Klaviyo, Inc.: Positive Roadshow Feedback

Research evidence excerpt

Klaviyo, Inc.: Positive Roadshow Feedback

Equity Research

U.S. Software

13 May 2026

Klaviyo, Inc.

Positive Roadshow Feedback

Our roadshow with KVYO management confirmed to us that,

despite the current share price weakness, the investment

story remains attractive. Management addressed many of the KVYO OVERWEIGHT

U.S. Software POSITIVE

current discussion points. Price Target USD 25.00

Price (12-May-26) USD 14.45

Key takeaway: Arguably, optics were not great for KVYO post Q1 with a lower beat level, a new Potential Upside/Downside +73.0%

discussion around the pricing of carrier fees, and the CFO leaving. However, during our Source: Bloomberg, Barclays Research

roadshow with CFO (Amanda Whalen) and Co-Founder / Chief Strategy Officer (Ed Hallen), all

these points were addressed, which should help long-term focused investors that are looking U.S. Software

for interesting, undervalued software businesses. Raimo Lenschow, CFA

+1 212 526 2712

Providing clarity on Q1 results, updated guide and carrier fees: There were two factors that raimo.lenschow@barclays.com

impacted the growth expectation and growth outcome this quarter. Management first tried to BCI, US

communicate lower beat levels (less buffers post the tariff uncertainties earlier last year) with Eamon Coughlin

Q3 and Q4 earnings. However, the strong Q4 performance created a weaker setup for Q1 results +1 212 526 6142

as the warning of lower beat levels was less convincing post-Q4. In addition, half of Q1 and Q2 eamon.coughlin@barclays.com

had tough comps from the profile enforcement, introduced in February last year. The second BCI, US

half of CY26 should see a return to the normal growth cadence. We see the inclusion of passing

through carrier fees in H2 revenue as non-relevant as the levels are low.