Morrow Bank Ab · OMXSTO:MORROW
Morrow Bank Ab — Q3 2025 Earnings Presentation
25 slides from Morrow Bank Ab's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 results
www.morrowbank.com Q3 2025 results Morrow Bank ASA
Slide 2: Disclaimer
Disclaimer morrowbank.com This presentation has been prepared solely for information purposes by Morrow Bank ASA (the “Company”, the “Bank” or “Morrow Bank”). This presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ("relevant p
Slide 3: Providing financial flexibility to Nordic consumers
Providing financial flexibility to Nordic consumers morrowbank.com A focused product portfolio… …to creditworthy individuals… …across the Nordics Flexible consumer loans NOK ~600k BNOK customer average annual income ~600 market NOK ~160k average loan amount No-fees credit cards ~60% homeownership ✓
Slide 4: Strong loan demand and profits up 32%
Strong loan demand and profits up 32% morrowbank.com ▪ Q3 profits before tax of NOK 95 million, up 32% vs Q3 2024 34% ▪ Strong loan demand and successful product launch in Norway BNOK BNOK ▪ Lower loan losses and underlying cost/income – stable net interest margin 17.1 17.1 loan book ▪ Growth ambiti
Slide 5: Built the most scalable banking platform in the Nordics
Built the most scalable banking platform in the Nordics morrowbank.com Loan balance Cost/income ratio Loan loss ratio Return on target equity BNOK % % % oan loss ratio ( ) Repositioned Morrow Bank to deliver long-term earnings growth 5
Slide 6: Outperforming peers on growth and efficiency
Outperforming peers on growth and efficiency morrowbank.com Growth last three years1 Cost/income ratio2 Return on equity (ROE) Annualised per 25Q3 25Q3 25Q3 27% 23% * 25% 26% * 25% 15% * ~15% as Swedish bank 23% 30% 14% 19% 30% 12% 14% 38% 12% 6% 42% 11% 3% 60% 6% Morrow Bank Targeting long-term ROT
Slide 7: Morrow becoming a Swedish bank
Morrow becoming a Swedish bank morrowbank.com Q1-Q3 2024 Q4 2024 2025 From 2026 Establishment of Swedish Assessment of potential Start of Swedish banking legal entity (AB) Q2: SFSA decision redomiciliation options operation Niklas Midby, former chair of Sbanken, Banking license granted 1 April Evalu
Slide 8: Financial review
Financial review
Slide 9: Building scale by accelerated growth
Building scale by accelerated growth morrowbank.com Total gross loans (MNOK) ~19,000 , , , , , ▪ Strong loan demand in Q3 and successful product launches: NOK 1 billion (6%) loan balance increase – Including refinancing product in the Norwegian market ▪ Gross loan balance growth of 10% year-on-year
Slide 10: Stable net interest margin
Stable net interest margin morrowbank.com Yields, performing loans and deposits eposits oans and redit ards . . . . . ▪ Net loan-deposit margin stable at 10.9% in Q3 ▪ Margins improved/maintained year-on-year, as yield on deposits going from 3.7% to 2.5% ▪ Stable net margin outlook . . . . . Loans a
Slide 11: Total income growth developing further
Total income growth developing further morrowbank.com Total income (MNOK) ▪ Total income growth of 10% in Q3 compared to same period last year driven by organic growth ▪ Loan book growth in Q3 to drive total income further up from Q4 11
Slide 12: Lower underlying cost base
Lower underlying cost base morrowbank.com Cost/income (M ) ne off Cost in ome ratio ( ) ▪ Stable underlying OPEX despite continued loan growth ▪ Cost/income ratio at 24.7% excl. one-offs ▪ MNOK 7.7 in redomiciliation related one-offs ▪ C/I of 26.9% incl. one-offs ~23% ▪ Further costs related to redo
Slide 13: Clearly improving credit quality in Q3
Clearly improving credit quality in Q3 morrowbank.com Loan losses ▪ Decrease in loan losses driven by improved credit risk management and maturing loan portfolio ▪ Overall loan loss ratio declined in the quarter to 3.9% (Q3 2024: 4.8%) – now at lower end of guiding range 4.0-4.5% ▪ Sale of Finnish n
Slide 14: Profitability increasing
Profitability increasing morrowbank.com Profit (MNOK) rofit after tax rofit before tax eturn on Target uity ( T ) 95 91 ▪ Profit before tax increased by 32% to NOK 95.2 ~17% million in Q3 ▪ Return on target equity (ROTE) at 13.1% – . improved for eight consecutive quarters . . . . ▪ Outlook for incr
Slide 15: Strong balance sheet – room for growth and dividends
Strong balance sheet – room for growth and dividends morrowbank.com Capital adequacy - CET1 C T headroom C T re uirement ▪ CET1 ratio declining y-o-y due to growth and dividends, but requirements dropping further, . hence headroom is more than doubling. – Headroom to CET1 requirement/target of NOK 6
Slide 16: Summary and outlook
Summary and outlook
Slide 17: New long-term ambitions – accelerating growth and lifting returns
New long-term ambitions – accelerating growth morrowbank.com and lifting returns >10% annual loan growth Increased efficiency Reduced loan losses Higher returns BNOK Cost/income ratio Loan loss ratio Return on target equity (ROTE) ~24 ~20% ~4.0% ~~22% nd nd nd nd 17
Slide 18: Highlights
Highlights morrowbank.com ▪ Gross loans at NOK 17.1 billion, up 10% from Q3 2024 and 6% from Q2 2025 Accelerating organic loan growth ▪ Driven by successful product launch in Norway and strong customer demand ▪ Stable underlying OPEX despite continued loan growth Scalable platform driving profitabil
Slide 19: Strategy update 11 November 2025 @ 15.00 CET
Strategy update 11 November 2025 @ 15.00 CET morrowbank.com Digital presentation 19
Slide 20: Q&A
Q&A
Slide 21: Appendix
MORROW morrowbank.com APPENDIX
Slide 22: Profit and loss
Profit and loss morrowbank.com Amounts in MNOK Q3 2025 Q2 2025 2024 2023 Net interest margin* (%) Interest income 452.6 449.7 1,762.7 1,380.0 Interest expenses -116.8 -119.0 -552.2 -359.8 Net interest income 335.8 330.7 1,210.5 1,020.2 8.5 % 8.7 % 8.5 % 8.4 % 8.0 % Commission income and fees 19.4 17
Slide 23: Balance sheet
Balance sheet morrowbank.com 30 Sep. 30 Jun. 31 Dec. 31 Dec. Amounts in MNOK 2025 2025 2024 2023 Liquidity and funding Assets Loans and deposits with credit 740% 1,274.5 1,369.6 2,084.0 1,530.0 687% 660% 686% institutions Net loans to customers 15,186.9 14,275.9 13,847.5 11,076.0 528% Certificates a
Slide 24: Shareholder overview
Shareholder overview morrowbank.com Largest 20 shareholders Management and members of the Board of Directors Shares Shares Share options* Warrants # Shareholder % Role Name (thousand) (thousand) (thousand) (thousand) 1 Kistefos AS 48,287 20.9 % CFO Eirik Holtedahl 2,657 272 800 2 Alfab Holding AS 1
Slide 25: Macro outlook: Attractive risk/reward in the Nordics
Macro outlook: Attractive risk/reward in the Nordics morrowbank.com GDP growth (%) Unemployment (%) Inflation (%) 3 10 NO SE FI 10 9 9 8 8 7 7 2 6 6 5 5 4 4 1 3 3 2 2 1 1 0 0 0 2024 2025 2026 2024 2025 2026 2024 2025 2026 ▪ GDP growth to support demand for ▪ Unemployment outlook remains stable, ▪ In