Slides
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Qliro Q3 2026PRESENTATION22 OCTOBER 2026 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 202610225 +18% TPV GROWTH, DRIVEN BY SME AND NORDIC EXPANSION; BNPL VOLUME +27% REITERATED FORECAST OF 15-30% INCOME GROWTH IN H2 2025, DESPITE HEADWIND 1 WELL PREPARED FOR CCD2 – CONVERSION STABLE THROUGH FIVE REGULATORY CHANGES Q3 MARKS THIRD PROFITABLE QUARTER IN ROW2 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 6 GP2 INREASE +37%, GROWING FASTER THAN NET REVENUE +21% PROFITABILITY FOR FY 2026; NET REVENUE GROWTH EXPECTED BACK AT 15%+ FROM H2 2027
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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 PRODUCT AND PARTNER WINS IN 2026 LIFT PRODUCT PERFORMANCE AND OPEN NEW GROWTH CHANNELSCHECKOUT GEN 4 +13%conversion vs. leading Nordic competitor.§Next generation of our composable checkout§Upsell 2.0: up to 15% AOV, 153% upsold revenue§Robust validation and safe pre-fill cut drop-offs ONE-CLICK CHECKOUT Fast TrackOne-click checkout for returning customers.§Saves customer preferences; the customer stays in full control§Not aware of any other Nordic checkout provider offering this today§Promising first results at several of our largest merchants NEW PAYMENT METHODS BLIK + Weronew local payment methods in Qliro Checkout.§BLIK in Poland, Wero in Germany, France and Belgium§Merchants grow beyond the Nordics without changing payment provider§AI-assisted development lets us add methods faster than before PPRO PARTNERSHIP Exclusiveonly BNPL provider in PPRO’s network in the Nordics§Global merchants and PSPs reach Qliro’s BNPLoffering through one integration with PPRO§New growth channel, built on our Nordic consumer presence§Reaches merchants beyond direct sales, in line with our platform strategy Product performance as well as new growth channels main drivers for winning market share 1
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Qliro IN SIGNED TPVGROWTH INVESTMENTS NOW CONVERTING INTO PROFITTPV Growth, Yo YNordic expansion lifted growth; TPV growth rose from 6% to 50% at its peak and remains at 18% in Q326. GP2, MSEK & growth Yo YGrowth now converting into gross profit: GP2 up 37% y/y in Q326. Fixed costs, MSEKFixed costs held flat: fixed costs have been stable over the last quarters while GP2 kept rising y/y. Operating profit, MSEKGP2 now covers fixed costs; resulting in three profitable quarters in a row. 2 QUARTERLY DEVELOPMENTInvestment phase: international expansionProfitable growth 6%16%20%37%50%46%38%28%18% 6161645760748484827%2%4%15%2%22%32%47%37% 111215181515151417737679878385848382■S&M ■Other 12,014,815,129,523,210,5 0,20,70,2 Q3-24Q4-24Q1-25Q2-25Q3-25Q4-25Q1-26Q2-26Q3-26 THREE PROFITABLE QUARTERS IN 2026 KEY TAKEAWAYS
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TPV GROWTH OF +18% AND BNPL GROWTH OF +27%3 6% 16%20% 37% 50%46% 38% 28% 18% 3%3% 9% 1% 19% 32% 41%47% 27% Q324Q424Q125Q225Q325Q425Q126Q226Q326 TOTAL PAYMENT VOLUME (TPV) and BNPL VOLUME GROWTH, Y/YKEY TAKEAWAYSNet Revenue growth, %BNPL growth, %§TPV grew 18% y/y to SEK 5.2 bn, with SME – our most profitable merchant segment – accounting for more than half of the growth, building a more stable and profitable merchant base.§Agreements renewed with Skruvat and Bythjul, two of our largest merchants, and a new agreement signed with Däckskiftarna in the same group.§New Enterprise sales do not fully offset previously announced churn, which weighs on the TPV outlook for the coming quarters.§Pipeline remains good, but several larger Enterprise deals have been delayed further, partly due to uncertainty around CCD2. We see this mainly as a timing shift.
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Qliro Strictly Confidential 10 SME WITH >50% OF TPV GROWTH AND NET REVENUE REACHING NEW ATH IN Q3 Strictly Confidential §SME contribution to net revenue of 26% compared to 15% last year.§Leading 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 the new markets. 201227281369456579697812867 Q324Q424Q125Q225Q325Q425Q126Q226Q326 127% 90%, YoY Q324Q424Q125Q225Q325Q425Q126Q226Q326 14 28 232% 103%, YoY 15%% of total net revenue26% KEY TAKEAWAYSCONTRIBUTION TO NET REVENUE, MSEKNUMBER OF ACTIVE MERCHANTS 43 Q326Q226Q126Q425Q325Q225Q125Q424Q324Pre Q324
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NORDIC MOMENTUM, WITHNEW CHANNELSTO EUROPEANAND GLOBAL VOLUMES3 1 2 3 23% 65% 5% 6% Headquarters% of TPV 1 CONTINUED STRONG GROWTH IN NORWAY & FINLAND§TPV grew >20% in Norway and 30% in Finland in Q326§Norway is profitable on a standalone basis two quarters in a row§Ongoing pipeline dialogues could increase volumes significantly§Scalable expansion: e-com tech stacks in Norway and Finland are similar to Sweden’s, so our composable checkout scales with limited local tech investment. SUPPORT OUR MERCHANTS’ INTERNATIONAL GROWTH§New local payment methods launched in the quarter increases local conversion for merchants selling outside the Nordics with Qliro Checkout Gen 4 §BLIK in Poland§Wero in Germany, France and Belgium ADDRESS NORDIC VOLUMES OF EUROPEAN & GLOBAL MERCHANTS§Exclusive Nordic BNPL partner to PPRO enable their global merchants and PSPs to use QLIRO PAY LATER across the Nordic markets 1 2 3
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REVENUE GROWTH AND LOWER CREDIT LOSSES LIFT GP2 BY +37%4 §Net revenue grew 21% y/y to SEK 120.2m, driven by 18% higher TPV, outpacing volume growth.§Net credit losses in line with last year despite higher volumes and a growing loan book; down to 0.52% 0.61%) of TPV, mainly thanks to the improved credit model infrastructure.§GP2 (net revenue less credit losses and variable costs) grew 37% to SEK 82.4m 60.1, faster than revenue. 2%3%2% 5% 3% 14%19%24%21% Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 Net revenue growth y/y0,93 0,74 0,81 0,670,61 0,43 0,55 0,45 0,52 Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 Credit losses / TPV REVENUE GROWTH, Y/YCREDIT LOSSES / TPVKEY TAKEAWAYS 7% 2% 4% 15% 2% 22% 32% 47% 37% Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26 GP2 growth y/yGP2 GROWTH, Y/Y
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Qliro 13 QLIRO IS WELL PREPARED FOR CCD2WHAT CCD2 MEANS FOR QLIRO20 NOVEMBER 2026New Consumer Credit Act implements EU’s CCD2BROADER SCOPEBNPL, interest-free and fee-free invoices and instalments now coveredSTRICTER REQUIREMENTSCredit assessment and consumer information in checkout and marketingADDED COSTSEK 510m per year in added variable costs, mainly attributed to scoring costsLONGER SALES CYCLESLarger Enterprise merchants delaying sales processes and new agreements until CCD2 is in place – mainly a timing shift WHY QLIRO IS WELL PREPARED READYAdaptation on plan ahead of 20 November, supported by our new cloud-based Pay Later platform EXPERIENCEDRegulated credit market company for many years – Qliro already run credit assessments on all Pay Later products CUSTOMER JOURNEYYears of improvements puts Qliro in good shape; more transparency supports a better customer journey CONVERSIONFive regulatory changes since 2020 – conversion held stable through all of them 5
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Qliro 14 PROFITABILITY IN 2026; SHORT-TERM SLOWDOWN BEFORE NET REVENUE GROWTH IS EXPECTED TO RETURN TO 15%+ IN H2 2027FULL YEAR 2026 ProfitabilityWe continue to expect profitability for full-year 2026. SHORT TERM Temporary slowdownNet revenue growth expected to slow in the short term.Drivers§Previously announced churn§Longer Enterprise sales processes in connection with CCD2§Temporary positive effect of updated merchant agreements tapering off H2 2027 Net revenue growth >15%Net revenue growth is expected to be at least 15% in H2 2027.Driver§Strong underlying momentum in SMEAdditional upside§New Enterprise agreements, platform and partner deals 6
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Qliro FINANCIAL UPDATE 15
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Qliro INCREASED TAKE RATE WHEN NET REVENUES GROWTH OUTPACES TPV Q3 26Q3 25y/y changeTPV 5,1504,37918%Net revenue120.299.221%Credit losses26.726.80.4%GP1 93.672.429%Variable costs11.212.39%GP2 82.460.137%Fixed costs82.283.21%Operating profit0.223.2n/aGM1%18%15%3%pGM2%16%13%3%p KEY FINANCIAL HIGHLIGHTSQ3 SUMMARY (MSEK)§Continued momentum in building the loan book with BNPL volumes growing at 27% y/y and the loan book up 9% y/y, total TPV growth of 18% y/y§Net revenue growth of 21% y/y, outpacing TPV growth of 18%, with take rate increasing to 2.33% from 2.27%§Stable credit losses despite higher volumes, with the loss ratio vs TPV decreasing to 0.52% from 0.61%§Strong operating leverage and efficient scaling, variable cost down 9% y/y against net revenue growth of 21%§Strong contribution margin improvement, GP2 up 37% y/y with GM2% expanding 3pp to 16%§Fixed costs decreased 1% y/y 5% excluding D&A, mainly due to lower personnel costs following the 2025 re-organisation 16
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Qliro 17 LOAN BOOK GROWTH OFF THE BACK OF STRENGTHENING BNPL SHARE OF CHECKOUT 6%5% 8%8%9% 0%1%2%3%4%5%6%7%8%9% Q325Q425Q126Q226Q326 LOAN BOOK GROWTH Y/Y 16 18 15,1% Q325 15,8% Q425 16,2% Q126 16,1% Q226 16,4% Q326 BNPL VOLUME AS SHARE OF TPV, %
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Qliro NET REVENUES GROWTH CONTINUE TO ACCELERATE§Net revenue growth of 21% y/y, above 20% for the second consecutive quarter§Net revenue growth outpacing TPV growth of 18%, improving the take rate to 2.33% from 2.27%§Driven by increased BNPL share with solid contribution from both SME and Enterprise segments NET REVENUES (MSEK)COMMENTS 99 115121120120 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 21% 18SME contribution:15% 26%
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Qliro DECLINE IN CREDIT LOSS RATIO FOLLOWING IMPROVEMENT IN UNDERLYING CREDIT METRICS§Credit losses stable despite continued loan book growth, reflecting the improvements to credit models and underwriting processes over the past year§Reported credit losses of SEK 26.7m 26.8, flat y/y, despite the loan book growing 9%§Loss rates as a percentage of both TPV and loan balances have improved§The loss ratio versus TPV declined to 0.52% from 0.61% REPORTED ECL (MSEK)COMMENTS Q3 25Q3 26 26.726.80%EXAMPLE: EXPORTS TO DEBT COLLECTIONDebt Collection export ratio* 19 Q3 25Q3 26 13.1% Volume of exports divided by outstanding Stage 1 and 2 balance
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Qliro 20 DISCIPLINED COST CONTROL SUPPORTING SCALABLE GROWTHCOMMENTSOPERATING EXPENSE DEVELOPMENT, ADJUSTED FOR IAC (MSEK) 211215 47 Q3 25 211415 49 Q4 25 221215 47 Q1 26 231214 47 Q2 26 96999695 Q3 26 93 43 171123§Operating expenses, excluding D&A, decreased by 5% SEK 4.0m) y/y§Variable costs decreased by 9% y/y against TPV growth of 18%, demonstrating strong scalability and operating leverage§Fixed costs decreased by SEK 2.9m 5%, mainly driven by lower personnel costs following the 2025 reorganisation. Sales and marketing costs decreased by SEK 0.4m and other fixed costs by SEK 2.5m§D&A increased by SEK 1.9m 9% y/y, reflecting amortisation of previously capitalied development costs D&AVariable costsSales & MarketingOther fixed costs
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Qliro 21 OPERATING PROFIT - THIRD CONSECUTIVE PROFITABLE QUARTERCOMMENTSOPERATING PROFIT, ADJUSTED FOR IAC (MSEK)§Q3 2026 marks the third consecutive profitable quarter, with operating profit of SEK 0.2m, following SEK 0.7m in Q2 and SEK 0.2m in Q1§BNPL volumes continue to build the loan book, with revenue growth of 21% y/y, above 20% for the second consecutive quarter and outpacing TPV growth of 18%§A more cost-efficient organisation and lower the cost base, with operating expenses excluding D&A down 5% y/y§Credit losses down to 0.52% of TPV 0.61%, driven by structurally improved credit models 12.0 Q324 14.8 Q424 15.1 Q125 29.5 Q225 23.2 Q325 10.5 Q425 0.2 Q126 0.7 Q226 0.2 Q326 Investment phase: international expansionProfitable growth
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Qliro 22 35% LOWER CAPEX FOLLOWING H2 2025 RESTRUCTURING SAVINGSCOMMENTSCAPEX, ADJUSTED FOR IAC (MSEK)33 24222321 Q3 25Q4 25Q1 26Q2 26Q3 26 §Although approximately 75% of the restructuring program in H2 2025 saving flowed through Capex, investment in technology remains central to Qliro's growth strategy§D&A increased by 9% y/y to SEK 23m 21.2) in Q3, reflecting the ongoing amortisation of development costs capitalised in prior years§Acquisition of new intangible assets related to system development decreased by 37% to SEK 21m 33
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Qliro CAPITAL OVERVIEWQ3 CAPITALIZATION (% OF REA)COMMENTS§Qliro maintained a solid capital position in Q3 2026, with a CET1 ratio of 15.9% and a total capital ratio of 20.9%.§CET1 headroom:To P2R SEK 149m 6.3% of REATo P2G SEK 65m 2.7% of REA§In April, Qliro carried out a rights issue with an accompanying over-allotment issue, raising approximately SEK 101m before transaction costs. The issue was 191% subscribed and strengthened the company’s own funds to support future loan book growth.§Capital ratios declined compared with Q2 CET1 16.8%, total 21.9%, mainly due to a higher deduction for intangible assets and growth in risk-weighted exposures. 9.7% 1.7%2.3%3.5% CapitalRequirements 16.8% 2.2%2.9% Available own funds 17.2% 21.9% CET1AT1T2P2G 23CapitalrequirementexcludingPillar 2 guidanceof3.5% at all levels.
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Qliro OUTLOOK 24
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Qliro DELIVER A MARKET LEADING EXPERIENCE FORMERCHANTS AND THEIR CUSTOMER JOURNEY 25 ACCELERATE OUR SME & ENTERPRISE SALES ENGINECONTINUE TO BUILD GROWTH MOMENTUM ON THE EARLYSUCCESS OF OUR LAUNCH IN NORWAY & FINLANDFOCUS ON INITIATIVES TO ACCELERATE INCOMEGENERATION, IMPROVE SCALABILITY & EFFICIENCYPROFITABILITY FOR FULL-YEAR 2026SHORT-TERM SLOWDOWN IN NET REVENUE GROWTH,BACK TO AT LEAST 15% NET REVENUE GROWTH IN H2 2027 LOOKING AHEAD 12345
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Qliro Q&A 26