Slides
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Q3 Third quarter 2025 Presentation 6 November 2025
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B2 Impact Today’s presenters Trond Kristian Andreassen Chief Executive Officer André Adolfsen Chief Financial Officer Rasmus Hansson Head of Investor Relations and M&A Q3 2025 results presentation2 Q&A moderator B2 Impact
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B2 Impact Q3 2025 highlights ✓ Sustainable strong collection performance and ERC growth ✓ High investment activity with NOK 3bn invested and committed for 2025 ✓ REO sales of NOK 468m in the quarter and 622m YTD ✓ NOK 40m lower annual interest cost with latest bond issue ✓ EPS of NOK 1.49 YTD tracking ahead of FY target ✓ Expected dividend of at least NOK 1.7 per share for 2025 Q3 2025 results presentation3 Strategic priorities B2 Impact → Stable top line growth with notably higher growth in EPS → Investments mainly focused on unsecured → Cost control and increased automation → Leverage ratio below 2.5x → Increased dividends
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B2 Impact • Unsecured collection performance up year-over-year despite positive revaluations in previous quarters • Sustainable growth in use of automation and self-service channels • Scalable cost base with capacity for increased volume of portfolios Improved efficiency supporting significant cost scalability Q3 2025 results presentation4 nse red o e t on per or an e T s nse red o e t ons per T ) NOK’ ( onstant X) 1
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B2 Impact Accelerated REO sales supports higher portfolio investments Q3 2025 results presentation5 NOKm oo a e a es pro eeds • REOs sold for NOK 622m YTD • Expected FY REO sales of around NOK 700m • Reinvestment of cash from REO sales supports increased growth in ERC and EPS going forward 600-800 2025 Target 2021 2022 2023 2024 Q3 2025 YTD
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B2 Impact High investment activity at attractive returns Q3 2025 results presentation6 Investment focus 2025 Total ERC Q3’25Total ERC Q3’24 NOK 23.9bn NOK 25.6bn • Unsecured ERC growth of 13% • Considerable upside in ERC with sustainable collection overperformance • Multiple ongoing transactions in Q4 nse red e red nse red e red
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B2 ImpactB2 Impact Q3 2025 results presentation7 Financial performance
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B2 Impact Key value drivers for EPS growth Q3 2025 results presentation8 nse red ro t oo a e n rease nse red per or an e nterest osts ost s a a ty • Double digit growth in unsecured collections • Increased collections performance • ERC upside reflected in positive revaluations • Gross IRR equal to Net IRR in the near term due to cost reductions and scalability • Significant reduction in interest costs • Increased investment level in 2025 to boost further EPS growth in 2026
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B2 Impact Strong cash flow and significant EPS growth • Sustainable strong collection performance and growth – Unsecured collection performance of 108% – 14% growth in unsecured collections – 13% growth in unsecured ERC • REO sales NOK 468m in Q3 and NOK 622m year to date • Opex in percentage of cash revenues is trending down • Strong cash flow and leverage of 2.0x • Reduced annual interest costs by NOK 40m • High investment activity - NOK 3bn committed for 20253 Q3 2025 results presentation9 1) Key Financials exclude Non-recurring items 2) Adjusted for gain on sale of loan business in Poland 3) Including NOK 0.2bn related to deferred closing of Zolva portfolios as o e t ons e en es Ope T T Net pro t as re en e as T as ar n o e t ons ort sat on o o n port o os ort o o n est ents O 2 25 Q3 2 24 Q3 pp pp pp 2 25 T 2 24 T 2 pp pp pp Key financials1
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B2 Impact Collection Performance excl. JVs Unsecured collection performance REO sales Secured collections • Unsecured collections growth of 14% • Unsecured performance of 110% year to date • Strong secured cash collections – Largest REO portfolio collected – Reduced REO book value by 29% Q3 2025 results presentation10 as o e t ons O sa es epossess ons oo a e a es pro eeds o e t on er or an e
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B2 Impact Strong cash earnings supports investment growth combined with high dividends Q3 2025 results presentation11 Cash flow Q3 2025 Ot er ort o o n est ents as T ree as o as arn n s nan a s ta 52 5 25 Additional investment capacity Low leverage ratio ort o o n est ents as arn n s NOKm e rat oNOKm
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B2 Impact Underlying operating expenses trending down • Double-digit growth in unsecured collections and ERC • Solid cash contribution from REO sales • Opex in the quarter was up 9% mainly driven by – Acquisition of platform in Norway and high collection activity – Opex ratio trending down Q3 2025 results presentation12 Numbers in NOK million 1) In constant FX, ex. Bulgaria, ex. NRIs Cash revenue LTM1 Operating expenses LTM1 o e t ons nse red e red as O sa es Ot er as re en es as ro s Ope as re en e ersonne e penses terna e penses Ot er e penses
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B2 Impact Portfolio investments and Estimated Remaining Collections (ERC) Q3 2025 results presentation13 Unsecured ERC trending up Portfolio investments in Q3 Total ERC as of Q3 N Os as o e t on o e t ons NOKm o N nse red e red Os N o nse red nse red or ard o e red NOK 25.6bn NOK 675m NOK 25.6bn NOK 675m Geographical distribution Asset class distribution Geographical distribution Asset class distribution
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B2 Impact Strong financial position and no short-term maturities • Reduced annual interest costs by NOK 40m – EUR 100m bond issue and EUR 150m repayment of 2028 maturity • Hedging ratio at 72% with almost 3 years duration • Liquidity reserve of ~EUR 400m + operational cash flow Q3 2025 results presentation14 Capital Structure (EURm) Debt and interest cost (NOKm) Net nterest ear n de t as and s ort ter depos ts nterest ost E+3.90%I+2.80-3.90% E+3.75% E+3.25% n t sed t sed O tstand n onds
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B2 Impact Financial expectations for 2025 Q3 2025 results presentation15 1) Dividends for the financial year, distributed the following year Increased dividends1 3.5 – 4 Portfolio investments (NOKbn) ≥ REO sales (NOKm) T 3.0 T T 600 – 800 622 1.49 • REO sales of around NOK 700m • Leverage ratio comfortably below 2.5x • Annual portfolio revaluations of NOK 150–200m in 2025–2027 • Dividends of at least NOK 1.7 per share
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B2 ImpactB2 Impact Q3 2025 results presentation16 Summary
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B2 Impact Key takeaways Q3 2025 results presentation17 High investment activity Dividends of at least NOK 1.7 per share EPS tracking well ahead of FY target Further reduced interest cost Strong collection performance and ERC growth B2 Impact
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B2 ImpactB2 Impact Q3 2025 results presentation18 Q&A
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B2 Impact Quarterly trends Q3 2025 results presentation19 ) n des t e Gro p’s s are o ross o e t on or port o os p r ased and e d n s and jo nt ent res ) n d n t e Gro p’s s are o port o os p r ased n s and jo nt ent res ll o as o e t ons e en es dj T dj T T dj Net pro t as re en e as T as ar n o e t ons ) ort sat on o o n port o os ort o o n est ents ) dj dj O ( T ) 2 23 Q 2 23 Q2 2 23 Q3 2 23 Q4 2 24 Q 2 24 Q2 2 24 Q3 2 24 Q4 2 25 Q 2 25 Q2 2 25 Q3
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B2 Impact NOKm NOKm Quarterly financial performance Revenues Cash EBITDA Adjusted EBIT Q3 2025 results presentation20 NOKm as T as ar n dj sted T dj T ar n e en e
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B2 Impact Unsecured ERC growth providing long term stability in collections Q3 2025 results presentation21 Forward 2 ERC Q3’25 co pared to Q3’241 NOKm, constant FX 1) Does not include sale of REOs, over-performance on unsecured and collections from new investments Os N Total ERC growth NOKm, constant FX
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B2 Impact N o and ERC development Development in total gross ERC1,2 Forward 120m ERC profile by year Q3 2025 results presentation22 ) n d n t e Gro p’s s are o port o os a q red and e d n s and jo nt ent res 2) 2022 includes ERC in connection with NOK 435m of Portfolio investments signed late December 2022 but closed in January 2023 and reported in Q1 2023 Portfolio investments. NOKm NOKm
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B2 Impact ec red ERC o and N Total ec red ERC o and N Total Total ear 4 5 ear 4 4 2 2 3 4 2 5 3 3 2 35 3 2 5 3 4 2 235 4 3 2 34 5 5 5 5 2 3 3 4 5 2 32 4 3 3 2 ERC 2 2 ERC 2 Total ERC 22 4 Total ERC 22 24 Portfolio diversification1 Q3 2025 results presentation23 ) n d n t e Gro p’s s are o port o os a q red and e d n s and jo nt ent res
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B2 Impact Segment overview Q3 2025 • Unsecured collection performance of 108% • Secured collection performance of 128% Q3 2025 results presentation24 ll o Tota o e t ons Tota N re en e Re e e re t ope e e t ear e ent earn n s n 2 25 Q arter 3 4 52 2 24 Q arter 3 43 44 ar 3 pp ll o Re e e re t ope e e t ear e ent earn n s n 2 25 Q arter 3 3 5 2 24 Q arter 3 3 5 34 ar 2 3 pp • Higher servicing revenue following higher collections and 3PC revenue Investments Servicing
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B2 Impact 20 largest shareholders Q3 2025 results presentation25 Updated per 4 November 2025 1) Total shareholdings of Rasmussengruppen AS includes shareholdings of its fully owned subsidiaries Portia AS and Cressida AS are older Ne eda n est a set n est tens a en n est as ssen r ppen ) N ar ets sje ande na yse and na s a ns da an en n estor erd pap r ondet tore rand Nor e Green ay t te sen K ste os seets r ts ond p N Nors e sjer N Kap ta erd pap r ondet e da t ytte anaston j erd pap r ondet K sjenor e N T e an O Ne or e on N T e an O Ne or e on N re t ar et n n est ar ets Ot er Total o o are 3 2 52 erce ta e
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B2 Impact Definitions Actualisation Actualisation is the difference between actual and forecasted collections for purchased loan portfolios for the reporting period. Adjusted EBIT (Adj. EBIT) Adjusted EBIT consists of Operating profit/(loss) (EBIT) adjusted for non-recurring items. Adjusted EBIT % (Adj. EBIT %) Adjusted EBIT % is Adjusted EBIT expressed as a percentage of revenue excluding Non-recurring items. Adjusted EPS (Adj. EPS) Adjusted earnings per share is calculated based on Adjusted Net profit (Adj. Net profit) for the period divided by the weighted average number of outstanding shares during the respective period. Adjusted return on equity (Adj. ROE) Adjusted return on equity is calculated based on rolling 12-months Adjusted Net profit (Adj. Net profit) for the Group divided by the average equity attributable to parent company shareholders, with average equity calculated as a simple average based on opening and closing balances for the respective 12-month period. Adjusted Net profit (Adj. Net profit) Adjusted Net profit consists of Profit/(loss) after tax adjusted for Non-recurring items reduced by the tax rate for the period. Central costs Administration and management cost related to Head Office and other Group costs such as Investment Office. Amortisation Amortisation is the amount of the collections that are used to reduce the book value of the purchased portfolios. Cash collections Cash collections include unsecured collections, secured cash collections, cash received from SPVs and joint ventures, and REO sales proceeds. Cash EBITDA Cash EBITDA consists of EBIT added back Amortisation and Revaluation of purchased loan portfolios, Depreciation and amortisation and Impairment of tangible and intangible assets and Cost of assets sold, adjusted for Repossession of assets and the difference between cash received and recognised Profit from shares in associated parties/joint ventures and participation loan/notes. Cash EBITDA is a measure of actual performance from the collection business (cash business) and other business areas. Cash EBITDA is adjusted for Non-recurring items. Cash margin Cash margin consists of Cash EBITDA expressed as a percentage of cash revenue. Cash revenue Cash revenue consists of revenue added back Amortisation and Revaluation of purchased loan portfolios and Cost of assets sold and adjusted for Repossession of assets and the difference between cash received and recognised Profit from shares in associated parties/joint ventures and participation loan/notes. Cash revenue is a measure of actual revenues (cash business) from the collection business and other business areas. Cash revenue is adjusted for Non- recurring items. Collections Collections are the actual cash collected and assets recovered from purchased portfolios. EBITDA Operating profit before depreciation and amortisation (EBITDA) consists of operating profit (EBIT) adding back depreciation, amortisation and impairment of tangible and intangible assets. Estimated Remaining Collections (ERC) Estimated Remaining Collections (ERC) expresses the collections in nominal values expected to be collected in the t re ro t e p r ased oan port o os o ned at t e report n date and t e Gro p’s s are o o e t ons on port o os purchased and held in joint ventures. Forward flow agreements Forward flow agreements are agreements where the Group agrees with the portfolio provider that it will, over some period in fixed intervals, transfer its non-performing loans of a certain characteristics to the Group. Interest income from loan receivables Interest income from loan receivables is the calculated amortised cost interest revenue from the loan receivable using the original effective interest rate. Interest income from purchased portfolios Interest income from purchased loan portfolios is the calculated amortised cost interest revenue from the purchased loan portfolios using the credit-adjusted effective interest rates set at initial acquisition. Liquidity reserve Un-drawn RCF, plus cash and short-term deposits and minus NOK 200m in cash reserve. Q3 2025 results presentation26
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B2 Impact e n t ons ( ont’d) Operating expenses (Opex) Opex consists of external expenses of services provided, personnel expenses and other operating expenses. Net debt Net debt consists of nominal value of interest-bearing loans and borrowings plus utilised bank overdraft less cash and short-term deposits. Net interest-bearing debt Net interesting-bearing debt consist of carrying value of interest-bearing loans and borrowings plus utilised bank overdraft less cash and short-term deposits. Net credit gain/(loss) from purchased loan portfolios The Group's exposure to credit risk from the purchased loan portfolios is related to actual collections deviating from collections estimates and from changes in future collections estimates. The Group regularly evaluates the current collections estimates at the individual portfolio level and the estimate is adjusted if collections are determined to deviate from current estimate over time. The adjusted collections estimate is discounted by the initial rate of return at acquisition of the portfolio. Changes from current estimate adjust the book value of the portfolio and are included in the profit and loss statement in the line item "Net credit gain/(loss) from purchased loan portfolios". Collections above collections estimates and upward adjustments of future collections estimates increase revenue. Collections below collections estimates and downward adjustments of future collections estimates decrease revenue. Net credit gain/(loss) equals net actualisation/revaluation. Non-recurring items n ant pro t and oss te s t at are not n ded n t e Gro p’s nor a re rr n operat ons, are d t to predict and are considered to have low forecast value for the future earnings trend. Non-recurring items may include but are not limited to restructuring costs, acquisition and divestment costs, advisory costs for discontinued acquisition projects, integration costs, termination costs for Group Management and country managers, non-portfolio related write offs, unusual legal expenses, extraordinary projects, and material income or expenses relating to prior years. Operating cash flow per share Operating cash flow per share is operating cash flow from consolidated statement of cash flows divided on the weighted average number of shares outstanding in the reporting period. Operating cash flow per share is a measure on actual cash earned from operating business per share. Other cash revenues Other cash revenues consist of Other revenues added back Cost of assets sold Other revenues Other revenues include revenue from external collections, as well as subscription income for credit information, telemarketing and other services which is recognised proportionately over the term of the underlying service contract which is usually one year. Other revenues include Interest income from loan receivables and Net credit gain/(loss) from loan receivables. Portfolio investments The investments for the period in unsecured (without collateral) and in secured (with collateral) loan portfolios. Profit margin Profit margin consists of operating profit (EBIT) expressed as a percentage of total operating revenues. Revaluation e a at on s t e per od’s n rease or de rease n t e arry n a e o t e p r ased oan port o os attr ta e to changes in forecasts of future collections. Repossessed assets (REOs) In connection with the acquisition and collection of purchased loan portfolios, the Group may become owner of assets such as land, buildings, or other physical goods. These assets are only acquired as part of the collection strategy for the p rpose o e n d ested t n t e Gro p’s on o n operat ons to maximise the value of collections. Such assets are classified as inventories and recognised in the balance sheet at the lower of cost and net realisable value in accordance with IAS 2 Inventories. Total Loan to Value (TLTV) Total loan to value is net debt adjusted for vendor loan, earn out and FX hedge MTM over assets (portfolio, JV, loan receivables, real estate owned and goodwill). Q3 2025 results presentation27
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B2 Impact Cort Adelers gate 30, 7th floor 0254 Oslo, Norway +47 22 83 39 50 post@b2-impact.com IR contact Rasmus Hansson Head of Investor Relations and M&A +47 952 55 842 rasmus.hansson@b2-impact.com b2-impact.com