Slides
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Qliro Q2 2025PRESENTATIONCEO CHRISTOFFER RUTGERSSON CFO CARL LÖFGREN 1
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Qliro Qliro 2 Christoffer RutgerssonCarl Löfgren TODAY’S PRESENTERS CFOCEO
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Qliro AGENDA•STRATEGIC HIGHLIGHTS•FINANCIAL UPDATE•OUTLOOK•Q&A
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Qliro STRATEGICHIGHLIGHTS 4
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Qliro 2025-08-265 REITERATED FORECAST OF 15-30% INCOME GROWTH IN H2 2025, DESPITE HEADWIND 1+37% TPV GROWTH IN Q2, FURTHER ACCELERATION TO +45% IN JULY NORDIC EXPANSION ABOVE EXPECTATIONS, >1.3 BN SEK TPV SIGNED IN NO & FI 2 45 3 STRATEGIC HIGHLIGHTS 5 SIGNIFICANT CONTRIBUTION FROM SME TO OPERATING INCOME (13%) OPPORTUNITY TO BUILD A NEW EU LEADER IN COMPOSABLE PAYMENTSDELIVERING A WORLD-LEADING EXPERIENCE FOR MERCHANTS, AND THEIR CUSTOMER JOURNEY FOCUS TO IMPROVE INCOME GENERATION, SCALABILITY AND EFFICIENCY7SUCCESSFULLY RAISED SEK 117 MILLION IN AN OVERSUBSCRIBED RIGHTS ISSUE6BNPL VOLUME TURNING AROUND TO GROWTH, BUT STILL LAGGING TPV GROWTH
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DELIVER A WORLD-LEADING EXPERIENCEFOR MERCHANTS AND THEIR CUSTOMERS’ JOURNEYOUR MISSION OUR VISIONBUILDING AN EU LEADER IN COMPOSABLE PAYMENTS,STARTING IN THE NORDICS, WITH GLOBAL CAPABILITIES OUR AMBITIONAMBITION TO BECOME LOCAL MARKET LEADER IN THE NORDICS WITHIN 3-5 YEARS6 1
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Qliro Key takeawaysTotal Payments Volume (TPV), billion SEK IN SIGNED TPVSIGNIFICANT UPLIFT IN TPV, ACCELERATING FURTHER AFTER Q2•TPV grewby 37% toSEK 4,138 million Y-o-Y, driven by moremerchantsgoing live, includingFyndiq, Cyberphotoand Skruvat/Bythjul. PetPawris expectedto be fullylive in Q4 2025.•Momentum accelerating in June and July where TPV growth exceeded >+45%, supported by more onboarded merchants.•Total expectedTPV amounts to SEK ~20 billion when all new agreements are live (40% growth compared to LTM).•According to Svensk Handel’s E-handelsindikator, the Swedish e-commerce market declined by -3% in Q2, indicating that Qliro is winning market share. 2 Q2 24Q3 24Q4 24Q1 25Q2 25JulyQ1 24 8%6% 16%20% 37% +45% 0% MERCHANT GROWTH TAKING OFF AS OUR SME OFFERING OUTPERFORMS COMPETITION Total Payments Volume (TPV), % growth -> 12.1 LTM202320242022 11.912.914.5 +40%
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Qliro FLYTTA SLIDE19 HIT?SIGNIFICANT INCOME CONTRIBUTION FROM SME AT 13% IN Q2MERCHANT GROWTH TAKING OFF AS OUR SME OFFERING OUTPERFORMS COMPETITION3 97%87% 13%3% Q2 24Q2 25 SME Enterprise 101.296.5 Key takeaways SME contribution to operating income•Double digit contributions to operating income of 13% compared to 3% last year.•Leading overall product offering across Nordics for the SME-segment with strong product/market-fit•Qliro Unified Payments platform makes it easy for merchants to upgrade and scale with Qliro.•Onboarding lead times have been cut by over 50% in recent months, back of the launch of new automated KYC and configuration.•SME partner network is expanding and supports demand generation and sales.•Successful repeatable growth model from Sweden is now being scaled up in new markets. Number of active merchants 7588139 201227 281 369 Q4 23Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25 165%, YoY
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NORDIC LAUNCH GAINING MOMENTUM, +10% TPV GROWTHY/Y4 1 2 3 21% 67% 5% 6% Headquarters% of TPV1 23 Established local commercial presence in Norway & Finland Support international growth of our merchantsAddress Nordic volumes of European merchants 1 Key takeaways•SuccessfulNordic expansion withstrong momentumacrossnew markets.•Signedmerchantsin new Nordic countrieswitha totalpaymentsvolumeexceedingSEK 1.3 billion.•Representsmorethan10% TPV growthcomparedto full-year2024.•Finland alreadycontributesapproximatelySEK 200 million afteronlythreemonthsofoperations.•Ongoingdialoguesin pipeline thatcouldpotentiallyincreasevolumessignificantly.•Norwayand Finland E-comtechstack similarto Sweden, makingQliro’scomposablepaymentsscalablewithlimitedadditionallocaltechinvestments. SIGNED TPV OF SEK 1.3 BILLION IN NEW MARKETS
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BNPL VOLUME TURNING AROUND TO GROWTH, BUT STILL LAGGING TPV GROWTH5Key takeawaysNEW PAYLATER BNPL PRODUCT 3% -3%-3% -9% 1% 9% -10% -5% 5% 10% Q3-24Q2-24 JulyQ4-24Q1-25Q2-25 BNPL VOLUME GROWTH IMPROVING•BNPL as shareoftotal paymentsvolume(TPV) havedeclinedas TPV is growing, butis stabilizingin Q2 withsignsofrecoveryin Julyas BNPL volumesstart to grow•Withnew volumescomesnew consumersthatmaytaketimeto becomerecurringusers•Severalinitiativeshavebeeninitiatedto optimizeourpaylater offeringand willbe launchedduringautumn•MonthlyInvoice(Buy now, paynextmonth), wassuccessfullylaunchedduringsummer•MonthlyInvoiceis a flexible BNPL paymentoption witha fixedfeethatallowscustomersto consolidatetheirpurchasesintoa singleinvoice, dueonemonthlater. The solution improvesconversion, enhancescustomersatisfaction, and increasesthe shareofPayLater at checkout.
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4STRENGTHENEDPRODUCTOFFERINGTO BOOSTCONVERSION& PLKey takeaways•QliroCheckoutGeneration 3 is a modular, high-performancecheckoutbuiltto optimiseeverystep ofthe purchasejourney, withcomponentsdesignedto increaseconversion, loyaltyand profitability•Togetherwiththe B2B paylater playerTwo, Qlirohas launcheda new B2B solution integratedin QliroCheckout0.0, offeringa seamlessexperiencefor business customers. 4 Qliro Checkout Gen 3
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SUCCESSFUL CAPITAL RAISES STRENGTHEN QLIRO’S FINANCIAL POSITION AND SUPPORT CONTINUED ACCELERATION6 Key takeawaysNasdaq Stock Exchange billboard at Times Square•Successfully raised SEK 117 million through an oversubscribed rights issue (324%), with strong support from both existing and new shareholders (completed after the quarter).•Given strong demand, the Board decided to utilize an overallotment of SEK 44 MSEK.•Together with the SEK 70 million Tier 2 bond issued in Q2, Qliro now has a strengthened and more stable capital position.•The capital injections strengthen Qliro’s ability to scale operations across the Nordics, while supporting accelerated loan book growth.•Underscores strong investor confidence in Qliro’s continued growth trajectory and acceleration.
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4FOCUS ON INCOME GENERATION, SCALABILITY AND EFFICIENCY 7 PROCESSAUTOMATIONSPLATFORM MODERNIZATIONPAY LATEROPTIMIZATION STRICT COST CONTROLLOWERING CREDIT LOSSESREDUCTION OF VARIABLE COSTS Ambition to accelerateourjourneyback to profitability
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Qliro 2025-08-2614 REITERATED FORECAST OF 15-30% INCOME GROWTH IN H2 2025, DESPITE HEADWIND 1COMMERCIAL MOMENTUM TO CONTINUE TO ACCELERATE TPV GROWTH >40% NORDIC EXPANSION WITH POTENTIAL TO ACCELERATE FURTHER 2 45 3 STRATEGIC HIGHLIGHTS – LOOKING AHEAD 14 SME WILL CONTINUE TO GROW, WITH >30% OF GROWTH IN NEW VOLUMES MID TERM AMBITION TO BUILD A MARKET LEADING POSITION IN THE NORDICS FOCUS TO IMPROVE INCOME GENERATION, SCALABILITY AND EFFICIENCY7CAPITAL SECURED TO FUND OUR GROWTH JOURNEY6SHORT TERM FOCUS ON TURNING AROUND BNPL TREND TO GROWTH UPDATED GUIDANCE OF AROUND +15INCOME GROWTH IN Q4
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Qliro FINANCIAL UPDATE 15
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Qliro Q2 FINANCIALOVERVIEW Q2 25Q2 24y/y changeTPV 4 1383 030+37%Operating income96.5101.2-5%Credit losses-27.7-24.413%GP1 68.876.8-10%Variable costs-11.5-9.521%GP2 57.367.4-15%Fixed costs-86.9-67.129%Operating Profit-29.50.3n/aGM1% 15.3%17.4%-2.1%-ptsGM2% 12.7%15.2%-2.5%-pts Key financial highlightsQ2 summary•Q2 shows continued strong underlying growth momentum with 37% TPV growth y/y•Accounting reserve release last year results in operating income decline of 5%. Like-for-like growth of 2% driven by strong contribution from new sales but offset by back-book headwinds•Operating profit declined to -29.5m as a result of ongoing investments, headwinds to operating income growth as well as one-off items in the quarter•Initiatives to accelerate path to profitability initiated
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Qliro 17 NEW SALES DRIVES OPERATING INCOME, BUT GROWTH IMPACTED BY ONE OFF ADJUSTMENT LAST YEAR AND CONTINUED BACKBOOK HEADWIND101.2 94.6 96.5-6.6 SMEAccounting reserve release Q2 2024Q2 2024 Like-for-like -10.7 Backbook headwindsQ2 2024 Q2 2025New Enterprise 9.8 2.7 +2% Q2 2024-Q2 2025 Operating income bridge, MSEKComments•One-off 6.6 MSEK accounting reserve release Q2 2024•Like-for-like operating income growth of 2% y/y•Growth driven by strong contribution from new SME and Enterprise sales but offset by headwinds:•Share of checkout decline impacting BNPL income•Remaining impact from repricing of certain enterprise merchants•Funding cost lag
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Qliro 18 BNPL SHARE OF CHECKOUT HAS BEEN A HEADWIND, BUT TREND HAS STABILIZED WITH IMPROVEMENT VISIBLE IN JULY 3% -3%-3% -9% 1% 9% -10% -5% 0% 5% 10% Q2-24Q3-24Q4-24Q1-25Q2-25July BNPL volume growth y/y 141618202224% Q2-24Q3-24Q4-24Q1-25Q2-25July BNPL volume as share of TPV, %
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Qliro IMPACT OF NEW CREDIT MODELS AND PROCESSES EVIDENT IN UNDERLYING CREDIT METRICS•ECL in the quarter impacted by 5.4 MSEK revaluation and write-down in remaining Digital Banking portfolio held for sale•Underlying ECL declined y/y despite growing lending volumes and loan balance•Positive trends in leading indicators following significant efforts over past year improving credit models and processes Reported ECL (MSEK)Comments 5.4Discontinued operations Q2 2025Q2 2024 24.4 22.3 27.7 Q2 2025Q2 2024 ~30% improvement Example: Exports to debt collection Q2 2025Q2 2024 ~15% improvement Swedish BNPL Full portfolio
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Qliro 20 STRATEGIC INVESTMENTS INTO NORDIC EXPANSION MAIN DRIVER OF YEAR-ON-YEAR COST GROWTHCommentsAdjusted operating expense development excl. IAC 42 50 16 219 169 11 Q2 24Q2 25 Variable cost+21%Sales & Marketing+70% D&A+28% Fixed cost+20% 77 98•Our conscious investment in expansion and growth with increased Sales & Marketing costs of 6.6 MSEK y/y incl. cost for the expansion into Norway and Finland•Variable cost increases of 2.0 MSEK driven by increased volumes partially offset by new lower per transaction costs•D&A increased by 4.6 MSEK mainly driven by higher amortization of IT assets •Oher fixed costs increased by 8.6 MSEK, including 2.2 MSEK in costs for profitability initiatives and 1.9 MSEK from a merchant settlement (11% growth excl. these items)
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Qliro 21 PROFITABILITY INITIATIVES EXECUTED IN Q2, ALREADY SECURED ~4 MSEK IN ANNUAL RUNRATE SAVINGSFinancial impact (MSEK)Comments•Costs of 2.2 MSEK taken in the quarter to drive profitability initiatives•~4 MSEK in annual run-rate savings already realized, including:•Bank and Swish cost reduction•Card acquiring cost reduction•Vendor renegotiations including SaaS savings•Full run-rate impact in Q4 2025•Additional initiatives ongoing to further accelerate path to profitability Costs taken in Q2 2025Run-rate annual savings secured ~4 2.2
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Qliro 22 EQUITY ISSUANCE PROVIDES FURTHER HEADROOM FOR GROWTHCapitalization (reported, % of REA)Comments•Successful and oversubscribed rights issue and overallotment option executed in June-July•Total gross proceeds of 117 MSEK(net proceeds of 105 MSEK)•CET1 headroom to capital requirement pro forma including net issuance proceeds: •199 MSEK to P2R•124 MSEK to P2G Pro forma (% of REA) Capital Position Q2 2025Q2 2025 Pro forma including net issuance proceeds 17.2%19.6% 24.5% 9.6% 1.7% Capital Requirements1 3.5% 14.0% 2.5%3.1% 18.9% 2.5%3.1% 2.3% 1. Capital Requirement excluding Pillar 2 guidance of 3,5% on all levels. CET1AT1P2GT2
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Qliro OUTLOOK 23
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Qliro 24 UPDATED GUIDANCE: AROUND 15% INCOME GROWTH IN Q4, WITH CONTINUED ACCELERATION IN 2026EXPECTING ADDITIONAL +40% TPV COMPARED TO LTM FROM NEW MERCHANTS NOT YET FULLY LIVE ON PLATFORMACCELERATE OUR SME & ENTERPRISE SALES ENGINECONTINUE TO BUILD GROWTH MOMENTUM ON THE EARLY SUCCESS OF OUR LAUNCH IN NORWAY & FINLAND FOCUS ON INITIATIVES TO ACCELERATE INCOME GENERATION, IMPROVE SCALABILITY & EFFICIENCY LOOKING AHEAD - ACCELERATION 1 234 5 DELIVER A MARKET LEADING EXPERIENCE FORMERCHANTS AND THEIR CUSTOMER JOURNEY
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Qliro Q&A 25