Klarna Group (KLAR) investor relations material

Executive summary

• Revenue grew 27% year-over-year to $1.042 billion, with transaction margin dollars up 42% to $446 million and net income turning positive at $9 million versus a prior-year loss.

• Adjusted operating income reached $91 million, up $62 million year-over-year, and operating costs grew 16%, demonstrating strong operating leverage.

• GMV reached $36.6 billion, up 18% year-over-year, with U.S. GMV up 27% and active consumers at 120 million (+8% YoY).

• Membership subscriptions reached 2 million, up 8x year-over-year, with subscription revenue growing over 600%.

• Revenue per active consumer grew 24%, driven by deeper engagement and high-frequency products.

Financial highlights

• Transaction margin dollars were $446 million, up 42%, representing 42.8% of revenue, a 4.5 percentage point increase year-over-year.

• Adjusted operating income was $91 million, up $62 million; operating income was $27 million, a $73 million improvement.

• Net income was $9 million, with EPS of $0.01 versus a loss of $0.14 a year ago.

• Provisions for credit losses declined to 0.52% of GMV, reflecting improved underwriting.

• Klarna Card active users grew to 6.5 million across 16 countries, up from 1.3 million a year ago.

Outlook and guidance

• Full-year GMV guidance revised to $149–$151 billion, down from above $155 billion, mainly due to FX and softer German volumes.

• Revenue guidance set at $4.08–$4.16 billion, reflecting volume adjustment and accounting changes in Fair Financing originations.

• Transaction margin dollar outlook raised to $1.62–$1.65 billion (1.09% of GMV), up from 1.04% previously guided.

• Adjusted operating income expected at $280–$300 million (6.9–7.2% of revenue), more than 4x 2025 full-year.

• Q3 guidance: GMV $35–$36 billion, revenue $940–$980 million, adjusted operating income $5–$15 million.