B2 Impact Asa · OSL:B2I
B2 Impact Asa — Debt Investor Presentation (September 2025)
49 slides from B2 Impact Asa's debt investor presentation, Sep 2, 2025
Slide 1: Investor presentation: Senior Unsecured Bond Issue
Investor presentation Senior Unsecured Bond Issue 2 September 2025
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 B2I07 + B2I08+ B2109 Sr. unsec. EUR 650m management company, specialized in investing in, and the recovery of, non- B2 Impa
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): BB- (expected) Initial issue amount: EUR 100 million (expected) Maximum issue amount: EUR 350 million Purpose of the bond issue: Refinancing and/or general corporate
Slide 11: Today's presenters
Today’s presenters Trond Kristian Andreassen André Adolfsen Rasmus Hansson Chief Executive Officer Chief Financial Officer Head of Investor Relations and M&A 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 Q2’25 Os B2 Impact Markets illio Q2 252 Secured Head office, Norway Cash collections 898 8 evenues 3 63 Ope 1 921 NOK BIT 1 616 26.0bn BIT 87 Net profit 8 nsecured Cash revenue 6 39 Cash BIT A 73 Cash margin 70 everage ratio 2.1 • One of the lead
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: Q2 2025 highlights and 2025 priorities
Q2 2025 highlights 2025 priorities ✓ Strong collection performance and ERC growth ✓ Considerable upside in ERC leading to positive portfolio revaluations → Profitable and sustainable growth in investments ✓ High investment activity with NOK 2.1bn invested and committed for 2025 → Focused investment
Slide 16: Improved efficiency supporting significant upside in ERC
Improved efficiency supporting significant upside in ERC • Continued trend of improved collection performance through use of automation, digitalization and AI • Sustainable collection over-performance despite positive revaluations in previous quarters • Scalable cost base with capacity for increased
Slide 17: Accelerated REO sales supports higher portfolio investments
Accelerated REO sales supports higher portfolio investments • REO sales has historically supported deleveraging and lower cost of debt • Accelerated REO sales to be invested in unsecured portfolios • Supports increased growth in ERC and earnings per share going forward NOKm Book value Sales proceeds
Slide 18: Revised investment target for 2025 with considerable upside in ERC
Revised investment target for 2025 with considerable upside in ERC • NOK 2.1bn invested and committed year to date Investment focus 2025 • Revised investment target of NOK 3.5 – 4 billion for 2025 • Considerable upside in ERC with sustainable collection overperformance Total ERC Q2’24 Total ERC Q2’2
Slide 19: Financial performance
Financial performance 19 B2 Impact Impact Credit Investor Presentation
Slide 20: Trading update: Strong REO sales, solid collection performance and lower leverage
Trading update: Strong REO sales, solid collection performance and lower leverage Highlights per July Key figures last twelve months nsecured collections erformance 109 110 • Unsecured collection performance above 111 % 107 108 10 82 202 • REO sales of NOK 565m year to date • Leverage ratio down to
Slide 21: 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 108 110 73 103 10 102 99 3 66 2 960 3 698 1 66 3.0 2.1 1 2020 2021 2022 2023 202 TM Q2 2 2020 2021 2022 2
Slide 22: Collection Performance excl. JVs
Collection Performance excl. JVs Unsecured collection performance REO sales 29 120 19 213 36 1 3 62 110 718 108 110 1 103 10 603 102 99 100 3 3 330 230 90 80 1 2021 2022 2023 202 TM Q2 2 2023 202 TM Q2 2 Collection erformance Book value Sales proceeds Secured collections 276 299 99 9 18 16 81 19 330
Slide 23: Lower opex and increased scalability
Lower opex and increased scalability Cash revenue1 Operating expenses1,2 • Continued growth in unsecured collections • Personnel costs trending down 6 708 6 326 207 6 378 1 972 61 1 190 1 933 1 91 91 339 600 11 1 877 209 89 17 638 822 8 68 6 0 72 1 733 1 160 3 6 879 1 133 1 7 31. 29.7 29.7 29. 30.0
Slide 24: Cash earnings supporting low leverage and increased investment volumes
Cash earnings supporting low leverage and increased investment volumes Cash flow YTD Q2’25 Additional investment capacity NOKm NOKm ortfolio investments Cash arnings 1 16 2 2 890 666 0 337 22 96 10 13 0 3 9 Q2 2 Q3 2 Q 2 Q1 2 Q2 2 121 66 Low leverage ratio 6 ev. ratio 201 2.22 2. 0 2.13 1.71 1.82 Ca
Slide 25: Portfolio investments and Estimated Remaining Collections (ERC)
Portfolio investments and Estimated Remaining Collections (ERC) Portfolio investments I vest e ts 202 to Q2’25 of 9.7b Geographical distribution Asset class distribution ol 30 nsecured 61 NOK NOK N 6 9.7bn 9.7bn C 3 nsecured 10 Forward Flow 11 S Secured 2 960 Total ERC1 as of Q2’25 27 1 Geographical
Slide 26: Unsecured ERC growth providing long term stability in collections
Unsecured ERC growth providing long term stability in collections Forward 120m ERC per Q2 2025 compared to 20191 Total ERC growth NOKm C Q 19 C Q2 2 NOKm Signed, not closed Os N 7 27 10 032 2 128 1 380 319 26 3 999 3 028 1 23 2 23 809 2 6 6 27 1 863 3 1 69 7 1 28 116 1 082 912 766 1 2 3 6 7 8 9 10 F
Slide 27: On track to achieve financial targets for 2025
On track to achieve financial targets for 2025 Portfolio investments (NOKb) Increased dividends1 3.5 – 4 1.5 – 1.7 2.1 0.91 2021 2022 2023 202 T Q2 202 202 2021 2022 2023 202 T Q2 202 202 REO sales (NOKm) 600 – 800 • Annual portfolio revaluations of NOK 150–200m in 2025–2027 • High REO sales of NOK
Slide 28: Secure long-term financing and reduce debt by EUR 50m
Secure long-term financing and reduce debt by EUR 50m Debt maturity profile after bond refinancing (EURm) • Increased financial flexibility and maturity profile 1 nutilised CF Bond refinancing Outstanding Bonds tilised CF – New Bond issue to 2031 and repayment of 2028 maturity • Reduce debt and inte
Slide 29: Risk factors
Risk factors 29 B2 Impact Impact Credit Investor Presentation
Slide 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: Appendix
Appendix 38 B2 Impact Impact Credit Investor Presentation
Slide 39: 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 39 B2 Impact Credit Investor Presentation
Slide 40: 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 Jessica Sparrfeldt 40 B2 Impact Credit Investor Presentation
Slide 41: Quarterly trends
Quarterly trends 202 202 202 202 2024 2024 2024 2024 2025 2025 illio Q Q2 Q Q4 Q Q2 Q Q4 Q Q2 Cash collections 12 8 1 13 1 97 1 906 1 273 1 386 1 326 1 300 13 2 1 10 evenues 91 1 031 88 9 6 882 1 090 863 8 7 898 99 Adj. BIT 02 96 389 10 360 73 02 33 37 8 Adj. BIT 8 3 1 3 7 39 2 9 BIT 37 71 370 362 3
Slide 42: Portfolio diversification
Portfolio diversification1 se ed Yea ERC 2 4 5 7 9 0 20 ERC Total ERC oland 1 229 983 819 70 606 2 8 02 3 3 310 6 391 7 989 N 1 818 1 6 1 183 981 820 68 68 72 39 329 8 69 9 C 2 6 216 18 1 103 80 63 0 22 16 1 12 11 9 299 2 1 188 1 1 12 10 93 81 71 1 399 1 26 S 98 07 323 221 189 162 9 81 69 63 2 30 2
Slide 43: Significant deleveraging and improved performance over last 5 years
Significant deleveraging and improved performance over last 5 years NOKm N book value Os NIB Cash BIT A Adj. Net profit 1 0 1 32 11 0 11 2 1 160 11 1 1 017 1 012 962 978 97 932 9 6 9 3 933 927 910 90 89 861 93 910 16 8 1 710 1 636 1 230 1 776 1 91 1 1 13 936 1 270 1 282 13 87 13 6 13 601 13 72 13 66
Slide 44: 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 7,3 6,9 value-based covenants and headroom has increase significantly over the latest years ,1 , ,1
Slide 45: Financial risk management per Q2'25
Financial risk management per Q2’2 Currency risk Net debt basket • Translational balance sheet exposure to main currencies hedged by Currency derivatives 11 • Currency derivatives are used to: N - Obtain a balanced currency basket NOK 21 9 899m S K - Designed to utilize zero interest cap in RCF 6 KK
Slide 46: Share price development
Share price development Public listing Top 20 shareholders2 Sha eholde o. of sha es Pe e ta e • The shares were listed on NOTC, the Norwegian Over-The-Counter Market in 1 rioritet Group AB 3 2 913 000 1 .31 December 2014 2 Nevedal Invest AS 36 827 738 9.96 • In June 2016, the company listed on the O
Slide 47: 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) Cash revenue c
Slide 48: 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 49: 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 (September 2025) on 6ix