Klarna Group PLC (KLAR) 2025 Q4 法說會逐字稿

Hello, everyone. Welcome to Klarna's fourth quarter 2025 earnings call. My name is Filippa Bolz, Head of Communications at Klarna, and I am joined today by Sebastian Siemiatkowski and Niclas Neglén. Our Q4 results were released at around 7:30 AM Eastern time, and they are available on our investor relations website.

大家好。歡迎參加 Klarna 2025 年第四季財報電話會議。我是 Klarna 的傳播主管 Filippa Bolz，今天與我一起的是 Sebastian Siemiatkowski 和 Niclas Neglén。我們的第四季業績報告於美國東部時間上午 7:30 左右發布，可在我們的投資者關係網站上查閱。

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. (Operator Instructions).

在本次電話會議中，我們將介紹採用國際財務報告準則 (IFRS) 和非國際財務報告準則 (non-IFRS) 的財務指標。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。（操作說明）

Before we move to Q&A, we will begin with a short presentation. Sebastian, please go ahead.

在進入問答環節之前，我們將先做一個簡短的介紹。塞巴斯蒂安，請繼續。

Thank you for joining Klarna's Q4 earnings call. Klarna is accelerating its growth of our banking relationships and our revenue per customer. Millions of consumers are adopting more of our services the Klarna card, Klarna's deposit accounts, Klarna's fair financing products, and of course our well-known buy now, pay later services. Now this is exactly what we had planned for and wanted to achieve, and in Q4 2025, the adoption of these products accelerated beyond our expectations.

感謝您參加 Klarna 第四季財報電話會議。Klarna正在加速拓展與銀行的業務關係，並提高每位客戶的收入。數百萬消費者正在更多地使用我們的服務，例如 Klarna 卡、Klarna 存款帳戶、Klarna 公平融資產品，當然還有我們廣為人知的先買後付服務。這正是我們計劃並希望實現的，而且在 2025 年第四季度，這些產品的採用速度超出了我們的預期。

As we scale this business, delivering on profitability is a key priority. In Q4, we delivered. Active consumers reached 118 million, up 28% year-over-year. Merchants grew to 966,000, up 42% year-over-year. GMV came in at $38.7 billion above the top end of our guidance, and revenue grew 38% to over $1 billion also beating guidance.

隨著業務規模的擴大，實現獲利是重中之重。第四季度，我們實現了目標。活躍消費者達到 1.18 億，年增 28%。商家數量增至 96.6 萬戶，年增 42%。GMV 達到 387 億美元，比我們預期的上限高出 387 億美元；營收成長 38%，超過 10 億美元，也超過了預期。

Now let's put these numbers in perspective. We are a bank with an exceptional network that is growing at 38% revenue year-over-year. In '25, we did over 127 billion worth of volume across 26 markets and across three continents, and we are growing exceptionally well on every top-line metric, cementing our US as well as our global leadership position.

現在讓我們來正確看待這些數字。我們是一家擁有卓越網路的銀行，年收入成長率達 38%。2025 年，我們在三大洲的 26 個市場實現了超過 1,270 億美元的交易額，並且在各項主要指標上都取得了非常好的成長，鞏固了我們在美國以及全球的領導地位。

Transaction margin dollars before provisions grew 31% to $622 million an acceleration of 107 versus prior quarter, and after provisions, transaction margin dollar was $372 million up 17% year-over-year and up 28% sequentially from Q3.

撥備前的交易利潤增加 31% 至 6.22 億美元，較上一季成長 107%；撥備後的交易利潤額為 3.72 億美元，較上季成長 17%，較上季成長 28%。

Now the fact that transaction margin accelerated quarter over quarter points to the compounding nature of our model as more of our cohort's mature revenue and it's compounding at a faster rate. Now I want to be direct and transparent. This quarter's transaction margin dollar result did not land where we got it. We take that seriously. The acceleration in lending growth is the primary driver of that outcome.

現在，交易利潤率逐季加速成長這一事實表明，隨著我們客戶群中更多客戶的收入成熟，我們的模式具有複利效應，且複利成長速度更快。現在我想直截了當地說清楚。本季的交易利潤率（美元）結果與我們先前的預測不符。我們對此非常重視。貸款成長加速是造成此結果的主要驅動因素。

Now let's look at an insertive example of that to understand the impact I'm speaking about. In this example, we have about a billion dollars of loans originated. The lifetime profit of these loans, you can see on the left-hand side is $100 million in revenue, while your provision would be about [$40] and you would have other costs of [$25] resulting in a net profit of $35 million.

現在讓我們來看一個插入式的例子，以了解我所說的影響。在這個例子中，我們發放了大約十億美元的貸款。從左側可以看出，這些貸款的終身利潤為 1 億美元收入，而您的準備金約為 40 美元，其他成本為 25 美元，淨利潤為 3500 萬美元。

Now like all banks, we recognize these loan cohorts over a period of time. In the first quarter, as you can see on the right hand side, we would recognize a fraction of the revenue, but we would recognize all of the expected provisioning upfront. This results in the first quarter transaction margin dollar drag of $25 million as you can see on the red there.

現在，就像所有銀行一樣，我們會在一段時間內辨識出這些貸款群體。如您在右側所見，第一季我們將確認部分收入，但我們將預先確認所有預期撥備。正如您在紅色部分所看到的，這將導致第一季交易利潤率下降 2500 萬美元。

During the remaining quarters, we recognize the remaining revenue as well as the other costs, so the resulting lifetime net profit remains the same $35 million. It is simply spread over time. And we see a $60 million positive impact on the P&L for the remaining quarters. This effect in the first quarter happens even when the underlying economics are strong and credit quality is stable. This is value creation that is deferred.

在剩餘的季度中，我們將確認剩餘的收入以及其他成本，因此最終的終身淨利潤仍為 3500 萬美元。它只是隨著時間的推移而逐漸擴散開來。我們預計這將對剩餘季度的損益表產生 6,000 萬美元的正面影響。即使經濟基本面強勁且信貸品質穩定，第一季也會出現這種現象。這是延遲創造的價值。

For every provision we book today, we gain a future profit stream. Now let's take a clown example. For $2.5 billion of US financing portfolio originated this quarter, Q4 '25, we booked $80 million in provisions upfront, and we recognized $40 million in revenue. So yes, this quarter that's a $40 million headwind, but there's an additional $180 million of interest income still to come, while the cost, the expected credit losses have been provisioned for already.

我們今天預訂的每一筆訂單，都將為我們未來的利潤帶來收益。現在我們舉個小丑的例子。對於本季（2025 年第四季）新增的 25 億美元美國融資組合，我們預先提列了 8,000 萬美元的準備金，並確認了 4,000 萬美元的收入。所以，是的，本季度這會帶來 4,000 萬美元的不利影響，但還有 1.8 億美元的利息收入即將到賬，而成本，即預期的信貸損失，已經提列了準備金。

Just to repeat, faster growth, faster adoption means lower upfront transaction margins and operating profit. So when you look at our Q4 transaction margin dollars of $372 million this primarily reflects the fact that the adoption of our expanding set of banking services is growing faster than we expected, including fair financing, GMV currently growing at 165% annually.

再次強調，更快的成長、更快的普及意味著更低的初始交易利潤率和營業利潤。因此，當我們查看我們第四季度 3.72 億美元的交易利潤時，這主要反映了我們不斷擴大的銀行服務組合的採用速度比我們預期的要快，包括公平融資，GMV 目前以每年 165% 的速度增長。

At the same time, to support our accelerating growth in a capital efficient manner, we've ramped up our loan sales, and in Q4 '25, we initiated our first fair financing forward flow with $73 million of gain on sales recognized in Q4 '25. Continuing this strategy will further accelerate our profitability improvement in '26.

同時，為了以資本高效的方式支持我們加速成長，我們加大了貸款銷售力度，並在 2025 年第四季啟動了我們的首次公平融資遠期資金流，並在 2025 年第四季度確認了 7,300 萬美元的銷售收益。繼續推行這項策略將進一步加快我們在 2026 年的獲利能力提升。

Now let me speak to exactly what that growth looks like and why we are so confident in our strategy. Our partnership strategy, as described in our previous earnings call, continues to compound and support our long-term strategy of being ubiquitous everywhere as our payments network expands its acceptance points. Over the year we added 285,000 merchants, up 42% year-over-year.

現在讓我具體談談這種成長是什麼樣的，以及為什麼我們對我們的策略如此有信心。正如我們在先前的財報電話會議中所描述的那樣，我們的合作策略將繼續鞏固和支持我們無處不在的長期策略，因為我們的支付網絡正在擴大其受理點。一年內，我們新增了 285,000 家商戶，較去年同期成長 42%。

We continued to scale our default relationship with Stripe. We began the default on rollout with Nexi through Paytrail and we expanded Apple Pay and Google Pay into additional markets. We also launched new partnerships with Emirates, Lego, Vintage, and StockX while further deepening our relationship with large global merchants such as Walmart, Lufthansa, and Etsy.

我們繼續擴大與 Stripe 的預設合作關係。我們首先透過 Paytrail 與 Nexi 合作推出了預設的支付方式，然後將 Apple Pay 和 Google Pay 擴展到了更多市場。我們也與阿聯酋航空、樂高、Vintage 和 StockX 建立了新的合作關係，同時進一步深化了與沃爾瑪、漢莎航空和 Etsy 等大型全球商家的關係。

At the same time, we are accelerating our product ubiquity, ensuring that we have relevant payment options wherever the consumer shops. We doubled the amount of merchants where fair financing is available and continue to expand our pay in full product to almost half of our total merchant base. The benefit of building that network, close to 1 million merchants globally across 26 markets online and offline, is that we've already captured the hardest thing to win the consumer everyday spend. The checkout moments where trust is built, and that is the foundation, and now we're leveraging it.

同時，我們正在加快產品普及速度，確保消費者無論在哪裡購物，都能獲得相關的支付選擇。我們將提供公平融資的商家數量增加了一倍，並繼續擴大全額付款產品的覆蓋範圍，目前已覆蓋近一半的商家。建立這個網絡的好處在於，我們已經抓住了贏得消費者日常消費這一最難的事情——在全球 26 個線上線下市場擁有近 100 萬家商家。結帳環節是建立信任的關鍵時刻，也是基礎，現在我們正在利用它。

Once you have the everyday spending relationship, once the consumer is using Klarna 10 times, 15 times, 20 times a year at checkout, the step into a banking relationship is natural, low friction and extraordinarily cost effective. There is no cold start. We already know these customers and they already trust us, and in Q4 this played out at an accelerating pace.

一旦建立了日常消費關係，一旦消費者每年在結帳時使用 Klarna 10 次、15 次、20 次，那麼進入銀行業務關係就變得自然而然，摩擦力小，而且成本效益極高。沒有冷啟動功能。我們已經認識這些客戶，他們也已經信任我們，而且在第四季度，這種情況加速發展。

Active card users grew to 4.2 million up 288% year over year. Consumer deposits reached $13 billion up 37%, and our most engaged consumers, the Klarna banking customers, reached 15.8 million growing at 101% year to year. This growth is not linear. It is compounding as we build deeper relationships with our consumers.

活躍持卡用戶增至 420 萬，較去年同期成長 288%。消費者存款達 130 億美元，成長 37%；我們最活躍的消費者，即 Klarna 銀行客戶，達到 1,580 萬，較去年同期成長 101%。這種增長並非線性增長。隨著我們與消費者建立更深入的關係，這種情況會不斷加劇。

Let's deep dive into a comparison of that total consumer base versus the banking consumers that have adopted more of those banking products. Our base of 180 million Klarna consumers is growing at 28% year-over-year and transacts about 10 times a year with us. They have an average revenue per user of about $30. But now look at what happens when that relationship expands into a deeper banking relationship.

讓我們深入比較總消費者群體與那些更多使用銀行產品的銀行消費者群體。Klarna 擁有 1.8 億消費者，每年成長 28%，平均每年與我們交易約 10 次。他們的平均每用戶收入約為 30 美元。但現在讓我們看看，當這種關係發展成更深層的銀行關係時會發生什麼事。

Those 15.8 million consumers transact nearly 3 times as often, 28.5 times a year with [anarPU] of $107. The average deposits jumps from $64 for our paying customers to $475 for our banking customers. And credit balances remain modest. Compare that to any credit card bank that would usually be about $6500. 10 times as much and the charge off rate moves from 0.6% to just 1.1%, a fraction of the 4% to 5% you would see at normal standard credit card banks.

這 1,580 萬消費者每年交易次數幾乎是正常消費者的 3 倍，達到 28.5 次，每筆交易金額為 107 美元。付費客戶的平均存款額為 64 美元，而銀行客戶的平均存款額則躍升至 475 美元。信貸餘額仍不高。相比之下，任何信用卡銀行通常的欠款額約為 6500 美元。金額是其 10 倍，而註銷率則從 0.6% 降至 1.1%，僅為普通標準信用卡銀行 4% 至 5% 的一小部分。

So more engagement, more revenue, disciplined risk. That's the conversion we are driving and that's why we're leaning into this growth despite the near-term provisioning drag. Now this expansion of our banking product is built on our transaction relationship with our consumers and the knowledge we have built around risk management for the past 20 years.

因此，更高的參與度、更多的收入、更穩健的風險。這就是我們正在推動的轉變，也是儘管短期撥備會造成拖累，我們仍然致力於實現這一增長的原因。現在，我們銀行產品的擴展建立在我們與消費者之間的交易關係以及我們在過去 20 年中圍繞風險管理所累積的知識之上。

Our proprietary underwriting systems that we've developed underwrite every single transaction. We don't issue revolving credit and we leverage our deep understanding of our consumer spending habits as well as external data. The result is consistent and stable charge off profiles, as evidenced by the stable 3% to 4% charge off rates for our US fair financing product, and we are delivering all of this with a fundamentally different operating model.

我們自主研發的核保系統對每一筆交易進行核保。我們不發放循環信貸，而是利用我們對消費者消費習慣的深刻理解以及外部資料。結果是實現了穩定一致的沖銷情況，正如我們美國公平融資產品的沖銷率穩定在 3% 至 4% 所證明的那樣，而我們所有這一切都是透過一種截然不同的營運模式實現的。

Leaning into technology allows Klarna to deliver a range of services with a headcount that is a fraction of the size of a traditional bank. Klarna's success is built on talent density and relentless focus on efficiency, and we believe this is a lasting competitive advantage. Now look at this revenue per employee now reached $1.24 million in 2025, 3.6 times increase since 2022. And critically, we've reinvested some of these savings back into our talent.

借助科技的力量，Klarna 能夠以遠低於傳統銀行的員工人數提供一系列服務。Klarna 的成功建立在人才密度和對效率的不懈追求之上，我們相信這將是持久的競爭優勢。現在來看，到 2025 年，每位員工的收入將達到 124 萬美元，比 2022 年增加了 3.6 倍。更重要的是，我們將部分省下的資金重新投入人才培育。

That's the operating leverage that compounds alongside the banking growth I've just described. Since 2022, we have accelerated our revenue, growing 104% while at the same time managing our adjusted operating expenses effectively as it has declined by 8%. In 2026, we expect to continue to expand revenues faster than our operating costs as we focus on building the consumer bank of the future.

這就是我剛才所描述的銀行業成長所帶來的經營槓桿效應。自 2022 年以來，我們的收入成長了 104%，同時有效控制了調整後的營運費用，使其下降了 8%。2026年，我們預期營收成長速度將持續超過營運成本成長速度，因為我們將專注於打造未來的消費銀行。

As we provide 2026 guidance for the first time, we are incorporating this growth trajectory and the associated timing effects while being disciplined and realistic in how we frame expectations. The underlying trajectory, revenue compounding, cohorts maturing, a lean cost base give us confidence in the path ahead. Thank you.

這是我們首次提供 2026 年業績指引，我們將這一成長軌跡和相關的時機效應納入考量，同時在設定預期時保持嚴謹和務實的態度。潛在的發展軌跡、收入的持續成長、客戶群的成熟以及精簡的成本基礎，都讓我們對未來的道路充滿信心。謝謝。

Thank you for that presentation. We'll start with three investor questions from Say technologies. The first question is from [Shubaiyan]. When are you planning to become profitable? Klarna's share price has declined since the IPO and investors are unhappy. What changes do you think may be needed in the organization or the product?

謝謝你的演講。讓我們先來看看來自 Say technologies 的三個投資者問題。第一個問題來自[舒白彥]你計劃何時實現盈利？Klarna的股價自IPO以來持續下跌，投資人對此感到不滿。您認為組織或產品可能需要做出哪些改變？

That's a great question. So as our illustrative examples show, this is how the dynamics work in general. Every additional billion dollars in loans that we add in a single quarter will reduce TMD or transaction margin dollars by something like $25 million that same quarter. But it will increase transaction margin dollars by $60 million in the upcoming quarters.

這是一個很好的問題。正如我們舉例說明的那樣，這就是這種動態過程的一般運作方式。單季新增十億美元貸款，將導致該季交易保證金（TMD）減少約2,500萬美元。但這將使未來幾季的交易利潤增加 6,000 萬美元。

So the more we grow in these books, especially the more profit we're generating for the future. So the real question is simply, do we want to make more money, even if it means slightly less today to make significantly more tomorrow.

因此，我們在這些書籍中累積的財富越多，我們就能為未來創造更多的利潤。所以真正的問題很簡單，我們是否想要賺更多的錢，即使這意味著今天少賺一點，以換取明天能賺到更多的錢。

You might also ask obviously for how long, but the good news is we have natural cushions. As we sell more loan portfolios where revenue and cost are recognized immediately, the timing effect diminishes. We did $4.5 billion in fair financing last year, growing 165%. Winning deals like Walmart and rolling out across all striped merchants and so forth.

你可能還會問能持續多久，但好消息是我們有天然的緩衝墊。隨著我們出售更多貸款組合，收入和成本立即確認，時間效應會減弱。去年我們進行了 45 億美元的公平融資，成長了 165%。像沃爾瑪那樣贏得交易，並在所有連鎖商家等範圍內推廣。

So as these growth rates obviously eventually will normalize, so will this dynamic. Some of you may even remember JPMorgan Chase faced this. Jamie Dimon famously said on the Sapphire card that he wished he'd taken twice the losses. This was 2017, slightly different rules but the same cost concept. So the question becomes, given that we can issue those additional loans, should we?

因此，隨著這些成長率最終趨於正常化，這種動態也會隨之正常化。你們當中有些可能還記得摩根大通也曾面臨過這種情況。傑米戴蒙曾在藍寶石卡上說過一句名言，他希望自己輸掉的比賽數量能翻倍。這是 2017 年的情況，規則略有不同，但成本概念相同。所以問題變成了，既然我們可以發放這些額外的貸款，我們應該這樣做嗎？

And as a shareholder, at least my answer is an absolute yes. Klarna has issued over $0.5 trillion in loans over 20 years with record low losses across that entire period. That's a proven underwriting machine. And when we have the opportunity to deploy that machine and create significant value, we should.

而身為股東，我的答案絕對是肯定的。Klarna 在過去 20 年裡發放了超過 0.5 兆美元的貸款，並且在此期間的損失率一直處於歷史最低水平。這是一個經過驗證的承保機制。當我們有機會部署這台機器並創造巨大價值時，我們應該這樣做。

In addition to that, to answer the question even more specifically, Niclas will speak about our guidance soon to give you a more concrete answer for this year.

此外，為了更具體地回答這個問題，Niclas 很快就會談到我們的指導方針，以便為今年提供一個更具體的答案。

Thank you. The second question is from Mark. How will you prioritize capital allocation between reinvestment, debt reduction and shareholder returns over the next 12 months to 24 months?

謝謝。第二個問題來自馬克。在未來 12 至 24 個月內，您將如何優先考慮資本配置，包括再投資、減少債務和股東回報？

Well, I think it is, we are seeing really fantastic growth here and we are seeing an amazing acceleration in the adoption of our banking products. And you may at the same time, some of you may have picked up that we have a rapid product announcements and we are basically quickly closing any feature gaps to both neo banks and incumbents alike. All of this while being disciplined on cost. So the outcome of this translates to more revenue and more profit and when it is in the books, we can also discuss what we will do with it.

嗯，我認為確實如此，我們在這裡看到了非常驚人的成長，我們的銀行產品普及率也出現了驚人的加速成長。同時，你們中的一些人可能已經注意到，我們發布產品的速度很快，我們正在迅速彌補新興銀行和傳統銀行在功能上的差距。所有這一切都是在嚴格控製成本的前提下進行的。因此，最終結果將轉化為更多的收入和利潤，等帳目上有了數據，我們也可以討論如何處理這些收入和利潤。

And the third and final question is from Adam. With the 102% surge in credit loss provisions reported in Q3 '25 still weighing on sentiment, what are the latest delinquency trends and how confident are you that provisions will stabilize or decline as a percentage of GMV heading into 2026?

第三個也是最後一個問題來自亞當。2025 年第三季報告的信貸損失準備金激增 102%，這一數字仍然對市場情緒構成壓力。最新的違約趨勢是什麼？您對 2026 年準備金佔 GMV 的百分比將趨於穩定或下降有多大信心？

Thanks, Filippa. That's a great question. From a credit perspective, what we're seeing is actually stability, not a deterioration. Provision cre for credit losses actually declined in Q4 versus Q3 from 0.72% of GMV to 0.65%. And that's really reflects both a stable delinquency trend and an impact of the increased loan sales. That's Sebastian previously explained.

謝謝你，菲利帕。這是一個很好的問題。從信貸角度來看，我們看到的其實是穩定，而不是惡化。第四季信貸損失撥備實際較第三季下降，從GMV的0.72%降至0.65%。這既反映了穩定的違約趨勢，也反映了貸款銷售增加的影響。那是賽巴斯蒂安之前解釋過的。

(Operator Instructions) Sanjay Sakhrani, KBW.

（操作說明）Sanjay Sakhrani，KBW。

Thank you. Good morning. I appreciate all the commentary, Niclas. Do you mind just digging a little bit deeper into this quarter's impact from the excess loan growth? I'm just trying to parse apart, sort of the provision related to credit versus the provision related to growth that sort of speaks to that mitigating impact on transaction margin dollars. And then maybe if you could talk about how it might affect 2026, that would be great too.

謝謝。早安.尼克拉斯，感謝你所有的評論。您能否更深入探討本季貸款超額成長的影響？我只是想弄清楚，與信貸相關的準備金和與成長相關的準備金之間的區別，這反映了對交易利潤率的緩解作用。如果你還能談談這可能會對 2026 年產生什麼影響，那就太好了。

Great, thanks. Hi Sanjay. Thanks for your question. Look, I mean, in Q4 '25, and I think that the dynamics are here are twofold, right? You're seeing a very strong growth and seasonality that drove significantly higher pay later volumes, and those are on our non-interests bearing loan product, right? These are actually classified as sold or held for sale as part of the cost of funds, which you can see in the broken-out report that you have on the CFO letter, right?

太好了，謝謝。嗨，桑傑。謝謝你的提問。我的意思是，在 2025 年第四季度，我認為這裡的動態是雙重的，對吧？您看到的是強勁的成長和季節性因素，這顯著提高了「稍後付款」的交易量，而這些交易都是針對我們的無息貸款產品，對嗎？這些實際上被歸類為已售出或持有待售，作為資金成本的一部分，您可以在財務長信函中的細分報告中看到這一點，對嗎？

And these loans are actually primarily sold through our forward flow programs and so those loans are measured at fair value. And so the result is that you get a fair value adjustment that is substantially offset by a corresponding reduction in the provisions for credit losses. And while you then see the credit losses that we have today primarily driven by fair financing.

這些貸款實際上主要透過我們的遠期貸款計劃出售，因此這些貸款以公允價值計量。因此，結果是，公允價值調整被相應的信用損失準備金減少所抵銷。而我們今天所面臨的信貸損失，主要源自於公平融資。

If you think about it, right, and we've broken out the fair financing volume as well in the back end of the paper, but ultimately what you're seeing is a mixed shift towards fair financing that was stronger than what we had expected as we're seeing more and more banking consumers com coming with more banking products with us.

仔細想想，沒錯，我們在報告的後半部分也單獨列出了公平融資額，但最終你看到的是，公平融資的轉變比我們預期的要強，因為我們看到越來越多的銀行消費者帶著更多的銀行產品來找我們。

And that's really what's been driving that. '26, we have a guidance there and I can take you through the details of that, but ultimately, we're seeing similar trends there, year-to-date in January we're seeing, good moderately stronger growth than in Q4 25 and so I think we're heading in that right direction from that perspective.

而這正是推動這股趨勢的真正原因。 2026年，我們有業績指引，我可以詳細介紹，但總的來說，我們看到了類似的趨勢，今年迄今為止，1月份的增長勢頭良好，比2025年第四季度略有增強，所以我認為從這個角度來看，我們正朝著正確的方向前進。

Perfect, thank you so much.

太好了，非常感謝。

Okay. Great. Maybe just one follow-up for yes.

好的。偉大的。或許只需要跟進一次即可。

Okay, go ahead.

好的，請繼續。

Go ahead. Sorry.

前進。對不起。

I didn't know if I could ask to, maybe just one quick follow-up for Sebastian. I mean, maybe just how you feel like the Walmart rollout has played out, if you're happy with it and sort of any traction, otherwise you're seeing in the United States. Thank you.

我不知道能不能問，也許可以就塞巴斯蒂安的一個小後續問題。我的意思是，也許只是你覺得沃爾瑪的推廣活動進行得如何，你是否滿意，以及它是否取得了任何進展，或者你在美國看到了什麼。謝謝。

No, I think Walmart is obviously one great accomplishment and it's looking really well when you look at the rollout. But I think that what excites me the most is the strategy that we set up that we're executing on, which is to become a truly third-party network and rely even stronger on the distribution of our partners. Be it JPMorgan Chase, be it Stripe, be it ADEA and so forth.

不，我認為沃爾瑪顯然是一項偉大的成就，而且從其推廣情況來看，進展非常順利。但我認為最令我興奮的是我們制定並正在執行的策略，那就是成為一個真正的第三方網絡，並且更加依賴我們合作夥伴的分銷。無論是摩根大通、Stripe、ADEA 等等。

And that's why you're seeing these acceptance points and merchant numbers coming up so much. This is also why you're seeing fair financing growth because not all of our merchants historically have that and the way we now work with our distributors is we try to make sure that they offer all of our payment methods.

所以你才會看到這麼多受理點和商家數量出現。這也是為什麼你會看到公平融資成長的原因，因為並非所有商家都提供這種融資方式，而我們現在與經銷商的合作方式是，我們努力確保他們提供我們所有的支付方式。

So not only is it about number of merchants that accept us, it's also about making sure that pay now, pay later, as well as fair financing is available at every checkout. So there's always a relevant payment option independently of what the retailer might be selling. Everything from furniture to games. And so, and that's really what's kind of what is the foundation of this growth. But at the same point in time, it's early days.

所以，這不僅關乎接受我們的商家數量，還關乎確保每次結帳時都能提供先付款後付款以及公平的融資方式。因此，無論零售商銷售什麼商品，總會有相關的支付方式。從家具到遊戲，應有盡有。所以，這才是這種成長的真正基礎。但同時，現在還為時過早。

A lot of these large distributors of ours are still implementing, still taking us live and so forth. That's why we're very pleased about this because we know that this will continue to drive very solid growth for us in in the coming years. So, very happy about what we've seen so far with Walmart and also generally seeing the effect of this both in the US and then globally as well.

我們的許多大型經銷商仍在進行實施，仍在讓我們的產品上線等等。因此我們對此感到非常高興，因為我們知道這將在未來幾年繼續推動我們實現非常穩健的成長。所以，我們對目前為止在沃爾瑪看到的情況非常滿意，也對沃爾瑪在美國乃至全球範圍內產生的影響感到非常高興。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Hey guys, good morning. Thank you for taking the questions here. I was wondering if we could drill down into the transaction margin expectations for the coming year, as we look at the guidance, that you guys have laid out, it seems like transaction margin is coming in roughly 10% or so below current consensus expectations and, hear you on sort of the front loading impact of provisions in GMV, but when we look at the first quarter, GMV was much closer to the guide.

嘿，各位，早安。感謝您接受大家的提問。我想請問我們能否深入探討來年的交易利潤率預期？根據你們給出的指引，交易利潤率似乎比目前的普遍預期低了約 10%。我理解你們提到的撥備對 GMV 的提前影響，但當我們看一下第一季時，GMV 就更接近指引了。

Whereas transaction margin was something like you know 3 points or 4 points below so like I guess with that context can you talk about the transaction margin trajectory that you are expecting now versus what you had previously expected?

而交易利潤率大概比預期低了 3 到 4 個百分點，所以我想在這個背景下，您能否談談您現在預期的交易利潤率走勢與您之前預期的走勢有何不同？

What are the changes and how do you think about the path to getting towards transaction margins, in the kind of 115 range to 120 range where the company had operated historically prior to the big expansion and lending? Thank you.

有哪些變化？您如何看待公司在進行大規模擴張和貸款業務之前，交易利潤率一直保持在 115% 到 120% 的水平？謝謝。

Sure, Will. Thanks a lot for the question. I appreciate that. So maybe just before kind of answering you specifically, I think it's good for me to just take you through our thoughts on the guidance and how we've kind of thought about it. So I'll start with that a little bit. Start with the first quarter, right? So we've, like I said, already entered 2026 with a strong momentum. We're tracking modestly ahead of Q4 '25 levels already.

當然可以，威爾。非常感謝你的提問。我很感激。所以，在具體回答你的問題之前，我覺得最好先帶你了解我們對指導意見的看法以及我們是如何思考這個問題的。那我就先從這方面簡單說起。先從第一季開始，對吧？正如我所說，我們已經帶著強勁的勢頭進入了 2026 年。我們目前的進度已經略微超過了 2025 年第四季的水準。

The banking products, fair financing, the Klarna card, etc. Remains the primary driver of that growth, and we're seeing that continued strong adoption, right? So that is one element of what we're seeing in 2026, right?

銀行產品、公平融資、Klarna 卡等仍然是推動這一成長的主要動力，而且我們看到這種強勁的普及勢頭仍在持續，對吧？所以，這就是我們在 2026 年將會看到的一個方面，對吧？

Our forward flow programs which are providing that kind of capital like foundation for the sustained higher growth, we actually expect to continue to execute some of these agreements throughout the year, including one in Q1, and that's actually reflected in our transaction margin dollars and our adjusted operating income ranges for Q1 as well.

我們的前瞻性資金計畫為持續的更高成長提供了資金基礎，我們預計將在今年繼續執行其中一些協議，包括第一季的一項協議，這實際上也反映在我們的交易利潤率和第一季的調整後營業收入範圍內。

Transaction margin dollars as a percentage of GMV is also expected to be broadly consistent with Q4 25, as we continue that investment is supporting the rapid scaling, right? And so what you should be able to see then when we get into 2026 in full year, right? You're going to see that GDP growth and revenue growth in line with 2025, which, on the context of $127 billion worth of volume this year, I think it's very healthy growth.

交易利潤率（以 GMV 的百分比計）預計也將與 2025 年第四季大致一致，因為我們繼續認為投資正在支持快速擴張，對嗎？那麼，到了 2026 年全年，你應該就能看到什麼了，對吧？到 2025 年，你會看到 GDP 成長和營收成長與預期相符，考慮到今年 1,270 億美元的交易額，我認為這是非常健康的成長。

As a mix of maturing fair findings and courses increase, what you're going to see is revenue compounding through the year and transaction margin growth accelerating into the second half. And that's really the natural payoff, of that upfront provisioning model, which you highlighted yourself, right? So adjust. Of operating income margins is expected them to become greater than about 6.9% as we continue to have that revenue and TMD outpace the growth of our operating costs, right?

隨著成熟的公平發現和課程的增加，你會看到收入在一年內不斷增長，交易利潤率在下半年加速成長。這就是預先配置模式的自然回報，正如您自己所強調的，對吧？所以要做調整。隨著營收持續成長，TMD的成長速度超過營運成本的成長速度，預計營業利潤率將超過6.9%，對嗎？

So ultimately in very simple terms, when you look at transaction margin dollars, it is really a mixed question of the geographies we're growing in, but also in regards to how much fair financing that we're doing as part of that banking evolution that Sebastian spoke about.

所以歸根結底，簡單來說，當你查看交易利潤額時，這實際上是一個綜合性的問題，不僅取決於我們正在增長的地域，還取決於我們在塞巴斯蒂安所說的銀行業變革中開展了多少公平融資。

That's great. I appreciate all that color and just you mentioned the offloading dynamics, starting in the 1st quarter, likely continuing for the year. I was wondering if you could provide your latest thoughts on just expected offloading on the fair financing book in the US maybe relative to the amount of loans sold in the quarter.

那太棒了。我很欣賞你提到的所有這些色彩，正如你所說，卸貨動態從第一季開始，可能會持續到年底。我想請您就美國公平融資帳簿的預期減倉情況，以及與本季貸款銷售量相關的情況，提供一些最新的看法。

Is there any kind of parameters around per percentage of production sold that you guys are targeting for the full year as we just try to true up that part of the model? Thank you.

你們有沒有針對全年銷售產量百分比設定任何目標參數？因為我們想修正模型中的這部分內容。謝謝。

Yes, we're not going to give exact guidance because, we can, we are really. Commercial in the way that we think about this, we have some great partners that we work with in this regard, but we also want to be sure that we balance it right. So my expectation is that you know we are looking at a transaction in Q1.

是的，我們不會給出確切的指導，因為我們有能力這樣做，我們確實沒有。從商業角度來看，我們在這方面有一些很棒的合作夥伴，但我們也希望確保我們能找到合適的平衡。所以我預計，我們會在第一季看到一筆交易。

If you look at Q4, we sold about 1.6 billion. This transaction will be slightly smaller than that, right? And so what we'll see is through the year as and when it makes sense to do these sales, we will be executing them, and that might change depending on quarter to quarter, right? So that's probably the best I can answer at this stage.

如果看第四季度，我們大約賣了16億件。這筆交易的金額會比那筆略小一些，對吧？因此，我們會看到，在這一年中，只要時機合適，我們就會執行這些銷售活動，而這可能會因季度而異，對吧？所以，現階段我大概只能回答這麼多了。

Got it. Thank you for taking the question.

知道了。感謝您回答這個問題。

Jason Kuperberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

Hi guys, thanks for taking the question. So can you just talk maybe a little bit more specifically about what you're embedding in the guidance for 2026 for fair financing specifically just in terms of loan growth there? I mean, obviously you're going to slap Walmart later this year, but, would love to get a sense of what's assumed in the initial outlook here.

大家好，感謝你們回答這個問題。那麼，您能否更具體地談談您在 2026 年公平融資指導方針中具體納入了哪些內容，特別是關於貸款增長方面的內容？我的意思是，很顯然你們今年晚些時候會給沃爾瑪一記耳光，但是，我很想了解一下最初的展望中都假設了些什麼。

Yeah, so we're not going to give a specific split, but what I can say is that we're going to, from an absolute volume base accelerate in comparison to 2025. Now, as we go through the year, just given the fact that we started where we started and have been scaling so quickly, the year of the percentage comes through the year will kind of pan out or kind of decelerate to some extent, right? But that's from a percentage perspective on an absolute basis, we're continue to compound.

是的，所以我們不會給出具體的拆分比例，但我可以說的是，從絕對銷售基礎來看，與 2025 年相比，我們將加速成長。現在，隨著時間的推移，考慮到我們從起點出發，並且發展如此迅速，這一年的百分比增長到年底後，在某種程度上會趨於穩定或放緩，對吧？但從百分比的角度來看，從絕對值來看，我們仍在持續成長。

Okay, understood. And then maybe one for Sebastian just big picture on agentic commerce. I think a lot of debate out there about what, branded button presentment, and prominence might look like, in a truly agentic world where transactions are being completed natively on an AI platform, how is Klarna thinking about that, preparing for it?

好的，明白了。然後也許可以給塞巴斯蒂安一個關於代理商業的大局觀。我認為，在真正由人工智慧平台原生完成交易的智慧代理世界中，關於品牌按鈕的呈現方式和突出程度會是什麼樣子，有很多爭論。 Klarna 是如何看待這個問題，又是如何為此做準備的呢？

Obviously you guys have announced some partnerships, but we just love to get a sense of what your crystal ball is in terms of what, consumer checkout experience might look like in that scenario down the road. Thank you.

顯然，你們已經宣布了一些合作關係，但我們只是想了解一下，在那種情況下，你們對未來消費者的結帳體驗有什麼預測。謝謝。

Thank you, Jason, fantastic question. Look, I think there are many ways to answer that, try to keep it short, but. First and foremost is that like we have believed that this is the evolution of e-commerce for a long period of time that has been part of our thinking.

謝謝你，傑森，問得好。我覺得這個問題有很多種回答方式，盡量長話短說吧。首先，也是最重要的是，我們一直以來都認為這是電子商務的發展趨勢，這已經成為我們思考的一部分。

As a consequence of that, we have thought it was very important to have the partnerships and distribution of people like Stripe and [Adan] since those are often the companies that people go to implement the GT commerce and so by making ourselves default and always available in all these points, that makes us like always available in those points as well. In addition to that, you see things that we launched with Apple Pay and Google Pay makes us again available everywhere where those are being used which again gives us additional coverage in this.

因此，我們認為與 Stripe 和 [Adan] 等公司建立合作關係和分銷管道非常重要，因為人們通常會選擇這些公司來實現 GT 商務，所以透過使我們自己成為預設選項並在所有這些點上始終可用，這也使我們在這些點上也始終可用。除此之外，您還可以看到，我們與 Apple Pay 和 Google Pay 合作推出的服務，讓我們能夠再次覆蓋所有使用這些服務的地方，這又為我們提供了額外的服務覆蓋範圍。

But then obviously we also court the big AI companies and I can't promise anything there but obviously that's part of what we do as well in that sense. I think the additional thing that I find very promising is that The the the conviction that we have, which is that buy now, pay later is a healthier form of credit than credit cards.

但很顯然，我們也在積極爭取大型人工智慧公司的支持，我不能保證什麼，但從這個意義上講，這顯然也是我們工作的一部分。我認為另一個非常有前景的方面是，我們所持有的信念，即「先買後付」是一種比信用卡更健康的信貸形式。

The fact that it's interest free, fixed installments and so forth, this is truth and then you know sometimes people Write about different things in media, this and that, but the truth is if you go and ask even you know the big AI companies which form of credit should I be using, which is the one that is most healthy, it will recognize the benefits that buy now, pay later provides.

免息、固定分期付款等等，這些都是事實。你也知道，有時人們會在媒體上寫各種各樣的事情，但事實是，即使你去問問那些大型人工智慧公司，問問他們應該使用哪種信貸方式，哪種方式最健康，他們也會意識到「先買後付」帶來的好處。

And so we think the fact that we have a healthier product also means that even AI will recommend to rather use this one and revolve at 30%, right? So I think like all of these combined these are the, we feel that we are very well prepared. And that we are in a great position as this agentic commerce rolls out.

所以我們認為，我們擁有更健康的產品這一事實也意味著，即使是人工智慧也會建議用戶使用這款產品，並且旋轉 30%，對嗎？所以我覺得綜合所有這些因素，我們已經做好了非常充分的準備。隨著這種代理型商業模式的推出，我們處於非常有利的地位。

Appreciate it.

謝謝。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

Hi, good morning, so I want to ask about the competitive environment. Some of your peers have talked about intensified dynamics in Europe and the US. Maybe talk about what you're seeing in the market and then also maybe comment separately on the consumer kind of, I think this concern around, continued kind of pressure on the low income consumer. What are you seeing, hearing from your customer base both in the US and Europe? Thank you.

您好，早安，我想諮詢一下競爭環境的問題。你們的一些同行談到了歐洲和美國日益激烈的局勢。或許可以談談你在市場上看到的現象，然後再單獨評論一下消費者方面的問題，我認為大家比較關注的是低收入消費者持續面臨的壓力。您從美國和歐洲的客戶群中看到了什麼，聽到了什麼？謝謝。

Hey Harshita, Sebastian here, I'll jump in on that one. Let's start with competitive. I think that the, I feel very confident on this topic and the reason again comes back to what we said about our partnerships. It was always very critical to me to become a global payment solution.

嗨，Harshita，我是Sebastian，我來回答這個問題。我們先從競爭性談起。我認為，我對這個主題非常有信心，原因還是和我們之前談到的合作關係有關。對我來說，成為全球支付解決方案提供者一直至關重要。

So many times we talked to merchants in different markets and they looked for global solutions, and now Klarna is perceived as a global solution. Which means that we get tremendous benefit from working everyone from an H&M to a [She] to a Walmart, to a Sephora, the fact is that they can work with one party that can offer pay now, buy now, pay later, and fair financing across all of these jurisdictions. This has not been even look at the big home electronics manufacturers.

我們多次與不同市場的商家交流，他們都在尋找全球解決方案，現在 Klarna 被視為全球解決方案。這意味著，從 H&M 到 [She] 到沃爾瑪，再到絲芙蘭，與所有零售商合作都能為我們帶來巨大的好處。事實上，他們可以與一家公司合作，該公司可以在所有這些地區提供先付款、後購買、後付款和公平的融資服務。這甚至還沒有考慮到大型家用電子產品製造商。

None that has never been possible before. So the geographic coverage means a lot when it comes to signing these deals, and it's unparalleled. Nobody else. In the industry has the geographical coverage of Klarna. So you will always find individual companies and individual markets, but that is just giving us such a tremendous strategic advantage that we see and that's also super critical when we work with the Stripe and the audiences of the world because there it's also for them much more interesting to launch with somebody that can offer their services at such high global coverage.

這是以前從未發生過的事。因此，在簽訂這些協議時，地理覆蓋範圍非常重要，而且是無與倫比的。沒有其他人。Klarna 在業界擁有地理覆蓋範圍。所以你總是會發現個別公司和個別市場，但這只是給了我們巨大的戰略優勢，這一點在我們與 Stripe 和全球用戶合作時也至關重要，因為對他們來說，與能夠提供如此高全球覆蓋率服務的公司合作推出產品也更有吸引力。

So I feel very confident in our continuous. Ability to grow and preserve margins throughout. Now when it comes to the consumer. We are very confident and feel very solid here as well. What we're seeing is that again the audience that uses our product is an audience that is what we call self-aware avoiders. These are financially conscious.

所以我對我們持續發展充滿信心。具備持續成長和維持利潤率的能力。現在來說說消費者。我們在這裡也感到非常自信和踏實。我們看到的是，使用我們產品的受眾群體仍然是我們所說的具有自我意識的迴避者。這些人都很注重財務狀況。

Both American consumers and European consumers who are actively keeping away from credit cards, who are borrowing much less. Their average balance may be, on a credit card, people would have $4,000 to $5000 as you saw in our presentation, a what we call a Klarna paying customer has $100. Klarna banking may have $400 or $500 so it's actually. 10% and so these are financially conscious customers.

無論是美國消費者或歐洲消費者，都在積極避免使用信用卡，他們的借貸量也大大減少。正如您在我們演示中看到的那樣，信用卡用戶的平均餘額可能是 4000 到 5000 美元，而我們所說的 Klarna 付款客戶的餘額為 100 美元。Klarna銀行服務可能提供400美元或500美元的額度，實際上相當於10%的手續費，所以這些都是有理財意識的客戶。

They enjoy the fact that our products are 0% interest, fixed installments. They find them as a healthier alternative and they're also keeping their economy in better shape. So, we see, good performance, we see that they are shopping as they used to, they are spending as they used to, and they are also borrowing responsibly, which we appreciate and find is important.

他們喜歡我們產品零利率、固定分期付款的政策。他們認為這是一種更健康的選擇，也有助於維持經濟的良好狀態。所以，我們看到，他們的表現良好，購物和消費都和以前一樣，而且借貸也很負責任，我們對此表示讚賞，並認為這很重要。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Hey guys, thanks. I really just want to go in a little bit more maybe for Sebastian on the fullest, but basically the idea of where you believe the right balance should be between lending and interest income and transactional streams just as far as the as the company's longer-term goals. I understand it's demand driven to some degree and to the most degree, but anything you could help us with and where you see that sort of leveling off.

嘿，夥計們，謝謝。我真的很想更深入地探討一下塞巴斯蒂安的觀點，但基本上，你認為在公司長期目標方面，貸款和利息收入以及交易流之間應該保持怎樣的適當平衡。我知道這在某種程度上、很大程度上是由需求驅動的，但如果您能幫助我們，或者您認為這種趨勢會在哪裡趨於平穩，那就太好了。

And then Niclas, just maybe on a short-term basis, we're also trying to understand where we expect to see the inflection on provisions offloaded to a degree that it actually does help the TMD grow at a faster rate this year potentially.

然後，Niclas，或許從短期來看，我們也在努力了解我們預計減持準備金的轉折點在哪裡，從而有可能幫助 TMD 今年以更快的速度成長。

Maybe you want to start, Nic.

或許你想先開始，尼克。

Yeah, sure, thanks, Darrin. I appreciate it. I think it's a good question. If you look at it, what we're actually are looking at from a TMD perspective is a significant uptick in growth, right? And you've seen that kind of sequential increase, both from Q3 into Q4 now, right?

好的，謝謝，達林。謝謝。我覺得這是個好問題。從TMD的角度來看，我們實際上看到的是成長的顯著提升，對吧？你們也看到了這種從第三季到第四季持續成長的趨勢，對吧？

With TMD and I think as we continue to compound through the year, like I said earlier, Q1 definitely still has a lot of that rapid growth, coming in and then, you start kind of cycling into an absolute growth balance, but then the percentages from a com perspective, kind of recede a bit into the second half of the year, right, which is kind of what I said.

就 TMD 而言，我認為隨著我們全年持續增長，就像我之前說的那樣，第一季度肯定仍然有很多快速增長，然後，你會開始循環進入絕對增長平衡狀態，但從整體來看，百分比在下半年會略有回落，對吧，這正是我之前所說的。

So, I think that is kind of the short answer to that, and I think you're going to see that continuous TMDs, acceleration through kind of the second half of the year, as I said earlier.

所以，我認為這就是對這個問題的簡短回答，而且我認為你會看到持續的TMD，正如我之前所說，在今年下半年加速發展。

Thank you, Niclas. Sorry, Darrin, would you mind just repeating your question for Sebastian?

謝謝你，尼克拉斯。抱歉，達林，你能再跟賽巴斯蒂安問一遍你的問題嗎？

Yeah, I was just trying to figure out what do you guys think is the right mix sort of in a steady state. Obviously you're in hyper growth right now around fair financing in your banking products, but trying to get a better sense of where you think that should level off, where you'd like it to level off, thinking about interest income as a percentage of the mix of the business versus other revenue streams.

是的，我只是想弄清楚你們認為在穩定狀態下合適的比例是多少。顯然，你們目前在銀行產品的公平融資方面正處於高速增長期，但你們想更好地了解這種增長應該在什麼程度趨於平穩，你們希望它在什麼程度趨於平穩，並考慮利息收入在業務組合中相對於其他收入來源的百分比。

Yeah, it's a great question. That's, I think as a rule of thumb, even for myself when I look at those, provisions for credit losses, the rule of thumb is that 80% of it is associated for kind of forward-looking, while 20% is kind of backwards looking. So, to your point, obviously as we're growing fair financing right now.

是的，這是一個很好的問題。我認為，就我個人而言，在查看這些信貸損失準備金時，經驗法則是 80% 與前瞻性有關，而 20% 與回顧性有關。所以，正如你所說，顯然我們現在正在發展公平融資。

And we're kind of in that phase of that being a high growth product at this point in time, but I don't think that is necessarily always going to be the case. When we look and compare ourselves to other neo banks, some of the other neobanks, are much, most of them are much smaller on the lending side and much bigger on deposits, on subscriptions, on tiers, etc.

目前我們正處於該產品高速成長的階段，但我認為這種情況不一定會持續下去。當我們審視並與其他新興銀行進行比較時，會發現其他一些新興銀行在貸款方面規模小得多，而在存款、訂閱、分級等方面規模大得多。

So, partially what we're seeing right now is just the effect of the strategy that we implemented a few years back to again have our partners distribute our and you saw that number as well in the presentation that you know still only about 200,000 merchants offer fair financing of the total 800,000, so there will probably be some continuous growth there as more and more offer that product.

所以，我們現在看到的部分情況，正是我們幾年前實施的策略的效果，即讓我們的合作夥伴分銷我們的產品。您在演示中也看到了這個數字，即在總共 80 萬家商戶中，仍然只有大約 20 萬家商家提供公平融資，因此隨著越來越多的商家提供該產品，這個數字可能會持續增長。

But I'm very keen on growing the other revenue lines as well, the marketing revenue, the subscriptions revenue, and so forth. And I think that finding a healthy balance as well as deposit revenue as well. So I think over time it is probably going to skew more again towards the other revenue lines, but that is a little bit more, takes a little bit longer time and it takes time obviously because we are a fairly big bank by now so like even if we make changes to our products and so forth before you fully see that materialize in the numbers is a little bit further out.

但我非常熱衷於發展其他收入來源，例如行銷收入、訂閱收入等等。我認為，找到健康的平衡點，以及保證存款收入，都至關重要。所以我認為隨著時間的推移，收入可能會再次更多地轉向其他收入來源，但這需要更長的時間，而且顯然需要時間，因為我們現在是一家相當大的銀行，所以即使我們對產品等進行更改，在你完全看到這些更改體現在數字上之前，還需要一段時間。

Tien-tsin Huang, J.P. Morgan.

黃天進，J.P.摩根。

Hi, thanks so much. I want to ask on the processing cost side, if you don't mind, a model question. Lots of moving pieces I know with partner and product ramps as we've discussed here, but how should that processing line trend in relation to GMV any insight there to share? Thank you.

您好，非常感謝。我想問一下加工成本方面的問題，如果您不介意的話，能否舉個例子？我知道合作夥伴和產品推廣方面有很多變數，正如我們之前討論過的，但是這條生產線的發展趨勢與GMV的關係如何呢？有什麼見解可以分享嗎？謝謝。

Sure. Yes, thanks, Tien-tsin. I think in the reality is like partially this is a mixed question with regards to how much volume is coming in from the US, etc. As well as the type of product that you take on, and the tender of that product. So in the short-term, you're going to see something similar to this, and that you've seen, through 2025, but I think the evolution of this in the longer-term or medium to long-term, right, is very much one of the, and you've heard Sebastian say this before, one of our focus areas is to find ways to improve that line, right?

當然。是的，謝謝你，田進。我認為，實際上這在某種程度上是一個綜合性問題，涉及到來自美國的進口量等等，以及你所接收的產品類型和該產品的招標情況。所以短期內，你會看到類似現在的情況，而且到 2025 年你也會看到類似現在的情況，但我認為從長遠或中長期來看，這種情況的演變，正如你之前聽 Sebastian 說過的那樣，是我們重點關注的領域之一，那就是找到改進這條生產線的方法，對吧？

And so we are, actively looking to find ways to get that trend line to move in the opposite direction, not only purely from a mixed perspective, but actually getting things like now that we're, now we have a current account, we have the balance, etc. And we're starting to see refunds come into our accounts which obviously then reduces the the requirement for us to use other rails.

因此，我們正在積極尋找方法，使這一趨勢線朝相反的方向發展，不僅從混合角度來看，而且實際上也取得了一些成果，例如，現在我們有了活期帳戶，我們有了餘額等等。我們開始看到退款進入我們的帳戶，這顯然減少了我們使用其他軌道的需求。

What we have slightly working against that right now is also that we have more card issue, right, as more and more consumers are using us. So similarly, fair financing up to some extent similar to the, has a bit of cost in the upfront, but what we actually are creating is a very sticky consumer that's going to help us then to be able to, drive more sys more of the transactions in our own rates.

目前稍微不利於我們的是，隨著越來越多的消費者使用我們的服務，我們的信用卡問題也越來越多，對吧。類似地，公平融資在某種程度上也類似，雖然前期需要一些成本，但我們實際上創造的是一個非常黏性的消費者，這將幫助我們推動更多交易以我們自己的利率進行。

To add that quickly, which is in is that, I mean, we In this case, we're coming from Europe where Payment of funding costs were virtually zero or very low and then we moved into the US and we've seen significant growth and we know looking at other FinTechs and competitors that are larger and originating in the US that there are smart ways to fix this. But it, it's going to be a continuous focus for us to do that obviously because to a point there's tons of potential in there, but we need to execute it, implement it and see the results in the in the financials.

補充一點，我們來自歐洲，那裡的融資成本幾乎為零或非常低，然後我們進入美國市場，並取得了顯著成長。我們觀察其他規模更大、起源於美國的金融科技公司和競爭對手，發現有許多巧妙的方法來解決這個問題。但很顯然，這將是我們持續關注的重點，因為這其中蘊藏著巨大的潛力，但我們需要執行、實施，並在財務數據中看到結果。

Understood. Right. So it's a work in progress. Good to know. Thanks for that. Just quickly on the, I think Niclas, you mentioned stable delinquency trends. Looks like from the charts and the shareholder letter that some of the newer vintages on the delinquency side are a little steeper and higher than prior vintages. I'm just curious if there's any surprises there or just want to better understand those.

明白了。正確的。所以這還是一項正在進行的工作。知道了。謝謝。簡單提一下，尼克拉斯，我想你提到了穩定的犯罪率趨勢。從圖表和股東信來看，一些較新的違約年份似乎比之前的年份更加陡峭和高昂。我只是好奇裡面有沒有什麼意想不到的情況，或者只是想更了解這些情況。

Yeah, no, there are no surprises there, right? If you look at it again. You have to understand that we're obviously ramping quite quickly through these processes, but at the same time you're seeing that it's very much within the trend base that we expected. And as you go, your models as you scale get better and better, and you can see that's why I actually included not only the 60 days past due view, right, which is we've been shown consistently, but I also show you the 30 days past due where you can see that those trends are normalizing over time right.

是啊，這沒什麼好意外的，對吧？如果你再仔細看看。你必須明白，我們顯然正在非常迅速地推進這些流程，但同時，你也看到這完全符合我們預期的趨勢基礎。隨著你的擴展，你的模型會越來越好，你可以看到這就是為什麼我不僅包含了逾期 60 天的視圖（我們一直看到的），還包含了逾期 30 天的視圖，你可以看到這些趨勢隨著時間的推移而趨於正常化。

I think that is a really key point here, right? We underwrite every single transaction. We've been doing this for 20 years. Yes, we are scaling the business, but what we're actually doing is doing that in a very disciplined fashion, and we have the ability with our low average order values and short durations to be able to manage and flex these models consistently and that's really what you're showing what we're showing on that page.

我認為這確實是關鍵所在，對吧？我們對每一筆交易都進行承保。我們從事這項工作已經20年了。是的，我們正在擴大業務規模，但我們實際上是以非常嚴謹的方式進行，而且憑藉我們較低的平均訂單價值和較短的訂單週期，我們能夠持續地管理和靈活調整這些模式，而這正是你們在那一頁上展示的，也是我們展示的。

I think in addition to that, what's also important is that we the way we think about it is that we prefer starting with buy now, pay later and pay now with small value transactions $50 $100. Build a big audience of customers that we get to know that we've underwritten that we've seen their payments performance, and then we're scaling like we're doing now for financing where a large proportion of those fair financing volumes are existing customers that we already have relationships and underwriting for a few years and that's a critical part of our thesis.

我認為除此之外，同樣重要的是，我們思考問題的方式是，我們更喜歡先購買後付款，然後再進行小額交易（50 美元、100 美元）。建立一個龐大的客戶群體，我們了解這些客戶，我們已經承保了他們的業務，也看到了他們的付款表現，然後我們像現在在融資領域所做的那樣擴大規模，其中很大一部分公平融資額度來自我們已經建立了關係並承保了幾年的現有客戶，這是我們理念的關鍵部分。

Which we think is very special to Klarna, that it's important for us to be in those daily transactions both because it grows a stronger relationship with the customer, but also means that we understand them better, we follow them for a longer period of time and it makes, it helps a lot in the underwriting decision. Yeah.

我們認為 Klarna 的特別之處在於，參與這些日常交易對我們來說非常重要，因為這不僅能與客戶建立更牢固的關係，還能讓我們更好地了解他們，更長時間地跟踪他們，這對承保決策大有裨益。是的。

I would say that the vast majority of our financing, that's being underwritten is with consumers that have had, products, other types of products in advance.

我想說，我們絕大多數的融資，也就是正在承銷的融資，都是針對那些之前已經購買過其他類型產品的消費者。

Right, I appreciate your thoughts. Thank you.

好的，感謝你的建議。謝謝。

Mihir Bhatia, Bank of America.

米希爾·巴蒂亞，美國銀行。

Please go. The question I had, I just wanted to start going up with Klarna card. Can you just talk a little bit more about how consumers are using the card? Is it actually becoming a top of the wallet card, or is it just being pulled out more for financing transactions? Are you seeing differences in geographies or the types of customers use in how they're using the card?

請走吧。我的問題在於，我只是想開始使用 Klarna 卡進行付款。能否再詳細談談消費者是如何使用這張卡的？它真的會成為錢包裡的主力卡嗎？還是只是更多地用於支付交易？您是否發現不同地區或不同類型的客戶在使用信用卡的方式上有差異？

Yeah, hey Mihir, it's Sebastian. So I, we are excited about it a lot. I mean, I think that I probably, I was trying to find a bank issuer that had launched a card with this kind of number of active users on such a short period of time since this basically started rolling out in summer. I think it's actually unprecedented, which is pretty cool. We see very good usage of this product both in the US and Europe.

嗨，米希爾，我是塞巴斯蒂安。所以，我們對此感到非常興奮。我的意思是，我當時可能想找一家銀行發行機構，在這麼短的時間內推出一張擁有如此多活躍用戶的信用卡，因為這項服務基本上是從夏天開始推出的。我認為這確實是史無前例的，這很酷。我們看到該產品在美國和歐洲都得到了很好的應用。

What we are happy to see is that it isn't to your point only a or as you mentioned, it isn't just being used for like a pay later or fair financing card. It actually has a very healthy proportion that is being used for debit transactions, for day to day spend. Which is exactly what we wanted to do.

我們很高興地看到，正如您所說，它不僅僅是……或者正如您所提到的，它不僅僅被用作像“先消費後付款”或“公平融資卡”那樣的用途。實際上，其中相當一部分資金用於借記卡交易和日常消費。這正是我們想要做的。

So when we think about this again, like when we move, consumers that we call them the Klarna payers to the Klarna bankers, we want them to adopt more of our financial products and that is both deposits, debit spending, as well as credit, to some degree and other, the subscription tiers and the loyalty cards and the cashback offers that we do and so forth, so. So we're very optimistic about what we've seen so far in regards to that.

所以當我們再次思考這個問題時，例如當我們把消費者（我們稱之為 Klarna 付款人）轉移到 Klarna 銀行家時，我們希望他們更多地採用我們的金融產品，包括存款、借記卡消費以及一定程度的信貸，還有訂閱等級、會員卡和返現優惠等等。所以，就目前來看，我們對這方面的情況非常樂觀。

Could I just add something there, Sebastian? I think it's really critical point to make that what we're seeing is a, high teens growth even in established markets like Sweden where we have 80% population penetration and that is very much because of the card, right? You're seeing that people are adopting us both online and offline here and I think that's a very unique position for us to find ways to grow with our customers in the way that Sebastian described but also the ability to expand that monetization opportunity as well.

賽巴斯蒂安，我可以補充一點嗎？我認為非常關鍵的一點是，我們看到即使在像瑞典這樣人口滲透率高達 80% 的成熟市場，也出現了兩位數以上的增長，這很大程度上是因為信用卡的普及，對吧？您可以看到，人們在線上和線下都在接受我們，我認為這對我們來說是一個非常獨特的優勢，我們不僅可以找到與客戶共同成長的方法（正如 Sebastian 所描述的那樣），還可以擴大獲利機會。

Got it. Thank you. And then if I could just follow-up, I want to go back to the questions around the trajectory of transaction margin as a percent of GMV or whatever or revenues, however you want to answer it, but look, I think I heard you regarding the mix and the fair financing growth pressuring 2026 margins a bit. But I guess like when does the delayed profit from the back book start to offset some of that growth?

知道了。謝謝。然後，如果我可以繼續追問一下，我想回到關於交易利潤率佔GMV或其他指標或收入百分比的問題，無論你想怎麼回答，但你看，我想我聽到了你關於產品組合和公平融資增長對2026年利潤率造成一定壓力的說法。但我想知道，從之前的訂單中獲得的延遲利潤，什麼時候才能抵消部分成長？

Like how are you thinking about those margins maybe as you go out a couple of years where do you think transaction margins should settle out like you know your competitors obviously given some guidance and I was just wondering if you have a view on that like where transaction margin as a percent of GMV should settle out medium to long. Okay.

例如，您是如何看待這些利潤率的？也許在未來幾年，您認為交易利潤率應該穩定在什麼水平？您當然也了解您的競爭對手的情況，並會給予一些指導。我只是想知道您對此有何看法，例如，交易利潤率佔GMV的百分比在中長期內應該穩定在什麼水平。好的。

So I think TMD, generally speaking, right, is now moving towards, and we're not going to give like longer-term guidance and beyond 2026, but I think we gave some frameworks previously, and we've talked about the range of somewhere between 1.5%-2% points, but again like the key thing here is the mix of the revenues that we've got, right?

所以我認為，總的來說，TMD 目前正朝著…的方向發展，我們不會給出 2026 年以後的長期指導，但我認為我們之前給出了一些框架，我們討論過 1.5%-2 個百分點的範圍，但關鍵在於我們現有的收入組合，對吧？

And so, the way I would think about this is that we can really think about what is the trajectory of the fair financing element of this and how that is moving forward and scaling and I think as we get an understanding of the abilities of balances of this, we will see how those things proceed.

因此，我的思考方式是，我們可以認真思考公平融資要素的發展軌跡，以及它如何向前推進和擴大規模。我認為，隨著我們對這種平衡能力的理解加深，我們將看到這些事情如何發展。

Thank you. Moving on to Robert.

謝謝。接下來是羅伯特。

May be I can add on the topic, I mean, generally speaking. Klarna has always seen over my 20 years is that you either go through high growth phases. When you go to high growth phases, you always see slight temporary deterioration in GMV in margins, etc. And then as you kind of mature a little bit and growth comes down, then profit and transaction margin dollars return.

或許我可以就這個主題補充一些內容，我的意思是，總的來說。在過去的 20 年裡，Klarna 一直告訴我，要嘛經歷高速成長階段，要嘛經歷高速成長階段。當企業進入高速成長階段時，總是會看到GMV、利潤率等方面出現輕微的暫時性下滑。然後隨著企業逐漸成熟，成長速度放緩，利潤和交易利潤率也會隨之回升。

So this is always a continuous discussion because when you grow faster than as we've seen for example the accounting that was described and so forth and this always results in in this kind of effects. So that creates a lot of confidence for me.

所以這始終是一個持續的討論，因為當你成長速度過快時，正如我們所看到的，例如前面描述的會計問題等等，這總是會導致這類影響。這讓我信心倍增。

So I think yeah, that's a much better answer to the question. I think from the perspective of long-term guidance, I think the key thing is we're focusing on '26 right now and how we're thinking about the transaction margin there is really how you should all be thinking about it.

所以我覺得，是的，這才是對這個問題更好的答案。我認為從長期指引的角度來看，關鍵在於我們現在專注於 2026 年，以及我們如何看待當時的交易利潤率，這就是你們所有人都應該思考的問題。

Robert Wildhack, Autonomous Research.

Robert Wildhack，自主研究。

Hi guys, you've talked a lot about the upfront provision for banking services and I guess, in the letter those banking services include fair financing, but you've also got some products in there that at least to me would seem lower loss like the card and savings.

大家好，你們談了很多關於銀行服務的預付款，我想，信中提到的銀行服務包括公平融資，但你們也提到了一些損失較低的產品，例如信用卡和儲蓄帳戶。

So that's, I think the thing I'm having trouble understanding is like how does fair financing was always going to grow this year, but then you're going to also grow into products that would seem to have a lower blended lost content, yet there's more pressure on the transaction margin, not pressure, but it doesn't go up as much in '26. So how do you square those two things?

所以，我覺得我不太明白的是，公平融資今年肯定會成長，但同時，你也會發展到一些混合損失率似乎較低的產品中，然而交易利潤率卻面臨更大的壓力，不是壓力，而是在 2026 年不會成長那麼多。那麼，要如何調和這兩件事呢？

Yeah, thank you, Robert. Great question. Look, I think that the two things are important here. The what surprised us was the embracement of fair financing among our customer base. So more people took up this product than we expected and hence, on the transaction margin dollar you saw more negative pressure because of that upfront booking which is the primary driver of that. So that is it.

是的，謝謝你，羅伯特。問得好。我認為這兩件事在這裡都很重要。令我們感到驚訝的是，我們的客戶群對公平融資的接受度很高。因此，購買該產品的人數比我們預期的要多，因此，由於預付預訂（這是主要驅動因素），交易利潤率承受了更大的負面壓力。就是這樣。

But to your point, we're also seeing all these other products growing really well the card, the subscriptions. Now ironically they also come with a slight additional upfront cost. For example, every time we issue a card, there's cost associated with that at the front end of it.

但正如你所說，我們也看到其他產品，例如信用卡和訂閱服務，發展得非常好。諷刺的是，它們還需要支付少量的額外前期費用。例如，每次我們發行一張卡片時，都會產生前期成本。

So each one of those, but those effects are obviously more limited. So we think that you're going to see a positive impact, that's going to come as those products have also been growing. I mean the subscription products and so forth. So I feel quite optimistic here on this topic as well. I don't know if you want to add anything.

所以每一種都有，但這些影響顯然比較有限。所以我們認為你會看到正面的影響，隨著這些產品的成長，這種影響也會隨之而來。我是指訂閱產品等等。所以，我對這個主題也相當樂觀。我不知道你是否還有什麼要補充的。

Yeah, no, I agree. I mean the subscription we're already seeing a huge amount of people coming in. We have about 3.5 million already and we're seeing that just expand on a monthly basis. So you know those revenues will start building up over time through 2026 as well.

是的，我同意。我的意思是，我們已經看到大量的訂閱用戶湧入。我們目前已有約 350 萬用戶，而且這個數字還在逐月增加。所以你知道，到 2026 年，這些收入也會隨著時間的推移而不斷成長。

Okay, and then I see the negative fair value adjustment on pay later in the funding costs, yeah, given the short duration there and your ability to grow deposits and the balance sheet capacity you have, what's the benefit of selling pay later at a discount?

好的，然後我看到融資成本中「稍後付款」的公允價值調整為負值。是的，考慮到期限較短、您的存款成長能力以及您的資產負債表容量，以折扣價出售「稍後付款」有什麼好處呢？

So the vast majority of the economics of that actually sits in the merchant discount rate, right? And so the purpose of this is really from a liquidity as well as from a capital perspective. We've done a few of those and you know we may do some more in the future, but ultimately the key thing here is really to be able to balance how much return. And I get from every asset that I get in.

所以，其中絕大部分的經濟因素其實都反映在商家折扣率上，對吧？因此，此舉的目的其實既是為了提高流動性，也是為了增加資本。我們已經做過一些這樣的項目，將來也可能會做更多，但歸根結底，關鍵在於如何平衡回報。我從我投資的每一項資產中都能獲益。

So there's also a value to Sebastian's earlier point of holding fair financing that generates a higher yield as well. So it's constantly a mix of ensuring that we keep ourselves cap light that we can continue to grow and expand as much as possible, but we want every tool in the toolkit, and that's why we've leveraged this this type of transaction.

所以，塞巴斯蒂安之前提出的觀點，即持有能夠產生更高收益的公平融資也是有價值的。因此，我們始終需要在保持資本輕盈的同時，盡可能地繼續發展壯大，但我們也希望擁有所有必要的工具，這就是我們利用這種交易方式的原因。

Nate Svensson, Deutsche Bank Securities.

內特·斯文森，德意志銀行證券。

All right, thanks for the question. Maybe I'll sneak into here. Been some questions on the competitive environment, agentic placement, maybe a related question on that is just the topic of exclusivity, which I think is probably worth exploring. In light of some recent comments from your competitors in the US, I guess our understanding is that exclusivity is more the exception than the rule in the industry.

好的，謝謝你的提問。或許我可以偷偷溜進來。有人問到競爭環境、代理商安置等問題，或許還有一個相關的問題，那就是排他性，我認為這值得探討。鑑於最近美國競爭對手的一些評論，我認為我們理解的是，獨家經營在業內更多的是例外而不是普遍現象。

Obviously, you guys have Walmart. I guess just in light of what we're hearing from competitors, do you think that dynamic is going to change? Is Klarna going to try to go after more exclusive deals, or is something like Walmart, once again, kind of more the exception than the rule? And then briefly maybe this one's for Nicholas just on funding costs.

顯然，你們那裡有沃爾瑪。鑑於我們從競爭對手那裡聽到的消息，你認為這種情況會改變嗎？Klarna 是否會嘗試爭取更多獨家交易？還是像沃爾瑪這樣的公司，再次成為例外而非普遍現象？然後，也許這部分是給尼古拉斯的，主要是為了籌集資金。

I know earlier in the Q&A talking about funding costs moving from Europe to the US that went up again quarter over quarter in 4Q, presumably because of the continued fast growth in the US. Just wondering how we should think about funding costs as a percentage of GMV in 2026 as the year progresses.

我知道在先前的問答環節中提到，資金成本從歐洲轉移到美國，第四季環比再次上升，大概是因為美國持續快速成長。我想知道隨著時間的推移，我們應該如何看待 2026 年融資成本佔 GMV 的百分比。

I can start. Hi Nate, thank you for the question. Look, I think it is. I think that this exclusivity, I mean sometimes it makes sense to sign those, but I always tell my sales guys that like the best competitive advantage comes if we are the most preferred payment method in the checkout by the consumers. And so as much as sometimes it could make sense tactically to enter such deals, we do not mind being side by side with others just like Visa has been side by side with Mastercard. Amex has been side by side with them for a long period of time.

我可以開始了。嗨，內特，謝謝你的提問。你看，我覺得是這樣。我認為這種獨家性，我的意思是，有時簽這種合約是有意義的，但我總是告訴我的銷售人員，最好的競爭優勢來自於成為消費者在結帳時首選的支付方式。因此，儘管有時從策略上講，達成此類交易可能是有意義的，但我們並不介意與其他公司並肩合作，就像 Visa 與 Mastercard 並肩合作一樣。美國運通與他們並肩合作已久。

So instead what we focus on primarily is that there's always customer preference and we know by experience that there are some merchants that even offer three options. For example, within the buy now, pay later space and we see that we get, we grab the highest share of checkout among consumers and that to me is like the primary thing to keep an eye on. Then tactically occasionally it can make sense to be exclusive, non-exclusive, etc.

因此，我們主要關注的是顧客的偏好，而且我們根據經驗知道，有些商家甚至提供三種選擇。例如，在「先買後付」領域，我們看到我們獲得了消費者結帳份額的最高份額，這對我來說是需要重點關注的事情。那麼，從策略上講，有時採取排他性、非排他性等策略也是有意義的。

But also, in addition, I mean we see what's amazing now with Apple Pay for example is that anyone in the US that has any card from any bank can use klana buy now, pay later as an example on any merchant. Without, so I think that's the right way to think about it. Build consumer preference is the key long-term strategic objective. Over to you Niclas.

此外，我的意思是，我們現在看到 Apple Pay 的神奇之處在於，美國任何擁有任何銀行卡的人都可以使用 Klana 的「先買後付」服務在任何商家消費。沒有，所以我認為這才是正確的思考方式。建立消費者偏好是關鍵的長期策略目標。接下來該你了，尼克拉斯。

Yeah, great. Look, reality is if you look into some of the details in the notes, you can see that what you'll see with cost of funds because we modeled it in accordance with the forward views on interest rates, etc. You would expect that to decline in line with forward interest rates, assuming that they are correct, right? And that's really how we model it.

好的，太棒了。實際上，如果你仔細研究一下註釋中的一些細節，你會發現資金成本之所以會這樣，是因為我們根據對利率等的預期進行了建模。假設這些預期是正確的，你會預期資金成本會隨著預期利率的下降而下降，對吧？這就是我們實際的建模方式。

And then like I said, we have a stable outlook with regards to the forward flows that we're doing, so, those are there already practically speaking. So to me that should be support and improvement, over time and depending obviously on the interest rate base that you see, right? So that's simply where I, what I'd say. I think the key thing is also just to note on your comment.

正如我所說，我們對正在進行的未來資金流動有著穩定的展望，所以，實際上這些資金流動已經到位了。所以在我看來，這應該是支持和改進，隨著時間的推移，當然還要取決於你所看到的利率基礎，對吧？這就是我的看法。我認為關鍵還在於注意到你的評論。

With regards to the US, I think it's important to appreciate that it's not really just the fact that we're moving or we're expanding our volume in the US. It's actually we're expanding our volume across the board, right? We have very healthy growth both in Southern Europe but also like I mentioned earlier in our established markets because we are expanding that banking service that we services that we were speaking about.

至於美國市場，我認為重要的是要認識到，這不僅僅是我們在美國的業務拓展或擴大規模的問題。實際上，我們正​​在全面擴大業務規模，對吧？我們在南歐以及我們成熟的市場都實現了非常健康的成長，正如我之前提到的，因為我們正在擴展我們剛才談到的銀行服務。

Excellent, thanks. Guys.

太好了，謝謝。夥計們。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Thank you very much. Appreciate all the commentary here. Wanted to follow-up on a couple of points that were made earlier. I guess on I want to go back to the TMD and that kind of thing. Is there a point, and I recognize that the pace of their financing growth will naturally drive BQs higher, but I'm wondering if you could talk to us about how we should be thinking about a delinquency high water mark where you might, if you got to that, you might feel like you were compelled. Pull back on GMV just helping us bracket how we should think about that, especially as you continue to ramp their financing and some of the other initiatives.

非常感謝。感謝大家的評論。想就之前提出的幾個要點做個補充說明。我想我應該回到TMD之類的領域。我知道，隨著融資成長速度的加快，BQ 值自然會上升，但我想知道，您能否和我們談談，我們應該如何看待違約率的峰值？如果達到那個峰值，您可能會覺得必須採取行動。降低 GMV 指標有助於我們更好地理解這一點，尤其是在你們繼續增加融資力度和其他一些措施的情況下。

I'll let Niclas answer that. Hey James, but again, like I think it's important to remember. Klarna, under the time I've been here has underwritten half a trillion dollars with, record low credit losses for that, right? So we are, we have an extremely strong confidence into our underwriting, into our proprietary models, and so forth, and as we've highlighted here, we see this as predominantly a question about timing and nothing else, and that's the same that we think about here going forward. So yeah, so I think that's a beginning and maybe you want to jump in.

這個問題還是讓尼克拉斯來回答吧。嘿，詹姆斯，但我覺得記住這一點很重要。在我任職期間，Klarna 承銷了 5000 億美元的貸款，並且創下了信貸損失最低的紀錄，對吧？所以，我們對我們的承保、我們的專有模型等等都充滿信心，正如我們在這裡強調的，我們認為這主要是一個時機問題，除此之外別無其他，這也是我們未來繼續思考的問題。所以，我覺得這是一個好的開始，也許你想加入。

Hi James. I think the key thing when you want to think about this is that because we firstly, underwrite relatively low average order values and we do so on very short tenner's, we have the ability to constantly adjust the portfolio, which is what we do.

嗨，詹姆斯。我認為，在考慮這個問題時，關鍵在於，首先，我們承銷的平均訂單價值相對較低，而且我們承銷的訂單金額都很小，只有十英鎊，因此我們有能力不斷調整投資組合，而這正是我們所做的。

So it's not so much a question of like, oh well there's this bar for something, it's more a question of how comfortable do we feel with those continuous cohorts that we're looking at and we're not just looking at cohorts on a quarter or a month or something. We're looking at the cohorts literally on a weekly basis, right, and understanding the performance of that and that's what we've been doing for 20 years.

所以，這並不是說，哦，這裡有一個衡量標準，而是說，我們對正在關注的這些連續群體有多大程度的滿意，而不是僅僅關註一個季度或一個月的群體。我們每週都會查看各個群體的情況，對吧，並且了解他們的表現，而這正是我們20年來一直在做的事情。

That's what we're going to continue to do, right? And so I think, we've evidenced historically you know we've talked about it before with regards to how can we adjust this and what are the impacts of those adjustments as we go along. So that's really how we think about it and obviously we're always trying to keep an eye on that profitability and ensuring that we do this in a balanced fashion, right? And I think we have evidence that we can do so over the last 20 years.

我們會繼續這樣做，對吧？所以我認為，從歷史經驗來看，我們以前也討論過如何調整這一點，以及隨著我們不斷進行調整會產生哪些影響。所以，我們就是這樣考慮的，顯然，我們一直在努力關注盈利能力，並確保我們以平衡的方式進行這項工作，對吧？我認為過去 20 年的經驗表明，我們能夠做到這一點。

Yeah, I think that underwrite primarily to existing customers, keep low average balances per customer again $100 versus $500 on the banking versus like the big banks being at like $5000 on the credit card. So keep like keep low tickets per on average and then have very short duration in general compared to other banks, right? Like they sit with credit card volumes that are commitments for like continuously. We have very short durations and have great abilities to adjust our underwriting to macro economical conditions.

是的，我認為主要面向現有客戶進行承保，保持每個客戶較低的平均餘額，銀行帳戶餘額為 100 美元，而大銀行的信用卡餘額則高達 5000 美元。所以，與其他銀行相比，要保持平均較低的單筆交易量，並且交易持續時間通常要短得多，對吧？就像他們一直持有信用卡，並承擔大量的債務。我們的保險期限很短，並且有能力根據宏觀經濟狀況調整承保策略。

Got it. And then I wanted to follow-up on more of a thematic question. I know most of this conversation today has been around kind of the mechanics here, but any initial take on how unit economics and eugenic e-commerce will evolve for Klarna, especially in in an environment where it seems like some of the labs are charging merchants as much as 4% or more.

知道了。然後，我想就一個更具主題性的問題進行深入探討。我知道今天的大部分討論都圍繞著一些機制展開，但對於 Klarna 的單位經濟效益和優生學電子商務的發展前景，尤其是一些實驗室似乎向商家收取高達 4% 或更高的費用，任何初步的看法都值得探討。

No, I don't think we have a comment on that. I don't I mean again what we've seen is that like we have great distribution and we're growing and we have, we generally still see US as a higher margin opportunity because Europe is used to seeing lower cost of payments and that's where we've been coming competing from so.

不，我認為我們對此無可奉告。我的意思是，我們看到的是，我們擁有強大的分銷網絡，並且正在不斷發展壯大。我們仍然普遍認為美國是一個利潤較高的市場，因為歐洲的支付成本較低，而我們一直以來都是從歐洲市場競爭的。

Thank you, James.

謝謝你，詹姆斯。

Got it. Appreciate it.

知道了。謝謝。

Harry Bartlett, Rothschild & Co Redburn.

哈里·巴特利特，羅斯柴爾德公司雷德伯恩。

Yeah, hi, Sebastian. Hi, Niclas. I just had a question on the GMV guide. I mean, it implies a kind of a minor detail, but I just wanted to touch on your comments around, the US, their financing Klarna Card all kind of coming in above your expectations, and a year-on-year acceleration. So I guess, does that imply that maybe there's, a bit of an offset in some other products or other regions, and maybe you could just give us some color there.

嗨，塞巴斯蒂安。你好，尼克拉斯。我剛剛對GMV指南有個問題。我的意思是，這可能只是一個小細節，但我只是想談談你提到的關於美國、他們的 Klarna 卡融資等方面的表現都超出了你的預期，以及逐年加速增長的情況。所以我想，這是否意味著其他一些產品或其他地區可能存在一些偏差，也許您能給我們一些相關資訊？

Sure, thanks. Hi, Harry. Look, when you look at the '25 versus '26, we are literally growing at the same pace off the back of, a significant amount of volume, right? So ultimately when we look at these guides for 26, like I said before, we are very much focused on ensuring that we get the, continue to grow at those paces across all these markets and I think we're seeing very good growth across all of them.

好的，謝謝。嗨，哈利。你看，對比 2025 年和 2026 年的數據，我們實際上是在大量銷量的基礎上以相同的速度增長，對吧？所以最終，當我們審視這些 26 月的指導方針時，就像我之前說的那樣，我們非常注重確保我們在所有這些市場繼續以這樣的速度成長，我認為我們在所有這些市場都看到了非常好的成長。

Yeah, and I would just add again since we're coming a little bit to the end here, Harry, I think look looking at Klarna, we set out as an ambition to grow a global retail bank and when I look at this quarter I see that we're on a fantastic trajectory towards that you know we have almost 120 million users globally growing at 28%. We have 15 million now banking, growing at over 100%.

是的，哈里，既然我們快要結束了，我想再補充一點。我認為，看看 Klarna，我們最初的目標是發展成為一家全球零售銀行，而當我看到本季度的情況時，我認為我們正朝著這個目標穩步前進，你知道，我們在全球擁有近 1.2 億用戶，增長率達 28%。目前我們有 1500 萬客戶，成長率超過 100%。

We're seeing all the different new revenue lines such as subscriptions, such as the card, and also fair financing growing at a very healthy rate, and I think it's very likely that Klana, if it continues on this trajectory, will become one of the major retail banks in the world.

我們看到各種新的收入來源，例如訂閱服務、信用卡以及公平融資等，都在以非常健康的速度成長。我認為，如果 Klana 繼續保持這種發展勢頭，它很有可能成為世界主要零售銀行之一。

I mean, If you even look at the current card growth rate, and you just say that you extrapolate that forward, you are very soon to be one of the bigger issues of credit cards and cards in the world. So I think that that is, we're very excited about what we're seeing and then we.

我的意思是，即使你只看目前的信用卡成長率，然後假設你把這個成長率推算下去，那麼很快信用卡問題就會變成世界上一個更大的問題。所以我覺得，我們對目前所看到的情況感到非常興奮，然後我們。

Timothy E. Chiodo, UBS.

提摩西·E·奇奧多，瑞銀集團。

Hey Tim.

嘿，提姆。

Great, thanks a lot. I want to thank you. I want to hit one around TAM expansion and the topic of 0% loans to consumers, merchant funded, so the longer-term. You mentioned earlier talking about sort of starting with smaller loans for new customers as you build, I'm assuming in the US market, but as we look at TAM expansion going to higher income consumers, maybe with better credit profiles, it's a bigger topic for your competitor.

太好了，非常感謝。我想感謝你。我想談談 TAM 擴張以及面向消費者的 0% 貸款（由商家提供資金）這個主題，也就是更長期的發展。您之前提到過，在發展過程中，會先向新客戶提供小額貸款，我猜您指的是美國市場。但是，隨著市場規模擴大到更高收入、信用狀況更好的消費者，這對您的競爭對手來說是一個更大的問題。

I was hoping you could just give an update on. Where this sits within your mix of GMV and where it could go in terms of offering longer-term pay later merchant funded loans to consumers and then I have a follow-up on the US business. Alright.

我希望你能提供一下最新進展。這在您的 GMV 組合中處於什麼位置，以及在向消費者提供長期「先付款後付款」的商家融資貸款方面，它可能的發展方向是什麼，然後我還要跟進美國業務。好吧。

Thank you, that is a great question. I do not think it is necessarily a smaller topic with us. We just have a lot of topics to cover. So I think that like from our perspective, our experience from Europe is the Klarna over time becomes an everyday spending partner for every consumer. I mean you have to remember in a lot of our original markets like the German speaking ones or the Nordic speaking ones or the Nordic ones we're seeing like a population penetration of like 70%, 80% or 50%.

謝謝，這是一個很好的問題。我不認為這對我們來說一定是一個小問題。我們有很多話題要說。所以我覺得，從我們的角度來看，根據我們在歐洲的經驗，Klarna 隨著時間的推移會成為每個消費者的日常消費夥伴。我的意思是，你必須記住，在我們許多最初的市場，例如德語市場或北歐市場，我們看到的人口滲透率大約是 70%、80% 或 50%。

So it's really everyone using this product of every background and type and we believe that the same will over time happen in the US as well. And then you will adjust your offering 0% financing for that is a fantastic offering and we see great demand among a global retailers and global brands again because they're looking for that kind of offering across the globe.

所以，現在幾乎所有背景和類型的人都在使用這款產品，我們相信，隨著時間的推移，這種情況也會在美國發生。然後，你們將調整你們的方案，提供 0% 融資，這是一個非常棒的方案，我們看到全球零售商和全球品牌對此需求很大，因為他們在全球範圍內都在尋找這種方案。

They want to work with a provider that can do that with them in all markets. If you're a home electronics or a phone manufacturer or whatever it might be, you find it interesting that you can sign one contract and work with one team and then get this live in more than 20 markets so very much of a big priority for Sykes, who's not here, [Trey], our Chief Commercial Officer, but not necessarily what we covered mostly today on the call. So yes. And the last question, maybe Niclas, I don't know if Tim, you didn't ask me.

他們希望與一家能夠在所有市場與他們合作的供應商攜手共進。如果你是一家家用電子產品或手機製造商，或者其他任何相關企業，你會發現，只需簽署一份合同，與一個團隊合作，就能在 20 多個市場推出這項服務，這非常有趣。這對於今天不在場的 Sykes 和我們的首席商務官 Trey 來說，是一個非常重要的優先事項，但這並不是我們今天電話會議上主要討論的內容。是的。最後一個問題，也許是尼克拉斯，我不知道提姆，你沒問我。

Oh.

哦。

No, you didn't ask the last one, Tim, sorry.

不，提姆，你沒問最後一個問題，抱歉。

That's okay, thanks. Yeah, it was on the US volume growth. If there were any undercurrents that you could talk about, we would have expected a slightly faster growth in the US in Q4 given Q3 had a partial contribution from Walmart and Q4 had a complete or full or close to full contribution from Walmart, and we were just wondering if there were other factors that might have led to that lack of acceleration in US volume.

沒關係，謝謝。是的，這主要與美國銷量成長有關。如果有什麼潛在的因素可以透露的話，我們原本預期第四季度美國市場的成長速度會更快一些，因為第三季沃爾瑪的貢獻是部分，而第四季沃爾瑪的貢獻是全部或接近全部。我們只是想知道是否還有其他因素導致了美國市場銷售成長速度沒有加快。

I must say that I'm happy to hear that you have high expectations on us. Personally, I'm very pleased with the performance in the US, and, but what I do know is that when it comes to all these big strategic partnerships like that, there's always fixing this, fixing that, a little bit extra this and that, and you work on kind of continuously doing that, and that will continue to happen in regards to all these partnerships, both the ones you mentioned, as well as the ones I've been talking about like the stripes of the world and the audience of the world and so forth, so. There is continuous more work getting done there and we're seeing fantastic results.

我很高興聽到你們對我們寄予厚望。就我個人而言，我對在美國的表現非常滿意，但我知道，對於所有這些大型戰略合作夥伴關係，總是有需要改進的地方，需要做一些額外的調整，你需要不斷地進行這些調整，而對於所有這些合作夥伴關係，包括你提到的那些，以及我一直在談論的那些，比如與世界各地的條紋和觀眾等等的合作，這種情況都會繼續發生。那裡正在進行更多的工作，而且我們看到了非常好的成果。

And with that, we conclude the call. Thank you so much, everyone.

通話到此結束。非常感謝大家。

Thanks everybody.

謝謝大家。

Thank you so much.

太感謝了。