Klarna Group PLC (KLAR) 2025 Q3 法說會逐字稿

Good morning everyone and welcome to Klarna's third quarter 2025 earnings call. My name is Andrea Ferraz, Head of Investor Relations at M&A, and I'm joined today by Sebastian Siemiatkowski and Niclas Neglen. Our Q3 results were released at around 7:30 AM Eastern time and they are available on the same link as this webcast.

各位早安，歡迎參加 Klarna 2025 年第三季財報電話會議。我是 M&A 投資者關係主管 Andrea Ferraz，今天與我一起的是 Sebastian Siemiatkowski 和 Niclas Neglen。我們的第三季業績報告於美國東部時間早上 7:30 左右發布，可透過與本次網路直播相同的連結查看。

During this call we will discuss our business outlook and make forward-looking statements. These statements are based on our current expectations and assumptions as of today. Actual results may differ materially due to various risks and uncertainties, including those described in our most recent filings with the SEC.

在本次電話會議中，我們將討論我們的業務前景並發表前瞻性聲明。這些陳述是基於我們截至今日的預期和假設。實際結果可能因各種風險和不確定因素而與預期有重大差異，包括我們在最近向美國證券交易委員會提交的文件中所描述的風險和不確定因素。

During this call we will present both IFRS and non-IFRS financial measures. A reconciliation of non-IFRS to IFRS measures is included in today's earnings press release, which is distributed and available to the public through our investor relations website, as well as filed with the SEC. Please note, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2024.

在本次電話會議中，我們將介紹 IFRS 和非 IFRS 財務指標。今天的獲利新聞稿中包含了非 IFRS 指標與 IFRS 指標的調節表，該新聞稿已透過我們的投資者關係網站分發並向公眾開放，同時也已提交給美國證券交易委員會。請注意，除非另有說明，本次電話會議中的所有比較都將與我們 2024 年同期業績進行比較。

During the Q&A portion of today's call, please limit yourself to one question. (Operator Instruction)

在今天電話會議的問答環節，請每位提問者只提出一個問題。（操作說明）

Hello, everyone, and welcome to Klana's first earnings report, quarterly earnings as a public company. Very excited. I'm Sebastian Siemiatkowski, the CEO and founder of Klana, and with me, I have Niclas Neglen, our CFO.

大家好，歡迎來到 Klana 的首份收益報告，這是該公司作為上市公司的季度收益報告。非常激動。我是 Klana 的執行長兼創辦人 Sebastian Siemiatkowski，和我在一起的是我們的財務長 Niclas Neglen。

Let's get right to it. Most of you are probably familiar with Klana, 140 million active consumers, 1,850,000 merchants, and above $100 billion in GMV. And we have grown this network quite extensively in the last few years.

讓我們直入主題。你們大多數人可能都熟悉 Klana，它擁有 1.4 億活躍消費者、185 萬商家，以及超過 1,000 億美元的 GMV。在過去的幾年裡，我們已經大幅擴展了這個網路。

We are having users across all parts of life. These are female, male, all types of educational background, living in all areas. And as you may know also Klana is today much more than just buy now, pay later. We offer pay in full, pay later, fair financing, and as you will see more and more neobank features.

我們的用戶遍佈社會各界。這些人包括女性、男性，各種教育背景，居住在各個地區。而且您可能也知道，如今 Klana 的功能遠不止於先買後付。我們提供全額付款、稍後付款、公平融資等服務，而且您將會看到越來越多的新型銀行功能。

Our reach is global, North America, Canada, US, most of Europe and Australia and New Zealand. But let's look at today's headlines. So today I'm very proud to focus together with you on three topics, growth acceleration. It's fantastic that we're expecting to see above 30% revenue growth for Q4. We also have a record quarter for fair financing products. It actually grew over 139% year on year, and I'll tell you more about why, associated with the number of merchants that we're seeing growing there.

我們的業務遍及全球，包括北美、加拿大、美國、歐洲大部分地區以及澳洲和紐西蘭。但我們來看看今天的頭條新聞。今天我非常榮幸能與大家一起聚焦三個主題：成長加速。令人振奮的是，我們預計第四季營收成長將超過30%。我們的公平融資產品也創下了季度新高。實際上，它的年增長率超過了 139%，我會詳細解釋原因，這與我們看到那裡商家數量的增長有關。

And then, we're celebrating that Klana has now actually issued over half a trillion over our 20 years. And thanks to our leading underwriting technology. We have continuously lower losses than industry standards. Those 0.5 trillion has actually been issued with less than 70 basis points. Put that against any benchmark and you will see that's pretty impressive over 20 years and 26 markets.

然後，我們慶祝 Klana 在成立 20 年來實際發行了超過 5000 億美元的債券。而這要歸功於我們領先的核保技術。我們的虧損一直低於業界標準。這0.5兆美元的實際發行利率不到70個基點。將此與任何基準進行比較，您會發現，在 20 年和 26 個市場中取得這樣的成績相當令人印象深刻。

But let's go back first a little bit in time. 2015, Klana is about 10 years ago, and we're sitting down with most of what is the current management team asking ourselves, what is the future of tech, what is the future of Sin? And we realize this world is about to change. Eventually we will all have digital financial assistance that helps us save time, save money, and be in control of our lives.

但我們先回到過去一點。2015 年，Klana 已經是大約 10 年前的事了，我們和現在的管理團隊的大部分成員坐下來，問自己，科技的未來是什麼，Sin 的未來是什麼？我們意識到這個世界即將改變。最終，我們都將擁有數位化財務援助，幫助我們節省時間、節省金錢，並掌控自己的生活。

And we realized this will also have large implications for both the financial industry the retail banking, and technology. And you can think about it this way. They, both of these markets are pretty much malfunctioning. They have the classical fallacies of non-functioning markets, such as the fact that it's hard to search and find the right things, but that is going to an end now. AI is going to change and ignorance will stop being a business model.

我們意識到，這將對金融業、零售銀行業和科技業產生重大影響。你可以這樣想。這兩個市場都嚴重失靈了。它們存在著不正常市場的一些經典謬誤，例如很難找到合適的商品，但這種情況即將結束。人工智慧將會改變一切，無知將不再是一種商業模式。

These lock-ins that people have been able to rely on forget about them. They're going to go from strategy to nostalgia because now AI agents will be able to move all of my so-called proprietary data preference and all of that between different providers.

人們一直以來所依賴的這些鎖定機制，就忘掉它們吧。他們將從策略轉向懷舊，因為現在人工智慧代理商能夠將我所有所謂的專有數據偏好等資訊在不同的供應商之間轉移。

And finally, this means the moats are drained the gates are open. We're going to see a dramatic increase in competitiveness in both financial services and tech. We're very excited about this and what it means is that trust is the new oil not data anymore, but trust, the one that customers actually trust to truly Care to their best interests are going to be the ones that are going to gather the most following.

最後，這意味著護城河裡的水已經排幹，大門已經打開。我們將看到金融服務和科技領域的競爭急劇加劇。我們對此感到非常興奮，這意味著信任才是新的石油，而不是數據。真正贏得客戶信任、真正關心他們利益的品牌，將會贏得最多的追隨者。

In addition to that, customer service minimization is going to be something that we can forget about. Historically banks have put us on 45 minute holds, and the big tech companies, they don't have customer service at all just [FQs]. Forget about that's a thing of the past.

除此之外，我們可以徹底放棄減少客戶服務成本的想法了。歷史上，銀行經常讓我們等待45分鐘才能接通電話，而大型科技公司根本沒有客戶服務。[FQs]。別提那件事了，那都已經是過去的事了。

So the quiet life that we have observed among the big tech and banking companies are over. Complacency means end of business. Marble offices are gone and the free gourmet cafeteria is no longer culture, it's overhead.

所以，我們之前看到的大型科技公司和銀行業平靜的生活已經結束了。自滿意味著生意的終結。大理石辦公室已不復存在，免費的高級餐廳也不再是一種文化，而是一種開支。

This is what we're about to see, and we can see that it's already stopping to happening. Pre-AI tech, we saw tremendous perks, zero customer service, product skill without consequence, and now we're starting to see year efficiency, intense AI product shipping urgency, and the first real competitive threats in 20 years. And that is quite exciting because if you look at those two sectors, fin, retail. Banking, that's a $520 billion profitable profit pool that is addressable to Klana. We only cater to 0.6% of that today, and ads and technology companies are another 500%. These two combined is $1 trillion.

這就是我們即將看到的，而且我們可以看到這種情況已經開始停止發生了。在人工智慧技術出現之前，我們看到了巨大的好處、零客戶服務、產品技能不受任何影響，而現在我們開始看到效率的大幅提升、人工智慧產品交付的迫切性，以及 20 年來第一個真正的競爭威脅。這非常令人興奮，因為如果你看看金融和零售這兩個行業。銀行業是一個價值 5200 億美元的獲利池，Klana 可以充分利用它。我們目前只服務其中的 0.6%，而廣告和科技公司又佔了另外 500%。這兩部分加起來是1兆美元。

Now remember, this was estimated by McKinsey, but also by Cloud, and I have to admit that Cloud was significantly cheaper than McKinsey in making these estimates. Now, what does this mean? Well, we say in Sweden, one person's dead, another person's bread. This is pretty much it, because this means that Klana is having a fantastic opportunity to go after these two massive profit pools, and we're going to do that by 100% focused on customer obsession growth operational efficiency, and leading the AI innovation.

請記住，這是麥肯錫和 Cloud 分別做出的估算，我必須承認，Cloud 在做出這些估算時比麥肯錫便宜得多。那麼，這意味著什麼呢？瑞典有句俗語：一個人的死，是另一個人的麵包。差不多就是這樣了，因為這意味著 Klana 有了一個絕佳的機會去爭取這兩個巨大的利潤池，我們將 100% 專注於客戶至上、提升營運效率，並引領人工智慧創新來實現這一目標。

And I think that here I want to highlight that. Those days when tech companies and banks could not wake up every day like retailers do and restaurants do focusing on how do I bring in customers through the door how do I give them the best offer, the best service, and how do I make sure I operate very efficiently so I don't go out of business. Those days are gone.

我想在這裡重點強調這一點。在那些日子裡，科技公司和銀行不像零售商和餐廳那樣每天醒來就專注於如何吸引顧客進店，如何為他們提供最好的優惠和最好的服務，以及如何確保高效運營以避免倒閉。那些日子已經一去不復返了。

And the businesses in these industries that are willing to really pursue this and work effortlessly on these topics they are going to win and they're going to grab a lot of market share in these markets. So, let's talk about customer obsession klana. Well, what we are doing is very simple. We give people back time, we give people back money, and we give back them control.

這些行業中那些真正願意追求這些目標並為此付出不懈努力的企業將會取得成功，並在這些市場中佔據很大的市場份額。那麼，讓我們來談談客戶至上主義。其實，我們所做的事情很簡單。我們把時間還給人們，把金錢還給人們，把控制權還給人們。

And this goes far beyond. A lot of you will be familiar with buy now pay later, but we do offer a number of other services like searching for products at the right price, making sure that it's easy to pay your bills and manage your finances to show you where your packages are in real time, so you can go and pick them up and give you control and insights of your spending habits.

而這遠不止於此。你們中的許多人可能都熟悉「先買後付」服務，但我們也提供許多其他服務，例如以合適的價格搜尋產品、確保您輕鬆支付帳單和管理財務、即時顯示您的包裹位置以便您取貨，以及讓您掌控和了解您的消費習慣。

And in addition to that we offer you a lot of give back money. I mean just this number of money that our customers have saved on customer on not paying interest with our paying for interest fee is in the billions. And in addition to that, we offer cashback and other features as well. So this is very complicated. I think something I would like to focus on today a little bit is that our form of credit is really the more sustainable solution.

除此之外，我們還提供很多回饋。我的意思是，光是客戶因為無需支付利息而節省的這筆錢，就高達數十億美元。除此之外，我們也提供現金回饋和其他優惠活動。所以這非常複雜。我想今天重點談談的是，我們的信貸模式才是真正更永續的解決方案。

And if you would ask that digital financial provider, the digital financial assistant of the future in what they would argue is the best form of credit, I can tell you it's not going to be credit cards with 6,500 outstanding balance with, tremendous fees and never ending payback over revolving. That's not going to be the one. It's not going to be a point of sale financing. Again, another way to charge high fees, you, it starts at 0% financing, but then after a few months, they start to push you into 36%, and it's also not the best one. But the best one is going to be the buy now, pay later with Klarna. Why?

如果你去問那位數位金融供應商，也就是未來的數位金融助手，他們認為最好的信貸形式是什麼，我可以告訴你，那絕對不是那些未償餘額高達 6500 美元、費用高昂、循環還款永無止境的信用卡。那肯定不是我要找的那個。這不會是銷售點融資。又一種收取高額費用的手段，一開始是 0% 的融資利率，但幾個月後，他們就開始誘導你支付 36% 的利率，而且這也不是最好的選擇。但最好的方式還是使用 Klarna 的先買後付功能。為什麼？

It's low average order value, so you're only borrowing about $100. Your average outstanding balance with Klarna is $88 versus these others. The interest rate is 0% and you pay back on fixed installments. This is a healthier form of credit, which is attracting. An audience that is very aware and conscious about their spending. This is also visible in our credit losses and our charge-off rates as you can see are a fraction of these competing credit products. There are other ways in which Klana audited today.

平均訂單金額較低，所以你只能藉到大約 100 美元。您使用 Klarna 的平均未償餘額為 88 美元，而其他付款方式則不然。利率為0%，分期付款方式為固定金額。這是一種更健康的信貸形式，因此更具吸引力。這是一個對消費非常敏感且有意識的消費族群。這一點也可以從我們的信貸損失和壞帳率中看出，正如您所看到的，我們的壞帳率遠低於這些競爭性信貸產品。Klana今天也採用了其他審計方式。

Really distinguish itself. And just today, I want to focus on one to just highlight it to you. Klana is the only payments network in the world that collects SKU-level data on basically a majority of all of our transactions, which means that when customers buy with us, when they buy with a credit card, they're used to seeing what you see on the left-hand side.

它確實與眾不同。今天，我想重點介紹其中一個例子。Klana 是世界上唯一一個收集我們絕大多數交易的 SKU 等級資料的支付網絡，這意味著當客戶在我們這裡購物，當他們使用信用卡購物時，他們習慣於看到您在左側看到的內容。

You will all recognize it from your banking apps. You barely understood where you spent. It's just some merchant name that you can barely read in some amount. With Klana, we have the full SKU level. We know exactly what you purchased, so we can show you images of the items that you bought. As you can see on the right-hand side, the Nike tech here and so forth. You can see the sizes the colors.

你們都會在銀行應用程式中看到它。你幾乎不清楚自己的錢都花到哪裡去了。這只是個商家的名字，數量多了幾乎看不清楚。借助 Klana，我們可以擁有完整的 SKU 等級。我們確切地知道您購買了什麼，因此我們可以向您展示您購買的商品的圖片。如您在右側所見，這裡有耐吉科技等等。你可以看到尺寸和顏色。

You can also then as a consequence report returns much more easily or if you have warranties or other things that you want to follow-up on. So that is a tremendous value and a differentiation in richness of information that we carry at Klana.

因此，您也可以更輕鬆地報告退貨情況，或者如果您有保固或其他想要跟進的事項。所以，這就是 Klana 所擁有資訊豐富性的巨大價值和差異化優勢。

So putting customer obsession is really what we've been focusing on a lot and even more so in the last year. We have this very strict process where we start with insights. So we generate, we do over 200 consumer interviews every week. We have we basically inspect visually 5,000 interactions in detail per week, and this drives a lot of what we call actionable insights. Which are average actually about 75 currently and per week. The expected value of delivering on them are estimated at $300 million of lifetime transaction margin, and we're very important to us that they are crystal clear on what is broken, how could it be fixed, and that we have these very quick estimates of the financial impact and the efforts to fix them.

因此，我們一直以來都非常注重以客戶為中心，尤其是在過去一年中更是如此。我們有一個非常嚴格的流程，首先要從洞察著手。因此，我們每週都會進行超過 200 次消費者訪談。我們基本上每週都會對 5000 次互動進行詳細的視覺檢查，這為我們提供了許多所謂的可操作的見解。目前平均每週約有 75 人。實現這些目標的預期價值估計為 3 億美元的終身交易利潤，對我們來說，非常重要的是讓他們清楚地了解哪裡出了問題，如何解決，以及我們能否快速估算財務影響和解決這些問題所需的努力。

And then we obviously work effortlessly to deliver these improvements to our customers, and currently we're shipping at a rate of about 20 improvements a week with an estimated lifetime value of about $15 million in transaction margin, and each of these shipped improvements is verified for impact, for quality and effort. This is the core of our customer obsession process to just effortlessly talk to customers, look at these recordings, and then understand.

然後，我們顯然會不遺餘力地為客戶帶來這些改進，目前我們每週推出約 20 項改進，預計終身價值約為 1500 萬美元的交易利潤，而且每一項推出的改進都會經過驗證，以確保其影響、品質和投入。這是我們以客戶為中心的流程的核心，即輕鬆地與客戶交談，查看這些錄音，然後了解他們的需求。

How we could improve on them. The fantastic effects of this are that numbers don't lie. We have 73 in MPS, 54% in global brand trust, and 41% in global brand awareness. Remember, as I said, trust is the new oil, more than data. Data will flow freely, Trust doesn't come freely. Trust only comes from hard work like the one I just displayed. This is why we don't just have customers, we actually have fans. These consumers, when you talk to them, they rave about Klana, they rave about what we're offering them and they exhibit a huge amount of trust for what we offer them.

我們如何才能改進它們？這件事最神奇的地方在於，數字不會說謊。我們在 MPS 中排名第 73 位，全球品牌信任度為 54%，全球品牌知名度為 41%。記住，正如我所說，信任是新的石油，比數據更重要。數據可以自由流動，但信任不會憑空產生。信任只能透過像我剛才所展示的那樣的辛勤工作才能獲得。這就是為什麼我們不只是有顧客，我們還有粉絲。當你和這些消費者交談時，他們會對 Klana 讚不絕口，對我們提供的產品和服務讚不絕口，並對我們提供的產品和服務表現出極大的信任。

Now this then brings us to growth. Now with growth we have our objective number one, and that is that Klana should be available everywhere Visa is, that we basically, and we do that through what we call our default global distribution partner play. This means that we go to the biggest PSPs in the world, the ones that are doing over $1 trillion worth of volume.

接下來，我們就來談談成長。現在，隨著業務成長，我們的首要目標是讓 Klana 在所有 Visa 可以使用的地方都能使用，我們基本上是透過我們所謂的預設全球分銷合作夥伴來實現這一目標的。這意味著我們要選擇全球最大的支付服務供應商，也就是交易額超過 1 兆美元的那些。

And then we have worked with them to say Klana shouldn't just be an alternative that you add on as a merchant, it should be standard default. When you sign up for these Stripe, Nexi, WorldPay, you should automatically get Visa, Mastercard, and Klana in the default offering, and that is something that we are, have been pushing for years and are continuously to push for. And you can see now this. This quarter we add Clover to this club of signed partners, and some of them are already even live like Stripe and Apple Pay that are basically ramping up now with this new offer.

然後我們與他們合作，表明 Klana 不應該只是商家可以添加的替代方案，而應該成為標準預設選項。當您註冊 Stripe、Nexi、WorldPay 時，您應該自動獲得 Visa、Mastercard 和 Klana 作為預設選項，這是我們多年來一直努力爭取並將繼續努力爭取的。現在你可以看到這一點了。本季度，我們新增了 Clover 作為簽約合作夥伴，其中一些合作夥伴，例如 Stripe 和 Apple Pay，已經上線運營，並正在大力推廣這項新服務。

And you can see that that's having a real impact on the number of merchants that we're adding because if we're ever going to hit the 150 million acceptance points that Visa has this is only through global distributions that this will happen. And you can see that it's starting to pay off the strategy as we went, we added a record of 235,000 merchants this quarter, up and it's now growing at 38% compared to a year ago at '13.

你可以看到，這確實對我們新增商家的數量產生了影響，因為如果我們想要達到 Visa 的 1.5 億個受理點，這只能透過全球分銷來實現。你可以看到，隨著我們不斷推進，這項策略開始奏效了。本季我們新增了創紀錄的 235,000 家商戶，與去年同期相比成長了 38%。

Obviously, we're also, still expanding with the world's best brands as well. So, some of the renewed or expanding partnerships you can see on this, and that is obviously still a big important part of our strategy, but the distributions of our PSPs, acquires, and technological platforms is the key one that's going to drive the most of the millions of merchants that we, want to, attract to Klana, to be on par with Amex, Visa, Mastercard objective two. And this may be something that you're not familiar with, and that is that a lot of merchants offer klana, as we said, about 850,000, but not all of them have been offering all of our payment methods, and this is also an important thing.

顯然，我們也不斷拓展與世界頂級品牌的合作。因此，您可以看到一些重新建立或擴大的合作夥伴關係，這顯然仍然是我們策略的重要組成部分，但我們的支付服務提供者、收單機構和技術平台的分佈才是關鍵，這將推動我們希望吸引到 Klana 的數百萬商戶，使其與美國運通、Visa 和萬事達卡並駕齊驅。您可能不太了解這一點，那就是，正如我們所說，大約有 85 萬家商家提供 Klana 服務，但並非所有商家都提供我們所有的支付方式，這也是一件重要的事情。

We want customers to be able to expect that each of the payment methods that they recognize with Klana, which is the pay in full or pay now, it is the pay later, and it is the fair financing. Should be available to every merchant and we have made fantastic progress here, especially on the fair financing side, as you can see, just, between last year, we were 80,000, now we're 150,000 merchants.

我們希望客戶能夠期望他們所熟悉的 Klana 的每一種付款方式，無論是全額付款或立即付款，還是稍後付款，以及公平融資。應該向所有商家開放，我們在這方面取得了巨大的進步，尤其是在公平融資方面，正如你所看到的，僅從去年到現在，我們的商家數量就從 8 萬家增加到了 15 萬家。

It means that still only 18% of our merchants actually offer fair financing, but it's a significant improvement and this is driving a, this is what is the. The nation for driving that fast growth in the fair financing product. We just doubled the amount of merchants that offer it and so consequentially, you can see more than almost doubling the volume as well. We're also working effortlessly to improve our pay in full offering. This is really, you could, if you would like to call it the big wallet competitor to some of our big wallets out there because this allows you to pay the full amount.

這意味著目前只有 18% 的商家真正提供公平的融資方案，但這已經是一個顯著的進步，而這正是推動…的動力。國家因推動公平融資產品的快速成長而受益。我們剛剛將提供該服務的商家數量增加了一倍，因此，您可以看到交易量也幾乎翻了一番。我們也在努力改進我們的全額薪酬方案。如果你願意的話，你可以稱它為市面上一些大型錢包的競爭對手，因為它允許你支付全額款項。

Currently, we have about 43% coverage and it is growing, which is great. We do a lot of things here to make sure that debit is an important, payment method available at every checkout out there when people see klana.

目前，我們的覆蓋率約為 43%，而且還在成長，這非常好。我們在這裡做了很多工作，以確保借記卡成為人們在 Klana 結帳時可以使用的重要付款方式。

Now, then we have our third objective, which is to go from payments to full neobank. And in order to explain to you how we do that, I will take you quickly just through the customer acquisition channel that I think is totally revolutionary and very different. Most banks will acquire customers through promotions, through standing in the airports and bug you when you're running to your flight. What Klana does is we're available in all of these millions of checkouts and people will see us.

那麼，我們的第三個目標就是從支付領域發展成完整的虛擬銀行。為了向您解釋我們是如何做到這一點的，我將快速帶您了解我認為完全具有革命性且非常不同的客戶獲取管道。大多數銀行會透過促銷活動來獲取客戶，他們會在機場排隊等候，在你趕飛機的時候打擾你。Klana 的優勢在於，我們可以在數百萬個收銀台出現，人們會看到我們。

We are associated there with fantastic brands be it a Nike, a Macy's, and Sephora, and we bug you and say, hey what, why don't you use us to pay this time around rather than your card? And it turns out it is so simple to start using clona. It's almost as simple or even as simple as using your existing card. And this drives, this is what has allowed us to accumulate 114 million active users, which is fantastic.

我們與耐吉、梅西百貨、絲芙蘭等眾多知名品牌合作，我們會熱情地邀請您：嘿，這次為什麼不使用我們的支付方式，而要用您的信用卡呢？事實證明，開始使用克隆產品非常簡單。這幾乎和使用你現有的銀行卡一樣簡單，甚至更簡單。正是這種驅動力，讓我們累積了 1.14 億活躍用戶，這真是太棒了。

But obviously, they only use us, some of them only use us for a single purchase. So what we then start doing is telling them, hey what, if you download our app, you will unlock a world of additional features, additional things that you can do, like we saw on how you can see your purchase history and understand exactly what you purchased or make it easier for you to return.

但很顯然，他們只是利用我們，有些甚至只在單次購買中利用我們。所以接下來我們會告訴他們，嘿，如果你下載我們的應用程序，你就能解鎖更多功能，更多可以做的事情，就像我們看到的，你可以查看你的購買歷史記錄，準確了解你買了什麼，或者讓你更容易退貨。

So about 49 million monthly active users and 76 of the total have downloaded our app. So that's the next step. And then we say, hey, when in that app, beyond just seeing your purchase history, you can actually use it for shopping. We have our shopping browser, we have cashback, we have tons of things. And what you can start seeing happening now, there's about 10% of the population that uses these features. So it's much smaller, but look at what's happening on the average revenue per customer. It's going from $28 to $90 on that segment of audience.

因此，我們每月活躍用戶約有 4,900 萬，其中 7,600 萬用戶下載了我們的應用程式。這就是下一步。然後我們說，嘿，在這個應用程式中，除了查看你的購買記錄之外，你實際上還可以用它來購物。我們有購物瀏覽器，我們有返現，我們有很多東西。現在可以看到，大約有 10% 的人口在使用這些功能。所以規模小了很多，但看看每位客戶的平均收入發生了什麼變化。針對這部分受眾，價格將從 28 美元漲到 90 美元。

And now here comes the card, which we're super excited. I'm going to show you some more amazing metrics on our card, and What's interesting here is only 3% so far has picked it up, but it's starting to pick up rapidly, and you can see that when people start using our klana card, then the average revenue per customer jumps to $130 which is actually 4 times as much as the average active user.

現在，讓我們無比激動地迎接這張卡片吧！我將向您展示我們卡的更多驚人指標。有趣的是，目前只有 3% 的人開始使用這張卡，但它正在迅速成長。您可以看到，當人們開始使用我們的 Klana 卡時，每位客戶的平均收入躍升至 130 美元，這實際上是平均活躍用戶收入的 4 倍。

And in addition to that, we're also expanding the bank offer, the balances to store a positive balance to be able to use our savings products and so forth. And you can see there as well, the average revenue per customer is very different. So each one of those are very early, but we can say the funnel is working. This channel is amazing. It brings in customers at a fraction of the cost that our competitors are spending to attract the same users and we're now seeing that we are able to transform them into a richer relationship that gives consumers more value but also allows Konna to generate. Revenue per customer.

除此之外，我們還在擴大銀行服務範圍，讓帳戶保持正餘額，以便使用我們的儲蓄產品等等。您也可以看到，每位客戶的平均收入也大不相同。所以這些都還處於非常早期的階段，但我們可以說這個漏斗模型正在發揮作用。這個頻道太棒了。它以遠低於競爭對手吸引相同用戶的成本吸引客戶，我們現在看到，我們能夠將他們轉化為更豐富的關係，這不僅為消費者帶來更多價值，也讓 Konna 能夠創造收益。每位客戶的收入。

So first, what about the card? People ask me about why should I get the card. Well first and foremost, the purpose of our card was to bring back the control of debit or credit. Some of you may remember when you were kids, at least when I was a kid working at Burger King, you would swipe your card and you would press 1 for debit, press 2 for credit. People really loved that.

首先，這張卡片怎麼樣？人們問我為什麼要辦這張卡。首先，我們發行這張卡的目的是為了重新賦予金融卡或信用卡的控制權。你們當中有些可能還記得，至少我小時候在漢堡王打工的時候，刷卡後按 1 表示借記卡，按 2 表示信用卡。大家都很喜歡。

But the problem was banks didn't love it because you weren't borrowing enough money. When you did that. You weren't building up a balance. You weren't putting all of your purchases per month on a balance, and then you were less likely to revolve, less likely to build up that balance. So banks removed that, but we know there's a big segment of customers in the US we call them the self-aware avoiders, which McKinsey has said is about 20% of the audience. We think it's even bigger.

但問題是銀行不喜歡這種方式，因為你借的錢不夠多。你當時那樣做的時候。你沒有建立起平衡。你沒有把每個月的所有消費都記入帳戶餘額，這樣你就不太可能進行循環消費，也不太可能累積餘額。所以銀行取消了這項功能，但我們知道美國有一大批客戶，我們稱他們為“有自知之明的迴避者”，麥肯錫表示，這部分客戶約佔受眾的 20%。我們認為它更大。

But the point is that that's an audience who have tried those credit cards, realize that they're a debt trap, realized that they're a Product of the devil, as some of them call them, and that they're all about pushing you into debt. So they really enjoy this control of press 1 for debit, press 2 for credit, and we're bringing that back, and we see tremendous demand for that. But the most common thing I hear when I say that is people tell me, yeah, that would be a nice feature, but what about my perks? What about my loyalty points? What about all the other perks that I get on my credit card? And that's what you're seeing here is now.

但重點是，這群人已經嘗試過這些信用卡，意識到它們是債務陷阱，意識到它們是魔鬼的產品（正如一些人所說），而它們的目的就是讓你陷入債務。所以他們真的很喜歡這種以 1 進行借記卡支付，以 2 進行信用卡支付的方式，我們正在恢復這種方式，而且我們看到了巨大的需求。但我說這話時最常聽到的回應是，人們告訴我，是啊，這會是個不錯的功能，但是我的福利呢？我的會員積分怎麼辦？我的信用卡還有其他優惠嗎？這就是你現在看到的景象。

Not only have we launched the card with 1 for debit and 2 for credit, but in addition to that, we're now rolling out the debit card with credit card perks, and the demand for this has been through the roof. We're very excited about this. It's just about to roll out and get launched, but I can give you a funny example. I tweeted about this and said that anyone who would produce these funny memes will actually give us, we'll have an early access code, and it was just a, you should go to X and watch these memes. It's really funny. And then One of our customers suggested, look, if you personally cut my Amex, I'm there.

我們不僅推出了借記卡（1 張）和信用卡（2 張）的組合卡，而且現在還推出了具有信用卡優惠的借記卡，市場對此的需求非常旺盛。我們對此感到非常興奮。它即將推出，但我可以給你一個有趣的例子。我在推特上發文說，任何製作這些搞笑表情包的人都會給我們一個提前觀看碼，結果就只是說，你們應該去 X 看這些表情包。真是太搞笑了。然後我們的一位客戶建議說，如果你親自幫我把美國運通卡扣款，我就去。

And we said, Fine, I'll do that. So we had almost 1,000 people who indicated that they wanted us to sign up to get their credit card cut by our, by me personally. So we think that's showing some very good promise to the demand of this product, and we're seeing across social media there's tons of interest as we present these products to our audience.

我們說，好，我做。所以，有將近 1,000 人表示希望我們幫他們註冊，由我們，或說由我本人來剪他們的信用卡。所以我們認為這表明該產品的需求前景非常好，而且我們在社交媒體上看到，當我們向受眾展示這些產品時，他們表現出了極大的興趣。

So, this objective number 3 from payments to full neobank, what are the numbers? What is it looking like? Well, the fantastic thing is thanks to the success of the last quarter, we have now surpassed one of our main competitors in global active card users, hitting 3.2 million, which we're very excited about, and we can see that the US obviously has been a big contributor to that. We're going from virtually zero to 1.4 million active cardholders in the US market.

那麼，從支付到全面發展的新銀行的第三個目標，具體數字是多少呢？看起來怎麼樣？令人振奮的是，由於上一季的成功，我們在全球活躍持卡用戶數量方面已經超過了我們的一個主要競爭對手，達到了 320 萬，我們對此感到非常興奮，而且我們可以看到，美國顯然對此做出了很大的貢獻。我們在美國市場的活躍持卡人數量從幾乎為零增長到 140 萬。

So it's starting to really work, and we're excited about trying to continue to accelerate this in additional markets. You should be aware here that Europe was a little bit later to the game, so US was first, and we expect to see even more great success here in Europe as well. And that is also being seen in our card volumes, as you can see on a year to year basis, they're now growing almost at a 100% rate.

所以它開始真正奏效了，我們很高興能夠嘗試在其他市場繼續加速推進這一進程。你應該知道，歐洲在這方面起步較晚，所以美國是第一，我們預期在歐洲也會有更大的成功。從我們的信用卡交易量也可以看出這一點，正如你所看到的，與去年相比，它們的成長率幾乎達到了 100%。

And that also has contributed, so I would say doubling the number of merchants offering financing has grown financing product a lot. You can see here what we have done through the card, and all of this is paying off in an acceleration of our revenue growth. So here again, what you can see now is for the US that we are now actually this quarter reporting 51% growth year on year. We're very excited, which means that we're far out. Facing our local competitor in growth.

這也起到了一定的作用，所以我認為，提供融資服務的商家數量翻倍極大地促進了融資產品的發展。您可以在這裡看到我們透過這張卡所做的一切，而所有這些努力都帶來了收入成長的加速。所以，我們再次看到，美國本季實際報告的年增率為 51%。我們非常興奮，這意味著我們已經取得了巨大的成功。在成長方面，我們面臨本地競爭對手的挑戰。

And in addition to that, you can see that it's also picking up across the board in all markets and also the strong growth in the US is contribution, contributing a lot to the growth overall of the company, meaning that we're now, almost on par in global growth as well. We've picked up to 28%. And this is while increasing take rates, which is a strong sign of the, preference and interest in our products. So, finally, a few words on operational efficiency.

除此之外，您還可以看到，它在所有市場都全面成長，而且美國市場的強勁成長也為公司的整體成長做出了巨大貢獻，這意味著我們現在在全球成長方面也幾乎達到了平衡。我們已經回升到 28%。同時，我們的產品銷售量也在不斷增長，這有力地表明了消費者對我們產品的偏好和興趣。最後，我想簡單談談營運效率。

It's fantastic now that we're celebrating that we have underwritten $0.5 trillion since inception, and we've done that with, south of 70 basis points credit losses, and this is partly due to the fantastic short durations of our credit. That means that through the macro economical cycles that we have gone through over those 20 years issuing all of this in over 26 markets, when macro economical swings happen, we can change our underwriting models and in just about 60 days we have more than half of our balance sheet is underwritten according to the new model.

現在我們慶祝自成立以來已承銷了 0.5 兆美元的貸款，而且信貸損失低於 70 個基點，這真是太棒了，這部分歸功於我們信貸的極短期限。這意味著，在過去 20 年我們在 26 個以上市場發行所有這些產品的宏觀經濟週期中，當宏觀經濟出現波動時，我們可以改變我們的承保模式，只需大約 60 天，我們超過一半的資產負債表就可以按照新模式進行承保。

That's a level of agility that none of the large banks can compete with. Most of them with their credit card portfolios and their mortgages and so forth will sit and try to refresh their balance sheet for years after economical changes have had implications on how you should underwrite. And we have also continued to transform Klana's productivity.

這是任何一家大型銀行都無法匹敵的敏捷性。大多數債權人，包括他們的信用卡組合、抵押貸款等等，都會在經濟變化對承保方式產生影響之後，花費數年時間試圖更新他們的資產負債表。我們也一直在不斷提升 Klana 的生產力。

So you can see here that our revenue per employee, as we've been talking about previously, has continued to increase. We're now at $1.1 million per employee, and we hope to continue to do that acceleration, and part of that is due to AI and just a focus on operational efficiency, which And not through layoffs, but through natural attrition as we haven't hired for a few years, has now led to the number of employees to shrink by about 47%.

所以你可以看到，正如我們之前討論過的，我們的人均收入一直在持續成長。我們現在每位員工的收入為 110 萬美元，我們希望繼續加速成長，部分原因是人工智慧以及對營運效率的關注，而這並非透過裁員，而是透過自然減員實現的，因為我們幾年沒有招募了，這導致員工人數減少了約 47%。

But we want to highlight here as well is that not all of that comes through on the total staff cost, and the reason for that is we have made a commitment to our employees that all of these efficiency gains and especially the applications of AI should also to some degree. Come back in their paychecks so that they are fully aligned and they are incentivized to aligned with the investors to drive these changes through the company and that's you're seeing as the compensation per employee has risen from $126 to $203 through that process, which gives us a perfect alignment between our employees and our investors in driving the financial goals of Klarna. So, we continue to see very demonstrable value from Klarna's AI system.

但我們還要強調的是，並非所有這些收益都會反映在員工總成本上，原因是我們向員工承諾，所有這些效率提升，特別是人工智慧的應用，也應該在一定程度上體現在員工總成本上。讓他們的薪酬與投資者的目標完全一致，從而激勵他們與投資者保持一致，推動公司進行這些變革。因此，你會看到，透過這個過程，每位員工的薪酬從 126 美元上漲到 203 美元，這使得我們的員工和投資者在推動 Klarna 的財務目標方面實現了完美的協調一致。因此，我們繼續看到 Klarna 的人工智慧系統具有非常顯著的價值。

This has been reported before with the update, as you can see, it used to do about 700 full-time jobs. Now it's doing about 853 full-time jobs of a saving of 60 million. So we continue to invest in this. And you can see also that the focus on operational efficiency that we said in these AI times will be so important has led us to allow us to do about 108% revenue growth while keeping OE flat, which I think is pretty remarkable and unheard of as a number. Among businesses. With that said, I'm going to hand over to Niclas for the financial update.

先前更新時就出現過這種情況，正如你所看到的，它以前可以完成大約 700 個全職工作。現在它創造了約 853 個全職工作崗位，節省了 6000 萬美元。因此，我們會繼續加大對這方面的投資。您還可以看到，我們之前說過，在人工智慧時代，對營運效率的關注至關重要，這使得我們在保持營運效率不變的情況下實現了約 108% 的收入成長，我認為這是一個非常了不起的數字，也是聞所未聞的。在企業之間。接下來，我將把財務最新情況交給尼克拉斯來報告。

Thanks, Sebastian. As you mentioned, QC was a landmark quarter Klarna a quarter where our investments in growth, especially in the US and fair financing, started to compound exactly as we expected. And I'll take a few minutes to walk through the financial update.

謝謝你，賽巴斯蒂安。正如您所提到的，QC 季度是 Klarna 的一個里程碑式季度，在這個季度裡，我們對成長的投資，尤其是在美國和公平融資方面的投資，開始像我們預期的那樣產生複利效應。接下來我將花幾分鐘時間簡單介紹一下財務方面的最新情況。

Let's start at the top-line. GMV grew to $32.7 billion and the US grew 43% year to year. Consequently, revenue grew to $903 million and in the US we saw revenue growth of 51%. The transaction dollars came in at $281 million reflecting that planned accounting lag from fair financing that I'll talk more about.

讓我們從最上面一層樓開始。GMV成長至327億美元，其中美國年增43%。因此，營收成長至 9.03 億美元，其中美國營收成長了 51%。交易金額為 2.81 億美元，這反映了公平融資中計劃的會計滯後，我稍後會詳細討論這一點。

Importantly, the lag is temporary. We're actually guiding to a $109 million plus increase in Q4 on transaction margin dollars as those revenues start compounding. So this slide really captures the story of the quarter faster growth now with profitability accelerating right behind it. The foundations for our growth remain the same. It's the building blocks you see on the right, growing with our strategic partners, scaling with the large global merchants, ensuring consumers have the Klarna card, and building out that full suite of Klarna's flexible payments at more merchants.

重要的是，這種延遲是暫時的。隨著這些收入開始複利成長，我們預計第四季交易利潤將增加 1.09 億美元以上。所以這張投影片很好地展現了本季成長速度加快，獲利能力也緊跟著加速成長的情況。我們發展的基礎依然不變。您在右側看到的這些基本要素，與我們的策略夥伴共同成長，與全球大型商家共同擴展規模，確保消費者擁有 Klarna 卡，並在更多商家中建立 Klarna 的全套靈活支付方案。

As we've already said, fair financing is a key contributor to Q3 '25 performance. In the US it's up 244%. Fair financing is now available at 151,000 merchants, an increase of 3x over the last two years. Couple that with the new forward flow agreement that we put in place enables a very capital efficient way for us to continue to expand this product set.

正如我們之前所說，公平融資是 2025 年第三季業績的關鍵因素。在美國，這一數字上漲了244%。目前已有 151,000 家商家提供公平融資服務，比過去兩年增加了 3 倍。再加上我們新實施的遠期供貨協議，這使我們能夠以非常高效的方式繼續擴大該產品系列。

Overall, revenue growth is outpacing the market. We continue to see an acceleration based on the foundations of our building blocks, and we're coupling that with an increase in take rate in a very sustainable way.

整體而言，營收成長速度超過了市場平均。我們持續看到基於我們基礎架構的加速發展，並且我們正在以非常永續的方式將其與接受率的提高結合起來。

This page is central to understanding the impact of our success in accelerating growth through the US fair financing. It creates a short-term profitability lag in Q3 '25. On the left-hand side P&L, we show the transaction margin dollars based on realized losses increasing by 25% year over year.

本頁對於理解我們透過美國公平融資加速成長所取得的成功及其影響至關重要。這將導致 2025 年第三季出現短期獲利落後。在左側的損益表中，我們顯示了基於已實現虧損的交易利潤率，年增 25%。

You can see that correspondingly on the right-hand side chart, where you see $297 million going up by 25% to $371 million based on those realized losses. In fact, the $91 million of upfront provisioning is primarily driven by fair financing. And drives the $280 million transaction margin dollars you see in Q325.

您可以在右側圖表中看到相應的變化，根據已實現的損失，2.97 億美元增長了 25%，達到 3.71 億美元。事實上，9,100萬美元的預付準備金主要是為了公平融資。並推動了您在 2025 年第三季看到的 2.8 億美元的交易利潤。

Well, that being the case, we're guiding towards a Q4 '25 of $390 million to $400 million of transaction margin dollars. Driven by the fact of that revenue from the success of the fair financing compounding over time. So let's just recap how accounting for fair financing works.

有鑑於此，我們預計 2025 年第四季交易利潤將達到 3.9 億美元至 4 億美元。其驅動力在於公平融資的成功所帶來的利益會隨著時間的推移而不斷累積。那麼，讓我們回顧一下公平融資的會計處理方法。

Here's an illustrative example of a consumer who has a six month loan. We provision for the potential credit losses upfront, while we actually earn revenue over time as the consumer pays us back. As planned, our numbers reflect the growth in fair financing and the associated accounting processes. You can see that in the chart below. The gray parts of the bars show the upfront provisioning from the success of our fair financing product.

以下是一個消費者貸款六個月的範例。我們預先提列了潛在的信用損失準備金，而實際上，隨著消費者償還我們的款項，我們會隨著時間的推移獲得收入。正如計劃的那樣，我們的數據反映了公平融資及相關會計流程的成長。您可以在下面的圖表中看到這一點。長條圖中的灰色部分顯示了我們公平融資產品成功帶來的前期準備金。

While you can see the realized losses, the actual losses that we have recorded are actually very stable and coming down by 1 bit in Q3 '25 based on that continued improved underwriting. In fact, when you look at fair financing, you can see delinquencies falling 5% year to year, while GMV has been growing at 139%. Similarly, US charge [jas] remain stable within expected ranges.

雖然您可以看到已實現的損失，但我們記錄的實際損失實際上非常穩定，並且由於承保的持續改善，2025 年第三季下降了 1 便士。事實上，從公平融資的角度來看，你會發現違約率逐年下降 5%，而 GMV 卻增加了 139%。同樣，美國收費[jas]在預期範圍內保持穩定。

In summary, we have strong top-line growth with GMV and revenue driven by an acceleration in the US and in fair financing. That's driven a planned profitability lag in Q3 '25, and we're guiding towards an acceleration in transaction margin dollars in Q4 driven by us being able to continue to compound the revenue that we've seen from the success of our growth.

總而言之，我們的營收成長強勁，GMV 和營收的成長主要得益於美國市場的加速發展和公平融資業務的拓展。這導致 2025 年第三季的獲利能力出現預期滯後，我們預期第四季交易利潤率將加速成長，這得益於我們能夠繼續鞏固成長帶來的收入。

Thanks, Niclas. We'll go to the investor questions first and I will read three questions from Say.com. The first question from [Salem] is how can Klarna stay competitive against traditional credit card companies that offer buy now pay later options.

謝謝你，尼克拉斯。我們先來看投資人提問環節，我將宣讀三個來自Say.com的問題。第一個問題來自[Salem]，問題是Klarna如何才能在與提供「先買後付」服務的傳統信用卡公司的競爭中保持優勢？

Yeah, I think, Klarna, I've gotten the competitive question ever since 20 years back when it was us versus PayPal in Sweden, and there was us versus PayPal in Germany, and then it was us versus payments companies in the UK and the US. I think that like, I mean, in essence, how do you compete? You stay customer obsessed, you make sure that you build, you listen to your customers and you build the features that they want. You make sure that you, are operationally efficient and don't waste money. And then you just keep on grinding and grinding.

是的，我想，Klarna，自從20年前我們在瑞典與PayPal競爭，在德國與PayPal競爭，然後在英國和美國與支付公司競爭以來，我就一直被問到競爭問題。我覺得，我的意思是，本質上，你如何競爭？你要隨時以客戶為中心，確保你開發的產品能滿足客戶的需求，你要傾聽客戶的意見，並發展出他們想要的功能。你要確保營運效率高，不浪費錢。然後你就一直不停地努力、努力。

I think that obviously you could argue that when Klana was still a small company, the prerequisite, a small company may be grinding as much as they want. It's still hard to scale it into a large scale company, but Klana is at scale now with 114 million users globally. We are one of the largest banks in the world with a number of customers, and now we're exploring and looking into how we add additional value to those customers, and we're seeing that that is accelerating in the numbers.

我認為，很顯然你可以說，當 Klana 還是一家小公司時，作為前提條件，一家小公司可能會盡其所能地努力工作。雖然將規模擴大到大型公司仍然很困難，但 Klana 目前已達到一定規模，在全球擁有 1.14 億用戶。我們是全球最大的銀行之一，擁有眾多客戶，現在我們正在探索和研究如何為這些客戶增加更多價值，我們看到這方面的進展正在加速。

So I feel we are very well situated to compete against the traditional companies who most of them I would say expose complacency, lack of customer obsession, and rely on high barriers of entry and low and high switching costs for their competitiveness rather than operational excellence and customer obsession.

因此，我認為我們完全有能力與傳統公司競爭，因為大多數傳統公司都存在自滿情緒，缺乏對客戶的關注，並且依靠高准入門檻和高低轉換成本來獲得競爭力，而不是依靠卓越的營運和對客戶的關注。

Thanks. The second question is from Benjamin who asks does Klarna have any plans to pay dividends to shareholders?

謝謝。第二個問題來自 Benjamin，他問 Klarna 是否有向股東支付股利的計畫？

No, we have no such current plans or ambitions, but I mean, obviously we hope that Klana will continue to improve its profitability and so forth. So in the future, nobody knows what's going to happen.

不，我們目前沒有這樣的計劃或目標，但我的意思是，我們當然希望 Klana 能夠繼續提高盈利能力等等。所以未來會發生什麼，誰也不知道。

And the third question is, how do you intend to improve profits on your current business model.

第三個問題是，您打算如何在目前的商業模式下提高利潤？

There are a multitude of things. I mean, as you saw here, and Niclas explained, we spent some time on is the profitability lag that is created through the high growth of fair financing as a product, which is fantastic accomplishments and really primarily stems from the fact that we've doubled the number of merchants that offer this product.

有很多東西。我的意思是，正如你在這裡看到的，以及尼克拉斯解釋的那樣，我們花了一些時間討論公平融資產品高速增長所帶來的盈利滯後問題，這是一個了不起的成就，這主要源於我們使提供該產品的商家數量翻了一番。

But as you can see, that's still only 20% of the portfolio and we hope to achieve 100%. So we would expect these products to continue to grow. And over time in most markets, Klana has on a what we call transaction margin. Am I using the right term, Nicholas? Yes, good. The transaction margin has been somewhere around 50%-60% over a longer period of time in these markets, and a lot of that comes back to maturity, on like, having enough repetitive customers, maturing your underwriting models for that specific geography and so forth.

但正如你所看到的，這仍然只佔投資組合的 20%，我們希望達到 100%。因此，我們預計這些產品將繼續成長。隨著時間的推移，在大多數市場，Klana 會獲得我們所謂的交易利潤。我用詞正確嗎，尼可拉斯？是的，很好。在這些市場中，交易利潤率長期以來一直維持在 50%-60% 左右，這很大程度上歸因於市場成熟度，例如擁有足夠多的回頭客，以及針對特定地區的承保模式日趨成熟等等。

And we believe that that's very achievable in all of our markets. The US is a slight difference, which is worth highlighting, and many times people ask us about credit losses, but what we focus primarily in the US right now is payments fees. Payments fees are actually the same size as losses in the US market, and this is because of the settlement costs that are and the non-regulated credit markets, credit card markets that we see in the US. So you may remember that in Europe there's a regulation. Credit cards cost 20 to 40 bi bps.

我們相信，這在我們所有的市場中都是完全可以實現的。美國的情況略有不同，這點值得強調。很多人經常問我們有關信用損失的問題，但我們目前在美國主要關注的是支付費用。在美國市場，支付費用實際上與損失金額相當，這是因為結算成本以及美國不受監管的信貸市場和信用卡市場造成的。你可能還記得，歐洲有一項相關規定。信用卡交易費用為 20 至 40 基點。

In the US they may cost 150 to 200. So similar as we've seen other companies, some of you have been in payments in fintech for a long time, will remember PayPal and how they basically sought to increase the difference between their funding costs and their payment fees, and this is exactly the same thing we're going through. We have tons of initiatives. To drive down the payments costs, which should allow the US market that is currently running at positive gross transaction margins but not as high as in some of the more mature European markets.

在美國，它們的價格可能在 150 到 200 美元之間。就像我們看到的其他公司一樣，你們當中有些人長期從事金融科技支付行業，應該還記得 PayPal，他們基本上是想方設法擴大資金成本和支付費用之間的差距，而這正是我們正在經歷的事情。我們有很多項目。為了降低支付成本，這應該能讓目前毛交易利潤率為正的美國市場，但其利潤率不如一些更成熟的歐洲市場那麼高。

And I think that's the biggest one that's going to have the biggest implication on the transaction margin, as you can see. Below transaction margin, the operating costs, we have no plans whatsoever to increase any spending there currently because of the efficiency gains that we're seeing from AI. We don't believe that hiring is the right approach at this point in time. It could be small hiring here and there, but not anything that would have implications on the net.

我認為這是影響交易利潤率的最大因素，正如你所看到的。在交易利潤和營運成本之外，由於人工智慧帶來的效率提升，我們目前沒有任何增加這方面支出的計畫。我們認為，在目前這個階段，招募並不是正確的做法。可能只是零星的小規模招聘，但不會對網路營運產生任何影響。

Great. Thanks, Sebastian. So, I have asked the analysts to email me the questions so I can pass them on to management. So I'll go ahead and do that. So the first question comes from Team Chio at UBS and it's about Apple Pay in-store. Now, they estimate that US Apple Pay could be approaching 1 trillion of volume by 2027, meaning that even if 1% was via BMPL Klarna would have a reasonable share of that business. Can you talk about how the Klarna team sizes up the potential opportunity associated with the Apple Pay channel even more broadly, including the online experience traction you've already seen?

偉大的。謝謝你，賽巴斯蒂安。因此，我已經要求分析師們透過電子郵件將問題發給我，以便我將其轉交給管理層。那我就去做吧。第一個問題來自瑞銀集團的 Chio 團隊，是關於店內使用 Apple Pay 的問題。現在，他們估計到 2027 年，美國 Apple Pay 的交易量可能接近 1 兆美元，這意味著即使只有 1% 的交易是透過 BMPL 完成的，Klarna 也將獲得相當可觀的市場份額。您能否談談 Klarna 團隊如何更廣泛地評估 Apple Pay 管道帶來的潛在機遇，包括您已經看到的線上體驗成長？

And as a follow-up, Affirm counts Apple Pay-related volumes, which are carded as Affirm card volumes. Will the recognition be the same here, so we can use for comparability purposes.

此外，Affirm 也會統計與 Apple Pay 相關的交易量，這些交易量會被計入 Affirm 卡的交易量。這裡認可的標準是否相同，以便我們可以比較？

I'll leave the second one to you, Nicholas, but I think on the first one I can answer that. I hopefully you noted the slide where we're talking about objective one, which is to reach the same amount of acceptance points as the big networks like a Visa and a Mastercard. Some of you will remember Amex 20 years ago was not accepted widely.

第二個問題就留給你回答吧，尼古拉斯，但我認為第一個問題我可以回答。希望您已經注意到我們討論第一個目標的那張投影片，即達到與 Visa 和 Mastercard 等大型支付網路相同的受理點數量。你們當中有些可能還記得，20年前美國運通卡並不被廣泛接受。

You could maybe use it in a restaurant or an airport, but not everywhere, and AmE did a fantastic work to roll it out and make it available everywhere. Klana is going through that process right now, and that is the objective one that we're referring to. And we have already a few years back identified that this is not going to happen by us signing every merchant ourselves.

你或許可以在餐廳或機場使用它，但不可能在所有地方都用到，AmE 在推廣和使其無處不在方面做得非常出色。Klana 目前正處於這個過程之中，而這正是我們所指的客觀過程。幾年前我們就已經意識到，如果我們自己與每個商家簽約，這是不可能實現的。

In order for us to reach that scale, we need to work more closely with our distribution partners. So that's number 1. Second, companies like Stripe, like Apple Pay, and others who have, acceptance everywhere, who can drive that rollout of Klana, making Klana more available. So with that said, however, We had worked with some of these partners for many years, but we had never worked as we've always been an alternative payment method, something that merchants would have to go in, post signing up with a Stripe or WorldPay, etc.

為了達到這樣的規模，我們需要與我們的分銷合作夥伴更緊密地合作。這是第一點。其次，像 Stripe、Apple Pay 等公司以及其他在各地都被廣泛接受的公司，可以推動 Klana 的推廣，使 Klana 更易於使用。儘管如此，我們與其中一些合作夥伴已經合作多年，但我們從未真正合作過，因為我們一直是一種替代支付方式，商家在註冊 Stripe 或 WorldPay 等之後必須使用這種方式。

And then add on and that as well was clear to us was not going to make us into, millions and millions of acceptance points. So we went for our holy grail that has been to become default, meaning that when you sign up with these partners we should be default and we should be available and that we're seeing tremendous success with already. You saw some of that, the ones in the slide you can see that it's having a very positive impact on the growth of a number of merchants when it comes to Apple Pay.

然後再加上這一點，我們也清楚地意識到，這不會讓我們獲得數百萬的錄取分數。因此，我們朝著我們的終極目標邁進，那就是成為預設選項，這意味著當您與這些合作夥伴註冊時，我們應該是預設選項，我們應該隨時可用，而且我們已經看到了巨大的成功。你已經看到了其中的一些例子，從幻燈片中可以看出，Apple Pay 對許多商家的成長產生了非常正面的影響。

It is slightly different because the acceptance is already there and it's more about customer adoption. So we have teams that are focusing internally using that customer obsession methodology that we showcase you where we are looking and interviewing customers using that product, looking at customer interactions, and then making sure that all the minor glitches and things that can be improved are weeded out and that it works really well, and we see a lot of scale and growth in that portfolio.

情況略有不同，因為人們已經接受了這種觀念，現在更多的是客戶採納的問題。因此，我們有團隊專注於內部運用這種以客戶為中心的方法，向您展示我們正在尋找並採訪使用該產品的客戶，觀察客戶互動，然後確保所有小故障和可以改進的地方都被排除掉，使其運作良好，我們看到該產品組合的規模和增長非常顯著。

But in addition to that, obviously then the second part is just education. The marketing and educating our consumers about the availability and we have some interesting upcoming, things that are going to happen there as well. I don't want to get ahead of myself, but like there's some interesting stuff that's going to come in there to make it even more, attractive and grow the awareness. As you saw in that slide becoming a neobank, everything with Clone, we have so many tons of great features, and many of these features drive additional revenue per customer as well.

但除此之外，顯然第二部分就是教育了。我們正在進行市場推廣和教育，讓消費者了解產品的供應情況，我們還有一些有趣的事情即將發生。我不想操之過急，但確實會有一些有趣的東西加入進來，讓它更具吸引力，並提高人們的認知度。正如你在那張投影片中所看到的，成為一家新銀行，Clone 擁有眾多強大的功能，其中許多功能還能為每位客戶帶來額外的收入。

And a lot of but we have 140 million users, right? So, There's a lot of it right now. The focus is really how do we make sure that all these users actually use us. And use all these features. And so that's where a lot of the effort is, and that is true for Apple Pay as well. When we regarding reporting, I'll handly. Glad over to Nicholas on that topic.

有很多，但我們有 1.4 億用戶，對吧？所以，現在這種情況很普遍。重點在於如何確保所有這些用戶都能真正使用我們的服務。並充分利用所有這些功能。所以，很多精力都投入了這方面，Apple Pay 也是如此。關於報告方面，我會很樂意幫忙。很高興聽聽尼古拉斯對此的看法。

No worries. Thanks, Sebastian. So, yeah, so today we don't actually include, Apple Pay in our card volumes. This is the, what you're seeing today where we're announcing things around the card. It doesn't include Apple Pay. Apple Pay is growing really strongly, so is Google Pay. And I think, globally, we're seeing really strong, adoption, for Apple Pay as well, particularly in the UK.

不用擔心。謝謝你，賽巴斯蒂安。所以，是的，目前我們並沒有將 Apple Pay 計入我們的銀行卡交易量。這就是你今天看到的，我們將在這裡宣布一些與這張卡相關的消息。它不支援 Apple Pay。Apple Pay 和 Google Pay 的成長動能都非常強勁。而且我認為，在全球範圍內，Apple Pay 的普及率也非常高，尤其是在英國。

All right, thanks. So the next quest, the next question comes from Sanjay at KBW.

好的，謝謝。所以下一個問題來自 KBW 的 Sanjay。

And he asks, the 4 million Klarna card signups in four months seems really strong. What are you seeing in terms of usage and uplift in GMV from consumers who are signing up for the card? What's the RAC from a card customer versus one that doesn't have a card?

他問道，四個月內 Klarna 卡註冊量達到 400 萬，看起來確實很強勁。從消費者註冊該卡的情況來看，使用率和 GMV 提升幅度如何？持卡客戶的RAC與未持卡客戶的RAC有何不同？

I will gladly leave that to you, Niclas. Sure.

這件事就交給你來辦吧，尼克拉斯。當然。

So I think we had some of the, some of this on the slides, right? But what we're seeing from the card, our pack is around about $130. Now that's obviously only 3%, today of active card users. So you can see where that's going in comparison to, the $28 that we have on average on our 114 million active users. So we'll continue to see, I think strong performance on that, overall.

所以我覺得我們在投影片上展示了一些這方面的內容，對吧？但從卡片上看，我們這包的價格大約是 130 美元。顯然，這只佔目前活躍持卡用戶的3%。所以你可以看出，與我們1.14億活躍用戶平均每人28美元的收入相比，情況是如何變化的。所以我認為我們將繼續看到，總體而言，這方面會有強勁的表現。

Great. The next question comes from, Jason from Wells Fargo, and he asks, the credit data looks good in Q3, but are you seeing any signals in your data suggesting that you may have to tighten the credit box in any of your major geographies, especially as we head into the holidays and consumers potentially lean in more on BMPL?

偉大的。下一個問題來自富國銀行的 Jason，他問道：第三季度的信貸數據看起來不錯，但是你們的數據中是否有任何信號表明，你們可能需要在任何主要地區收緊信貸，尤其是在假期臨近，消費者可能會更多地依賴銀行自提的情況下？

Look, I think, again, the key message that we've been trying to get out and that I feel very, that I really myself, think a lot about is the fact that And the audience using klana is what we refer to as the self-aware avoiders. These are users who usually have used credit cards historically, found them to be not aligned with their best interests, or even, as I would quote some customers, the product of the devil. And the point is that like you end up racking up debt of $400 to $5000 you're paying high interest on that, and you're revolving, for eternity.

我認為，我們一直試圖傳達的關鍵訊息，也是我個人一直在思考的關鍵訊息，是使用 klana 的受眾是我們所謂的具有自我意識的迴避者。這些用戶通常以前使用過信用卡，但他們發現信用卡並不符合他們的最佳利益，甚至像一些客戶所說的那樣，是魔鬼的產品。關鍵是，如果你最終欠下 400 到 5000 美元的債務，你將支付高額利息，而且你會一直循環下去，永無止境。

Buy now, pay later, $100 average order value, the fixed installments, zero interest. Obviously our fair finance products are very affordable as well. So I would argue that the klana customer is a more conscious customer. It's one that is a little bit more thoughtful in how to spend on debit, how to spend on credit, and this is partially why we've seen after underwriting half a trillion dollars over 20 years, these below 70 BPS losses over the time. And the other thing that we highlighted was the agility of the model, right? So because we underwrite in real time, it allows us when we see macro economical shifts to adjust those models, and in just 40 days, more than 50% of our balance sheet is underwritten according to the new standards, and that gives you an agility.

先買後付，平均訂單金額 100 美元，固定分期付款，零利息。顯然，我們的公平金融產品也非常實惠。所以我認為 Klana 的顧客是更有消費意識的顧客。它在藉記卡消費和信用卡消費方面考慮得更加周全，這在一定程度上解釋了為什麼我們在 20 年承銷了 5000 億美元之後，虧損額始終低於 70 個基點。我們強調的另一點是該模型的靈活性，對吧？由於我們即時進行承保，因此當我們看到宏觀經濟變化時，我們可以調整這些模型，只需 40 天，我們資產負債表的 50% 以上就可以按照新標準進行承保，這賦予了我們靈活性。

So the question then is, I would say, have we any reason currently to make any adjustments? And the honest answer is no. We have not seen anything in our data or in our spending that suggests that there should be currently any changes. What we have communicated, and I've said on some interviews is that in the midterm, I am keeping a close eye on whether we may see what is the inverse of credit underwriting in my 20 years, which would be that generally speaking, normally in lower, in in the more worst performing macroeconomical scenarios, you would see implications for low income households, blue collar jobs, etc. With AI, it might very well be that the implications are the inverse.

那麼問題來了，我認為，我們目前是否有任何理由做出任何調整？誠實的答案是否定的。我們的數據和支出情況均未顯示目前需要進行任何變更。我們已經溝通過，我也在一些訪談中說過，在中期，我會密切注意我們是否會看到與我過去20年信貸審批方式相反的情況。一般來說，在宏觀經濟表現較差的情況下，信貸核准通常會對低收入家庭、藍領工作等產生影響。但人工智慧很可能帶來相反的影響。

That it's actually going to affect high income households and white collar jobs to a larger degree. And that's what we're keeping an eye on to see if we want to make any adjustments, but so far nothing has that, but I'm keeping a close eye and we're keeping a close eye on the unemployment numbers and particularly trying to understand in those unemployment jobs or numbers, what is, how is the split between these professions and what are the implications for that. So it's one to keep a close eye on, but nothing that we have acted on so far.

實際上，它將對高收入家庭和白領工作產生更大的影響。我們正在密切關注此事，看看是否需要做出任何調整，但到目前為止還沒有出現這種情況，但我會密切關注，我們也會密切關注失業人數，特別是試圖了解這些失業崗位或數字中，各個職業之間的差距是什麼，以及這對我們有什麼影響。所以值得密切關注，但目前我們還沒有採取任何行動。

All right, thank you. So, operator, please go ahead and open the lines for the analyst. Thanks.

好的，謝謝。接線員，請為分析師開通線路。謝謝。

James Faucette of Morgan Stanley.

摩根士丹利的詹姆斯·福塞特。

I wanted to ask about, your partnership with Walmart and OnePay, that was highlighted in your prepared remarks and slides, but wondering if you can give us any, insight on how that's developing so far, in terms of adoption, credit quality, even if just directionally. Thanks.

我想問一下您與沃爾瑪和 OnePay 的合作，您在準備好的發言稿和幻燈片中重點提到了這一點，但我想知道您是否可以就目前的進展情況，例如採用率、信用質量等方面，哪怕只是大致方向，給我們一些見解。謝謝。

So to answer your question, the onepa Walmart relationship is really going well. I think we are firing on all engines, and, external data, you can see that we've basically taken the, taken up the. The vast majority of volume, with that relationship, and so we're moving forward really nicely. Generally speaking, it's going to plan with regards to the type of, consumers we're seeing, and I think we're just seeing many opportunities, James, for us to continue to develop that relationship, with One Pay and Walmart.

所以回答你的問題，Onepa 與沃爾瑪的合作關係進展非常順利。我認為我們所有引擎都在運轉，而且從外部數據可以看出，我們基本上已經取得了進展。絕大多數交易量都與這種關係有關，所以我們進展得非常順利。總的來說，就我們所看到的消費者類型而言，一切都在按計劃進行。詹姆斯，我認為我們看到了很多機會，可以繼續發展與 One Pay 和沃爾瑪的關係。

[Jason Kenberg of Wells Fargo.]

[富國銀行的傑森‧肯伯格。 ]

Oh hi guys, thanks. I know you, asked one of mine already, but let me ask you this just on the fair financing side I think you said you're now at 18% of your merchants, and I was wondering what percent of your total GMV those merchants represent and then just any targets where does that 18% penetration rate go to potentially over the next year or two because, obviously that should ultimately be pretty accretive to the TMI line. Thanks.

嗨，大家好，謝謝。我知道你，我之前已經問過你了，但我想再問你一個關於公平融資方面的問題。我想你說過你現在有 18% 的商家使用了你的融資，我想知道這些商家佔你總 GMV 的百分比是多少，以及在未來一兩年內，這 18% 的滲透率可能會達到什麼目標，因為很明顯，這最終應該會對 TMI 線產生相當大的增益。謝謝。

Yeah, great. Thanks for the question. I don't have an exact figure with regards to the percentage of volume overarchingly, but I can say is that as we're continuing to work to Sebastian's point with the partnerships, we're going to see this continue to expand, obviously, to the suitable places, and, but ultimately, we're seeing that we're continuing with the partnerships to be in default in more places, allowing us then to have all of our full features or product sets, with each of these merchants. Right? So, I would expect that to continue to become a very significant, number, right?

好的，太棒了。謝謝你的提問。我沒有關於整體交易量百分比的確切數字，但我可以說，隨著我們繼續按照 Sebastian 的建議推進合作關係，顯然，我們將看到這種模式繼續擴展到合適的地區，最終，我們看到我們正在繼續與更多地方的合作夥伴建立默認合作關係，從而使我們能夠與每個商家提供我們所有的完整功能或產品集。正確的？所以，我預計這個數字會繼續成長，對吧？

Obviously, with respect to certain verticals, you would have less, opportunity for that, right, with a very small ticket high frequency. But generally speaking, we would expect most of our merchants to be able to have that product set as well. And so it's all about just working through the integrations, working through the partnerships that we have, and continuously doing that throughout the, our '26 markets and beyond.

顯然，對於某些垂直領域而言，由於票價低、頻率高，你獲得這種機會的可能性就會較小。但總的來說，我們希望大多數商家也能擁有這樣的產品組合。所以，關鍵在於推動整合，推動我們現有的合作關係，並在我們的 2026 年及以後的市場中不斷這樣做。

Darrin Peller of Wolfe Research.

沃爾夫研究公司的達林·佩勒。

All right guys, thanks and congrats on your, first quarter out of the gate being a good quarter. It's nice to see the US GM GMV growth continuing to accelerate during the quarter. So if you could just touch on the key drivers here again, I know fair financing is one of the main contributors, but anywhere else you're seeing the momentum and the and what's the sustainability of that? And I'll just ask my two together. Just one more is on PSP default on partnerships. I know that was clearly an exciting opportunity in terms of TAM.

好了各位，謝謝，恭喜你們第一個季度開局不錯。很高興看到美國通用汽車GMV在本季持續加速成長。所以，如果您能再談談這裡的關鍵驅動因素，我知道公平融資是主要因素之一，但您也看到了哪些其他方面的勢頭，以及這種勢頭的可持續性是什麼？那我就把我的兩個孩子一起問吧。還有一個問題是關於PSP在合作關係中的預設。我知道就TAM而言，這顯然是一個令人興奮的機會。

So how are the partnerships ramping in line? Are they in line with your expectations? A little update there.

那麼，這些合作關係進展如何呢？它們符合你的預期嗎？這裡有個小更新。

I think that the, when it comes to the partnerships, as we said, like we concluded a few years back that like growing merchant by merchant is just not going to scale. You're going to have to work with PSBs. You look at the tribes, the Worldpace of the world, JPMorgan Chase, all these guys, they have trillions of dollars of volume, right?

我認為，就合作關係而言，正如我們幾年前所總結的那樣，逐個商家地發展是無法規模化的。你必須和公共服務機構合作。你看看那些巨頭，像是 Worldpace、摩根大通等等，他們的交易量都高達數兆美元，對吧？

So finding out ways to work with them, finding good partnerships, and then also not just becoming an alternative. That has, a small 1% of the volume, but actually coming default is super critical. I think one of the things that actually doesn't get enough attention here is the Stripe link partnership, which in itself is like many of you now using Stripe will notice that you have this one click experience, not that dissimilar to what Shopify does and others, and the benefit now is the Klarna is the main provider of that. Which means that everyone getting a Stripe link gets the option to use our buy now, pay later, which becomes an even faster way to reach all of the Stripe merchants that offer that already.

所以要找到與他們合作的方法，找到良好的合作關係，而且不僅僅是成為他們的替代品。雖然只佔總量的 1%，但實際上違約至關重要。我認為這裡真正沒有得到足夠關注的事情之一是 Stripe 鏈接合作夥伴關係，這本身就像你們現在使用 Stripe 的許多人會注意到的那樣，你們可以一鍵完成付款，這與 Shopify 和其他公司所做的並沒有太大區別，而現在的好處是 Klarna 是主要的提供者。這意味著，所有獲得 Stripe 連結的人都可以選擇使用我們的「先買後付」服務，這成為聯繫所有已提供該服務的 Stripe 商家的更快捷方式。

So all of this is just like different ways of distribution of klana. Another one in Europe which is actually important is these. This is Vip's announcement, which might sound small, but it means it's opening up for third-party partnerships with local schemas, with local payment schemas, and so forth. So all of these things are going to, but the difference with this kind of growth is obviously it's not like you launch and then go live and everything. These are like Long-term strategic relationships. You need to sign the contracts. You need to find the reasons for them to do it.

所以這一切都只是克拉納的不同分配方式而已。歐洲還有另一個非常重要的例子，那就是這些。這是 Vip 的公告，聽起來可能微不足道，但這意味著它將向與本地架構、本地支付架構等的第三方合作夥伴開放。所以所有這些事情都會發生，但這種成長方式的不同之處在於，它顯然不像你發布產品然後上線那樣一切順利。這就像是長期的策略合作關係。你需要簽署合約。你需要找出他們這樣做的原因。

You need to set up the technical integrations and as you will be familiar with some of these companies are M&As, so they will have different tech platforms for different subsets of the volume you need to integrate on all these platforms. But what we're happy about this is we think it's like setting a foundation for long-term growth for the company. And we can see that clearly now is the ones that already are alive, like the stripe you saw on the slide or the Apple Pay and so forth. That is actually starting to really be visible in the growth of both number of merchants and volume.

您需要設定技術集成，而且您應該熟悉其中一些公司是併購公司，因此它們會針對不同的業務量子集使用不同的技術平台，您需要在所有這些平台上進行集成。但我們感到欣慰的是，我們認為這為公司的長期發展奠定了基礎。我們現在可以清楚地看到，那些已經存在的技術，例如你在幻燈片上看到的條紋，或者 Apple Pay 等等。實際上，這一點已經開始在商家數量和交易量的成長中得到體現。

So we think this is nice because it sets the foundation will continue and there's really no reason why we would, this would stop or anything. We're on a good trajectory here and this is going to continue. I think that's been very important for the US. The other one is making sure that we actually then offer all payment methods and not just one, as you saw. And then the third one, which we're super excited about is that card growth that has already outcompeted, globally, on a global level, one of our competitors there, but also even on the US level, we think fairly soon we'll be able to catch up. So, I think that the there's good belief to be optimistic about the opportunities in the US in the short and midterm.

所以我們認為這很好，因為它奠定了基礎，這項工作將會繼續下去，我們真的沒有任何理由讓它停止或發生其他事情。我們目前的發展勢頭良好，而且這種勢頭將會持續下去。我認為這對美國來說非常重要。另一點是要確保我們確實提供所有支付方式，而不僅僅是一種，正如你所看到的。第三點，也是我們非常興奮的一點，就是信用卡業務的成長，它已經在全球範圍內超越了我們的一個競爭對手，甚至在美國也超越了，我們認為我們很快就能趕上。所以，我認為人們有理由對美國短期和中期內的發展機會保持樂觀。

I would just add there, if you don't mind, like, basically, if you think of it, there's $7 trillion worth of volume flow through these PSPs that we've signed, right? We're going to start ramping, we've started ramping up with the Stripe and a few others that Sebastian mentioned, and over the coming quarters, we'll continue to do so. But, when we talk about something being live, yes, it's live. But there's still, multi-year worth of growth here to Sebastian's point, right, which is really, I think, important to point out and highlight.

我還要補充一點，如果您不介意的話，基本上，如果您仔細想想，我們簽署的這些支付服務提供者協議，交易量總計達 7 兆美元，對吧？我們將開始逐步擴大規模，我們已經開始與 Stripe 以及 Sebastian 提到的其他幾家公司合作，在接下來的幾個季度裡，我們將繼續這樣做。但是，當我們說某件事是即時進行的，是的，它是即時進行的。但正如塞巴斯蒂安所說，這裡仍然有多年的增長，對吧？我認為這一點真的非常重要，值得指出和強調。

And with regards to your other question just around verticals, I was looking through kind of, we're actually seeing a very broad-based growth across all of our types of verticals, which just shows how we're, more and more becoming an everyday spending partner.

至於你提出的關於垂直領域的另一個問題，我查看了一下，發現我們實際上在所有類型的垂直領域都實現了非常廣泛的增長，這表明我們正日益成為人們日常消費的伙伴。

I think it's worth highlighting as well is that in Europe, we are used to being 20% share of checkout. In the UK as an example, not uncommon forlana to be 20% share checkout on par with PayPal. In other European markets, we can see 40, 50%, and 60% share of checkouts. In the US it's predominantly still 5 to 10%. This is entirely natural. This is exactly the same that we've seen over the years in every market we come in, we grab about 5, and we start growing 1,015, and so forth.

我覺得值得強調的是，在歐洲，我們已經習慣了 20% 的結帳份額。以英國為例，Forlana 的市佔率達到 20% 並不罕見，與 PayPal 持平。在其他歐洲市場，我們可以看到 40%、50% 和 60% 的結帳份額。在美國，這個比例主要還是在 5% 到 10% 之間。這完全是自然現象。多年來，我們在進入的每個市場都看到了同樣的情況，我們先拿下大約 5 個，然後開始成長到 1,015 個，以此類推。

So Also, like, as a share of checkout, there's tremendous opportunity to grow, in that regard. We believe, and people will have argumentations like, is the same going to happen in the US and Europe, etc. Etc. But from our point of perspective, there's no reason to believe that we could not achieve that, and we're going to definitely work hard to make it happen.

所以，就結帳份額而言，這方面還有巨大的成長機會。我們相信，當然有人會質疑，例如美國和歐洲是否也會發生同樣的事情等等。但從我們的角度來看，沒有理由認為我們無法實現這一點，我們一定會努力實現它。

Very helpful. Thanks again, Sebastian Niclas. Congrats.

很有幫助。再次感謝塞巴斯蒂安·尼克拉斯。恭喜。

Mihir Bhatia of Bank of America. Your line is now open.

美國銀行的米希爾·巴蒂亞。您的線路已開通。

Hi, good morning. Thank you for taking my question. Wanted to just maybe talk a little bit about the provision line item, and I appreciate the detail you guys went into in the prepared remarks, but maybe just to put a little finer point on it, the provisions for credit losses. They're up 17 bibs quarter over quarter, and I was just wondering if you could talk about the drivers of that.

您好，早安。感謝您回答我的問題。我想稍微談談準備金項目，我很感謝你們在準備好的發言稿中詳細闡述了這一點，但我想更具體地指出一下，即信用損失準備金。他們本季領先 17 個號碼牌，我想知道您能否談談造成這種情況的原因。

How much of that was new loans versus changes for the loans on balance sheet, because just given the credit performance, it seems like a pretty big jump. Any color on how we should think about that going forward?

其中有多少是新增貸款，又有多少是資產負債表上貸款的變動？因為僅從信貸表現來看，這似乎是一個相當大的成長。對於我們今後該如何看待這個問題，您有什麼看法？

Yeah. So, I mean, obviously, we are scaling the book, well, quite quickly, right? And so given that the vast majority is really on, is really with the new cohort of growth that we're seeing, right? I would expect that to kind of move over time, start normalizing, right?

是的。所以，我的意思是，很明顯，我們正在迅速擴大這本書的影響力，對吧？鑑於絕大多數人確實都在積極參與，確實與我們正在看到的新一代成長群體在一起，對吧？我預計這種情況會隨著時間的推移而有所改變，開始趨於正常化，對吧？

But I think given the speed and the size and the opportunity and the fact that we can continue to compound with so many new merchants through the partnerships that we have. I think it will take, a a multi-quarter view for us to fully kind of get into a more normalized mix if that makes sense.

但我認為，考慮到發展速度、規模、機遇，以及我們可以透過合作關係不斷與眾多新商家建立聯繫，從而實現持續成長。我認為，我們需要從多個季度的角度來看待這個問題，才能完全進入一個更正常的狀態，如果我的意思表達清楚的話。

Well, we think it's very good. It's very healthy. It's like a subscription business. You should take the marketing cost upfront and you and you have revenue over the lifetime of the customer and that's the same thing we're doing here. I mean, the dominant impact on that line is because we're taking the cost upfront while the revenue is coming in over time. And so that makes a lot of sense. Obviously, some of our competitors, when they sell more of what they generate, they book both the cost and the income immediately.

我們認為非常好。它非常健康。這就像一種訂閱模式。你應該預先支付行銷成本，這樣你就能在客戶的整個生命週期中獲得收入，而這正是我們在這裡所做的。我的意思是，對這條生產線影響最大的原因是，我們預先支付了成本，而收入是隨著時間的推移才到達的。所以這很有道理。顯然，我們的一些競爭對手在銷售更多他們生產的產品時，會立即將成本和收入都計入帳內。

But we also know, and you, many of you will be aware that that is also less affordable. It is actually more profitable to do what we're doing and putting it on our balance sheet. So it's a trade-off between how much we sell off and so forth. But from an accounting perspective, this makes a lot of sense. This is diligence. This is smart and thoughtful to do it this way. And for us that have been, I myself been with la for 20 years as an investor, shareholder, I've seen us go through these cycles, and as you start growing fast because of the number of merchants that we've added on financing has doubled, then you're going to see these short-term profitability lags implications on the P&O.

但我們也知道，你們中的許多人也會意識到，這樣做也更貴重。實際上，做我們正在做的事情並將其計入資產負債表會更有利可圖。所以，這需要在拋售量等方面來權衡。但從會計角度來看，這很有道理。這就是勤勉。這樣做既明智又周到。對於我們這些一直支持我們的人，我自己作為投資者和股東已經與公司合作了 20 年，我見證了我們經歷這些週期，隨著我們新增的商戶數量翻了一番，公司開始快速增長，那麼你就會看到這些短期盈利能力滯後對 P&O 的影響。

Right, understood. Can I, if I could ask a follow-up just on, Southern Europe, pretty strong growth, there. Anything in particular, anything to call out there on what's driving that growth? Thank you.

好的，明白了。我可以再問一下關於南歐的問題嗎？那裡的成長非常強勁。有什麼特別之處，有什麼值得一提的，是什麼因素推動了這種成長？謝謝。

Yeah, I think that the, thank you for highlighting that. We actually, we spent, I would say 2022 and 20,203, Sykes, our head of commercial, spent a lot of time on really setting the foundation in Italy, in Spain, in France, and in these large markets that at that point in time we hadn't really been as successful in and we hadn't yet outcompeted the local competitors that existed. And it's really nice to see that payoff. I think.

是的，我覺得是這樣，謝謝你指出這一點。實際上，在 2022 年和 2023 年，我們的商務主管 Sykes 花了大量時間在義大利、西班牙、法國以及這些當時我們尚未取得太大成功、也尚未超越當地競爭對手的大市場打下基礎。看到這樣的成果真的很令人欣慰。我認為。

One thing that's underappreciated about Klarna is global coverage, and the point is, if you're talking to retailers across the world, if you're talking to a Sephora that's operating obviously in all these markets, it just has such a tremendous value to be able to work with one provider as Klarna across all these markets. I remember clearly being in a meeting with Ikea and they once told me like many years ago, you moved from the local payment method to the regional one, and I was like, yeah, but here's global with PayPal. How do I get in that quadrant?

Klarna 的一項優勢被低估了，那就是它的全球覆蓋範圍。關鍵在於，如果你要與世界各地的零售商洽談，如果你要與一家在所有這些市場都有業務的 Sephora 洽談，那麼能夠與 Klarna 這樣一家供應商在所有這些市場合作，其價值是巨大的。我清楚記得多年前和宜家開會時，他們告訴我，你們從本地支付方式轉向了區域支付方式，我當時就想，是啊，但是你們有PayPal，可以全球支付。我該如何進入那個像限？

And now we are, right, and what's helpful about that, obviously we also have salespeople on the ground across the world, right? So we have people in Barcelona, we have people in Tokyo, we have people in, Portland next to Nike, we have them across the world over 40 locations. They sit close and work with these retailers. These are long-term relationships and we make sure that we're live with these merchants across all markets.

現在我們確實做到了，對吧？這樣做的好處是，顯然我們在世界各地都有銷售人員，對吧？所以我們在巴塞隆納有員工，我們在東京有員工，我們在波特蘭耐吉公司旁邊也有員工，我們在全球 40 多個地點都有員工。他們與這些零售商密切合作。這些都是長期合作關係，我們會確保與所有市場的這些商家保持合作。

So we're getting a lot of value of that in these markets like France and Spain, Italy because they just roll us out. And that allows us to be very competitive on local level as well. And I think that's being seen, but we actually think there's more potential there. There's more work to be done on improving the quality of the product and so forth. So, We think there's a good potential to continue growing these markets as well, but very helpful to have this global distribution partnership with people like Stripe and others that automatically turn us on in all these local markets.

因此，我們在法國、西班牙、義大利等市場獲得了巨大的價值，因為他們直接向我們推廣產品。這也使我們在本地市場也極具競爭力。我認為這一點已經被看到了，但我們實際上認為那裡還有更大的潛力。在提高產品品質等方面還有更多工作要做。所以，我們認為這些市場還有很大的成長潛力，但與 Stripe 等公司建立全球分銷合作夥伴關係非常有幫助，這可以自動讓我們在所有這些本地市場中開展業務。

Nate Svensson of Deutsche Bank.

德意志銀行的內特·斯文森。

Hey guys, congrats on getting out there with the first quarter. I wanted to ask on the Elliott partnership that we saw the news come across this morning. Maybe you could talk a little bit more about the process to bring them on board, what they saw in Klarna to get them comfortable, why you decided they were the right partner, and then I guess, we saw that $6.5 billion dollar number there. Does that give you enough runway to meet your ambitions for US Fair financing, or do you think you're going to have to add additional partners? And then, sorry for making it a three parter, but just on the revenue recognition.

嘿，夥計們，恭喜你們順利完成了第一季的工作。我想問一下關於艾利奧特合作關係的問題，我們今天早上看到了相關新聞。或許您可以再多談談如何讓他們加入，他們看到了 Klarna 的哪些方面讓他們感到放心，以及您為什麼認為他們是合適的合作夥伴，然後我想，我們就看到了 65 億美元的數字。這是否足以滿足您在美國博覽會融資方面的目標，還是您認為需要增加其他合作夥伴？然後，很抱歉把它分成了三個部分，但只是關於收入確認的問題。

There sounds like you will be selling some of the back book over should we assume the entirety of the front book will be sold to Elliott Sebastian, I think you had mentioned making this decision between how much to keep on, how much to sell, so just more details on the revenue recognition from that partnership would be helpful.

聽起來您似乎打算出售一些後期出版的書籍。如果我們假設所有新書都將賣給 Elliott Sebastian，我想您之前提到要決定保留多少，出售多少，所以如果能提供更多關於該合作關係收入確認的細節就更好了。

Sure, great. So yeah, so I mean, Elliott is a great partner and we work with them on a number of other transactions as well. I think generally speaking, it's always going to be a balance for us and between profitability. Ensuring that we can continue to grow and ensuring that we don't dilute our shareholders in that growth through the capital given that we're a bank, right? So, those are really the three vectors that we think about. And I think this is a great partnership. Elliott is a strong partner. They understand us.

當然可以，太好了。是的，我的意思是，Elliott 是一個很棒的合作夥伴，我們也與他們合作完成了許多其他交易。我認為總的來說，對我們來說，獲利能力始終是一個需要權衡的問題。確保我們能夠繼續發展，並確保我們不會因為資本投入而稀釋股東的權益，因為我們是一家銀行，對吧？所以，這其實是我們需要考慮的三個向量。我認為這是一個很棒的合作關係。艾利歐特是一位實力雄厚的合作夥伴。他們理解我們。

They know us well. We've done other transactions with them in the past, and, from our perspective, this one is, a really good partnership. I do believe the runway that we have, with our growth potential that we've just spoken about here will give us an opportunity to continue to do more of these things over time, right? And again, thinking about those three balances of profitability. Ensuring that we minimize dilution to shareholders, grow the best return on tangible equity while also growing the business, in the size and ensuring that we can do that. So, I think that's really the economics around it.

他們很了解我們。我們過去曾與他們進行過其他交易，從我們的角度來看，這次的合作也非常好。我相信，憑藉我們剛才談到的成長潛力，我們擁有的發展空間將使我們有機會在未來繼續做更多這樣的事情，對吧？再次強調，要考慮獲利能力的這三個平衡點。確保我們最大限度地減少股東權益稀釋，在擴大業務規模的同時，實現有形權益的最佳回報，並確保我們能夠做到這一點。所以，我認為這就是其中的經濟原理。

Thanks, Niclas. I'm going to take it again since some of the analysts sort of just ended up sending us the emails. So Will Nance from Goldman Sachs is asking, could you talk about your engagement with merchants around advertising into the holidays? Where are you now and where do you aspire to be in terms of merchants viewing Klarna as a way to drive sales and engagement with consumers?

謝謝你，尼克拉斯。我打算再做一次，因為有些分析師最後只是把電子郵件寄給了我們。高盛的威爾南斯問道：您能否談談您在假期期間與商家合作進行廣告宣傳的情況？您目前在多大程度上將 Klarna 視為促進銷售和提升消費者參與的途徑？您希望未來能達到怎樣的目標？

Yeah, so I think that this is actually one of the things that I'm very proud and happy about, and I think has made a big differences in this. We were talking about this cost obsession work. You saw me presenting a little bit on how we do it. You saw those, customer interviews that we do and we review all the experiences and so forth, and a big part of that is obviously feeding actionable insights, not only for us, but also for our partners.

是的，所以我覺得這實際上是我非常自豪和高興的事情之一，而且我認為這在這件事上產生了很大的影響。我們當時在討論這種過度關注成本的工作。你們剛才看到我簡單介紹了一下我們是如何做到的。您也看到了，我們進行了客戶訪談，回顧了所有體驗等等，其中很大一部分顯然是為了提供可操作的見解，不僅對我們自己，而且對我們的合作夥伴也是如此。

So what we do out of that process, we come and we recognize like how could we help Sephora grow their business? How could we help Etsy grow their business? How could we help eBay grow their business? And this generates like very concrete advice and suggestions of changes, of improvements, marketing campaigns to a point, and so forth.

因此，透過這個過程，我們思考如何幫助絲芙蘭發展業務？我們如何幫助 Etsy 發展業務？我們該如何幫助 eBay 發展業務？這樣就產生了非常具體的建議和改變方案、改進方案、行銷活動方案等等。

And that's what our sales teams are then interacting with. And we've seen a fantastic uptick in trust and people wanting to listen because I think maybe more like every other traditional company we used to come and say, hey, we have this idea and this could have this impact, and it could be like something more complex, but now we're coming with like super concrete real. Well explained, very high impact changes that can be fixed, and we're seeing that having a very dramatic effect.

這就是我們的銷售團隊需要與之互動的內容。我們看到信任度大幅提升，人們也更願意傾聽，因為我覺得，以前像其他傳統公司那樣，我們過去會說，嘿，我們有個想法，這可能會產生這樣的影響，而且它可能更複雜，但現在我們帶來的是超級具體、真實的東西。解釋得很清楚，這些影響非常大的變化是可以解決的，而且我們已經看到這些變化產生了非常顯著的效果。

So, and marketing activities is obviously a big part of that. There's tons of things we can do in like how we position the payment method, how we show it on the website, and obviously, 0% financing, fantastic opportunity. One of the things that I think Klarna has underinvested in, and we are now really ramping up and making sure that we're offering, I think 0% financing is such a fantastic opportunity.

因此，行銷活動顯然是其中的重要組成部分。我們可以做很多事情，例如如何定位支付方式，如何在網站上展示它，當然還有 0% 融資，這是一個絕佳的機會。我認為 Klarna 之前投入不足的領域之一，是 0% 融資，而我們現在正在大力推進並確保提供這項服務，我認為 0% 融資是一個絕佳的機會。

A lot of merchants and a lot of brands want to offer affordability without lowering their prices. And also what we see is that 0% financing is driving a fantastic audience to Klana, because it attracts a more broad specter of, FICO scores. So, it is fantastic in many ways, and that's going to be a continuous focus with our partners who see us do a lot of things in 0% financing.

許多商家和品牌都希望在不降低價格的情況下提供實惠的產品。我們也看到，0% 融資正在為 Klana 吸引大量用戶，因為它吸引了更廣泛的 FICO 評分用戶。所以，這在很多方面都非常棒，而這也將成為我們與合作夥伴持續關注的重點，因為他們看到我們做了許多零利率融資的專案。

Fantastic, and I think we have time for just one more. It comes from Robert Wildhack at, Autonomous, and the question is, wonder if you could talk, about the transaction margin by product, what kind of transaction margins are you seeing, on the US for financing volume, and how should we expect, then to, the mix in the mix to impact the overall transaction margin as you grow that product? Where does the transaction margin settle out at steady state?

太棒了，我想我們還有時間再來一個。這是來自 Autonomous 的 Robert Wildhack 提出的問題，我想請您談談按產品劃分的交易利潤率，您在美國融資交易量方面看到了什麼樣的交易利潤率，以及隨著產品增長，我們應該如何預期產品組合對整體交易利潤率的影響？穩定狀態下，交易利潤率會穩定在什麼水準？

Yeah, good question. I mean, I, look, there's a lot of different products that we're launching, right? And that we're working and building that are new, and whether it be through the card and otherwise. But let's talk about their finance because you mentioned that one. So, generally, we targeted between 3%and 4%, transaction margin dollars. I think that's a fair approach, and as we continue to ramp that obviously will be accretive, to the overall portfolio.

嗯，問得好。我的意思是，你看，我們正在推出很多不同的產品，對吧？我們正在開發和建立新的產品，無論是透過卡片還是其他方式。但我們來談談他們的財務狀況吧，因為你提到了這一點。因此，我們通常將交易利潤率目標設定在 3% 到 4% 之間。我認為這是一個公平的做法，隨著我們不斷擴大規模，這顯然會對整體投資組合產生正面影響。

But again, at the same time, we're also, to Sebastian's point, building out the pay in full elements and such, right? So we're going to have vary variations of that. I think the key thing for us is really, can we serve as much of the customer shares wallet as possible, and are we relevant in every single time that they want to make a payment as an everyday spending partner? That's what we really need to focus on. Then, as we've spoken about this before. It's all about having a very trend-based focused model, where we look at how we're developing over time, given the fact that we are growing in 26 markets across, with 140 million users, or consumers, and with so many merchants, right? And so across so many vectors.

但同時，正如塞巴斯蒂安所說，我們也在逐步完善全額薪資等要素，對吧？所以我們會推出各種各樣的變體。我認為對我們來說，關鍵在於我們能否盡可能多地服務於客戶的錢包，以及作為日常消費夥伴，我們能否在他們每次想要付款時都與他們息息相關？這才是我們真正需要關注的重點。然後，就像我們之前討論過的那樣。關鍵在於採用以趨勢為導向的模式，我們會觀察自身隨著時間的推移是如何發展的，因為我們在 26 個市場擁有 1.4 億用戶（或消費者），以及眾多商家，對吧？因此，在許多方面都是如此。

So we're going to continue to kind of do that. And as we guide, we'll guide, toward, towards the transaction margin dollar growth basis on a volume view, rather than trying to just nail down a particular unit economics in one way or another.

所以我們會繼續這樣做。而且，我們將以交易量為基礎，以交易利潤美元成長為導向進行指導，而不是試圖以某種方式確定特定的單位經濟效益。

All right, thank you so much. And with this, we conclude the call. We thank everyone for joining, for putting up with our technical issues, and with this we conclude the call. Thank you.

好的，非常感謝。通話到此結束。感謝各位的參與，感謝大家包容我們的技術問題，通話到此結束。謝謝。

Thank you so much, everybody.

非常感謝大家。