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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 412 534 638
Total operating costs BK -408 -384 -423
Operating profit BK -103 37 74
EPS adj. -2,61 0,61 1,47
EPS Core growth BK 236,5 -123,3 141,8
BVPS 18,69 18,82 20,29
NAV per share BK 7,73 9,8 11,28
Dividend per share 0 0 0
ROE (%) BK pct -18 3,6 7,5
RONAV (%) BK -31,6 7,6 14
Cost / income reported BK -99 -71,9 -66,2
P/E adj. (x) N/A 31,4 13
P/BVPS (x) 1,02 1,02 0,94
P/NAV BK 2,48 1,95 1,7
Dividend yield (%) 0 0 0
SEKm 2025 2026e 2027e
Net interest income 353 433 502
Net commission income BK 61 98 133
Trading income BK -5 -4 -4
Insurance income BK N/A N/A N/A
Other operating income BK 2 6 6
Total income BK 412 534 638
Labour costs -282 -258 -291
Other operating costs BK -126 -126 -132
Total operating costs BK -408 -384 -423
Profit before loan losses 4 150 215
Loan losses BK -107 -113 -141
Investment portfolio N/A N/A N/A
Other Items BK 0 0 0
Operating profit BK -103 37 74
Tax 19 -8 -16
Other items after tax BK -9 -8 -8
Net Profit BK -93 21 50
Tax Rate BK 18,3 20,9 21
EPS -3,31 0,61 1,47
Net profit adj. BK -73 21 50
EPS adj. -2,61 0,61 1,47
Key balance sheet data N/A N/A N/A
Net lending BK 2064 2539 3223
Goodwill and intangibles BK 307 308 308
Total assets BK 3376 3749 4408
Shareholders equity 524 643 694
Net asset value BK 217 335 386
Capital adequacy N/A N/A N/A
Equity 1 Capital BK 333 442 492
Tier 1 Capital BK 386 495 545
Capital base BK 453 561 612
Risk-weighted assets (BIS II) BK 2307 2920 3610
Asset quality N/A N/A N/A
Problem loans, gross BK 217 341 432
Provisions for problem loans BK -165 -203 -258
Problem loans, net BK 52 137 174
Key figures N/A N/A N/A
Profitability N/A N/A N/A
Net interest margin (%) BK 10,34 12,17 12,31
ROE (%) BK pct -18 3,6 7,5
RONAV (%) BK -31,6 7,6 14
RORWA (%) BK -4,2 0,8 1,5
Cost efficiency N/A N/A N/A
Cost/income adj. (%) BK 93 71,9 66,2
Costs/assets adj. (%) BK 11,22 10,78 10,36
Financial position N/A N/A N/A
Net lending/deposits (%) BK 81,3 91,1 95,1
RWA (BIS II)/assets (%) BK 68,3 77,9 81,9
Tier 1 ratio Core BK 14,4 15,1 13,6
Tier 1 ratio (%) BK 16,7 16,9 15,1
Capital adequacy (%) BK 19,6 19,2 16,9
Equity ratio adj. (%) BK 9,9 11,8 11,2
Year N/A N/A N/A
Problem loans, gross/lending (%) BK 11,4 14,6 14,6
Problem loans, net/lending (%) BK 2,5 5,4 5,4
Provision ratio (%) BK 76 59,6 59,6
Loan losses, net/lending (%) BK 5,56 5,48 5,55

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 20.1 % 20.1 % 27 May 2026
Mandatum Life Insurance Company 9.1 % 9.1 % 27 May 2026
Peter Lindell 8.4 % 8.4 % 3 Oct 2025
Avanza Pension 8.1 % 8.1 % 27 May 2026
Nordnet Pensionsförsäkring 4.3 % 4.3 % 27 May 2026
Christoffer Rutgersson 3.1 % 3.1 % 3 Jun 2026
eQ Asset Management Oy 2.9 % 2.9 % 31 May 2026
Patrik Enblad 2.7 % 2.7 % 27 May 2026
Per Ekstrand 2.6 % 2.6 % 27 May 2026
Thomas Krishan 2.5 % 2.5 % 27 May 2026
Source: Holdings by Modular Finance AB