Morrow Bank AB · OMXSTO:MORROW
Morrow Bank AB — Non-Deal Roadshow (April 2026)
37 slides from Morrow Bank AB's roadshow presentation, April 2026
Slide 1: Roadshow presentation
morrowbank.com Roadshow presentation Morrow Bank April 2026
Slide 2: Disclaimer
Disclaimer morrowbank.com This presentation (the “Presentation”) has been prepared solely for informational purposes. You should not rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction or otherwise.
Slide 3: Today's agenda
Today’s agenda morrowbank.com About Morrow Bank Acquisition of MedMera Appendix • Appendix A: MedMera transaction details • Appendix B: Supplemental company information CEO Øyvind Oanes CFO Eirik Holtedahl • Appendix C: Reported financials 3
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 Flexible consumer loans SEK ~600k BSEK customer average annual income ~600 market SEK ~160k average loan amount No-fees credit cards ~60% homeownership Os
Slide 5: The typical customer is 30-50 years old, owns a home and earns above average
The typical customer is 30-50 years old, morrowbank.com owns a home and earns above average Male Above average annual income 69% of our loan SEK ~600k customers are men Homeowner Solid payer ✓ Zero payment remarks 59% homeownership ✓ Permanent employment Middle aged Average loan amount 30-40 40-50 5
Slide 6: The Nordic consumer finance specialist
The Nordic consumer finance specialist morrowbank.com Fully digital bank Developed a highly Diversified loan Concluded Strong established in 2014 scalable platform portfolio (Q4-25) redomiciliation capitalisation and listed on Oslo positioning the bank SEK 16.9bn of loans in from Norway to deploying
Slide 7: Delivered strong earnings growth
Delivered strong earnings growth morrowbank.com ▪ Loan book growing from 11.8 NOKbn in gross Change in profit after tax from 2023 to 2025 lending in Q4 2023 to 18.5 NOKbn in Q4 2025 250% 200% ▪ 4 acquisitions with a total loan book of 14.2 SEKbn since 20241 with demonstrating high scalability 150% 4
Slide 8: Snapshot of Morrow Bank today
Snapshot of Morrow Bank today morrowbank.com Gross loans 2025 ▪ 31% earnings growth in 2025 enabled by scalable platform 1.2 ▪ Earnings per share of SEK 1.03 in 2025 (SEK 0.75 20241) 3.5 6.3 ▪ Swedish redomiciliation and Nasdaq Stockholm listing completed in Jan 2026 SEK 16.9bn ▪ Acquisition of MedM
Slide 9: Macroeconomic snapshot in Morrow's markets
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 4.1% 4.0% 4.0% 3.0% 9.7% 9.9% 8.4% 8.8% 8.6% 8.4% 8.5% 2.3% 7.9% 2.6% 1.9% 2.0% 2.6% 2.0% 2.1% 1.6% 1.6% 1.6% 2.0% 1.9%
Slide 10: Successfully coupled organic and acquired growth
Successfully coupled organic and acquired growth morrowbank.com Acquisition of Strong demand Pandemic and increased New banking platform, across the Nordics regulations increased scalability ”Restart” New management team ▪ Exited unprofitable products ▪ Simplified tech platform ▪ Automated processes
Slide 11: Acquisition of MedMera
Acquisition of MedMera
Slide 12: Introducing the acquisition of MedMera Bank
Introducing the acquisition of MedMera Bank morrowbank.com Transaction Acquisition of 100% of the shares in MedMera Bank, a Swedish consumer finance niche bank SEK 1,960m for 100% of the share capital Estimated total consideration at closing • Equivalent to a P/B multiple at closing of the transacti
Slide 13: MedMera Bank at a glance
MedMera Bank at a glance morrowbank.com Introduction Geographical presence Key metrics 100% Swedish customers • MedMera Bank, founded in 2007, is a Swedish consumer finance niche bank, with a loan 11.3bn 10.7bn 1,715m book amounting to SEK 11.3bn Loan book Deposits Total equity • Offering unsecured
Slide 14: Gaining scale through M&A
Gaining scale through M&A morrowbank.com July 2024 August 2024 November 2025 Exp. early Q3 2026 SEK ~700m1 SEK ~1.6bn2 SEK ~640m2 SEK ~11.3bn3 80.0 Gross loans to customers Deposits from and debt to customers Profit before tax4 80.0 1400.0 70.0 70.0 60.0 2025A, SEKbn 2025A, SEKbn 1200.0 2025A, SEKm
Slide 15: Solidifying Morrow Bank's Swedish presence
Solidifying Morrow Bank’s Swedish presence morrowbank.com Announcement of Morrow Bank’s Sweden ~25% Sweden ~35% Listing on Nasdaq Stockholm1, acquisition of MedMera Bank, of gross consumer loans of gross consumer loans HQ moved to Stockholm, Sweden Sweden ~60% of gross consumer loans December 2023 D
Slide 16: Excellent strategic fit with MedMera Bank's pure-play Nordic consumer finance focus
Excellent strategic fit with MedMera Bank’s pure-play morrowbank.com Nordic consumer finance focus Products Consumer loans ✓ ✓ Morrow Bank and MedMera Bank × offer complementary products to their customers Credit cards ✓ 3.2% Credit profile Credit losses 2025A1 4.0% 2025A weighted avg. 2.0% combined
Slide 17: Establishes a long-term relationship with one of Sweden's biggest retail brands – Coop
Establishes a long-term relationship with one of morrowbank.com Sweden’s biggest retail brands – Coop Exclusive partnership agreement between Large distribution Morrow Bank and channel Coop Established brand within one of Sweden’s name Membership loans with exclusive right to strongest retail brands
Slide 18: Significant synergies to be realised post acquisition
Significant synergies to be realised post acquisition morrowbank.com Synergies SEK 1,303 SEK 637m Expected long-term Total income 2025A 2025A uplift SEK 350m SEK 201m SEK ~150m OPEX 2025A (at fully realised synergies) 2025A 27% 32% ~20% C/I ratio (at fully realised synergies) 2025A 2025A Strong oper
Slide 19: Creating tangible value for Morrow Bank's shareholders
Creating tangible value for Morrow Bank’s shareholders morrowbank.com >20% 12.6% Return on target equity 2025A 2028E SEK per share 1.03 Earnings per share 2025A 2028E SEK per share 0.37 Dividends 1 2025A Long term dividends CET1 Total capital ratio Capital optimisation 19.5% ~17% Capital ratio 15.9%
Slide 20: Indicative timetable
Indicative timetable morrowbank.com Public Regulatory AGM Early Q3 2026 Integration announcement approval by Equity issue 28 April 2026 expected closing H2 2026 24 March 2026 SFSA Regulatory approval Public announcement Shareholder vote at Completion following Integration of Morrow by the Swedish Be
Slide 21: A transformational step for Morrow Bank
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 – Co
Slide 22: Appendix A
Appendix A MedMera transaction details
Slide 23: Acquisition financing
Acquisition financing 250% morrowbank.com 200% % of Commentary 150% purchase 20% 80% price 1,568 80% 1,960 • Acquisition primarily Transaction 100% structure, financed through SEKm 50% equity, bonds, existing 392 20% funds and share issue 0% to both the share- 3,500 Shares issued to seller 1 Cash Pu
Slide 24: Strong shareholder support
Strong shareholder support morrowbank.com Shareholder commitments Strong shareholder support from SEKm existing investors 1,000 Commitment of SEK 410m from 900 existing investors, including current 800 largest shareholder Kistefos AS 700 600 ~600 500 Commitment of SEK 50m from 60 410 Belair AS 400 5
Slide 25: Concluding remarks
Concluding remarks morrowbank.com Strong strategic fit solidifying Morrow Bank’s Acquisition of MedMera Bank creates tangible position within Nordic consumer finance value for Morrow Bank’s shareholders Significant synergies through In line with Morrow economies of scale, leading to cost Bank’s fina
Slide 26: Appendix B
Appendix B Supplemental company information
Slide 27: Executive Management
Executive 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
Slide 28: Board of Directors
Board of Directors morrowbank.com Niklas Midby | Chair of the board Kristian Huseby | Board member Niklas Midby has extensive and relevant board experience from Norwegian and Kristian Huseby is an Investment Director at Kistefos AS, where he has been working Swedish banks, including chairman of the
Slide 29: Shareholder overview
Shareholder overview morrowbank.com Largest 20 shareholders Management and members of the Board of Directors Shares Shares Options* # Shareholder % Role Name (thousand) (thousand) (thousand) 1 Christen Sveaas / Kistefos AS 55,848 24.14% CFO Eirik Holtedahl 2,657 1,072 2 Sverre Bjerkeli and companie
Slide 30: Appendix C
Appendix C Reported financials
Slide 31: Stable interest margins
Stable interest margins morrowbank.com NIM, loan and deposit yield (%) 14.3% 13.7% 13.1% ▪ Loan yield of 13.1% in 2025, around the same 9.0% 8.6% level as previous years 8.3% ▪ 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 i
Slide 32: Total income growth developing further
Total income growth developing further morrowbank.com Total income (NOKm) 1,426 CAGR 83 2023-2025 1,277 66 16.3% 1,054 34 ▪ All-time-high total income of NOK 1,426m in 2025, up 11.7% compared to same period last year 1,343 ▪ Growth driven by combination of organic and 1,211 acquired growth 1,020 202
Slide 33: Improved cost/income ratio
Improved cost/income ratio morrowbank.com Cost (NOKm) and cost/income ratio (%) ▪ Highly competitive OPEX compared to loan balance size 33 ▪ Cost/income ratio 2025 at 24.5% excl. one-off adj., 13 down from 25.2% in 2024 30.4% ▪ Cost/income ratio 2025 at 26.9% incl. one-off 25.2% adj. 24.5% 350 ▪ NOK
Slide 34: Improving credit quality
Improving credit quality morrowbank.com Loan losses (NOKm) and loan loss ratio (%) 4.9% CAGR 2023-2025 4.3% 4.0% 13.1% ▪ Loan loss ratio at 4.0% in 2025, decreased from 661 674 4.9% in 2024 527 ▪ Decrease driven by improved credit risk management and maturing loan portfolio ▪ P&L neutral sale of Fin
Slide 35: Delivering strong earnings growth
Delivering strong earnings growth morrowbank.com 2028 ROTE target >20% Profit (NOKm) 11.8% 10.9% 9.8% ▪ 2025 profit after tax of NOK 282m, up 35.0% CAGR compared to same period last year 282 2023-2025 8.7% 7.9% 36.2% ▪ Return on target equity (ROTE) 2025 at 11.8% – 7.0% 13.4% as a Swedish bank1 209
Slide 36: P&L
P&L morrowbank.com Amounts in NOKm 2023 2024 2025 Interest income 1,380.0 1,762.7 1,832.5 Interest expense -359.8 -552.2 -489.7 Net interest income 1,020.2 1,210.5 1,342.8 Commission income and fees 62.7 68.8 84.1 Commission expenses and fees -57.6 -61.2 -72.7 Net commissions and fees 5.1 7.6 11.4 N
Slide 37: Balance sheet
Balance sheet morrowbank.com Amounts in NOKm 31 Dec. 2023 31 Dec. 2024 31 Dec. 2025 Assets Loans and deposits with credit institutions 1,530.0 2,084.0 1,024.1 Net loans to customers 11,076.0 13,847.5 16,870.8 Certificates and bonds 926.1 2,589.4 2,122.6 Shares in subsidiaries - - 800.4 Other intangi