Q1 Presentation 2026

https://www.morrowbank.com

Q1 2026 results

Morrow Bank AB

Delivering on strategic growth ambitions

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33%

27%

BSEK

18

loan book

39%

Reporting first quarter as Morrow Bank AB following redomiciliation to Sweden

• Continued strong organic loan growth of 7% in the quarter

• Profit before tax of SEK 87 million, up ~10% vs. Q1 2025

• Nasdaq Stockholm listing completed, strengthening access to the Nordic's

  largest capital market

• Announced transformative acquisition of MedMera Bank, increasing loan book by ~65%, to be financed through excess capital, new shares and bonds

  Loan loss ratio

  4.1%

  vs. 4.3% in Q1 2025

• Raised medium-term ambition, with a path to more than doubling EPS by 2028

  Loan book growth

  23%

  year-on-year

1 Adjusted for one-offs related to redomiciliation

Pro forma figures prior to Q1 2026, with figures based on the former entity, Morrow Bank ASA, converted from NOK to SEK using the average exchange rates for the relevant periods published by the Riksbank

Norway Sweden Finland

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Providing financial flexibility to Nordic consumers

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BSEK

~600

market

Oslo

Stockholm (HQ)

22 million inhabitants

Flexible consumer loans

No-fees credit cards

A focused product portfolio… …to creditworthy individuals… …across the Nordics Guaranteed savings accounts

4

Successfully combined organic and acquired growth morrowbank.com

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

Gross loans

"Restart"

New management team

2022 2023 2024 2025

2022 2023 2024 2025

Source: Bloomberg EPS, adj. Peers include Noba Bank, Instabank, Avarda Bank, Lea Bank, Norion Bank, Lea Bank 2025 figure converted to using a rate of NOK/SEK 0.9137

as of 31 December 2025, for comparability purposes. 1) C/I ratio adjusted for one-offs. 6

Stable macro-outlook across the Nordics morrowbank.com

Annual real GDP growth, % Y/Y 3-month rates National unemployment rates1

1.9%

3.0%

2.3%

2.0%

2.6%

2.6%

4.0%

8.4%

9.7% 9.9%

4.1%

8.8% 8.5%

8.6%

7.9%

1.0%

0.6%

0.4%

1.6% 1.6% 1.6%

1.0%

0.0%

2.0% 2.1%

2.0% 1.9%

2.0% 2.1% 2.1% 2.1%

2024A 2025E 2026E 2027E

Jan 26 Dec 26 Dec 27

2024A 2025E 2026E 2027E

Sweden Norway Finland

Sweden Norway Euro area

Sweden Norway Finland

~2% GDP growth expected in 2027, with stable 3-month rates and unemployment

Note: 1) Sweden: AKU unemployment rate, Norway: registered unemployment rate.

Source: Nordea Economic Outlook, published 21 January 2026. 7

Acquisition of MedMera Bank AB

8

Continued execution of M&A strategy, with the acquisition of MedMera Bank announced in Q1

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July 2024 SEK ~700m1

August 2024 SEK ~1.6bn2

November 2025 SEK ~640m1

Exp. early Q3 2026 SEK ~11.3bn3

Acquisition of MedMera Bank to increase Morrow Bank's loan portfolio and profits by ~65%.

Note: Figures are indicative and for information purposes only. Conversion rate NOK/SEK 0.9137 as of 31 December 2025. 1) Total Swedish performing loan portfolio. 2) Total

Swedish consumer loan portfolio. 3) Gross consumer loan portfolio 2025. Source: Company information, Financial reports. 9

MedMera Bank presents a highly attractive strategic fit

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Consumer loans ✓ ✓

Credit cards ✓ ×

Customer segment

Average margin loans (performing)

Near prime Prime

~10% ~6%

Credit losses 2025A1

Average loan amount2

4.0% SEK ~160k

2.0% SEK ~172k3

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Note: 1) Gross credit losses. 2) Average gross loan amount. 3) Calculated as total loan book (gross) divided with total number of loans per 31 December 2025.

Source: Company information, Financial reports.

Significant medium-term synergies to be realised

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Synergies

2028E

Expected uplift

SEK 1,303 SEK 637m

SEK ~150m

SEK 350m SEK 201m

27%

32%

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Note: Figures are indicative, assumes fully realised synergies and for information purposes only. Conversion rate NOK/SEK 0.9137 as of 31 December 2025.

Source: Company information, Financial reports.

A highly accretive transaction, P/B 1.06x at closing in Q3

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>20%

12.6%

2025A 2028E

SEK

1.1

2025A 2028E

CET1 Total capital ratio

19.5%

Capital optimisation

2

~17%

2025A 2026E

Note: Figures are indicative and for information purposes only. Conversion rate NOK/SEK 0.9137 as of 31 December 2025. 1) The transaction is valued at SEK 1,960m for 100% of the share capital, equivalent to a P/B multiple at

closing of the transaction of ~1.06x and a P/E multiple for 2025 earnings (pre synergies) of ~11x. 2) Illustrative post equity and debt financing. 12

Source: Company information, Financial reports.

Acquisition financing optimised for cost of capital

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Financing structure, MSEK

~ 468 1,960

392

~600

~500

• Financed through utilisation of excess capital, new shares and bond issuance:

• New shares to the seller

  amounting to SEK 392m1

• Raising SEK ~600m in equity

• Raising SEK ~500m in debt

Shares issued to seller Equity Bonds

Morrow Bank existing funds

Total funding

Mimir existing funds

Note: Figures are indicative and for information purposes only. 1) Issuance of 32,780,579 new shares to the seller. Based on 11.9583 SEK per share, calculated as weighted

volume average price between 10th of March 2026 and 23rd of March 2026 for Morrow Bank. 13

Financial review

Strong organic loan growth in the quarter

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Total gross loans (MSEK)

Credit cards Loans Sweden Loans Finland Loans Norway

18,080

• Gross loans at SEK 18.1 billion, up SEK 1.2 billion (7%) during the quarter

  10,740

  12,061

  14,667

  • Growth supported by strong customer demand and

    15%

    24%

    26%

    38%

    31%

favourable FX movements

23Q1 24Q1 25Q1 26Q1

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Total income growth

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Total income (MSEK)

Net interest income Other 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

  • SEK 4.5 million in net commissions and fees

    Pro forma figures prior to Q1 2026, with figures based on the former entity, Morrow Bank ASA, converted from NOK to SEK using the average exchange rates for the relevant periods published by the Riksbank 17

    
    
    
    
    

    Continued cost discipline with one-off impact in Q1

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    Cost/income OPEX (MSEK) One-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 strengthening NOK during quarter

  • One-offs related to acquisition expected also in coming quarters

• Cost/income ratio at 24.8% excl. one-offs, demonstrating underlying cost discipline

  • Scalable platform continues to absorb growth

• Combined cost/income ratio expected to reach

  ~20% at fully realised synergies

  Pro forma figures prior to Q1 2026, with figures based on the former entity, Morrow Bank ASA, converted from NOK to SEK using the average exchange rates for the relevant periods published by the Riksbank 18

  * Excluding one-offs

  
  
  
  
  

  Credit quality in line with target

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  Loan losses

  Loan losses (MNOK)

  Loan 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 NPL exposure risk and affecting pre-tax profitability positively

• Combined weighted average credit loss ratio with MedMera to improve, driven by lower risk customers

Pro forma figures prior to Q1 2026, with figures based on the former entity, Morrow Bank ASA, converted from NOK to SEK using the average exchange rates for the relevant periods published by the Riksbank 19

Solid earnings growth

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

80

54

57

41

7.6%

43

8.4%

60

10.7%

68

13.9%

87

• 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

• ROE at 10.7%; ROTE at 13.9% in the quarter

• Outlook for medium- to long-term earnings growth

  supported MedMera acquisition:

  • EPS expected to more than double by 2028 vs 2025

  • Combined ROTE target above 20% by 2028

    23Q1 24Q1 25Q1 26Q1

    Pro forma figures prior to Q1 2026, with figures based on the former entity, Morrow Bank ASA, converted from NOK to SEK using the average exchange rates for the relevant periods published by the Riksbank 20

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

    
    
    
    
    

    Robust capital position supporting acquisition and growth

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    Capital adequacy - CET1 CET1 headroom CET1 requirement ▪ Solid headroom to CET1 ratio requirement provides ample opportunities for growth and dividends
    
    

    16.8%

    15.5%

    • Capital efficiency improves with lower Swedish capital requirements

      11.4%

      9.8%

      5.7%

25Q1 26Q1

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Summary and outlook

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Peer benchmarking

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Redomiciled to Sweden - ensured level playing field with peers

Based on latest available earnings (unless otherwise stated) and share prices 07 May 2026. Peers include Instabank, Noba Bank, Avarda Bank, Lea Bank, Norion Bank 23

1) CAGR 2022-2025 sourced from Bloomberg' EPS adj., 2) excl. one-offs

Highlights

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Q&A

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APPENDIX

Indicative timetable

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Announcement

24 March 2026

AGM

28 April 2026

Public announcement of the acquisition

Shareholder vote at annual general meeting

Regulatory approval by the Swedish Financial Supervisory Authority

Before closing of acquisition

Completion following regulatory approval and equity issue

Integration of Morrow Bank and MedMera Bank expected in

H2 2026

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Establishes a long-term relationship with one of

Sweden's biggest retail brands - Coop

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Exclusive partnership agreement between Morrow Bank and Coop

with exclusive right to use Coop's channels for distribution of Morrow Bank products

Large distribution channel

within one of Sweden's strongest retail brands with over 4 million Coop members, likely representing near all households in Sweden

4m members

Established brand name

creates a quality stamp and customer loyalty, together driving demand and pricing power

Membership loans

offered at discount to attract a large pool of potential customers

Proprietary membership database

enables targeted offerings and improved credit and marketing decisions

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Profit and loss

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Net interest margin* (%)

25Q1 25Q2 25Q3 25Q4 26Q1

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

Earnings per share (NOK, SEK from 26Q1)

0.35

0.30

0.25

0.20

0.15

0.10

0.05

0.00

25Q1 25Q2 25Q3 25Q4 26Q1

Pro forma figures prior to Q1 2026, with figures based on the former entity, Morrow Bank

ASA, converted from NOK to SEK using the average exchange rates for the relevant 29

periods published by the Riksbank

Balance sheet morrowbank.com

Amounts in SEK million 31 Mar. 2026 31 Dec. 2025

Liquidity and funding

660%

686%

740%

123%

121%

25Q1 25Q2 25Q3 25Q4 25Q1

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

Deposit coverage* (%)

25Q1 25Q2 25Q3 25Q4 26Q1

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

Pro forma figures prior to Q1 2026, with figures based on the former entity, Morrow Bank ASA,

converted from NOK to SEK using the closing balance exchange rates for the relevant periods 30

published by the Riksbank

Peer benchmarking overview

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Based on latest available earnings (unless otherwise stated) and share prices 07 May 2026. Peers include Instabank, Noba Bank, Avarda Bank, Lea Bank, Norion Bank 31

1) CAGR 2022-2025 sourced from Bloomberg' EPS adj., 2) excl. one-offs

Illustrative scenario analysis:

Organic ambition vs full capital deployment

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Morrow Bank is committed to allocate capital where it can generate the highest long-term shareholder return

Note: Available capital defined as excess capital at the beginning of 2026 plus excess capital generated in 2026, 2027 and 2028 less capital required for growth. The announced MedMera transaction will be financed with SEK 468 32

million of the excess capital, meaning the Bank is moving in the direction of scenario B. Scenario A dividends assumed reinvested at 10% p.a. (approximate long-run equity market return), distributed evenly over 2026-2028.

Shareholder overview

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Largest 20 shareholders Management and members of the Board of Directors

* Total outstanding granted share options

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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 in Q1-2026

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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.

Mr Huseby has been succeeded by Mr. Nishant Fafalia as of the Annual General meeting on 28 April 2026.

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.

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