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Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"Transaction margin is more informative than the reported revenue take rate during the H2 accounting change. Improved adjusted earnings still need to support credit risk, deposit liabilities, retained financing assets and shareholder compensation.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Compare like-for-like transaction margin and actual loan/deposit cash with IFRS profit; do not treat litigation awards, risk transfers or facility capacity as realized shareholder cash."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/2003292/000162828026057573/h126exno994klarnagrouppl.htm","title":"H1 IFRS financial statements and subsequent events","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/2003292/000162828026057573/q22026earningsrelease.htm","title":"Q2 results and revised H2/full-year outlook","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/2003292/000162828026057573/financialstatementsandsu.htm","title":"Quarterly history and funding supplementary metrics","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/2003292/000162828026049939/exhibit992notetoinvestor.htm","title":"Apple financing economics and retained exposure","retrieved":"2026-09-19"}],"business":{"drivers":["GMV, service monetization and financing-product mix","Credit, processing and funding costs after presentation changes","Deposits, retained loans and forward-flow senior funding"],"description":"Klarna operates a payments and consumer-finance network with bank funding. It earns merchant and consumer service fees, interest and receivable-sale income, while incurring processing, credit and funding costs. Deposits, retained receivables and senior support for offloading arrangements determine cash and capital needs."},"earnings":{"source":"estimated from 6-K filed 2026-08-18 plus 90 days","next_report_date":"2026-11-16"},"identity":{"cik":2003292,"sic":"6199","name":"Klarna Group plc","symbol":"KLAR","cluster":"Financials & fintech","exchange":"NYSE"},"research":{"risks":["Consumer credit and product mix can change faster than reported loss curves.","Accounting presentation and recognition timing complicate quarter comparisons.","Deposits and forward-flow facilities require ongoing funding discipline.","Merchant/PSP launches and subscriptions may monetize below expectations.","Litigation proceeds and regulatory approvals remain uncertain."],"title":"Transaction margin through an accounting and funding transition","question":"Can stronger payments economics translate into durable earnings while bank funding and offloading remain disciplined?","economics":"Q2 GMV was $36.648B, revenue $1.042B, TMD $446M and adjusted operating income $91M; IFRS operating profit was $27M. Updated FY2026 outlook calls for $149-151B GMV, $4.08-4.16B revenue and $280-300M adjusted operating income. The H2 presentation change reduces both revenue and costs, with a separately described timing benefit. Base TMD grows 30% to $1.609B. H1 bank CFO was negative $1.213B, including $604M deposit outflow, $74M net consumer-receivable deployment, $565M other senior funding and $1.042B treasury investment, offset by $41M operating borrowing. Removing only those named balance flows gives $1.031B, not normalized owner cash. June deposits were $11.673B, cash $2.672B and retained consumer receivables $9.753B across accounting categories. The July risk transfer leaves receivables on balance sheet; Apple financing adds receivable exposure. PriceRunner recovery remains contingent and subject to appeals and sharing claims.","change_note":"Added IFRS historical supplement, matched presentation sensitivity and bank funding cash model.","checkpoints":[{"event":"H2 presentation","watch":"Reconcile matched revenue/cost reclassification separately from timing benefits.","timing":"Q3 results; date unconfirmed","date_status":"estimated"},{"event":"Bank and offloading cash","watch":"Track deposits, loan accounting categories, senior funding and actual sale proceeds.","timing":"Each furnished financial statement","date_status":"estimated"},{"event":"Apple and risk-transfer economics","watch":"Check receivable exposure, retained risk and capital impact without counting notional amounts as revenue.","timing":"Next business update","date_status":"estimated"}],"countercase":"Earlier recognition and gain-on-sale income can improve reported margin while cash remains tied to credit assets. Deposit withdrawals, funding rates, credit losses and offloading terms can offset network growth.","limitations":["Klarna reports IFRS, and its bank cash-flow classification differs from an industrial company. Deposits, some borrowings, lending and treasury investment are inside operating cash. CFO less capex/lease cash is not industrial FCF or distributable bank capital.","The Q2 supplementary financial tables furnish eight historical income-statement quarters even though the SEC companyfacts feed has none. Missing quarter cash-flow, EPS and ownership facts remain unavailable; seven quarter-end cash balances are sourced without fabricating the eighth.","H2 US/German Fair Financing presentation reduces both revenue and transaction costs, while recognition timing can improve TMD. The model tests these separately. A lower reported take rate is not automatically weaker unit economics.","Mixed transaction/service yield includes subscription and other merchant/consumer services. ARPAC is trailing annual revenue per active consumer, not a quarterly fee; subscriptions are not added again as an invented segment.","Base annual TMD targets approximately 30% growth and Q3 guidance $340-360M; the remaining-quarter cost budget is calibrated, not independently guided. Quarter allocation, credit curves, FX, cash settlement and all FY2027 figures are desk assumptions.","Gain on sale and fair-value marks are accounting income/expense. Their cash effects must pass through actual loan sales and net loan funding; no assumption of unlimited receivable offloading or zero retained exposure.","The July $518M significant risk transfer reduces risk/capital requirements on a reference portfolio while receivables remain on balance sheet. It is not $518M revenue or a sale removing the whole reference portfolio.","PriceRunner litigation was appealed by both parties. No recovery is recognized or forecast; any eventual proceeds would face funding, insurance, former-owner sharing and tax claims. A gross award is not cash available to Klarna shareholders.","Apple Upgrade creates financing receivables and servicing obligations. A U.S. bank application is not approval; no incremental U.S. deposit-funding benefit is assumed. Rounded statement figures can differ by $1M; reconciliation identifies the residual.","No full deposit maturity, regulatory capital, diluted ownership or parent liquidity model. Other financing proceeds, debt principal, dividends and external capital are outside forecast cash after capex/leases."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: IFRS total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q3","revenue":960000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: IFRS total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2026Q4","revenue":1106000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: IFRS total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":1120000000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: IFRS total revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":1180000000.0}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: IFRS total revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"h1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly.","label":"H1 revenue","value":2054.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2003292/000162828026057573/h126exno994klarnagrouppl.htm","source_date":"2026-08-18"},{"id":"h1_tmd","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly.","label":"H1 tmd","value":835.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2003292/000162828026057573/q22026earningsrelease.htm","source_date":"2026-08-18"},{"id":"h1_adj_operating","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly.","label":"H1 adj operating","value":159.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2003292/000162828026057573/q22026earningsrelease.htm","source_date":"2026-08-18"},{"id":"h1_operating_income","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly.","label":"H1 operating income","value":44.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2003292/000162828026057573/h126exno994klarnagrouppl.htm","source_date":"2026-08-18"},{"id":"h1_cfo","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly.","label":"H1 cfo","value":-1213.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2003292/000162828026057573/h126exno994klarnagrouppl.htm","source_date":"2026-08-18"},{"id":"h1_loan_deployment","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions; figures rounded. H1 loan deployment = 315 FVOCI use less 194 FVTPL inflow and 47 amortized-cost inflow.","label":"H1 loan deployment","value":74.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2003292/000162828026057573/h126exno994klarnagrouppl.htm","source_date":"2026-08-18"},{"id":"h1_senior_deployment","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly.","label":"H1 senior deployment","value":565.0,"period":"H1 2026","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/2003292/000162828026057573/h126exno994klarnagrouppl.htm","source_date":"2026-08-18"},{"id":"h1_deposit_flow","case":"shared","kind":"reported","unit":"USD_millions","basis":"USD millions from IFRS statements and supplementary metrics; rounded amounts may not add exactly.","label":"H1 deposit flow","value":-604.0,"period":"H1 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reports IFRS, and its bank cash-flow classification differs from an industrial company. Deposits, some borrowings, lending and treasury investment are inside operating cash. CFO less capex/lease cash is not industrial FCF or distributable bank capital.","The Q2 supplementary financial tables furnish eight historical income-statement quarters even though the SEC companyfacts feed has none. Missing quarter cash-flow, EPS and ownership facts remain unavailable; seven quarter-end cash balances are sourced without fabricating the eighth.","H2 US/German Fair Financing presentation reduces both revenue and transaction costs, while recognition timing can improve TMD. The model tests these separately. A lower reported take rate is not automatically weaker unit economics.","Mixed transaction/service yield includes subscription and other merchant/consumer services. ARPAC is trailing annual revenue per active consumer, not a quarterly fee; subscriptions are not added again as an invented segment.","Base annual TMD targets approximately 30% growth and Q3 guidance $340-360M; the remaining-quarter cost budget is calibrated, not independently guided. Quarter allocation, credit curves, FX, cash settlement and all FY2027 figures are desk assumptions.","Gain on sale and fair-value marks are accounting income/expense. Their cash effects must pass through actual loan sales and net loan funding; no assumption of unlimited receivable offloading or zero retained exposure.","The July $518M significant risk transfer reduces risk/capital requirements on a reference portfolio while receivables remain on balance sheet. It is not $518M revenue or a sale removing the whole reference portfolio.","PriceRunner litigation was appealed by both parties. No recovery is recognized or forecast; any eventual proceeds would face funding, insurance, former-owner sharing and tax claims. A gross award is not cash available to Klarna shareholders.","Apple Upgrade creates financing receivables and servicing obligations. A U.S. bank application is not approval; no incremental U.S. deposit-funding benefit is assumed. Rounded statement figures can differ by $1M; reconciliation identifies the residual.","No full deposit maturity, regulatory capital, diluted ownership or parent liquidity model. Other financing proceeds, debt principal, dividends and external capital are outside forecast cash after capex/leases."],"reviewed_at":"2026-09-19","schema_version":"operating_model.v1"}}