Morrow divests MedMera "shell" - Faster, Better, Higher

Morrow announced today that they will sell the MedMera legal structure (banking license, IT, part of the organisation & admin staff)

What does this mean?

Firstly, management delivers faster than most people expect (again) 💪

Secondly, this lets Morrow speedrun the integration and synergies and turns the acquisition almost into a portfolio purchase (which historically has been very quick and profitable):

• No costs for letting people go, no duplicate cost base during 2027 (overhead, compliance, accounting ++)

• NPL sale and the ~90m gain

• In total we estimate that Morrow saves around 60-80m in one-offs, and books a gain of 90m, pretty good deal 🙂

To summarise: Extremely strong execution by management and higher EPS in 2026 and 2027.

We expect a very strong share price reaction today 📈💪

Disclaimer:
Hvaler Invest is a significant shareholder so you cannot trust us (or perhaps you can?)

Best regards,
David and Sverre

Hvaler Invest AS
Lillestrøm, Norway
11.09.26