Heartland & affiliates report 7.86% passive stake in Klarna

Rhea-AI Filing Summary

Heartland A/S, Aktieselskabet af 20.3.2020, and Anders Holch Povlsen disclosed a passive stake in Klarna Group plc via a Schedule 13G. The group reports beneficial ownership of 29,652,586 Ordinary Shares, representing 7.86% of the class.

The ownership percentage is calculated using 377,489,269 Ordinary Shares outstanding as of November 4, 2025, as provided by the issuer. The filing shows 0 shares with sole voting or dispositive power and 29,652,586 with shared voting and shared dispositive power. The securities are directly held by Aktieselskabet af 20.3.2020, and Heartland A/S and Mr. Povlsen may be deemed to share voting and dispositive control. The event date triggering the filing is September 30, 2025.

Insights

Equity ownership analyst

Passive 7.86% Klarna stake with shared control disclosure.

The filing indicates a Schedule 13G, typically used for passive ownership, covering 29,652,586 Ordinary Shares of Klarna Group plc. The reported position equals 7.86% of the class, calculated from 377,489,269 shares outstanding as of November 4, 2025.

Control rights are limited to shared voting and dispositive power over the same 29,652,586 shares, with zero sole voting or dispositive power. The securities are directly held by Aktieselskabet af 20.3.2020, with Heartland A/S and Anders Holch Povlsen potentially deemed to share control.

This is an ownership transparency event rather than a transaction. Any future changes would be reflected in subsequent beneficial ownership filings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Klarna Group plc

(Name of Issuer)

Ordinary Shares

(Title of Class of Securities)

G5279N105

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G5279N105

1

Names of Reporting Persons

Heartland A/S

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DENMARK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 29,652,586.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 29,652,586.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

29,652,586.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.86 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Row 6, 8 and 9: This Schedule 13G is filed by Heartland A/S, Aktieselskabet af 20.3.2020 and Anders Holch (together, the "Reporting Persons"). The securities reported in this Schedule 13G are directly held by Aktieselskabet af 20.3.2020. Heartland A/S and Mr. Povlsen may be deemed to have voting and dispositive power with respect to the securities. Row 11: The reported percentage is calculated based on 377,489,269 Ordinary Shares outstanding as of November 4, 2025, based on information provided by the Issuer.

SCHEDULE 13G

CUSIP No. G5279N105

1

Names of Reporting Persons

Aktieselskabet af 20.3.2020

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DENMARK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 29,652,586.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 29,652,586.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

29,652,586.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.86 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: Row 6, 8 and 9: This Schedule 13G is filed by the Reporting Persons. The securities reported in this Schedule 13G are directly held by Aktieselskabet af 20.3.2020. Heartland A/S and Mr. Povlsen may be deemed to have voting and dispositive power with respect to the securities. Row 11: The reported percentage is calculated based on 377,489,269 Ordinary Shares outstanding as of November 4, 2025, based on information provided by the Issuer.

SCHEDULE 13G

CUSIP No. G5279N105

1

Names of Reporting Persons

Anders Holch Povlsen

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DENMARK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 29,652,586.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 29,652,586.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

29,652,586.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.86 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Row 6, 8 and 9: This Schedule 13G is filed by the Reporting Persons. The securities reported in this Schedule 13G are directly held by Aktieselskabet af 20.3.2020. Heartland A/S and Mr. Povlsen may be deemed to have voting and dispositive power with respect to the securities. Row 11: The reported percentage is calculated based on 377,489,269 Ordinary Shares outstanding as of November 4, 2025, based on information provided by the Issuer.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Klarna Group plc
(b)	Address of issuer's principal executive offices: 10 York Road, London, United Kingdom, SE1 7ND
Item 2.
(a)	Name of person filing: Heartland A/S Aktieselskabet af 20.3.2020 Anders Holch Povlsen
(b)	Address or principal business office or, if none, residence: The address of the principal business office of the Reporting Persons is Store Torv 1 3, Aarhus C, 8000, Denmark.
(c)	Citizenship: The citizenship of each of the Reporting Persons is Denmark.
(d)	Title of class of securities: Ordinary Shares
(e)	CUSIP No.: G5279N105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Row 9 of the cover page for each Reporting Person.
(b)	Percent of class: See Row 11 of the cover page for each Reporting Person.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Row 5 of the cover page for each Reporting Person.
	(ii) Shared power to vote or to direct the vote: See Row 6 of the cover page for each Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: See Row 7 of the cover page for each Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: See Row 8 of the cover page for each Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Heartland A/S

Signature:	/s/ Lise Kaae
Name/Title:	Lise Kaae/Chief Executive Officer and Managing Director
Date:	11/14/2025

Aktieselskabet af 20.3.2020

Signature:	/s/ Lise Kaae
Name/Title:	Lise Kaae/Chairman of the Board of Directors
Date:	11/14/2025

Anders Holch Povlsen

Signature:	/s/ Anders Holch Povlsen
Name/Title:	Anders Holch Povlsen
Date:	11/14/2025

Exhibit Information

Exhibit 99.1 - RULE 13d-1(k)(1) AGREEMENT

FAQ

What stake in Klarna (KLAR) did Heartland disclose?

They reported beneficial ownership of 29,652,586 Ordinary Shares, equal to 7.86% of the class.

How was the 7.86% ownership in KLAR calculated?

It is based on 377,489,269 Ordinary Shares outstanding as of November 4, 2025, per the issuer.

Who are the reporting persons in the Klarna 13G?

Heartland A/S, Aktieselskabet af 20.3.2020, and Anders Holch Povlsen.

Do the reporting persons have sole or shared voting power over KLAR shares?

They report 0 sole voting/dispositive power and 29,652,586 shared voting/dispositive power.

Which entity directly holds the KLAR shares?

The securities are directly held by Aktieselskabet af 20.3.2020.

What is the event date for the KLAR Schedule 13G?

The date of the event requiring the filing is September 30, 2025.

What is the CUSIP for Klarna’s Ordinary Shares?

The CUSIP is G5279N105.