📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Klarna Group plc operates as a digital bank and flexible payments provider in the United Kingdom, the United States, Germany, Sweden, and internationally.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding KLAR

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	2.04M	$26.7M	0.04%	Mar 2026
Cathie Wood ARK Investment Management	778.2K	$10.2M	0.08%	Mar 2026
Tiger Global Management Tiger Global Management LLC	175.0K	$2.3M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

The CEO uses enthusiastic language like 'real results, real impact, really exciting' and the CFO provides precise metrics such as revenue >$800M, 20% growth, and adjusted operating income rising from $3M to $29M, indicating strong conviction in performance.

Q3 2025

Confident Specific

Management uses emphatic language like 'fantastic', 'record quarter', 'tremendous demand', and 'through the roof'. Specific forward guidance (above 30% revenue growth for Q4, $390-400M transaction margin) and concrete metrics (235k merchants added, 139% fair financing growth) reinforce a bullish, data-backed tone.

Q4 2025

Confident Specific

Management directly acknowledged missing TMD guidance and provided detailed illustrative examples of the upfront provisioning drag, explaining that faster growth in fair financing causes a temporary headwind. They repeatedly expressed conviction in their strategy and long-term value creation, using phrases like 'we take that seriously' and 'I want to be direct and transparent.'

Q1 2026 latest

Confident Specific

Management used phrases like 'good quarter', 'above the high end of every line', 'compounding nicely', and provided specific metrics (revenue $1.012B, TMD $389M) and forward guidance, indicating strong conviction in performance.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Klarna delivered above guidance on all key metrics (revenue +44%, TMD +44%, adjusted operating profit +$65M YoY) and improved credit quality, particularly in U.S. Financing. The narrative around default PSP partnerships and the everyday spend card is gaining traction, with clear operating leverage (non-transaction costs up only 3% vs TMD up 44%). However, concerns remain about the back-half growth deceleration implied in the guidance and the maturation of Financing cohorts. Specifically, the analyst question about cumulative loss rates on recent Financing vintages was handled vaguely, leaving room for scrutiny. Next quarter, watch for actual Q2 results relative to guidance, further progression of U.S. TMD margins toward 60% mature-market levels, and updated disclosures on vintage-specific credit performance.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Klarna Q1 2026: Revenue $1.012B, TMD $389M, GMV $33.7B, net income positive.

Revenue & Profitability

Revenue grew 44% year-over-year to $1.012 billion. Net income was $1 million, a $100 million improvement from a loss of $99 million a year ago. Operating income turned positive to $17 million from a $90 million loss. Adjusted operating profit was $68 million, up from $3 million. GMV increased 33% to $33.7 billion, and transaction margin dollars (TMD) rose 44% to $389 million.

Outlook

Management reiterated full-year 2026 guidance reflecting confidence in the business momentum. They noted that consumer delinquency rates remain stable and healthy, with U.S. 30+ day past due improving 36 basis points from the Q2 2025 peak. The call highlighted the structural growth opportunity in payment fees, particularly the gap between European and U.S. Pay Later economics.

Growth Drivers

Key growth levers include the Financing (point-of-sale installments) product, which grew 138% year-over-year to $4.1 billion GMV, and the Klarna Card, which crossed 5 million active users. U.S. revenue grew 67%, outpacing U.S. GMV growth of 39%, driven by interest income and gain on sale. Default PSP partnerships with Stripe, Nexi, JP Morgan Payments, and Worldpay are scaling, with JP Morgan and Worldpay launching later in 2026.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Transaction margin dollars (TMD) were $389 million, a 44% increase year-over-year, with a 38.4% TMD margin on revenue. U.S. TMD margin was 26.6%, ex-U.S. 46.2%, with mature markets near 60%. Management expects U.S. margins to converge over time and targets medium‑to‑long‑term TMD of ~50% of GMV and adjusted operating income margin of ~25%. Non‑transaction operating expenses grew only 3%, while TMD grew 14x faster, demonstrating operating leverage.

Key Risks

Risks discussed include macroeconomic pressure on consumers (though management notes Klarna users remain stable), credit quality trends (delinquencies are healthy and improving), FX normalization following the U.S. dollar depreciation, and seasonality of the retail‑focused business. The timing of gain‑on‑sale transactions can also affect reported interest income volatility.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (4 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (4)

Q1 2026 Q1 2026 2026-05-14

Revenue grew 44% to $1.012B, with net income turning positive and strong GMV and margin growth. U.S. and Financing segments led gains, credit quality improved, and guidance for 2026 was reiterated. Partnerships and product expansion continue to drive scale.

Q4 2025 Q4 2025 2026-02-19

Q4 saw 28% growth in active consumers and 38% revenue growth, with GMV and revenue both exceeding guidance. Rapid adoption of banking products and partnerships drove compounding growth, while upfront provisioning for loan growth impacted near-term margins but sets up future profitability.

Q3 2025 Q3 2025 2025-11-18

Q3 2025 saw record growth in U.S. and fair financing, with GMV up 43% and revenue up 51% year-over-year. Operational efficiency and AI investments drove profitability, while a new partnership with Elliott supports further expansion.

Q2 2025 Q2 2025 2025-08-14

Q2 saw accelerated growth with revenue up 20% year-over-year and operational profitability for the fifth consecutive quarter. Strategic partnerships and product expansion drove adoption, while credit metrics remained stable and efficiency improved.

📊 Analysis Methodology

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