Morrow Bank ASA

Investor Presentation • May 8, 2025

morrowbank.com

Q1 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.

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Providing financial flexibility to Nordic consumers

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

morrowbank.com

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

Well-diversified Nordic loan book

▪ Solid operational performance in Q1 2025

▪ Q1 profit before tax increased by 43% y-o-y to NOK 83 million

▪ …enabling increased profitability

▪ New products to drive accelerated growth from H2

▪ Swedish banking license granted – supporting ROE expansion

Morrow to become a Swedish bank around year-end morrowbank.com

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

Redomiciliation enabling higher ROTE target

Raising mid-term ROTE target to 15-17% by year-end 2026, reflecting Swedish capital requirements

Outperforming peers on growth and efficiency

Growth last three years¹ Annualised per 25Q1

Cost/income ratio² 25Q1 Morrow Bank 85% 48% 37% 35% 28% 27% Return on equity (ROE) 25Q1 -6% 6% 10% 11% 18% 22% * * * *

Price/book currently at ~1x vs 1.4x average for Swedish peers

* 24Q4 (25Q1 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

9

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

Total gross loans

MNOK

• Controlled growth in Q1 impacted by seasonality, product adjustments and FX effects (strong NOK)
  • Underlying growth of MNOK 274 in FI and SE
• Gross loan balance growth of 26% year-on-year
• Product launches aimed at accelerating growth starting in Q2
• Continuing to explore portfolio opportunities

. . . .

Yields, performing loans and deposits

• Net loan-deposit margin of 10.5% in Q1 (10.6% Q4)
  • Reference rate adjusted in Finland from 1 January impacting loan yield
  • Mitigated through the quarter with significant decreases of deposit rates (EUR and SEK)
• Margin expansion towards the end of the quarter
  • 2.7% weighted deposit rate end of quarter
• Stable to positive net margin outlook

Stable net interest margins – improving end of quarter morrowbank.com

Total income continues to grow

Total income (MNOK)

• Total income growth of 16% year-on-year
  • Driven by organic growth and acquisition of performing Swedish loan portfolios
• Q1 impacted by reduced reference rate in FI and lower interest income on liquidity – partially offset by one-offs in commission income
• Higher net interest margin expected lower deposit rates towards the end of Q1 to have full effect in Q2
• Following a stable Q1 after portfolio acquisitions in 2024, new product launches to accelerate organic growth from H2

Stable underlying cost base

Cost/income

(M ) ne off Cost income ratio ( )

• Stable underlying OPEX despite continued loan growth, including portfolio acquisitions.
• Cost/income ratio at 27.5%
  • MNOK 10 in redomiciliation related one-offs
  • C/I of 24.4% excl. one-offs
• Further costs related to redomiciliation and Stockholm listing expected in 2025
• Underlying cost efficiency to continue to improve

Loan loss ratio continuing to improve

Loan losses

oan losses (M ) oan loss ratio

• Decrease in nominal losses driven by stable balance and improving credit quality
• Overall loan loss ratio continued to decline in the quarter to 4.3% (Q1 2024: 5.2%)
• Current level expected to continue, with some fluctuations from quarter to quarter

Profitability increasing – higher ROTE target morrowbank.com

. . . . . rofit after ta rofit before ta eturn on Target uity ( T ) 12-14% Profit (MNOK) 15-17%

• Q1 2025 profit before tax up 43% year-on-year
• NOK 0.4 per share in dividend for 2024 paid in April; 50% of 2024 profits
• Return on target equity (ROTE) at 10.7% improved for six consecutive quarters
• Increased ROTE target from 12-14 % to 15-17% enabled by Swedish banking license
• 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

Capital adequacy - CET1

C T headroom C T re uirement

• CRR3 effective 1 April 2025: Capital requirement relief – operational risk exposure reduced from MNOK 1,566 to MNOK 570
• Capital situation improved: Headroom to CET1 requirement/target of MNOK 700/470 as of 1 April 2025
• Dividend policy: Distribute excess capital not allocated to growth to shareholders

Please see Appendix for total capital situation

Summary and outlook

Growth drivers

Growing while maintaining a strict focus on profitability and credit quality

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

Q1 performance		Year-end 2026 targets and medium-term outlook as a Swedish bank
Gross loans BNOK 15.4	ROTE 11%	Gross loans BNOK >17	ROTE 15-17%	Further growth, dividends and M&A	ROTE >20%

Q & A

morrowbank.com

APPENDIX

Profit and loss

Amounts in MNOK	Q1 2025	Q4 2024	2024	2023
Interest income	450.1	493.8	1,762.7	1,380.0
Interest expenses	-134.4	-159.2	-552.2	-359.8
Net interest income	315.8	334.7	1,210.5	1,020.2
Commission income and fees	25.8	17.8	68.8	62.7
Commission expenses and fees	-17.5	-17.8	-61.2	-57.6
Net commissions and fees	8.3	0.0	7.6	5.1
Net gains / losses (-) on certificates and bonds, and currency	20.0	19.7	58.7	28.6
Total income	344.0	354.4	1,276.7	1,053.9
Personnel expenses	-33.1	-31.0	-118.1	-102.3
General and administrative expenses	-35.8	-33.6	-132.0	-135.3
Other expenses	-14.3	-14.9	-40.3	-47.6
Depreciation	-11.4	-12.2	-44.0	-35.7
Total operating expenses	-94.5	-91.7	-334.4	-320.9
Losses on loans	-166.4	-179.2	-661.0	-526.7
Profit/(loss) before tax	83.1	83.6	281.4	206.4
Tax expenses	-20.8	-23.2	-72.7	-54.5
Profit/(loss) after tax	62.3	60.4	208.7	151.9
Earnings per share (NOK)	0.25	0.24	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	19,807	8.6%
3	Alfab Holding AS	10,257	4.4%
4	Kvantia AS	8,350	3.6%
5	Dnb Bank ASA	7,551	3.3%
6	Norda ASA	6,557	2.8%
7	The Bank Of New York Mellon SA/NV	6,076	2.6%
8	Hvaler Invest AS	5,753	2.5%
9	AS Audley	4,346	1.9%
10	Om Holding AS	4,209	1.8%
11	Hans Eiendom AS	4,000	1.7%
12	Stiftelsen Kistefos	4,000	1.7%
13	Directmarketing Invest AS	3,715	1.6%
14	Melesio Invest AS	3,212	1.4%
15	Christiania Skibs AS	3,101	1.3%
16	Belair AS	2,642	1.1%
17	Obligasjon 2 AS	2,540	1.1%
18	Hjellegjerde Invest AS	2,157	0.9%
19	Khaya AS	2,134	0.9%
20	Hjellegjerde Invest AS	2,157	0.9%
	Total top 20	148,983	64.3%

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	2,108	499	800
CEO	Øyvind anes	453	463	1,250
CCRO	Annika amstedt	225	548	800
CCO	Tony Rogne	-	231	800
CTO (interim)	Martin Valland	186	-	800
Members of the Board of Directors		1,468	15	-
Total		7,082	2,044	5,250

* Total outstanding granted share options

Headroom to capital requirements morrowbank.com

25Q1 capital adequacy

Nordic region remains well positioned

• 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