Morrow Bank ASA

Investor Presentation • Jan 9, 2026

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) 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.

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Today's agenda

About Morrow Bank

Track-record

Outlook

CEO Øyvind Oanes CFO Eirik Holtedahl

Providing financial flexibility to Nordic consumers

A focused product portfolio… …cost-efficient operations… …in a large, resilient Nordic market

Flexible consumer loans

No-fees credit cards

Guaranteed savings accounts

~95% origination through distribution partners

98% of applications automated

>90% self-service

The typical customer is 30-50 years old, owns a home and earns above average morrowbank.com

Male

69% of our loan customers are men

Above average annual income

SEK ~600k

Homeowner

59% homeownership

Solid payer

• ✓ Zero payment remarks
• ✓ Permanent employment

Middle aged

Average loan amount

SEK ~160k

Source: Company data 2025

Track-record

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

Industry consolidator with superior earnings growth – listed on Nasdaq Stockholm 9 January 2026

Built a scalable banking platform

Proven playbook for value accretive M&A

July 2024	August 2024	November 2025
SEK ~700 million	SEK ~1.6 billion	SEK ~640 million

Delivered superior earnings growth since 2022

Profit after tax change from Q3 2022 to Q3 2025

Doubled loan book, halved cost/income ratio

Acquired loan portfolios without adding cost

Delivered high double-digit profit growth, outperforming peers

Outlook

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)

Long-term ambitions for growth and returns

Set for highly competitive earnings growth

		Reported returns, 25Q3 (ROE/ROTE)	Target returns	Upside to target
Morrow	ROTE	13%	~20%	+7%-points
Peer 1	ROTE	28%	~30%	+2%-points
Peer 2	ROE	14%	>15%	+1%-points
Peer 3	ROE	23%	>20%	0%-points
Peer 4	ROTE	21%	~20%	0%-points
Peer 5	ROE	11%	n.a.	n.a.

Organic growth underpin attractive earnings uplift and ROE improvement

ROE and P/B relation illustrating value creation potential

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

Excess capital providing headroom for acquisitions – and upside to ambitions

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%

Potential end-2028 impact from deploying SEK 1bn more

Illustrative

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

APPENDIX

Macro outlook: Attractive risk/reward in the Nordics

▪ GDP growth to support demand for consumer loans

GDP growth (%) Unemployment (%) Inflation (%)

▪ 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

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

Outlook overview

	Q3 2025	End-2026 target	End-2028 ambition
Loan balance growth	NOK 17.1bn 10%	NOK ~19bn 5-10%	SEK ~23bn >10%	Increasing automation, deploying capital for growth
Cost/income ratio	24.7%	~23%	~22%	Tech platform built for scaling without adding costs
Loan loss ratio	3.9%	4.0-4.5%	~4.0%	More data, better models and processes
Return on target equity	13%	~17%	~20%	Improving profitability, structural upside

Value creation through growth

Total gross loans (BNOK)

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

Leveraging a scalable platform morrowbank.com

Cost/income

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 costefficiency gains

Note: C/I 25Q3 ex. one-offs. 23

Improving risk management morrowbank.com

Loan losses (MNOK) and loan loss ratio

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.

Driving profitability morrowbank.com

Profit (MNOK)

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

^*The Bank defines target equity as the equity required to meet the regulatory requirements as well as buffer

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Profit and loss

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

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

2025 1,274.5	2025	2024	2023
	1,369.6	2,084.0	1,530.0
15,186.9	14,275.9	13,847.5	11,076.0
2,528.0	2,525.8	2,589.4	926.1
68.7	71.4	68.0	66.9
0.0	0.0	0.0	29.5
15.5	16.4	18.3	22.0
25.5	38.6	9.8	14.7
19,099.1	18,297.8	18,616.9	13,665.2
15,915.4	15,224.8	15,704.6	11,096.0
181.3	157.5	141.6	125.3
265.0	265.0	165.0	165.0
67.5	45.8	5.4	-
27.7	29.3	31.3	-
16,456.9	15,722.4	16,147.8	11,386.3
			229.4
			936.9
			56.5
			856.7
			199.6
			2,278.9 13,655.2
	231.2 936.9 58.7 1,140.5 275.0 2,642.2 19,099.1	231.2 936.9 58.1 1,074.4 275.0 2,575.5 18,297.8	230.0 936.9 56.6 1,046.0 199.6 2,469.0 18,616.9

Liquidity and funding

Deposit coverage* (%)

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

Executive Management morrowbank.com

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).

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.

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.

Board of Directors

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.

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).

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.

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.

Shareholder overview

#	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 %

Largest 20 shareholders Management and members of the Board of Directors

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

^* Total outstanding granted share options

Updated as of 6 January 2026 30