Qliro (QLIRO) Q4 2024 earnings summary

Executive summary

• Achieved 16% year-over-year growth in total payment volume in Q4 2024, reaching SEK 4.2 billion, driven by SME merchant expansion and new contracts.

• Merchant base grew over 200% year-over-year in Q4, supported by SME segment adoption and Nordic expansion.

• Strategic focus on becoming a European leader in composable payments, with launches in Norway and Finland and new product offerings such as Qliro Checkout 0.0, Qliro Instore, Loyalty Driver, and a new mobile app.

• Divested loan portfolio and digital banking services in 2024 to focus solely on payments.

• Focus shifted from profit to growth, with significant investments in geographic expansion and commercial initiatives.

Financial highlights

• Q4 2024 operating profit decreased to SEK -14.8 million (adjusted), mainly due to growth investments and a 2% decline in interest income.

• Q4 2024 operating income rose 3% year-over-year to SEK 101.3 million; full-year operating income up 6% to SEK 397.8 million.

• Commission income increased by 11% year-over-year, while reminder fees declined by 15%.

• Credit losses for Q4 were SEK -30.9 million (0.74% of payment volume), improved by 0.16 percentage points year-over-year.

• Operating expenses rose to SEK 85.2 million in Q4, with SEK 7.6 million invested in sales and marketing.

Outlook and guidance

• Expects more than 35% payment volume growth in 2025 from already signed and recently onboarded merchants.

• Anticipates 15–30% income growth from these contracts in H2 2025, with full impact in 2026.

• Ongoing expansion in Norway and Finland, with Finland expected to be fully operational before summer 2025.

• Continued investment in payment capabilities and onboarding optimization to support merchant inflow.

• Fixed costs expected to grow no more than 30% as income doubles; variable costs to stabilize or decrease per volume.