Awarded ~$1.97bn in Antitrust Case Against Google

Research evidence excerpt

Awarded ~$1.97bn in Antitrust Case Against Google

Deutsche Bank

Research

Rating Company Date

Buy Klarna 1 July 2026

North America Reuters Bloomberg Rating Buy

United States KLAR.N KLAR US Price target (USD) 27.00 Price at 30 Jun 26 20.24

41-week range 45.82 – 12.27

TMT

Payments, Processors, & IT Valuation & Risks

Services

Awarded ~$1.97bn in Antitrust Case Against

Google NateResearchSvensson,AnalystCFA

+1-917-547-4768

Key Takeaway – Positive ruling, but ultimate benefit below headline award

Hersh Shintre, CFA KLAR announced that a Swedish court has ruled in favor of its subsidiary Research Associate

PriceRunner, awarding ~$1.97bn in damages in an antitrust case against GOOG. +1-917-459-1162

While the award is materially below the ~$8.3bn originally sought, the ruling

represents a favorable outcome and may create incremental value for Paul Tomaszewski

Research Associate shareholders. While KLAR opened up ~10% today, reflecting investor recognition

+917-419-2598

of a claim that may have previously received limited value in the stock price, we

expect the benefit to be relatively short-lived and we caution against treating the

award as equivalent to a near-term ~$1.97bn cash inflow, as the judgment

remains subject to appeal by GOOG and any eventual recovery will be reduced by Key changes

proceeds-sharing arrangements, litigation-funder economics, and taxes. We are Price target (USD) 18 27 50%

raising our TP to $27 (now based on ~5x our CY27 equity value/transaction profit) Source: Deutsche Bank

given higher peer group valuations and the incremental value associated with the

ruling.

Background on the dispute

PriceRunner, a price-comparison platform acquired by KLAR in 2022, brought an

antitrust damages claim against GOOG in Sweden alleging that GOOG's