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Morrow Bank ASA www.morrowbank.com Q3 2025 results
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Disclaimer morrowbank.com This presentation has been prepared solely for information purposes by Morrow Bank ASA (the “Company”, the “Bank” or “Morrow Bank”). This presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ("relevant persons"). Any person who is not a relevant person should not act or rely on the presentation or any of its contents. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Morrow Bank. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. The presentation and the conclusions contained herein are necessarily based on economic, market and other conditions, as in effect on, and the information available to Morrow Bank as of, its date. The presentation does not purport to contain a complete description of Morrow Bank or the markets in which the Bank operates. Neither Morrow Bank nor any of its affiliates or any third party have independently verified any information used in preparing this presentation. Neither Morrow Bank nor any of the affiliates (nor any of its or their respective directors, officers, employees, professional advisers or representative) makesany representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of such information, these materials (including, without limitation, any opinion contained therein), any of their contents or any of the results that can be derived from the presentation or any written or oral information providedin connection therewith. Without limiting a person's liability for fraud, no responsibility or liability (whether in contract, tort or otherwise) is or will be accepted by Morrow Bank or any of its affiliates or any of its or their respective directors, officers, representatives, employees, advisers or agents) as to, or in relation to, the presentation, its contents, the accuracy, reliability, adequacy or completeness of the information used in preparing these materials, any of their contents or any of the results that can be derived from the presentation or any written or oral information provided in connection therewith. Any statement, estimate or projections included in the presentation (or upon which any of the conclusion contained herein arebased) with respect to anticipated future performance may prove not to be correct. No representation or warranty is given as to the completeness or accuracy of any information in this presentation, including forward-looking statements contained in the presentation or the accuracy of any of the underlying assumptions. Nothing contained herein shall constituteany representation or warranty as to the future performance of Morrow Bank, any financial instrument, credit, currency rate or other market or economic measure. Neither Morrow Bank nor any of its affiliates has verified the achievability of any estimate or forecast of future financial performance contained herein. Information about past performance given in these materials is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. Neither Morrow Bank nor any of its affiliates accepts or will accept any responsibility, duty of care, liability or obligations for providing any relevant person with access to additional information, for updating, modifying or otherwise revising the presentation or any of its content which may become apparent, or for notifying any relevant person or any other person of any such inaccuracy. By accepting these materials, each relevant person represents and warrants that it is able to receive them without contravention of legal or regulatory restrictions in the jurisdiction in which such recipient resides or conducts business. By accepting the presentation, each relevant person agrees to be bound by the foregoing limitations. 2
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Providing financial flexibility to Nordic consumers 3 A focused product portfolio… …across the Nordics…to creditworthy individuals… NOK ~600k customer average annual income ✓ Zero payment remarks ✓ Permanent employment ~60% homeownership Flexible consumer loans No-fees credit cards Guaranteed savings accounts NOK ~160k average loan amount BNOK ~600 market morrowbank.com 3
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Strong loan demand and profits up 32% ROTE 13.1% vs. 10.1% in Q3 2024 Cost/income1 24.7% vs. 25.7% in Q3 2024 Loan loss ratio 3.9% vs. 4.8% in Q3 2024 ▪ Q3 profits before tax of NOK 95 million, up 32% vs Q3 2024 ▪ Strong loan demand and successful product launch in Norway ▪ Lower loan losses and underlying cost/income – stable net interest margin ▪ Growth ambitions lifted to >10% (5-10%) upon strong performance ▪ Continuing to pursue structural growth opportunities if value accretive ▪ Long-term ambition of ROTE >20% driven by redomiciliation and scalability Note: ROTE = Return on target equity. 1 Adjusted for one-offs related to redomiciliation 21% 34% 45% Norway Sweden Finland BNOK 17.1 Loan book growth 10% year-on-year BNOK 17.1 loan book morrowbank.com 4
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Built the most scalable banking platform in the Nordics 5 Return on target equity % Cost/income ratio % Loan balance BNOK Loan loss ratio % oan loss ratio ( ) Repositioned Morrow Bank to deliver long-term earnings growth morrowbank.com
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6 * 25Q2 (25Q3 not yet disclosed) 1. Gross loans. 2. Total operating expense / total income. Source: Company data, Bloomberg, Pitchbook. Peer group includes TF Bank, Resurs Bank, Noba Bank, Norion Bank, Lea Bank and Instabank Outperforming peers on growth and efficiency Growth last three years1 Annualised per 25Q3 Cost/income ratio2 25Q3 3% 6% 14% 19% 23% 26% 27% Morrow Bank 60% 42% 38% 30% 30% 25% 23% Return on equity (ROE) 25Q3 6% 11% 12% 12% 14% 15% 25% * * * Targeting long-term ROTE of >20%, in line with best Swedish peers morrowbank.com ~15% as Swedish bank
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7 Q1-Q3 2024 Q4 2024 2025 From 2026 Assessment of potential redomiciliation options Evaluated options and requirements Establishment of Swedish legal entity (AB) Niklas Midby, former chair of Sbanken, appointed Chair of Swedish AB Submission of banking license application Application filed with the SFSA Start of Swedish banking operation 2 January Q2: SFSA decision Banking license granted 1 April Transfer of share listing to Nasdaq Stockholm De-listing of shares on Euronext Oslo Q1-Q4: Preparation phase Merger plan approved (EGM and NFSA) Operational readiness Morrow becoming a Swedish bank Banking license granted, transfer to Nasdaq Stockholm 9 January 2026 morrowbank.com
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Financial review
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Building scale by accelerated growth 9 , , , , , Credit ards oans Sweden oans inland oans orway ▪ Strong loan demand in Q3 and successful product launches: NOK 1 billion (6%) loan balance increase – Including refinancing product in the Norwegian market ▪ Gross loan balance growth of 10% year-on-year ▪ Sale of Finnish non-performing loans of EUR 72 million to be reflected in Q4 2025 ▪ Continuing to explore in-organic opportunities Total gross loans (MNOK) ~19,000 morrowbank.com
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Stable net interest margin 10 . . . . . . . . . . eposits oans and redit ards ▪ Net loan-deposit margin stable at 10.9% in Q3 ▪ Margins improved/maintained year-on-year, as yield on deposits going from 3.7% to 2.5% ▪ Stable net margin outlook Yields, performing loans and deposits Loans and credit cards yields are weighted average. The balances as of Q3 2024 have been adjusted for the Lunar portfolio, that was included on the last day of the quarter. morrowbank.com
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11 Total income growth developing further ▪ Total income growth of 10% in Q3 compared to same period last year driven by organic growth ▪ Loan book growth in Q3 to drive total income further up from Q4 Total income (MNOK) morrowbank.com
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Lower underlying cost base 12 (M ) ne off Cost in ome ratio ( ) ▪ Stable underlying OPEX despite continued loan growth ▪ Cost/income ratio at 24.7% excl. one-offs ▪ MNOK 7.7 in redomiciliation related one-offs ▪ C/I of 26.9% incl. one-offs ▪ Further costs related to redomiciliation and Stockholm listing expected in Q4 2025 ▪ Underlying cost efficiency to continue to improve ~23% Cost/income morrowbank.com
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Clearly improving credit quality in Q3 13 ▪ Decrease in loan losses driven by improved credit risk management and maturing loan portfolio ▪ Overall loan loss ratio declined in the quarter to 3.9% (Q3 2024: 4.8%) – now at lower end of guiding range ▪ Sale of Finnish non-performing loans (closed in tober) will redu e the bank’s exposure risk ▪ Level expected to be at 4-4.5% going forward, with some fluctuations from quarter to quarter 4.0-4.5% Loan losses morrowbank.com
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Profitability increasing 14 . . . . . rofit after tax rofit before tax eturn on Target uity ( T ) ▪ Profit before tax increased by 32% to NOK 95.2 million in Q3 ▪ Return on target equity (ROTE) at 13.1% – improved for eight consecutive quarters ▪ Outlook for increased profitability driven by: – Continued loan balance growth at stable cost base – Stable/increasing risk-adjusted margins * The Bank defines target equity as the equity required to meet the regulatory requirements as well as buffer Profit (MNOK) ~17% 91 95 morrowbank.com
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. . . . Strong balance sheet – room for growth and dividends 15 C T headroom C T re uirementNote: see Appendix for total capital situation. ▪ CET1 ratio declining y-o-y due to growth and dividends, but requirements dropping further, hence headroom is more than doubling. – Headroom to CET1 requirement/target of NOK 630/373 billion as of Q3 2025 ▪ Expected CET1 headroom after redomiciliation to Sweden: up to NOK 1 billion ▪ Capital allocation priority: 1. Organic growth 2. Accretive loan portfolio acquisitions/M&A 3. Return capital to shareholders Capital adequacy - CET1 morrowbank.com
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Summary and outlook
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New long-term ambitions – accelerating growth and lifting returns 17 Increased efficiency Cost/income ratio >10% annual loan growth BNOK Reduced loan losses Loan loss ratio nd nd nd nd ~ morrowbank.com Higher returns Return on target equity (ROTE) ~24 ~22% ~4.0% ~20%
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Highlights 18 ▪ Redomiciliation to Sweden and listing on Nasdaq Stockholm on track ▪ Excess capital post redomiciliation estimated at up to NOK 1 billion ▪ Gross loans at NOK 17.1 billion, up 10% from Q3 2024 and 6% from Q2 2025 ▪ Driven by successful product launch in Norway and strong customer demand ▪ Stable underlying OPEX despite continued loan growth ▪ Profit before tax increased by 32% to NOK 95.2 million in Q3 year-on-year ▪ Lifting annualised loan growth target to >10% (up from 5-10%) ▪ End-2028 ROTE ambition of 20% (vs. 13.1% in Q3 2025) Increased headroom as a Swedish bank Accelerating organic loan growth Scalable platform driving profitability Targeting higher growth and returns morrowbank.com
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Strategy update 11 November 2025 @ 15.00 CET 19 Digital presentation morrowbank.com
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Q & A
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APPENDIX morrowbank.com
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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). Profit and loss Net interest margin* (%) Earnings per share (NOK) 8.5 % 8.7 % 8.0 % 8.5 % 8.4 % 24Q3 24Q4 25Q1 25Q2 25Q3 Amounts in MNOK Q3 2025 Q2 2025 2024 2023 Interest income 452.6 449.7 1,762.7 1,380.0 Interest expenses -116.8 -119.0 -552.2 -359.8 Net interest income 335.8 330.7 1,210.5 1,020.2 Commission income and fees 19.4 17.4 68.8 62.7 Commission expenses and fees -18.4 -19.6 -61.2 -57.6 Net commissions and fees 1.0 -2.2 7.6 5.1 Net gains / losses (-) on certificates and bonds, and currency 17.3 21.3 58.7 28.6 Total income 354.1 349.8 1,276.7 1,053.9 Personnel expenses -32.0 -33.8 -118.1 -102.3 General and administrative expenses -34.2 -32.6 -132.0 -135.3 Other expenses -15.8 -11.4 -40.3 -47.6 Depreciation -13.2 -12.5 -44.0 -35.7 Total operating expenses -95.2 -90.3 -334.4 -320.9 Losses on loans -163.6 -168.4 -661.0 -526.7 Profit/(loss) before tax 95.2 91.1 281.4 206.4 Tax expenses -22.2 -20.8 -72.7 -54.5 Profit/(loss) after tax 73.0 70.3 208.7 151.9 Earnings per share (NOK) 0.29 0.28 0.82 0.62 morrowbank.com 22
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* Deposit coverage = Deposits from and debt to customers / gross loans to customers Amounts in MNOK 30 Sep. 2025 30 Jun. 2025 31 Dec. 2024 31 Dec. 2023 Assets Loans and deposits with credit institutions 1,274.5 1,369.6 2,084.0 1,530.0 Net loans to customers 15,186.9 14,275.9 13,847.5 11,076.0 Certificates and bonds 2,528.0 2,525.8 2,589.4 926.1 Other intangible assets 68.7 71.4 68.0 66.9 Deferred tax assets 0.0 0.0 0.0 29.5 Fixed assets 15.5 16.4 18.3 22.0 Other receivables 25.5 38.6 9.8 14.7 Total assets 19,099.1 18,297.8 18,616.9 13,665.2 Equity and liabilities Deposits from and debt to customers 15,915.4 15,224.8 15,704.6 11,096.0 Other debt 181.3 157.5 141.6 125.3 Subordinated loans (Tier 2) 265.0 265.0 165.0 165.0 Deferred tax 67.5 45.8 5.4 - Tax payable 27.7 29.3 31.3 - Total liabilities 16,456.9 15,722.4 16,147.8 11,386.3 Share capital 231.2 231.2 230.0 229.4 Share premium reserve 936.9 936.9 936.9 936.9 Other paid-in equity 58.7 58.1 56.6 56.5 Retained earnings 1,140.5 1,074.4 1,046.0 856.7 Additional Tier 1 capital 275.0 275.0 199.6 199.6 Total equity 2,642.2 2,575.5 2,469.0 2,278.9 Total equity and liabilities 19,099.1 18,297.8 18,616.9 13,655.2 Liquidity and funding Deposit coverage* (%) 528% 687% 660% 686% 740% 128% 136% 131% 128% 126% 24Q3 24Q4 25Q1 25Q2 25Q3 Liquidity coverage ratio (LCR) Net stable funding ratio (NSFR) 97% 102% 98% 95% 93% 24Q3 24Q4 25Q1 25Q2 25Q3 Balance sheet 23 morrowbank.com
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Role Name Shares (thousand) Share options* (thousand) Warrants (thousand) CFO Eirik Holtedahl 2,657 272 800 COO Wilhelm B. Thomassen 2,219 389 800 CEO Øyvind anes 483 463 1,250 CCRO Annika amstedt 402 371 800 CCO Tony Rogne - 231 800 CTO (interim) Martin Valland 186 - 800 Members of the Board of Directors 1,468 - - Total 7,436 1,727 5,250 Largest 20 shareholders Management and members of the Board of Directors # Shareholder Shares (thousand) % 1 Kistefos AS 48,287 20.9 % 2 Alfab Holding AS 10,257 4.4 % 3 Hvaler Invest AS 9,000 3.9 % 4 Kvantia AS 8,350 3.6 % 5 Dnb Bank ASA 7,558 3.3 % 6 Verdipapirfondet DNB SMB 6,979 3.0 % 7 UBS AG 4,590 2.0 % 8 AS Audley 4,346 1.9 % 9 Om Holding AS 4,209 1.8 % 10 Stiftelsen Kistefos-Museets Driftsfond 4,000 1.7 % 11 Norda ASA 3,843 1.7 % 12 Directmarketing Invest AS 3,715 1.6 % 13 Christiania Skibs AS 3,101 1.3 % 14 Hans Eiendom AS 3,000 1.3 % 15 Nordnet Livsforsikring AS 2,751 1.2 % 16 Belair AS 2,657 1.1 % 17 Obligasjon 2 AS 2,540 1.1 % 18 Melesio Invest AS 2,293 1.0 % 19 Hjellegjerde Invest AS 2,157 0.9 % 20 Khaya AS 2,134 0.9 % Total top 20 135,767 58.7 % Updated as of 3 November 2025 Shareholder overview 24 * Total outstanding granted share options morrowbank.com
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Macro outlook: Attractive risk/reward in the Nordics GDP growth (%) Unemployment (%) Inflation (%) 0 1 2 3 4 5 6 7 8 9 10 2024 2025 2026 NO SE FI 0 1 2 3 4 5 6 7 8 9 10 2024 2025 2026 Source: Focus Economics 11/2025 0 1 2 3 2024 2025 2026 25 ▪ GDP growth to support demand for consumer loans ▪ Inflation levels normalising, lower interest rates reduces funding cost and improves customer disposable income ▪ Unemployment outlook remains stable, limiting credit risk Underpinned by robust economic policy frameworks and strong public finances morrowbank.com