Slides
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Qliro Q4 2025PRESENTATIONCEO CHRISTOFFER RUTGERSSON 1
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Qliro Qliro 2 CHRISTOFFER RUTGERSSON TODAY’S PRESENTER CEO
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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 2026-02-105 BNPL VOLUME GROWTH ACCELERATION CONTINUED WITH +32% GROWTH IN Q4 REITERATED FORECAST OF 15-30% INCOME GROWTH IN H2 2025, DESPITE HEADWIND 1+46% TPV GROWTH IN Q4, AND FULL YEAR 2025 TPV GROWTH OF +39% SME WITH >40% OF TPV GROWTH AND NEW SALES REACHING NEW ATH IN Q4 2 45 3 STRATEGIC HIGHLIGHTS 5 OPPORTUNITY TO BUILD A NEW EU LEADER IN COMPOSABLE PAYMENTSDELIVERING A WORLD-LEADING EXPERIENCE FOR MERCHANTS, AND THEIR CUSTOMER JOURNEY IMPROVED PROFITABILITYFROM Q3, TARGETING PROFITABILITY IN Q1 2026 6 INCOME GROWTH ACCELERATING TO +14%
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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 7 THE STRONGEST CHECKOUT PERFORMANCE IN THE NORDICS QLIRO CHECKOUT - GEN 3 [LION] 1
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Qliro QLIRO CHECKOUT PERFORMANCE MEASUREMENTS +5.8% CONVERSION UPLIFT A/B-TEST FOR MERCHANTWITH TURNOVER OF 500M+INSTANT RESULT WHEN 100M+ COMPANY SWITCHED PAYMENT PROVIDER A/B-TEST OUTSIDE OF SWEDEN FOR MULTI-NATIONAL RETAIL BUSINESS +6.3% CONVERSION UPLIFT+1.6%P CONVERSION UPLIFT +5.0%P CONVERSION UPLIFT 5+ A/B-TESTS PAST YEAR ZERO LOST CASES 1 Niche bank 1 Market leaderNiche bank 2 Global PSP
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Qliro QLIRO PAY LATER PERFORMANCE MEASUREMENTS +5,8% +38%SHARE OF PAY LATER A/B-TEST FOR MERCHANTWITH TURNOVER OF 500M+INSTANT RESULT WHEN 100M+ COMPANY SWITCHED PAYMENT PROVIDER +34% SHARE OF PAY LATER ZERO LOST CASES 1 Niche bank 1 Niche bank 2
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Qliro WHY LEADING MERCHANTS CHOOSE QLIRO?COMPOSABLE PAYMENTS FOR GROWTH123456 LEADING CONVERSION IN NORDICS UPSELL -> HIGHER AOV -> GM3 BOOST MODULAR CHECKOUT & INTEGRATIONS PARTNER & PERFORMANCE APPROACH PREMIUM CONSUMER EXP = LOYALTY POSITIVE BUSINESS CASE >10-20X ROI 1 DELIVER A WORLD-LEADING EXPERIENCE FOR MERCHANTS, AND THEIR CUSTOMER JOURNEY Marketplace/ Price comparison / Shopping / E-commerce White label Niche bank/ Debt Collection Consumer Experience. Merchant Experience. . Global PSPs Local PSP
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CONTINUED GROWTH MOMENTUM IN THE NORDICS, +>15% TPV GROWTHY/Y1 1 2 3 22% 67% 6% 5% Headquarters% of TPV1 2 3 Established local commercial presence in Norway & FinlandSupport international growth of our merchantsAddress Nordic volumes of European merchants 1 Key takeaways•SuccessfulNordic expansion withstrong momentumacrossnew markets.•Signedmerchantsin new Nordic countrieswitha totalpaymentsvolumeexceedingSEK 2 billion.•Representsmorethan>15% TPV growthcomparedto full-year2024.•Ongoingdialoguesin pipeline thatcouldpotentiallyincreasevolumessignificantly.•Norwayand Finland E-comtechstack similarto Sweden, makingQliro’scomposablepaymentsscalablewithlimitedadditionallocaltechinvestments. SIGNED TPV OF >SEK 2 BILLION IN NEW MARKETS
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Qliro KEY TAKEAWAYSTOTAL PAYMENTS VOLUME (TPV), BN SEK IN SIGNED TPVCONTINUED STRONG TPV GROWTH OF +46% IN Q4, FY-25 GROWTH OF +39%•TPV grewby 46% toSEK 6,064 million y/y, driven by strong seasonalityand moremerchantsgoing live. •Continuedstrong contributionfrom SME•Momentum accelerating compared to Q2, supported by new sales in both SME and Enterprise segment•Total expectedTPV amounts to SEK ~21.5 billion when all new agreements are live (+21% growth compared to LTM). 2 Q2 25Q3 25Q4 25Q1 25 37% 50%+46% 20% MERCHANT GROWTH TAKING OFF AS OUR SME OFFERING OUTPERFORMS COMPETITION TOTAL PAYMENTS VOLUME (TPV), % GROWTH 2022 TPV, incl. signed not live 21.5 202520242023 12.111.912.9 17.9+39% +21%
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BNPL VOLUME GROWTH ACCELERATING, BUT STILL LAGGING TPV GROWTH DUE TO LOWER SOC3KEY TAKEAWAYS -9% 1% 19% 32% 20%25%30%35% -10%-5% 5%10%15% Q4-25Q3-25Q2-25Q1-25 BNPL VOLUME GROWTH, Q/Q•BNPL as shareoftotal paymentsvolume(TPV) havedeclinedas TPV is growing, butis showingcontinuedsignsofturnaroundfollowingQ2-25•Withnew volumescomesnew consumersthatmaytaketimeto becomerecurringusers•Severalinitiativesstartedduringthe fall to optimizeourpaylater offeringhavestartedto yieldpositive results•MonthlyInvoice(Buy now, paynextmonth), wassuccessfullylaunchedduringsummer 2025
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INCOME GROWTH ACCELERATING TO +14%BUT STILL LAGGING BNPL VOLUME GROWTH4KEY TAKEAWAYSOPERATING INCOME GROWTH, Q/Q•Operating income growth of 14% y/y in line with guidance of around 15% in Q4 2025•Increase in contribution from both SME and Enterprise segments•Headwinds include impact of lower BNPL share and regulatory implications 2% -5% 3% 14% -5% 5%10%15%20% -10% 30%25% Q2-25Q3-25Q4-25Q1-25
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Qliro Strictly Confidential 15 ACCELERATING INCOME CONTRIBUTION FROM SME AT 18% IN Q4FIRST QUARTER WITH >100 NEW ACTIVE MERCHANTS Strictly Confidential §Double digit contributions to operating income of 18% compared to 6% last year.§Onboarding lead times have been cut by over 50% compared to last year, backed by the launch of new automated KYC and configuration.§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.§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. 88139201227281369456 579 Q3 25Q4 25Q1 24Q2 25Q1 25Q4 24Q2 24Q3 24 +123 +155%, YoY Q1-25Q2-25Q3-25Q1-24 Q4-25Q4-24Q3-24Q2-24 5 19+>255% Q4-24Q3-24Q1-25 Q2-24 Q2-25 Q1-24 Q3-25 Pre Q1-24 Q4-25 6%% of total operating income:18% KEY TAKEAWAYSCONTRIBUTION TO OPERATING INCOME, MSEKNUMBER OF ACTIVE MERCHANTS SME WITH >40% OF TPV GROWTH AND NEW SALES REACHING NEW ATH IN Q4 45
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4ORGANIZATIONAL CHANGESIMPLEMENTED, PROFITABILITY EXPECTED IN Q1-26 TOGETHERWITHPREVIOUSINITATIVES6 PROCESSAUTOMATIONSPLATFORM MODERNIZATIONPAY LATEROPTIMIZATION STRICT COST CONTROLLOWERING CREDIT LOSSESSTAFF REDUCTION TOGETHER WITH ORGANISATIONAL CHANGES AND GROWTH WE EXPECT PROFITABILITY IN Q1 16
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Qliro 2026-02-1017 REITERATED FORECAST OF 15-30% INCOME GROWTH IN H2 2025, DESPITE HEADWIND 1COMMERCIAL MOMENTUM TO CONTINUE TO DRIVE TPV GROWTH MOMENTUM NORDIC EXPANSION WITH POTENTIAL TO ACCELERATE FURTHER 2 45 3 STRATEGIC HIGHLIGHTS – LOOKING AHEAD 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 EFFICIENCY6 INCOME GROWTH EXPECTED TO CONTINUE TO ACCELERATE, LAGGING BNPL GROWTH PROFITABILITY EXPECTED IN Q1-26
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Qliro FINANCIAL UPDATE 18
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Qliro Q4 FINANCIALOVERVIEW Q4 25Q4 24y/y changeTPV 6 0644 16146%Operating income115,0101,314%Credit losses-26,2-30,9-15%GP1 88,770,426%Variable costs-14,4-9,453%GP2 74,360,922%Fixed costs-84,9-75,812%Operating Profit-10,5-14,8n/aIAC -4,9-1,3n/aOperating Profit incl IAC-15,4-16,1n/aGM1%18%15%+3%pGM2%15%13%+2%p KEY FINANCIAL HIGHLIGHTSQ4 SUMMARY (MSEK) •Continuous strong underlying growth momentum with 46% TPV growth y/y•Operating income growth of 14% y/y in line with guidance of around 15% in Q4 2025•IAC of -4,9m in Q4 (24,6m in H2 aligned with guidance of 20-25m)•Adjusted Operating Profit in the quarter of -10,5m excl IAC, up from -23,5m in Q3 19
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Qliro 20 LOAN BOOK GROWTH OFF THE BACK OF CONTINUED STRENGTHENING BNPL SHARE OF CHECKOUT 0% 3% 6%5% -1%0%1%2%3%4%5%6% Q1-25Q2-25Q3-25Q4-25 LOAN BOOK GROWTH Y/Y 18 22 16 24% 14 2017% Q4-24 16% Q1-25 14% Q2-25 15% Q3-25 16% Q4-25Q3-24Q2-24 19%19% BNPL VOLUME AS SHARE OF TPV, %
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Qliro GROWTH IN OPERATING INCOME LAYING GROUND FOR PROFITABILITY •Operating income growth of 14% y/y in line with guidance of around 15% in Q4 2025•Increase in contribution from both SME and Enterprise segments•Headwinds include impact of lower BNPL share and regulatory implications OPERATING INCOME (MSEK)COMMENTS Q4 2024Q1 2025 101101 Q2 2025Q3 2025 9699 Q4 2025 115+14% 21SME contribution:6% 18%
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Qliro CREDIT LOSSES DECLINE FOLLOWING THE ONGOING IMPROVEMENT IN UNDERLYING CREDIT METRICS•Reported ECL continues to improve y/y despite the growing lending volumes and loan balance•Continued positive trends in leading indicators following significant efforts over past year improving credit models and processes REPORTED ECL (MSEK)COMMENTS Q4 2024Q4 2025 30.926.2 -15%EXAMPLE: EXPORTS TO DEBT COLLECTIONBNPL LOANS 22 Q4 2024Q4 2025 ~33% improvement
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Qliro RESTRUCTURING PROGRAM LAUNCHED, IAC OF 4.9 MSEK IN Q4 –TARGETING PROFITABILITY IN Q1•Restructuring program aimed to further strengthen income generation, scalability and profitability•Accelerate growth momentum further across the Nordics•Merge and reorganize product and tech teams•Centralize analytics to fully leverage the new modernized platform•Streamline all functions, organizational structure and management overhead•Majority of organizational changes executed during September •Total IAC of24.5 MSEK for H2 2025 in linewithguidanceof20-25 MSEK in total IAC for H2 2025 RESTRUCTURING COSTS (MSEK)COMMENTS 4.9 H2 2025Guidance H2 2025 19.7 25.0 Q3 Q424.5 23
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Qliro 24 YEAR-ON-YEAR COST GROWTH PRIMARILY DRIVEN BY EXPANSION AS WELL AS VOLUME GROWTHCOMMENTSADJUSTED OPERATING EXPENSE DEVELOPMENT EXCL. IAC 91219 45 Q4 24 1414 21 49 Q4 25 Variable cost+57%Sales & Marketing+20% D&A+12% Fixed cost+10% 85 99•Variable cost increased by 5 MSEK driven by higher volumes, while also partially impacted by country mix •Sales & Marketing, primarily driven by expansion into Norway and Finland increased by 2 MSEK•D&A increased by 2 MSEK mainly driven by higher amortization of IT assets •Other fixed costs increased by 4 MSEK (excluding IAC)
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Qliro CAPITAL OVERVIEWQ4 CAPITALIZATION (% OF REA)COMMENTS•Restructuring program will improve profitability and capital generation going forward, while restructuring costs had negative impact on capital in H2•CET1 headroom:•To P2R: 110 MSEK (4.8% of REA)•To P2G: 30 MSEK (1.3% of REA) 9.7% 1.7%2.3%3.5% CapitalRequirements 14.4% 2.3%2.9% Available own funds 17.2%19.6% CET1AT1T2P2G 25CapitalrequirementexcludingPillar 2 guidanceof3.5% at all levels.
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Qliro OUTLOOK 26
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Qliro 27 EXPECTED PROFITABILITY IN Q1EXPECTING ADDITIONAL +21% 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 AT 2026 12345 DELIVER A MARKET LEADING EXPERIENCE FORMERCHANTS AND THEIR CUSTOMER JOURNEY
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Qliro Q&A 28