KLAR: Post-Earnings Call Thoughts

研报英文原文证据摘录

KLAR: Post-Earnings Call Thoughts

Equity Research

Price Target Change — May 14, 2026

Payments, Processors, and IT Services

Klarna Group Plc

Post-Earnings Call Thoughts Overweight

Price Target: $26.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

Management's encouraging tone on stable trends in the business, solid credit Price Target $26.00 $32.00 -18.8%

management, and growing product portfolio is driving a clear line of sight to achieving '26 Transaction 1,646.9 1,649.1 -0.1%

guide. Focus turns to ongoing execution. Maintain OW. Margin Dollars

(MM) 2026

Solid underlying momentum in the business. The overall messaging on the call was Transaction 1,981.1 2,040.2 -2.9% Margin Dollars

that Klarna is seeing good underlying momentum across the business, in line with (MM) 2027

expectations. As Fair Financing (FF) continues to ramp (still expect FF to be roughly mid- Rev. (MM) 2026 4.38B 4.46B -1.6%

teens % of GMV in '26), interest income should outpace provisions, driving sequential

Rev. (MM) 2027 5.25B 5.37B -2.2%TM$ growth in 2Q-4Q. Solid adoption of Klarna Card by 5M actives is driving higher

engagement (3x vs. non-card users) and higher membership fees (+600% in 1Q).

Ticker KLAR

Upside/(Downside) to Target 64.6%

Robust US growth drove 1Q beat. US GMV grew 39% to $7.1B, and represented 21% of

total GMV. US transaction margin $ (TM) of $106M was up 58%, and represented 27% of Price (05/14/2026) $15.80

total TM$ (vs. 17% in 4Q). This represented a 149bp take rate, vs. non-US at 106bps, as 52 Week Range $12.06 - 57.20

the US benefited from offloading FF receivables, resulting in higher gain on sale, as well as Market Cap (MM) $5,965

growing interest income. Walmart partnership also continues to ramp nicely. Enterprise Value (MM) $10,742

Average Daily Value (MM) $107