Klarna Group Plc · NYSE:KLAR
Klarna — Q4 2025 Earnings Presentation
10 slides from Klarna's earnings presentation, Mar 25, 2026
Slide 1: Klarna
Slide 2: Q4 Performance
Q4 Performance. KEY PERFORMANCE METRICS Active Klarna Consumers Merchants GMV Revenue TMD (Transaction Margin Dollars) before provisions TMD (Transaction Margin Dollars) Adjusted operating income 1,082m 622m 372m 47m YoY 28% 42% 32% 38% 31% 17% 12% VS Q3 11% 110% 128% nm. GUIDANCE VS ACTUALS GUIDANC
Slide 3: How our lending growth impacts the P&L over time
How our lending growth impacts the P&L over time. An illustrative example of profit from a $1B loan origination if margins are just 35% Lifetime view Quarterly recognition view Profit: +$35M Profit: +$35M First quarter Remaining quarters +$100M +$85M $(40)M $(25)M Provisions +$35M Other costs $(25)
Slide 4: Klarna available everywhere with all payment options
Klarna available everywhere with al! payment options. Total merchants Merchants offering Financing Merchants offering Pay in full Growing 42% YoY Driving +165% Financing GMV growth Up ~60k year-over-year 3 as : as : i a Es : a i as : a: as : 9424 125 9228 9325 428 Qa'24 125 25 Q3'25 Q425 ead rs 225
Slide 5: We built the relationship first. Now we're deepening it
We built the relationship first. Now we're deepening it. ACTIVE CARD USERS CONSUMER DEPOSITS* BANKING CONSUMERS 4.2m $13.0B 15.8m Card Users (m) +288% Deposits ($B) 437% Banking Users (m) Dec'24 +101%
Slide 6: Accelerating customer engagement, from transaction to banking relationship
Accelerating customer engagement, from transaction to banking relationship. KLARNA TOTAL KLARNA BANKING Active consumers (m) 117.9 15.8 Active consumers growth +28% +101% Purchase frequency (L12M) 10.4 28.5 Revenue / Consumer (ARPU) $30 $107 Avg deposits $64 $475 Ave credit outstanding $146 $568 Avg
Slide 7: Stable underwriting performance
Stable underwriting performance. From Q1'23 to Q1'25 — volume tripled, loss curves unchanged. We keep to our strict underwriting standards over time. US Financing — Cumulative charge-off rate by vintage 4% 6 8 ce origination 123 Q2'23 03:23 HW O43) MB O12 BH C224 HH 0324 WH 0424 MW O12 (latest)
Slide 8: Fundamentally different operating model
Fundamentally different operating model. Average revenue per employee at period end Employee count Lower staff costs, higher compensation @ Totelstaffcosts © Comp. per employes i f---------------------------- ss: a: [oo as as : i i i
Slide 9: Sustained revenue growth with disciplined cost control
Sustained revenue growth with disciplined cost control. @ Total Revenue ® Adjusted operating expenses REVENUE GROWTH @ $4 039m Q4'22 - Q4'25 . $530m $352m —— __—@ $325m ADJ. OPEX GROWTH Q4'22 - Q4'25 Qa'22 Qa'23 Q4'24 Q4'25
Slide 10: Forward-Looking Statements
Forward-Looking Statements. This presentation contains forward-looking statements. All statements contained in this presentation other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growt