Q4 Results 2025

Morrow Bank increased profit before tax by 19% to NOK 100 million in Q4 and 31% to NOK 369 million for 2025.

“In Q4, we delivered on our plan: deploying as much capital as possible to profitable growth, combining strong underlying demand with disciplined, accretive M&A. 2025 was a step-change year for Morrow Bank where we grew the loan book well above our organic target and delivered record high income. Furthermore, improved credit performance and cost/income ratio contributed to profit before tax growing by 31% for the year, demonstrating the capabilities of our scalable platform”, said CEO Øyvind Oanes.

Highlights of the quarter

21% loan book growth amid strong demand and M&A

• Gross loans at NOK 18.5 billion/SEK 17 billion, up 21% from Q4 2024 (vs 10% organic target)
• Strong underlying demand, successful product launches and SEK ~640 million loan portfolio acquisition in Sweden in Q4
• All-time-high total income of NOK 378 million in Q4 2025 and NOK 1.4 billion for the full year

31% earnings growth enabled by scalable platform

• Cost/income ratio at 24.9% excl. One-off redomiciliation costs (25.9% in Q4 2024), reflecting highly scalable platform
• Return on equity (ROE) increased to 11.6% (9.9% in Q4 2024) and ROTE3 to 12.6% (10.6%) – 15.5% with Swedish capital requirements
• Earnings per share (EPS): NOK 0.30 (NOK 0.24 in Q4-2024); NOK 1.13 in 2025 (NOK 0.82 in 2024)

Successful Swedish redomiciliation and Nasdaq Stockholm listing

• Redomiciliation to Sweden reducing capital requirements – now operating on a level playing field
• Listing on Nasdaq Stockholm main market strengthens access to largest Nordic capital market

Increased end-2026 loan book target

• Increased end-2026 loan book target to SEK ~19 billion (SEK ~18 billion) following strong growth in Q4
• End-2028 ambition >10% annual loan growth and ~20% ROTE, providing capacity for shareholder distributions
• Continued focus on accretive M&A, leveraging scalable platform, to accelerate growth and returns