Morrow Bank Ab · OMXSTO:MORROW
Morrow Bank Ab — Q1 2026 Earnings Presentation
36 slides from Morrow Bank Ab's earnings presentation, May 13, 2026
Slide 1: Q1 2026 results
www.morrowbank.com Q1 2026 results Morrow Bank AB
Slide 2: Disclaimer
Disclaimer morrowbank.com This presentation has been prepared solely for information purposes by Morrow Bank AB (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 pe
Slide 3: Delivering on strategic growth ambitions
Delivering on strategic growth ambitions morrowbank.com Reporting first quarter as Morrow Bank AB following redomiciliation to Sweden ▪ Continued strong organic loan growth of 7% in the quarter 33% ▪ Profit before tax of SEK 87 million, up ~10% vs. Q1 2025 BSEK ▪ Nasdaq Stockholm listing completed,
Slide 4: Providing financial flexibility to Nordic consumers
Providing financial flexibility to Nordic consumers morrowbank.com A focused product portfolio… …to creditworthy individuals… …across the Nordics SEK ~600k BSEK Flexible consumer loans customer average annual income ~600 market SEK ~160k average loan amount No-fees credit cards ~60% Stockholm (HQ) h
Slide 5: Successfully combined organic and acquired growth
Successfully combined organic and acquired growth morrowbank.com Strong demand Pandemic and increased New banking platform, Acquisition of across the Nordics regulations increased scalability ”Restart” Leveraging the scalable platform to New management team accelerate growth ▪ Exited unprofitable pr
Slide 6: Delivered strong earnings growth
Delivered strong earnings growth morrowbank.com Earnings-per-share development Indexed (illustration), year-end 2022 to 2025 3 Morrow 42% CAGR ▪ Loan book up by >90% since 2022 to SEK 18bn 2.5 ▪ Completed three portfolio acquisitions since 2024, adding SEK ~3bn to the loan book1 2 ▪ Cost/income rati
Slide 7: Stable macro-outlook across the Nordics
Stable macro-outlook across the Nordics morrowbank.com GDP growth Interest rates Unemployment Annual real GDP growth, % Y/Y 3-month rates National unemployment rates1 4.1% 4.0% 4.0% 3.0% 9.9% 9.7% 8.4% 8.8% 8.6% 8.4% 8.5% 2.3% 7.9% 2.6% 1.9% 2.0% 2.6% 2.0% 2.1% 1.6% 1.6% 1.6% 2.0% 1.9% 1.0% 1.0% 0.6
Slide 8: Acquisition of MedMera Bank AB
Acquisition of MedMera Bank AB 8
Slide 9: Continued execution of M&A strategy, with the acquisition of MedMera Bank announced in Q1
Continued execution of M&A strategy, with the morrowbank.com acquisition of MedMera Bank announced in Q1 July 2024 August 2024 November 2025 Exp. early Q3 2026 SEK ~700m1 SEK ~1.6bn2 SEK ~640m1 SEK ~11.3bn3 Acquisition of MedMera Bank to increase Morrow Bank’s loan portfolio and profits by ~65%. Not
Slide 10: MedMera Bank presents a highly attractive strategic fit
MedMera Bank presents a highly attractive strategic fit morrowbank.com Products & markets Consumer loans ✓ ✓ Credit cards ✓ × Customer segment Near prime Prime Customer profile Average margin loans (performing) ~10% ~6% 3.2% Credit losses 2025A1 4.0% 2025A weighted avg. 2.0% combined credit losses C
Slide 11: Significant medium-term synergies to be realised
Significant medium-term synergies to be realised morrowbank.com Synergies 2028E Total income SEK 1,303 SEK 637m Expected uplift (2025A) OPEX SEK 350m SEK 201m SEK ~150m (2025A) Cost/income ratio 32% ~20% (2025A) 27% Strong operating leverage supports a declining Cost/Income ratio over time Note: Fig
Slide 12: A highly accretive transaction, P/B 1.06x at closing in Q3
A highly accretive transaction, P/B 1.06x at closing in Q3 morrowbank.com >20% 12.6% Return on target equity 2025A 2028E SEK Earnings per share 1.1 2025A 2028E CET1 Total capital ratio Capital optimisation 19.5% 2 ~17% Capital ratio 15.9% ~13% 2025A 2026E Note: Figures are indicative and for informa
Slide 13: Acquisition financing optimised for cost of capital
Acquisition financing optimised for cost of capital morrowbank.com 2,500 Financing structure, MSEK 2,000 ~ 468 1,960 ▪ Financed through utilisation of ~500 excess capital, new shares and bond issuance: 1,500 ▪ New shares to the seller 1,000 ~600 amounting to SEK 392m1 ▪ Raising SEK ~600m in equity ▪
Slide 14: Financial review
Financial review
Slide 15: Strong organic loan growth in the quarter
Strong organic loan growth in the quarter morrowbank.com Total gross loans (MSEK) Credit cards oans Sweden oans inland oans Norway ▪ Gross loans at SEK 18.1 billion, up SEK 1.2 billion , (7%) during the quarter , ▪ Growth supported by strong customer demand and favourable FX movements , , ▪ Consumer
Slide 16: Somewhat softer margins, stable risk-adjusted outlook
Somewhat softer margins, stable risk-adjusted outlook morrowbank.com Yields, performing loans and funding cost ield performing loans etail deposits (funding) . ▪ Net interest margin (NIM) of 10.2% for performing . consumer loans in Q1. Impacted by: . . – Loan growth in Norway, where net yields are l
Slide 17: Total income growth
Total income growth morrowbank.com Total income (MSEK) Net interest income ther income ▪ Total income of SEK 370 million in Q1, up 11%, driven by higher gross loans, partly offset by product mix ▪ Other income of SEK 22 million, – SEK 17.9 million in net gains on certificates, bonds and currency – S
Slide 18: Continued cost discipline with one-off impact in Q1
Continued cost discipline with one-off impact in Q1 morrowbank.com Cost/income (MS ) ne off Cost income ratio ( ) ▪ Total operating expenses of SEK 103.8 million – One-off investments of SEK 13.5 million related to redomiciliation and MedMera acquisition – Negative effect of SEK ~2 million from stre
Slide 19: Credit quality in line with target
Credit quality in line with target morrowbank.com Loan losses oan losses (MN ) oan loss ratio ▪ Loan loss ratio at 4.1% in Q1, in line with the Bank's target amid stable Nordic macro-outlook ▪ NPL sale of SEK ~440 million gross book value in Sweden announced in February and closed in April, reducing
Slide 20: Solid earnings growth
Solid earnings growth morrowbank.com Profit (MSEK) rofit after ta rofit before ta eturn on Target quity ( T ) ▪ Profit before tax of SEK 87 million in Q1 – up 10% – SEK 13.5 million in one-off investments in Q1 ▪ Profit after tax of SEK 67.8 million, corresponding to earnings per share of SEK 0.26 .
Slide 21: Robust capital position supporting acquisition and growth
Robust capital position supporting acquisition and growth morrowbank.com Capital adequacy - CET1 C T headroom C T requirement ▪ Solid headroom to CET1 ratio requirement provides ample opportunities for growth and dividends 6. % ▪ Capital efficiency improves with lower Swedish capital 5.5% requiremen
Slide 22: Summary and outlook
Summary and outlook 22
Slide 23: Peer benchmarking
Peer benchmarking morrowbank.com Peer average Loan Book (SEKbn) 18 47 Loan growth1 (L3Y) 24 % 15 % Cost/Income ratio2 25 % 33 % EPS growth1 (L3Y) 42 % 15 % Price/Book 1.2 1.8 Price/Earnings 12 15 Redomiciled to Sweden – ensured level playing field with peers Based on latest available earnings (unles
Slide 24: Highlights
Highlights morrowbank.com ▪ Redomiciliation and Nasdaq Stockholm listing completed, reducing capital requirements Capital efficiency step-up ▪ Improved capital structure as Swedish bank creating level playing field with peers ▪ Gross loans at SEK 18bn, with 7% quarterly growth and 23% year-on-year S
Slide 25: Q&A
Q&A 25
Slide 26: Appendix
MORROW morrowbank.com APPENDIX
Slide 27: Indicative timetable
Indicative timetable morrowbank.com Announcement AGM Regulatory Expected closing Integration Equity issue 24 March 2026 28 April 2026 approval by SFSA early Q3 2026 H2 2026 Regulatory approval Public announcement Shareholder vote at Completion following Integration of Morrow by the Swedish Before cl
Slide 28: Establishes a long-term relationship with one of Sweden's biggest retail brands – Coop
Establishes a long-term relationship with one of morrowbank.com Sweden’s biggest retail brands – Coop Exclusive partnership agreement between Large distribution Morrow Bank and channel Coop Established brand within one of Sweden’s name Membership loans with exclusive right to strongest retail brands
Slide 29: Profit and loss
Profit and loss morrowbank.com Amounts in SEK million Q1 2026 2025 Net interest margin* (%) Interest income 480.7 0.0 Interest expenses -132.7 0.1 Net interest income 348.0 -0.0 8.5 % 8.4 % 8.4 % 8.0 % 8.1 % Commission income and fees 23.7 . Commission expenses and fees -19.3 . Net commissions and f
Slide 30: Balance sheet
Balance sheet morrowbank.com Amounts in SEK million 31 Mar. 2026 31 Dec. 2025 Liquidity and funding Assets Loans and deposits with credit institutions 1,495.4 726.1 740% 660% 686% Net loans to customers 16,380.5 - 613% Certificates and bonds 3,308.8 - 485% Other receivables 15.6 3.3 Deferred tax ass
Slide 31: Peer benchmarking overview
Peer benchmarking overview morrowbank.com Peers Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 average Loan Book (SEKb) 18 47 139 25 51 9 10 Loan growth1 24 % 15 % 14 % 20 % 6% 23 % 14 % Cost/income ratio2 25 % 33 % 23 % 35 % 33 % 41 % 32 % EPS growth1 42 % 15 % 57 % 28 % 10 % -12 % -6 % Price/book 1.2 1.8 1.8
Slide 32: Illustrative scenario analysis: Organic ambition vs full capital deployment
Illustrative scenario analysis: morrowbank.com Organic ambition vs full capital deployment Scenario A: Scenario B: MSEK Organic ambition All capital reinvested in profitable growth Organic profit after tax 400-500 400-500 Profits from additional growth 0 ~250 Dividends (incl. 10% return p.a.) ~830 0
Slide 33: Shareholder overview
Shareholder overview morrowbank.com Largest 20 shareholders Management and members of the Board of Directors Shares Shares Options* # Shareholder % Verified Role Name (thousand) (thousand) (thousand) 1 Christen Sveaas 55,848 24.1 % 28.04.2026 CFO Eirik Holtedahl 2,657 2,612 2 Alfab Holding AS 10,25
Slide 34: Executive Management
Executive Management morrowbank.com Øyvind Oanes | CEO Wilhelm Thomassen | COO Mr. Oanes joined Morrow Bank as CEO in October 2021. Prior to joining the bank he Mr. Thomassen served as Chief Compliance officer from May 2015 until May 2019, at was a partner at Exton Consulting, a strategy consulting
Slide 35: Board of Directors in Q1-2026
Board of Directors in Q1-2026 morrowbank.com Niklas Midby | Chair of the board Kristian Huseby | Board member Niklas Midby has extensive and relevant board experience from Norwegian and Kristian Huseby is an Investment Director at Kistefos AS, where he has been working Swedish banks, including chair
Slide 36: morrowbank.com
morrowbank.com