J P M O R G A N North America Equity Research 18 August 2026 Klarna 2Q26 First Look – Disappointing Cut to FY Guidance and a Surprising CFO Departure 2Q26 results were generally ahead of expectations and guidance, though investor focus will be on (1) a surprising CFO and CMO transition (effective 2027), (2) cut to FY26 GMV guidance, and (3) a change to Fair Value Accounting (from CECL). We expect shares to trade lower, as C-Suite turnover, accounting changes and the 2H guidance cut throws gas on the fire fo ...