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Qliro

Qliro

Qliro is a Nordic fintech company focused on payments and checkout solutions for e-commerce merchants, with operations primarily across Sweden, Norway, Finland and Denmark. The company combines transaction-based merchant revenues with lending-related income through its integrated Pay Now and Pay Later offering, where BNPL and invoice products drive loan book growth and recurring net interest income. Qliro’s strategy is centred around scaling transaction volumes, improving conversion and increasing monetisation through a growing merchant base, higher Pay Later penetration and operating leverage.

Qliro’s growth strategy is closely linked to continued expansion of its Pay Later offering and loan book, increasing the importance of stable credit quality, funding access and sufficient regulatory capital. As lending volumes grow, higher capital requirements and weaker credit performance could pressure profitability, while slower TPV growth, lower BNPL penetration or delayed merchant onboarding may reduce earnings growth and operating leverage over time.

SEKm 2025 2026e 2027e
Total income BK 412 493 549
Total operating costs BK -408 -384 -408
Operating profit BK -103 5 19
EPS adj. -2,61 -0,13 0,19
EPS Core growth BK 236,5 -95,2 -248,8
BVPS 18,69 17,81 18
NAV per share BK 7,73 8,78 8,97
Dividend per share 0 0 0
ROE (%) BK pct -18 -0,8 1
RONAV (%) BK -31,6 -1,7 2,1
Cost / income reported BK -99 -78 -74,3
P/E adj. (x) N/A N/A 68,2
P/BVPS (x) 0,68 0,72 0,71
P/NAV BK 1,65 1,45 1,42
Dividend yield (%) 0 0 0
SEKm 2025 2026e 2027e
Net interest income 353 419 465
Net commission income BK 61 74 90
Trading income BK -5 -5 -7
Insurance income BK N/A N/A N/A
Other operating income BK 2 5 1
Total income BK 412 493 549
Labour costs -282 -260 -278
Other operating costs BK -126 -125 -130
Total operating costs BK -408 -384 -408
Profit before loan losses 4 109 141
Loan losses BK -107 -104 -123
Investment portfolio N/A N/A N/A
Other Items BK 0 0 0
Operating profit BK -103 5 19
Tax 19 -1 -4
Other items after tax BK -9 -8 -8
Net Profit BK -93 -4 6
Tax Rate BK 18,3 16 20,6
EPS -3,31 -0,13 0,19
Net profit adj. BK -73 -4 6
EPS adj. -2,61 -0,13 0,19
Key balance sheet data N/A N/A N/A
Net lending BK 2064 2394 2813
Goodwill and intangibles BK 307 309 309
Total assets BK 3376 3654 4253
Shareholders equity 524 610 616
Net asset value BK 217 301 307
Capital adequacy N/A N/A N/A
Equity 1 Capital BK 333 378 384
Tier 1 Capital BK 386 431 438
Capital base BK 453 498 505
Risk-weighted assets (BIS II) BK 2307 2754 3151
Asset quality N/A N/A N/A
Problem loans, gross BK 244 338 397
Provisions for problem loans BK -165 -192 -225
Problem loans, net BK 79 146 172
Key figures N/A N/A N/A
Profitability N/A N/A N/A
Net interest margin (%) BK 10,34 11,91 11,77
ROE (%) BK pct -18 -0,8 1
RONAV (%) BK -31,6 -1,7 2,1
RORWA (%) BK -4,2 -0,2 0,2
Cost efficiency N/A N/A N/A
Cost/income adj. (%) BK 93 78 74,3
Costs/assets adj. (%) BK 11,22 10,94 10,31
Financial position N/A N/A N/A
Net lending/deposits (%) BK 81,3 88,5 85,5
RWA (BIS II)/assets (%) BK 68,3 75,4 74,1
Tier 1 ratio Core BK 14,4 13,7 12,2
Tier 1 ratio (%) BK 16,7 15,7 13,9
Capital adequacy (%) BK 19,6 18,1 16
Equity ratio adj. (%) BK 9,9 10,3 9
Year N/A N/A N/A
Problem loans, gross/lending (%) BK 12,8 15,3 15,3
Problem loans, net/lending (%) BK 3,8 6,1 6,1
Provision ratio (%) BK 67,5 56,7 56,7
Loan losses, net/lending (%) BK 5,56 5,03 5,12

Equity research

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Media

Qliro - Company presentation with CEO Christoffer Rutgersson

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Rite Ventures 20.6 % 20.6 % 28 Sep 2026
Mandatum Life Insurance Company 9.1 % 9.1 % 28 Sep 2026
Avanza Pension 8.7 % 8.7 % 28 Sep 2026
Peter Lindell 8.4 % 8.4 % 3 Oct 2025
Nordnet Pensionsförsäkring 6.2 % 6.2 % 28 Sep 2026
Per Ekstrand 5.0 % 5.0 % 27 Aug 2026
Christoffer Rutgersson 3.3 % 3.3 % 21 Sep 2026
eQ Asset Management Oy 2.9 % 2.9 % 30 Sep 2026
Patrik Enblad 2.7 % 2.7 % 28 Sep 2026
Ulf Ragnarsson 2.4 % 2.4 % 28 Sep 2026
Source: Holdings by Modular Finance AB