Valuno reports net sales of EUR 7.3 million for the first quarter of ’25/26, compared with EUR 75.7 million for the first quarter of the previous year. The decrease compared with the previous year is due to the financial infrastructure being under considerable strain. The gross margin amounted to 0.8% for the quarter.

First quarter, July – September 2025, summary
• Net sales amounted to EUR 7.3 million (75.7).
• Gross profit amounted to EUR 0.1 million (2.4) with a gross margin of 0.8% (3.1%).
• Adjusted EBITDA amounted to EUR -2.1 million (0.4).
• Operating profit amounted to EUR -2.6 million (0.0).
• Earnings per share before dilution amounted to EUR -0.03 (0.00).

Events during the quarter
• Valuno Group entered into partnership with Briqpay to enable crypto payments at several e-merchants.
• Valuno Group annonced that the Swedish Financial Supervisory Authority has rejected QB Europe AB’s application for a MiCA licence.
• Valuno Group AB (publ) entered into collaboration with GreenMerc AB regarding the Quickbit app.
• Valuno Group acquired Intergiro’s technical banking platform from Citigiro Holding AB – strengthening its strategy for new business and revenue streams.
• Valuno Group decided on a set-off issue of approximately SEK 37.5 million.

Events after the quarter
• Valuno signed a letter of intent for joint venture with D2I and Citigiro.
• The Swedish Tax Agency annoncued a tax penalty on Valuno regarding VAT reporting for the period 2021/2022.
• Valuno decided on a share issue of approximately SEK 25.6 million.
• NGM’s Disciplinary Committee decided to impose a fine of SEK 200,000 on Valuno Group with reference to how the company handled and published information in connection with the Swedish Financial Supervisory Authority’s decision to reject QB Europe AB’s application for authorisation under MiCA.
• Valuno Group strenghtened its partner structure with Mandato, which includes Zodia Markets, and advances its position in a major exciting global deal in the low-risk retail segment.

The past quarter has been marked by significant structural challenges and is, overall, the most demanding since I took office in February 2023. Following extensive restructuring and transformation in 2023–2024, Valuno has subsequently delivered strong operational growth and commercial progress. Q1 deviates from this trend due to an unusual concentration of external events in our infrastructure chain, while we have laid the foundation for the next phase of our strategy.

Overview and significant events
During the quarter, Valuno was affected by the full impact of Intergiro’s withdrawal of its banking licence and subsequent bankruptcy. As we and several of our customers were technically integrated with this counterparty, uncertainty arose in parts of the transaction chain. A number of customers therefore chose to temporarily pause their flows pending clarification, even though our own systems and processes otherwise functioned as intended. In parallel with this, it was announced that our ongoing licence application under the new regulations was not granted during the quarter, which further contributed to caution among certain counterparties.

Liquidity and action programme
The simultaneous impact on volumes and counterparties created extreme pressure on liquidity. The company immediately implemented an action programme with two main tracks:

1. Infrastructure – accelerated diversification of banks and rails, and upgrading of redundancy and routing.

2. Financing – venture capital and dialogue with strategic, financially strong investors to secure working capital and strengthen the balance sheet during the transition.

The work has been resource-intensive but necessary to restore normal functioning and create sustainability.

Operational performance and product
It should be emphasised that Valuno entered the period from a record-strong position: prior to the external events, our trading and payment volumes were at the highest level in the company’s history – nearly double the previous peak. This confirms the viability of our modernised transaction architecture and gives continued confidence in underlying demand. On the product side, we have continued to develop Corporate Wallet (policies, roles, multi-sig, automated FX/hedge and full traceability) and strengthened the integrations between the Pay engine and our banking platform (acquired Intergiro technology) to offer a cohesive chain from onboarding to settlement in both digital assets and fiat.

Strategic focus
Despite the challenges, the quarter has strengthened our conviction in our strategic pivot: to be a technology and know-how partner rather than bear full operational transaction risk. The model we are now consistently implementing means that Valuno focuses on platform, infrastructure and distribution (including white label), while licensed counterparties manage regulated operational risk. For customers and partners, this means shorter time to production, better capital efficiency and greater predictability.

Commercial opportunities
During the work to transform infrastructure and financing, new revenue opportunities have materialised. We have initiated advanced dialogues in areas such as trade finance and larger partnerships in low-risk retail segments where Valuno’s technological combination – Corporate Wallet, Pay and banking platform – provides a clear competitive advantage. These tracks have progressed well and we see good potential in broadening the revenue base and gradually leaving previous niche segments with a higher risk profile.

Events after the end of the period
After 30 September, the process of financing and new counterparties has taken important steps forward. We have also deepened commercial dialogues with potential partners with strong volume and scale capabilities. Details will be communicated on an ongoing basis as agreements and decision-making documentation are finalised.

Outlook
Q1 should be viewed as an interim quarter in which external events reduced short-term volumes and earnings, but in which structural measures and commercial negotiations strengthened the outlook for the remainder of the year. Our priority remains unchanged: robust partnerships, diversified infrastructure and clear risk allocation – with the goal of creating a scalable, sustainable and compliant business.

Conclusion
I would like to express my sincere thanks to our customers, partners and owners for their patience and trust, and to our employees for their professionalism and perseverance during an exceptionally challenging period. We leave the quarter with lessons learned, strengthened processes – and a clear direction towards a stronger and more resilient Valuno.

Stockholm, 27 November 2025
Daniel Sonesson, VD
Valuno Group AB (publ)
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For further information, please contact:
Daniel Sonesson, VD
+46 (0)10-204 54 31

This release is published in Swedish and English. In the event of any differences between the English version and the Swedish original, the Swedish version takes precedence. 
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Valuno Group Valuno is a Swedish fintech company with a vision of a borderless economy where cryptocurrencies and digitalpayments are seamlessly integrated into everyday life. The company offers solutions for crypto payments, digital wallets, andrelated financial services. Valuno has been listed on NGM Nordic SME since July 2019. For more information, visit www.investor.valuno.com.