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morrowbank.com Delivering superior earnings growth Nasdaq Stockholm listing 9 January 2026
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Disclaimer morrowbank.com This presentation has been prepared solely for information purposes by Morrow Bank AB (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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About Morrow Bank Track-record Outlook CEO Øyvind Oanes CFO Eirik Holtedahl Today’s agenda morrowbank.com 3
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Providing financial flexibility to Nordic consumers A focused product portfolio… …in a large, resilient Nordic market…cost-efficient operations… ~95% origination through distribution partners >90% self-service Flexible consumer loans No-fees credit cards Guaranteed savings accounts 98% of applications automated BSEK ~600 market morrowbank.com 4 Oslo Stockholm (HQ) 22 million inhabitants
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Male 69% of our loan customers are men Average loan amount SEK ~160k 30-40 40-50 50-60 >60 Middle aged Above average annual income SEK ~600k Solid payer ✓ Zero payment remarks ✓ Permanent employment Source: Company data 2025 Homeowner 59% homeownership 5 The typical customer is 30-50 years old, owns a home and earns above average morrowbank.com
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Track-record
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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 Nordic loan portfolio (Q3-25) SEK 15.6bn across Finland (45%), Sweden (34%), Norway (21%) Concluded redomiciliation from Norway to Sweden, ensuring level playing field with Nordic peers Strong capitalisation and growing excess capital following the redomiciliation 7 Industry consolidator with superior earnings growth – listed on Nasdaq Stockholm 9 January 2026
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Strong demand across the Nordics Pandemic and increased regulations New banking platform, increased scalability Built a scalable banking platform 2017 2018 2019 2020 2021 2022 2023 2024 2025 ”Restart” 3.3 BSEK gross loans 15.6 BSEK morrowbank.com 8 ▪ New management team ▪ Exited unprofitable products ▪ Simplified tech platform ▪ Automated processes ▪ Streamlined organisation Note: Morrow Bank has increased market share from ~1.5% in 2022 to ~3% in 2025 Q3-2025
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Proven playbook for value accretive M&A July 2024 August 2024 November 2025 SEK ~700 million SEK ~1.6 billion SEK ~640 million Product fit with Morrow Bank Similar customer profile Loan portfolios in the Nordics Size from 0.5- 5.0 BSEK 9 morrowbank.com
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-100% 0% 100% 200% 300% 400% 22Q3 Q3 2023 Q3 2024 25Q3 Morrow Bank Peers Delivered superior earnings growth since 2022 9% CAGR Profit after tax change from Q3 2022 to Q3 2025 55% CAGR morrowbank.com Doubled loan book, halved cost/income ratio Acquired loan portfolios without adding cost Delivered high double-digit profit growth, outperforming peers Note: Peers include Noba Bank, Instabank, TF Bank, Lea Bank, Norion Bank, Resurs Bank. 10
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Outlook
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Stable macro-outlook supporting profitable growth morrowbank.com Growing demand for consumer financing driven by increased spending capacity Improved credit quality driven by stronger debt servicing capacity Expanding net interest margins driven by falling deposit rates (SEK & EUR) . . . . . . . . . . . . nemployment nflation growth Source, Nordic macro: Focus Economics. Note: Average for Norway, Sweden and Finland. 12
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Long-term ambitions for growth and returns Increased efficiency Cost/income ratio >10% annual loan growth Loan balance, BSEK nd nd nd nd Reduced loan losses Loan loss ratio nd nd nd nd ~ morrowbank.com Higher returns Return on target equity (ROTE) ~23 ~22% ~4.0% ~20% 13
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Set for highly competitive earnings growth 14 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. * Based on H2 2027 target, organic/inorganic growth is not specified. Reported returns, 25Q3 (ROE/ROTE) Target returns Upside to target Target organic loan growth p.a. Morrow ROTE 13% ~20% +7%-points >10% Peer 1 ROTE 28% ~30% +2%-points ~10% Peer 2 ROE 14% >15% +1%-points n.a. Peer 3 ROE 23% >20% 0%-points ~20%* Peer 4 ROTE 21% ~20% 0%-points 8-10% Peer 5 ROE 11% n.a. n.a. n.a. Organic growth underpin attractive earnings uplift and ROE improvement morrowbank.com
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1.6x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 0% 5% 10% 15% 20% 25% 30% P/B ROE ROE and P/B relation illustrating value creation potential 15 Comparable Swedish listed consumer finance banks show a clear ROE driven P/B relationship Morrow Bank’s P/B has re-rated in line with recent ROE improvement Achieving ROE targets implies significant value creation potential morrowbank.com Morrow Bank now: Note: Regression based on Morrow Bank and Swedish listed peers’ (dark blue dots) last reported RO and market cap as per 6 Jan 2026. R2 = 0.9. Morrow Bank end-2023
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Excess capital providing headroom for acquisitions – and upside to ambitions oan balan e, BS Potential end-2028 impact from deploying SEK 1bn more Illustrative Lower capital requirements in Sweden set to unlock growing excess capital Morrow Bank’s ambition: deploy capital to profitable organic growth and accretive M&A Example: deploying additional SEK 1bn from excess capital and future retained earnings, could drive ROTE to 23% morrowbank.com ROT , 16 Organic end- 2028 ambition Upside
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Investment highlights morrowbank.com Pure-play Nordic consumer finance Highly scalable banking platform Delivered superior earnings growth Targeting 10% annual growth and 20% ROTE Structural value creation upsides 17
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APPENDIX
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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 2024 2025 2026 Source: Focus Economics 01/2026. GDP = Real Gross Domestic Product.. 0 1 2 3 2024 2025 2026 19 ▪ 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
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Accelerating value creation Organic performance consistently at or above targets Accelerated value creation through SEK ~3bn portfolio acquisitions and redomiciliation 3x mid-term target increases 2022-2025 morrowbank.com Mid-term growth target Mid-term ROTE target Achieved 2022 >50% by 2024 10-15% 2023 ~10% CAGR 10-12% 2024 5-10% CAGR 12-14% 2025 >10% CAGR ~17% 20
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Increasing automation, deploying capital for growth Outlook overview Q3 2025 End-2026 target End-2028 ambition Loan balance growth NOK 17.1bn 10% NOK ~19bn 5-10% SEK ~23bn >10% Cost/income ratio 24.7% ~23% ~22% Loan loss ratio 3.9% 4.0-4.5% ~4.0% Return on target equity 13% ~17% ~20% Tech platform built for scaling without adding costs More data, better models and processes Improving profitability, structural upside morrowbank.com 21
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morrowbank.com 27% CAGR last three years – 21% organic gross loan growth Ambition: >10% annualised loan growth towards end-2028 Ambition supported by ▪ Strong demand ▪ Better processes ▪ Lower capital requirements ▪ Higher capital generation Further upside in inorganic opportunities . . . . Total gross loans (BNOK) Total income (MNOK) ~19 ~24 Value creation through growth 354 189 22
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Leveraging a scalable platform morrowbank.com Doubled loan book without increasing FTEs and opex Streamlined operations ▪ Built scalable tech platform ▪ Exited unprofitable products ▪ Right-sized organisation Continuous improvements ▪ Share of fully automated loans up 2x to ~60% in 3Q25 vs Q2 ▪ AI-driven automation enabling further cost- efficiency gains O (MNO ) One offs Cost in ome ratio ( ) Cost/income ~22%~23% Note: C/I 25Q3 ex. one-offs. 23
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Improving risk management morrowbank.com Strengthened credit risk processes ▪ More data ▪ Better models ▪ Better score cards Improved debt recovery leading to fewer defaults and enhanced debt collection Supported by stable Nordic macroeconomic outlook Note: Increase in loan losses and ratio from 2022 to 2023 impacted by accelerated loan growth and macro. ~4% Loan losses (MNOK) and loan loss ratio 4-4.5% 166 167 164 24
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Driving profitability morrowbank.com Accelerated organic growth + scalable platform = efficiency gains Stable to improving risk-adjusted margins supported by positive macro-outlook Structural opportunities providing upside beyond 2028 growth and ROTE ambitions rofit after ta rofit before ta Return on Target uity (ROT ) Profit (MNOK) ~17% *The Bank defines target equity as the equity required to meet the regulatory requirements as well as buffer 72 95 ~20% 25
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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 26
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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 morrowbank.com 27
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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. 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). 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. Executive Management morrowbank.com 28
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Board of Directors 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). 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. 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. 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. 29 morrowbank.com
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Role Name Shares (thousand) Options* (thousand) CFO Eirik Holtedahl 2,657 1,072 COO Wilhelm B. Thomassen 2,219 1,189 CEO Øyvind Oanes 503 1,713 CCRO Annika Ramstedt 402 1,171 CCO Tony Rogne - 1,031 CTO (interim) Martin Valland 224 - Members of the Board of Directors 176 - Total 6,181 6,176 Largest 20 shareholders Management and members of the Board of Directors # Shareholder Shares (thousand) % 1 Kistefos AS 48,287 20.9 % 2 DNB Bank ASA 26,251 11.3 % 3 Hvaler Invest AS 10,000 4.3 % 4 Kvantia AS 8,350 3.6 % 5 Sb1 Markets AS 7,561 3.3 % 6 Verdipapirfondet DNB SMB 5,991 2.6 % 7 Nordnet Bank AB 4,369 1.9 % 8 AS Straen 4,346 1.9 % 9 OM Holding AS 4,109 1.8 % 10 Stiftelsen Kistefos-Museets Driftsfond 4,000 1.7 % 11 Directmarketing Invest AS 3,715 1.6 % 12 Christiania Skibs AS 3,101 1.3 % 13 Hans Eiendom AS 2,850 1.2 % 14 Nordnet Livsforsikring AS 2,775 1.2 % 15 Belair AS 2,657 1.1 % 16 Obligasjon 2 AS 2,540 1.1 % 17 Folketrygdfondet 2,306 1.0 % 18 Melesio Invest AS 2,193 0.9 % 19 Hjellegjerde Invest AS 2,157 0.9 % 20 Khaya AS 2,134 0.9 % Total top 20 149,692 64.7 % Updated as of 6 January 2026 Shareholder overview * Total outstanding granted share options morrowbank.com 30