Slides
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Q3 Third quarter 2026 Presentation 5 November 2026
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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 2026 results presentation2 Q&A moderator B2 Impact
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B2 Impact Q3 highlights ✓ Growth in collections with lower opex ✓ On track to reach 2026 investment target ✓ Further improved cost of funding ✓ Expected EPS for 2026 above NOK 2.40 ✓ EPS growth more than 1 year ahead of target ✓ Expected uplift in long term targets currently under review Q3 2026 results presentation3 B2 Impact
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B2 Impact Investments ahead of target Q3 2026 results presentation4 Investment focus Total ERC Q3’26Total ERC Q3’25 NOK 25.6bn NOK 28.0bn • ERC growth of 19% on a comparable basis • NOK 3.7bn invested and committed vs target of NOK 4bn for 2026 • Strong position to maintain pricing discipline in a seasonally active Q4 nse red e red nse red e red
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B2 Impact • Continued rollout of voice bots and other AI tools in 2027 • Unsecured collection performance of 112% • 22% increase in unsecured collections per FTE year-over-year Significantly improved efficiency Q3 2026 results presentation5 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 Strong EPS growth, increasing ROE and solid equity ratio 1) Dividend paid out the following year. Forward looking assumes 100% EPS payout. Q3 2026 results presentation6 Increased financial targets 2026: • EPS above NOK 2.40 • ROE ~17% • Investments of NOK 4bn • Leverage ratio below 2.5x Dividends per share1 (NOK) Change in dividend covenant Financial targets 27-28 under revision
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B2 ImpactB2 Impact Q3 2026 results presentation7 Financial performance
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B2 Impact • EPS growth more than 1 year ahead of target • Unsecured ERC growth of 19% driven by higher and front-loaded investments • Unsecured collection performance up 4-5pp • Proven upside to ERC and book value • Lower opex with strong growth in collections • Underlying cost of debt down 10% Key value drivers for EPS growth of 33% (constant FX) Q3 2026 results presentation8 nse red ro t nterest ost nse red per or an e e a at ons ost s a a ty
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B2 Impact Increased EPS target – Strong performance trend continues • Sustainable strong collection performance – Unsecured at 112% performance compared to 108% last year – 10% underlying growth in unsecured collections • ERC growth of 19% • Opex down 4% combined with growth in collections • Improved cost of funding • Investments of NOK 3.7bn committed for 2026 in constant FX • Earnings growth ahead of plan Q3 2026 results presentation9 1) Key Financials exclude Non-recurring items 2) Change in constant FX, adjusted for NOK 410m REO sale in Q3 2025 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 ty rat o 2 26 Q3 2 25 Q3 Co ta t pp pp n a n a Co a a l 2 pp pp n a n a Key financials1
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B2 Impact Collection Performance excl. JVs Unsecured collection performance REO sales Secured collections • Continued strong collection performance • Unsecured performance of 115% year-to-date • REO sales of NOK 341m year-to-date – Gain of 50% year-to-date vs book value Q3 2026 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 1) Excludes collections related to a one-off putback of NOK 64m 1
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B2 Impact Front-loaded investments support increased EPS target Q3 2026 results presentation11 Ca h flow LTM Q3’26 Front-loaded investments Low leverage ratio despite increased investment level ort o o n est ents as arn n s NOKm e rat oNOKm Ot er ort o o n est ents as T ree as o as arn n s nan a s ta 2 63
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B2 Impact Lower opex combined with strong collection growth • Unsecured collections up 10% in the quarter • Accelerated REO sales support growth in investments • Opex down 4% in Q3 vs last year • Underlying opex ratio continues to improve Q3 2026 results presentation12 ) n onstant X, e N s and ar e O sa e ’ Cash revenue Operating expenses nse red o e t ons e red as O sa es Ot er as re en es as ro s ersonne e penses terna e penses Ot er e penses Ope as re en e LTM (NOKm1) LTM (NOKm1)
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B2 Impact Portfolio investments and Estimated Remaining Collections (ERC) Q3 2026 results presentation13 Underlying unsecured ERC up 19% 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 28.0bn NOK 772m NOK 28.0bn NOK 772m Geographical distribution Asset class distribution Geographical distribution Asset class distribution 1) Excludes collections related to a one-off putback of NOK 64m 1
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B2 Impact Lower interest cost despite higher investment activity • Refinancing at improved terms – Renegotiated RCF of EUR 510m at improved terms – New bond of EUR 150m at 2.65% margin – Hedging ratio at 79% with 3 years duration • Underlying interest cost down 10% year-over-year • Liquidity reserve of EUR ~335m + operational cash flow Q3 2026 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 n t sed t sed O tstand n onds E+3.90% I+margin E+3.75% E+3.25% E+2.65%
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B2 Impact Increased financial targets for 2026 Q3 2026 results presentation15 EPS Tar et Tar et ROE 3pp Strong total shareholder returns – EPS target increased by 21% in constant FX – Attractive dividend payout – Strong ROE in combination with solid equity ratio – Prudent risk profile with low leverage ratio Portfolio investments Tar et
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B2 ImpactB2 Impact Q3 2026 results presentation16 Summary
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B2 Impact Key takeaways Q3 2026 results presentation17 Growth in collections with lower opex Further improved cost of funding EPS growth 1 year ahead of target NOK 3.7bn already invested and committed B2 Impact Increased financial targets
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B2 ImpactB2 Impact Q3 2026 results presentation18 Q&A
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B2 Impact Creating value for both customers and financial institutions 19 Bridging gaps in the financial ecosystem through technology- enabled debt resolution Technology & Data • Self-service • AI tools • Automation CUSTOMERSFINANCIAL INSTITUTIONS • Acquisition of NPL portfolios with internal collection • Allows for flexible and sustainable payment solutions By combining technology, analytics and local servicing expertise, B2 Impact creates financial stability for both financial institutions and customers Our solutions enable customer-friendly interactions Sale of NPLs support healthier balance sheets and continued access to credit Q3 2026 results presentation Customers reintegrated to the financial ecosystem
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B2 Impact Quarterly trends Q3 2026 results presentation20 1) 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 2) n d n t e Gro p’s s are o port o os p r ased n s and jo nt ent res 3) Excludes collections related to a one-o p t a o NOK n ’ 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 2 Q 2 2 Q2 2 2 Q3 2 2 Q 2 25 Q 2 25 Q2 2 25 Q3 2 25 Q 2 26 Q 2 26 Q2 2 26 Q3
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B2 Impact NOKm NOKm Quarterly financial performance Revenues Cash EBITDA Adjusted EBIT Q3 2026 results presentation21 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 2026 results presentation22 o wa d 2 ERC Q3’26 co a d to Q3’251 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 2026 results presentation23 ) n d n t e Gro p’s s are o port o os a 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 c d ERC o and N Total c d ERC o and N Total Total a 25 a 363 2 3 3 2 623 6 3 2 3 53 3 2 2 2 6 5 2 5 2 2 6 5 6 36 6 2 5 6 2 5 2 5 65 2 ERC 2 5 3 2 ERC 23 2 Total ERC 25 3 Total ERC 2 2 Portfolio diversification1 Q3 2026 results presentation24 ) n d n t e Gro p’s s are o port o os a red and e d n s and jo nt ent res
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B2 Impact Segment overview Q3 2026 • Unsecured collection performance of 112% • Secured collection performance of 214% Q3 2026 results presentation25 ll o Tota o e t ons Tota N re en e R re t ope t a e ent earn n s n 2 26 Q a t 3 5 5 5 2 25 Q a t 3 52 a 2 3 pp ll o R re t ope t a e ent earn n s n 2 26 Q a t 3 3 3 2 25 Q a t 3 36 5 a 6 2 pp • Lower revenue mainly driven by lower 3PC and JV servicing revenue Investments Servicing
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B2 Impact 20 largest shareholders Q3 2026 results presentation26 Updated per 3 November 2026 ha hold Ne eda n est a set n est tens a en n est 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 e an O Ne or e on N T e an O Ne or e on N a e s an N t te sen K ste os seets r ts ond or an erd pap r ondet K sjenor e N erd pap r ondet N Kap ta erd pap r ondet e da t ytte anaston j or an Ot er T T L o of ha 3 5 c ta
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B2 Impact Definitions Actualisation The difference between actual and forecasted collections for purchased loan portfolios for the reporting period. Adjusted EBIT (Adj. EBIT) Consists of Operating profit/(loss) (EBIT) adjusted for non-recurring items. Adjusted EBIT % (Adj. EBIT %) Adjusted EBIT expressed as a percentage of revenue excluding Non-recurring items. Adjusted EPS (Adj. EPS) 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) Calculated as the rolling 12 month adjusted net profit divided by equity at the end of the last quarter with dividend payments, reflecting 100% dividend distribution. Adjusted Net profit (Adj. 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 The amount of the collections that are used to reduce the book value of the purchased portfolios. Cash collections Include unsecured collections, secured cash collections, cash received from SPVs and joint ventures, and REO sales proceeds. 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 Consists of Cash EBITDA expressed as a percentage of 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 The actual cash collected and assets recovered from purchased portfolios. EBITDA Consists of operating profit (EBIT) adding back depreciation, amortisation and impairment of tangible and intangible assets. Equity ratio Total equity divided by total assets. Estimated Remaining Collections (ERC) Expresses the collections in nominal values expected to be collected in the future from the purchased loan portfolios 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 p r ased and e d n jo nt ent res Forward flow agreements 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 The calculated amortised cost interest revenue from the loan receivable using the original effective interest rate. Interest income from purchased portfolios 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 2026 results presentation27
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B2 Impact e n t ons ( ont’d) Operating expenses (Opex) Consists of external expenses of services provided, personnel expenses and other operating expenses. 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 Consists 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 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 Consist of Other revenues added back Cost of assets sold 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 Consists of operating profit (EBIT) expressed as a percentage of total operating revenues. Revaluation 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 an es n 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) Net debt adjusted for vendor loan, earn out and FX hedge MTM over assets (portfolio, JV, loan receivables, real estate owned and goodwill). Q3 2026 results presentation28
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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