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Qliro Earnings Release 2025
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Earnings Release
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Interim Report January–March 2025
Nordic expansion above expectations, SME breakthrough and contracted volume growth around +39%
" Qliro starts the year with strong commercial momentum, with expected contracted volume growth of +39% compared with 2024. This is reflected in volume growth of 20% for the first quarter, rising to over 30% in March and April as more merchants went live on the platform. In view of this we are reiterating our guidance of 15–30% revenue growth in the second half of 2025, with continued acceleration during 2026 as new volume growth gradually translates into income growth. "
Excerpt from comments by CEO Christoffer Rutgersson
First quarter 2025 (first quarter 2024)
- Total payment volume increased by 20% to SEK 3,289 (2,738) million
- Operating income increased by 2% to SEK 101.5 (99.2) million
- Operating expenses amounted to SEK –90.0 (–75.3) million
- Credit losses as a percentage of total payment volume totalled 0.81% (0.87%)
- Operating profit/loss was SEK –15.1 (0.1) million
- Profit/loss for the period was SEK –12.1 (–0.6) million
- Earnings per share amounted to SEK –0.68 (–0.03)
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Significant events
| In the first quarter 2025 | After the end of the period | |
|---|---|---|
| Stronger financial position • Qliro issued Tier 2 capital notes in the amount of SEK 70 million with a first call date of 28 March 2030. The notes carry a floating interest rate of 3-month Stibor + 850 bps per annum. |
||
| Product launches | • Qliro has streamlined the onboarding process for new merchants through a partnership with Bits Technology, a leading provider of automated compliance solutions. Through a data-driven and automated process, merchants can now upgrade to Qliro faster and more effectively than before. |
• Qliro has entered into a strategic partnership with Two, a leading player in Pay Later solutions for B2B in Europe. Through the collaboration, Two's market-leading offering is inte grated into Qliro Checkout 0.0, giving connected merchants a powerful and seamless payment solution for business customers. |
| Expansion & growth | • New agreement with Enterprise merchant and pet group Pet Pawr Group AB, which operates the online stores Zoo, Tinybuddy (live), PetXL (live) and Dyrekassen. The agreement is expected to contribute a total payment volume of around SEK 600 million per year. The majority of the volume is expected to go live in Q3 2025. • In March Qliro announced that it had entered into agreements with 100 SME merchants in 2025, which represents a significant milestone in Qliro's strategic efforts to strengthen its position as a leading payment partner for small and medium-sized merchants in the Nordics. |
|
| Management & organisa tion |
• Qliro appointed Carl Löfgren as its new Chief Financial Officer. Carl has extensive experi ence in senior financial roles, most recently as Investment Manager at Investor AB. He took up his new role on 3 March 2025. • Qliro appointed Ted Kyander as Country Manager for Finland. In his new role, he will lead the company's expansion into the Finnish market. Kyander brings extensive experience in payment solutions for e-commerce, most recently as Senior Commercial Manager at Klarna. He took up his new role in January 2025. |
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QLIRO'S MISSION IS TO DELIVER A WORLD-
LEADING EXPERIENCE FOR MERCHANTS AND
THEIR CUSTOMERS JOURNEY.
3,289 SEK m, total payment volume
Contracted total payment volume compared with 2024
1 First quarter 2025 in comparison with first quarter 2024.
2 Refers to unique consumers that have used Qliro's checkout through the company's merchants in the last 12 months.
3 Total payment volume processed in Qliro's checkout, including VAT for direct payments and Qliro's payment products in the first quarter 2025.
Nordic expansion above expectations, SME breakthrough and contracted volume growth around +39%
Qliro starts the year with strong commercial momentum, with expected contracted volume growth of +39% compared with 2024. This is reflected in volume growth of 20% for the first quarter, rising to over 30% in March and April as more merchants went live on the platform. In view of this we are reiterating our forecast of 15–30% revenue growth in the second half of 2025, with continued acceleration during 2026 as new volume growth gradually translates into income growth.
We continue to invest in growth and expansion in the Nordics, where costs for commercial initiatives amounted to around SEK –15 million in the quarter. It is therefore particularly satisfying to be able to report accelerating volume growth and reiterate our forecast of 15–30% revenue growth in the second half of 2025, strengthened by the clear breakthrough we have seen within the SME segment during the quarter and several new large enterprise merchants going live on the platform in April. In total we expect an LTV/CAC ratio of between 5-10x based on the commercial momentum seen in the quarter, making it financially attractive to invest in increased growth and expansion.
Breakthrough in SME segment, representing 8% of revenue
The SME segment is an increasingly important part of our business. The share of operating income from the SME segment increased from 1% to 8%, which is also helping to increase diversification of the merchant base. This effect is expected to accelerate as the loan portfolio is built up over time as a result of the new SME volumes combined with continued strong commercial momentum. The segment was also the biggest driver of the 219% increase in the number of merchants to 281 during the quarter. At the beginning of March we were able to announce 100 new SME agreements so far in 2025 – and this momentum has increased since then. This growth is being driven by an improved product offering, with the launch of Qliro Checkout 0.0 and Unified Payments positioning us as the
market leader in conversion in the Nordics. At the same time investments in improved integrations with more e-commerce platforms, in line with our Composable Payments strategy, have further strengthened our competitiveness.
Existing portfolio impacting revenue growth in the short term
Volume growth and the strong revenue contribution from the SME segment are not yet fully reflected in revenue growth, which amounted to +2% in the quarter. This is explained partly by the natural time-lag as new volume gradually builds up a revenue-generating loan portfolio and partly by a smaller share of Pay Later volume from a major enterprise merchant and the negative price impact from certain enterprise agreements in 2024. These effects are expected to continue to impact comparative figures until the summer.
New, improved credit models and a smoother customer journey for payment of invoices also resulted in temporarily lower revenue from Pay Later in general and from reminder fees in particular, but are expected to have a positive impact on credit losses in the long term.
Despite these factors we stand by our forecast of 15–30% revenue growth in the second half of 2025, with continued acceleration during 2026 as new volume growth gradually translates into revenue growth.
Total payments volume, % growth
Comments by the CEO, cont.
Strong pipeline of new enterprise merchants
The Enterprise segment is also continuing to grow, with several new agreements and a growing pipeline. The total contracted annual volume from agreements that have not yet gone live is SEK 3,650 million. In January we signed an agreement with Pet Pawr Group, a leading player in pet products with an annual volume of SEK 600 million. The first two brands within this Group, Tinybuddy and PetXL, have now gone live. Alongside this, several onboarding processes have recently been completed or are in their final phase. Skruvat has now gone live in Sweden and Finland, and full onboarding is expected to be complete at the beginning of May following the launch in Norway.
Nordic expansion exceeds expectations
Our Nordic expansion continues to exceed expectations. In Norway we have signed agreements equivalent to SEK 500 million in total payment volume since launching there in August 2024, and the pipeline is growing, with multiple ongoing dialogues that could potentially increase volumes significantly in the country. This contracted volume alone means that we are expected to reach break-even for the investment in Norway once it is live. In Finland we have now established a sales team, which started in April under the leadership of our new Country Manager Ted Kyander, who previously worked for one of our closest competitors. During the quarter we also had the pleasure of signing agreements with our first local Finnish merchants, who are now also live on the platform.
Attractive conditions for investing in growth
We continue to invest in growth in line with our growth strategy to achieve our ambition of establishing Qliro as the Nordic market leader. The total cost of these investments in the quarter was around SEK –15 million, which is equivalent to the full operating loss for the quarter. The increased cost of expansion is equivalent to just over SEK 6 million for the quarter compared with the same period of last year.
An attractive LTV/CAC ratio of between 5-10x was achieved in the quarter. Estimated LTV is based on the expected contribution margin GP2 (operating income after credit losses and variable operating expenses) from new agreements, calculated for a conservative agreement term of at least three years, with all direct costs for sales, marketing and expansion included in CAC, plus the figures do not yet fully reflect the expansion in Norway and Finland. This means that each new merchant is expected to generate at least five to ten times more contribution margin (GP2) on average during the customer's lifetime than it costs to acquire them.
Indications of strengthened credit portfolio
Although the credit losses increased compared with the previous year, they were SEK 4.3 million lower than the previous quarter. The development in realised credit losses indicates improved credit quality and a more robust portfolio. The measures introduced in 2024 are now beginning to have an impact and are improving the prospects for a sustained reduction in credit losses.
Streamlined onboarding
To meet increased demand, we are focusing on eliminating bottlenecks and improving the onboarding process for new merchants. Our new partnership with Bits Technology enables this internationally, allowing us to connect new merchants faster both in the Nordics and in future markets. At the same time, we are improving the quality and efficiency of our KYC and credit checks. These improvements have more than halved the median leadtime from signing to go-live in the SME segment, with clear improvements also in the Enterprise segment.
Successful capital raise
Rising transaction volumes gradually lead to higher capital requirements. To proactively support our continued growth, we strengthened our capital base during the quarter through a successful issuance of Tier 2 capital notes in a nominal amount of SEK 70 million, on attractive terms. The issue met with strong interest from investors and was oversubscribed – clear proof of confidence in our strategy and new position in the market.
Outlook
Good commercial development leads us to reiterate our previous forecast of revenue growth of +15–30% in the second half of 2025 with continued acceleration in 2026. Revenue is expected to catch up with volume growth over time, with new agreements expected to generate volume growth of +39% in total compared with 2024. If these volumes were fully live, combined with the expected build-up of the loan book, it would result in a positive operating result. With higher volumes, more merchants, an improved offering, more scalable processes and a strengthened capital structure, we have taken clear steps in the quarter in line with our ambition to take a leading position in the Nordics.
Stockholm, Sweden, 30 April 2025 Christoffer Rutgersson, CEO Qliro
About Qliro – scalable platform and business model
Qliro is a leading fintech company in the growth phase that delivers payment solutions for Enterprise and SME merchants and their customers, mainly in e-commerce. The offering includes a complete checkout with all relevant payment options for immediate payments (Pay Now) as well as our own invoice and instalment payment methods (Pay Later) in the Nordic region. Qliro is a credit market company under the supervision of Finansinspektionen, the Swedish financial supervisory authority, and has its registered office in Stockholm. The company's shares are listed on Nasdaq Stockholm under the ticker QLIRO. Below is a simplified illustration of Qliro's business model which combines high marginal returns with scalability – turning growth into a powerful driver of value.
Long agreement periods create stability
SME merchants often have a faster decision-making process and shorter onboarding, i.e. the time between an agreement being signed and integration being completed. Enterprise merchants typically have more complex needs, meaning longer onboarding and sometimes gradual rollout. Agreement periods range from 12 to 36 months, with longer agreements in the Enterprise segment providing stable and predictable revenue streams over time.
Onboarding and integration
SME merchants can often go live immediately after signing an agreement. For Enterprise merchants with more complex operations – such as multiple sites and markets – onboarding can take up to 12 months. The timeline is affected by both technical requirements and the merchant's own priorities, such as phased rollout, coordination with major IT projects or waiting until after the high season.
Revenue generation
Once a merchant has completed onboarding, revenue immediately begins to be generated via Pay Now transactions, while Pay Later volumes (which make up the majority of the revenue) accumulate over time in a loan book (lending to the public). This creates stable revenue streams from interest income and fees.
Progressive growth in revenue
The revenue from a new merchant agreement is realised gradually, with approximately 50–60% of the revenue potential already in the first year, and reaches full effect within three years (corresponding to the longest period for instalments, which is 36 months). Growth in total payment volume is expected to lead to increased income over the coming three years.
A scalable and cost-effective platform
The technical platform is scalable and the cost base largely consists of fixed costs. A volume increase of 100% is expected over time to lead to a corresponding increase in operating income as well as GP1 and GP2. To maintain the growth rate it is estimated that only 30% of the increase in income needs to be reinvested in fixed operating expenses. The business model thus enables high marginal returns and creates the conditions for profitable and capital-efficient growth – a crucial component of the strategy for driving accelerated growth.
Merchants' demands on payment solutions change over time
Qliro meets the modern e-merchant's demand for flexibility and control through the concept Composable Payments for Growth. The trend is towards end-to-end solutions that boost conversion, loyalty and lifetime value. Qliro's modular solution provides full control throughout the payment flow – including the after-sales experience – and directs consumers back to the original merchant. The solution integrates seamlessly into the e-merchant's tech stack and sets the standard for the future of payment solutions.
Qliro is a small player in a fast-growing market
The Nordic and European e-commerce market still comprises a relatively limited proportion of the total retail market, although the share has grown steadily. This means that the growth rate in e-commerce remains significantly higher than for physical stores. Qliro has a market share of <5%, which means that the addressable market offers positive potential for strong and long-term growth.
Product launches
In the first quarter of 2025 Qliro strengthened its offering through two strategically important partnerships. These are part of the company's strategy to build a modular, scalable and high-performance payment platform for modern e-merchants.
Efficient onboarding through partnership with Bits Technology Qliro has entered into a partnership with Bits Technology, a leading provider of automated compliance solutions. Through data-driven onboarding, including identity verification and credit checks, new merchants can now go live faster and more efficiently. The solution reduces the need for manual processes and enables onboarding in days rather than weeks. This strengthens Qliro's scalability and improves the merchants' experience right from the start.
Launch of new B2B offering through partnership with Two
Together with Two, Qliro has launched a new B2B offering that is now integrated into Qliro Checkout 0.0. The solution enables e-merchants to offer businesses a buying experience that is just as simple and efficient as that offered to consumers – with automated credit decisions, flexible payment options and advanced risk management. This makes Qliro one of the few operators in the Nordics to offer a unified checkout for both B2C and B2B, paving the way for new growth among both SME and Enterprise merchants.
CREATING VALUE FOR E-MERCHANTS
Performance measure
Key indicators
| SEK million, unless otherwise indicated | 2025 Jan–Mar |
2024 Jan–Mar |
% ∆ | 2024 Jan–Dec |
LTM |
|---|---|---|---|---|---|
| Number of merchants2 | 281 | 88 | 219% | 227 | 281 |
| Total payment volume2 | 3,289 | 2,738 | 20% | 12,850 | 13,401 |
| Total payment volume – agreed but yet not onboarded, full-year volume2 | – | – | – | – | 3,650 |
Adjusted income statement, continuing operations
| 2025 | 2024 | 2024 | |||
|---|---|---|---|---|---|
| SEK million, unless otherwise indicated | Jan–Mar | Jan–Mar | % ∆ | Jan–Dec | LTM |
| Total operating income1, 3 | 101.5 | 99.2 | 2% | 397.8 | 400.1 |
| Take rate as percentage of total payment volume1 | 3.09% | 3.62% | –15% | 3.10% | 2.99% |
| Net credit losses4 | –26.6 | –23.9 | 11% | –106.4 | –109.1 |
| Credit losses as percentage of total payment volume 1 | 0.81% | 0.87% | –7% | 0.83% | 0.81% |
| Credit losses as percentage of Pay Later volume1 | 1.98% | 1.82% | 9% | 1.92% | 1.96% |
| GP1 | 74.9 | 75.3 | –1% | 291.4 | 291.0 |
| GM1 as percentage of lending (annual basis)1 | 16.17% | 16.67% | –3% | 15.47% | 16.39% |
| Variable operating expenses | –10.8 | –8.4 | 29% | –35.0 | –37.4 |
| GP2 | 64.0 | 66.9 | –4% | 256.4 | 253.6 |
| GM2 as percentage of lending (annual basis)1 | 13.83% | 14.81% | –7% | 13.61% | 14.28% |
| Fixed operating expenses | –79.2 | –66.8 | 18% | –282.9 | –295.2 |
| Total operating expenses3 | –90.0 | –75.3 | 20% | –317.9 | –332.6 |
| Operating profit/loss1, 3 | –15.1 | 0.1 | – | –26.4 | –41.7 |
| Profit/loss for the period | –12.1 | –0.6 | 2,078% | –22.1 | –33.6 |
| Earnings per share | –0.68 | –0.03 | 2,213% | –1.14 | –1.80 |
Balance sheet
| 2025 | 2024 | 2024 | |||
|---|---|---|---|---|---|
| SEK million, unless otherwise indicated | Jan–Mar | Jan–Mar | % ∆ | Jan–Dec | LTM |
| Lending to the public | 1,775 | 1,776 | 0% | 1,930 | 1,775 |
| Deposits from the public | 2,344 | 2,998 | –22% | 2,723 | 2,344 |
Other performance measures
| 2025 | 2024 | 2024 | |||
|---|---|---|---|---|---|
| SEK million, unless otherwise indicated | Jan–Mar | Jan–Mar | % ∆ | Jan–Dec | LTM |
| Total payment volume2 | 3,289 | 2,738 | 20% | 12,850 | 13,401 |
| of which Pay Now volume2 | 1,945 | 1,425 | 36% | 7,316 | 7,836 |
| of which Pay Later volume2 | 1,344 | 1,313 | 2% | 5,534 | 5,565 |
| BNPL volume2 | 521 | 574 | –9% | 2,433 | 2,380 |
| Invoice volume2 | 823 | 739 | 11% | 3,099 | 3,183 |
| Average order value, SEK2 | 822 | 793 | 4% | 826 | 832 |
| Average order value, Pay Now2 | 707 | 672 | 5% | 710 | 719 |
| Average order value, Pay Later2 | 1,074 | 985 | 9% | 1,047 | 1,069 |
| Average number of employees2 | 219 | 204 | 7% | 215 | 219 |
1 Alternative performance measures used by management and analysts to evaluate the company's progress that are not specified or defined in IFRS or other applicable regulatory frameworks. For definitions and reconciliation tables see pages 25–28.
2 Operating performance measures. For definitions see page 26.
3 The previous year's performance measures for the period Jan–Mar have been restated to reflect the discontinued operations; see Note 1 on page 18.
Earnings trend
First quarter 2025 in comparison with first quarter 2024
Increased total payment volume and number of merchants
The number of connected e-merchants on Qliro's platform was 281 (88), an increase of 219% compared with the previous year. The total payment volume increased by 20% to SEK 3.3 billion. The loan portfolio from continuing operations was unchanged from the previous year at SEK 1,775 (1,776) million.
Operating income
Operating income increased by 2% to SEK 101.5 (99.2) million, driven by the SME segment and new Enterprise business. Revenue was offset by a fall in volume from a larger Enterprise merchant and by certain enterprise agreements having a negative impact on prices. These effects are expected to impact comparative figures until the summer. New, improved credit models and a smoother customer journey also resulted in lower revenue from Pay Later and reminder fees. However, this is expected to increase customer satisfaction and reduce credit losses over time.
Net interest income increased by 1% to SEK 49.5 (48.8) million, in line with the growth in the loan portfolio. Net commission income increased by 3.3% to SEK 52.3 (50.6) million, primarily driven by growing interest in the end-to-end offering Unified Payments as well as higher administrative expenses.
Operating expenses
Operating expenses amounted to SEK –90.0 (–75.3) million as a result of increased efforts for growth and ongoing geographical expansion, entailing increased costs of SEK –6.4 million compared with the previous year.
General administrative expenses, mainly comprising
personnel costs and consultant and IT expenses, increased to SEK –60.5 (–54.4) million, partly driven by increased costs for compliance and risk functions.
Depreciation, amortisation and impairment increased by 34% to SEK –19.8 (–14.8) million and primarily comprised increased amortisation of previously capitalised development costs relating to payment solutions, as well as consumer products, the website and app solutions.
Other operating expenses increased to SEK –9.7 (–6.0) million, mainly as a result of increased marketing costs.
Credit losses
Net credit losses amounted to SEK –26.6 (–23.9) million. Credit losses as a percentage of total payment volume were 0.81% (0.87) and 1.98% (1.82) as a percentage of Pay Later volume. The increase compared with the previous year is mainly explained by changes in provisions, while the underlying trend in realised credit losses is positive. This is in line with the expectation that improvements made to credit processes will lead to lower credit losses over time.
Profit/loss for the period
Operating profit/loss from continuing operations amounted to SEK –15.1 (0.1) million, driven by increased efforts for growth and ongoing geographical expansion. Profit/loss for the period from continuing operations was SEK –12.1 (–0.6) million. Profit/ loss for the period was SEK –12.1 (3.4) million.
Number of merchants
Total payment volume, SEK billion
Lending to the public, SEK billion
Capital adequacy, funding and liquidity
Capital adequacy
Qliro AB's own funds (see Note 9 Capital adequacy) decreased to SEK 471 (473) million. Risk exposure decreased to SEK 2,114 (2,396) million. Qliro is well capitalised and the total capital ratio was 22.3% (19.8), compared with the regulatory requirement of 13.7%. The Common Equity Tier 1 capital ratio was 16.6% (15.6), compared with the regulatory requirement of 9.6%. The leverage ratio was 14.5%.
Funding
In addition to equity, lending to the public was funded using SEK 2,344 (2,997) million in deposits from the public (savings accounts) in Sweden and Germany. Deposits from the public are a flexible and functional form of funding given Qliro's lending, which largely comprises small loans of short duration. Qliro offers savings accounts to private individuals in Sweden and a deposit offering in EUR in Germany in partnership with the open banking platform Raisin. At the end of the quarter, deposits in Sweden amounted to SEK 1,500 (2,539) million and deposits in Germany to SEK 843 (458) million.
Liquidity
Qliro's liquidity is good, and as of 31 March 2025 its cash and cash equivalents totalled SEK 858 (826) million. The liquidity portfolio is invested in Nordic banks as well as other liquid investments such as Swedish municipal bonds and covered bonds with a AAA rating. The liquidity coverage ratio (LCR) as of 31 March 2025 was 316%, compared with the statutory requirement of 100%, and the net stable funding ratio (NSFR) was 126%.
Performance measure
| %, unless otherwise indicated | 31.03.2025 | 31.03.2024 |
|---|---|---|
| Common Equity Tier 1 ratio, %1 | 16.6 | 15.6 |
| Total capital ratio, %1 | 22.3 | 19.8 |
| Liquidity coverage ratio (LCR), %1 | 316 | 489 |
| Net stable funding ratio (NSFR), % | 126 | 141 |
| Average deposit duration, days | 86 | 85 |
1 Other key performance measures. For definitions see page 26.
Other information
Employees
The average number of employees was 219 (214) in the first quarter 2025.
Seasonal effects
Qliro's Pay Later volumes have historically fluctuated between quarters. For example, Qliro has experienced higher volumes in the fourth quarter of the year due to Black Friday and Christmas shopping through Qliro's merchants' web stores. Conversely, volumes are normally lower in the first and third quarter compared to the fourth quarter. The seasonally strong volumes in the fourth quarter usually result in increased income at the beginning of the year when invoices are to some extent converted into flexible instalments and when BNPL campaigns are to some extent converted into interest-bearing credit.
Qliro's top 10 shareholders as of 31 March 2025
Proportion of capital
-
- Rite Ventures 25.5%
-
- Mandatum Life Insurance Company 9.2%
-
- Avanza Pension 8.8%
-
- Nordnet Pensionsförsäkring 4.9%
-
- Staffan Persson 4.3%
-
- Christoffer Rutgersson 3.97%
-
- Patrik Enblad 3.3%
-
- Peter Lindell 3.2%
-
- Thomas Krishan 2.9%
-
- Ulf Ragnarsson 2.5%
Source: Monitor by Modular Finance
Qliro's shares and share capital
The company's registered share capital as of 31 March 2025 was SEK 59,623,740 distributed over 21,294,193 shares with a quotient value of SEK 2.80 per share.
The share price as of 31 March 2025 was SEK 21.10.
Transactions with related parties
Transactions with related parties are of the same nature as described in the annual report for 2024, which was published on 23 April 2025.
Significant risks and uncertainties
Qliro's operations entail daily risks that are measured, controlled and, when necessary, mitigated to protect the company's capital and reputation. The most prominent risks are credit risk, business risk/strategic risk, operational risk, currency risk, interest rate risk and liquidity risk. Qliro's annual report for 2024 and Qliro's prospectus, dated 28 September 2020, which was released prior to the listing of Qliro's shares for trading on Nasdaq Stockholm, contain a detailed description of the company's risk exposures and risk management.
The last few years' challenging macroeconomic conditions in the form of higher interest rates, rising inflation and increased energy prices, could have a negative impact on consumer demand and consumers' ability to pay their debts. Qliro cannot currently see any discernible effect on the company's income or underlying credit losses.
Consolidated income statement1
| SEK million | Note | 2025 Jan–Mar |
2024 Jan–Mar |
2024 Jan–Dec |
|---|---|---|---|---|
| Interest income | 70.3 | 70.4 | 289.4 | |
| Interest expense | –20.8 | –21.6 | –88.8 | |
| Net interest income | 2 | 49.5 | 48.8 | 200.6 |
| Commission income | 3 | 55.7 | 52.1 | 209.7 |
| Commission expense | 3 | –3.4 | –1.6 | –12.2 |
| Net commission income | 52.3 | 50.6 | 197.5 | |
| Net result of financial transactions | –0.5 | –0.3 | –1.7 | |
| Other operating income | 0.1 | 0.1 | 1.4 | |
| Total operating income | 101.5 | 99.2 | 397.8 | |
| General administrative expenses | –60.5 | –54.4 | –232.4 | |
| Depreciation/amortisation and impairment of property, plant and equipment and intangible assets |
–19.8 | –14.8 | –68.1 | |
| Other operating expenses | –9.7 | –6.0 | –24.2 | |
| Total expenses before credit losses | –90.0 | –75.3 | –324.7 | |
| Profit/loss before credit losses | 11.5 | 24.0 | 73.1 | |
| Net credit losses | 4 | –26.6 | –23.9 | –106.4 |
| Operating profit/loss | –15.1 | 0.1 | –33.3 | |
| Tax on profit for the period | 3.0 | –0.6 | 5.8 | |
| Profit/loss for the period from continuing operations | –12.1 | –0.6 | –27.5 | |
| Profit/loss for the period from discontinued operations, after tax | 5 | – | 4.0 | 5.6 |
| Profit/loss for the period | –12.1 | 3.4 | –21.9 | |
| Of which attributable to: | ||||
| Owners of the parent | –14.4 | 3.4 | –21.9 | |
| Holders of Tier 1 capital | 2.3 | – | – | |
| Earnings per share – total operations | –0.68 | 0.18 | –1.13 | |
| Earnings per share – continuing operations | –0.68 | –0.03 | –1.42 |
1) The previous year's figures for the period Jan–Mar have been restated to reflect the discontinued operations.
Consolidated statement of comprehensive income
| SEK million | 2025 Jan–Mar |
2024 Jan–Mar |
2024 Jan–Dec |
|---|---|---|---|
| Profit/loss for the period | –12.1 | 3.4 | –21.9 |
| Other comprehensive income | |||
| Items that may be subsequently reclassified to profit or loss | |||
| Financial assets at fair value through other comprehensive income (net of tax) | 0.7 | – | –1.1 |
| Other comprehensive income for the period | – | – | –1.1 |
| Comprehensive income for the period 1 | –11.5 | 3.4 | –23.1 |
| Of which attributable to: | |||
| Owners of the parent | –13.7 | 3.4 | –21.9 |
| Holders of Tier 1 capital | 2.3 | – | – |
Consolidated balance sheet
| SEK million | Note | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|---|
| Assets | ||||
| Lending to credit institutions | 159.2 | 173.5 | 403.0 | |
| Lending to the public | 6 | 1,774.7 | 2,536.1 | 1,929.9 |
| Bonds and other fixed-income securities | 702.9 | 656.0 | 651.1 | |
| Intangible assets | 273.1 | 216.1 | 259.5 | |
| Property, plant and equipment | 12.9 | 14.6 | 14.7 | |
| Deferred tax assets | 62.9 | 54.1 | 60.1 | |
| Other assets | 75.6 | 72.5 | 82.8 | |
| Derivatives | 2.1 | 1.8 | 2.1 | |
| Prepaid expenses and accrued income | 36.6 | 24.4 | 26.9 | |
| Assets held for sale | 5 | 27.2 | – | 24.5 |
| Total assets | 3,127.1 | 3,749.1 | 3,454.4 | |
| Liabilities and equity | ||||
| Liabilities | ||||
| Deposits and borrowing from the public | 7 | 2,343.8 | 2,997.8 | 2,723.3 |
| Other liabilities | 110.4 | 108.7 | 110.3 | |
| Accrued expenses and deferred income | 56.8 | 58.3 | 58.6 | |
| Provisions | 5 | 2.2 | – | 2.9 |
| Subordinated liabilities | 67.2 | 100.0 | – | |
| Total liabilities | 2,580.5 | 3,264.8 | 2,895.2 | |
| Equity | ||||
| Share capital | 59.6 | 53.4 | 59.6 | |
| Reserves | –4.4 | –4.0 | –5.1 | |
| Tier 1 capital instruments | 52.7 | – | 52.6 | |
| Retained profit or loss | 450.9 | 431.5 | 474.0 | |
| Profit/loss for the period | –12.1 | 3.4 | –21.9 | |
| Total equity | 546.7 | 484.3 | 559.2 | |
| Total liabilities and equity | 3,127.1 | 3,749.1 | 3,454.4 |
Consolidated statement of changes in equity
| SEK million | Share capital |
Fair value reserve |
Retained earnings including profit for the period |
Total | Tier 1 capital instruments |
Total equity |
|---|---|---|---|---|---|---|
| Opening balance, 1 Jan 2025 | 59.6 | –5.1 | 452.1 | 506.6 | 52.6 | 559.2 |
| Profit/loss for the period | – | – | –14.4 | –14.4 | 2.3 | –12.1 |
| Other comprehensive income after tax | – | 0.6 | – | 0.7 | – | 0.7 |
| Comprehensive income | – | 0.6 | –14.4 | –13.7 | 2.3 | –11.5 |
| Interest paid, Tier 1 capital instruments | – | – | – | – | –2.3 | –2.3 |
| Change in Tier 1 capital instruments | – | – | –0.1 | –0.1 | 0.1 | – |
| Transactions recognised directly in equity | ||||||
| Share-based remuneration | – | – | 1.2 | 1.2 | – | 1.2 |
| Total transactions recognised directly in equity | – | – | 1.2 | 1.2 | – | 1.2 |
| Closing balance, 31 Mar 2025 | 59.6 | –4.4 | 438.7 | 493.9 | 52.7 | 546.7 |
| Fair | Retained earnings |
Tier 1 | ||||
|---|---|---|---|---|---|---|
| SEK million | Share capital |
value reserve |
including profit for the period |
Total | capital instruments |
Total equity |
| Opening balance, 1 Jan 2024 | 53.4 | –4.0 | 430.8 | 480.2 | – | 480.2 |
| Profit/loss for the period | – | – | 3.4 | 3.4 | – | 3.4 |
| Other comprehensive income after tax | – | – | – | – | – | – |
| Comprehensive income | – | – | 3.4 | 3.4 | – | 3.4 |
| Transactions recognised directly in equity | ||||||
| Share-based remuneration | – | – | 0.7 | 0.7 | – | 0.7 |
| Total transactions recognised directly in equity | – | – | 0.7 | 0.7 | – | 0.7 |
| Closing balance, 31 Mar 2024 | 53.4 | –4.0 | 434.9 | 484.3 | – | 484.3 |
| SEK million | Share capital |
Fair value reserve |
Retained earnings including profit for the period |
Total | Tier 1 capital instruments |
Total equity |
|---|---|---|---|---|---|---|
| Opening balance, 1 Jan 2024 | 53.4 | –4.0 | 430.8 | 480.2 | – | 480.2 |
| Profit/loss for the period | – | – | –21.9 | –21.9 | – | –21.9 |
| Other comprehensive income after tax | – | –1.1 | – | –1.1 | – | –1.1 |
| Comprehensive income | – | –1.1 | –21.9 | –23.1 | – | –23.1 |
| Tier 1 capital issued | – | – | – | – | 52.5 | 52.5 |
| Change in Tier 1 capital instruments | – | – | –0.1 | –0.1 | 0.1 | – |
| Transactions recognised directly in equity | ||||||
| New issue of shares | 6.0 | – | 41.7 | 47.7 | – | 47.7 |
| Issue of warrants | – | – | 0.7 | 0.7 | – | 0.7 |
| Share-based remuneration | 0.2 | – | 1.0 | 1.2 | – | 1.2 |
| Total transactions recognised directly in equity | 6.2 | – | 43.3 | 49.5 | – | 49.5 |
| Closing balance, 31 Dec 2024 | 59.6 | –5.1 | 452.1 | 506.6 | 52.6 | 559.2 |
Consolidated cash flow statement
| SEK million | 2025 Jan–Mar |
2024 Jan–Mar |
2024 Jan–Dec |
|---|---|---|---|
| Operating activities | |||
| Net operating profit/loss | –12.1 | –0.6 | –27.5 |
| Profit/loss for the period from discontinued operations, after tax | – | 4.0 | 5.6 |
| Adjustments | 57.8 | 51.7 | 218.7 |
| Changes in operating assets and liabilities | –312.7 | 50.1 | 241.2 |
| Cash flow from operating activities | –267.0 | 105.2 | 437.9 |
| Investing activities | |||
| Acquisition of property, plant and equipment | –0.4 | –0.1 | –1.6 |
| Acquisition of intangible assets | –31.2 | –32.1 | –130.1 |
| Cash flow from investing activities | –31.6 | –32.3 | –131.7 |
| Financing activities | |||
| Lease amortisation | –1.4 | –1.4 | –5.7 |
| Issue of warrants | – | – | 0.7 |
| Tier 1 capital instruments | – | – | 55.0 |
| Transaction costs, Tier 1 capital instruments | – | – | –2.5 |
| Subordinated liabilities | 70.0 | – | –100.0 |
| Transaction costs, subordinated liabilities | –2.8 | – | – |
| New issue of shares | – | – | 47.7 |
| Cash flow from financing activities | 63.6 | –1.4 | –4.9 |
| Cash flow for the period | –235.1 | 71.6 | 301.3 |
| Cash and cash equivalents at the beginning of the period | 403.0 | 101.0 | 101.0 |
| Exchange differences in cash and cash equivalents | –8.7 | 0.9 | 0.6 |
| Cash flow for the period | –235.1 | 71.6 | 301.3 |
| Cash and cash equivalents at the end of the period | 159.2 | 173.5 | 403.0 |
The cash flow statements include cash flow attributable to the total operations. Cash flow related to the discontinued loan operations in the period January–December 2024 consists of cash flow from operating activities of SEK 759 (143) million and cash flow from investing activities of SEK –1.6 (–2.3) million.
Parent Company income statement
| SEK million Note |
2025 Jan–Mar |
2024 Jan–Mar |
2024 Jan–Dec |
|---|---|---|---|
| Interest income | 70.3 | 96.4 | 359.3 |
| Interest expense | –20.7 | –31.1 | –117.4 |
| Net interest income | 49.6 | 65.3 | 241.8 |
| Commission income | 55.7 | 52.3 | 210.4 |
| Commission expense | –3.4 | –1.6 | –12.2 |
| Net result of financial transactions | –0.5 | –0.3 | –1.8 |
| Other operating income | 0.1 | 0.1 | 1.4 |
| Gain/loss on sale of business | – | – | 12.5 |
| Total operating income | 101.6 | 115.9 | 452.1 |
| General administrative expenses | –61.9 | –57.2 | –251.7 |
| Depreciation/amortisation and impairment of property, plant and equipment and intangible assets |
–18.5 | –15.7 | –66.3 |
| Other operating expenses | –9.7 | –6.6 | –25.5 |
| Total expenses before credit losses | –90.1 | –79.5 | –343.5 |
| Profit/loss before credit losses | 11.5 | 36.4 | 108.6 |
| Net credit losses | –26.6 | –31.2 | –134.4 |
| Operating profit/loss | –15.1 | 5.3 | –25.8 |
| Tax on profit for the period | 3.0 | –1.9 | 3.8 |
| Profit/loss for the period | –12.1 | 3.4 | –22.0 |
Parent Company statement of comprehensive income
| SEK million | 2025 Jan–Mar |
2024 Jan–Mar |
2024 Jan–Dec |
|---|---|---|---|
| Profit/loss for the period | –12.1 | 3.4 | –22.0 |
| Other comprehensive income | |||
| Items that may be subsequently reclassified to profit or loss | |||
| Financial assets at fair value through other comprehensive income (net of tax) | 0.7 | – | –1.1 |
| Other comprehensive income for the period | 0.7 | – | –1.1 |
| Comprehensive income for the period | –11.4 | 3.4 | –23.1 |
Parent Company balance sheet
| SEK million Note |
31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Assets | |||
| Lending to credit institutions | 155.5 | 170.5 | 399.3 |
| Lending to the public | 1,801.7 | 2,536.1 | 1,954.3 |
| Bonds and other fixed-income securities | 702.9 | 656.0 | 651.1 |
| Shares and units | 0.1 | 0.1 | 0.1 |
| Intangible assets | 273.1 | 216.1 | 259.5 |
| Property, plant and equipment | 3.6 | 5.3 | 4.1 |
| Deferred tax assets | 63.2 | 54.3 | 60.3 |
| Other assets | 79.3 | 75.4 | 86.4 |
| Derivatives | 2.1 | 1.8 | 2.1 |
| Prepaid expenses and accrued income | 37.9 | 25.7 | 28.2 |
| Total assets | 3,119.4 | 3,741.3 | 3,445.3 |
| Liabilities and equity | |||
| Liabilities | |||
| Deposits and borrowing from the public | 2,343.8 | 2,997.8 | 2,723.3 |
| Other liabilities | 102.3 | 100.6 | 100.9 |
| Accrued expenses and deferred income | 56.8 | 58.3 | 58.6 |
| Provisions | 2.2 | – | 2.9 |
| Subordinated liabilities | 67.2 | 100.0 | – |
| Total liabilities | 2,572.4 | 3,256.6 | 2,885.8 |
| Equity | |||
| Restricted equity | |||
| Share capital | 59.6 | 53.4 | 59.6 |
| Reserve for development costs | 273.1 | 216.1 | 259.5 |
| Total restricted equity | 332.8 | 269.5 | 319.1 |
| Non-restricted equity | |||
| Reserves | –4.4 | –4.0 | –5.1 |
| Share premium reserve | 65.5 | 21.7 | 65.5 |
| Tier 1 capital instruments | 112.5 | – | 52.6 |
| Retained profit or loss | 52.7 | 194.0 | 149.4 |
| Profit/loss for the period | –12.1 | 3.4 | –22.0 |
| Total non-restricted equity | 214.3 | 215.2 | 240.4 |
| Total equity | 547.0 | 484.7 | 559.5 |
| Total liabilities and equity | 3,119.4 | 3,741.3 | 3,445.3 |
Note 1. Accounting policies
This interim report for Qliro AB relates to the period 1 January to 31 March 2025. Qliro has its registered office in Stockholm, Sweden and its corporate identity number is 556962-2441.
The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations of these standards as adopted by the EU. Supplementary disclosures ensuing from the Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559), as well as Finansinspektionen's regulations and general guidance on annual accounts for credit institutions and securities companies (FFFS 2008:25), have also been applied.
RFR 1 Supplementary Accounting Rules for Groups and the statements from the Swedish Corporate Reporting Board have also been applied when preparing the consolidated financial statements.
The interim financial statements for the Parent Company have been prepared in accordance with the Annual Accounts Act for Credit Institutions and Securities Companies as well as Finansinspektionen's regulations and general guidance on annual accounts for credit institutions and securities companies (FFFS 2008:25). The Parent Company also applies RFR 2 Accounting for Legal Entities and statements from the
Swedish Corporate Reporting Board. In accordance with Finansinspektionen's general guidance, to the extent allowed by law the Parent Company has applied International Financial Reporting Standards (IFRS) as adopted by the EU in the preparation of the financial statements.
Qliro's interim report has been prepared in accordance with the same accounting policies and calculation methods as were applied in the annual report for 2024.
Discontinued operations
The discontinued operations consist of Qliro's private loan portfolio within Digital Banking Services. For further information see Note 5 Discontinued operations. These operations were classified as discontinued operations in 2024 because they relate to a significant area of business and the carrying amount is recovered through a sale. Profit for the period for the discontinued operations is reported separately after profit/loss for the period for continuing operations. Comparative figures in the income statement have been restated.
Assets and liabilities attributable to the discontinued operations are reported separately as of the classification date in the balance sheet line item "Assets held for sale". Comparative figures in the balance sheet have not been restated.
Note 2. Net interest income1
| Group | ||||
|---|---|---|---|---|
| SEK million | 2025 Jan–Mar |
2024 Jan–Mar |
2024 Jan–Dec |
|
| Interest income | ||||
| Lending to credit institutions | 1.8 | 1.0 | 7.0 | |
| Lending to the public | 64.2 | 66.7 | 268.3 | |
| Eligible securities and similar instruments | 4.3 | 2.7 | 13.7 | |
| Other interest income | – | – | 0.3 | |
| Total interest income | 70.3 | 70.4 | 289.4 | |
| Interest expense | ||||
| Liabilities to credit institutions | –0.2 | – | – | |
| Deposit guarantee | –1.7 | –1.2 | –4.8 | |
| Deposits from the public | –18.7 | –18.5 | –79.0 | |
| Eligible government securities and similar instruments |
– | – | – | |
| Subordinated liabilities | –0.1 | –1.9 | –4.6 | |
| Interest expense, lease liabilities | –0.1 | –0.1 | –0.2 | |
| Total interest expense | –20.8 | –21.6 | –88.8 | |
| Net interest income | 49.5 | 48.8 | 200.6 |
1) The previous year's figures for the period Jan–Mar have been restated to reflect the discontinued operations; see Note 1.
Note 3. Net commission income1 cont.
Commission income by geographical market1
| Group | |||
|---|---|---|---|
| SEK million | 2025 Jan–Mar |
2024 Jan–Mar |
2024 Jan–Dec |
| Lending commissions | |||
| Sweden | 33.9 | 35.3 | 133.6 |
| Finland | 2.6 | 2.6 | 10.7 |
| Denmark | 0.6 | 0.9 | 3.2 |
| Norway | 6.4 | 6.1 | 21.5 |
| Total | 43.5 | 44.9 | 169.1 |
| Other commission income | |||
| Sweden | 7.6 | 3.6 | 24.1 |
| Finland | 1.1 | 1.0 | 3.8 |
| Denmark | 0.8 | 0.4 | 2.3 |
| Norway | 2.8 | 2.3 | 10.5 |
| Total | 12.2 | 7.3 | 40.6 |
| Total commission income | 55.7 | 52.1 | 209.7 |
1) The previous year's figures for the period Jan–Mar have been restated to reflect the discontinued operations; see Note 1.
Note 3. Net commission income1
| Group | |||
|---|---|---|---|
| SEK million | 2025 Jan–Mar |
2024 Jan–Mar |
2024 Jan–Dec |
| Commission income | |||
| Lending commissions | 43.5 | 44.9 | 169.1 |
| Other commission income | 12.2 | 7.3 | 40.6 |
| Total commission income | 55.7 | 52.1 | 209.7 |
| Commission expense | |||
| Other commission expenses | –3.4 | –1.6 | –12.2 |
| Total commission expenses | –3.4 | –1.6 | –12.2 |
| Net commission income | 52.3 | 50.6 | 197.5 |
1) The previous year's figures for the period Jan–Mar have been restated to reflect the discontinued operations; see Note 1.
Note 4. Net credit losses1
| Group | |||
|---|---|---|---|
| SEK million | 2025 Jan–Mar |
2024 Jan–Mar |
2024 Jan–Dec |
| Expected credit losses on balance sheet items |
|||
| Net loss provision for the period, stage 1 | – | 0.9 | 7.0 |
| Net loss provision for the period, stage 2 | 4.5 | 0.9 | –5.6 |
| Total net credit losses, non-credit impaired lending |
4.5 | 1.8 | 1.4 |
| Net loss provision for the period, stage 3 | 0.6 | –9.1 | –59.1 |
| Realised net credit losses for the period1 | –31.7 | –16.6 | –48.7 |
| Total net credit losses, credit-impaired lending |
–31.1 | –25.7 | –107.8 |
| Net credit losses | –26.6 | –23.9 | –106.4 |
| Loss provisions on loans measured at amortised cost |
–155.2 | –107.6 | –157.9 |
1) The previous year's figures for the period Jan–Mar have been restated to reflect the discontinued operations; see Note 1.
Note 5. Discontinued operations
| Note 6. Lending to the public | |||
|---|---|---|---|
| -- | ------------------------------- | -- | -- |
| Group | |||
|---|---|---|---|
| SEK million | 2025 Jan–Mar |
2024 Jan–Mar |
2024 Jan–Dec |
| Interest income | – | 26.0 | 69.9 |
| Interest expense | – | –9.5 | –28.9 |
| Net commission income | – | 0.2 | 0.7 |
| Net result of financial transactions | – | – | –0.1 |
| Other operating income | – | – | – |
| Total operating income | – | 16.6 | 41.5 |
| Net credit losses2 | – | –7.3 | –28.0 |
| Total operating income less credit losses | – | 9.4 | 13.5 |
| Operating expenses | – | –4.2 | –18.4 |
| Operating income excl. items affecting comparability |
– | 5.2 | –4.9 |
| Tax | – | –1.2 | 0.6 |
| Profit/loss for the period from discontinued operations |
– | 4.0 | –4.4 |
| Capital gains and transaction and transfer costs including selling expenses after tax1 |
– | – | 9.9 |
| Profit/loss for the period from discontinued operations |
– | 4.0 | 5.6 |
1) Less tax for the period Jan–Dec 2024 – SEK 2.6 million.
Assets held for sale
| SEK million | 31.03.2025 31.03.2024 31.12.2024 | ||
|---|---|---|---|
| Assets | |||
| Lending to the public, gross | 68.8 | – | 69.6 |
| Lending to the public, provision for credit losses |
–41.8 | – | –45.2 |
| Other assets | 0.1 | – | 0.1 |
| Total assets | 27.2 | – | 24.5 |
Information on the impact of the discontinued operations on comprehensive income can be found in the consolidated income statement. Discontinued operations refers to Qliro's private loan portfolio within Digital Banking Services, which was sold to Morrow Bank ASA for a purchase consideration of SEK 679 million. The transaction was completed on 26 August 2024.
Provisions of SEK 3.6 million relating to system expenses were made in connection with the sale, of which the balance outstanding at 31.03.2025 is SEK 2.2 million.
Lending of SEK 27.1 million relates to outstanding loans that will be sold. The assets were remeasured in Q1 2025, with a positive effect on credit losses of SEK 3.5 million.
| 31.03.2025, SEK million | Group | ||||
|---|---|---|---|---|---|
| Stage 1 | Stage 2 | Stage 3 | Total | ||
| Loan receivables | 1,282.3 | 397.0 | 250.6 | 1,929.8 | |
| Reserve for expected losses | –6.8 | –18.5 | –129.8 | –155.2 | |
| Net lending to the public | 1,275.5 | 378.5 | 120.7 | 1,774.7 |
| 31.03.2024, SEK million | Group | |||
|---|---|---|---|---|
| Stage 1 | Stage 2 | Stage 3 | Total | |
| Loan receivables | 2,167.0 | 302.0 | 216.5 | 2,685.5 |
| Reserve for expected losses | –19.4 | –32.7 | –97.3 | –149.4 |
| Net lending to the public | 2,147.6 | 269.3 | 119.2 | 2,536.1 |
| Of which continuing operations | 1,483.4 | 197.5 | 94.9 | 1,775.9 |
| 31.12.2024, SEK million | Group | |||
|---|---|---|---|---|
| Stage 1 | Stage 2 | Stage 3 | Total | |
| Loan receivables | 1,361.8 | 459.8 | 266.2 | 2,087.7 |
| Reserve for expected losses | –6.9 | –23.6 | –127.4 | –157.9 |
| Net lending to the public | 1,354.9 | 436.2 | 138.8 | 1,929.9 |
Loan modifications not qualifying for derecognition and replacement amounted to SEK 0.0 (74.9) million at 31.03.2025.
Note 7. Deposits and borrowing from the public
| Group | |||||
|---|---|---|---|---|---|
| SEK million | 31.03.2025 31.03.2024 31.12.2024 | ||||
| Deposits from the public | 2,343.8 | 2,997.8 | 2,723.3 | ||
| By category | |||||
| Individuals | 2,343.8 | 2,950.9 | 2,723.3 | ||
| Companies | – | – | – | ||
| Total | 2,343.8 | 2,950.9 | 2,723.3 | ||
| By currency | |||||
| SEK | 1,500.4 | 2,539.3 | 1,794.2 | ||
| Foreign currency | 843.4 | 458.5 | 929.2 | ||
| Total | 2,343.8 | 2,997.8 | 2,723.3 |
Note 8. Financial instruments
Classification of financial instruments
| 31.03.2025, SEK million | Group | |||
|---|---|---|---|---|
| Fair value through other comprehensive income |
Fair value through profit or loss |
Amortised cost | Total carrying amount |
|
| Assets | ||||
| Bonds and other fixed-income securities | 702.9 | – | – | 702.9 |
| Lending to credit institutions | – | – | 159.2 | 159.2 |
| Lending to the public | – | – | 1,774.7 | 1,774.7 |
| Derivatives | – | 2.1 | – | 2.1 |
| Other assets | – | – | 70.0 | 70.0 |
| Accrued income | – | – | 7.2 | 7.2 |
| Assets held for sale | – | – | 27.2 | 27.2 |
| Total financial instruments | 702.9 | 2.1 | 2,011.1 | 2,743.2 |
| Other non-financial assets | 383.9 | |||
| Total assets | 3,127.1 | |||
| Liabilities | ||||
| Deposits and borrowing from the public | – | – | 2,343.8 | 2,343.8 |
| Other liabilities | – | – | 104.0 | 104.0 |
| Accrued expenses | – | – | 51.1 | 51.1 |
| Provisions | – | – | 2.2 | 2.2 |
| Subordinated liabilities | – | – | 67.2 | 67.2 |
| Total financial instruments | 2,568.4 | 2,568.4 | ||
| Other non-financial liabilities | 12.1 | |||
| Total liabilities | 2,580.5 |
| 31.03.2024, SEK million | Fair value through other comprehensive income |
Fair value through profit or loss |
Amortised cost | Total carrying amount |
|---|---|---|---|---|
| Assets | ||||
| Bonds and other fixed-income securities | 656.0 | – | – | 656.0 |
| Lending to credit institutions | – | – | 173.5 | 173.5 |
| Lending to the public | – | – | 2,536.1 | 2,536.1 |
| Derivatives | – | 1.8 | – | 1.8 |
| Other assets | – | – | 65.9 | 65.9 |
| Accrued income | – | – | 5.5 | 5.5 |
| Total financial instruments | 656.0 | 1.8 | 2,781.0 | 3,438.8 |
| Other non-financial assets | 310.2 | |||
| Total assets | 3,749.1 | |||
| Liabilities | ||||
| Deposits and borrowing from the public | – | – | 2,997.8 | 2,997.8 |
| Other liabilities | – | – | 103.0 | 103.0 |
| Accrued expenses | – | – | 53.9 | 53.9 |
| Subordinated liabilities | – | – | 100.0 | 100.0 |
| Total financial instruments | – | – | 3,254.6 | 3,254.6 |
| Other non-financial liabilities | 10.1 | |||
| Total liabilities | 3,264.8 | |||
Group
| Group | |||||
|---|---|---|---|---|---|
| 31.12.2024, SEK million | Fair value through other comprehensive income |
Fair value through profit or loss |
Amortised cost | Total carrying amount |
|
| Assets | |||||
| Bonds and other fixed-income securities | 651.1 | – | – | 651.1 | |
| Lending to credit institutions | – | – | 403.0 | 403.0 | |
| Lending to the public | – | – | 1,929.9 | 1,929.9 | |
| Derivatives | – | 2.1 | – | 2.1 | |
| Other assets | – | – | 78.3 | 78.3 | |
| Accrued income | – | – | 5.4 | 5.4 | |
| Assets held for sale | – | – | 24.5 | 24.5 | |
| Total financial instruments | 651.1 | 2.1 | 2,416.5 | 3,094.1 | |
| Other non-financial assets | 360.3 | ||||
| Total assets | 3,454.4 |
Note 8. Financial instruments cont.
Classification of financial instruments
| Group | |||||
|---|---|---|---|---|---|
| 31.12.2024, SEK million | Fair value through other comprehensive income |
Fair value through profit or loss |
Amortised cost | Total carrying amount |
|
| Liabilities | |||||
| Deposits and borrowing from the public | – | – | 2,723.3 | 2,723.3 | |
| Other liabilities | – | – | 105.2 | 105.2 | |
| Accrued expenses | – | – | 53.8 | 53.8 | |
| Subordinated liabilities | – | – | 2.9 | 2.9 | |
| Total financial instruments | – | – | 2,885.2 | 2,885.2 | |
| Other non-financial liabilities | 10.0 | ||||
| Total liabilities | 2,895.2 |
Financial instruments measured at fair value in the balance sheet
The fair value of financial instruments traded on an active market (financial assets at fair value through other comprehensive income) is based on quoted market prices on the closing day. The quoted market price used for Qliro's financial assets is the current bid rate. Information on fair value for items measured at fair value is given below. The levels of the fair value hierarchy are defined as follows:
• Quoted prices (unadjusted) on active markets for identical assets or liabilities (Level 1)
• Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. via quoted prices) or indirectly (i.e. derived from quoted prices) (Level 2)
• Data for assets or liabilities that is not based on observable market data (i.e. unobservable inputs) (Level 3).
Classification of financial instruments
| Group | |||||
|---|---|---|---|---|---|
| 31.12.2025, SEK million | Level 1 | Level 2 | Level 3 | Total | |
| Assets | |||||
| Bonds and other fixed-income securities | 702.9 | – | – | 702.9 | |
| Derivatives | – | 2.1 | – | 2.1 | |
| Total assets | 702.9 | 2.1 | – | 705.0 | |
| Liabilities | |||||
| Derivatives | – | – | – | – | |
| Total liabilities | – | – | – | – |
| Group | |||||
|---|---|---|---|---|---|
| 31.03.2024, SEK million | Level 1 | Level 2 | Level 3 | Total | |
| Assets | |||||
| Bonds and other fixed-income securities | 656.0 | – | – | 656.0 | |
| Derivatives | – | 1.8 | – | 1.8 | |
| Total assets | 656.0 | 1.8 | – | 657.8 | |
| Liabilities | |||||
| Derivatives | – | – | – | – | |
| Total liabilities | – | – | – | – |
| Group | |||||
|---|---|---|---|---|---|
| 31.12.2024, SEK million | Level 1 | Level 2 | Level 3 | Total | |
| Assets | |||||
| Bonds and other fixed-income securities | 651.1 | – | – | 651.1 | |
| Derivatives | – | 2.1 | – | 2.1 | |
| Total assets | 651.1 | 2.1 | – | 653.1 | |
| Liabilities | |||||
| Derivatives | – | – | – | – | |
| Total liabilities | – | – | – | – |
In accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms (Capital Requirements Regulation, CRR) and Finansinspektionen's regulations regarding prudential requirements and capital buffers (FFFS 2014:12), Qliro AB ("Qliro") hereby discloses information on capital adequacy and other information pursuant to the above regulations.
Qliro's internal guidelines for reporting and publication of information are included in the Financial Handbook, which is owned by the Chief Financial Officer and approved annually by the CEO. The guidelines include roles and responsibilities as well as Qliro's framework for internal control over financial reporting.
Performance measures
Template "EU KM1 – Key metrics template" is disclosed below as prescribed by Commission Implementing Regulation (EU) No 2021/637.
| 31.03.2025 | 31.12.2024 | 30.09.2024 | 30.06.2024 | 31.03.2024 | ||
|---|---|---|---|---|---|---|
| Available own funds (SEK m) | ||||||
| 1 | Common Equity Tier 1 (CET1) capital | 351.3 | 358.0 | 359.7 | 371.3 | 373.3 |
| 2 | Tier 1 capital | 404.0 | 412.3 | 359.7 | 371.3 | 373.3 |
| 3 | Total capital | 471.2 | 412.3 | 359.7 | 471.3 | 473.3 |
| Risk-weighted exposure amounts (SEK m) | ||||||
| 4 | Total risk-weighted exposure amount | 2,114.5 | 2,058.4 | 1,882.1 | 2,374.8 | 2,395.7 |
| Capital ratios (as a percentage of risk-weighted exposure amount) | ||||||
| 5 | Common Equity Tier 1 ratio (%) | 16.6 | 17.4 | 19.1 | 15.6 | 15.6 |
| 6 | Tier 1 ratio (%) | 19.1 | 20.0 | 19.1 | 15.6 | 15.6 |
| 7 | Total capital ratio (%) | 22.3 | 20.0 | 19.1 | 19.8 | 19.8 |
| Additional own funds requirements to address risks other than the risk of excessive leverage (as a percentage of risk-weighted exposure amount) |
||||||
| EU 7a | Additional own funds requirement in order to address risks other than the risk of excessive leverage (%) |
1.2 | 1.2 | 1.2 | 1.2 | 1.2 |
| EU 7b | of which: to be made up of CET1 capital (percentage points) | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 |
| EU 7c | of which: to be made up of Tier 1 capital (percentage points) | 0.9 | 0.9 | 0.9 | 0.9 | 0.9 |
| EU 7d | Total SREP own funds requirements (%) | 9.2 | 9.2 | 9.2 | 9.2 | 9.2 |
| Combined buffer and overall capital requirement (as a percentage of risk-weighted exposure amount) |
||||||
| 8 | Capital conservation buffer (%) | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 |
| EU 8a | Conservation buffer due to macro-prudential or systemic risk identified at the level of a Member State (%) |
0 | 0 | 0 | 0 | 0 |
| 9 | Institution-specific countercyclical capital buffer (%) | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 |
| EU 9a | Systemic risk buffer (%) | 0 | 0 | 0 | 0 | 0 |
| 10 | Global Systemically Important Institution buffer (%) | 0 | 0 | 0 | 0 | 0 |
| EU 10a | Other Systemically Important Institution buffer (%) | 0 | 0 | 0 | 0 | 0 |
| 11 | Combined buffer requirement (%) | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 |
| EU 11a | Overall capital requirements (%) | 13.7 | 13.7 | 13.7 | 13.7 | 13.7 |
| 12 | CET1 available after meeting the total SREP own funds requirements (%) | 8.6 | 6.4 | 5.5 | 6.2 | 6.1 |
| Leverage ratio | ||||||
| 13 | Total exposure measure (SEK m) | 2,789.0 | 3,111.9 | 2,876.1 | 3,178.5 | 3,482.7 |
| 14 | Leverage ratio (%) | 14.5 | 13.2 | 12.5 | 11.7 | 10.7 |
| Additional own funds requirements to address the risk of excessive leverage (as a percentage of total exposure measure) |
||||||
| EU 14a | Additional own funds requirements to address the risk of excessive leverage (%) |
0 | 0 | 0 | 0 | 0 |
| EU 14b | of which: to be made up of CET1 capital (percentage points) | 0 | 0 | 0 | 0 | 0 |
| EU 14c | Total SREP leverage ratio requirements (%) | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| Leverage ratio buffer and overall leverage ratio requirement (as a percentage of total exposure measure) |
||||||
| EU 14d | Leverage ratio buffer requirement (%) | 0 | 0 | 0 | 0 | 0 |
| EU 14e | Overall leverage ratio requirement (%) | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| Liquidity coverage ratio | ||||||
| 15 | Total high-quality liquid assets (HQLA) (weighted value – average, SEK m) | 706.4 | 636.2 | 623.6 | 434.3 | 636.0 |
| 16a | Cash outflows – total weighted value (SEK m) | 416.9 | 436.8 | 373.8 | 344.7 | 347.0 |
| 16b | Cash inflows – total weighted value (SEK m) | 193.7 | 428.1 | 336.1 | 150.3 | 216.9 |
| 16 | Total net cash outflows (adjusted value) (SEK m) | 223.2 | 109.2 | 93.4 | 194.4 | 130.1 |
| 17 | Liquidity coverage ratio (%) | 316.5 | 582.6 | 667.4 | 223.4 | 488.9 |
| Net stable funding ratio (NSFR) | ||||||
| 18 | Total available stable funding (SEK m) | 2,240.6 | 2,489.9 | 2,641.3 | 2,909.5 | 3,168.2 |
| 19 | Total required stable funding (SEK m) | 1,779.9 | 1,882.9 | 1,744.6 | 2,313.0 | 2,247.4 |
| 20 | NSFR ratio (%) | 125.9 | 132.2 | 151.4 | 125.8 | 141.0 |
Note 9. Capital adequacy analysis cont.
Statement of total own funds requirements and own funds
Risk-based own funds requirement and leverage ratio – own funds requirement
| 31.03.2025 | 31.12.2024 | 30.09.2024 | 30.06.2024 | 31.03.2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Risk-based own funds requirement | SEK m | % | SEK m | % | SEK m | % | SEK m | % | SEK m | % |
| Risk-weighted exposure amounts | ||||||||||
| Total risk-weighted exposure amount | 2,114.5 | – | 2,058.4 | – | 1,882.1 | – | 2,374.8 | – | 2,395.7 | – |
| Own funds requirements (Pillar 1 requirements) 1 | ||||||||||
| Common Equity Tier 1 (CET1) capital | 95.2 | 4.5 | 92.6 | 4.5 | 84.7 | 4.5 | 106.9 | 4.5 | 107.8 | 4.5 |
| Tier 1 capital | 126.9 | 6.0 | 123.5 | 6.0 | 112.9 | 6.0 | 142.5 | 6.0 | 143.7 | 6.0 |
| Total capital | 169.2 | 8.0 | 164.7 | 8.0 | 150.6 | 8.0 | 190.0 | 8.0 | 191.7 | 8.0 |
| Additional own funds requirements (Pillar 2 requirements) 2 |
||||||||||
| Common Equity Tier 1 (CET1) capital | 14.4 | 0.7 | 14.0 | 0.7 | 12.8 | 0.7 | 16.2 | 0.7 | 16.3 | 0.7 |
| Tier 1 capital | 19.2 | 0.9 | 18.7 | 0.9 | 17.1 | 0.9 | 21.6 | 0.9 | 21.7 | 0.9 |
| Total Pillar 2 requirement | 25.6 | 1.2 | 24.9 | 1.2 | 22.8 | 1.2 | 28.7 | 1.2 | 29.0 | 1.2 |
| Combined buffer requirement5 | ||||||||||
| Capital conservation buffer | 52.9 | 2.5 | 51.5 | 2.5 | 47.1 | 2.5 | 59.4 | 2.5 | 59.9 | 2.5 |
| Institution-specific countercyclical capital buffer | 41.4 | 2.0 | 40.2 | 2.0 | 36.7 | 2.0 | 46.5 | 2.0 | 46.8 | 2.0 |
| Combined buffer requirement | 94.3 | 4.5 | 91.6 | 4.5 | 83.8 | 4.5 | 105.9 | 4.5 | 106.7 | 4.5 |
| Notification (Pillar 2 guidance)3 | ||||||||||
| Common Equity Tier 1 (CET1) capital | 74.0 | 3.5 | 72.0 | 3.5 | 65.9 | 3.5 | 83.1 | 3.5 | 83.8 | 3.5 |
| Tier 1 capital | 74.0 | 3.5 | 72.0 | 3.5 | 65.9 | 3.5 | 83.1 | 3.5 | 83.8 | 3.5 |
| Total Pillar 2 guidance | 74.0 | 3.5 | 72.0 | 3.5 | 65.9 | 3.5 | 83.1 | 3.5 | 83.8 | 3.5 |
| Total eligible own funds | ||||||||||
| Common Equity Tier 1 (CET1) capital | 277.8 | 13.1 | 270.3 | 13.1 | 247.2 | 13.1 | 312.0 | 13.1 | 314.6 | 13.1 |
| Tier 1 capital | 314.4 | 14.9 | 305.9 | 14.9 | 279.7 | 14.9 | 353.0 | 14.9 | 356.0 | 14.9 |
| Total eligible own funds | 363.0 | 17.2 | 353.3 | 17.2 | 323.0 | 17.2 | 407.7 | 17.2 | 411.2 | 17.2 |
| Available own funds | ||||||||||
| Common Equity Tier 1 (CET1) capital | 351.3 | 16.6 | 358.0 | 17.4 | 359.7 | 19.1 | 371.3 | 15.6 | 373.3 | 15.6 |
| Tier 1 capital | 404.0 | 19.1 | 412.3 | 20.0 | 359.7 | 19.1 | 371.3 | 15.6 | 373.3 | 15.6 |
| Total available own funds | 471.2 | 22.3 | 412.3 | 20.0 | 359.7 | 19.1 | 471.3 | 19.8 | 473.3 | 19.8 |
| 31.03.2025 | 31.12.2024 | 30.09.2024 | 30.06.2024 | 31.03.2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Leverage ratio – own funds requirement | SEK m | % | SEK m | % | SEK m | % | SEK m | % | ||
| Total exposure measure | ||||||||||
| Total exposure measure | 2,789.0 | 0.0 | 3,111.9 | 0.0 | 2,876.1 | – | 3,178.5 | – | 3,482.7 | – |
| Own funds requirements (Pillar 1 requirements)1 | ||||||||||
| Common Equity Tier 1 (CET1) capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Tier 1 capital | 83.7 | 3 | 93.4 | 3.0 | 86.3 | 3.0 | 95.4 | 3.0 | 104.5 | 3.0 |
| Specific leverage requirement (Pillar 2 requirements)2 | ||||||||||
| Common Equity Tier 1 (CET1) capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Tier 1 capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Notification (Pillar 2 guidance)3 | ||||||||||
| Common Equity Tier 1 (CET1) capital | 83.7 | 3.0 | 93.4 | 3.0 | 86.3 | 3.0 | 95.4 | 3.0 | 104.5 | 3.0 |
| Tier 1 capital | 83.7 | 3.0 | 93.4 | 3.0 | 86.3 | 3.0 | 95.4 | 3.0 | 104.5 | 3.0 |
| Total eligible own funds | ||||||||||
| Common Equity Tier 1 (CET1) capital | 83.7 | 3.0 | 93.4 | 3.0 | 86.3 | 3.0 | 95.4 | 3.0 | 104.5 | 3.0 |
| Tier 1 capital | 167.3 | 6.0 | 186.7 | 6.0 | 172.6 | 6.0 | 190.7 | 6.0 | 209.0 | 6.0 |
| Available own funds | ||||||||||
| Common Equity Tier 1 (CET1) capital4 | 351.3 | 12.6 | 358.0 | 11.5 | 359.7 | 12.5 | 371.3 | 11.7 | 373.3 | 10.7 |
| Tier 1 capital4 | 404.0 | 14.5 | 412.3 | 13.2 | 359.7 | 12.5 | 371.3 | 11.7 | 373.3 | 10.7 |
1) Own funds requirements pursuant to Article 92(1)(d) of Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms.
2) Additional own funds requirements pursuant to chapter 2 section 1 requirement 1 of the Act on special supervision of credit institutions and securities companies (Pillar 2 requirements).
3) Notification pursuant to chapter 2 section 1 c of the Act (2014:968) on special supervision of credit institutions and securities companies (Pillar 2 guidance).
4) Capital ratio in relation to total exposure measure. Differs from previously reported figures, which referred to capital ratio to risk-weighted exposure.
5) Combined buffer requirement pursuant to chapter 2 section 2 of the Act (2014:966) on capital buffers.
Internally assessed capital requirement
As of 31 March 2025 the internal assessed capital requirement, as per the minimum capital requirement according to Pillar 1, additional capital requirement as per the company's internal capital adequacy assessment process to cover for risks within Pillar 2, and the combined buffer requirement, including Pillar 2 guidance, amounted to SEK 363 million, or 17.2% of the risk-weighted exposure.
Note 10. Disclosure of liquidity risks
The disclosure below relates to Qliro AB and includes information in accordance with Finansinspektionen's Regulations regarding the management and disclosure of liquidity risks for credit institutions and investment firms (FFFS 2010:7). The information is disclosed at least four times a year.
Sources of funding
Qliro's net lending to the public amounted to SEK 1,802 (2,536) million at the end of the quarter. SEK 2,344 (2,998) million of the lending was funded by deposits from the public (savings accounts) in Sweden and Germany, of which 99.7 percent are protected by the deposit guarantee scheme. 45 percent of deposits from the public were with variable interest and 55 percent with fixed interest, with an average maturity of 86 days (originally 3-, 6- or 12-month fixed interest) as at 31 March 2025. An amount corresponding to 37 percent of Qliro's deposits from the public is invested in liquid interest-bearing securities and deposits with Nordic banks.
Liquidity
Qliro AB's total liquidity as of 31 March 2025 amounted to SEK 858 million, consisting of:
- Liquid investments: SEK 703 million
- Deposits with Nordic banks: SEK 155 million
The liquidity buffer consists of the following high-quality liquid assets:
- The total investment portfolio consists of liquid investments, of which SEK 590 million are denominated in Swedish kronor and the equivalent of SEK 112 million are denominated in EUR.
- The average maturity of the portfolio at the end of the quarter was 1165 days.
The liquidity coverage ratio (LCR) as of 31 March 2025 was 316 percent for Qliro AB, compared with the statutory requirement of 100 percent. The liquidity coverage ratio measures a liquidity reserve of SEK 706 million in relation to net outflows of SEK 223 million over a thirty-day period under stressed market conditions.
Note 11. Events after the end of the period
There are no significant events after the end of the period to report.
Notes Alternative performance measures
Alternative performance measures used by management and analysts to evaluate the company's progress that are not specified or defined in IFRS or other applicable regulatory frameworks.
| Performance measures | Definition | Purpose | ||||
|---|---|---|---|---|---|---|
| GP1 | Operating income less credit losses. | The purpose is to evaluate the operating activities. | ||||
| GP2 | Operating income less credit losses and variable operating expenses (adjusted for certain items of a one-off nature). |
The purpose is to evaluate the operating activities. | ||||
| GM1 as percentage of lending (annual basis) |
Operating income less credit losses as a percentage of average lending over two measurement periods (opening and closing balance for the period). |
The measure is used to analyse value creation and profitability in relation to lending to the public. |
||||
| GM2 as percentage of lending (annual basis) |
Operating income less credit losses and variable operating expenses (adjusted for certain items of a one-off nature) as a percentage of average lending to the public over two measurement periods (opening and closing balance for the period). |
The measure is used to analyse value creation and profitability in relation to lending to the public. |
||||
| Deposits and borrowing from the public | The closing balance for deposits and borrowing from the public in the balance sheet. |
The purpose is to monitor the level and growth of the deposit business, and to track the scope of the external funding derived from deposits from the public. |
||||
| Adjusted earnings per share, continuing operations |
Profit/loss for the period from continuing operations adjusted for items affecting comparability, divided by the weighted average number of shares outstanding during the period. |
This metric measures the earnings per share generated by operations, adjusted for the impact of items affecting comparability. |
||||
| Items affecting comparability | Income and expenses that significantly affect comparability over time because they do not by nature recur with the same regularity as other items or with the same magnitude. |
Management separates out items affecting comparability in order to explain variations over time. Separation of the items makes it easier for readers of the financial reports to understand and evaluate what management is doing when certain items, subtotals and totals from the income statement are presented or used in other performance measures. |
||||
| Net credit losses1 | Expected credit losses on balance sheet items for the period as well as established credit losses, net, for the period. |
The purpose is to track the scale of and trend for credit risks in lending, and to explicitly do so for the scale of forecast-based credit losses that reduce profit/loss for the period. |
||||
| Credit losses as percentage of payment volume1 |
Credit losses for the period, net, restated as full-year value in relation to payment volume. |
The purpose is to provide a measure of credit losses in relation to payment volume. The measure is critical in analysing credit risk between different periods and versus competitors. |
||||
| Credit loss level as percentage of processed Pay Later volume1 |
Credit losses for the period, net, restated as full-year value in relation to total capitalised volume. |
The purpose is to provide a measure of credit losses in relation to processed Pay Later volume. The measure is critical in analysing credit risk between different periods and versus competitors. |
||||
| Profit/loss for the period from continuing operations, adjusted for items affecting comparability1 |
Profit/loss for the period from continuing operations after tax, adjusted for items affecting comparability. |
Profit/loss for the period from continuing operations is tracked to monitor total return, after total expenses and tax. Adjusting for items affecting comparability improves opportunities for evaluation and comparison over time. |
||||
| Net commission income1 | Commission income less commission expenses. | Net commission income is monitored to track the progress of the core business not attributable to lending and deposits. This metric mainly reflects the scope and profitability of lending commissions and other payment services. |
||||
| Net interest income1 | Interest income less interest expenses. | Net interest income is monitored to track the progress of the core business related to lending and deposits. |
||||
| Operating profit1 | Operating income less general administrative expenses, depreciation, amortisation and impairment of property, plant and equipment and intangible assets, other operating expenses and credit losses, net. |
Operating profit is monitored to track the profitability of total operations, taking into account credit losses and all other expenses except tax. |
||||
| Operating profit adjusted for items affecting comparability1 |
Operating income less general administrative expenses, depreciation, amortisation and impairment, other operating expenses and credit losses adjusted for items affecting comparability. |
Operating profit adjusted for items affecting comparability improves opportunities for evaluation and comparison over time. |
||||
| Total operating income1 | The total of net interest income, net commission income, net result of financial transactions and other operating income. |
Total operating income is monitored to track progress of the core business before personnel costs, depreciation and amortisation, credit losses and other central expenses. The trend in this metric depends primarily on the overall trend in net interest income and net commission income. |
||||
| Total expenses before credit losses1 | Total operating expenses for the period, which for the company represents the total of general administrative expenses, depreciation, amortisation and impairment of property, plant and equipment and intangible assets, and other operating expenses. |
The purpose is to monitor the extent of central expenses not directly related to lending and commission. |
||||
| Total expenses before credit losses, adjusted for items affecting comparability1 |
Total operating expenses for the period, which for the company represents the total of general administrative expenses, depreciation, amortisation and impairment of property, plant and equipment and intangible assets, and other operating expenses, adjusted for items affecting comparability. |
The purpose is to monitor the extent of central expenses not directly related to lending and commission. |
||||
| Take rate, continuing operations (operating income1 as percentage of payment volume) |
Operating income divided by payment volume. | This metric is used to analyse value creation and profitability in relation to the total volume processed in Qliro's checkout. |
||||
| Lending to the public | Loans receivable less provision for expected credit losses. | Lending to the public is a central driver of total operating income. |
1) The previous year's figures for the period Jan–Mar have been restated to reflect the discontinued operations; see Note 1.
Notes Operating and other performance measures
Operating performance measures
| Performance measures | Definition | Purpose | ||||
|---|---|---|---|---|---|---|
| Number of merchants | Number of onboarded merchants who have had more than 20 transactions in the last three months. |
The number of merchants is a key metric in analysing the growth forecast for Pay Later volumes. |
||||
| BNPL volumes | Total purchases completed using various Pay Later products, such as "buy now, pay later", "flexible instalments" and "fixed instalments". This performance measure does not include invoicing. |
BNPL volume is an important performance measure as it provides insight into growth, credit risk, income and profitability. |
||||
| Invoice volumes | Total purchases completed using the invoicing product. | Invoice volume is an important performance measure as it provides insight into growth, credit risk, income and profitability. |
||||
| Average order value | Total Pay Later volumes and Pay Now volumes in relation to Pay Now transactions and Pay Later transactions. |
The average value of an order is an important performance measure which can be combined with other performance measures to better understand the progress and dynamics of earnings and the structure of the loan portfolio. |
||||
| Average order value, Pay Now | Pay Now volumes in relation to Pay Now transactions. | The average value of an order is an important performance measure which can be combined with other performance measures to better understand the progress and dynamics of earnings. |
||||
| Average order value, Pay Later | Pay Later volumes in relation to Pay Later transactions. | The average value of an order is an important performance measure which can be combined with other performance measures to better understand the progress and dynamics of earnings and the structure of the loan portfolio. |
||||
| Pay Now volume | Total volume, including VAT, for direct payments (card, bank transfer, Swish, PayPal, MobilePay etc.). |
The Pay Now volume is an important part of the business model, enabling us to offer our customers an end-to-end solution in Qliro's checkout, and is also a driver of total operating income. |
||||
| Pay Later volume | Total volume of Qliro's payment products (invoice, BNPL or instalments), including VAT. |
Pay Later volume is a central driver of total operating income. It is used as a complement to lending to the public in order to capture the high turnover in the loan portfolio of the Payment Solutions segment. |
||||
| Pay Now transactions | Number of transactions for direct payments (card, bank transfer, Swish, PayPal, MobilePay etc.). |
Pay Now transactions are an important part of the business model, enabling us to offer our customers an end-to-end solution in Qliro's checkout, and are also a driver of total operating income. |
||||
| Pay Later transactions | Number of transactions using Qliro's payment products (invoice, BNPL or instalments). |
Pay Later transactions are a central driver of total operating income. It is used as a complement to lending to the public in order to capture the high turnover in the loan portfolio of the Payment Solutions segment. |
||||
| Payment volume | Total payment volume processed in Qliro's checkout, including VAT for direct payments and Qliro's payment products. Pay Now volumes + Pay Later volumes. |
Total payment volume for all payment methods offered. This volume plays a key role in Qliro's earnings and the dynamics of the earnings structure, as well as the structure of the loan portfolio. |
||||
| Payment volume – agreed but not on boarded, full-year volume |
Estimated annual payment volume for merchants who have signed an agreement with Qliro and are in the onboarding process, but have not yet started processing payments on Qliro's platform. |
Important guideline indicator for future development in lending to the public and operating income. |
Other performance measures
| Performance measures | Definition | Purpose | |||
|---|---|---|---|---|---|
| Common Equity Tier 1 ratio, % | Regulation (EU) No 575/2013. The institution's Common Equity Tier 1 capital as a percentage of the risk-weighted exposure amount. |
Regulatory requirement; a regulatory floor for ensuring that an institution has adequate capital to manage financial stress. |
|||
| Liquidity Coverage Ratio (LCR), % | Regulation (EU) No 575/2013 and Regulation (EU) No 2015/61. The Liquidity Coverage Ratio is the institution's high-quality liquid assets divided by the institution's net cash outflow over a 30-day stress scenario. |
Regulatory requirement; a regulatory floor for ensuring that an institution has adequate liquidity to manage financial stress. |
|||
| Total capital ratio, % | Regulation (EU) No 575/2013. The institution's total own funds as a percentage of the risk-weighted exposure amount. |
Regulatory requirement; a regulatory floor for ensuring that an institution has adequate capital to manage financial stress. |
|||
| Net stable funding ratio (NSFR), % | Regulation (EU) No 575/2013. Net stable funding ratio is the institution's available stable funding as a percentage of the regulatory net stable funding requirement. |
Regulatory requirement; a regulatory metric for ensuring that an institution has adequate net stable funding in relation to its assets. |
1) The previous year's figures for the period Jan–Mar have been restated to reflect the discontinued operations; see Note 1.
Reconciliation tables
For calculation of alternative performance measures.
| SEK million (unless otherwise indicated) | 2025 Jan–Mar |
2024 Jan–Mar |
2024 Jan–Dec |
LTM |
|---|---|---|---|---|
| Payment volume | ||||
| Pay Now volume2 | 1,945 | 1,425 | 7,316 | 7,836 |
| Pay Later volume1 | 1,344 | 1,313 | 5,534 | 5,565 |
| Payment volume | 3,289 | 2,738 | 12,850 | 13,401 |
| Adjusted earnings per share, continuing operations | ||||
| Average number of shares | 21,294 | 19,073 | 19,426 | 19,978 |
| Profit/loss for the period attributable to owners of the parent, adjusted for items affecting comparability |
–14.4 | –0.6 | –22.1 | –35.9 |
| Adjusted earnings per share | –0.68 | –0.03 | –1.14 | –1.80 |
| Items affecting comparability | ||||
| Severance pay | – | – | 6.9 | 6.9 |
| Items affecting comparability | – | – | 6.9 | 6.9 |
| Expenses before credit losses, adjusted for items affecting comparability1 | ||||
| Operating expenses | –90.0 | –75.3 | –324.7 | –339.5 |
| Items affecting comparability | – | – | 6.9 | 6.9 |
| Total operating expenses, adjusted for items affecting comparability | –90.0 | –75.3 | –317.9 | –332.6 |
| Credit losses as percentage of Pay Later volume | ||||
| Credit losses | –26.6 | –23.9 | –106.4 | –109.1 |
| Processed Pay Later volume | 1,344 | 1,313 | 5,534 | 5,565 |
| Credit losses as percentage of Pay Later volume | 1.98% | 1.82% | 1.92% | 1.96% |
| Credit losses as percentage of payment volume | ||||
| Credit losses | –26.6 | –23.9 | –106.4 | –109.1 |
| Processed payment volume | 3,289 | 2,738 | 12,850 | 13,401 |
| Credit losses as percentage of payment volume | 0.81% | 0.87% | 0.83% | 0.81% |
| GP1 and GP2 | ||||
| Operating income | 101.5 | 99.2 | 397.8 | 400.1 |
| Credit losses | –26.6 | –23.9 | –106.4 | –109.1 |
| GP1 | 74.9 | 75.3 | 291.4 | 291.0 |
| Variable operating expenses | –10.8 | –8.4 | –35.0 | –37.4 |
| GP2 | 64.0 | 66.9 | 256.4 | 253.6 |
| GM1 and GM2 as percentage of lending (annual basis) | ||||
| Lending to the public, opening balance | 1,930 | 1,839 | 1,839 | 1,776 |
| Lending to the public, closing balance | 1,775 | 1,776 | 1,930 | 1,775 |
| Average lending to the public (opening+closing balance)/2 | 1,852 | 1,807 | 1,884 | 1,775 |
| Average GP1, 12 months | 299.5 | 301.3 | 291.4 | 291.0 |
| GM1 | 16.17% | 16.67% | 15.47 | 16.39% |
| Average GP2, 12 months | 256.1 | 267.6 | 256.4 | 253.6 |
| GM2 | 13.83% | 14.81% | 13.61% | 14.28% |
1 The previous year's figures for the period Jan–Mar have been restated to reflect the discontinued operations; see
Reconciliation tables cont.
| SEK million (unless otherwise indicated) | 2025 Jan–Mar |
2024 Jan–Mar |
2024 Jan–Dec |
LTM |
|---|---|---|---|---|
| Profit/loss for the period, adjusted for items affecting comparability | ||||
| Profit/loss for the period | –12.1 | 3.4 | –21.9 | –37.5 |
| Items affecting comparability | – | – | 6.9 | 6.9 |
| Tax effect, items affecting comparability | – | – | –1.4 | –1.4 |
| Profit/loss for the period, adjusted for items affecting comparability | –12.1 | 3.4 | –16.5 | –32.0 |
| Profit/loss for the period from continuing operations, adjusted for items affecting comparability |
||||
| Profit/loss for the period, continuing operations | –12.1 | –0.6 | –27.5 | –39.1 |
| Items affecting comparability | – | – | 6.9 | 6.9 |
| Tax effect, items affecting comparability | – | – | –1.4 | –1.4 |
| Profit/loss for the period from continuing operations, adjusted for items affecting comparability |
–12.1 | –0.6 | –22.1 | –33.6 |
| Net commission income1 | ||||
| Commission income | 55.7 | 52.1 | 209.7 | 213.3 |
| Commission expense | –3.4 | –1.6 | –12.2 | –14.0 |
| Net commission income | 52.3 | 50.6 | 197.5 | 199.3 |
| Operating profit/loss, adjusted for items affecting comparability1 | ||||
| Operating profit/loss | –15.1 | 0.1 | –33.3 | –48.5 |
| Items affecting comparability | – | – | 6.9 | 6.9 |
| Operating profit/loss, adjusted for items affecting comparability | –15.1 | 0.1 | –26.4 | –41.7 |
| Take rate (operating income as percentage of payment volume) | ||||
| Operating income | 101.5 | 99.2 | 397.8 | 400.1 |
| Payment volume | 3,289 | 2,738 | 12,850 | 13,401 |
| Take rate (operating income as percentage of payment volume) | 3.09% | 3.62% | 3.10% | 2.99% |
1 The previous year's figures for the period Jan–Mar have been restated to reflect the discontinued operations; see Note 1.
Notes The Board's assurance
The Board of Directors and Chief Executive Officer certify that the interim report presents a fair summary of the company's and the Group's activities, position and results of operations, and describes the significant risks and uncertainties faced by the company and its subsidiary.
The Board of Directors and Chief Executive Officer certify that Qliro AB has complied with the disclosure requirements of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms, Part Eight, in accordance with the company's formal guidelines and internal processes, systems and controls.
This report has not been reviewed by the company's auditors.
Stockholm, Sweden, 30 April 2025
Patrik Enblad Chair
Alexander Antas Board member
Mikael Kjellman Board member
Lennart Francke Board member
Helena Nelson Board member
Christoffer Rutgersson CEO
Notes Telephone conference
Media, analysts and investors are invited to a conference call on 30 April 2025 at 10:00 CEST when CEO Christoffer Rutgersson and CFO Carl Löfgren will present the results.
There will be opportunity to ask questions in connection with the presentation.
Join via conference call:https://conference.inderes.com/teleconference/?id=5007828
Join via webcast:https://qliro.events.inderes.com/q1-report-2025/register
The presentation and webcast will be published at: https://www.qliro.com/en-se/investor-relations-2/presentations
Financial calendar 2025
28 May 2025 Annual General Meeting 17 July 2025 Interim Report Q2 23 October 2025 Interim Report Q3
For more information
Contact us via:
The financial reports are also published at: qliro.com/en-se/investor-relations
Qliro AB Registered office: Stockholm Corporate ID no.: 556962-2441 Postal address: Box 195 25, SE-104 32 Stockholm Visiting address: Sveavägen 151, SE-113 46 Stockholm
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