Slide 1: Q4 2025 Presentation
Q4 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
2026-02-10 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 +46% TPV GROWTH IN Q4, AND FULL YEAR 2025 TPV GROWTH OF +39% 3 BNPL VOLUME GROWTH ACCELERATION CONTINUED WITH +32% GROWTH
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: Continued Growth Momentum in the Nordics
1 CONTINUED GROWTH MOMENTUM IN THE NORDICS, +>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 67% • Signed merchants in new Nordic countries with % of TPV a total payments volume exceedin
Slide 12: Continued Strong TPV Growth of +46% in Q4
IN CONTINUED STRONG TPV GROWTH OF +46% IN Q4, 2 SIGNED TPV FY-25 GROWTH OF +39% KEY TAKEAWAYS TOTAL PAYMENTS VOLUME (TPV), BN SEK TOTAL PAYMENTS VOLUME (TPV), % GROWTH • TPV grew by 46% to SEK 6,064 million y/y, +21% driven by strong seasonality and more merchants going live. 21.5 50% • Continued st
Slide 13: BNPL Volume Growth Accelerating
3 BNPL VOLUME GROWTH ACCELERATING, BUT STILL LAGGING TPV GROWTH DUE TO LOWER SOC KEY TAKEAWAYS BNPL VOLUME GROWTH, Q/Q • BNPL as share of total payments volume (TPV) have declined as TPV is growing, but is 35% showing continued signs of turnaround 32% following Q2-25 30% • With new volumes comes new
Slide 14: Income Growth Accelerating to +14%
4 INCOME GROWTH ACCELERATING TO +14% BUT STILL LAGGING BNPL VOLUME GROWTH KEY TAKEAWAYS OPERATING INCOME GROWTH, Q/Q • Operating income growth of 14% y/y in line with 30% guidance of around 15% in Q4 2025 • Increase in contribution from both SME and 25% Enterprise segments • Headwinds include impact
Slide 15: Accelerating Income Contribution from SME at 18% in Q4
ACCELERATING INCOME CONTRIBUTION FROM SME AT 18% IN Q4 45 FIRST QUARTER WITH >100 NEW ACTIVE MERCHANTS KEY TAKEAWAYS NUMBER OF ACTIVE MERCHANTS CONTRIBUTION TO OPERATING INCOME, MSEK § Double digit contributions to operating income of 18% compared to 6% last year. +155%, YoY +>255% § Onboarding lead
Slide 16: 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 17: Strategic Highlights – Looking Ahead
2026-02-10 17 STRATEGIC HIGHLIGHTS – LOOKING AHEAD 1 MID TERM AMBITION TO BUILD A MARKET LEADING POSITION IN THE NORDICS 2 COMMERCIAL MOMENTUM TO CONTINUE TO DRIVE TPV GROWTH MOMENTUM 3 INCOME GROWTH EXPECTED TO CONTINUE TO ACCELERATE, LAGGING BNPL GROWTH 4 SME WILL CONTINUE TO GROW, WITH >30% OF GR
Slide 18: Financial Update
FINANCIAL UPDATE Qliro 18
Slide 19: Q4 Financial Overview
Q4 FINANCIAL OVERVIEW KEY FINANCIAL HIGHLIGHTS Q4 SUMMARY (MSEK) Q4 25 Q4 24 y/y change TPV 6 064 4 161 46% • Continuous strong underlying growth momentum with 46% TPV growth y/y Operating income 115,0 101,3 14% • Operating income growth of 14% y/y in line with Credit losses -26,2 -30,9 -15% guidanc
Slide 20: 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% 24% 5% 5% 22 4% 20 3% 19% 19% 3% 18 17% 2% 16% 16% 16 15% 1% 14% 14 0% 0% -1% Q1-25 Q2-25 Q3-25 Q4-25 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Qliro 20
Slide 21: Growth in Operating Income Laying Ground for Profitability
GROWTH IN OPERATING INCOME LAYING GROUND FOR PROFITABILITY COMMENTS OPERATING INCOME (MSEK) • Operating income growth of 14% y/y in line with guidance of around 15% in Q4 2025 +14% • Increase in contribution from both SME 115 and Enterprise segments • Headwinds include impact of lower BNPL share and
Slide 22: Credit Losses Decline Following Ongoing Improvement
CREDIT LOSSES DECLINE FOLLOWING THE ONGOING IMPROVEMENT IN UNDERLYING CREDIT METRICS COMMENTS REPORTED ECL (MSEK) EXAMPLE: EXPORTS TO DEBT COLLECTION -15% BNPL LOANS • Reported ECL continues to 30.9 improve y/y despite the growing lending volumes and loan balance ~33% improvement 26.2 • Continued po
Slide 23: Restructuring Program Launched, IAC of 4.9 MSEK in Q4
RESTRUCTURING PROGRAM LAUNCHED, IAC OF 4.9 MSEK IN Q4 – TARGETING PROFITABILITY IN Q1 COMMENTS RESTRUCTURING COSTS (MSEK) • Restructuring program aimed to further strengthen income generation, 24.5 25.0 scalability and profitability • Accelerate growth momentum further across the Nordics Q4 4.9 • Me
Slide 24: Year-on-Year Cost Growth Driven by Expansion and Volume Growth
YEAR-ON-YEAR COST GROWTH PRIMARILY DRIVEN BY EXPANSION AS WELL AS VOLUME GROWTH COMMENTS ADJUSTED OPERATING EXPENSE DEVELOPMENT EXCL. IAC • Variable cost increased by 5 MSEK driven by higher volumes, while also partially impacted by country 99 mix 14 Variable cost +57% 85 • Sales & Marketing, primar
Slide 25: Capital Overview
CAPITAL OVERVIEW COMMENTS Q4 CAPITALIZATION (% OF REA) • Restructuring program will improve profitability 19.6% and capital generation going forward, while restructuring costs had negative impact on 17.2% 2.9% capital in H2 3.5% 2.3% • CET1 headroom: • To P2R: 110 MSEK (4.8% of REA) 2.3% • To P2G: 3
Slide 26: Outlook
OUTLOOK Qliro 26
Slide 27: Looking Ahead at 2026
LOOKING AHEAD AT 2026 1 EXPECTED PROFITABILITY IN Q1 EXPECTING ADDITIONAL +21% 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 MOMENTUM ON THE EARLY 4 SUCCESS OF OUR LAUNCH IN NORWAY & FINLAND FOCUS ON IN
Slide 28: Q&A
Q&A Qliro 28