Q4 Presentation 2025

https://www.morrowbank.com

Q4 and full-year 2025 results

Morrow Bank AB

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… …to creditworthy individuals… …across the Nordics Guaranteed savings accounts

3 3

Built a scalable banking platform

morrowbank.com

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

"Restart"

17

BSEK

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 5

Profit before tax of NOK 100 million in Q4

morrowbank.com

35%

BSEK

BN1O7K 17.1

25%

loan book

40%

• 31% earnings growth in 2025 enabled by scalable platform

  • Earnings per share of NOK 1.13 in 2025

• Swedish redomiciliation and Nasdaq Stockholm listing completed

• Increased end-2026 loan book target to ~SEK 19 billion (SEK ~18 billion)

• Long-term ambition of ROTE ~20% - continued focus on accretive M&A

Norway Sweden Finland

Note: ROTE = Return on target equity.

1 Adjusted for one-offs related to redomiciliation

2 Adjusted for Swedish capital requirements 4

Positioned to deliver long-term earnings growth

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>10% annual loan growth

Loan balance, BSEK

Increased efficiency

Cost/income ratio

Reduced loan losses

Loan loss ratio

Higher returns

Return on target equity (ROTE)

17%

~23 ~20%

~19

~23%

~22%

~4%

~4%

~17%

End-2028

End-2026

2025

2024

2023

2022

End-2028

End-2026

2025

2024

2023

2022

6

Financial review

Excess capital deployed for value creation

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Total gross loans (MNOK)

18,520

15,329

11,783

9,267

~20,500

• Gross loan balance growth of 21% year-on-year and 7% quarter-on-quarter

  22Q4 23Q4 24Q4 25Q4 26Q4E

  Credit cards Loans Sweden Loans Finland Loans Norway

  • Strong customer demand in Q4, including for new refinancing product in the Norwegian market

  • Acquired SEK ~640 million Swedish performing

    loan portfolio - third acquisition in 15 months

  • Sale of EUR 72 million non-performing loans in Finland

  • Increased end-2026 loan book target to NOK 20.5 billion (SEK ~19 billion from SEK ~18 billion)

  • Continuing to pursue accretive M&A

    Stable net interest margin

    
    
    

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    Yields, performing loans and deposits Deposits Loans and credit cards
    
    

    14.1%

    13.0%

    13.0%

    
    
    

    14.7%

    • 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%

      4.0%

      3.5%

      2.4%

      1.7%

      
      
      

    • Stable net margin outlook

22Q4 23Q4 24Q4 25Q4

Total income growth developing further

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Total income (MNOK)

Net interest income Other income

• 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 set to continue to drive total

  income

  Improved cost/income ratio

  
  
  

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  Cost/income

  OPEX (MNOK) One-off

  Cost/income ratio (%)
  
  

  ~23%

  
  
  

  • 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

    • NOK 8.9 million in redomiciliation related one-offs

  • Further one-off costs related to redomiciliation and Stockholm listing expected in Q1 2026

Improving credit quality

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Loan losses

Loan losses (MNOK)

Loan loss ratio

~4.0%

• 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 provision levels

  - Reduces the bank's NPL exposure risk

• Level expected to be at ~4% going forward, with some fluctuations from quarter to quarter

Delivering superior earnings growth

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

100

• Q4 profit before tax of NOK 100 million, up 19% y-o-y

  84

  ~17%

  51

  7.1%

  -89

  35

  60

  10.6%

  76

  12.6%

  
  
  

• Return on target equity (ROTE) at 12.6% - 15.5% as a Swedish bank1

  • Improved for nine consecutive quarters

• Outlook for increased profitability supported by:

  • Continued loan balance growth at improving cost efficiency

  • Stable risk-adjusted margins

-118 22Q4 23Q4 24Q4 25Q4 26Q4E

The Bank defines target equity as the equity required to meet the regulatory requirements as well as a buffer 13

1) Adjusted for Swedish capital requirements

Strong capital position

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Capital adequacy - CET1

CET1 headroom CET1 requirement

• Headroom to CET1 ratio remains stable, providing ample opportunities for growth and dividends

  20.4%

  19.5%

  • Capital efficiency improves with lower Swedish capital

    requirements

    16.8%

    15.9%

    3.6%

Note: Total effect on available capital from strong growth and FX SEK ~200 14

million in the quarter. See Appendix for total capital situation.

Summary and outlook

*Redomiciling to Sweden ensuring level playing field with peers - ROTE set to increase to 15% in Q1 2026

Based on last available earnings data and share prices 6 February 2026. Peers include Noba Bank, Instabank, TF Bank, Lea Bank, Norion Bank 16

1) CAGR last three years (most recent data), 2) excl. one-offs

Illustrative scenario analysis:

Organic ambition vs full capital deployment

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Scenario A: Organic ambition

MSEK

700 - 800

400 - 500

650 - 750

Net profit increase x P/E multiple 13

SEK >3bn

…in potential additional long-term value

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

Accumulated available capital 2026-2028

2028 profit after tax (organic ambition)

2028 profit after tax with full capital deployment

Highlights

morrowbank.com

• Swedish redomiciliation and Nasdaq Stockholm listing completed

• Capital requirement reduced by 3pp → structurally higher ROTE from 2026

  Growth above target

• Gross loans at SEK 17bn, +21% y-o-y (2x organic target)

• Driven by resilient demand, product expansion and Swedish portfolio acquisition

  Operating leverage delivered

• 2025 profit before tax NOK 369m, +31% y-o-y

• Efficiency improving as the platform scales, supported by stable margins

  2028 Growth ambition with value upside

• Targeting 10% annual loan growth → ROTE of ~20% by end 20281

• Deploying all excess capital to growth → SEK >3 billion additional value creation2

1. Ambition based on current organic business plan and macro-outlook.

Q&A

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APPENDIX

Profit and loss

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Amounts in MNOK Q4 2025 Q4 2024 2025 2024

Net interest margin* (%)

24Q4 25Q1 25Q2 25Q3 25Q4

Earnings per share (NOK)

0.24

0.25

0.28

0.29

0.30

24Q4 25Q1 25Q2 25Q3 25Q4

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

Balance sheet morrowbank.com

Amounts in MNOK 31 Dec. 2025 30 Sep. 2025 31 Dec. 2024

Assets

Loans and deposits with credit institutions 1,024.1 1,274.5 2,084.0

Net loans to customers 16,870.8 15,186.9 13,847.5

Certificates and bonds 2,122.6 2,528.0 2,589.4

Shares in subsidiaries 800.4 0 0

Other intangible assets 69.5 68.7 68.0

Deferred tax assets 0.0 0.0 0.0

Fixed assets 14.5 15.5 18.3

Liquidity and funding

687%

740%

660%

686%

613%

Deposit coverage* (%)

25Q4

Share capital 231.4 231.2 230.0

Share premium reserve 936.9 936.9 936.9

Other paid-in equity 59.2 58.7 56.6

Retained earnings 1,215.0 1,140.5 1,046.0

Additional Tier 1 capital 275.0 275.0 199.6

Total equity 2,717.5 2,642.2 2,469.0

Total equity and liabilities 20,910.4 19,099.1 18,616.9

24Q4 25Q1 25Q2 25Q3 25Q4

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

Shareholder overview

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Largest 20 shareholders Management and members of the Board of Directors

* Total outstanding granted share options

Morrow set for highly competitive earnings growth

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Reported returns, 25Q4

(ROE/ROTE)

Target returns Upside to target Target organic loan growth p.a.

Peer 1

ROTE

23%

~30%

+7%-points

~10%

Peer 2

ROE

16%

~20%

4%-points

8-10%

Peer 3

ROE

13%

>15%

+2%-points

n.a.

Peer 4

ROE

25%

>20%

0%-points

~20%*

Peer 5

ROE

11%

n.a.

n.a.

n.a.

Morrow ROTE 13% ~20% +7%-points >10%

Organic growth on scalable platform underpin 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.

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.

Board of Directors

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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.

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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