Significant increase in volumes processed in 2025
For the Full Year, total processed transaction volume increased 17.6% to SEK 1,059.0 billion. This is the first time Trustly processed more than $100 billion in total payment value which marks an important scale milestone for the platform.

Progress being made on strategic and operational transformation programme
2025 was the first year of Trustly’s 24-month strategic and operational transformation programme. Trustly has unified its previously separate Americas and Europe organisations into a single global operating model to increase efficiency and create a more consumer-orientated business with improvements in consumer metrics. In October 2025, Trustly strengthened its balance sheet by issuing a corporate bond amounting to EUR 375m.

Acceleration of product innovation
During the year, Trustly invested in product innovation and expanded its range of solutions for customers, with important releases in 2025 including:
• Expansion of Trustly Network and “Trustly Remember Me” in the US to improve conversion and drive consumer awareness
• Launch of Trustly Insight to deliver significant increased consumer lifetime value for merchants
• Introduction of subscription capabilities in Europe combining instant payments and direct debit
• Launch of next-generation AI-powered fraud services in Europe to increase protection for its consumers
• Expansion of its recurring revenue product including signing and onboarding of several large partners, such as Virgin Media/O2 and utility companies

Improved growth momentum in the business going into 2026
Revenue for the Full Year was SEK 2,427.7 million, representing a 12% decline on a constant currency basis. Adjusted EBITDA for the Full Year was SEK 353.0 million, with a Loss after tax of SEK 565.0 million.

Financial performance was impacted by adverse FX moves and protracted negotiations with two large merchants at the end of 2024. The rest of the business has continued to deliver strong growth throughout 2025 and has reengaged with both merchants, ramping up transaction volumes and revenues.

Improved customer adoption and retention, new merchants, and a focus on cost control has meant that it has seen an improvement in financial performance in Q4 2025. Growth returned in the fourth quarter, with revenue increasing 5% year-on-year on a constant currency basis to SEK 650.0 million and adjusted EBITDA was SEK 82.1 million.

In addition, there has been an improvement in lead indicators in Q4 on a year on year basis which provide the business with confidence for its outlook in 2026:
• Active users increased 26% year-on-year
• Total Payments Value (TPV) increased 31% year-on-year on a constant currency basis
• 12% YoY growth in the month of revenue in December 2025

Johan Tjärnberg, CEO of Trustly Group:

“Despite a difficult backdrop going into 2025, the company is executing on its plan successfully. We are now seeing the results: more merchants, more transactions, more consumers and real momentum in 2026.”

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