Burden below the line

Healthy path — burden light  Below-line funding cost and credit losses drain slowly while top-line growth runs ahead. Improving delinquencies, low average balances and growing transaction margin dollars keep the adjusted guide intact — net can stay negative and stable.

Klarna balance-sheet BNPL economics: adjusted line vs the funding-cost and credit-loss burden below it Deposits + debt bank funding Fair Financing US installment loans Take-rate + network fee business revenue inflow interest + fees adjusted op income grows fast ↑ adjusted line below the line funding cost credit losses other non-adjusted net 0 net income − Adjusted guide holds top line up, burden light Adjusted margin breaks costs outrun GMV