Qliro (QLIRO) Q2 2025 earnings summary

Executive summary

• Achieved 37% year-over-year TPV growth in Q2, accelerating to 45% in July, driven by SME and Nordic expansion, outpacing a declining Swedish e-commerce market.

• SME segment contributed 13% of income in Q2, up from 3% last year, with higher profitability and a 165% increase in active merchants.

• Nordic expansion in Norway and Finland exceeded expectations, with over SEK 1.3 billion in signed volume and Finland showing rapid early growth.

• Record merchant onboarding, with 90 new merchants going live and 200 new SME agreements signed, doubling last year's rate.

• BNPL volumes stabilized and returned to growth, but still lag overall volume growth.

Financial highlights

• Q2 TPV reached SEK 4,138 million, up 37% year-over-year; operating income was SEK 96.5 million, down 5% due to one-off items.

• Operating loss of SEK 29.5 million in Q2, impacted by investments and one-off items.

• Credit losses reported at SEK 27.7 million, including a SEK 5.4 million one-off write-down from the sale of a legacy loan portfolio.

• Gross margin (GM1) decreased to 15.3% from 17.4% year-over-year.

• Operating expenses increased 28% year-over-year in Q2, mainly due to growth investments and expansion.

Outlook and guidance

• Updated guidance targets around 15% income growth in Q4, with further acceleration expected in 2026 as volumes convert to income.

• Anticipates over 40% TPV growth from new merchants not yet fully live.

• Focus remains on improving BNPL income generation, scalability, and cost efficiency.