Klarna Group Plc. (KLAR)

Research evidence excerpt

Klarna Group Plc. (KLAR)

Equity Research

1 July 2026 | 9:48AM EDT

Klarna Group Plc. (KLAR): Favorable ruling (if upheld) would represent

~25% of market cap and more than 2X the capital base if finalized

Bottomline: Although the July 1, 2026 announcement in KLAR’s antitrust case Will Nance

+1(212)357-7438 | will.nance@gs.com

brought on by PriceRunner is subject to Google’s appeal, we believe the substantial Goldman Sachs & Co. LLC

announced award could unlock incremental capital flexibility for KLAR, with the Jack Evans

stated ~$2bn award amount equivalent to roughly 26% (21% net of tax) of KLAR’s +1(212)357-3560Goldman Sachs & Co.| jack.evans@gs.comLLC

current market cap and >100% of Tangible Book Value (~100% net of tax, ~$1.6bn Chandru Ravikumar

TBV). If upheld, the award could provide KLAR with resources for several alternative +1(212)934-7681chandru.ravikumar@gs.com|

uses such as the ability to leverage alternative capital tools, establish capital buffers, Goldman Sachs India SPL

and strengthen the balance sheet for a higher percentage of Fair Financing loans

(ultimately capturing higher economics over the life of the loan).

Background: Today (7/1/2026) KLAR announced a favorable ruling in its antitrust

case brought on by PriceRunner (2022 acquisition providing product discovery, price

comparisons, and product reviews) against Google (press release here). Pending any

potential appeal by Google, KLAR is set to be awarded $1.97bn (gross of sharing

arrangements with former PriceRunner shareholders and Klarna’s litigation funder,

and by applicable taxation, which would further reduce the net amount received by

KLAR), to compensate for lost revenue caused by Google’s alleged preferential

treatment of its own comparison shopping services. Assuming that the award is