Morrow Bank ASA

Investor Presentation • Aug 14, 2025

morrowbank.com

Q2 2025 results

Morrow Bank ASA

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) makes any 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 provided in 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 are based) 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 constitute any 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.

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Providing financial flexibility to Nordic consumers

Offering convenient consumer financing… …to creditworthy individuals… …across the Nordics

Flexible consumer loans

No-fees credit cards

Guaranteed savings accounts

NOK ~600k

customer average annual income

NOK ~160k

~60% homeownership

• ✓ Zero payment remarks
• ✓ Permanent employment

Scalable and efficient consumer banking platform

• Q2 profits before tax of NOK 91 million, up 35% vs Q2 24
• Solid loan growth launched new refinancing product in Norway
• Higher net interest margin, lower cost/income ratio, stable loan losses
• End 2026 growth and ROTE targets increased upon strong performance
• Continuing to pursue structural growth opportunities if value accretive
• Long-term ambition of ROTE >20% driven by redomiciliation and scalability

morrowbank.com

Morrow to become a Swedish bank early 2026 morrowbank.com

• Granted banking license 1 April and initiated transfer to Nasdaq Stockholm

Profits up and returns improving

Mid-term ROTE target of ~17% by year-end 2026, reflecting Swedish capital requirements

Outperforming peers on growth and efficiency

Return on equity (ROE)

25Q2

Growth last three years¹ Annualised per 25Q2

Cost/income ratio² 25Q2

Targeting long-term ROTE of >20%, in line with best Swedish peers

* 25Q1 (25Q2 not yet disclosed)

1. Gross loans. 2. Total operating expense / total income. Source: Company data, Bloomberg, Pitchbook. Peer group includes TF Bank, Resurs Bank, Norion Bank, Lea Bank and Instabank

Financial review

Building scale by growing in the most profitable markets morrowbank.com

,

~

Total gross loans (MNOK)

• 4% organic loan growth in Q2
  • Capital allocated to most attractive market, Finland key driver (up NOK 633 million)
• Gross loans at NOK 16 billion, up 28% year-on-year incl. acquisitions
• Prudent launch of new refinancing product in Norway shows promising initial results
• Continuing to pursue structural growth opportunities if value accretive

Total income continues to grow

Total income (MNOK)

• Total income growth of 15% compared to Q2 last year
  • Driven by organic growth and acquisition of performing Swedish loan portfolios
• Higher net interest margin as lower deposit rates towards the end of Q1 had full effect in Q2
• New product launches to accelerate organic growth from H2

Improving net interest margins morrowbank.com

Yields, performing loans and deposits

eposits oans and redit ards

• Net loan deposit margin increasing to 10.9% in Q2 (10.5% in Q1)
• Margin expansion driven by yield on deposits going from 3.7% in Q2 2024 to 2.6% in Q2 2025
• Stable to positive net margin outlook

Loan loss ratio stable at target levels

Loan losses

oan losses (M ) oan loss ratio

• Loan loss ratio stabilising after declining for five quarters in a row to 4.3% (5.1% in Q2 2024)
• Decrease year-on-year driven by stricter policies and maturing loan book
• Current level expected to continue, with some fluctuations from quarter to quarter

Flat underlying cost base

Cost/income

(M ) ne off Cost in ome ratio ( )

• Stable underlying OPEX despite continued loan growth, including portfolio acquisitions
• Cost/income ratio at 25.8%
  • MNOK 6 in redomiciliation related one-offs
• Further costs related to redomiciliation and Stockholm listing expected in 2025
• Underlying cost efficiency to continue to improve

Profitability increasing morrowbank.com

Profit (MNOK)

• Profit before tax increased by 35% to NOK 91.1 million in Q2
• Return on target equity (ROTE) at 12.2% improved for seven consecutive quarters
• End-2026 ROTE target increased to ~17% followed by strong performance in the quarter
• Outlook for increased profitability driven by:
  • Continued loan balance growth at stable cost base
  • Stable/increasing risk-adjusted margins

Strong balance sheet – room for growth and dividends morrowbank.com

C T headroom C T re uirement

• Capital requirement relief effective in Q2– operational risk exposure reduced from MNOK 1,566 to MNOK 570
• Headroom to CET1 requirement/target of MNOK 710/470 as of 30 June 2025
• Raised NOK 275 million in alternative tier 1 bond with pricing improving from 8% to 6.9%
• Capital allocation priority:
• 1. 1. Organic growth
• 1. 1. Accretive loan portfolio acquisitions/M&A
• 1. 1. Return profits to shareholders

Please see Appendix for total capital situation

Summary and outlook

Redomiciliation and scalability enabling ROTE >20%

• Redomiciliation
  • Lower capital requirements in Sweden compared to Norway
  • 12.2% ROTE in Q2 2025 would have been 15.5% as a Swedish bank
• Scalability
  • 31% average loan growth last three years, costs reduced by 23% in the same period
  • Expect 5-10% loan growth and a stable costs base in the medium to long-term

Attractive value-creation potential

Today

A scalable banking platform

• Proved scalability and industry leading cost-efficiency
• Generating excess capital; paid first dividend since turnaround

Towards end-2026

Excess capital growing

• Level playing field with Swedish peers to increase value creation
• Organic improvements driving increased growth and profitability
• Exploiting in-organic opportunities

Longer-term

Driving returns

▪ Allocate capital to where it creates the highest long-term shareholder returns

Q2 performance		Year-end 2026 targets and medium-term outlook as a Swedish bank
Gross loans BNOK 16	ROTE 12%	Gross loans BNOK ~18	ROTE ~17%	Further growth, dividends and M&A	ROTE ambition >20%

morrowbank.com

Q & A

APPENDIX

Profit and loss

Amounts in MNOK	Q2 2025	Q1 2025	2024	2023
Interest income	449.7	450.1	1,762.7	1,380.0
Interest expenses	-119.0	-134.4	-552.2	-359.8
Net interest income	330.7	315.8	1,210.5	1,020.2
Commission income and fees	17.4	25.8	68.8	62.7
Commission expenses and fees	-19.6	-17.5	-61.2	-57.6
Net commissions and fees	-2.2	8.3	7.6	5.1
Net gains / losses (-) on certificates and bonds, and currency	21.3	20.0	58.7	28.6
Total income	349.8	344.0	1,276.7	1,053.9
Personnel expenses	-33.8	-33.1	-118.1	-102.3
General and administrative expenses	-32.6	-35.8	-132.0	-135.3
Other expenses	-11.4	-14.3	-40.3	-47.6
Depreciation	-12.5	-11.4	-44.0	-35.7
Total operating expenses	-90.3	-94.5	-334.4	-320.9
Losses on loans	-168.4	-166.4	-661.0	-526.7
Profit/(loss) before tax	91.1	83.1	281.4	206.4
Tax expenses	-20.8	-20.8	-72.7	-54.5
Profit/(loss) after tax	70.3	62.3	208.7	151.9
Earnings per share (NOK)	0.28	0.25	0.82	0.62

Net interest margin* (%)

Earnings per share (NOK)

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

Balance sheet morrowbank.com

Liquidity and funding

Deposit coverage* (%)

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

Shareholder overview morrowbank.com

#	Shareholder	Shares (thousand)	%
1	Kistefos AS	47,787	20.7%
2	UBS AG	13,165	5.7%
3	Alfab Holding AS	10,257	4.4%
4	Kvantia AS	8,350	3.6%
5	DNB Bank ASA	7,558	3.3%
6	Verdipapirfondet DNB Smb	7,157	3.1%
7	Hvaler Invest AS	6,739	2.9%
8	Norda ASA	5,353	2.3%
9	AS Audley	4,346	1.9%
10	OM Holding AS	4,209	1.8%
11	Hans Eiendom AS	4,000	1.7%
11	Stiftelsen Kistefos	4,000	1.7%
13	Directmarketing Invest AS	3,715	1.6%
14	Christiania Skibs AS	3,101	1.3%
15	Melesio Invest AS	2,767	1.2%
16	Belair AS	2,642	1.1%
17	Obligasjon 2 AS	2,540	1.1%
18	Nordnet Livsforsikring AS	2,249	1.0%
19	Hjellegjerde Invest AS	2,157	0.9%
20	Khaya AS	2,134	0.9%
	Total top 20	144,227	62.4%

Largest 20 shareholders Management and members of the Board of Directors

Role	Name	Shares (thousand)	Share options* (thousand)	Warrants (thousand)
CFO	Eirik Holtedahl	2,642	287	800
COO	Wilhelm B. Thomassen	2,219	389	800
CEO	Øyvind anes	483	463	1,250
CCRO	Annika amstedt	334	439	800
CCO	Tony Rogne	-	231	800
CTO (interim)	Martin Valland	186	-	800
	Members of the Board of Directors	1,468	-	-
Total		7,353	1,809	5,250

* Total outstanding granted share options

Strong balance sheet – room for growth and dividends morrowbank.com

C T headroom C T re uirement

• Capital requirement relief effective in Q2– operational risk exposure reduced from MNOK 1,566 to MNOK 570
• Headroom to CET1 requirement/target of MNOK 710/470 as of 30 June 2025
• Raised NOK 275 million in alternative tier 1 bond with pricing improving from 8% to 6.9%
• Capital allocation priority:
• 1. 1. Organic growth
• 1. 1. Accretive loan portfolio acquisitions/M&A
• 1. 1. Return profits to shareholders

Please see Appendix for total capital situation

Headroom to capital requirements morrowbank.com

25Q2 capital adequacy

C T headroom		C T re uirement		(T ) Tier
Additional Tier	(AT )	Common	uity	Tier (C T )

Macro outlook: Attractive risk/reward in the Nordics

• GDP growth to support demand for consumer loans
• Unemployment outlook remains stable, limiting credit risk
• Inflation levels normalising, lower interest rates reduces funding cost and improves customer disposable income

Underpinned by robust economic policy frameworks and strong public finances