Thank you and welcome to our Q2 presentation. As usual, we will start with a quick strategic update with some highlights, walk through the financial update, and talk a bit about the outlook, and then end with some Q&A.

We still see a very large opportunity to build a new European leader in composable payments. We believe the infrastructure in payments is changing, and we want to be the best-positioned player for that change in the industry.

That is a key driver of our current growth in market shares. We do that by delivering a world-leading experience for merchants and their customer journey, and this is something that truly differentiate us versus local competition.

Q2 now marks the second profitable quarter in a row, we reached break-even in Q1 and that journey continues. We are growing our volume, our total payments volume, by 28% in the quarter, and our most profitable volumes, the BNPL volumes, are accelerating to 47% growth in the quarter, which we're very proud about.

Fourth, our net revenue growth is also accelerating, now up to 24% growth, up from the 19% we saw in Q1 and the 14% we saw in Q4. We are trending upwards in the net revenue growth that has been lagging a bit behind the volume and BNPL growth in the past.

Large share of the volumes from a growth perspective is now coming from our investments and success in the SME segment across all the Nordic markets, and we've continued to grow the SME business as part of our also kind of our financials both from a net revenue perspective and gross profit perspective given the higher margins in the segment. That's now representing more than 60% of the volume growth in the quarter, and overall in our Nordic expansion, both in Norway and Finland, we see a continued very strong momentum and large pipeline going forward.

The pages are jumping. Talking about the first point, we want to build a European leader in composable payments, starting in the Nordics with global capabilities, and we're now in the process of adding more and more international payment methods into our checkouts to cater for international volumes of our Nordic merchants.

From a sales perspective, we're primarily targeting Nordic merchants, but also with the partnership with PPRO that was recently announced, addressing European merchants with a lot of Nordic volume, and we will come back to that later in the presentation. Our mission is to deliver a world-leading experience for merchants and their customer journey.

I've been in this industry for more than 10 years and my experience is that there's no one that's doing a really good merchant experience and combining that with full focus on the merchant's customer journey, not selling a lot of other things to the consumers, and that's something differentiate us both versus local niche bank competitors as well as the more global BNPL players. It's a large reason for why many merchants see from a strategic perspective that they are shifting to our platform.

Our ambition is to become the local market leader in the Nordics within the next 3 to 5 years, and with the current growth trends, we are well on the way to get there. From a product perspective, we also launched a new generation of our checkout in the quarter, Qliro Checkout Generation 4, with a focus on increasing our performance even further: both speed in the checkout, conversion, as well as our new upsell functions.

Overall, we see a conversion uplift of 13% when we compare to leading Nordic competitors in the first AB test that was done versus competition. When merchants are upgrading to our platform, they typically do an AB test running some volumes on their former platform and some volume on kind of our platform, and so far we haven't lost any of this AB test since 2024 when we launched the second generation of the checkout, which was called Checkout Generation 0.0.

From a profitability perspective, we are increasing our profit compared to the first quarter, still with quite small margins, but we are happy we are continue on the profitability trend. We are break-even and we targeting to reach also profitability of course for the full year with increased profits going forward.

We now have the large investment phase behind us in the summer 2024. We decided to launch our international expansion with setting up the sales offices in Norway and later in Finland, as well as kind of doubling down on sales and marketing also in the Swedish market.

That have yielded very good results in growth and have now taken us back to profitability. Going forward, we're planning to continue to grow, but being profitable at the same time.

These growth investments have led to kind of good volume growth during the last kind of 1, 2 years, and we are in the current quarter growing 28% compared to the same quarter last year. We are still seeing a very strong momentum in the SME segment, but in this specific quarter, with slightly lower momentum in the existing enterprise portfolio, with a bit less kind of organic growth than we had kind of during end of last year, and a bit slower ramp-up of new enterprise merchants where we had expected some larger deals to be signed and onboarded before summer, but negotiations are still ongoing, and so the pipeline is strong for the autumn, but they didn't come live kind of as of now.

We're growing 28%, and as part of that, we have also recently renewed a large share of our enterprise portfolio. We announced during this week that we are prolonging and extending the agreement with the group that's having the brands Skruvat.se and BytHjul as well as Däckskiftarna, one company within the group that are not processing with us today, but are shifting to us during the next year.

We've also during early this year kind of extended contracts with both Nelly and Lyko, two of our other kind of top five merchants, we are very well-positioned with secured contract in our existing portfolio, which creates a lot of stability for the business going forward. From revenue perspective, we are growing net revenue by 24% in the quarter.

The net revenue have increased for kind of the last five quarters in a row, a bit lagging the growth we have seen in the BNPL volume, and the BNPL volume growth is now on kind of a very high level at kind of 47% growth in the quarter, but also partly driven by shorter duration products, we don't expect that to kind of fully materialize into net revenue growth, but it's still a very good leading indicator that our products are more and more used from a consumer perspective, not only for kind of the longer duration purchases, but also for more kind of frequent purchases with invoices and part payments being paid also on a shorter duration. That shorter durations is also coming through in lower credit losses, which we will also see kind of when coming to that part of the financial presentation.

From SME perspective, we are accelerating in the SME business. We are adding more than 115 kind of new active merchants on the platform in the quarter, now more than 800 merchants processing on our platform, growing the merchant base by 120%.

Our net revenue growth from the SME segment is growing by 140% compared to last year, now representing 26 million in net revenue in the quarter. Given that that's expected to continue going forward, we now processing more than 100 million kind of per year in run rate on the SME business, which is a very good number compared to that this is a quite new initiative that we have launched, and we see a lot of success in the SME business and expect this growth momentum to continue also going forward.

The SME business now represent 23% of our net revenue and more than 60% of the new volume growth in the quarter. We also see good momentum in the new markets where we've always processed consumer products, our kind of Pay Later products also in Norway, Finland, Denmark, but it was not until in kind of late 2024 where we launched our Norwegian sales office and in April last year we launched our kind of Finnish sales office that we started to sell to also local merchants in Norway, Finland.

This has so far been very successful. We have more than 3 billion in signed volume kind of from merchants locally that is expected to go live on the platform, and we continue to win more and more market share and kind of build momentum as both the pipeline get more mature and stronger in each of the markets.

As part of the international expansion, that third arrow you saw on the last page, we expect to target European and global volumes from kind of merchants selling into the Nordics. More than 20% of Nordic e-commerce volume is coming from kind of European and global merchants.

The first step in this strategy is that we launching an exclusive partnership with PPRO as their Nordic BNPL partner, we will have exclusivity on this market with our products. They are offering Qliro Pay Later in their network of global payment service providers, basically global checkout providers, as well as some global kind of really kind of Tier 1 merchants that are selling into the Nordic market.

This partnership is expected to go live kind of early next year and kind of start to process volumes during next year. We expect that this could be a significant kind of growth contribution going forward, both from PPRO as well as from this strategy in general of enabling Qliro as Pay Later method into other global checkout providers.

The strategic highlights kind of going forward: in the mid-term, we expect to build a market-leading position in the Nordics, and we're well on the way to get there. We see strong commercial momentum and we will continue to drive market share growth both in the SME segment as well as the enterprise segment.

As mentioned, there's slightly slower kind of conversion to signed contracts in the enterprise space kind of during H1, but we expect that to catch up during H2. The pipeline is still strong; the deals haven't been lost, but rather pushed a bit into the future.

We expect the revenue growth to continue during the year and going forward as more and more of the volume build up our loan book and start to generate more revenue. SME will continue to grow with more than 30% growth in new volumes, and as mentioned, we're actually representing 60% volume growth in kind of the quarter, but going forward we also expect some larger enterprise deals coming in and hence the SME number in absolute numbers would not go down, but in share of total growth we expect it to maybe be above 30, but probably below 50.

Our Nordic expansion has also kind of a lot of potential to grow further, and we have now created a full Nordic commercial organization. We recently announced that we are changing our organization a bit.

We announced a deputy CEO, and as part of that, we also set up a Nordic commercial organization with kind of SME team across the Nordic, enterprise team across the Nordic, and so on. We believe that will help us to drive the Nordic success even further.

We've also continued to focus on improving our income generation from the volumes to continue to improve our kind of Pay Later performance metrics that is an important driver of our profitability. We are working on our scalability and efficiency, and especially due to kind of the new platform that we are launching for our Pay Later products.

We have announced that previously that we launched it for the first part-payment products in Sweden. That is now live for all our part-payment products in Sweden for a small share of our volume, and we expect to ramp that up during kind of the rest of the year and then launch the platform also in our other markets, and that's an important part of also ensuring compliance with the new kind of Consumer Credit Directive that's implemented in Sweden kind of during November of this year.

Very well-positioned for that. We will continue to drive our revenue growth and profitability for the full year 2026.

With that said, let's jump into the more detailed financial update. As mentioned before, our total payments volume is growing by 28%.

That's translating into 24% growth on net revenue, and at the same time we see credit losses declining by 14%. Despite the growth in volume, our growth in loan book, and our growth in net revenue, credit losses is actually declining, and that's very good.

We have a good momentum on gross profit. Gross Profit 1, before variable cost, we're growing 39%.

We're keeping variable cost fairly flat at 2% 2% growth despite the 28% volume growth. We have done a lot of efficiency initiatives and cost-saving initiatives on the variable cost side during last year.

We now see that coming through in the numbers, and that's leading to a Gross Profit 2 growth of 47% in the quarter. At the same time, we are reducing our fixed cost by 4%.

That's leading to an operating profit of 0.7 million in the quarter, up from -29.5 last year, which was kind of our low point in profitability during the investment phase. Very proud of these financial results, and we also see good improvements on the margin metrics, both GM1 and GM2.

The loan book have a steady growth now of 8%. We expect that to increase a bit going forward as the BNPL growth are growing rapidly.

The BNPL volume as share of our total payments volume is now stabilizing around 16%, and we expect it to stay at that level or potentially increase a bit also going forward as we are continue to improve our Pay Later offering. Our net revenue growth, as mentioned, is growing 24%, 120 million in the quarter.

More or less fairly flat in absolute numbers compared to last quarter, and that's normal in the seasonality of our business where the volumes typically are a bit weaker in kind of Q1, Q2 and then are picking up during kind of the rest of the year with a high point in Q4. Our credit losses, as mentioned, is declining 14%, and the debt collection ratio is now start to stabilizing.

In previous quarter, we reduced it by 30%, but we're now coming into kind of slightly more challenging comparables, it's not that the improvement is less, it's just that the improvements were already starting in kind of Q1, Q2 last year, but are still declining by 11% compared to last year. That's also leading to that we continue to expect improvements also from a financial perspective on credit losses going forward.

The leading indicators on the credit side is good based on all the investments we have done during the last 2 years in both our new credit team, new credit kind of infrastructure for basically all our databases, variables, credit decision models, credit limit frameworks, and strategy. We revamped that whole setup and that is now kind of yielding very good results from both financial perspective, but also from a consumer experience perspective.

Part of this is also driven by the improvement in the consumer experience in general, with the new Qliro app that have been launched in a new version also during the spring, where we help kind of consumers to pay more on time. We lose some reminder fee revenue from that, we see a bit of impact on that on the revenue side, but we believe that a better consumer experience and lower credit losses will help us to build a better business long term.

From a cost perspective, we've been working hard on cost control since kind of Q2 last year. We did the restructuring program in kind of September-October last year to take down cost as well as kind of ensure we had a more scalable foundation as well as kind of improving a bit on the tech side, which you will see on the next page.

The overall cost including the variable cost is declining 3%, and we have a 6% decline in kind of the rest of the cost compared to last year. Basically a fairly flat cost base despite the growth we're seeing in both volumes and net revenue.

We truly see kind of the scalability of the business model now coming through in practice. We are now also developing more and more with AI on the tech side.

We using Claude Code kind of fully in all teams, and based on that, as well as the new technical platforms we launched during last year, we have reduced our CapEx investments since Q3, and we are now running at around 22 million per quarter, down roughly 35% compared to last year. Given the success with the PPRO partnership as well as some other upcoming kind of partnerships, we are expected to increase CapEx a bit again, but not to the previous levels, just to finance kind of the new business opportunities.

From a profit perspective, as already mentioned, the investment phase is now behind us. That has yielded good results on the growth as discussed, bringing us back to profitability.

We expect profitability to increase also going forward, yielding kind of a full year profitable 2026. From a capital perspective, no big news.

We are running at the level of 21.9%, we're well-capitalized, and that's also due to the rights issue that was successfully processed in April that was oversubscribed with 191%, bringing in 101 million before transaction costs. That was it for the financial update.

Looking ahead, I've already mentioned it, but we will expect continued net revenue growth going forward. We expect profitability for the full year 2026.

We continue to accelerate our kind of sales engine in both segments, and we will continue to build growth momentum in our new markets. We are now improving our processes across the Nordics to be even more streamlined to support the markets in the best way.

We have learned a lot during the last kind of year, or kind of two years in Norway, one year in Finland, to improve even further, we expect that success to increase going forward. With that, we also focus on making sure that the volumes is turning into profitable loan book, that we continue to improve the scalability and efficiency with our new platform.

With that, we have our overall mission to deliver a market-leading experience for merchants and their customer journey, and we'll continue on that focus going forward. Thank you very much, and I open up for questions.

We have one first question of, considering your projected growth, how is your reasoning regarding capital injection from shareholders to meet capital requirements? As I just mentioned, we did a very successful capital raise in April.

We did a rights issue that was oversubscribed 191%. We brought in 101 million Swedish krona in new capital, and with that we are expected to fund our growth journey going forward.

We are now profitable and expect to grow profitable also going forward. Secondly, we have a question regarding the new Consumer Credit Directive, CCD2.

That is a European regulation that is implemented in November in the Swedish Konsumentkreditlagen as well as kind of also the regulation in Finland and Denmark. We're very well-prepared from a technical perspective.

That's why we're launching our new Pay Later platform that will not only help us be compliant from a regulatory perspective, but also increase our operational efficiency across all our processes related internally to having kind of consumer experience related to our Pay Later products. We get a much more kind of modern, cloud-based platform, as well as kind of much more efficient processes as we can develop more tools on top of the new platform than we could on the previous kind of legacy infrastructure.

That will also be a platform that we can take into new markets if we would like to going forward. That's from a technical perspective.

From a financial perspective, the new regulation come with some fee caps and so on. We are already within those fee caps, we don't see kind of any large impact or any significant impact on the business from that perspective.

Then there are some product changes we need to do to kind of adapt the consumer experience to fit with new communication requirements, marketing requirements, and so on. Nothing that we see currently that is impacting us from a financial perspective, but of course we're working to ensure we always are compliance with all our products in all markets.

That's it. I think that's all the questions we have so far.

I get a text here from the moderator that there is no more questions, then I wish you all a great summer, and if not before, we connect in 3 months from now. Enjoy your vacations, and thank you very much.