Roadshow presentation – April 2026

morrowbank.com

Roadshow presentation

Morrow Bank April 2026

Today's agenda

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About Morrow Bank Acquisition of MedMera Appendix

• Appendix A: MedMera transaction details

• Appendix B: Supplemental company information

• Appendix C: Reported financials

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… …to creditworthy individuals… …across the Nordics

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

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 loan portfolio (Q4-25)

SEK 16.9bn of loans in Finland (37%),

Sweden (35%),

Norway (21%), and Credit cards1 (7%), and adding 11.3 SEKbn in loans through MedMera Bank

Concluded redomiciliation

from Norway to Sweden, with listing on Nasdaq Stockholm in 2026, ensuring level playing field with Nordic peers

Strong capitalisation

deploying excess capital into value accretive acquisitions

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

Note: Conversion rate NOK/SEK 0.9137 as of 31 December 2025. Loan portfolio implies gross loans to customers. 1) Includes credit card business in Sweden, Norway and

Finland. 6

Delivered strong earnings growth morrowbank.com

250%

200%

150%

100%

50%

0%

-50%

Change in profit after tax from 2023 to 2025

40%

CAGR

18%

CAGR

2023

2025

Morrow Bank Peers Peers Average

• Loan book growing from 11.8 NOKbn in gross lending in Q4 2023 to 18.5 NOKbn in Q4 2025

• 4 acquisitions with a total loan book of 14.2 SEKbn since 20241 with demonstrating high scalability

  • 3 loan portfolios acquired

  • 1 (ongoing) acquisition

• Cost/income ratio down from 30.4% in 2023 to 24.5% in 20252

• Delivered strong earnings growth

• Acquisition of MedMera Bank in 2026

  Note: Peers include Noba Bank, Instabank, TF Bank, Lea Bank, Norion Bank, Resurs Bank. Lea Bank 2025 figure converted to using a rate of NOK/SEK 0.9137 as of 31

  December 2025, for comparability reasons. 1) Including the ongoing acquisition of MedMera Bank (11.3 SEKbn in gross consumer loan portfolio as of 2025), expected closing 7

  in early Q3 2026. 2) C/I ratio adjusted for one-offs.

  
  
  

  Snapshot of Morrow Bank today

  
  
  

  morrowbank.com

• 31% earnings growth in 2025 enabled by scalable platform

• Earnings per share of SEK 1.03 in 2025 (SEK 0.75 20241)

• Swedish redomiciliation and Nasdaq Stockholm listing completed in Jan 2026

• Acquisition of MedMera Bank announced in March 2026 (11.3 SEKbn2 in 2025)

• Long-term ambition of ROTE >20%

• Profit before tax 2025: SEK 337m

  Gross loans 2025

  1.2

  3.5

  6.3

  SEK 16.9bn

  5.9

  Key ratios 2025 Finland Sweden Norway Credit cards
  
  

  Loan book growth

  21%

  year-on-year

Note: Gross loans implies gross loans to customers. ROTE = Return on target equity. Conversion rate NOK/SEK 0.9137 as of 31 December 2025. 1) Using conversion rate

NOK/SEK 0.9137. 2) Gross loan book. 3) Adjusted for one offs related to redomiciliation. 4) Adjusted for Swedish capital requirements. 8

Macroeconomic snapshot in Morrow´s markets morrowbank.com

Real GDP, % Y/Y

3-months rate, % Y/Y

Unemployment rate, %

Annual real GDP growth 3-months rate National unemployment rate1

1.9%

2.3%

4.1%

4.0%

2.1%

2.6%

8.4%

8.4%

8.8% 8.5%

2.0%

7.9%

1.0%

0.6%

1.6% 1.6% 1.6%

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

9

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

Source: Nordea Economic Outlook, published 21 January 2026.

Acquisition of

Successfully coupled organic and acquired growth morrowbank.com

Strong demand across the Nordics

Pandemic and increased regulations

New banking platform, increased scalability

"Restart"

Gross loans (NOKbn), quarterly

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.

  Source: Company information. 10

  
  
  

  Acquisition of MedMera

  
  
  

  Introducing the acquisition of MedMera Bank

  morrowbank.com

  Transaction Acquisition of 100% of the shares in MedMera Bank, a Swedish consumer finance niche bank

  Estimated total consideration at closing

  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 ~11x1

Structure

Sources of funds

1. Issuance of 32,780,579 new shares to the seller amounting to SEK 392m2

2. Equity issue of SEK ~600m

3. Issuance of AT1 and T2 bonds amounting to SEK ~500m

4. Existing excess capital ~468m Uses of funds

1. Cash consideration SEK 1,568m

2. Issuance of new shares to the seller amounting to SEK 392m2

Timetable Closing expected in early Q3 2026

Note: 1) Calculated as MedMera Bank AB's profit before tax for 2025 of SEK 221m less standard Swedish corporate tax rate of 20.6%. 2) Based on 11.9583 SEK per share, 12

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

MedMera Bank at a glance

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Introduction

• MedMera Bank, founded in 2007, is a Swedish

  Geographical presence

  100% Swedish customers

  Key metrics

  consumer finance niche bank, with a loan book amounting to SEK 11.3bn

• Offering unsecured private loans and savings accounts

  • Unsecured private loans with average loan value of SEK ~171,700

  • Saving accounts with deposit guarantees and fixed or variable interest rates

SEK

11.3bn

Total loan book

Portfolio size

(2025)

11.3bn

Loan book (SEK)

5.6%

10.7bn

Deposits (SEK)

1,715m

Total equity (SEK)

31.5%

• MedMera Bank has ~65,700 unsecured private loans and ~72,200 savings accounts as of December 2025

• MedMera Bank is a fully owned subsidiary to Kooperativa Förbundet (KF), a federation of 24 consumer-owned associations

• Previously operating under the Coop brand, evolving into an independent brand in 2024

  2025A

  Headquartered in Stockholm, Sweden

  Profitability

  (2025)

  Net interest margin

  2.0%

  Gross credit losses2

  Cost to income

  13.8%

  Return on equity

• Average # FTEs during 2025 was 54

• MedMera Bank is well capitalised with an CET1 and total capital ratio of 18.9% per December 2025

Operational metrics (2025)

~72,200

No. of savings

accounts

~65,700

No. of loans1

~172k

Avg. loan size

(SEK)3

Note: 1) Consumer loans. 2) Credit losses divided by total loan book (gross). 3) Calculated as total loan book (gross) divided by total number of loans per 31 December 2025.

Source: Company information, Financial reports, Kooperativa Förbundet. 13

Gaining scale through M&A

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July 2024 SEK ~700m1

August 2024 SEK ~1.6bn2

Exp. early Q3 2026 SEK ~11.3bn3

November 2025 SEK ~640m2

Gross loans to customers

De80.0

posits from and debt to customers Profit before tax4

70.0

2025A, SEKbn 2025A, SEKbn 2025A, SEKm

60.0

~65%

50.0

~70% ~65%

16.9

11.3 ~28

40.0

30.0

20.0

15.7

10.7 ~26

337

221 ~559

10.0

Combined

0.0

Combined Combined

Morrow Bank grows its loan portfolio by ~65% via the acquisition of MedMera Bank

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. 4) Profit before tax and appropriations. 14

Source: Company information, Financial reports.

Solidifying Morrow Bank's Swedish presence

morrowbank.com

Sweden ~25%

of gross consumer loans

Sweden ~35%

of gross consumer loans

Listing on Nasdaq Stockholm1,

HQ moved to Stockholm, Sweden

Announcement of Morrow Bank's acquisition of MedMera Bank, Sweden ~60% of gross consumer loans

December 2023 December 2024 January 2026 March 2026

Morrow Bank geographical split Combined geographical split

Gross loans to consumers, 2025A2

Non-Sweden

65%

SEK

~17bn

35%

Sweden

~26 p.p

Non-Sweden

~39% SEK

~28bn ~61%

Sweden

Net interest income, 2025A2

Non-

Sweden

SEK

1.2bn

33%

Sweden

~21 p.p

Non-Sweden

~46%

SEK

~1.7bn

Sweden

67%

~54%

~60% of all loans in Morrow Bank's portfolio to become Swedish

Note: Figures are indicative and for information purposes only. Conversion rate NOK/SEK 0.9137 as of 31 December 2025. 1) First day of trading on Nasdaq Stockholm was 9

January 2026. 2) All credit cards related to gross loans to consumers as well as interest income allocated to Non-Sweden. 15

Source: Company information, Financial reports.

Excellent strategic fit with MedMera Bank's pure-play Nordic consumer finance focus

morrowbank.com

Products

Morrow Bank and MedMera Bank offer complementary products to their customers

Consumer loans ✓ ✓

Credit cards ✓ ×

Credit profile

MedMera Bank's customers yields lower loan losses and have slightly higher avg. loan amount

Customer profile

Both banks' customers are in the same employment status group, with MedMera's customers in lower risk segment

Credit losses 2025A1 Average loan amount2 Customer segment Permanent employment

4.0% SEK ~160k

Near prime

✓

3.2%

2025A weighted avg. combined credit losses

2.0% SEK ~172k3

Prime

4

✓

16

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. 4) In addition,

self-employed individuals and pensioners.

Source: Company information, Financial reports.

Establishes a long-term relationship with one of

Sweden's biggest retail brands - Coop

morrowbank.com

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

17

Significant synergies to be realised post acquisition

morrowbank.com

Synergies

Total income

SEK 1,303

2025A

SEK 637m

2025A

Expected long-term uplift

OPEX

SEK 350m

2025A

SEK 201m

2025A

SEK ~150m

(at fully realised synergies)

C/I ratio

27%

2025A

32%

2025A

~20%

(at fully realised synergies)

18

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

Source: Company information, Financial reports.

Creating tangible value for Morrow Bank's shareholders

morrowbank.com

Return on target equity

12.6%

>20%

2025A 2028E

Earnings per share

SEK per share

1.03

2025A 2028E

Dividends

SEK per share

0.37

1

2025A Long term dividends

CET1 Total capital ratio

Capital optimisation

Capital ratio

19.5% ~17%

15.9% ~13%

2025A 2026E2

Note: Figures are indicative and for information purposes only. Conversion rate NOK/SEK 0.9137 as of 31 December 2025. 1) Distributed in 2025, based on 2024 earnings. 2)

Illustrative post equity and debt financing. 19

Source: Company information, Financial reports.

Indicative timetable

morrowbank.com

Public announcement 24 March 2026

AGM

28 April 2026

Regulatory approval by SFSA

Equity issue

Early Q3 2026

expected closing

Integration

H2 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

20

A transformational step for Morrow Bank

morrowbank.com

1. Gaining scale through M&A

2. Solidifying Morrow Bank's Swedish presence

3. Excellent strategic fit with MedMera Bank's pure-play Nordic consumer finance focus

4. Establishes a long-term relationship with one of Sweden's biggest retail brands - Coop

5. Significant synergies to be realised post acquisition

6. Creating tangible value for Morrow Bank shareholders

21

Appendix A

MedMera transaction details

Acquisition financing

morrowbank.com

Transaction structure, SEKm

% of purchase price

20% 80%

80%

1,568

20%

392

1,960

Commentary

• Acquisition primarily financed through equity, bonds, existing funds and share issue to both the share-

  Financing structure, SEKm

  Shares issued to seller1

  392

  ~600

  Cash Purchase price

  ~468 1,960

  ~500

  holders and seller

  • Raising SEK ~600m in

    equity

  • Raising SEK ~500m in debt via bonds

    Mimir existing funds

  • Morrow Bank to issue new shares to the seller amounting to SEK 392m1

Shares issued to seller Equity Bonds

Morrow Bank existing funds

Total funding

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. 23

Strong shareholder support

Shareholder commitments

SEKm

morrowbank.com

Strong shareholder support from existing investors

300 50

60 410

~600

Commitment of SEK 410m from existing investors, including current largest shareholder Kistefos AS

Commitment of SEK 50m from

Belair AS

Commitment of SEK 60m from

other investors

Kistefos AS Management1

Other investors2

Total commitments Total equity issue

Note: Figures are indicative and for information purposes only. 1) Through Belair AS, a company controlled by Morrow Bank´s CFO Eirik Holtedahl. 2) Includes

AS Straen of SEK 54.5m and Jotelino AS of SEK 5.5m. 24

Concluding remarks

morrowbank.com

Strong strategic fit solidifying Morrow Bank's

position within Nordic consumer finance

Acquisition of MedMera Bank creates tangible

value for Morrow Bank's shareholders

In line with Morrow

Bank's financial targets

Significant synergies through economies of scale, leading to cost savings and improved earnings

Part of strategy to strengthen Swedish presence, together with the change of listing to Nasdaq Stockholm earlier this year

MedMera Bank is a landmark acquisition and a large step towards Morrow Bank's target of becoming a top 3 Nordic bank within consumer finance

Source: Company information.

25

Appendix B

Supplemental company information

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.

27

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.

28

Shareholder overview

morrowbank.com

Largest 20 shareholders Management and members of the Board of Directors

* Total outstanding granted share options

Source: Company information. Holdings as of 15 April 2026.

29

Appendix C

Reported financials

Stable interest margins

morrowbank.com

NIM, loan and deposit yield (%)

13.7%

14.3%

13.1%

• Loan yield of 13.1% in 2025, around the same

  9.0%

  8.6%

  8.3%

  level as previous years

• Margins maintained year-on-year, as yield on deposits went from 3.6% to 2.6%

3.6%

3.0%

2.6%

2023 2024 2025

Loan yield Net interest margin Deposit yield

Note: Loans yield calculated as interest income divided by average of performing loans. Deposit yield calculated as interest expense divided by average of opening and closing balance of

deposits. NIM calculated as net interest income divided by average of opening and closing balance of loans and deposits with credit institutions and net loans to customers. 31

Source: Company information, financial reports.

Total income growth developing further morrowbank.com

Total income (NOKm)

1,277

1,426

CAGR 2023-2025

1,054

• All-time-high total income of NOK 1,426m in 2025,

  16.3%

  up 11.7% compared to same period last year

• Growth driven by combination of organic and acquired growth

34

1,020

2023 2024 2025

Net interest income Other income

Source: Company information, financial reports.

32

Improved cost/income ratio

morrowbank.com

321

321

350

13

Cost (NOKm) and cost/income ratio (%)

2023 2024 2025

• Highly competitive OPEX compared to loan balance size

• Cost/income ratio 2025 at 24.5% excl. one-off adj.,

  down from 25.2% in 2024

  • Cost/income ratio 2025 at 26.9% incl. one-off adj.

  • NOK 33m in redomiciliation one-offs in 2025

  • NOK 13m in redomiciliation and

    organizational one-offs in 2024

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

  One-off adj. OPEX excl. one-off Cost/income ratio excl. one-off adj. (%)
  
  

  Source: Company information, financial reports.

  33

  
  
  

  Improving credit quality

  
  
  

  morrowbank.com

  Loan losses (NOKm) and loan loss ratio (%)

  4.9%

  CAGR

  2023-2025

  4.3%

  4.0%

  13.1%

  661

  674

  527

  
  
  

  • Loan loss ratio at 4.0% in 2025, decreased from

    4.9% in 2024

  • 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

    2023 2024 2025

    Losses on loans Loan loss ratio
    
    

    Note: Loan loss ratio being reported loan loss ratio from annual report 2025.

    Source: Company information, financial reports. 34

    
    
    

    Delivering strong earnings growth

    2028 ROTE target

    
    
    

    morrowbank.com

    Profit (NOKm)

    >20%

    11.8%

    10.9%

    9.8%

    8.7%

    282

    CAGR

    2023-2025

    7.9%

    36.2%

    7.0%

    209

    152

  • 2025 profit after tax of NOK 282m, up 35.0% compared to same period last year

  • Return on target equity (ROTE) 2025 at 11.8% -

    13.4% as a Swedish bank1

  • Return on equity (ROE) improved since 2023

  • Outlook for increased profitability supported by:

    • Continued loan balance growth at improving

      cost efficiency

    • Stable risk-adjusted margins

Profit after tax ROE (adj.) Return on Target Equity (ROTE)

Note: The Bank defines target equity as the equity required to meet the regulatory requirements as well as a buffer. 1) Adjusted for Swedish capital requirements.

Source: Company information, financial reports. 35

P&L morrowbank.com

Source: Company information, Financial reports.

36

Balance sheet morrowbank.com

Source: Company information, Financial reports.

37