Morrow Bank Ab · OMXSTO:MORROW
Morrow Bank Ab — Q4 2025 Earnings Presentation
27 slides from Morrow Bank Ab's earnings presentation, Feb 12, 2026
Slide 1: Q4 and full-year 2025 results
www.morrowbank.com Q4 and full-year 2025 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: 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 SEK ~600k BSEK customer average annual income ~600 market SEK ~160k average loan amount No-fees credit cards ~60% homeownership Os
Slide 4: 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 17 BSEK ”Restart” New management team ▪ Exited unprofitable products ▪ Simplified tech platform 3.3 BSEK ▪ Automated processes gross loans
Slide 5: Profit before tax of NOK 100 million in Q4
Profit before tax of NOK 100 million in Q4 morrowbank.com ▪ 31% earnings growth in 2025 enabled by scalable platform 35% ▪ Earnings per share of NOK 1.13 in 2025 BSEK BNOK ▪ Swedish redomiciliation and Nasdaq Stockholm listing completed 17 17.1 25% loan book ▪ Increased end-2026 loan book target to
Slide 6: Positioned to deliver long-term earnings growth
Positioned to deliver long-term earnings growth 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% ~17% ~19 ~4% ~4% ~23% ~22% nd nd nd nd 6
Slide 7: Financial review
Financial review
Slide 8: Excess capital deployed for value creation
Excess capital deployed for value creation morrowbank.com Total gross loans (MNOK) ~20,500 ▪ Gross loan balance growth of 21% year-on-year , and 7% quarter-on-quarter , ▪ Strong customer demand in Q4, including for new refinancing product in the Norwegian market , ▪ Acquired SEK ~640 million Swedish
Slide 9: Stable net interest margin
Stable net interest margin morrowbank.com Yields, performing loans and deposits eposits oans and redit ards . . . . ▪ Net loan-deposit margin of 10.6% in Q4, unchanged compared to the previous quarter ▪ Margins maintained year-on-year, as yield on deposits went from 3.5% to 2.4% . ▪ Stable net margi
Slide 10: Total income growth developing further
Total income growth developing further morrowbank.com Total income (MNOK) et interest in ome ther in ome ▪ All-time-high total income of NOK 378 million in Q4, up 7% compared to same period last year, mainly driven by organic growth ▪ Portfolio acquisition effective in December ▪ Loan book growth se
Slide 11: Improved cost/income ratio
Improved cost/income ratio morrowbank.com Cost/income (M ) ne off Cost in ome ratio ( ) ▪ Highly competitive OPEX compared to loan balance size ▪ Cost/income ratio at 25% excl. one-offs, down from 26% in Q4 2024 ▪ 27% incl. one-offs ~23% ▪ NOK 8.9 million in redomiciliation related one-offs ▪ Furthe
Slide 12: Improving credit quality
Improving credit quality morrowbank.com Loan losses oan losses (M ) oan loss ratio ▪ Loan loss ratio significantly improved y-o-y ▪ Decrease driven by improved credit risk management and maturing loan portfolio ▪ P&L neutral sale of Finnish non-performing loans (closed in October) confirming provisi
Slide 13: Delivering superior earnings growth
Delivering superior earnings growth morrowbank.com Profit (MNOK) rofit after tax rofit before tax Return on Target uity (R T ) ▪ Q4 profit before tax of NOK 100 million, up 19% y-o-y ▪ Return on target equity (ROTE) at 12.6% – 15.5% ~17% as a Swedish bank1 . . ▪ Improved for nine consecutive quarter
Slide 14: Strong capital position
Strong capital position morrowbank.com Capital adequacy - CET1 C T headroom C T re uirement ▪ Solid headroom to CET1 ratio requirement, providing ample opportunities for growth and dividends ▪ Capital efficiency improves with lower Swedish capital requirements ▪ Available capital post redomiciliatio
Slide 15: Summary and outlook
Summary and outlook
Slide 16: Morrow vs. peers: Superior scalability
Morrow vs. peers: Superior scalability morrowbank.com Peers average Loan growth1 24% 15% + 9pp Cost/income ratio2 25% 32% - 7pp ROE 12% (15%*) 14% -3 pp Price/book 1.5 2.0 - 25% Price/earnings 13 14 - 8% *Redomiciling to Sweden ensuring level playing field with peers – ROTE set to increase to 15% in
Slide 17: Illustrative scenario analysis: Organic ambition vs full capital deployment
Illustrative scenario analysis: morrowbank.com Organic ambition vs full capital deployment Scenario A: Organic ambition Scenario B: All capital reinvested in profitable growth MSEK MSEK 650 - 750 700 - 800 Net profit increase x P/E multiple 13 400 - 500 ~250 SEK >3bn …in potential additional long-te
Slide 18: Highlights
Highlights morrowbank.com ▪ Swedish redomiciliation and Nasdaq Stockholm listing completed Capital efficiency step-up ▪ Capital re uirement redu ed by pp → stru turally higher R T from ▪ Gross loans at SEK 17bn, +21% y-o-y (2x organic target) Growth above target ▪ Driven by resilient demand, product
Slide 19: Q&A
Q&A
Slide 20: Appendix
MORROW morrowbank.com APPENDIX
Slide 21: Profit and loss
Profit and loss morrowbank.com Amounts in MNOK Q4 2025 Q4 2024 2025 2024 Net interest margin* (%) Interest income 480.1 493.8 1,832.5 1,762.7 Interest expenses -119.6 -159.2 -489.7 -552.2 Net interest income 360.6 334.7 1,342.8 1,210.5 8.7 % 8.5 % 8.4 % 8.4 % 8.0 % Commission income and fees 21.4 17
Slide 22: Balance sheet
Balance sheet morrowbank.com 31 Dec. 2025 30 Sep. 2025 31 Dec. 2024 Amounts in MNOK Liquidity and funding Assets 740% Loans and deposits with credit institutions 1,024.1 1,274.5 2,084.0 687% 660% 686% 613% Net loans to customers 16,870.8 15,186.9 13,847.5 Certificates and bonds 2,122.6 2,528.0 2,589
Slide 23: 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 % 28.01.2026 CFO Eirik Holtedahl 2,657 1,072 2 Kvantia AS (Andenæsgru
Slide 24: Morrow set for highly competitive earnings growth
Morrow set for highly competitive earnings growth morrowbank.com Reported returns, 25Q4 Target organic loan Target returns Upside to target (ROE/ROTE) growth p.a. Morrow ROTE 13% ~20% +7%-points >10% Peer 1 ROTE 23% ~30% +7%-points ~10% Peer 2 ROE 16% ~20% 4%-points 8-10% Peer 3 ROE 13% >15% +2%-poi
Slide 25: 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 26: 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 27: morrowbank.com
morrowbank.com