Morrow Bank Ab · OMXSTO:MORROW
Morrow Bank Ab — Q2 2026 Earnings Presentation
33 slides from Morrow Bank Ab's earnings presentation, Aug 12, 2026
Slide 1: Q2 2026 Results
morrowbank.com Morrow Bank AB Q2 2026 Results
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: Continued organic earnings growth; MedMera Bank acquisition completed
Continued organic earnings growth; morrowbank.com MedMera Bank acquisition completed ▪ Loan book growth: 19 per cent, year on year, 2 per cent during the quarter 33% ▪ Profit before tax of SEK 100 million, up ~17% vs. Q2 2025 ▪ All conditions were met for the acquisition of MedMera Bank, which will
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 SEK Flexible consumer loans customer average annual income ~600bn market SEK ~160k average loan amount No-fees credit cards ~60% Stockholm (HQ)
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 Leveraging our ”Restart” scalable platform New management team to accelerate ▪ Exited unprofitable products
Slide 6: Delivered strong earnings growth
Delivered strong earnings growth morrowbank.com Earnings-per-share development Indexed (illustration), year-end 2022 to most recent reported figure 3 Morrow 38% CAGR ▪ Loan book up by >100% since 2022 to SEK 18bn 2.5 ▪ Completed four acquisitions since 2024, adding 2 SEK ~14bn to the loan book Peer
Slide 7: Stable macro-outlook across the Nordics
Stable macro-outlook across the Nordics morrowbank.com Real GDP growth (%) Interest rates (%) Unemployment (%) GDP growth Interest rates Unemployment Annual real GDP growth, % Y/Y 3-month rates % of active population 3 NO SE FI 10 10.0 9.7 6 9.5 8.9 9 8.7 8.5 8.0 5 8 4.5 7.7 2.2 4.1 7 2 2.0 2.0 4.0
Slide 8: Acquisition of MedMera Bank AB
morrowbank.com Acquisition of MedMera Bank AB 8
Slide 9: Continued execution of M&A strategy: MedMera Bank acquisition announced in Q1, closed in July
Continued execution of M&A strategy: morrowbank.com MedMera Bank acquisition announced in Q1, closed in July July 2024 August 2024 November 2025 Closed July 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% No
Slide 10: Released capital deployed at attractive returns
Released capital deployed at attractive returns morrowbank.com 2,500 Financing structure, MSEK 2,000 468 ~1,960 ▪ Capital released through Swedish redomiciliation – fast deployment at attractive returns with MedMera 1,500 ~500 ▪ ~1.06x P/B at completion and ~11x 2025 P/E ▪ Acquisition successfully f
Slide 11: Significant medium-term synergies to be realised
Significant medium-term synergies to be realised morrowbank.com Synergies 2028E Multi-brand strategy Gross loans 18.0 12.0 (SEK bn, 2026 H1) improves reach and distribution Cost/income ratio ex one-offs 28% 31% C/I ~20% (2026 H1) OPEX SEK ~150m Reduced risk from diversified Loan loss ratio 3.9% (202
Slide 12: Financial review
morrowbank.com Financial review 12
Slide 13: Solid organic loan growth in Q2
Solid organic loan growth in Q2 morrowbank.com Total gross loans (MSEK) Credit ards oans weden oans inland oans orway , , ▪ Gross loans at SEK 18.0 billion, up 19 per cent year on year (not including MedMera acquisition 1 July) , , – Strong growth in Norway, driven by refinancing product ▪ Solid und
Slide 14: Stable margins – improved risk-adjusted outlook
Stable margins – improved risk-adjusted outlook morrowbank.com Yields, performing loans and funding cost ield performing loans etail deposits (funding) . ▪ Net interest margin (NIM) of 10.3% for performing loans in Q2 . . . – Decrease year-on-year; but up by 0.1 percentage point compared to last qua
Slide 15: Total income growth
Total income growth morrowbank.com Total income (MSEK) et interest in ome ther in ome ▪ Total income of SEK 372 million in Q2, up 13%, driven by higher gross loans, partly offset by lower NIM ▪ Other income of SEK 36 million – SEK 23 million in net gains on certificates, bonds and currency – SEK 13
Slide 16: Slightly higher costs in the quarter due to investments ahead of MedMera Bank acquisition
Slightly higher costs in the quarter due to investments morrowbank.com ahead of MedMera Bank acquisition and integration Cost/income (M ) ne off Cost in ome ratio ( ) ▪ Total operating expenses of SEK 113.2 million – SEK ~10 million one-offs chiefly related to MedMera acquisition ▪ Cost/income ratio
Slide 17: Continued improvement in credit quality
Continued improvement in credit quality morrowbank.com Loan losses oan losses (M ) oan loss ratio ▪ Loan loss ratio at a solid 3.5% in Q2, below the Bank's target amid stable Nordic macro-outlook – Overall lower delinquencies and strong recoveries – Improvement reflects strategic focus on credit qua
Slide 18: Solid earnings growth
Solid earnings growth morrowbank.com Profit (SEK m) rofit after ta rofit before ta eturn on Target uity ( T ) ▪ Profit before tax of SEK 100 million in Q2 – up 17% – SEK 10 million in one-offs in Q1 ▪ Profit after tax of SEK 78 million, corresponding to earnings per share of SEK 0.31 . ▪ ROE at 11.9
Slide 19: Robust capital position supporting acquisition and growth
Robust capital position supporting acquisition and growth morrowbank.com Capital adequacy - CET1 C T headroom C T re uirement ▪ Capital efficiency improved with lower Swedish capital requirements from 2026 – solid headroom to meet CET1 requirement % 6 % ▪ MedMera acquisition closed 1 July: . – NOK 3
Slide 20: Summary and outlook
morrowbank.com Summary and outlook 20
Slide 21: Peer benchmarking
Peer benchmarking morrowbank.com Peer average Loan growth1 23% 12% (CAGR since 2022) Cost/Income ratio2 28% 34% EPS growth1 38% 15% (CAGR since 2022) Price/Book3 1.4 2.0 Price/Earnings3 12 12 Redomiciled to Sweden – ensured level regulatory playing field with peers Based on latest available earnings
Slide 22: Summary
Summary morrowbank.com ▪ Profit before tax of SEK 100 million in the quarter, up 17% y-o-y Strengthened profitability1 ▪ Return on target equity* (ROTE) at 16.3%, up from 12.2% ▪ Earnings per share (EPS) of SEK 0.31, up from SEK 0.27 ▪ Acquisition completed 1 July (1.06x P/B, ~11x P/E – 2025 figures
Slide 23: Q&A
Q&A Ces -d-ce)fs morrowbank.com 23
Slide 24: Appendix
IMORKOW morrowbank.com Appendix
Slide 25: Investment highlights
Investment highlights morrowbank.com Pure-play Nordic consumer finance in a resilient SEK 600 billion market Superior earnings growth, outpacing listed peers Highly scalable platform driving competitive cost efficiency Proven M&A playbook with four completed acquisitions End-2028 ambitions: more tha
Slide 26: Profit and loss
Profit and loss morrowbank.com Amounts in SEK million Q2 2026 YTD 2026 2025 Net interest margin* (%) Interest income 480.7 967.6 0.0 Interest expenses -151.2 -283.9 0.1 Net interest income 335.8 683.8 -0.0 8.5 % 8.4 % 8.4 % 8.1 % 7.8 % Commission income and fees 27.7 51.4 . Commission expenses and f
Slide 27: Balance sheet
Balance sheet morrowbank.com Amounts in SEK million 30 Jun. 2026 31 Dec. 2025 Liquidity and funding Assets Loans and deposits with credit institutions 2,815.2 726.1 740% 686% Net loans to customers 16,373.0 - 613% Certificates and bonds 1,771.0 - 485% Other receivables 21.5 3.3 Deferred tax assets 0
Slide 28: MedMera Bank acquisition - attractive strategic fit
MedMera Bank acquisition - 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 Credi
Slide 29: MedMera Bank has a long-term relationship with one of Sweden's biggest retail brands – Coop
MedMera Bank has a long-term relationship with one of morrowbank.com weden’s biggest retail brands – Coop Exclusive partnership agreement between Large distribution Morrow Bank and channel Coop Established brand within one of weden’s name Membership loans with exclusive right to strongest retail bra
Slide 30: Shareholder overview
Shareholder overview morrowbank.com Largest 10 shareholders Management and members of the Board of Directors Shares Shares Options* # Shareholder % Role Name (thousand) (thousand) (thousand) 1 Kistefos AS 59 017 444 18.7 % CFO Eirik Holtedahl 3,248 2,612 2 Kooperativa Förbundet Ekonomisk Förening 3
Slide 31: Senior Management
Senior 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 fir
Slide 32: Board of Directors
Board of Directors morrowbank.com Julia Ehrhardt | Board member Niklas Midby | Chair of the board Julia has over 20 years of experience in the banking and financial services industry, Niklas Midby has extensive and relevant board experience from Norwegian and with deep expertise in risk management,
Slide 33: morrowbank.com
fvel-d-veifif morrowbank.com