Morrow Bank, a leading Nordic digital niche bank, delivered another strong
quarter with profit before tax of NOK 95.2 million in Q3 2025, up 32% from NOK
72.3 million in Q3 2024.

"Morrow Bank is in a strong position to keep taking market share in the Nordic
consumer finance space. We have delivered the fastest growth in the industry
over the past years while maintaining one of the lowest cost-to-income ratios,
proving the strength of our scalable platform," said CEO Øyvind Oanes.

"With a proven ability to combine growth and profitability, we are raising our
annual organic growth target to above 10%, implying a loan book of around NOK 19
billion by end-2026 while maintaining solid credit quality. For end-2028 we have
an ambition NOK ~24 billion in gross loans and return on target equity (ROTE) of
~20%."

"We are on track to redomicile the bank to Sweden and transfer our listing to
Nasdaq Stockholm in January 2026 - the natural home for the Nordic consumer
finance cluster. This will put Morrow Bank on a level playing field with peers
and support our ambition to deliver higher growth, stronger returns and
long-term value for our shareholders."

Highlights of the quarter:

Organic loan growth of 6% q-o-q
o Gross loans at NOK 17.1 billion, up 10% from Q3 2024 and 6% from Q2 2025
o Total income of NOK 354 million in Q3, up 10% year-on-year
o Growth driven by successful product launch in Norway and strong customer
demand
o Sale of Finnish non-performing loans of EUR 72 million to be reflected in Q4
2025

Scalable platform driving profitability
o Cost/income ratio at 24.7% excluding one-off redomiciliation costs (25.7% in
Q3 2024)
o Loan loss ratio reduced to 3.9% (4.8% in Q3 2024) reflecting improved credit
risk management and a maturing loan portfolio
o Profit before tax increased by 32% to NOK 95.2 million in Q3
o Return on equity (ROE) increased to 11.5% (9.0%) and return on target equity
(ROTE) to 13.1% (10.1%)

Unlocking up to NOK 1 billion as a Swedish bank
o Redomiciliation to Sweden and listing on Nasdaq Stockholm on track for January
2026
o Excess capital post redomiciliation estimated at up to NOK 1 billion,
providing headroom for accelerated value creation
o Capital allocation priorities: 1) organic growth, 2) accretive M&A, 3) return
of capital to shareholders

Targeting higher growth and returns
o Increasing annualised organic loan growth target to >10% (up from 5-10%)
o End-2028 ambition of NOK ~24 billion loan book, ~22% cost/income ratio and
~20% ROTE 

The Q3 2025 report and presentation are attached and available at
ir.morrowbank.com.

Investor presentation and Q&A: CEO Øyvind Oanes and CFO Eirik Holtedahl will
present the results on Thursday, 6 November at 08:30 CET.

To participate in the conference call, please click on the link below:
https://www.finwire.tv/webcast/morrow-bank/q3-2025/ 

For dialing in: +46 8501 63 827, then enter the meeting ID: 216 6758 1683
followed by #. Link to meeting: https://us06web.zoom.us/j/21667581683 (To ask a
question, press *9 to raise your hand, then *6 to unmute). 

For further information, please contact:

Eirik Holtedahl, CFO
Tel: +47 969 12 291
Email: ir@morrowbank.com

About Morrow Bank ASA
Morrow Bank is a Nordic niche bank offering personal loans, credit cards and
deposit accounts to consumers. The target group is creditworthy individuals with
stable personal finances and no payment remarks. Credit risk is managed largely
by automated processes for credit assessment and underwriting. The Bank has a
diversified and balanced distribution model utilizing both public and
proprietary channels. Operational efficiency and low cost are a foundation for
Morrow Bank, enabled by centralized operations, modern systems and digital
set-up. Learn more at ir.morrowbank.com

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation article 7 and is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock
exchange announcement was published by Henning Fagerbakke, Head of Finance,
Morrow Bank ASA, on Thursday 6 November 2025 at 07:00 CET.