B2 Impact Asa · OSL:B2I
B2 Impact Asa — Debt Investor Presentation (January 2026)
50 slides from B2 Impact Asa's debt investor presentation, Jan 13, 2026
Slide 1: Investor presentation: Senior Unsecured Bond Issue
Investor presentation Senior Unsecured Bond Issue 13 January 2026
Slide 2: Important information and disclaimer (1/3)
Important information and disclaimer (1/3) This investor presentation, together with its enclosures and appendices (collectively, the "Presentation"), any loss howsoever from any use of this Presentation or its contents or otherwise arising in connection has been produced by B2 Impact ASA (the "Comp
Slide 3: Important information and disclaimer (2/3)
Important information and disclaimer (2/3) The merits or suitability of investing in any securities previously issued or issued in the future by the the United States Securities and Exchange Commission or registered under the U.S. Securities Act or any Company for any investor's particular situation
Slide 4: Important information and disclaimer (3/3)
Important information and disclaimer (3/3) Please see the application form for further applicable selling and transfer restrictions. Any investment in the Company involves inherent risks and is suitable only for investors who understand the risks associated with this type of investment and who can a
Slide 5: Summary of risk factors (1/2)
Summary of risk factors (1/2) Investing in bonds and other securities issued by the Company involves inherent risks, and a number of risk factors may adversely affect the Company. Potential investors should consider, among other things, the Risk Factors set out in this Presentation before making an
Slide 6: Summary of risk factors (2/2)
Summary of risk factors (2/2) RISKS RELATED TO THE BUSINESS IN WHICH WE OPERATE (CONTINUATION) • We may not be able to hire and retain enough sufficiently trained personnel to support our operations. • Increases in labour costs, potential labour disputes and work stoppages could negatively affect ou
Slide 7: Agenda
Agenda 1. Transaction overview 2. Company overview 3. Financial performance 4. Risk factors 5. Appendix 7 B2 Impact Impact Credit Investor Presentation
Slide 8: Transaction overview
Transaction overview 8 B2 Impact Impact Credit Investor Presentation
Slide 9: Transaction summary
Transaction summary Background and sources & uses Group structure and pro forma capital structure • B2 Impact ASA (the “Issuer” or the “Company”) is a leading pan-European debt management company, specialized in investing in, and the recovery of, B2I08+ B2109+B2I10 B2 Impact ASA non-performing unsec
Slide 10: Key terms and conditions
Key terms and conditions Issuer: B2 Impact ASA Status of the bonds: Senior unsecured CFR (Moody’s / S&P): Ba2 / BB- Bond rating (S&P): The outstanding bond issue is rated BB- (Positive) Outstanding amount: EUR 100 million Tap issue amount: Minimum EUR 100 million Maximum issue amount: EUR 350 millio
Slide 11: Today's presenters
Today’s presenters Trond Kristian Andreassen André Adolfsen Chief Executive Officer Chief Financial Officer 11 B2 Impact Credit Investor Presentation
Slide 12: Company overview
Company overview 12 B2 Impact Impact Credit Investor Presentation
Slide 13: This is B2 Impact
This is B2 Impact Key financials1 LTM Total ERC as of Q3’25 s B2 Impact Markets illio Q3 25 Secured Head office, Norway Cash collections 2 evenues pe NOK 25.6bn BIT BIT et profit nsecured Cash revenue Cash BIT A Cash margin everage ratio 2 • One of the leading pan-European credit management companie
Slide 14: Key credit highlights
Key credit highlights Consistent strong collection performance and scalable cost base Low leverage and credit risk Proven track record of deleveraging capabilities and investment discipline Reduced footprint and concentrated investment approach Uniquely positioned to grow investments and maintain mo
Slide 15: 2025 highlights 2026 priorities
2025 highlights 2026 priorities ✓ Sustainable strong collection performance and ERC growth ✓ Upside in book values and ERC → Stable top line growth with notably higher growth in EPS ✓ Significant growth in investments from previous year → Investments mainly focused on unsecured ✓ Reinvested strong c
Slide 16: Improved efficiency supporting significant cost scalability
Improved efficiency supporting significant cost scalability • 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 portfolio
Slide 17: Accelerated REO sales supports higher portfolio investments
Accelerated REO sales supports higher portfolio investments • 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 NOKm Book value Sales proceeds 600-800 22 2 2 2021 2022 2023 2024 Q3 2025 2
Slide 18: High investment activity at attractive returns
High investment activity at attractive returns • Unsecured ERC growth of 13% Investment focus 2025 • Considerable upside in ERC with sustainable collection overperformance • Multiple ongoing transactions in Q4 Total ERC Q3’24 Total ERC Q3’25 Secured Secured NOK NOK 23.9bn 25.6bn nsecured nsecured 18
Slide 19: Financial performance
Financial performance 19 B2 Impact Impact Credit Investor Presentation
Slide 20: Commercial update: Growth in investments, strong cash flow and low leverage
Commercial update: Growth in investments, strong cash flow and low leverage Preliminary highlights for 2025 Key figures last twelve months nsecured collections erformance • Unsecured collection performance around 110 % • Cash EBITDA around NOK 4.7bn 2 • Leverage ratio stable around 2.1x • Investment
Slide 21: Key value drivers for EPS growth
Key value drivers for EPS growth • Double digit growth in unsecured collections 1 0.57 • 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 1
Slide 22: Leverage ratio reduced while maintaining strong collections and cash flow
Leverage ratio reduced while maintaining strong collections and cash flow Growth and leverage Unsecured collections NOKm ortfolio investments Cash BIT A everage ratio NOKm erformance Collections 2 2 2 2 2 2 2 22 2 2 2 2 TM 2 2 2 2 2 2 22 2 2 2 2 TM 2 22 B2 Impact Credit Investor Presentation
Slide 23: Collection Performance excl. JVs
Collection Performance excl. JVs Unsecured collection performance REO sales 2 2 2 2 2 2 2 2 2 2 22 2 2 2 2 TM 2 2 2 2 2 TM 2 Collection erformance Book value Sales proceeds Secured collections 2 2 2 2 2 2 2 2 22 2 2 2 2 TM 2 Cash collection sales epossessions 23 B2 Impact Credit Investor Presentatio
Slide 24: Stable opex and increased scalability
Stable opex and increased scalability Cash revenue1 Operating expenses1,2 • Continued growth in unsecured collections • Underlying Opex / Cash revenue trending down 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 22 2 2 2 2 TM 2 2 2 2 22 2 2 2 2 TM 2 Collections unsecured Secured cash sales ther cash reve
Slide 25: Strong cash earnings supports investment growth and high dividends combined with low leverage
Strong cash earnings supports investment growth and high dividends combined with low leverage Cash flow LTM Q3 2025 Dividend per share (NOK) NOKm 45 ≥ 32 2 2 4 2 Cash BIT A ortfolio ther Free cash flow Financials ta Cash arnings 2 2 2 22 2 2 2 2 2 2 2 2 investments 25 B2 Impact Credit Investor Prese
Slide 26: Portfolio investments and Estimated Remaining Collections (ERC)
Portfolio investments and Estimated Remaining Collections (ERC) Portfolio investments I vest e ts 202 to Q3’25 of 0.4b Geographical distribution Asset class distribution ol 2 nsecured 2 NOK NOK 10.4bn 10.4bn C nsecured Forward Flow S Secured Total ERC1 as of Q3’25 2 Geographical distribution Asset c
Slide 27: Unsecured ERC growth providing long term stability in collections
Unsecured ERC growth providing long term stability in collections Forward 20 ERC i Q3’25 co pared to Q3’241 Total ERC growth NOKm, constant FX C 2 C 2 NOKm, constant FX s 2 2 2 2 2 2 22 2 2 2 2 2 2 2 2 27 B2 Impact Credit Investor Presentation 1) Does not include sale of REOs, over-performance on un
Slide 28: Financial expectations for 2025
Financial expectations for 2025 Portfolio investments (NOKbn) Increased dividends1 3.5 – 4 ≥ 1.49 3.0 2 2 2 22 2 2 2 2 T 2 2 2 2 2 22 2 2 2 2 T 2 2 2 2 2 2 REO sales (NOKm) 600 – 800 • REO sales of around NOK 700m 622 • Leverage ratio comfortably below 2.5x • Annual portfolio revaluations of NOK 150
Slide 29: Solid financial position with secured long-term funding cost
Solid financial position with secured long-term funding cost • Bond refinancing Debt maturity profile1 after bond refinancing (EURm) – Tap issue of minimum EUR 100m in bond 2031 nutilised CF Bond refinancing utstanding Bonds tilised CF – Conditional buyback in bond 2029 I+2.80% E+3.90% E+3.75% E+3.2
Slide 30: Risk factors
Risk factors 30 B2 Impact Impact Credit Investor Presentation
Slide 31: Risk factors (1/8)
Risk factors (1/8) An investment in the Bonds involves risks. If any of the events described below actually occurs, our prevent us from purchasing otherwise desirable debt portfolios or prevent us from meeting our obligations business, results of operations, financial condition or prospects could be
Slide 32: Risk factors (2/8)
Risk factors (2/8) Our operations are highly dependent upon access to, and the functioning and integrity of, our core violation of data protection laws could have a material adverse effect on our business, results of operation IT applications, systems and infrastructure. and financial condition. Our
Slide 33: Risk factors (3/8)
Risk factors (3/8) The value of our existing portfolios may deteriorate, or we may not be able to collect sufficient Failure to successfully manage our forward flow agreements or replace terminated forward flow amounts on our portfolios to take advantage of opportunities for portfolio purchases as t
Slide 34: Risk factors (4/8)
Risk factors (4/8) We may not be able to obtain or maintain adequate insurance cover. or impairment of our ability to conduct business. This could in turn have a material adverse effect on our business, results of operation and financial condition. No assurances can be given that we will continue to
Slide 35: Risk factors (5/8)
Risk factors (5/8) We may purchase portfolios that contain accounts which are not eligible to be collected, and it may RISKS RELATED TO OUR FINANCIAL PROFILE not be possible for us to bring successful claims pursuant to purchase contracts or otherwise. Our leverage and debt service obligations could
Slide 36: Risk factors (6/8)
Risk factors (6/8) We are subject to covenants under our financing arrangements that limit our operating and Our hedging agreements may expose us to credit default risks and potential losses if our hedging financial flexibility. counterparties fall into bankruptcy. Our financing agreements contain o
Slide 37: Risk factors (7/8)
Risk factors (7/8) Risk of being unable to pay interest and principal on its indebtedness, including the Bonds hedge providers, trade creditors, and claims of preference shareholders (if any) of the subsidiary, will have priority with respect to the assets and earnings of the subsidiary over the cla
Slide 38: Risk factors (8/8)
Risk factors (8/8) An active trading market may not develop for the Bonds, in which case you may not be able to Credit ratings may not reflect all risks, are not recommendations to buy or hold securities and may resell the Bonds. be subject to revision, suspension or withdrawal at any time. There is
Slide 39: Appendix
Appendix 39 B2 Impact Impact Credit Investor Presentation
Slide 40: Experienced management team and streamlined organization
Experienced management team and streamlined organization CEO Trond Kristian Andreassen Chief Secured Asset CFO Investments COO Management André Adolfsen Endre Solvin-Witzø Adam Parfiniewicz George Christoforou 40 B2 Impact Credit Investor Presentation
Slide 41: Board members with strong industry experience
Board members with strong industry experience Ole Grøterud Chair of the Board New board members Ellen Hanetho Adele Bugge Norman Pran Henrik Wennerholm Prateek Puri 41 B2 Impact Credit Investor Presentation
Slide 42: Quarterly trends
Quarterly trends 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 illio Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Cash collections 2 2 2 2 evenues 2 Adj BIT 2 2 Adj BIT 2 BIT 2 2 2 Adj et profit 2 2 2 2 22 2 2 2 2 Cash revenue 2 2 2 Cash BIT A 2 2 2 2 Cash margin Collections ) 2 2 2 2 2 2 Amortisation of
Slide 43: Portfolio diversification
Portfolio diversification1 sec red ear ERC 2 3 4 5 0 20 ERC Total ERC oland 2 2 C 2 2 2 2 2 22 2 S 2 2 2 2 2 Total 4 5 34 0 2 35 2 235 5 30 0 32 20 0 22 4 ear Sec red ERC 2 3 4 5 0 20 ERC Total ERC oland 2 2 2 C 22 2 2 2 2 S Total 04 5 2 5 3 5 4 3 0 22 Total 4 2 3 3 00 2 34 5 2 3 4 02 3 2 24 0 43 B2
Slide 44: Significant deleveraging and improved performance over last 5 years
Significant deleveraging and improved performance over last 5 years NOKm 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 22 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 22 2 2 22 2 2 2 22 2 2 22 2 22 22 22 2 22 2 2 2 22 2 2 2 22 2 44 B2 Impact Credit Investor Presentation
Slide 45: Favourable development in headroom to covenants
Favourable development in headroom to covenants Comments Leverage ratio and ICR covenants everage ratio Interest Cover ratio • B2 Impact will continue to uphold a solid headroom to both earnings- and , , , value-based covenants and headroom has increase significantly over the latest years , , , , ,
Slide 46: Financial risk management
Financial risk management per ’2 Currency risk Net debt basket • Translational balance sheet exposure to main currencies hedged by Currency derivatives • Currency derivatives are used to: - Obtain a balanced currency basket 2 NOK 9 502m S K - Designed to utilize zero interest cap in RCF KK • Cashflo
Slide 47: Share price development
Share price development Public listing Top 20 shareholders2 • The shares were listed on NOTC, the Norwegian Over-The-Counter Market in # Shareholder No. of shares Percentage December 2014 1 Nevedal Invest AS 89 740 738 24.27% 2 Valset Invest AS 32 003 804 8.66% • In June 2016, the company listed on
Slide 48: Definitions
Definitions Actualisation Cash margin Actualisation is the difference between actual and forecasted collections for purchased loan portfolios for the reporting Cash margin consists of Cash EBITDA expressed as a percentage of cash revenue. period. Cash revenue Adjusted EBIT (Adj. EBIT) Adjusted EBIT
Slide 49: Definitions (cont'd)
efinitions (cont’d) Operating expenses (Opex) Other cash revenues Opex consists of external expenses of services provided, personnel expenses and other operating expenses. Other cash revenues consist of Other revenues added back Cost of assets sold Net debt Other revenues Net debt consists of nomina
Slide 50: b2-impact.com
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 Cort Adelers gate 30, 7th floor 0254 Oslo, Norway +47 22 83 39 50 post@b2-impact.com
B2 Impact — Debt Investor Presentation (January 2026) on 6ix