Qliro Group QLIRO

Stockholm | Finance | Fintech – e-commerce payments and BNPL
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Updated: 18 Sep 2026 Base analysis: 6 Apr 2026

The news check keeps the assessment current.

General analysis — not personal advice.

HOLD Clear

Keep a small-to-moderate position (about 1–3%) for turnaround exposure, but wait to add until Q3 shows clearer margin uplift and credit losses remain low; expect earnings-related volatility.

Q2 confirms the profitability turnaround and lower credit losses but absolute profit levels remain low and the market awaits clearer margin expansion.

Market sentiment Neutral →
Trend: Stable

Sentiment remains stable following the appointment of a permanent CFO with fintech experience and the CEO's insider purchases.

Risk assessment Medium
Dilution: Medium Dilution risk is assessed as medium because the share count recently increased via an incentive program (STIP 2025) and the company has historically used equity-linked programs, even though no large new rights issue was communicated in the latest update.
Jurisdiction: Low Nordic operations with stable regulation
Execution: Medium Must prove profitability and credit discipline

HOLD is the call. Neutral is the market mood. Medium risk means some things can go wrong.

Latest change
  • 18 Jul 2026 — Q2 delivered continued TPV and revenue growth and a second consecutive positive EBIT, with lower credit losses and strong liquidity.

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About the company

Qliro is a Nordic fintech providing checkout/payment solutions to e-merchants and credit/BNPL products to consumers. The company is growing payment volume (TPV) quickly but has been loss-making and has raised capital to strengthen its capital base. Management targets profitability in Q1 2026.

Sector: Fintech – e-commerce payments and BNPL
Type: Finance
Next report (Q3)
22 Oct 2026
Catalysts
●
22 Oct 2026
Q3 2026 Interim Report High
Bull case

Continued TPV growth combined with lower credit losses and scaling via PPRO and Instore can deliver margin expansion.

Bear case

If take rate or margins fail to improve despite volume growth or if credit losses rise again the small profit can quickly disappear.

Why this signal

Q2 confirms the profitability turnaround and lower credit losses but absolute profit levels remain low and the market awaits clearer margin expansion.

Recent news
  • Qliro has appointed Hannes Wadell as new CFO effective 3 November. CEO Christoffer Rutgersson has reported net insider purchases of shares in September.

Key figures

Revenue
Q2 2026
SEK 120M
Revenue TTM
First half 2026
SEK 240M
Net income
Q2 2026
SEK -1.3M
Exchange
Stockholm
Type
Finance
Sector
Fintech – e-commerce payments and BNPL
Qliro Group QLIRO
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.