Q3 2026 (July - September 2026)

Compared to July - September 2025 (see footnote 1)

• Gross loans of SEK 31.0 billion, up 92 per cent year-on-year, including the MedMera Bank loan portfolio of approximately SEK 12 billion. Organic growth of 3 per cent during the quarter, including positive FX effects.

• Total income of SEK 531 million, up 59 per cent.

• Cost/income ratio at 25.8 per cent, including synergies realised in the quarter, compared to 26.9 per cent.

• Loan loss ratio at 2.5 per cent, down from 3.9 per cent, driven by MedMera’s lower risk portfolio and improving credit quality.

• Profit before tax of SEK 200 million in the quarter, up 123 per cent, a record quarterly profit.

• Return on equity (ROE) at 17.1 per cent and return on target equity (ROTE) at 21.5 per cent, compared to 11.5 per cent and 13.1 per cent, respectively.

• Earnings per share (EPS) from continuing operations of SEK 0.45, a record quarterly EPS growth, up 65 per cent year-on-year (0.27).

YTD 2026 (January - September 2026)

Compared to January – September 2025 (see footnote 1)

• Gross loans of SEK 31.0 billion, up 83 per cent since year-end 2025 and 92 per cent year on year.

• Total income of SEK 1,273 million, up 28.1 per cent.

• Cost/income ratio at 27.8 per cent compared to 26.7, and 26.2 per cent excluding one-off items (24.3).

• Loan loss ratio at 3.0 per cent, compared to 4.1 per cent.

• Profit before tax of SEK 388 million, up 51.8 per cent.

• Return on equity (ROE) at 12.8 per cent and return on target equity (ROTE) at 17.0 per cent, compared to 10.4 and 12.6 respectively.

• Earnings per share (EPS) from continuing operations of SEK 1.05 (0.80).

“Our first quarter as a combined bank delivered record earnings. Profit before tax more than doubled to SEK 200 million, and earnings per share from continuing operations rose 65 per cent to SEK 0.45. Integration of MedMera Bank is progressing well: just one quarter after closing, approximately half of the estimated SEK 150 million in annual synergies have been realised on a run-rate basis, and we have agreed to sell the non-core operations at a premium to equity value. Credit quality and cost efficiency improved across the business. This takes us closer to our ambition of earnings per share above SEK 2.0 in 2028, and the priority is clear: integrating efficiently, growing the loan book organically and pursuing further acquisitions that meet our return requirements," says Øyvind Oanes, CEO.

Highlights of the quarter

Profit before tax up 123 per cent to a record SEK 200 million in Q3, driven by the inclusion of MedMera Bank, solid growth, realised synergies and reduced loan losses.

MedMera Bank was acquired on 1 July 2026 and is consolidated from the third quarter. Gross loans increased by 92 per cent year-on-year to SEK 31.0 billion, with Morrow Bank's own loan book of approximately SEK 19 billion up 16 per cent year-on-year.

Integration of MedMera is progressing according to plan. Estimated annual synergies are approximately SEK 150 million by 2028, with approximately half already realised on a run-rate basis.

The cost/income ratio decreased to 25.8 per cent, from 30.4 per cent in the second quarter of 2026.

An agreement has been entered into to sell the parts of MedMera Bank that are not part of Morrow Bank’s core business.

Updated end-2028 ambitions following the MedMera acquisition:

• Loan book growth ~ 10 per cent per annum

• Cost/income ratio of ~ 20 per cent

• Loan loss ratio of ~ 3 per cent

• ROTE > 20 per cent

• EPS above SEK 2.0, more than double 2025

The Q3 2026 report and presentation are attached and available at ir.morrowbank.com.

CEO Øyvind Oanes and CFO Eirik Holtedahl will present the Bank's results at 10:00 a.m. CET today, 12 November.

To participate via the webcast, please click on the link below:
https://youtube.com/live/85WR_EUNCEA

The presentation will be given in English and viewers are invited to ask questions in the live chat.

Footnote 1: Q3 2026 and January–September 2026 figures are for Morrow Bank AB, including MedMera Bank AB from 1 July 2026. All references to Q3 2025 and January–September 2025 are for the Norwegian entity Morrow Bank ASA, as the Bank redomiciled to Sweden at the beginning of 2026, and are converted from NOK to SEK based on Sveriges Riksbank's published exchange rates.