Morrow Bank AB · OMXSTO:MORROW
Morrow Bank AB — Investor Presentation (January 2026)
30 slides from Morrow Bank AB's investor presentation, Jan 9, 2026
Slide 1: Delivering superior earnings growth
morrowbank.com Delivering superior earnings growth Nasdaq Stockholm listing 9 January 2026
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: Today's agenda
Today’s agenda morrowbank.com About Morrow Bank Track-record Outlook CEO Øyvind Oanes CFO Eirik Holtedahl 3
Slide 4: Providing financial flexibility to Nordic consumers
Providing financial flexibility to Nordic consumers morrowbank.com A focused product portfolio… …cost-efficient operations… …in a large, resilient Nordic market Flexible consumer loans ~95% origination through distribution partners BSEK ~600 market No-fees credit cards 98% of applications automated
Slide 5: The typical customer is 30-50 years old, owns a home and earns above average
The typical customer is 30-50 years old, morrowbank.com owns a home and earns above average Male Above average annual income 69% of our loan SEK ~600k customers are men Homeowner Solid payer ✓ Zero payment remarks 59% homeownership ✓ Permanent employment Middle aged Average loan amount 30-40 40-50 5
Slide 6: Track-record
Track-record
Slide 7: The Nordic consumer finance specialist
The Nordic consumer finance specialist morrowbank.com Fully digital bank Developed a highly Diversified Nordic Concluded Strong established in 2014 scalable platform loan portfolio (Q3-25) redomiciliation capitalisation and listed on Oslo positioning the bank SEK 15.6bn across from Norway to and gro
Slide 8: Built a scalable banking platform
Built a scalable banking platform morrowbank.com Strong demand Pandemic and increased New banking platform, across the Nordics regulations increased scalability 15.6 BSEK ”Restart” Q3-2025 ▪ New management team ▪ Exited unprofitable products ▪ Simplified tech platform 3.3 BSEK ▪ Automated processes
Slide 9: Proven playbook for value accretive M&A
Proven playbook for value accretive M&A morrowbank.com July 2024 August 2024 November 2025 SEK ~700 million SEK ~1.6 billion SEK ~640 million Loan portfolios Product fit with Similar customer Size from 0.5- in the Nordics Morrow Bank profile 5.0 BSEK 9
Slide 10: Delivered superior earnings growth since 2022
Delivered superior earnings growth since 2022 morrowbank.com 400% Profit after tax change from Q3 2022 to Q3 2025 300% Doubled loan book, halved cost/income ratio 200% Acquired loan portfolios without adding 55% CAGR cost 100% Delivered high double-digit profit growth, 9% outperforming peers CAGR 0%
Slide 11: Outlook
Outlook
Slide 12: Stable macro-outlook supporting profitable growth
Stable macro-outlook morrowbank.com supporting profitable growth Growing demand for consumer financing nemployment nflation growth driven by increased spending capacity . . . . Improved credit quality driven by stronger debt servicing capacity Expanding net interest margins . . driven by falling dep
Slide 13: Long-term ambitions for growth and returns
Long-term ambitions for growth and returns morrowbank.com >10% annual loan growth Increased efficiency Reduced loan losses Higher returns Loan balance, BSEK Cost/income ratio Loan loss ratio Return on target equity (ROTE) ~23 ~20% ~4.0% ~~22% nd nd nd nd nd nd nd nd 13
Slide 14: Set for highly competitive earnings growth
Set for highly competitive earnings growth morrowbank.com Reported returns, 25Q3 Target organic loan Target returns Upside to target (ROE/ROTE) growth p.a. Morrow ROTE 13% ~20% +7%-points >10% Peer 1 ROTE 28% ~30% +2%-points ~10% Peer 2 ROE 14% >15% +1%-points n.a. Peer 3 ROE 23% >20% 0%-points ~20%
Slide 15: ROE and P/B relation illustrating value creation potential
ROE and P/B relation illustrating morrowbank.com value creation potential 4.0x 3.5x 3.0x Comparable Swedish listed consumer finance banks show a clear ROE driven 2.5x P/B relationship P/B 2.0x Morrow Bank now: 1.6x Morrow Bank’s P/B has re-rated in line 1.5x with recent ROE improvement 1.0x Achievin
Slide 16: Excess capital providing headroom for acquisitions – and upside to ambitions
Excess capital providing headroom for acquisitions morrowbank.com – and upside to ambitions Potential end-2028 impact from deploying SEK 1bn more Illustrative Lower capital requirements in Sweden set to unlock growing excess capital Upside Morrow Bank’s ambition: deploy capital to profitable organic
Slide 17: Investment highlights
Investment highlights morrowbank.com Pure-play Nordic consumer finance Highly scalable banking platform Delivered superior earnings growth Targeting 10% annual growth and 20% ROTE Structural value creation upsides 17
Slide 18: Appendix
APPENDIX
Slide 19: 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 5 9 8 4 2 7 6 3 5 4 2 1 3 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, ▪ Inflation lev
Slide 20: Accelerating value creation
Accelerating value creation morrowbank.com Mid-term Mid-term Achieved growth target ROTE target Organic performance consistently at or above targets >50% 2022 10-15% by 2024 Accelerated value creation through SEK ~3bn portfolio acquisitions and redomiciliation 2023 ~10% CAGR 10-12% 3x mid-term targe
Slide 21: Outlook overview
Outlook overview morrowbank.com End-2028 Q3 2025 End-2026 target ambition Loan balance NOK 17.1bn NOK ~19bn SEK ~23bn Increasing automation, deploying capital growth 10% 5-10% >10% for growth Cost/income 24.7% ~23% ~22% Tech platform built for scaling without ratio adding costs Loan loss ratio 3.9%
Slide 22: Value creation through growth
Value creation through growth morrowbank.com Total gross loans (BNOK) Total income (MNOK) ~24 27% CAGR last three years – 21% organic gross loan growth ~19 . Ambition: >10% annualised loan growth . towards end-2028 354 Ambition supported by . ▪ Strong demand ▪ Better processes . ▪ Lower capital requ
Slide 23: Leveraging a scalable platform
Leveraging a scalable platform morrowbank.com Cost/income O (MNO ) One offs Cost in ome ratio ( ) Doubled loan book without increasing FTEs and opex Streamlined operations ▪ Built scalable tech platform ▪ Exited unprofitable products ▪ Right-sized organisation ~23% ~22% Continuous improvements ▪ Sha
Slide 24: Improving risk management
Improving risk management morrowbank.com Loan losses (MNOK) and loan loss ratio Strengthened credit risk processes 166 167 164 ▪ More data ▪ Better models ▪ Better score cards Improved debt recovery leading to fewer defaults and enhanced debt collection 4-4.5% ~4% Supported by stable Nordic macroeco
Slide 25: Driving profitability
Driving profitability morrowbank.com Profit (MNOK) rofit after ta rofit before ta Return on Target uity (ROT ) Accelerated organic growth + scalable platform = efficiency gains 95 ~20% ~17% Stable to improving risk-adjusted margins 72 supported by positive macro-outlook Structural opportunities prov
Slide 26: 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 27: 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 28: 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 29: Board of Directors
Board of Directors 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 chairman of the
Slide 30: Shareholder overview
Shareholder overview morrowbank.com Largest 20 shareholders Management and members of the Board of Directors Shares Shares Options* # Shareholder % Role Name (thousand) (thousand) (thousand) 1 Kistefos AS 48,287 20.9 % CFO Eirik Holtedahl 2,657 1,072 2 DNB Bank ASA 26,251 11.3 % COO Wilhelm B. Thom