Qliro Group QLIRO
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Full analysis: 6 Apr 2026
Latest news check: 18 Jul 2026
General analysis — not personal advice.
HOLD
7/10
Confidence
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.
Maintain a HOLD stance as Q2 confirms the profitability turn and improved risk cost, but absolute profit remains very small and the price reaction suggests expectations for margin expansion are high; the next key step is proving profitability can persist as volumes grow and new channels (Instore/PPRO) scale.
Market sentiment
6/10
→
Trend: Stable
Sentiment has cooled after a negative market reaction to Q2 despite improving fundamentals; investors appear to demand larger and more durable margins, while better credit quality and new volume drivers still provide support.
Risk assessment
6/10
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
Recent changes
- Q2 delivered continued TPV and revenue growth and a second consecutive positive EBIT, with lower credit losses and strong liquidity.
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Show all changes (5) — follow the company freeAbout 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
22 Oct 2026
Q3
Catalysts
22 Oct 2026
Q3 2026 interim report
High
Unknown
Commercial ramp of the PPRO partnership
Medium
Unknown
Rollout of Qliro Instore at Däckskiftarna
Medium
Horizon:
Bull case
Continued TPV and revenue growth alongside lower credit losses and scaling via PPRO and Instore could drive meaningful margin expansion and a re-rating.
Bear case
If take rate/margins fail to improve despite volume growth or credit losses rise again, the small profit base could quickly disappear and the stock may stay pressured.
Signal rationale (informational)
Maintain a HOLD stance as Q2 confirms the profitability turn and improved risk cost, but absolute profit remains very small and the price reaction suggests expectations for margin expansion are high; the next key step is proving profitability can persist as volumes grow and new channels (Instore/PPRO) scale.
Recent news
- Qliro reported Q2 2026 with TPV up 28% to SEK 5,302m and net revenue up 24% to SEK 119.7m, alongside positive EBIT of SEK 0.7m (second consecutive profitable quarter). Credit losses fell to 0.45% of TPV (from 0.67%), cash was SEK 786m, and the company announced new commercial wins: a strategic BNPL partnership with PPRO (June 30), extended enterprise agreements with Skruvat/Bythjul, and a new deal with Däckskiftarna including Qliro Instore; the share price dropped around the report despite profitability.
Price & valuation
Last close
SEK 18.25
1 week
+2.8 %
3 months
-4.5 %
12 months
-23.3 %
From 52w high
-23.3 %
From 52w low
+7.0 %
Exchange
Stockholm
Type
Finance
Sector
Fintech – e-commerce payments and BNPL
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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.