Qliro (QLIRO) Q3 2025 earnings summary

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.