 3,289 million, driven by SME segment expansion and successful Nordic market entry.

• Number of merchants increased 219% to 281, with SME contribution to operating income rising from 1% to 8% year-over-year.

• Nordic expansion exceeded expectations, with significant new agreements in Norway and Finland and a strong enterprise pipeline.

• Product innovation, including Qliro Checkout 0.0 and new B2B paylater options, is enhancing merchant conversion and broadening addressable markets.

• Strategic focus on composable payments and enhanced merchant/customer experience is driving commercial momentum.

Financial highlights

• Q1 2025 Total Payment Volume (TPV) grew 20% year-over-year to SEK 3.3 billion; operating income rose 2% to SEK 101.5 million, mainly from SME sales.

• Operating loss was SEK -15.1 million, with net loss at SEK -12.1 million; credit losses increased 11% to SEK -26.6 million.

• Variable costs increased 29% and fixed costs by 18%, reflecting ongoing investments in expansion.

• Gross margin (GM1) decreased to 16.17% and GM2 to 13.83%, mainly due to payment mix and cost increases.

• Lending to the public stable at SEK 1,775 million; deposits from the public decreased 22% to SEK 2,344 million.

Outlook and guidance

• Reiterated guidance of 15–30% income/revenue growth in H2 2025, with further acceleration expected in 2026 as new volumes are fully onboarded.

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

• Commercial momentum is increasing month-over-month, with significant volume and merchant base growth expected.