Klarna Group Plc · NYSE:KLAR
Klarna — Q4 2025 Earnings Presentation
10 slides from Klarna's earnings presentation, Feb 20, 2026
Slide 1: Slide 1
Slide 2: Q4 Performance: Key Performance Metrics
Q4 Perfor KEY PERFORMANCE METRICS Active Klarna Consumers Merchants cmv Revenue ‘TMD (Transaction Margin Dollars) before provisions TMD (Transaction Margin Dollars) Adjusted operating income 94°25 118m 966k $38.7b 1,082m 622m 372m 47m Yor 28% 42% 32% 38% 31% 17% 12% Vs Q3 13% 114% 17% 120% 112% 128%
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 a +$85¢ $25 $(40)M Provisions +$35M Other costs $(25)m —. a s
Slide 4: Klarna available everywhere with all payment options
Klarna available everywhere with all payment options. Growing 42% YoY Driving +165% Financing GMV growth Up~60k year-over-year
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 ($8) 437% Banking Users (m) Dec23 Dec'24 Dec’ Dec'23 Dec'24 Dec25 —ec'28 e024 +101% Dec's
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) 1179 15.8 Active consumers growth +28% +101% Purchase frequency (L12M) 101 28.5 Revenue / Consumer (ARPU) $30 $107 Avg deposits $64 $475 Avg credit outstanding $146 $568 Avg c
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 Q123 MH Q223 HH O323 HW O423 GH QI24 BH Q224 HG Q324 HEM w 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 © Total satfconte © Comp. per empoyee
Slide 9: Sustained revenue growth with disciplined cost control
Sustained revenue growth with disciplined cost control. @ Total Revenue @ Adjusted operating expenses REVENUE GROWTH 0821 (qa'22- ga'ae, J 9h082M ADJ. OPEX GROWTH 4°22 - 94°25 Qa'22 94:23 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