The stock plummeted by more than 20 percent in futures trading on Wall Street after the interim report.
I feel satisfied with the result, says Sebastian Siemiatkowski about the interim report for the second quarter.
Growth in the US is holding up. But declining consumer confidence, especially in Germany, is taking its toll. Germany is still the payments group's largest market in terms of volume.
Germany currently has a pretty tough macro environment. It shows. We do too. That is also why we are making certain adjustments to our forward-looking forecast, says Sebastian Siemiatkowski to TT.
Better profitability
However, profitability is improving faster than expected, the Klarna boss emphasizes:
We are raising the gross margin forecast for the year. So even though we are making a certain downward adjustment in volume, we are producing more gross profit. That is positive.
Over time, it should also lead to bottom-line profitability.
During the quarter, Klarna applied for a banking licence in the US and initiated a new collaboration with tech giant Apple, which involves an offer of leasing agreements from Klarna on Apple's sales platforms for partial and installment purchases of new mobile phones and watches.
Through its subsidiary Pricerunner, Klarna is also involved in a major damages dispute with American Google - the same search giant Klarna recently signed new cooperation agreements with.
It doesn't matter, says Siemiatkowski.
"It's very professionally managed when such large companies are dealing with each other. It becomes very clear that different discussions are separated," he says.
“Excess profits in Swedish banks”
The proposal for a new Swedish bank tax ahead of the election on September 13, calculated on the banks' interest margin, does not change Siemiatkowski's view of Klarna's headquarters in Sweden.
"I am one of those who has been very clear that there are excess profits in Swedish banks and that consumers are paying too much. I share that view. Then the question is what method is used to eliminate the excess profits," he says.
If the primary purpose is to eliminate excess profits — rather than to bring more money into the treasury — Siemiatkowski believes more in increased competition and measures that make it easier for Swedish households to switch banks than a new tax.
Klarna lowers its full-year forecast for 2026 in terms of gross trade volume to 149-151 billion dollars. Previously, the forecast was over 155 billion.
The revenue forecast is lowered to $4.08-4.16 billion, compared with the previous $4.34 billion.
The forecast for gross profit is also being raised to $1.62-1.65 billion, compared with the previous $1.61 billion.
For the third quarter, Klarna expects gross trade volume of $35-36 billion, revenue of $940-980 million and adjusted operating income of $5-15 million. Gross profit is estimated at $340-360 million.
Source: Klarna
Klarna reports adjusted operating profit of $91 million (just over SEK 860 million) for the second quarter of this year. That's a 214 percent increase in profit compared to a year earlier and roughly double the company's own profit forecast of $30-50 million.
On the bottom line - after tax - the net profit is $9 million, which can be compared to the loss of $53 million a year earlier.
Gross trading volume rose 18 percent to $36.6 billion, compared with an average forecast of $36.4 billion among analysts, according to Bloomberg. Revenue rose 27 percent to $1,042 million, compared with an average forecast of $998 million.
Gross profit increased by 42 percent compared to the second quarter of 2025, to $446 million. This represents a margin of 42.8 percent of revenue.
Credit losses - including provisions for expected losses - grew marginally to $192 million in the second quarter, compared with $186 million in the first quarter of the year. However, as a share of total gross trading volume, credit losses decreased to 0.52 percent, down from 0.55 percent in the first quarter.
The number of active consumers increased by 8 percent to 120 million. The average forecast was slightly higher, at 122 million users.
Source: Klarna
