Morrow Bank (MORROW) Roadshow presentation summary

Strategic overview and market positioning

• Focuses on providing flexible consumer loans, no-fee credit cards, and guaranteed savings accounts to creditworthy individuals across the Nordics, with a strong presence in Sweden, Finland, and Norway.

• Typical customers are aged 30-50, predominantly male, homeowners, and have above-average annual incomes (SEK 600k).

• Fully digital bank established in 2014, listed on Oslo Stock Exchange in 2017, and redomiciled to Sweden with a Nasdaq Stockholm listing in January 2026.

• Loan portfolio reached SEK 16.9bn in 2025, with significant growth through acquisitions, including the ongoing MedMera Bank acquisition.

Financial performance and growth

• Achieved 31% earnings growth in 2025, with profit before tax of SEK 337m and earnings per share of SEK 1.03.

• Loan book grew 21% year-on-year, with a cost/income ratio reduced to 24.5% and loan loss ratio improved to 4.0% in 2025.

• Delivered a 40% CAGR in profit after tax from 2023 to 2025, outperforming peers.

• Maintained stable net interest margins, with loan yield at 13.1% and deposit yield at 2.6% in 2025.

• Return on target equity (ROTE) reached 11.8% in 2025, with a long-term ambition of over 20%.

Acquisition of MedMera Bank

• Announced acquisition of 100% of MedMera Bank, a Swedish consumer finance niche bank with SEK 11.3bn loan book, for SEK 1,960m.

• Transaction financed through a mix of new shares, equity issue, bonds, and existing capital; closing expected in early Q3 2026.

• MedMera Bank offers unsecured private loans and savings accounts, with a strong capital position and 13.8% ROE in 2025.

• Acquisition increases loan portfolio by ~65% and shifts the majority of loans to Sweden, solidifying market presence.

• Strategic fit enables smooth integration, with MedMera’s lower credit losses and slightly higher average loan amounts.