Exhibit 99.1

QIWI Announces Third Quarter 2023 Financial Results

NICOSIA, CYPRUS – November 17, 2023 – QIWI plc (NASDAQ and MOEX: QIWI) (“QIWI” or the “Company”), an innovative provider of cutting-edge payment and financial services, today announced its financial results for the third quarter ended September 30, 2023.

3Q 2023 key operating and financial highlights1 2

Key events during and after the reported period

1 Total Net Revenue, adjusted EBITDA, adjusted EBITDA margin, adjusted Net profit, and adjusted Net profit margin in this release are “non-IFRS financial measures”. Please see the section “Non-IFRS Financial Measures and Supplemental Financial Information” for more details as well as a reconciliation to IFRS reported numbers at the end of this release.

2 Throughout this release calculations of totals, subtotals and/or percentage change may have small variations due to rounding of decimals.

3 https://investor.qiwi.com/news-and-events/press-releases/4108577/

4 https://investor.qiwi.com/news-and-events/press-releases/4108576/

5 https://investor.qiwi.com/news-and-events/press-releases/4108571/

6 https://investor.qiwi.com/news-and-events/press-releases/4108572/

3Q 2023 results

Net Revenue breakdown by segments

Total Net Revenue slightly increased by 0.8% YoY and amounted to RUB 8,793 million ($90.3 million) despite the high base effect of last year and temporary restrictions of the Central Bank of Russia (the “CBR restrictions”) on certain operations for QIWI Wallets7. The decline in the PS segment was offset mainly by the strong results of the Digital Marketing (DM) segment and the contribution from the Corporate and Other (CO) segment.

Payment Services

PS Net Revenue decreased by 12.9% YoY to RUB 6,600 million ($67.8 million) mainly driven by the negative implications of the CBR restrictions and the decreased level of money remittances which were lower than the temporary hikes of the previous year.

PS Payment Net Revenue decline was 32.6% YoY and amounted to RUB 4,062 million ($41.7 million) driven by a combination of lower PS Payment Volume by 5.1% YoY and PS Payment Net Revenue Yield decline by 35 bps YoY to 0.86%.

PS Payment Net Revenue Yield decline was driven by the adverse mix effect resulting from a higher share of operations with lower margins, such for example acquiring.

PS Payment Volume decreased by 5.1% YoY to RUB 473.5 billion due to the negative implications of the CBR restrictions and decreased level of CONTACT money remittances which were partially offset by the onboarding of new merchants and aggregators and the growing payment volume from our product offering for digital entertainment and commerce.

PS Other Net Revenue primarily comprises interest income, revenue from fees for inactive accounts and unclaimed payments, cash and settlement services and related conversion income, income from financing of other business segments and third parties. In 3Q 2023 PS Other Net Revenue increased by 64.3% YoY to RUB 2,538 million ($26.1 million) as a result of further growth of net revenue derived from cash and settlement services and higher interest income resulting from a larger investment portfolio and higher interest rates.

Digital Marketing (DM)

DM Net Revenue increased by 542.8% YoY to RUB 1,166 million ($12.0 million) driven by the RealWeb acquisition in December 20228 and the strong performance of Flocktory underpinned by the increase in the number of clients and traffic-providers as well as overall improved business efficiency.

Corporate and Other (CO)

7 https://investor.qiwi.com/news-and-events/press-releases/4108571/

8 https://investor.qiwi.com/news-and-events/press-releases/4108557/

CO Net Revenue increased by 5.8% YoY to RUB 1,027 million ($10.5 million) driven by higher interest income accounted for in Corporate and Other projects.

Operating expenses and other non-operating income and expenses

Operating expenses increased by 66.0% YoY to RUB 5,583 million ($57.3 million) primarily due to investments in personnel and operational improvements to secure future growth of the business and the consolidation of RealWeb results starting from the beginning of the year. As a result, operating expenses as a percentage of Total Net Revenue deteriorated by 24.9 ppts and amounted to 63.5%.

Personnel expenses surged by 55.2% YoY to RUB 3,084 million ($31.7 million) driven by the hiring of new staff for the development of new and existing products, salary reviews and higher bonuses to employees in PS segment as well as the consolidation of the new RealWeb business. Personnel expenses as a percentage of Total Net Revenue increased by 12.3 ppts to 35.1% driven by the factors described above.

Selling, general and administrative expenses increased by 60.8% YoY to RUB 1,542 million ($15.8 million) and as a percentage of Total Net Revenue by 6.5 ppt YoY to 17.5% as a result of a combination of (i) higher expenses as a result of further growth of net revenue derived from cash and settlement services, (ii) consolidation of RealWeb results starting from 2023, (iii) and higher expenses on advisory and audit services, IT-related services, business travel and other.

Depreciation, amortization and impairment increased by 36.4% YoY to RUB 352 million ($3.6 million) or 4.0% as percent of Total Net Revenue due to the consolidation of RealWeb and expenditures on automation of payment systems.

Credit loss amounted to RUB 605 million ($6.2 million) compared to RUB 159 million in 3Q 2022 due to the increase of provisions for the bank guarantees portfolio.

Other non-operating income increased by 68.9% YoY to RUB 983 million ($10.1 million) due to the higher amount of foreign exchange gain.

Income tax expense

Income tax expense decreased by 9.4% YoY to RUB 1,200 million ($12.3 million) driven by lower profit before tax on higher expenses described above.

The effective tax rate increased from 22.3% in 3Q 2022 to 28.6% in 3Q 2023 due to the windfall tax9 accrued in 3Q 2023 in the amount of RUB 450 million.

Profitability results

Adjusted EBITDA decreased by 36.6% YoY to RUB 3,562 million ($36.6 million) mainly due to investments in personnel and operational improvements to secure future growth of the business and the consolidation of RealWeb starting from the beginning of the year. As a result, Adjusted EBITDA margin decreased by 23.9 ppts YoY to 40.5%.

Adjusted Net Profit decreased by 24.0% YoY to RUB 3,564 million ($36.6 million). Adjusted Net Profit margin decreased by 13.2 ppts YoY to 40.5% driven by EBITDA dynamics partially offset by higher forex exchange gain and excluded the one-off impact of the windfall tax provision.

PS Adjusted Net Profit decreased by 36.0% YoY to RUB 2,563 million ($26.3 million) mainly due to (i) the decline of PS Net Revenue by 12.9% YoY described earlier, and (ii) investments made in personnel and operational improvements to secure future growth of the business. As a result, PS Adjusted Net Profit margin deteriorated by 14.0 ppts to 38.8%.

Digital Marketing (DM) Adjusted Net Profit for 3Q 2023 increased to RUB 272 million ($2.8 million) due to the Flocktory Net Revenue growth and the consolidation of new RealWeb business. DM Adjusted Net Profit margin was 23.3%.

CO Adjusted Net Profit increased by 17.0% YoY to RUB 729 million ($7.5 million) resulting from a combination of CO Net Revenue YoY growth by 5.8% mentioned previously and the foreign exchange gain.

9 Windfall tax is a one-off special tax enacted in Federal Law 414-FZ and set to take effect on January 1, 2024. The Group anticipates using the “early payment” option to reduce the effective rate by up to 50%.

Dividends

Due to the lingering stock market infrastructure issues, the Company does not see the opportunity to arrange the distribution of dividends or repurchase shares with the equal treatment of all existing shareholders. Therefore, the Board decided to keep the distribution of dividends under review until changes of the sanction regime or other developments enable the Company to distribute dividends to all of its shareholders.

Earnings Conference Call and Audio Webcast

Given the persisting level of uncertainty and market volatility, there will be no conference call or webcast to discuss the results. We welcome all our stakeholders to send any questions related to our business using the contact details available on our investor’s website. We remain available for individual incoming call requests.

About QIWI plc.

QIWI is an innovative provider of cutting-edge payment and financial services. We stand at the forefront of fintech innovations to facilitate and secure the digitalization of payments. Our mission is to connect our clients providing unique financial and technological solutions to make the impossible accessible and simple. We offer a wide range of products under several directions: QIWI payment and financial services ecosystem for merchants and B2C clients across digital use-cases, ROWI digital structured financial products for SME, digital marketing, and several other projects.

For the FY 2022 QIWI had revenue of RUB 51.5 billion and an Adjusted EBITDA of RUB 19.8 billion. QIWI's American depositary shares are listed on the NASDAQ and Moscow Exchange (ticker: QIWI).

For more information, visit investor.qiwi.com.

Contact

Investor Relations

+357.25028091

ir@qiwi.com

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of, and subject to the protection of, the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding expected total net revenue, adjusted net profit and net revenue yield, dividend payments, payment volume growth, growth of physical and virtual distribution channels, trends in each of our market verticals and statements regarding the development of our ROWI, RealWeb, Flocktory and other projects, the impact of recent sanctions targeting Russia, the impact of such sanctions on our results of operations, potential further changes in the regulatory regime, the effect of the CBR restrictions on results of operations, any other restriction the CBR may impose based on our past and future operations, our ability to  eliminate partially or completely the CBR restrictions, and others. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance or achievements of QIWI to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Various factors that could cause actual future results and other future events to differ materially from those estimated by management include, but are not limited to, the macroeconomic conditions of the Russian Federation and in each of the international markets in which we operate, growth in each of our markets, competition, the introduction of new products and services and their acceptance by consumers, QIWI’s ability to estimate the market risk and capital risk associated with new projects, a decline in net revenue yield, regulation, QIWI’s ability to grow physical and virtual distribution channels, cyberattacks and security vulnerabilities in QIWI’s products and services, QIWI’s ability to expand geographically, the risk that new projects will not perform in accordance with its expectations and other risks identified under the Caption “Risk Factors” in QIWI’s Annual Report on Form 20-F and in other reports QIWI files with the U.S. Securities and Exchange Commission. QIWI undertakes no obligation to revise any forward-looking statements or to report future events that may affect such forward-looking statements unless QIWI is required to do so by law.

QIWI plc.

Consolidated Statement of Financial Position

(in millions)

QIWI plc.

Consolidated Statement of Comprehensive Income

(in millions, except per share data)

QIWI plc.

Consolidated Statement of Comprehensive Income

(in millions, except per share data)

QIWI plc.

Consolidated Statement of Cash Flows

(in millions)

Non-IFRS Financial Measures and Supplemental Financial Information

This release presents Total Net Revenue, Payment Services (PS) Net Revenue, PS Payment Net Revenue, PS Other Net Revenue, Digital Marketing (DM) Net Revenue, Corporate and Other (CO) Net Revenue, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Profit, PS Adjusted Net Profit, DM Adjusted Net Profit, CO Adjusted Net Profit, and Adjusted Net Profit per share, which are non-IFRS financial measures. You should not consider these non-IFRS financial measures as substitutes for or superior to revenue, in the case of Total Net Revenue, PS Net Revenue, PS Payment Net Revenue, PS Other Net Revenue, DM Net Revenue, CO Net Revenue; Net Profit, in the case of Adjusted EBITDA, Adjusted Net Profit, PS Adjusted Net Profit, DM Adjusted Net Profit, CO Adjusted Net Profit, and earnings per share, in the case of Adjusted Net Profit per share, each prepared in accordance with IFRS.

Furthermore, because these non-IFRS financial measures are not determined in accordance with IFRS, they are susceptible to varying calculations and may not be comparable to other similarly titled measures presented by other companies. QIWI encourages investors and others to review our financial information in its entirety and not rely on a single financial measure. For more information regarding Total Net Revenue, PS Net Revenue, PS Payment Net Revenue, PS Other Net Revenue, DM Net Revenue, CO Net Revenue, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Profit and Adjusted Net Profit per share, including a quantitative reconciliation of Total Net Revenue and its breakdown by segments, Adjusted EBITDA and Adjusted Net Profit to the most directly comparable IFRS financial performance measures, which is revenue in the case of Total Net Revenue, PS Payment Net Revenue and PS Other Net Revenue, and Net Profit in the case of Adjusted EBITDA and Adjusted Net Profit, see Reconciliation of IFRS to Non-IFRS Operating Results in this earnings release.

We define non-IFRS financial measures as follows:

Total Net Revenue is a key measure used by management to observe our operational profitability since it reflects our portion of the revenue net of fees that we pass through, primarily to our agents and other reload channels providers. In addition, under IFRS, most types of fees are presented on a gross basis whereas certain types of fees are presented on a net basis. Therefore, in order to analyze our two sources of payment processing fees on a comparative basis, management reviews Total Net Revenue.

We provide a breakdown of Total Net Revenue by segments - PS Net Revenue, including PS Payment Net Revenue and PS Other Net Revenue, DM Net Revenue, CO Net Revenue. We define the above measures as follows:

Adjusted EBITDA is a key measure used by management as a supplemental performance measure that facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures (affecting interest expenses, net), changes in foreign exchange rates that impact financial assets and liabilities denominated in currencies other than our functional currency (affecting foreign exchange (loss)/gain, net), tax positions (such as the impact on periods or companies of changes in effective tax rates), the age and book depreciation of fixed assets (affecting relative depreciation expense), non-cash charges (affecting share-based payments expenses and impairment of non-current assets), and certain one-time income and expenses (affecting other income, offering and related expenses, etc.). Adjusted EBITDA also excludes other expenses, share in losses of associates and impairment of investment in associates because we believe it is helpful to view the performance of our business excluding the impact of entities that we do not control, and because our share of the net income (loss) of associates and other expenses includes items that have been excluded from Adjusted EBITDA (such as finance expenses, net, income tax, and depreciation and amortization). Because Adjusted EBITDA facilitates internal comparisons of operating performance on a more consistent basis, we also use Adjusted EBITDA in measuring our performance relative to that of our competitors.

Adjusted Net Profit is a key measure used by management to observe the operational profitability of the company. We believe Adjusted Net Profit is useful to an investor in evaluating our operating performance because it measures a company’s operating performance without the effect of non-recurring items or items that are not core to our operations. For example, loss on disposals of subsidiaries, windfall tax and the effects of deferred taxation on excluded items do not represent the core operations of the business, and fair value adjustments recorded on business combinations and their amortization, impairment of non-current assets and share-based payments expenses do not have a substantial cash effect. Nevertheless, such gains and losses can affect our financial performance.

In order to reflect the operational profitability of each segment, we provide a following breakdown of Adjusted Net Profit: Payment Services Adjusted Net Profit, Digital Marketing Adjusted Net Profit, Corporate and Other Adjusted Net Profit.

Payment Services segment payment volume provides a measure of the overall size and growth of the business, and increasing our payment volumes is essential to growing our profitability.

Payment Services segment net revenue yield. We calculate Payment Services segment net revenue yield by dividing Payment Services segment net revenue by Payment Services segment payment volume. Payment Services segment net revenue yield provides a measure of our ability to generate net revenue per unit of volume we process.

QIWI plc.

Reconciliation of IFRS to Non-IFRS Operating Results

(in millions, except per share data)

QIWI plc.

Reconciliation of IFRS to Non-IFRS Operating Results

(in millions, except per share data)