KLAR: Klarna/Google Litigation: Court Rules in Favor of Klarna

Research evidence excerpt

KLAR: Klarna/Google Litigation: Court Rules in Favor of Klarna

Equity Research

Flash Comment — July 1, 2026

Payments, Processors, and IT Services

Klarna Group Plc

Klarna/Google Litigation: Court Rules in Favor of Klarna Overweight

Price Target: $26.00

Ticker KLAR

Our Call Upside/(Downside) to Target 28.5%

Earlier today, the court ruled in favor of PriceRunner (owned by Klarna), awarding Price (06/30/2026) $20.24

damages of $1.97B. While shares should react positively, timing/magnitude of benefit is 52 Week Range $12.06 - 57.20

uncertain as Google is likely to appeal & proceeds will be shared with others. Market Cap (MM) $7,651

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Klarna receives favorable ruling. PriceRunner, a Swedish price-comparison site acquired Jason Kupferberg

by Klarna in '22, received a favorable ruling in an antitrust case against GOOG. Klarna was Equity Analyst | Wells Fargo Securities, LLC

Jason.Kupferberg@wellsfargo.com | 212-214-5457

awarded $1.97B for lost revenue due to GOOG's preferential treatment of its own price-

comparison service. While positive for sentiment, actual realized gains for Klarna will be Cassie Chan

much less after sharing proceeds w/ former PriceRunner shareholders (not disclosed), Equity Analyst | Wells Fargo Securities, LLC Cassie.Chan@wellsfargo.com | 212-214-5331

litigation funders, & taxes. Google is expected to appeal.

Tyler DuPont, CFA

Associate Equity Analyst | Wells Fargo Securities, LLC

More details on the case. Klarna originally sued Google for $8.3B in antitrust damages, Tyler.J.Dupont@wellsfargo.com | 212-214-5431

as a follow-on damages case following the 2017 European Commission decision finding Melissa Chen, CFA