Morrow Bank presentation - January 2026

morrowbank.com

Delivering superior earnings growth

Nasdaq Stockholm listing

9 January 2026

Today's agenda

morrowbank.com

About Morrow Bank Track-record Outlook

CEO Øyvind Oanes CFO Eirik Holtedahl

3

Providing financial flexibility to Nordic consumers

morrowbank.com

BSEK

~600

market

Oslo

Stockholm (HQ)

22 million inhabitants

Flexible consumer loans

No-fees credit cards

A focused product portfolio… …cost-efficient operations… …in a large, resilient Nordic market Guaranteed savings accounts

4

The typical customer is 30-50 years old,

owns a home and earns above average morrowbank.com

Male 69% of our loan customers are men Homeowner 59% homeownership Above average annual income SEK ~600k Solid payer

• Zero payment remarks

• Permanent employment

Middle aged 30-40 40-50 50-60 >60

Average loan amount SEK ~160k

Source: Company data 2025

5

Track-record

The Nordic consumer finance specialist morrowbank.com

Fully digital bank established in 2014

and listed on Oslo Stock Exchange in 2017

Developed a highly scalable platform

positioning the bank for significant further value creation

Diversified Nordic loan portfolio (Q3-25)

SEK 15.6bn across Finland (45%),

Sweden (34%),

Norway (21%)

Concluded redomiciliation

from Norway to Sweden, ensuring level playing field with Nordic peers

Strong capitalisation

and growing excess capital following the redomiciliation

Industry consolidator with superior earnings growth - listed on Nasdaq Stockholm 9 January 2026

7

Built a scalable banking platform

morrowbank.com

Strong demand across the Nordics Pandemic and increased regulations New banking platform, increased scalability

"Restart"

15.6

BSEK

Q3-2025

3.3 BSEK

gross loans

• New management team

• Exited unprofitable products

• Simplified tech platform

• Automated processes

• Streamlined organisation

2017 2018 2019 2020 2021 2022 2023 2024 2025

Note: Morrow Bank has increased market share from ~1.5% in 2022 to ~3% in 2025 8

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 in the Nordics

Product fit with Morrow Bank

Similar customer profile

Size from 0.5-

5.0 BSEK

9

Delivered superior earnings growth since 2022

morrowbank.com

400%

Profit after tax change from Q3 2022 to Q3 2025

55%

CAGR

9%

CAGR

300%

200%

100%

0%

Doubled loan book, halved cost/income ratio

Acquired loan portfolios without adding cost

Delivered high double-digit profit growth,

outperforming peers

Q3 2023 Q3 2024

-100%

22Q3 25Q3

Morrow Bank Peers

Note: Peers include Noba Bank, Instabank, TF Bank, Lea Bank, Norion Bank, Resurs Bank. 10

Outlook

Stable macro-outlook

supporting profitable growth morrowbank.com

Growing demand for consumer financing

driven by increased spending capacity

Unemployment Inflation GDP growth

7.6%

6.9%

7.3%

7.0%

Improved credit quality

driven by stronger debt servicing capacity

Expanding net interest margins

driven by falling deposit rates (SEK & EUR)

2.5%

Source, Nordic macro: Focus Economics. Note: Average for Norway, Sweden and Finland. 12

morrowbank.com

~20%

13

End-2028

Higher returns

Return on target equity (ROTE)

End-2026

2025

2024

2023

2022

~4.0%

End-2028

Reduced loan losses

Loan loss ratio

End-2026

Long-term ambitions for growth and returns

2025

2024

2023

2022

~ 22%

~22%

End-2028

Increased efficiency

Cost/income ratio

End-2026

2025

2024

2023

2022

~23

End-2028

>10% annual loan growth

Loan balance, BSEK

End-2026

2025

2024

2023

2022

Set for highly competitive earnings growth

morrowbank.com

Target organic loan growth p.a.

>10%

~10%

n.a.

~20%* 8-10%

n.a.

Organic growth underpin attractive earnings uplift and ROE improvement

Note: Swedish listed peers with comparable business models, including NOBA Bank, Norion Bank, TF Bank, Enity and Lea Bank. Return on Equity (ROTE/adj. ROTE) figures and targets from peer company sources.

* Based on H2 2027 target, organic/inorganic growth is not specified. 14

ROE and P/B relation illustrating value creation potential

morrowbank.com

4.0x

3.5x

3.0x

2.5x

Comparable Swedish listed consumer finance banks show a clear ROE driven P/B relationship

P/B

2.0x

1.5x

1.0x

0.5x

Morrow Bank now:

1.6x

Morrow Bank end-2023

Morrow Bank's P/B has re-rated in line with recent ROE improvement

Achieving ROE targets implies significant value creation potential

0.0x

30%

0% 5% 10% 15% 20% 25%

ROE

Note: Regression based on Morrow Bank and Swedish listed peers' (dark blue dots) last reported ROE and

market cap as per 6 Jan 2026. R2 = 0.9. 15

Excess capital providing headroom for acquisitions

- and upside to ambitions

morrowbank.com

Lower capital requirements in Sweden set to unlock growing excess capital

Morrow Bank's ambition: deploy capital to profitable organic growth and accretive M&A

Example: deploying additional SEK 1bn from excess capital and future retained earnings, could drive ROTE to 23%

Potential end-2028 impact from deploying SEK 1bn more

Illustrative

28

23%

5

23

20%

Upside

Organic end-2028 ambition

Loan balance, BSEK ROTE, %

16

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

APPENDIX

Macro outlook: Attractive risk/reward in the Nordics

morrowbank.com

GDP growth (%) Unemployment (%) Inflation (%)

3 10

9

8

2 7

6

5

4

1 3

2

1

0 0

NO SE FI 5

4

3

2

1

0

2024 2025 2026

2024 2025 2026

2024 2025 2026

• GDP growth to support demand for consumer loans

• Unemployment outlook remains stable, limiting credit risk

• Inflation levels normalising, lower interest rates reduces funding cost and improves customer disposable income

Underpinned by robust economic policy frameworks and strong public finances

Source: Focus Economics 01/2026. GDP = Real Gross Domestic Product.. 19

Accelerating value creation

morrowbank.com

Mid-term growth target

2022 >50%

by 2024

Mid-term ROTE target

10-15%

Achieved

Organic performance consistently

at or above targets

Accelerated value creation through SEK ~3bn portfolio acquisitions and redomiciliation

2023 ~10% CAGR 10-12%

3x mid-term target increases 2022-2025

2024 5-10% CAGR 12-14% 2025 >10% CAGR ~17%

20

Outlook overview

morrowbank.com

Increasing automation, deploying capital for growth

Tech platform built for scaling without adding costs

More data, better models and processes

Improving profitability, structural upside

21

Value creation through growth

morrowbank.com

Total gross loans (BNOK)

Total income (MNOK)

~24

27% CAGR last three years - 21% organic gross loan growth

189

8.5

11.3

15.5

354

17.1

~19

Ambition: >10% annualised loan growth towards end-2028

Ambition supported by

• Strong demand
• Better processes
• Lower capital requirements
• Higher capital generation

Further upside in inorganic opportunities

22Q3 23Q3 24Q3 25Q3 26Q4E 28Q4E

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Leveraging a scalable platform morrowbank.com

Cost/income

OPEX (MNOK) One-offs Cost/income 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

  • Share of fully automated loans up 2x to

    ~60% in 3Q25 vs Q2

  • AI-driven automation enabling further cost-efficiency gains

    Note: C/I 25Q3 ex. one-offs. 23

    
    
    

    Improving risk management morrowbank.com

    Loan losses (MNOK) and loan loss ratio

    166 167 164

    Strengthened credit risk processes

• 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 macroeconomic outlook

Note: Increase in loan losses and ratio from 2022 to 2023 impacted by accelerated loan growth

and macro. 24

Driving profitability morrowbank.com

Profit (MNOK) Profit after tax Profit before tax Return on Target Equity (ROTE)*

95

95 ~20%

Accelerated organic growth + scalable platform = efficiency gains Stable to improving risk-adjusted margins

72

48

10%

~17%

13%

supported by positive macro-outlook

Structural opportunities providing upside beyond 2028 growth and ROTE ambitions

73

7%

36

22 54

4%

18

22Q3 23Q3 24Q3 25Q3 26Q4E 28Q4E

*The Bank defines target equity as the equity required to meet the regulatory requirements as

well as buffer 25

Profit and loss

morrowbank.com

Amounts in MNOK Q3 2025 Q2 2025 2024 2023

Net interest margin* (%)

24Q3 24Q4 25Q1 25Q2 25Q3

Earnings per share (NOK)

0.21

0.24

0.25

0.28

0.29

24Q3 24Q4 25Q1 25Q2 25Q3

* Net interest margin (NIM) = 4 * (Net interest income / Average interest-bearing assets excl. certificates and bonds).

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Balance sheet morrowbank.com

Amounts in MNOK

Assets

30 Sep.

2025

30 Jun.

2025

31 Dec.

2024

31 Dec.

2023

Liquidity and funding

687%

740%

660%

686%

528%

128%

136%

131%

128%

126%

24Q3 24Q4 25Q1 25Q2 25Q3

Liquidity coverage ratio (LCR) Net stable funding ratio (NSFR)

Deposit coverage* (%)

24Q3 24Q4 25Q1 25Q2 25Q3

* Deposit coverage = Deposits from and debt to customers / gross loans to customers

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Executive Management morrowbank.com

Øyvind Oanes | CEO

Mr. Oanes joined Morrow Bank as CEO in October 2021. Prior to joining the bank he was a partner at Exton Consulting, a strategy consulting firm specializing in banking. Mr. Oanes has held the positions of Group CEO of 4finance, CEO of Swiss fintech Numbrs and CEO of Raiffeisen's multi-country digital bank ZUNO. He was a Managing Director at Austria´s Bawag Group and spent several years working for GE Capital. In addition, he has experience from various board positions in Austria, Switzerland and Norway. Mr. Oanes holds a bachelor degree in business administration from BI Norwegian Business School and a master degree in marketing from the University of Paisley (UK).

Eirik Holtedahl | CFO

Mr. Holtedahl holds the position as CFO and Deputy CEO. Previous to this, he held the position as Director of Credit Cards. From June 2021 until Mr. Øyvind Oanes took over in October 2021, Mr. Holtedahl also held the position as the interim CEO. Previous positions include Co-Founder, CFO and Deputy CEO in Advanzia Bank, Luxembourg, Co-Founder and VP of Treasury in Bankia Bank ASA and Deputy Director General in the Norwegian Ministry of Finance. Mr. Holtedahl holds a Bachelor of Commerce, Economics and Accountancy from Concordia University (Canada) and an MSc. studies in Economics from the University of Oslo.

Martin Valland | CTO

Mr. Valland was appointed interim Chief Technology Officer in March 2022. Mr. Valland has a comprehensive background in the financial services industry. Previous experience includes co-founder and CTO of Monobank/BRAbank and Chief Software Architect at Skandiabanken/Sbanken. He holds an MSc in Computer Science from NTNU.

Wilhelm Thomassen | COO

Mr. Thomassen served as Chief Compliance officer from May 2015 until May 2019, at which time he was made Director of Legal and HR. He also served as a board member from December 2012 to May 2015. Previous positions include Director Lean & Business Development at Statoil Fuel and Retail and Department Director of Cards at Santander Consumer Bank. Mr. Thomassen holds a master's degree in European Business from Royal Holloway University of London and an Executive MBA from the Norwegian School of Economics.

Annika Ramstedt | CCRO

Ms. Ramstedt has been with Morrow Bank since early 2017. Before being appointed Director Credit Risk and Collections in June 2019, she worked for a period as Project Director followed by Director Loans Sweden & Finland. Ms. Ramstedt has an extensive background in the Consumer Finance sector in roles such as Head of Personal Loans in Bluestep and Head of Credit Risk Sweden at EnterCard. She holds a BA in Statistics from the University of Stockholm.

Tony Rogne | CCO

Mr. Rogne started in Morrow Bank in December 2023. Previous to this he was the Nordic Head of Consumer lending in Santander Consumer Bank. Mr. Rogne has an extensive background within the fields of Consumer loans, Credit cards, Sales Finance, Auto loans and deposits, as well as Sales and Marketing. Roles held in Santander Consumer bank includes, Sales & Marketing Director for Norway, Head of Product management and other commercial positions within Sales management. Mr. Rogne holds a Master of Marketing management from BI Norwegian Business School.

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Board of Directors

morrowbank.com

Niklas Midby | Chair of the board

Niklas Midby has extensive and relevant board experience from Norwegian and Swedish banks, including chairman of the board of Norwegian Sbanken ASA in the period 2015-2022, chairman of Skandiabanken in Sweden 2011-2016 and board member of OMX Nasdaq in Sweden, in addition to a number of current and previous board positions. He holds a graduate degree in Finance from the Stockholm School of Economics.

Anna-Karin Celsing | Board member

Anna-Karin Celsing has extensive experience as a board member and chair within banking, finance, real estate, and investment activities. She has board experience from serving as a board member and chair of the audit committee at Landshypotek Bank, as vice chair of the board at Lannebo Fonder, one of Sweden's largest independent fund management companies, from 2011 to 2024, and as a board member at Carnegie Investment Bank. From 2008 to 2020, she was a board member (chair from 2014) at SVT.

Carl-Åke Nilson | Board member

Carl-Åke Nilson has extensive experience in credit assessment across several Swedish financial institutions, including as Co-founder and Risk/Collection Manager at SevenDay Finans AB from 2007 to 2017 before the company was acquired by BNP Paribas. He subsequently served as Nordic CRO at BNP Paribas Consumer Finance from 2017 to 2021. Nilson has been engaged as a consultant and advisor by companies such as Qliro and Facit Bank, and has board experience from Credon AB and the Swedish Credit Association (2015-2017).

Kristian Huseby | Board member

Kristian Huseby is an Investment Director at Kistefos AS, where he has been working since 2014. He has broad experience within the financial sector working as an active owner representative and board member in a broad range of industries from banking & finance, to software, shipping and aquaculture. Prior to Kistefos he worked for Deloitte Financial Advisory. Huseby holds a Master of Science in Financial Economics from the Norwegian School of Economics and Business Administration and a Bachelor of Science in Economics and Business Administration from the Norwegian School of Economics and Business Administration.

Julia Ehrhardt | Board member

Julia has over 20 years of experience in the banking and financial services industry, with deep expertise in risk management, treasury, investor relations, finance, and start-ups. Most recently, Ehrhardt was at Gilion, where she served as CFO from inception. She has extensive experience in scaling financial operations, strategic financial management, and working closely with investors and regulators. Ehrhardt currently serves as a Board Member of Enity Holding AB and Enity Bank Group AB, as well as a Board Member of Ework Group AB. She is also the Founder and Chair of the Board of Make Up My Mind AB. Ehrhardt holds a degree in Engineering Physics from the Royal Institute of Technology (KTH) in Stockholm.

29

Shareholder overview

morrowbank.com

Largest 20 shareholders Management and members of the Board of Directors

* Total outstanding granted share options

Updated as of 6 January 2026 30