# EDGAR Filing Document

**Accession Number:** 0002003292
**File Stem:** 0001628280-25-052805
**Filing Date:** 2025-11
**Character Count:** 103891
**Document Hash:** 4e0cf0d4b00dd6e19ec4cc841c22a8fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-052805.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001628280-25-052805

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 81

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Klarna Group plc
- **CENTRAL INDEX KEY:** 0002003292
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42832
- **FILM NUMBER:** 251493271

**BUSINESS ADDRESS:**
- **STREET 1:** 10 YORK ROAD
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** SE1 7ND
- **BUSINESS PHONE:** 0046734205795

**MAIL ADDRESS:**
- **STREET 1:** 10 YORK ROAD
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** SE1 7ND

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Klarna UK II plc
- **DATE OF NAME CHANGE:** 20231205

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of **November 2025**

Commission File Number: **001-42832**

**Klarna Group plc**

(Translation of Registrant's Name into English)

10 York Road

London SE1 7ND

United Kingdom

*(Address of Principal Executive Office)*

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F **☒** Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes □ No ⌧

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes □ No ⌧

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**INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K**

On November 18, 2025, Klarna Group plc (the "Company") issued an Unaudited Interim Condensed Consolidated Financial Statements for the three and nine-month periods ended September 30, 2025, which is furnished herewith as Exhibit 99.1, and made available an updated investor presentation, which is furnished herewith as Exhibit 99.2.

This Report on Form 6-K (other than Exhibit 99.2 hereto), including Exhibits 99.1 hereto, shall be deemed to be incorporated by reference into the registration statements on Form S-8 (Registration No. 333-290150) of Klarna Group plc and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

**EXHIBITS**

The following exhibits are attached:

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Unaudited Interim Condensed Consolidated Financial Statements For the three and nine-month periods ended September 30, 2025](exhibitno991klarnagroupp.htm)</u> |
| 99.2 | <u>[Updated Investor Presentation](exhibit992klarnapresenta.htm)</u> |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **KLARNA GROUP PLC** | **KLARNA GROUP PLC** |
| Date: November 18, 2025 | By: | /s/ Niclas Neglen |
|  |  | Name: Niclas Neglen<br>Title: Chief Finance Officer |

---

## Exhibit 99.1

![](exhibitno991klarnagroupp001.jpg)

Unaudited Interim Condensed Consolidated Financial Statements For the three and nine-month periods ended September 30, 2025

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![](exhibitno991klarnagroupp002.jpg)

INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Page Unaudited Interim Condensed Consolidated Statements of Profit or Loss ...................................................... 3 Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss) ....................... 4 Unaudited Interim Condensed Consolidated Balance Sheets ............................................................................. 5 Unaudited Interim Condensed Consolidated Statements of Shareholders' Equity .......................................... 6 Unaudited Interim Condensed Consolidated Statements of Cash Flows .......................................................... 8 Notes to the Unaudited Interim Condensed Consolidated Financial Statements ............................................ 9 2 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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![](exhibitno991klarnagroupp003.jpg)

Interim Consolidated Statements of Profit or Loss for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited) Three Months Ended Nine Months Ended Amounts in USD millions, except share and per share amounts Note September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Transaction and service revenue ................ 634 532 1,757 1,535 Interest income ................................................ 269 174 670 494 Total revenue ................................................... 3 903 706 2,427 2,029 Processing and servicing costs .................... (208) (151) (559) (435) Provision for credit losses ............................. (235) (116) (545) (339) Funding costs ................................................... 9 (180) (123) (457) (356) Technology and product development ...... (123) (107) (358) (309) Sales and marketing ....................................... (102) (70) (286) (227) Customer service and operations ............... (53) (44) (155) (148) General and administrative ........................... (77) (65) (235) (180) Depreciation, amortization and impairments ...................................................... (8) (17) (50) (55) Operating expenses ......................................... (986) (693) (2,645) (2,049) Operating Profit (loss) ...................................... (83) 13 (218) (20) Other income (expense) ................................ (4) 2 (6) 7 Profit (Loss) before taxes .............................. (87) 15 (224) (13) Tax expense ..................................................... 14 (8) (2) (22) (6) Net Profit (loss) .................................................. (95) 12 (246) (19) Whereof attributable to: Shareholders of Klarna Group plc ............... (95) 18 (247) (20) Non-controlling interests ............................... — (5) 1 (5) Other equity holders ....................................... — — — 6 Total ................................................................... (95) 12 (246) (19) Net loss per share attributable to shareholders of Klarna Group plc Basic ................................................................... 15 $(0.25) $0.05 $(0.67) $(0.06) Diluted ................................................................ 15 $(0.25) $0.05 $(0.67) $(0.06) The accompanying notes are an integral part of these interim condensed consolidated financial statements. 3 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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![](exhibitno991klarnagroupp004.jpg)

Interim Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited) Three Months Ended Nine Months Ended Amounts in USD millions, except share and per share amounts September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net Profit (loss) ......................................................... (95) 12 (246) (19) Items that are or may be reclassified to the statement of profit or loss: Exchange differences on translation of foreign operations .................................................. 14 92 309 16 Other comprehensive income (loss) for the year ........................................................................... 14 92 309 16 Total comprehensive income (loss) ...................... (81) 104 63 (3) Comprehensive income (loss) attributable to: Shareholders of Klarna Group plc ...................... (81) 109 62 (4) Non-controlling interests ...................................... — (5) 1 (5) Other equity holders .............................................. — — — 6 Total comprehensive income (loss) ...................... (81) 104 63 (3) The accompanying notes are an integral part of these interim condensed consolidated financial statements. 4 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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![](exhibitno991klarnagroupp005.jpg)

Interim Consolidated Balance Sheets for the Periods Ended September 30, 2025 and December 31, 2024 (Unaudited) Amounts in USD millions, except share and per share amounts Note September 30, 2025 December 31, 2024 Assets Cash and cash equivalents ................................................................. 4 6,795 3,243 Debt securities ...................................................................................... 6 1,657 454 Consumer receivables ......................................................................... 5 10,095 8,141 Settlement and trade receivables .................................................... 553 493 Property and equipment ..................................................................... 54 85 Goodwill .................................................................................................. 681 613 Intangible assets ................................................................................... 392 376 Deferred tax assets .............................................................................. 14 36 33 Other assets ........................................................................................... 519 366 Total Assets ............................................................................................ 20,782 13,804 Liabilities Accounts payable and accrued expenses ...................................... 562 572 Consumer deposits .............................................................................. 13,972 9,510 Payables to merchants ........................................................................ 753 696 Notes payable and other borrowings ............................................... 7 2,623 513 Deferred tax liabilities .......................................................................... 14 3 1 Other liabilities ...................................................................................... 249 255 Total Liabilities ....................................................................................... 18,162 11,547 Total equity excluding non-controlling interests ............................. 2,449 2,086 Non-controlling interests .................................................................... 171 171 Total equity ............................................................................................ 2,620 2,257 Total equity and liabilities ..................................................................... 20,782 13,804 The accompanying notes are an integral part of these interim condensed consolidated financial statements. 5 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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![](exhibitno991klarnagroupp006.jpg)

Interim Consolidated Statements of Shareholders' Equity for the Periods Ended September 30, 2025 and 2024 (Unaudited) Amounts in USD millions, except share and per share amounts Share capital Additional paid in capital Reserves Other equity instruments Accumulated deficit Equity excluding non- controlling interests Non- controlling interests Total equity Balance as of January 1, 2025 ........................................................ — 4,646 (479) — (2,081) 2,086 171 2,257 Net loss ............................................................................................. — — — — (99) (99) — (99) Exchange differences on translating foreign currencies ...... — — 197 — — 197 — 197 New share issue .............................................................................. — 8 — — — 8 — 8 Share-based payments ................................................................. — — — — 43 43 — 43 Tax effects on share based payments ...................................... — — — (47) (47) — (47) Changes in non-controlling interests ......................................... — — — — (18) (18) 2 (16) Balance as of March 31, 2025 ......................................................... — 4,654 (282) — (2,202) 2,170 173 2,343 Net loss ............................................................................................. — — — — (53) (53) — (53) Exchange differences on translating foreign currencies ...... — — 98 — — 98 — 98 New share issue .............................................................................. — 151 — — (66) 1 85 — 85 Share-based payments ................................................................. — — — — 18 18 — 18 Tax effects on share based payments ...................................... — — — — 20 20 — 20 Changes in non-controlling interests ......................................... — — — — — — (1) (1) Balance as of June 30, 2025 ........................................................... — 4,805 (184) — (2,283) 2,338 172 2,510 Net loss ............................................................................................. — — — — (95) (95) — (95) Exchange differences on translating foreign currencies ...... — — 14 — — 14 — 14 Capitalization .................................................................................. 4,199 (4,199) 2 — — — — — — New share issue .............................................................................. — 286 — — (94) 192 — 192 Share-based payments ................................................................. — — — (26) (26) — (26) Tax effects on share based payments ...................................... — — — — 5 5 — 5 Changes in non-controlling interests ......................................... — — — — 21 21 (1) 20 Balance as of September 30, 2025 ................................................ 4,199 892 (170) — (2,472) 2,449 171 2,620 6 KLARNA GROUP PLC Q3 INTERIM REPORT 2025 1 In April and September 2025, following the exchanges of ordinary shares in a subsidiary of Klarna Group plc under legacy equity programs, 1,948,166 and 2,343,751 ordinary shares in Klarna Group plc were issued at prices of $34 and $40 per share, respectively. The associated amounts of $66 million and $94 million reflect the elimination of intra-group investments, reclassified within equity and offset against Additional paid-in capital. These transactions had no impact on total shareholders' equity or net income. 2 In September 2025, capitalization of the UK statutory merger reserve resulted in a reallocation within equity, with $4,199 million reallocated from Additional paid in capital to Share capital. See Note 11.

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![](exhibitno991klarnagroupp007.jpg)

Amounts in USD millions, except share and per share amounts Share capital Additional paid in capital Reserves Other equity instruments Accumulated deficit Equity excluding non- controlling interests Non- controlling interests Total equity Balance as of January 1, 2024 ............................................................ — 4,625 (311) 37 (2,159) 2,192 5 2,197 Net loss ................................................................................................. — — — — (30) (30) — (30) Exchange differences on translating foreign currencies .......... — — (88) — — (88) — (88) Share-based payments ..................................................................... — — — — 5 5 — 5 Issuance of other equity instruments ............................................ — — — 145 (1) 144 — 144 Balance as of March 31, 2024 ............................................................. — 4,625 (399) 182 (2,185) 2,223 5 2,228 Net loss ................................................................................................. — — — — (2) (2) 1 (1) Exchange differences on translating foreign currencies .......... — — 12 — — 12 — 12 Share-based payments ..................................................................... — — — — 8 8 — 8 Changes in non-controlling interests ............................................. — — — (182) 3 (8) (190) 180 (10) Balance as of June 30, 2024 ............................................................... — 4,625 (387) — (2,187) 2,051 186 2,237 Net loss ................................................................................................. — — — — 12 12 (1) 11 Exchange differences on translating foreign currencies .......... — — 92 — — 92 — 92 New share issuance ........................................................................... — 1 — — — 1 — 1 Share-based payments ..................................................................... — 1 — — 15 16 — 16 Changes in non-controlling interests ............................................. — — — — (4) (4) (4) (8) Balance as of September 30, 2024 .................................................... — 4,627 (295) — (2,164) 2,168 181 2,349 The accompanying notes are an integral part of these interim condensed consolidated financial statements. 7 KLARNA GROUP PLC Q3 INTERIM REPORT 2025 3 Following the Group's corporate reorganization in May 2024, AT1 securities are considered non-controlling interests as they are issued by subsidiaries of Klarna Group plc.

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![](exhibitno991klarnagroupp008.jpg)

Interim Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (Unaudited) Nine Months Ended September 30, 2025 September 30, 2024 Operating activities Loss before taxes ............................................................................................................................ (224) (14) Income taxes paid ........................................................................................................................... (48) (21) Interest expense paid .................................................................................................................... (345) (171) Interest income received .............................................................................................................. 464 414 Adjustments for non-cash items in operating activities Depreciation, amortization and impairment ............................................................................. 102 111 Share-based payments .................................................................................................................. 124 34 Provision for credit losses ............................................................................................................. 676 468 Net losses from divestment of shares in equity investments .............................................. — (3) Financial items including fair value effects ............................................................................... (86) (33) Changes in the assets and liabilities of operating activities Change in consumer receivables ................................................................................................ (1,962) (1,340) Change in settlement and trade receivables ............................................................................ (32) 166 Change in notes payable and other borrowings ....................................................................... 1,267 (16) Change in consumer deposits ...................................................................................................... 3,189 1,114 Change in bonds and treasury bills with maturity > 90 days ................................................. (969) 24 Change in other assets and liabilities ......................................................................................... (150) 319 Cash flow from operating activities .............................................................................................. 2,006 1,052 Investing activities Investments in intangible assets .................................................................................................. (21) (36) Investments in property and equipment .................................................................................... (1) — Net purchase of equity investments ........................................................................................... — 22 Cash flow from investing activities ............................................................................................... (22) (14) Financing activities New share issuance ........................................................................................................................ 192 — Other equity instruments issued ................................................................................................. — 143 Notes payable and other borrowings issued ............................................................................ 841 350 Notes payable and other borrowings redeemed .................................................................... (56) (119) Principal payments of lease liabilities ........................................................................................ (14) (23) Cash flow from financing activities .............................................................................................. 963 351 Cash flow for the period .................................................................................................................. 2,947 1,389 Cash and cash equivalents at the beginning of the period ................................................ 3,243 2,391 Cash flow for the period ............................................................................................................... 2,947 1,389 Exchange rate difference in cash and cash equivalents ....................................................... 605 64 Cash and cash equivalents at the end of the period ................................................................... 6,795 3,844 The accompanying notes are an integral part of these interim condensed consolidated financial statements. 8 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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![](exhibitno991klarnagroupp009.jpg)

Note 1 Corporate information Klarna Group plc is a public company with limited liability incorporated under the laws of England and Wales. The interim condensed consolidated financial statements consist of Klarna Group plc and its direct and indirect subsidiaries (collectively, "Klarna," the "Company," the "Group," "we," "us," or "our"). Klarna is a technology-driven payments company, with operations spanning multiple countries. We connect consumers and merchants with comprehensive payment solutions and tailored advertising solutions, both online and offline. Our payment solutions provide consumers with more control and flexibility over their payments. On September 10, 2025, the Company completed its initial public offering ("IPO") of 5,000,000 ordinary shares, completed the sale of additional 29,311,274 ordinary shares from "selling shareholders" and on September 22, 2025, completed the sale of 5,146,691 of additional ordinary shares to the underwriters pursuant to their option to purchase additional shares, at an offering price of $40.00 per share. The Company raised net proceeds of $169 million through the IPO, net of underwriting discounts and other offering costs of $22.41 million. Directly attributable transaction costs related to the issuance of new ordinary shares of $8.5 million were deducted from equity. These costs, primarily underwriting fees, were offset against the gross proceeds recognized in Additional paid in capital. The Company's registration statement on Form S-8 (File No. 333-285826) registering shares under its employee equity plans, was declared effective by the Securities and Exchange Commission ("SEC") on September 10, 2025. Note 2 Accounting principles 1. Basis of preparation and consolidation The interim condensed consolidated financial statements are prepared in accordance with IAS 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB") and have been prepared on a historical cost basis, except for equity investments, derivatives, and consumer receivables held for trading which have been measured at fair value, and lease liabilities, which are measured at present value. These interim condensed consolidated financial statements are prepared on a going concern basis. All amounts in the notes to the interim condensed consolidated financial statements are stated in millions of United States dollars ("USD"), unless otherwise stated. The interim condensed consolidated financial statements should be read in conjunction with the Group's consolidated financial statements for the year ended December 31, 2024, as filed with the SEC as part of the Company's Registration Statement on Form F-1, as they do not include all the information and disclosures required in the annual consolidated financial statements. Accounting principles and calculation methods applied in these interim condensed consolidated financial statements are consistent with those in the Group's consolidated financial statements for the year ended December 31, 2024. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. 9 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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![](exhibitno991klarnagroupp010.jpg)

Share Split In March 2025, Klarna Group plc's board of directors approved a subdivision of ordinary shares of Klarna Group plc on a 1-to-12 basis (the "Share Split"), which was effected on March 6, 2025. Accordingly, all share data and per share data amounts for all periods presented in the interim condensed consolidated financial statements and notes thereto have been retrospectively adjusted to reflect the effect of the Share Split. 2. New and amended standards and interpretations Standards and amendments effective for the year No significant new IFRS standards, amendments or interpretations applicable to the Group became effective during the period. 3. Significant accounting judgments, estimates and assumptions In preparing these interim condensed consolidated financial statements, the significant judgments, estimates and assumptions made by management in applying the Group's accounting policies were the same as those applied to the consolidated financial statements for the year ended December 31, 2024 as filed with the SEC as part of the Company's Registration Statement on Form F-1. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectation of future events. Note 3 Operating segments The following table presents geographic information related to revenue for Klarna's single operating segment. Geographic Information Transaction revenue, consumer service revenue and interest income are presented by major geographic regions based upon the billing address of the consumer. Interest income derived from the banking activities of the Group is based on the geographic location of the financial institution for which financial instruments have been purchased. Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Geographical breakdown United States ............................................................ $317 $210 $831 $589 Germany 4 .................................................................. 225 190 613 556 United Kingdom 5 ..................................................... 117 91 310 244 Other countries 6 ..................................................... 244 215 673 640 Revenue .................................................................... 903 706 2,427 2,029 10 KLARNA GROUP PLC Q3 INTERIM REPORT 2025 4 KCO, sold in the fourth quarter of 2024, contributed $2 million and $5 million in revenue for the three and nine months ended September 30, 2024. 5 KCO, sold in the fourth quarter of 2024, contributed $1 million and $4 million in revenue for the three and nine months ended September 30, 2024. 6 KCO, sold in the fourth quarter of 2024, contributed $17 million and $54 million in revenue for the three and nine months ended September 30, 2024 primarily in Sweden and Norway.

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![](exhibitno991klarnagroupp011.jpg)

Note 4 Cash and cash equivalents The Group's cash and cash equivalents consisted of: September 30, 2025 December 31, 2024 Cash held at central banks ................................................................................................ $3,941 $2,466 Treasury bills held at central banks ................................................................................. 2,507 272 Other bank deposits ............................................................................................................ 347 505 Total cash and cash equivalents ........................................................................................ $6,795 $3,243 Cash held at central banks consist of deposits in accounts with central banks under government authority primarily where the (i) the central bank is domiciled and (ii) the balance is readily available. Note 5 Consumer receivables Consumer receivables represent amounts due from consumers related to Klarna's flexible payment options, including Pay Later and Fair Financing solutions. Consumer receivables are measured at amortized cost, including outstanding principal balances, unamortized deferred origination costs, accrued interest and net of allowances for expected credit losses. The tables below summarize consumer receivables as of the stated period. September 30, 2025 Gross Carrying Amount Allowance for ECL Net Carrying Amount Fair Financing receivables ................................................................... $4,793 $(249) $4,544 Pay Later receivables ........................................................................... 5,793 (242) 5,551 Total .......................................................................................................... $10,586 $(491) $10,095 December 31, 2024 Gross Carrying Amount Allowance for ECL Net Carrying Amount Fair Financing receivables ................................................................... $3,085 $(131) $2,954 Pay Later receivables ........................................................................... 5,388 (201) 5,187 Total .......................................................................................................... $8,473 $(332) $8,141 11 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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![](exhibitno991klarnagroupp012.jpg)

Note 6 Debt securities Debt securities are composed of: September 30, 2025 December 31, 2024 Treasury bills chargeable at central banks .................................................................... $1,493 $401 Mandatory deposits at central banks .............................................................................. 66 42 Bonds and other interest bearing securities .................................................................. 98 11 Total ........................................................................................................................................ $1,657 $454 The Group monitors the credit ratings for the securities held throughout the investment holding period. The allowance for expected credit losses is immaterial due to the credit quality of the issuers and low risk of default. Note 7 Notes payable and other borrowings As of September 30, 2025 and December 31, 2024, notes payable and other borrowings consisted of the following: September 30, 2025 December 31, 2024 Liabilities to central banks $1,339 $— Liabilities to credit institutions 133 131 Warehouse financing facility 588 — Subordinated liabilities 182 171 Senior unsecured bonds 319 136 Derivatives 9 61 Commercial papers 53 14 Total $2,623 $513 Liabilities to central banks Liabilities to central banks relates to purchase of central bank certificates which settled after the balance sheet date. Warehouse financing facility During the third quarter of 2025, the Group entered into a bilateral warehouse financing facility (the "warehouse facility") with an institution lender, as the funder, and Klarna Bank AB, a subsidiary of Klarna Group plc, as the borrower. The warehouse facility is structured as a a special-purpose consolidated subsidiary. Any borrowings under the warehouse facility are secured by our German "Pay in 30" receivables. 12 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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![](exhibitno991klarnagroupp013.jpg)

Note 8 Unconsolidated structured entities The Group have entered into securitization arrangements with unconsolidated securitization vehicles (the "SPVs") whereby specified pools of consumer receivables ("eligible receivables") were transferred to the SPVs. Klarna derecognizes these receivables upon transferring the contractual rights to the cash flows and substantially all associated risks and rewards. This includes; the sale of U.K. Pay Later receivables to an external securitization vehicle financed by the issuance of senior and junior notes to third parties. As of the nine months ended September 30, 2025, the Group has sold $8.4 billion of receivables under this securitization program. In addition, during the three months ended June 30, 2025, the Group entered into a forward flow arrangement for the sale of U.S. Pay Later receivables to a securitization vehicle, with a maximum program size of $777 million.The sale of receivables under this arrangement commenced during the three months ended September 30, 2025.As of the three months ended September 30, 2025, the Group has sold $1.3 billion of receivables under this securitization program. The following table shows the carrying amount of Klarna's recorded interest in its consolidated balance sheet and represents the maximum exposure to risk due to the exposures in the unconsolidated structured entities. September 30, 2025 December 31, 2024 Receivables held for trading 1 ............................................................................................ $111 $2 SPV Pledged assets2 ............................................................................................................ — 2 Total assets ......................................................................................................................... $111 $4 Payable to SPV3 .................................................................................................................... 33 15 Total liabilities ....................................................................................................................... $33 $15 Note 9 Funding costs The Group's funding costs for the three and nine months ended September 30, 2025 and 2024 were as follows: Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Consumer deposits ................................................ $(89) $(86) $(248) $(260) Cost of securitizations .......................................... (51) (10) (110) (26) Interest-bearing securities ................................... (4) (5) (14) (15) Liabilities to credit institutions ............................ (9) (5) (19) (13) Subordinated liabilities ......................................... (5) (5) (14) (12) Other funding costs ............................................... (22) (12) (52) (30) Total .......................................................................... $(180) $(123) $(457) $(356) 13 KLARNA GROUP PLC Q3 INTERIM REPORT 2025 1 Receivables held for trading are included in other assets. 2 The pledged assets are included within debt securities. 3 The Company's payable to SPV are included within other liabilities.

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![](exhibitno991klarnagroupp014.jpg)

Note 10 Fair value measurement of financial assets and liabilities The following table shows the Group's financial assets and liabilities measured at fair value on a recurring basis and identifies into which of the three valuation levels the assets and liabilities have been classified as of September 30, 2025 and December 31, 2024. No transfers between levels have been made during the nine months ended September 30, 2025 or 2024. September 30, 2025 Financial Instruments Level 1 Level 2 Level 3 Total Assets Derivatives ............................................................... $— $19 $— $19 Equity investments ................................................. 3 — 14 $18 Receivables held for trading ................................ — — 111 $111 Total financial assets ............................................. $3 $19 $125 $148 Liabilities Derivatives ............................................................... $— $9 $— $9 Total financial liabilities ......................................... $— $9 $— $9 December 31, 2024 Financial Instruments Level 1 Level 2 Level 3 Total Assets Derivatives ............................................................... $— $10 $— $10 Equity investments ................................................. 9 — 15 $24 Receivables held for trading ................................ — — 2 $2 Total financial assets .............................................. $9 $10 $17 $36 Liabilities Derivatives ............................................................... $— $61 $— $61 Total financial liabilities .......................................... $— $61 $— $61 14 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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![](exhibitno991klarnagroupp015.jpg)

The following tables show a reconciliation of the opening and closing balances of Level 3 financial assets which are recorded at fair value. Equity investments Receivables held for trading Balance as at December 31, 2023 ...................................................................................... $26 $— Gain/(loss) in income statement4 .................................................................................... (11) (30) of which: unrealized gain/loss .......................................................................................... (11) — of which: realized gain/loss .............................................................................................. — (30) Receivables originated as held for trading .................................................................... — 3,261 Receivables held for trading sold to third parties ....................................................... — (3,259) Impact of foreign exchange movements ....................................................................... — — Balance as at December 31, 2024 ...................................................................................... $15 $2 Gain/(loss) in income statement ...................................................................................... (1) (82) of which: unrealized gain/loss .......................................................................................... (1) — of which: realized gain/loss .............................................................................................. — (82) Receivables originated as held for trading .................................................................... — 9,807 Receivables held for trading sold to third parties ....................................................... — (9,707) Impact of foreign exchange movements ....................................................................... — 9 Balance as at September 30, 2025 .................................................................................... $14 $111 Receivables held for trading Receivables held for trading refers to receivables intended for offloading as part of the Company's forward flow transactions. Fair value is estimated using a discounted cash flow model. Significant assumptions used in the valuation of the receivables held for trading include repayment rates, discount rates and loss rates. Financial assets and liabilities measured at amortized cost The following tables show the fair value of financial instruments carried at amortized cost. They do not include financial assets and financial liabilities not measured at fair value if the carrying amount approximates fair value, which includes: cash and cash equivalents, consumer receivables, settlement and trade receivables, payables to merchants, repurchase agreement liabilities (included in notes payable and other borrowings) and other liabilities. 15 KLARNA GROUP PLC Q3 INTERIM REPORT 2025 4 Fair value gains and losses recognized in the statement of profit or loss are included in other income (loss).

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![](exhibitno991klarnagroupp016.jpg)

September 30, 2025 Financial Instruments Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets ..................................................... Treasury bills chargeable at central banks ...................................................... $4,000 $4,001 $— $— $4,001 Bonds and other interest bearing securities ............................................... 98 98 — — 98 Total financial assets ........................... $4,098 $4,099 $— $— $4,099 Liabilities ............................................. Consumer deposits ............................. $13,972 $— $14,112 $— $14,112 Subordinated liabilities ....................... 182 — 194 — 194 Senior unsecured bonds .................... 319 — 321 — 321 Commercial papers ............................. 53 — 53 — 53 Total financial liabilities ....................... $14,526 $— $14,680 $— $14,680 December 31, 2024 Financial Instruments Carrying Amount Level 1 Level 2 Level 3 Balance at Fair Value Assets ..................................................... Treasury bills chargeable at central banks ...................................................... $673 $668 $— $— $668 Bonds and other interest bearing securities ............................................... 11 11 — — 11 Total financial assets ........................... $684 $679 $— $— $679 Liabilities ............................................... Consumer Deposits ............................. $9,510 $— $9,671 $— $9,671 Subordinated liabilities ....................... 171 — 175 — 175 Senior unsecured bonds .................... 136 — 136 — 136 Commercial papers ............................. 13 — 14 — 14 Total financial assets ........................... $9,830 $— $9,996 $— $9,996 Treasury bills chargeable at central banks and bonds and other interest-bearing securities included within debt securities in the consolidated balance sheet are valued in terms of the active market prices. The calculation of fair value of consumer deposits is based on Level 2 input using observable market data. Consumer deposits are grouped into maturity buckets, and thereafter the net present value is calculated based on the remaining maturity and the corresponding interest rate. 16 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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![](exhibitno991klarnagroupp017.jpg)

The table below represents impact on net results from categories of the following financial instruments for the following periods: Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Financial instruments mandatory measured at fair value through profit or loss ............................ $(141) $29 $(64) $(47) Financial assets measured at amortized cost .. 605 534 1,707 1,533 Financial liabilities measured at amortized cost ............................................................................. (147) (132) (410) (392) Currency exchange (losses) gains ....................... 79 (40) (67) 12 Total ........................................................................... $396 $391 $1,166 $1,106 Note 11 Issued capital and reserves Share capital As at September 30, 2025, our issued and outstanding share capital is $4,198,882,847 divided into: Ordinary shares Class B shares Deferred shares Deferred shares Deferred shares Deferred shares Share capital Nominal value $0.00010 $0.00010 $0.00073 $11.35013 $0.28000 $0.00010 USD thousands As of December 31, 2024 365,296,572 — 365,296,572 — 1 — $303 Shares issued 4,605,938 — 257,772 — — — 1 As of June 30, 2025 369,902,510 — 365,554,344 — 1 — $304 Shares issued 7,352,535 369,911,294 — 369,911,294 — 4,198,579 Redesignated (41,774,705) 41,774,705 As of September 30, 2025 377,255,045 328,136,589 365,554,344 369,911,294 1 41,774,705 $4,198,883 The excess of the consideration received from issuance of shares over their nominal value is recognized as Additional paid in capital. In the three months ended September 30, 2025, an aggregate of 7,352,535 ordinary shares were issued related to: • 8,784 ordinary shares granted to employees, including our executive officer on August 22, 2025; • 5,000,000 ordinary shares were issued under the initial public offering on September 10, 2025, with directly attributable transaction costs related to the issuance of new ordinary shares of $8.5 million deducted from equity. These costs, primarily underwriting fees, were offset against the gross proceeds, with only the net proceeds recognized in Additional paid in capital; • 2,343,751 ordinary shares were issued on September 11, 2025 following the exchange of ordinary shares in a subsidiary of Klarna Group plc pursuant to vesting of the Group's Legacy RSU program. 17 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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![](exhibitno991klarnagroupp018.jpg)

In addition, immediately prior to the completion of initial public offering 369,911,294 of Class B shares with a nominal value of $0.0001 and 369,911,294 deferred shares with a nominal value of $11.35013 each were issued to existing holders of our ordinary shares ("Class B Bonus Issue"). These shares were issued by capitalizing the merger reserve, recognized within Additional paid in capital, that arose for statutory purposes under the UK Companies Act in connection with the incorporation of Klarna Group plc in 2024 ("Merger Reserve Capitalization"). Upon ordinary shares being sold by selling shareholders in the; IPO, over-allotment following the option for underwriters to purchase additional ordinary shares from selling shareholders, and post- IPO transfers, 41,774,705 Class B shares were redesignated into deferred shares at a nominal value of $0.0001 ("Class B Redesignation"). Note 12 Share-based payments The following table presents share-based payment costs, inclusive of social security charges, recognized in the three and nine months ended September 30, 2025 and 2024: Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Employee restricted share unit program ........... $(22) $(17) $(55) $(25) Business acquisition-related awards .................. — — $— $(2) Share warrants and stock options ....................... (16) (3) (61) (9) Direct share issuance ............................................ (1) — (8) — Share-based payment costs .................................. $(39) $(20) $(124) $(35) less: amounts recognized as reduction of revenue ...................................................................... $— $— $(1) $(1) Share-based payments expense ........................... $(39) $(21) $(125) $(36) Expense recognized in three and nine months ended September 30, 2025 was inclusive of social security charges of $4.2 million, and $10.9 million, respectively, compared to social security charges of $4.7 million and $5.2 million included in the expense recognized for the three and nine months ended September 30, 2024. The below table includes additional details regarding RSUs, share warrants and options, issued by Klarna Group plc as of, and for the nine months ended, September 30, 2025. 18 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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![](exhibitno991klarnagroupp019.jpg)

RSUs Share warrants and options issued by Klarna Group plc Share options to acquire C Class shares issued by Klarna Group plc Number Weighted average fair value at grant Number Weighted average exercise price1 Number2 Weighted average exercise price December 31, 2024 ..................... — — 6,100,140 $46 — $— Granted during the period ....... 1,008,227 34 24,909,751 56 17,505,672 46 Vested during the period ......... — 0 — — — — Exercised during the period .... — — (2,400,000) — — — Amended during the period .... — 0 (1,477,164) 38 2,941,236 19 Forfeited during the period ..... (1,352) 34 — — — — September 30, 2025 ................... 1,006,875 $34 27,132,727 $60 20,446,908 $42 The below table includes additional details regarding RSUs and share warrants, issued by a subsidiary of Klarna Group plc as of, and for the nine months ended, September 30, 2025. Legacy RSU program Share warrants issued by a subsidiary of Klarna Group plc Number Weighted average fair value at grant3 Number Weighted average exercise price4 December 31, 2024 ................................................. 26,411,646 $4.5 2,507,534 $539 Granted during the period .................................... 123,335 9.4 — — Vested during the period ...................................... (6,580,562) 4.9 — — Exercised during the period ................................. — — — — Forfeited during the period .................................. (3,071,394) 4.7 (66,668) 631 Repurchased during the period .......................... — — (105,646) 435 September 30, 2025 ................................................ 16,883,025 $4.8 2,335,220 $581 Equivalent in Klarna Group plc shares .................. 4,232,863 $19.1 28,022,640 $48 Upon vesting, one Legacy RSU entitles the holder to receive a share in a subsidiary, and one share warrant issued by a subsidiary entitles the recipient to purchase one ordinary share in a subsidiary. We anticipate periodically facilitating the exchange of shares resulting from Legacy RSU program and share warrants exercised into subsidiaries into ordinary shares of Klarna Group plc. The number of equivalent Klarna Group plc shares is presented as if the Legacy RSUs program and share warrants issued by a subsidiary of Klarna Group plc had been exchanged into Klarna Group plc ordinary shares as of the reporting date. If exchanged, the number of shares exchanged is 19 KLARNA GROUP PLC Q3 INTERIM REPORT 2025 1 Where share options were granted in SEK, the input has been converted to USD using the average exchange rate for the period for presentation purposes. 2 Two C Class share option entitles the recipient to either one ordinary share or two Class C shares. 3 Legacy RSUs granted in SEK have been converted to USD using the average exchange rate for each period for presentation purposes. 4 Where share warrants were granted in SEK, the input has been converted to USD using the average exchange rate for the period for presentation purposes.

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![](exhibitno991klarnagroupp020.jpg)

dependent on the value of Klarna Group plc at the time of exchange. As of September 30, 2025, one Legacy RSU and one warrant would correspond to approximately 0.25 and 12 ordinary shares of Klarna Group plc, respectively. In the three month ended September 30, 2025: • 1,008,227 RSUs were awarded to employees, including executive officers and board members, which are issuable into ordinary shares of Klarna Group plc upon vesting. The weighted average fair value at grant was $34.22, determined based on the fair value of the ordinary shares on the grant date. The RSUs generally vest over a four-year staggered vesting schedule, with 25% of the shares vesting each year. If the participant leaves Klarna, unvested RSUs are forfeited. • 17,063 ordinary shares were granted to employees, including executive officers, of which 8,279 were withheld to cover statutory tax withholding obligations. There were no vesting conditions or restrictions placed on the awards and, accordingly, the the related share-based compensation expense, based on the grant-date fair value of the awards, was recognized immediately. The weighted average fair value of the ordinary shares granted was $34. • 334,956 options to acquire one ordinary share in Klarna Group plc, at the agreed strike price, were granted to seven members of the Board of Directors. These awards are subject to vesting over a term of four years. • the Company, through its indirectly wholly owned subsidiary, Klarna Bank AB, repurchased an aggregate of 1,267,752 warrants to acquire Klarna Holding AB's ordinary shares (such warrants, "KHAB warrants"), which were issued prior to our corporate reorganization at various times under our legacy equity incentive schemes. The repurchase price for the KHAB warrants was $17.2 million, based on the initial public offering price of $40.00 per ordinary share, being the fair value of the equity instrument at the date of repurchase. All KHAB warrants repurchased were fully vested at the repurchase date, except 6,456, for which an accelerated expense of less than $0.1 million was recognized at the repurchase date. • Klarna Group Holdco Limited ("Settlor") and Klarna Group plc ("Sponsoring Entity") established a Employee Benefit Trust (EBT) in order to acquire and hold shares in the Klarna Group plc for the purpose of satisfying awards granted to employees/participants of the Group under a new Omnibus Equity Incentive Plan, and other equity incentive plans which may be operated by the Group in the future. The EBT is accounted for as an extension of Klarna Group plc, and shares held in Klarna Group plc by the EBT will be accounted for akin to treasury shares. 20 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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![](exhibitno991klarnagroupp021.jpg)

Note 13 Information on related parties Milkywire was founded in 2018 by Nina Siemiatkowski, who is the spouse of Sebastian Siemiatkowski, our Co-Founder and Chief Executive Officer. Klarna paid Milkywire AB $1.7 million in 2024 and $1.0 million through the first three quarters of 2025, respectively, for sustainability-related services. Additionally, the Company donated $3.8 million in 2024 and $0.7 million through the first three quarters of 2025, respectively, to the WRLD Foundation, where Nina Siemiatkowski serves as a board member. These arrangements were approved by the board, excluding the Chief Executive Officer. In December 2024, the Group granted 216,468 ordinary shares and 400,065 share options to certain members of senior management. The shares were granted by the board of directors of Klarna Group plc and were accounted for as equity-settled share-based payments. On March 4, 2025, the board of directors of the Company approved the grant of options to acquire 8,834,736 of our ordinary shares and the issuance of 216,468, gross of withhold to cover tax, of our ordinary shares directly to members of the Company's management team. Additionally, the board of directors granted options to acquire 17,505,672 of Class C shares to Mr. Siemiatkowski and amended the terms of options previously granted to Mr. Siemiatkowski to allow for such options to be exercised into 2,941,236 Class C shares (or 1,470,618 ordinary shares). During the three month ended September 30, 2025, ordinary shares and options were issued to members of the Board of Directors under the Group's share-based payment program as detailed in Note 12 – Share-Based Payments. During the three month ended September 30, 2025, the Company, through its indirectly wholly owned subsidiary, Klarna Bank AB, repurchased an aggregate of 1,267,752 warrants as detailed in Note 12 – Share-Based Payments. Of the total repurchased warrants, 17,500 were held by members of the Company's management team. Note 14 Income taxes The tables below represent income tax (expense) benefit and effective tax rate as of the three and nine months ended September 30, 2025 and 2024, respectively, and deferred tax assets and deferred tax liabilities as of September 30, 2025 and December 31, 2024, respectively: Three Months Ended Nine Months Ended Income tax (expense) benefit September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Current Tax Tax expense for the year ...................................... $(10) $(9) $(19) $(17) Total .......................................................................... $(10) $(9) $(19) $(17) Deferred tax Deferred tax ............................................................. $2 $7 $(3) $11 Income tax expense ............................................... $(8) $(2) $(22) $(6) Loss before tax ....................................................... $(87) $15 $(224) $(13) Effective tax rate ................................................... 9.2 % (13.3) % 9.8 % 46.2 % 21 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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![](exhibitno991klarnagroupp022.jpg)

Deferred taxes September 30, 2025 December 31, 2024 Deferred tax asset .............................................................................................................. $36 $33 Deferred tax liability ........................................................................................................... (3) (1) Total ....................................................................................................................................... $33 $32 Comprising: ........................................................................................................................... Losses carried forward ...................................................................................................... $58 $55 Allowance for credit losses ............................................................................................... 19 19 Intangible assets ................................................................................................................. (60) (57) Other ...................................................................................................................................... 16 15 Total ....................................................................................................................................... $33 $32 Deferred tax assets attributable to carryforward of unused tax losses or other deductible temporary differences are recognized only to the extent that it is probable that future taxable profits will be available against which the unused tax losses and unused tax credits can be utilized. The gross deferred tax assets and liabilities have been set off on the balance sheet to the extent the requirements for netting are met. The Group has applied the exception, mandated by an amendment to IAS 12, to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. There was no material impact of Pillar Two on Klarna Group as of September 30, 2025. Note 15 Net loss per share Basic loss per share is calculated by dividing the loss attributable to shareholders of Klarna Group plc by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is calculated similarly but includes the effect of potential ordinary shares using the treasury stock method, to the extent that the inclusion of these shares is dilutive. Potential ordinary shares consist of incremental shares issuable in connection with RSUs, warrants and share options. The Group has also granted RSUs and certain warrants in subsidiaries which are exercisable or convertible into subsidiary company shares and are not considered potential ordinary shares in Klarna Group plc. However, such instruments, which are potential ordinary shares in subsidiaries, may affect net loss per share due to their impact on non-controlling interest for Klarna Group plc. Following the Group's corporate reorganization in May 2024, interest payments to holders of Additional Tier 1 ("AT1") securities are excluded from the net loss attributable to other equity instruments, as these holders are classified as non-controlling interests of Klarna Group plc. Due to the net loss and the resulting anti-dilutive effect in the three and nine months ended September 30, 2025 and the nine months ended September 30, 2024, all potential ordinary shares are excluded from the diluted loss per share calculation, and diluted loss per share equals basic loss per share for these periods. 22 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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![](exhibitno991klarnagroupp023.jpg)

The computation of loss per share for the respective periods is as follows: Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Numerator: Net loss attributable to Klarna Group plc ........... $(95) $18 $(247) $(20) Denominator: Weighted-average number of ordinary shares - basic ......................................................................... 371,582,620 363,934,074 368,367,183 363,883,301 Potentially dilutive ordinary shares ..................... — 1,337 — — Weighted-average number of ordinary shares - diluted ...................................................................... 371,582,620 363,935,411 368,367,183 363,883,301 Net loss per share attributable to shareholder of Klarna Group plc: Basic ........................................................................... $(0.25) $0.05 $(0.67) $(0.06) Diluted ........................................................................ $(0.25) $0.05 $(0.67) $(0.06) Note 16 Significant events after the end of the reporting period The Group has evaluated all events that have occurred subsequent to September 30, 2025, through the date that the interim condensed consolidated financial statements were approved on November 18, 2025. In October 2025, the Group entered into a new forward flow and whole-loan sale program with a third party investor. The arrangement includes the sale of $800 million of the Group's existing portfolio of U.S. Fair Financing term loans and from October 2025, the ongoing sale of some newly originated receivables with a maximum facility size of $1 billion and up to $6.5billion of originations over its duration. On October 13, 2025, the board of directors of Klarna appointed Omid Kordestani to serve as a new member of the audit committee to replace Lise Kaae. Our board of directors determined that Mr. Kordestani meets the independence requirements of Rule 10A-3 under the Exchange Act and under the listing standards of the NYSE as well as the financial literacy and sophistication requirements of the listing standards of the NYSE. As result, Klarna's audit committee currently consists of Sarah Smith, Omid Kordestani and Roger W. Ferguson, Jr., all of whom meet the audit committee independence requirements. 23 KLARNA GROUP PLC Q3 INTERIM REPORT 2025

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## Exhibit 99.2

![](exhibit992klarnapresenta001.jpg)

Reviewed by DPW

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![](exhibit992klarnapresenta002.jpg)

114m Active Klarna Consumers Q3 2025 32% Growth $118b GMV Q3 2025 TTM 850k Merchants Q3 2025 38% Growth 23% Q3 LfL Online Mobile Offline Average number of transactions per year per consumer\* Global Year 3Year 1 3x 11x EVERYDAY EVERYWHERE EVERYTHING Digital services Everyday payments 26 Markets \*Based on 2022 purchasing consumer cohort (i.e. consumers' first purchase date in 2022) behavior up to Q3'24. Note: All metrics as of Q3'25 TTM unless otherwise stated. The number of merchants refers to the count of unique combinations of brands (e.g., H&M) and the markets where Klarna is available (e.g., Sweden). Retail Everyday payments Reviewed by DPW The next-generation digital bank

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![](exhibit992klarnapresenta003.jpg)

2024 - Today Significant AI efficiencies implemented across the company, onboarded some of the world's largest merchants and expanded default-on position with a number of PSPs Note: (1) Between December 2020 and December 2022. Transaction margin dollars is a non-IFRS measure. Please refer to "Non-IFRS Measures and Reconciliations" for reconciliation to the most directly comparable IFRS measure. Transaction margin dollars USD Number of Transactions Profitable US entry 2005 Klarna is founded 2014 UK launch 2020-2022 Global expansion (12 new markets)1 2019 US launch 2023 First bank to integrate with Open AI 2017 Banking licence 2005 2010 2015 2020 Q3'25 TTM 2010 Pay in full launch Klarna live in six markets $6b $1b $53b $118b Annual GMV: 2022 687m UK US All other markets The network's growth 10% US population penetration as of Sep 2025 IFRS Net Income positive in FY 2024 114m Active Klarna Consumers Sep 2025 Updated Q2'25 Q3'25 TTM 1,183m 3 Reviewed by DPW

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![](exhibit992klarnapresenta004.jpg)

of the total adult population in our most mature market are Klarna users Balanced representation of consumers 85% Klarna consumers earn according to average income level distributions average outstanding credit balance per consumer vs. $6,500 for credit card users$88 99%+ Responsible credit users, with all educational backgrounds From all income levels, living in all areas of consumer balance at Klarna is paid Responsible payers, from all stages of life 40% University 32% Secondary education 6% Other 22% Post-secondary education 42% City 37% Suburb 21% Rural 28% Single w/o children 7% Single with children 37% Partner with children 20% Partner w/o children 8% Other 58% Female 42% Male Klarna is much more than just BNPL Pay later With no interestPay in full With no interest People choose Klarna for multiple reasons 20% Fair financing From 0% to low interest It saves me money It gives me control It saves time Note: Demographics and "people choose Klarna for multiple reasons" from Klarna Global Consumer Survey from Q3'23, n = 16,370. Average balance for credit card users sourced from Transunion, 2025 It helps me make better decisions 4 Everyone is using Klarna Keep Reviewed by DPW

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![](exhibit992klarnapresenta005.jpg)

Live Slovakia The Netherlands Germany Norway US Denmark Ireland Italy Portugal Poland New Zealand Czech Republic Mexico Switzerland Australia Canada Greece Romania Finland Sweden Hungary Spain France Belgium Austria United Kingdom 5 Our reach is global Keep Tech (ads) Reviewed by DPW

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![](exhibit992klarnapresenta006.jpg)

Today's headlines Growth accelerating High-frequency transaction model drives lower credit risk QoQ acceleration, expecting >30% revenue growth for Q4 Fair Financing GMV grew 139% YoY… … driving our planned bottom line lag! Half a trillion issued over 20 years! Leading in underwriting technology with continuous lower than industry standards losses Less than ~70 basis points over 20 years and 26 markets Record quarter for Fair Financing product Reviewed by DPW Note: The financial outlook is only effective as of the date given (November 18, 2025) and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Distribution or reference of this presentation following the date hereof does not constitute Klarna re-affirming guidance. Fair Financing GMV $b Year-over-year 244% US 6

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![](exhibit992klarnapresenta007.jpg)

What is the future of tech and fin? 2015 we asked ourselves: Reviewed by DPW

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![](exhibit992klarnapresenta008.jpg)

Customer Service Minimization When the cost of caring exceeded the cost of churn, apathy scaled. Banks: 45-minute holds: Tech No customer service at all. Our FAQs will do. Endless phone trees. No humans. No appeals. Reference: Hirschman (1970), "Exit, Voice, and Loyalty" Fin and tech have been malfunctioning markets… Customer "Lock-In": From key Strategy to Nostalgia Move ALL your data with a single click As AI agents migrates all "proprietary" data, preferences and carries customers across ecosystems, captivity fades. Loyalty becomes choice. Reference: Stigler (1961), "Economics of Information" Ends Trust is everything Banks optimized for your inertia. Tech for your attention. None for your best interest. They played with trust and called it engagement, exploiting behavioral biases.. Now with AI, trust stops being branding it becomes survival. Reference: Jensen & Meckling (1976), "Theory of the Firm" Changes Fatal Moats Drained. Gates Open. When software can be generated in hours and compliance automated at near-zero cost, incumbency stops being protection. Regulation and code lose their moats. Stigler (1971), "The Theory of Economic Regulation" Drastic "Ignorance" stops being a business model Asymmetry vaporized and search costs gone. As AI agents effortlessly find and compare, every clause, every hidden fee, every price. "Ignorance" stops being a business model. Reference: Akerlof (1970), "Market for Lemons" Unprofitable "Quiet life" over! Discipline returns When margins shrink to cost-of-capital, the campus and free gourmet cafeteria is no longer "culture." It's overhead Complacency = bankruptcy. Marble offices gone. Hicks (1935): "The best of all monopoly profits is a quiet life" Impossible 8 Reviewed by DPW

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![](exhibit992klarnapresenta009.jpg)

Empirical Evidence: it's happening right in front of our eyes Pre-AI Tech (2010-2022) $10b+ in perks, 80k employees, 40% margins Zero customer service, max data extraction Products killed without consequence Post-ChatGPT (2023+) "Year of efficiency": 30k+ layoffs, perks gone Intense AI product shipping urgency First real competitive threat in 20 years 9 Reviewed by DPW

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![](exhibit992klarnapresenta010.jpg)

Fin (retail/neo bank) +$400b Expansion into Potential New Markets Tech (ads) +$165b Growth of $569b into $735b+$100b Growth in Existing Markets Klarna is targeting massive profit pools $520b Serviceable Addressable Market $570b Digital Advertising 0.6% 0.03% Keep 10 Estimated by Mckinsey and Claude. Claude was significantly cheaper. Reviewed by DPW

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![](exhibit992klarnapresenta011.jpg)

One person's dead another person's 🥖 Swedish saying: Reviewed by DPW

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![](exhibit992klarnapresenta012.jpg)

100% focus on: Customer obsession Growth Operational efficiency Leading AI innovator Reviewed by DPW

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![](exhibit992klarnapresenta013.jpg)

Customer obsession Reviewed by DPW

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![](exhibit992klarnapresenta014.jpg)

Give back time Give back money Give back control Reviewed by DPW 14

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![](exhibit992klarnapresenta015.jpg)

$100 Immediately or 30 - 60 days ∙Soft credit check ∙Transparent T&Cs ∙No junk fees ∙Friendly reminders to support on-time payments Yes, Pay in full or BNPL $88 0.4% Cost of a 100$ purchase Payment length The fineprint Flexibility Metrics: PendingStory: Done Design: Done Legal: Pending Klarna is a more sustainable solution Note: Term ranges from benchmarked loan providers as of December 2024. Klarna is excluding the fair financing product. Charge off rates for credit cards sourced from Board of Governors of the Federal Reserve System (US) via FRED®. Credit cards Up to $142 (7.99% - 35% APR compounded monthly) Never-ending ∙Credit check on file ∙Complex T&Cs ∙Hidden and unnecessary fees ∙High credit limits ∙Pushing towards revolving No Average outstanding balance $6,500 Charge off rates 4.2% Up to $143 (0% - 36% APR, compounded monthly) 6 - 36 months ∙Credit check on file ∙Complex T&Cs ∙Hidden and unnecessary fees ∙Pushing towards longer repayment times with higher interest rates Yes, but if credit is chosen a fee is charged to pay early. $660 3.5% "15.1% among people earning $100k+ per year ditched their credit cards in the past 12 months." Reviewed by DPW Point of sale financing 15

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![](exhibit992klarnapresenta016.jpg)

Metrics: PendingStory: Done Design: Done Legal: Pending Customers crave a single, comprehensive snapshot of their purchase to ensure clarity and maintain control over their shopping history. Solution A data-rich and user-friendly view of your purchases, including in-depth order details and payment plans. Opportunity >80% of consumers expect to receive regular status updates throughout order fulfillment process 88% of shoppers say the purchase experience is as important as the quality of the products We show you WHAT you purchased! 48% of monthly active users visited the order information page 2.5b SKU-level data points Note: Purchase experience important (Salesforce, 2022). Expecting regular status updates (Flowspace, 2023). Share of app users, monthly average 2024. Total number of SKU-level data points collected June 2024 TTM. An alternative to 16

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![](exhibit992klarnapresenta017.jpg)

Putting Customer Obsession into daily action Done Currently shipping ~20 improvements a week with an estimated life time transaction margin $15m Each shipped improvement is verified for impact, quality and effort. …ship continuous value Reviewed by DPW Insight 200 consumer interviews as a week 5000 interactions reviewed in detail per week Stay close to customers... Actionable Insight Every week we identify on average 75 actionable insights, expected to deliver a total of $300m of life time transaction margin Each actionable insight: 1. Crystal clear WHAT is broken 2. HOW could it be fixed 3. Quick est. financial impact of fix 4. Quick est. effort of fix …delivers actionable insight 17

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![](exhibit992klarnapresenta018.jpg)

Numbers don't lie 73 Global net promoter score Global Brand Awareness 41% Global Brand Trust54% Global Brand Awareness Note: Brand awareness and trust are weighted averages September 2024 to November 2024 across all active markets, based on population size. NPS is the average of weighted monthly scores, calculated from interacting consumers in each market October 2023 to September 2024. Reviewed by DPW 18

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![](exhibit992klarnapresenta019.jpg)

We don't just have customers, we have fans Reviewed by DPW 19

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![](exhibit992klarnapresenta020.jpg)

Growth Reviewed by DPW

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![](exhibit992klarnapresenta021.jpg)

Objective 1: Klarna available everywhere VISA is! Our default global distribution partner play. Signed and integrating Live and ramping New live this quarter New signed +38% +13% Note: Distribution partners serviceable volume represents latest available annual data and based on publicly available information. There is no guarantee that Klarna will capture any or all of that volume. See "Disclaimer" for information about forward-looking statements used in this presentation. Instore and Europe Expansion +$1.4t +200k merchants GPay and Autofill +200m customers +$300b +$2t +$900b +$2t A record 235K merchants added YoY! 21

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![](exhibit992klarnapresenta022.jpg)

Renewed or expanding Objective 1: Klarna available everywhere VISA is! While also expanding with the world's best brands Number of merchants ↑36% Q2'25 YoY GS: Done DPW: to be Reviewed LW: to be ReviewedKlarna: Done New markets New products Instore launch Renewal Cashback launch New payment methods All payment methods New partnerships 22

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![](exhibit992klarnapresenta023.jpg)

Objective 2: All payment methods in all markets Making sure all merchants offer all 3 in all markets +49k Merchants offering Fair Financing Driving +139% Fair Financing GMV growth Merchants offering Pay in Full Up ~50k year-over-year +95k 10% 13% 18% Merchant penetration 60% 52% 43% Merchant penetration 23

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![](exhibit992klarnapresenta024.jpg)

5. Start using Klarnas bank offer 2.2m bank account users ARPAC ~$120 2% of total 1. Choose Klarna at millions of checkouts 114m active users ARPAC ~$28 100% of total 2. Download the Klarna App to manage purchases 49m MAU ARPAC ~$30 76% of total Clear consumer journey from BNPL to everyday bank 3. Use the app for shopping and cashback $8b app GMV ARPAC ~$90 10% of total 4. Start using Klarna everywhere with the card 3.2m active card users ARPAC ~$130 3% of total Unless otherwise noted, all figures reflect data as of September 2025. Active Card users are reported as of 16 November 2025. Objective 3: From payments to full Neobank! The ultimate customer acquisition channel 24

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![](exhibit992klarnapresenta025.jpg)

First: A card that gives you control of debit or credit! Then: A debit card with credit card perks NEWS Reviewed by DPW Note: Some features may not be available in certain markets. Objective 3: From payments to full Neobank! 25

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![](exhibit992klarnapresenta026.jpg)

Almost 1000 people signed up to get their card cut by the CEO Do you have tin snips for Revolut Metal? I don't have any memes, but I've been a customer with AMEX for several years! Would love to switch 🤓 If you personally cut my Amex, I'm there. 801 people signed up to get their card cut by the CEO

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![](exhibit992klarnapresenta027.jpg)

Klarna US: active card users Klarna: active card users Competitor US: active card users Klarna is the fastest growing card issuer in BNPL with opportunity to address +110m who don't yet have the card Nov-25Mar-25 Jun-25 Massive opportunity to accelerate Card volumes further $b YoY 1.4m 3.2m 0.9m 0.2m 2.8m Objective 3: From payments to full Neobank! 28

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![](exhibit992klarnapresenta028.jpg)

GMV growth accelerating driven by US success - outpacing nearest competitor Partner wins Card launch Finanicng product expansion Accelerating revenue growth 51% Q3'25 YoY 28% Q3'25 YoY 34% Q3'25 YoY Revenue growth is outpacing the market Competitor Klarna US Klarna Group With increasing take rates Reviewed by DPW Note: Competitor revenue based on public filings. Take rates are calculated by dividing our GMV by revenue. 29

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![](exhibit992klarnapresenta029.jpg)

Operational efficiency Reviewed by DPW

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![](exhibit992klarnapresenta030.jpg)

$35b $53b $80b $83b $92b 31Note: Figures refer to the year Q3'25 TTM unless otherwise indicated. High-growth markets refer to all of our markets excluding the United States, the UK, the Nordics, Germany, Austria and Switzerland. Transactions since inception refers to January 2005 to September 2025 Underwriting continuously improves with additional data Realized losses over 20 years at leading low industry standards Short duration allows unique agility through economic cycles 0.5tn Underwritten since inception 0.7% Consumer credit losses ~40 days avg. loan duration US High-growth markets All other markets Provision for credit losses % of GMV Klarna GMV growth coupled with reducing credit losses Global GMV ($b) $105b 2022 20232021 202420202019 9.6% 2025 0.2% 1.3% 1.6% $118b Industry leading underwriting technology Reviewed by DPW

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![](exhibit992klarnapresenta031.jpg)

Note: The average revenue per employee at period end is calculated by dividing the total revenue for the period by the number of employees at the end of the period. 32 We continue to transform Klarna's productivity Average revenue per employee at period end 2022 2023 2024 Q3'25 TTM $344k $1,104k3.2x Q3'25 vs 2022 Employee count 2022 2023 2024 Q3'25 TTM 5,527 2,907 47% Less employees Lower staff costs, higher compensation per employee 2022 2023 2024 Q3'25 TTM $591m $203k $696m $126k Total staff costs Compensation per employee Reviewed by DPW

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![](exhibit992klarnapresenta032.jpg)

Human chat sessions AI chat sessions 28m annual conversations, solving 81% of customer service chats Nov 23 Sep 25Nov 24 Demonstrable value from Klarna's AI assistant Note: conversations from implementation until 30 Sep 2025. Annualized cost savings are estimations based on the reduction in average monthly errands observed between October 2024 and September 2025, compared to the cost of servicing the errands via human chat sessions. AI does the equivalent work of 853 full time agents Delivering $58m of annual cost savings Customer satisfaction is on-par with a human agents 0m 1m 2m 3m Reviewed by DPW 33

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![](exhibit992klarnapresenta033.jpg)

Sustained Revenue Growth with Disciplined Cost Control Total revenue Adjusted operating expenses 108% Revenue growth Q3'22 - Q3'25 2% Adj. opex growth Q3'22 - Q3'25 $903m $443m $288m $295m Reviewed by DPW Note: Adjusted operating expenses are non-IFRS measures. Please refer to "Non-IFRS Measures and Reconciliations" for reconciliation to the most directly comparable IFRS measure. 34

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![](exhibit992klarnapresenta034.jpg)

Financial update November 2025 Reviewed by DPW

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![](exhibit992klarnapresenta035.jpg)

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![](exhibit992klarnapresenta036.jpg)

Compounding network effect accelerating growth in Q2 and beyond - Significant traction tacking hold as the P2P default on stipe is rolling out ma dn we are expanding our full suite of products to more of our network merchants Effective strategy to accelerate network effects Growth building blocks 37Like-for-like (LfL) year-over-year growth is calculated by adjusting for (1) the sale of Klarna Checkout (KCO) and (2) the impact of foreign currency fluctuations. The impact of foreign currency fluctuations is calculated by translating the reported amounts in the current period using the exchange rates in use during the comparative prior period. Please refer to "Non-IFRS Measures and Reconciliations" for reconciliation to the most directly comparable IFRS measure. Growing the Klarna network through strategic partnerships Next generation digital financial services Scaling with the largest global merchants Full suite of Klarna flexible payments at more merchants A Klarna Card in every wallet 51% →92% Klarna Card GMV growth Q2'25 → Q3'25 108% →139% Fair Financing GMV growth Q2'25 → Q3'25 Active: Signed: Payments JP Morgan Saving time, money and putting consumers in control of their finances GMV LfL growth US GMV LfL growth Accelerating GMV growth across all regions Reviewed by DPW

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![](exhibit992klarnapresenta037.jpg)

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![](exhibit992klarnapresenta038.jpg)

GMV growth accelerating driven by US success - outpacing nearest competitor Partner wins Card launch Finanicng product expansion Accelerating revenue growth 51% Q3'25 YoY 28% Q3'25 YoY 34% Q3'25 YoY Revenue growth is outpacing the market Competitor Klarna US Klarna Group With increasing take-rates Reviewed by DPW Note: Competitor revenue based on public filings. Take rates are calculated by dividing our GMV by revenue. 39

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![](exhibit992klarnapresenta039.jpg)

As planned - accelerating growth led by US Fair Financing creates a profitability lag $297m $371m $281m Q3'24 Q3'25 Q3'25 Q3'25 Q4'25E $400m - $390m Driven by provisions for growth of Fair Financing Transaction margin based on realised losses Upfront provisions Transaction margin dollars P&L based on realised losses 29% GMV YoY ex. KCO 25% TMD based on realised losses YoY $91m 25% TMD growth based on realized losses Amounts in USD million Q3'24 (Excl. sold KCO) Q3'25 Volume 25,343 32,664 Transaction and service revenue 512 634 Interest income 174 269 Total revenue 686 903 Processing and servicing (148) (208) Realized losses (118) (144) Funding costs (123) (180) TMD based on realised losses 297 371 Upfront provisions 2 (91) TMD 299 281 Reviewed by DPW Transaction margin dollars (TMD) is a non-IFRS measure. Please refer to "Non-IFRS Measures and Reconciliations" for reconciliation to the most directly comparable IFRS measure. TMD based on realised losses is calculated as revenue minus processing and servicing costs, realised losses and funding costs. It excludes upfront provisions. 40

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![](exhibit992klarnapresenta040.jpg)

How Fair Financing growth impacts our P&L over time Provision for credit losses 3 4 5 6 Per accounting rules Klarna books provisions for credit losses upfront while revenues are booked over the life of the loan.\* Therefore, we see near-term negative impact to transaction margin % as we scale financing volumes. These volumes will however be accretive to absolute US Transaction Margin Dollars in the medium-term. Any potential forward flow agreements would bring forward profitability net of the price difference at the time of sale Per accounting rules Klarna books provisions for credit losses upfront while revenues are booked over the life of the loan\*. Therefore, we see near-term negative impact to transaction margin % as we scale financing volumes. These volumes will however be accretive to absolute US Transaction Margin Dollars in the medium-term. Any potential forward flow agreements would bring forward profitability net of the price difference at the time of sale. \* Applies when loans are retained on Klarna's balance sheet; different accounting treatment applies when loans are derecognized or transferred off-balance sheet. Illustrative example Dynamics of Fair Financing Month 1 2 3 4 5 6 Cumulative Revenue Provision for credit losses Reviewed by DPW 41

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![](exhibit992klarnapresenta041.jpg)

As expected, upfront provisions rise with fair financing growth, with realized losses lower YoY Provision for credit losses 3 4 5 6 Note: "Upfront provisions" primarily reflect expected losses at origination as well as changes in credit risk of on-book loans Provisions for credit losses (% of GMV) Upfront provisions Realized losses Q3'25 commentary Due to the successful scaling of Fair Financing (139% YoY GMV growth), like all lenders, we're required to set aside upfront provisions for potential credit losses. Realized losses, the proportion of GMV that is unable to be repaid, fell 0.44% year-over-year supporting more transactions being repaid than ever before. Reviewed by DPW 42

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![](exhibit992klarnapresenta042.jpg)

Fair Financing delinquencies fall 5% YoY while GMV grows 139% YoY 60-day past due figures include delinquencies across all processed volume, regardless of whether the exposure is held on Klarna's balance sheet. Delinquency data for Fair Financing is available through Q1 2025. This reflects the time required to recognize delinquencies at 60 days past due. Fair Financing +60 days past due at 6 months delinquency rates Reviewed by DPW 43

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![](exhibit992klarnapresenta043.jpg)

US Fair Financing (Cumulative net charge-off rate) US charge-offs remain stable within healthy expected ranges 60-day past due figures include delinquencies across all processed volume, regardless of whether the exposure is held on Klarna's balance sheet. Delinquency data for Fair Financing is available through Q1 2025. This reflects the time required to recognize delinquencies at 60 days past due. Reviewed by DPW 44

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![](exhibit992klarnapresenta044.jpg)

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![](exhibit992klarnapresenta045.jpg)

Appendices November 2025

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![](exhibit992klarnapresenta046.jpg)

$315b of interest paid by consumers annually Avg. cost to consumer Avg. cost to merchant Note: Third-party consulting firm, Klarna TAM Refresh, May 2024 (the "Market Opportunity Study"), leveraging data from Euromonitor and Worldpay Global Payments Report. SAM means serviceable addressable market and refers to markets where Klarna was live as of May 2024. Global SAMs as of 2023 excl. China. Growth through 2027 refers to per annum between 2023 and 2027 excl. China. Note: Q1'25 TTM Klarna consumer fee excl. service & feature fee revenue for comparability with credit cards. Western Europe refers to Sweden, Norway, Denmark, Finland, Germany, Netherlands, Belgium, Austria, Switzerland, United Kingdom, Ireland, France, Spain, Portugal, Italy, Greece. Source: Third-party consulting firm, Klarna TAM Refresh, May 2024. 49 Massive opportunity to disrupt an industry while lowering cost to society Western EuropeUSA Average merchant and consumer fees FY 2024 Updated Q1'25

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![](exhibit992klarnapresenta047.jpg)

Merchant revenueConsumer revenue Advertising revenue Capital One American Express PayPal More diversified and sustainable revenue model Affirm Note: All figures are based on 2023. Estimates for comparable companies are from publicly available data. Klarna company data is used. Reducing the burden of revenue from consumers 50

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![](exhibit992klarnapresenta048.jpg)

2019 - Q3'25 LTM CAGR2018 - Q3'25 LTM CAGR Q3'25Q3'25 Sweden Germany United Kingdom United States 2018 - Q3'25 LTM CAGR 2018 - Q3'25 LTM CAGR 8% 15% 8% 15% 8% 54% 16% 85% Market Klarna GMV eCommerce penetration % Population penetration % 2018 Q3'25 2018 2018 2018 38%22% 85%80% 14%8% 35%24% 4%~0% 23%4% 1%~0% 11%~0% Klarna has consistently taken share of eCommerce in core geographies GMV CAGR GS: Done DPW: to be Reviewed LW: to be ReviewedKlarna: Done 51 Q3'25

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![](exhibit992klarnapresenta049.jpg)

Category expansion is key to network strength Note: The chart above refers to the the last twelve months ended 30-Sep-25. The "Years since launch" axis does not apply to the Klarna card or the typical U.S. credit card frequency data point. U.S. credit card use frequency based on data by Capital One. Klarna card user purchase frequency based on 12 months of usage for users who signed up for the Klarna card in SWE/DE between Oct-23 and Sep-24. Category expansion table excludes Klarna Card. % of purchases by vertical Apparel & accessories 69% 57% 25% 17% Health & beauty 3% 3% 8% 18% Home & electronics 4% 6% 20% 18% Food & beverage 5% 6% 6% 13% Leisure 12% 18% 12% 16% Events & services 4% 6% 25% 13% Travel 3% 4% 4% 6% Expanding purchase frequency Category expansion Increased consumer adoption Keep Q3'25 Q3'25 Q3'252024 GS: Done DPW: to be Reviewed LW: to be ReviewedKlarna: Done Years since launch A nn ua l p ur ch as es p er a ct iv e co ns um er 125 Klarna Card ~257 Typical US credit card 32 6 52

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![](exhibit992klarnapresenta050.jpg)

Compounding network effect accelerating growth in Q2 and beyond - Significant traction tacking hold as the P2P default on stipe is rolling out ma dn we are expanding our full suite of products to more of our network merchants Driving ARPAC by becoming consumers' everyday spending partner Klarna: Done GS: Done DPW: to be Reviewed LW: to be Reviewed Purchase frequency by consumer cohort Cohorts Update 22x (2019) 18x (2020) 15x (2021) 12x (2023) 8x (2024) 3x (2025) 13x (2022) 53

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![](exhibit992klarnapresenta051.jpg)

Cost-effective: Stable funding through cycles $14b deposits held (Q3'25) Inflationary buffer as take rates are a % of purchase price Investment grade S&P rating BBB-/A-3 $14b Deposits (91% share) Q3'21 Q3'22 Q3'23 Q3'24 2.4% Klarna Cost of funding\* 2.7% xIBOR ~40 days 319 days Avg loan duration Avg fixed term deposit duration 72% Deposits are fixed term Access to $10t European retail deposit market through our bank license 0% Funding mix Q3'25 \*Reflects on-balance sheet cost of funding. Excludes off-balance sheet funding costs, which are included within 'Funding costs' in Klarna's P&L. Trusted consumer savings platform since 2013 Duration gap drives stability Low and stable cost of funding 56 GS: Done DPW: to be Reviewed LW: to be ReviewedKlarna: Done

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![](exhibit992klarnapresenta052.jpg)

Updated Q2'25 GS IFRS to Non-IFRS Operating Expenses Q3'24 Operating expenses Restructuring and other Share-based payments Depreciation and amortization Adjusted operating expenses Technology and product development (107) - (9) (20) (78) Sales and marketing costs (70) - (4) - (65) Customer service and operations (44) - (2) - (42) General and administrative (65) (9) (5) - (52) Depreciation, amortization (excl. software) and impairments (17) (3) - (14) - Total (303) (12) (20) (34) (237) Q3'25 Operating expenses Restructuring and other Share-based payments Depreciation and amortization Adjusted operating expenses Technology and product development (123) - (9) (17) (97) Sales and marketing costs (102) - (17) - (85) Customer service and operations (53) - (4) - (50) General and administrative (77) (5) (9) - (63) Depreciation, amortization (excl. software) and impairments (8) - - (8.0) - Total (364) (5.0) (39) (25) (295) 61

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![](exhibit992klarnapresenta053.jpg)

Updated Q2'25 GS Operating profit (loss) to Transaction margin dollars As reported KCO impact Adjusted for KCO divestment Amounts in USD millions Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Operating profit (loss) (83) 13 0 (17) (83) (4) Technology and product development 123 107 123 107 Sales and marketing costs 102 70 102 70 Customer service and operations 53 44 53 44 General and administrative 77 65 77 65 Depreciation, amortization (excl. software) and impairments 8 17 8 17 Transaction margin dollars 281 316 0 (17) 281 299 Less upfront provisions 91 (2) 91 (2) Transaction margin dollars based on realized losses 371 313 0 (17) 371 297 62

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![](exhibit992klarnapresenta054.jpg)

KCO impact Adjusted for KCO divestment Adjusted for KCO divestment Amounts in USD millions Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Q3'25 Q3'24 Transaction and service revenue 634 532 (20) 634 512 634 512 Interest income 269 174 269 174 269 174 Total revenue 903 706 0 (20) 903 686 903 686 0 0 Processing and servicing (208) (151) 3 (208) (148) (208) (148) Provision for credit losses (235) (116) 0.00 (235) (116) (235) (116) Funding costs (180) (123) 0.00 (180) (123) (180) (123) Transaction costs (622) (390) 0 3 (622) (386) (622) (386) Transaction margin dollars 281 316 0 (17) 281 300 281 300 Technology and product development (97) (78) (97) (78) (97) (78) Sales and marketing (85) (65) (85) (65) (85) (65) Customer service and operations (50) (42) (50) (42) (50) (42) General and administrative (63) (52) (63) (52) (63) (52) Adjusted operating expenses (295) (237) 0 0 (295) (237) (295) (237) Adjusted operating profit (loss) (14) 79 0 (17) (14) 63 (14) 63 - Depreciation, amortization and impairments (25) (34) (25) (34) (25) (34) - Share based payments (39) (20) (39) (20) (39) (20) - Restructuring and other (5) (12) (5) (12) (5) (12) Operating profit (loss) (83) 13 0 (17) (83) (4) (83) (4) Other income (expense) (4) 2 (4) 2 (4) 2 Profit (Loss) before income tax (87) 15 0 (17) (87) (2) (87) (2) Income tax (8) (2) (8) (2) (8) (2) Net income (loss) (95) 12 0 (17) (95) (4) (95) (4) Updated Q2'25 GS Operating profit (loss) to Transaction margin dollars 63

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![](exhibit992klarnapresenta055.jpg)

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 growth and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "should," "could," "would," "project," "target," "plan," "expect," "predict," "potential" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are expressed in good faith and made upon a reasonable basis, we cannot guarantee future results, performance or achievements. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this presentation or to conform these statements to actual results or to changes in our expectations, except as required by law. Investors should not place undue reliance on these forward-looking statements and should review the risk factors in our filings with the SEC for a more complete discussion of risks. Market and Industry Data. Market data and certain industry forecast data used in this presentation were obtained from internal reports, where appropriate, third-party sources as well as other publicly available information. Data regarding the industries in which we compete and our market position and market share within these industries are inherently imprecise and are subject to significant business, economic and competitive uncertainties beyond our control. In addition, assumptions and estimates of our and our industries' future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause our future performance to differ materially from our assumptions and estimates. As a result, you should be aware that market, ranking and other similar industry data included in this presentation, and estimates and beliefs based on that data, may not be reliable. See "Forward-Looking Statements" above. We do not accept any responsibility for the factual correctness of any information contained in this presentation obtained or derived from third parties. Trademarks, Tradenames and Service Marks. This presentation includes trademarks, tradenames and service marks, certain of which belong to us and others that are the property of other organizations. Solely for convenience, trademarks, tradenames and service marks referred to in this presentation appear without the®, TM and SM symbols, but the absence of those symbols is not intended to indicate, in any way, that we will not assert our rights, or that the applicable owner will not assert its rights, to these trademarks, tradenames and service marks to the fullest extent under applicable law. We do not intend our use or display of other parties' trademarks, tradenames or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties. Financial Outlook. The financial outlook included in this presentation is only effective as of the date given, November 18, 2025, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Distribution or reference of this presentation following the date hereof does not constitute Klarna re-affirming guidance. Non-IFRS Financial Measures. We use certain non-IFRS financial measures to supplement our consolidated financial statements, which are presented in accordance with IFRS. These non-IFRS financial measures include transaction margin dollars, transaction margin, adjusted operating profit (loss) and adjusted operating margin. We use these non-IFRS financial measures to facilitate the review of our operational performance and as a basis for strategic planning. We also present period-over-period changes in certain metrics on a like-for-like basis, which are calculated by adjusting the applicable metric for (1) the sale of KCO and (2) the impact of foreign currency fluctuations. The impact of foreign currency fluctuations is calculated by translating the reported amounts in the current period using the exchange rates in use during the comparative prior period. We believe that presenting changes in our revenue and transaction margin dollars on a like-for-like basis, which exclude the impact of the recent sale of KCO and foreign currency fluctuations, provides useful information regarding our underlying business trends and facilitates comparisons of our financial performance over prior periods on a consistent basis. Transaction margin dollars and transaction margin are key performance measures used by our management to measure our ability to attain efficiency and scale and to grow these metrics over time. They measure our success in growing revenue while effectively managing our processing and servicing costs, provision for credit losses and funding costs in both maturing markets (which include the Nordics, Germany, Netherlands, Austria, Switzerland and the U.K.) and new markets (which include the remaining markets in which we currently operate, including the United States). We primarily strive to grow our revenue by increasing the number of our active Klarna consumers and ARPAC as well as expanding into additional markets. In parallel, we seek to drive efficiencies in our processing and servicing costs and to effectively manage our credit losses by improving our underwriting capabilities, in particular in our new markets, while maintaining low and stable funding costs. Our management uses transaction margin dollars and transaction margin in assessing our success in meeting these objectives. In addition, by excluding certain items that are nonrecurring or not reflective of the performance of our normal course of business, we believe that adjusted operating profit (loss) and adjusted operating margin provide meaningful supplemental information regarding our performance. Accordingly, we believe that these non-IFRS financial measures are useful to investors and others because they allow investors to supplement their understanding of our financial trends and evaluate our ongoing and future performance in the same manner as management. However, there are several limitations related to the use of non-IFRS financial measures as they reflect the exercise of judgment by our management about which expenses are excluded or included in determining these non-IFRS measures. These non-IFRS measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with IFRS. Other companies, including companies in our industry, may calculate these non-IFRS (or similar non-GAAP) financial measures differently or not at all, which reduces their usefulness as comparative measures. Transaction margin dollars is defined as total revenue less total transaction costs, consisting of processing and servicing, provision for credit losses and funding costs. Transaction margin is calculated by dividing transaction margin dollars by our total revenue. Adjusted operating profit (loss) is defined as operating profit (loss) excluding (i) depreciation, amortization and impairments, (ii) share-based payments expense, (iii) severance-related restructuring costs and (iv) expenses related to the preparation to this offering not connected to the issue and sale of ordinary shares by us in this offering. Adjusted operating margin is defined as adjusted operating profit (loss) divided by our total revenue. Depreciation, amortization and impairments below include amounts recorded within Technology and product development expenses in our consolidated statements of profit and loss. We consider the exclusion of certain nonrecurring or noncash items in calculating adjusted operating profit (loss), adjusted operating margin and adjusted non-transaction-related operating expenses to provide a useful measure for investors and others to evaluate our operating results and expenses in the same manner as management. We do not attempt to provide reconciliations of forward-looking Transaction margin dollars to the comparable IFRS measure because the impact and timing of potential charges or gains excluded from the calculation of our Transaction margin dollars are inherently uncertain and difficult to predict and are unavailable without unreasonable efforts. In addition, we believe such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a material impact on our financial performance. 64

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