Klarna Group plc (KLAR) Presents at Goldman Sachs Communacopia + Technology Conference 2026 Transcript

Okay. We are going to get started with the next session. Up next, I'm very pleased to have Sebastian Siemiatkowski here, Co-Founder and CEO of Klarna. Sebastian, thank you for coming out all the way to the West Coast. I know it's very far from where you live, and we're very pleased to have you. Thank you for having me. It's great to be here. So we're about at the 1-year mark from the IPO. It's been a very eventful year. A number of different moving pieces in the business between the ramp in Fair Financing, the launch of card products around the world, the PSP default rollouts and a lot of education for the new investor base along the way. As you look back on the first year as a public company, what has played out as you expected? And then where has reality been different from the plan? And where are you focused on executing over the next year? Sure. Well, look, I think, first, if we take the bigger perspective, long-term perspective, we have 3 segments of payments or spending that we offer services towards the consumer. It's everyday spend, kind of low average tickets. It is the mid-ticket segment, which would be fashion, cosmetics, beauty, et cetera. And then there's been high ticket, which is financing. And just as it has been before the IPO, it has continued to be after the IPO, which was that in every market we enter, the mid-ticket is our entry strategy because it grows frequency, brand awareness, brand preference. And we can train our credit underwriting models based on issuing small amounts of $100 on average, which lets us understand