Qliro (QLIRO) Q3 2026 earnings summary

Executive summary

• Third consecutive profitable quarter; Q3 net revenue rose 21% YoY to SEK 120.2m and operating profit was SEK 0.2m.

• TPV grew 18% to SEK 5,150m and GP2 rose 37% to SEK 82.4m; SMEs contributed more than half of TPV growth.

• Full-year 2026 profitability expectation remains; net revenue growth is expected to return to at least 15% in H2 2027.

Financial highlights

• Q3 TPV was SEK 5,150m versus SEK 4,379m (+18%); net revenue was SEK 120.2m versus SEK 99.2m (+21%).

• GP1 rose 29% to SEK 93.6m and GP2 rose 37% to SEK 82.4m; variable costs fell 9% to SEK 11.2m.

• Operating profit was SEK 0.2m versus a SEK 23.2m loss; fixed costs fell 1% to SEK 82.2m.

• Credit losses were SEK 26.7m versus SEK 26.8m; credit losses as a share of TPV declined to 0.52% from 0.61%.

• Capitalized system-development additions fell 37% to SEK 21m; technology output increased despite lower CapEx.

Outlook and guidance

• Full-year 2026 profitability remains the expectation, with growth and profitability guidance maintained.

• Net revenue growth is expected to slow short term due to announced churn, longer Enterprise sales cycles linked to CCD2, and tapering benefits from updated merchant agreements.

• Net revenue growth is expected to return to at least 15% in H2 2027, supported by SME momentum and potential Enterprise, platform and partner agreements.