Qliro (QLIRO) Q4 2024 earnings summary

Executive summary

• Achieved 16% year-over-year growth in Q4 payment/transaction volume to 4.2 billion SEK, with over 200% increase in merchant base, driven by SME segment and new contracts.

• Strategic expansion into Norway (over SEK 400 million in TPV signed) and Finland, with launches expected to further increase addressable market and drive 35% volume growth in 2025.

• Product innovation included launches of Qliro Checkout 0.0, Gen 3 checkout, Qliro Instore, Loyalty Driver, and a new mobile app, enhancing customer engagement.

• 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: Transaction/payment volume up 16% to 4,161–4,200 MSEK; operating income up 3% to 101.3 MSEK; adjusted operating result -14.8 MSEK; net result -21.6 MSEK; EPS -1.06 SEK.

• Operating expenses rose to 85.2 MSEK, with 7.6 MSEK invested in sales and marketing.

• Credit losses improved to 0.74% of TPV in Q4, aided by asset divestment.

• Take rate for Q4 was 2.43% (down from 2.76%); for the year, 3.10% (down from 3.16%).

• Pay Now volumes increased 37% to 2.5 billion SEK, while Pay Later volumes declined 5–7% to 1.0 billion SEK.

Outlook and guidance

• Signed contracts and new merchants expected to drive over 35% volume growth and 15–30% income growth 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, onboarding optimization, and product innovation to support inflow.

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