Klarna J.P. Morgan TMC Conference Takeaways

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Klarna J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

20 May 2026

Klarna Overweight

KLAR, KLAR US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$15.13

Payments, Processors & IT Services

Connor Allen AC

(1-212) 270-2895

connor.allen@jpmorgan.com

Tien-tsin Huang, CFA

(1-212) 622-6632

tien-tsin.huang@jpmorgan.com

Today we hosted Klarna CFO Niclas Neglen at the J.P. Morgan TMC Conference

Charles Pearce, CFA

in Boston. Tone was constructive and confident, with Neglen describing Klarna’s

(1-212) 622-4368

spend-centric strategy with TMD growth as the north star supported by the ramp charles.pearce@jpmchase.com

in the U.S., Fair Financing, Klarna Card, and Klarna’s positioning in a rapidly J.P. Morgan Securities LLC

evolving payments landscape (including PSP distribution and agentic commerce).

We left the conversation incrementally constructive on the company’s various

growth opportunities across geographies. Key takeaways below:

• Spend-centric strategy. Neglen’s core framing was that Klarna is spend-

centric across transaction types, with the strategy built around scaling a

network and widening product breadth. He highlighted continued expansion in

the merchant and user base (over 1M merchants and 119M users), product

breadth across pay later and installment financing (Fair Financing), and the

importance of being native across PSPs to drive ubiquity (including a path

toward more default distribution).

• 1Q Results and Outlook. Neglen described 1Q as strong, citing revenue and

TMD both up 44% y/y with opex up 3% (driving meaningful operating

leverage) and roughly breakeven net income. He said the 2Q GMV

deceleration is primarily seasonality (a retail cadence with ~45% of volume in