1Q: Beat In Rev/Prov; '26 Guide Maintained; Credit Stable, Less Loan Growth

研报英文原文证据摘录

1Q: Beat In Rev/Prov; '26 Guide Maintained; Credit Stable, Less Loan Growth

TD Cowen Klarna Group PLC

Global Research May 14, 2026

Guidance: 1) Expect transaction margin dollars to grow faster than revenues. Mgmt expects

~30% growth in transaction margin dollars versus 22-23% growth in revenue in 2026. 2) Expect

provision to rise in 2Q-4Q as % of GMV, reflecting the seasonality. 3) Expect to continue

loan sales under existing forward-flow agreements. 4) Expect the U.S. margins to continue

converging towards the mature markets over time. 5) Mgmt sees processing & servicing and

unit economics improve over time through 2026. 6) Expect to see sequential growth in gain on

sale revenue. This should increase slightly throughout the year. 7) KLAR targets ~25% adjusted

operating income margin in the medium to long term.

Source: Company

Others: 1) The Klarna card has reached 5 million active users across 16 countries. 2) Mgmt notes

underlying delinquency trends and consumer credit health remain stable across products. 3)

The number of merchants offering Fair Financing increased to 225k, now 21% of merchants.

4) Mgmt notes KLAR's partnerships with Worldpay and JP Morgan Payments are expected to

launch during 2026. KLAR is also now live with a majority of the U.S.'s top 100 online retailers.

5) Mgmt notes the vast majority of Fair Financing borrowers are existing customers with proven

repayment history. 6) Mgmt notes favorable collection in 1Q that was above expectation,

particularly in the U.S. This reduced receivables, and lowered required provisions. 7) Mgmt

notes loan sale in 1Q occurred in the back end of the quarter, and so those loans generated

more interest income in the quarter. 8) Mgmt notes the debit volume on the Klarna card has

been stronger than expected.