Long-term ambitions

Morrow Bank is the Nordic consumer finance specialist – a fully digital bank established in 2014, operating across the Nordic region. We offer flexible consumer loans, no-fees credit cards and guaranteed savings accounts in a resilient SEK ~600 billion market. Our scalable platform has delivered a gross loan CAGR of 26% and EPS CAGR of 42% from 2022 to 2025, demonstrating the operating leverage of the business model.

Our ambition is to develop Morrow Bank into a leading Nordic consumer finance platform. In 2025 we redomiciled to Sweden and listed on Nasdaq Stockholm, reducing capital requirements and creating a level playing field with Swedish peers. Building on that foundation, we announced the acquisition of MedMera Bank in March 2026 – our fourth M&A transaction in two years – increasing our loan book by approximately 65% at ~1.06x P/B and ~11x P/E (excluding synergies). The transaction is financed through a combination of excess capital, new shares issued to the seller, a rights issue and AT1 and T2 bonds, and we expect to maintain a robust total capital ratio of ~17% by end-2026.

The combined platform supports our ambitions for end-2028: more than doubling earnings per share compared with 2025, and a return on target equity above 20%, supported by approximately SEK 150m in fully realised synergies from MedMera.

As earnings scale, we expect to increasingly generate excess capital. Morrow Bank is committed to allocate that capital where it can create the highest long-term shareholder return – through continued organic growth, further accretive M&A, and capital returns to shareholders.