Morrow Bank Ab · OMXSTO:MORROW
Morrow Bank Ab — Merger or Acquisition (March 2026)
17 slides from Morrow Bank Ab's merger presentation, Mar 24, 2026
Slide 1: Creating a leader in Nordic consumer finance and accelerating profitability
morrowbank.com Creating a leader in Nordic consumer finance and accelerating profitability Announcement Presentation 24 March 2026
Slide 2: Disclaimer
Disclaimer This presentation (the “Presentation”) has been prepared solely for informational purposes. You should not rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction or otherwise. This Presentat
Slide 3: Today's agenda
Today’s agenda morrowbank.com Introducing the acquisition MedMera Bank at a glance Gaining scale through M&A Indicative timetable CEO Øyvind Oanes CFO Eirik Holtedahl Transaction highlights 3
Slide 4: Introducing the acquisition of MedMera Bank
Introducing the acquisition of MedMera Bank Transaction Acquisition of 100% of the shares in MedMera Bank, a Swedish consumer finance niche bank SEK 1,960m for 100% of the share capital Estimated total consideration at closing • Equivalent to a P/B multiple at closing of the transaction of ~1.06x an
Slide 5: MedMera Bank at a glance
MedMera Bank at a glance Introduction Geographical presence Key metrics 100% Swedish customers • MedMera Bank, founded in 2007, is a Swedish consumer finance niche bank, with a loan 11.3bn 10.7bn 1,715m book amounting to SEK 11.3bn Loan book Deposits Total equity • Offering unsecured private loans a
Slide 6: Gaining scale through M&A
Gaining scale through M&A July 2024 August 2024 November 2025 Exp. early Q3 2026 SEK ~700m1 SEK ~1.6bn2 SEK ~640m2 SEK ~11.3bn3 80.0 Gross loans to customers Deposits from and debt to customers Profit before tax4 80.0 1400.0 70.0 70.0 60.0 2025A, SEKbn 2025A, SEKbn 1200.0 2025A, SEKm 60.0 ~65% ~70%
Slide 7: Indicative timetable
Indicative timetable Public Regulatory AGM Early Q3 2026 Integration announcement approval by Equity issue 28 April 2026 expected closing H2 2026 24 March 2026 SFSA Regulatory approval Public announcement Shareholder vote at Completion following Integration of Morrow by the Swedish Before closing of
Slide 8: A transformational step for Morrow Bank
A transformational step for Morrow Bank 1 Gaining scale through M&A 2 Solidifying Morrow Bank’s Swedish presence 3 Excellent strategic fit with Morrow Bank’s pure-play Nordic consumer finance focus 4 Establishes a long-term relationship with one of Sweden’s biggest retail brands – Coop 5 Significant
Slide 9: Transaction highlights
Transaction highlights 9
Slide 10: Solidifying Morrow Bank's Swedish presence
Solidifying Morrow Bank’s Swedish presence Announcement of Morrow Bank’s Sweden ~25% Sweden ~35% Listing on Nasdaq Stockholm1, acquisition of MedMera Bank, of gross consumer loans of gross consumer loans HQ moved to Stockholm, Sweden Sweden ~60% of gross consumer loans December 2023 December 2024 Ja
Slide 11: Excellent strategic fit with MedMera Bank's pure-play Nordic consumer finance focus
Excellent strategic fit with MedMera Bank’s pure-play Nordic consumer finance focus Products Consumer loans ✓ ✓ Morrow Bank and MedMera Bank × offer complementary products to their customers Credit cards ✓ 3.2% Credit profile Credit losses 2025A1 4.0% 2025A weighted avg. 2.0% combined credit losses
Slide 12: Establishes a long-term relationship with one of Sweden's biggest retail brands – Coop
Establishes a long-term relationship with one of Sweden’s biggest retail brands – Coop Exclusive partnership agreement between Unique distribution Morrow Bank and channel Coop Established brand within one of Sweden’s name Membership loans with exclusive right to strongest retail brands use Coop’s ch
Slide 13: Significant synergies to be realised post acquisition
Significant synergies to be realised post acquisition Synergies SEK 1,303 SEK 637m Expected long-term Total income 2025A 2025A uplift SEK 350m SEK 201m SEK ~150m OPEX 2025A (at fully realised synergies) 2025A 27% 32% ~20% C/I ratio (at fully realised synergies) 2025A 2025A Strong operating leverage
Slide 14: Creating tangible value for Morrow Bank's shareholders
Creating tangible value for Morrow Bank’s shareholders >20% 12.6% Return on target equity 2025A 2028E SEK per share 1.03 Earnings per share 2025A 2028E SEK per share 0.37 Dividends 1 2025A Long term dividends CET1 Total capital ratio Capital optimisation 19.5% ~17% Capital ratio 15.9% ~13% 2 2025A 2
Slide 15: Acquisition financing
Acquisition financing 250% 200% % of Commentary 150% purchase 20% 80% price 1,568 80% 1,960 • Acquisition primarily Transaction 100% structure, financed through SEKm 50% equity, bonds, existing 392 20% funds and share issue 0% to both the share- 3,500 Shares issued to seller 1 Cash Purchase price ho
Slide 16: Strong shareholder support
Strong shareholder support Shareholder commitments Strong shareholder support from SEKm existing investors 1,000 Commitment of SEK 410m from ,900 existing investors, including current ,800 largest shareholder Kistefos AS ,700 ,600 ~600 ,500 Commitment of SEK 50m from 60 410 Belair AS ,400 50 ,300 30
Slide 17: Concluding remarks
Concluding remarks Strong strategic fit solidifying Morrow Bank’s Acquisition of MedMera Bank creates tangible position within Nordic consumer finance value for Morrow Bank’s shareholders Significant synergies through In line with Morrow economies of scale, leading to cost Bank’s financial targets s