Morrow Bank (MORROW) Strategy update summary

Strategic transformation and market positioning

• Transitioning to a Swedish bank with a Nasdaq Stockholm listing in January 2026 to enhance competitiveness and access a more favorable regulatory environment.

• Over 80% of the loan book is now outside Norway, with Finland as the largest market.

• Aims to secure a level playing field with Swedish peers and benefit from Stockholm's dynamic financial ecosystem.

• Granted a Swedish banking licence and will become a Swedish bank from 2026.

Growth, profitability, and operational performance

• Loan book doubled from NOK 8.5 billion to NOK 17 billion since 2021, with a 27% CAGR over three years.

• Achieved 55% CAGR in earnings since 2022, significantly outpacing peers.

• Cost/income ratio reduced to 25%, with a long-term goal of 22% by 2028.

• Targeting at least 10% annual organic growth, with ambitions to reach NOK 24 billion in loans by 2028.

Capital deployment and M&A strategy

• Up to SEK 1 billion (NOK 1 billion) in excess capital to be prioritized for organic growth and potential acquisitions.

• Three Swedish portfolios acquired in the past year, totaling SEK 3 billion in inorganic growth.

• Inorganic growth through portfolio acquisitions, recently adding SEK 640 million in Swedish consumer loans.

• M&A and portfolio purchases are opportunistic and come in addition to organic growth targets.