Slide 1: Q3 2025 Presentation
Q3 2025 PRESENTATION CEO CHRISTOFFER RUTGERSSON Qliro 1
Slide 2: Today's Presenter
TODAY’S PRESENTER CHRISTOFFER RUTGERSSON CEO Qliro 2
Slide 3: Agenda
AGENDA • STRATEGIC HIGHLIGHTS • FINANCIAL UPDATE • OUTLOOK • Q&A Qliro
Slide 4: Strategic Highlights
STRATEGIC HIGHLIGHTS Qliro 4
Slide 5: Strategic Highlights
2025-10-21 5 STRATEGIC HIGHLIGHTS OPPORTUNITY TO BUILD A NEW EU LEADER IN COMPOSABLE PAYMENTS 1 DELIVERING A WORLD-LEADING EXPERIENCE FOR MERCHANTS, AND THEIR CUSTOMER JOURNEY 2 +50% TPV GROWTH IN Q3, FURTHER ACCELERATION FROM 37% IN Q2 3 BNPL VOLUME TURNAROUND TO GROWTH, WITH +19% GROWTH IN Q3 4 SM
Slide 6: Our Vision: Building an EU Leader in Composable Payments
1 OUR VISION BUILDING AN EU LEADER IN COMPOSABLE PAYMENTS, STARTING IN THE NORDICS, WITH GLOBAL CAPABILITIES DELIVER A WORLD-LEADING EXPERIENCE OUR MISSION FOR MERCHANTS AND THEIR CUSTOMERS’ JOURNEY OUR AMBITION AMBITION TO BECOME LOCAL MARKET LEADER IN THE NORDICS WITHIN 3-5 YEARS 6
Slide 7: Qliro Checkout - Gen 3 [Lion]
1 QLIRO CHECKOUT - GEN 3 [LION] THE STRONGEST CHECKOUT PERFORMANCE IN THE NORDICS Qliro 7
Slide 8: Qliro Checkout Performance Measurements
1 QLIRO CHECKOUT PERFORMANCE MEASUREMENTS Niche bank 1 Market leader Niche bank 2 Global PSP INSTANT RESULT WHEN 100M+ 5+ A/B-TESTS PAST YEAR A/B-TEST FOR MERCHANT A/B-TEST OUTSIDE OF SWEDEN FOR COMPANY SWITCHED PAYMENT WITH TURNOVER OF 500M+ MULTI-NATIONAL RETAIL BUSINESS PROVIDER +1,6%P +5,0%P +5,
Slide 9: Qliro Pay Later Performance Measurements
1 QLIRO PAY LATER PERFORMANCE MEASUREMENTS Niche bank 1 Niche bank 2 INSTANT RESULT WHEN 100M+ +5,8% A/B-TEST FOR MERCHANT COMPANY SWITCHED PAYMENT WITH TURNOVER OF 500M+ PROVIDER +34% +38% SHARE OF SHARE OF PAY LATER PAY LATER ZERO LOST CASES Qliro
Slide 10: Why Leading Merchants Choose Qliro?
1 WHY LEADING MERCHANTS CHOOSE QLIRO? COMPOSABLE PAYMENTS FOR GROWTH Marketplace/ Price comparison DELIVER A WORLD-LEADING EXPERIENCE FOR / Shopping / E-commerce MERCHANTS, AND THEIR CUSTOMER JOURNEY 1 LEADING CONVERSION IN NORDICS Experience. 2 UPSELL -> HIGHER AOV -> GM3 BOOST 3 MODULAR CHECKOUT &
Slide 11: Strong TPV Growth of +50% in Q3
IN 2 SIGNED TPV STRONG TPV GROWTH OF +50% IN Q3 CONTINUED Key takeaways Total Payments Volume (TPV), billion SEK Total Payments Volume (TPV), % growth • TPV grew by 50% to SEK 4,379 million Y-o-Y, +34% driven by more merchants going live. 21.5 +50% • SME represents >30% of TPV growth • Momentum acce
Slide 12: BNPL Volume Turning Around to Growth
3 BNPL VOLUME TURNING AROUND TO GROWTH, BUT STILL LAGGING TPV GROWTH DUE TO LOWER SOC Key takeaways BNPL VOLUME GROWTH ACCELERATING • BNPL as share of total payments volume (TPV) have declined as TPV is growing, but is 20% 19% showing signs of turnaround after Q2, a trend continuing after end of Q3
Slide 13: Income Contribution from SME at 15% in Q3
4 ACCELERATING FLYTTA SLIDE 19 HIT?INCOME CONTRIBUTION FROM SME AT 15% IN Q3 SME WITH >30% OF TPV GROWTH AND NEW SALES REACHING NEW ATH AGAIN IN SEP/OCT Key takeaways Number of active merchants Contribution to operating income, mSEK • Double digit contributions to operating income of 15% compared to
Slide 14: Nordic Launch Gaining Momentum
5 NORDIC LAUNCH GAINING MOMENTUM, +>15% TPV GROWTH Y/Y Key takeaways SIGNED TPV OF >SEK 2 BILLION IN NEW MARKETS • Successful Nordic expansion with strong momentum across new markets. Headquarters 68% • Signed merchants in new Nordic countries with % of TPV a total payments volume exceeding SEK 2 1
Slide 15: Organizational Changes Implemented, Profitability Expected in Q1-26
46 ORGANIZATIONAL CHANGES IMPLEMENTED, PROFITABILITY EXPECTED IN Q1-26 TOGETHER WITH PREVIOUS INITATIVES PAY LATER PLATFORM PROCESS OPTIMIZATION MODERNIZATION AUTOMATIONS LOWERING STRICT STAFF REDUCTION CREDIT LOSSES COST CONTROL TOGETHER WITH ORGANISATIONAL CHANGES AND GROWTH WE EXPECT PROFITABILIT
Slide 16: Strategic Highlights – Looking Ahead
2025-10-21 19 STRATEGIC HIGHLIGHTS – LOOKING AHEAD 1 MID TERM AMBITION TO BUILD A MARKET LEADING POSITION IN THE NORDICS 2 COMMERCIAL MOMENTUM TO CONTINUE TO ACCELERATE TPV GROWTH >34% 3 MORE INITATIVES TO BE IMPLEMENTED TO ACCELERATE BNPL GROWTH 4 SME WILL CONTINUE TO GROW, WITH >30% OF GROWTH IN N
Slide 17: Financial Update
FINANCIAL UPDATE Qliro 20
Slide 18: Q3 Financial Overview
Q3 FINANCIAL OVERVIEW Key financial highlights Q3 Summary (MSEK) Q3 25 Q3 24 y/y change • Sequential improvement in underlying growth momentum with 50% TPV growth y/y TPV 4 379 2 922 +50% Operating income 99.2 96.1 +3% • Operating income growth of 3%, sequential improvement, laying ground for growth
Slide 19: Loan Book Growth and BNPL Share of Checkout
LOAN BOOK GROWTH OFF THE BACK OF CONTINUED STRENGTHENING BNPL SHARE OF CHECKOUT Loan book growth y/y BNPL volume as share of TPV, % 6% 6% 6% 24% 5% 22 4% 20 3% 3% 18 2% 16 1% 14 0% 0% -1% Q4-24 Q1-25 Q2-25 Q3-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 October Qliro 22
Slide 20: New Sales Drives +18 MSEK of Operating Income Growth
NEW SALES DRIVES +18 MSEK OF OPERATING INCOME GROWTH, BUT PARTIALLY OFFSET BY HEADWINDS Q3 2024-Q3 2025 Operating income bridge, MSEK Comments +3% • Operating income growth 17.7 99.2 of 3% y/y 96.1 • Sequential increase in contribution from new BNPL share SME and Enterprise sales • Headwinds include
Slide 21: Credit Losses Decline Following Improvement in Credit Metrics
CREDIT LOSSES DECLINE FOLLOWING THE ONGOING IMPROVEMENT IN UNDERLYING CREDIT METRICS Comments Reported ECL (MSEK) Example: Exports to debt collection -2% BNPL loans • ECL continues to improve y/y 27.2 26.8 ~40% improvement despite the growing lending volumes and loan balance • Continued positive tre
Slide 22: Restructuring Program Launched, IAC of 19.7 MSEK in Q3
RESTRUCTURING PROGRAM LAUNCHED, IAC OF 19.7 MSEK IN Q3 – TARGETING PROFITABILITY IN Q1 Comments Restucturing costs (MSEK) • Restructuring program aimed to further strengthen income generation, 20-25 scalability and profitability • Accelerate growth momentum further across the Nordics • Merge and reo
Slide 23: Year-on-Year Cost Growth Driven by Expansion and Volume
YEAR-ON-YEAR COST GROWTH PRIMARILY DRIVEN BY EXPANSION AS WELL AS VOLUME GROWTH Comments Adjusted operating expense development excl. IAC • Variable cost increases of 4.6 MSEK driven by increased volumes, while also partially 96 impacted by country mix 12 Variable cost +60% 81 • Sales & Marketing in
Slide 24: Capital Overview
CAPITAL OVERVIEW Comments Q3 Capitalization (% of REA) • Equity issuance in July providing additional 21.2% headroom for growth 3.0% • Restructuring program will improve profitability 17.2% and capital generation going forward, while 2.4% restructuring costs had negative impact on 3.5% capital in Q3
Slide 25: Outlook
OUTLOOK Qliro 28
Slide 26: Looking Ahead - Acceleration
LOOKING AHEAD - ACCELERATION 1 AROUND 15% INCOME GROWTH IN Q4, WITH CONTINUED ACCELERATION IN 2026 AND PROFITABILITY IN Q1 EXPECTING ADDITIONAL +34% TPV COMPARED TO LTM 2 FROM NEW MERCHANTS NOT YET FULLY LIVE ON PLATFORM 3 ACCELERATE OUR SME & ENTERPRISE SALES ENGINE CONTINUE TO BUILD GROWTH MOMENTU
Slide 27: Q&A
Q&A Qliro 30