B2 Impact Asa · OSL:B2I
B2 Impact Asa — Debt Investor Presentation (August 2026)
45 slides from B2 Impact Asa's debt investor presentation, Aug 26, 2026
Slide 1: Investor presentation – Senior Unsecured Bond Issue
Investor presentation Senior Unsecured Bond Issue 26 August 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 OUR FINANCIAL PROFILE • Our leverage and debt service obligations could adversely affect our business and prevent us from fulfilling our obligations with respect to the Bonds. • Our financing arrangements, including covenants, refinancing requirements a
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 B2I08+ B2I09+B2I10 • B2 Impact ASA (the “Issuer” or the “Company”) is a leading pan-European Sr. unsec. EUR 650m debt management company, specialized in investing in, and the recovery of, B2 Impact ASA
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: Minimum EUR 100 million Maximum issue amount: EUR 350 million Purpose of the bond issue: Refinancing and/or general corporate purp
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: Company overview – leading pan-European debt purchaser
Company overview – leading pan-European debt purchaser Key financials1 LTM LTM Total ERC as of Q2’26 B2 Impact Markets illio Q2 26 Q2 2 Head office, Norway E s Secured Cash collections 6 36 54 6% 6%3% evenues 3 3 3 604 6% pex 22 3 0% EBIT 23 5 4 4% NOK 28.9bn EBIT % 4 % 44% 3pp Net profit 20 56 45%
Slide 14: Q2 highlights
Q2 highlights ✓ Unsecured collection performance of 117% ✓ 10% cash collection growth with stable opex ✓ NOK 3.1bn invested and committed as of today ✓ Strong REO sales supporting higher investments ✓ EPS growth ahead of target ✓ Increased financial targets for 2026 14 B2 Impact Credit Investor Pres
Slide 15: Investments ahead of plan
Investments ahead of plan • NOK 3.1bn invested and committed Investment focus • Early deployment drives EPS growth • Expect to invest at least NOK 4bn for 2026 • Unsecured ERC growth of 16% Total ERC Q2’2 Total ERC Q2’26 Secured Secured 3% % NOK NOK 26.0bn 28.9bn % % nsecured nsecured 15 B2 Impact C
Slide 16: Significantly improved efficiency
Significantly improved efficiency • Continued focus on efficiency through collection strategy improvements and accelerated use of AI tools • Unsecured collection performance of 117% • 26% increase in unsecured collections per FTE year-over-year 1 nsecured collection performance FTEs nsecured collect
Slide 17: Financial performance
Financial performance 17 B2 Impact Impact Credit Investor Presentation
Slide 18: Investment growth supported by operational cash flow
Investment growth supported by operational cash flow Growth and leverage Unsecured collections NOKm ortfolio investments Cash EBITDA Leverage ratio NOKm erformance % Collections 4 6 2% 0 % 0% 4 400 03 % 05 % 4 2 02 % 3 6 3 64 202 2.4x 2. x 202 2022 2023 2024 2025 LTM 2 26 202 2022 2023 2024 2025 LTM
Slide 19: Collection Performance excl. JVs
Collection Performance excl. JVs Unsecured collection performance REO sales 4 02 4 2 30% 23% 42 3 42 4 % 20% 4 3 562 2% 0% 6 64 0 % 0% 05 % 44% 5 03 % 00% 330 230 0% 0% 2022 2023 2024 2025 LTM 2 26 2024 2025 LTM 2 26 Collection erformance % Book value Sales proceeds Secured collections 2 6 • Notable
Slide 20: 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 66 6 436 6 364 03 60 0 4 4 5 02 5 5 325 5 5 0 4 3 04 6 6 6 2 465 450 43 443 42 65 3 3 3 3 .5 % 2 . % 2 .4 % 2 . % 2 .4 % 20 2 3 24 4 2
Slide 21: Strong cash flow supports low leverage and investment growth
Strong cash flow supports low leverage and investment growth Cash flow LTM Q2’26 Dividends per share1 (NOK) NOKm 6 2.25 4 400 . 0 .50 .30 56 5 0.42 2 0.20 Cash EBITDA ortfolio ther Free cash flow Financials tax Cash Earnings 202 2022 2023 2024 2025 2026E investments 21 B2 Impact Credit Investor Pres
Slide 22: Portfolio investments and Estimated Remaining Collections (ERC)
Portfolio investments and Estimated Remaining Collections (ERC) Portfolio investments Investment growth Geographical distribution Asset class distribution ol 2 % nsecured 66% NOK 5% CE NOK 12.9bn 12.9bn NE 44% 30% 5% nsecured E Forward Flow % 4% SEE Secured 4 400 Total ERC1 as of Q2’26 3 0 Geographi
Slide 23: Unsecured ERC growth providing long term stability in collections
Unsecured ERC growth providing long term stability in collections Forward 2 ERC i Q2’26 co pared to Q2’2 1 Total ERC growth NOKm, constant FX E C 2 25 E C 2 26 NOKm, constant FX E s N L secured N L unsecured % % 4 54 2% 2 2 3 42 3 24 0 6% 3 6 3 354 % 2 63 22% 23% 2 65 2 % 26 2 3 3 3 % 34% 2 5 3 5 5
Slide 24: Increased financial targets for 2026
Increased financial targets for 2026 EPS ROE % 2pp 2.25 6% 2. 0 4% 2022 2023 2024 2025 Target 2026E 2022 2023 2024 2025 Target 2026E Portfolio investments 4% Strong total shareholder returns > 4.0 3.5 – High dividend payout – Attractive ROE in combination with strong equity ratio – Prudent risk prof
Slide 25: Refinancing at significantly improved terms and secure long-term funding
Refinancing at significantly improved terms and secure long-term funding • Refinancing reduce interest cost Debt maturity profile (EURm) – New Bond issue to 2032 of minimum EUR 100m1 tilised CF utstanding Bonds Bond refinancing nutilised CF – Renegotiated RCF reduced to EUR 510m at improved terms o
Slide 26: Key credit highlights
Key credit highlights Consistent collection over-performance and scalable cost base Low credit risk and improved credit rating Investment discipline and proven upside in ERC Concentrated investment approach with low volume risk Uniquely positioned to grow investments and maintain moderate leverage 2
Slide 27: Risk factors
Risk factors 27 B2 Impact Impact Credit Investor Presentation
Slide 28: Risk factors (1/6)
Risk factors (1/6) An investment in the Bonds involves risks. If any of the events described below actually occurs, our typically require the integration of additional portfolios, systems, counterparties and staff into this operating business, results of operations, financial condition or prospects
Slide 29: Risk factors (2/6)
Risk factors (2/6) Our operations are highly dependent upon access to, and the functioning and integrity of, our core limit the effectiveness, scalability or security of our core systems, increase operational risk or reduce IT applications, systems and infrastructure. operational efficiency. Our suc
Slide 30: Risk factors (3/6)
Risk factors (3/6) The value of our existing portfolios may deteriorate, and could limit our ability to reinvest in new We may not be able to purchase portfolios at appropriate prices or of sufficient quality. portfolio acquisitions. If we are unable to identify sufficient levels of attractive portf
Slide 31: Risk factors (4/6)
Risk factors (4/6) Our senior management team members and key employees are important to our continued success and the We recover on claims that may become subject to insolvency procedures under applicable laws, and we also purchase loss of one or more members of our senior management team or one or
Slide 32: Risk factors (5/6)
Risk factors (5/6) RISKS RELATED TO OUR FINANCIAL PROFILE We are subject to covenants under our financing arrangements that limit our operating and financial flexibility. Our leverage and debt service obligations could adversely affect our business and prevent us from fulfilling our obligations with
Slide 33: Risk factors (6/6)
Risk factors (6/6) We are exposed to interest rate risk. meet its obligations. Contractual provisions or laws, including laws or regulations related to the repatriation of foreign earnings, corporate benefit and financial assistance, as well as its subsidiaries’ financial Fluctuations in market inte
Slide 34: Appendix
Appendix 34 B2 Impact Impact Credit Investor Presentation
Slide 35: Experienced management team and streamlined organization
Experienced management team and streamlined organization Trond Kristian Andreassen CEO André Adolfsen Alf Ph. Bjercke Adam Parfiniewicz George Christoforou Jan Hellinx Chief Financial Officer Interim Chief Investment Chief Operating Officer Chief Secured Asset Chief Legal Officer Officer Management
Slide 36: 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 Rafaël Biosse Duplan 36 B2 Impact Credit Investor Presentation
Slide 37: Quarterly trends
Quarterly trends 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 26 2 26 illio Q Q2 Q Q Q Q2 Q Q Q Q2 Cash collections 2 3 3 6 326 300 352 5 0 5 44 3 0 665 evenues 2 0 0 63 4 5 6 006 Adj. EBIT 360 5 3 402 334 3 4 4 4 4 6 3 0 463 4 4 Adj. EBIT % 4 % 53% 4 % 3 % 42% 4 % 4 % 44% 4 % 4 % EBIT 354 55 3 2 364 4 4 2 3 4
Slide 38: Portfolio diversification
Portfolio diversification1 sec red ear ERC 2 6 2 ERC Total ERC oland 24 036 5 33 636 562 4 443 3 5 35 6 6 625 NE 463 232 03 3 625 534 45 3 2 26 0 24 CE 304 26 203 3 4 26 4 20 E 4 42 366 3 2 240 2 0 3 46 2 2 6 32 SEE 4 6 4 0 33 2 26 206 5 36 22 25 4 2 00 Total 2 2 2 2 2 6 6 22 2 26 2 ear Sec red ERC
Slide 39: Significant deleveraging and improved performance over last 6 years
Significant deleveraging and improved performance over last 6 years NOKm N L book value E s NIBD Cash EBITDA Adj. Net profit 262 5 65 4 52 2 0 0 33 246 35 20 2 20 3 20 4 20 2 22 32 42 22 2 22 3 22 4 22 23 2 23 3 23 4 23 24 2 24 3 24 4 24 25 2 25 3 25 4 25 26 2 26 39 B2 Impact Credit Investor Present
Slide 40: Significant headroom to covenants
Significant headroom to covenants Comments Leverage ratio and ICR covenants Leverage ratio Interest Cover ratio • B2 Impact will continue to uphold a solid headroom to both earnings- and ,3x 6, x ,2x value-based covenants and headroom has increase significantly over the 6,4x latest years 5, x 5,0x 4
Slide 41: Financial risk management per Q2'26
Financial risk management per 2’26 Currency risk Net debt basket • The strategy is to have a balance sheet hedge in the major currencies, 2% meaning that net debt are made in currencies to reflect expected cash flow % 3% – Bonds issued in EUR and RCF is multicurrency E LN – Currency derivatives are
Slide 42: 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 24.20% 2 Valset Invest AS 32 003 804 8.63% • In June 2016, the company listed on
Slide 43: Definitions
Definitions Actualisation Cash revenue The difference between actual and forecasted collections for purchased loan portfolios for the reporting period. Consists of revenue added back Amortisation and Revaluation of purchased loan portfolios and Cost of assets sold and Adjusted EBIT (Adj. EBIT) adjus
Slide 44: Definitions (cont'd)
Definitions (cont’d) Operating expenses (Opex) Other cash revenues Consists of external expenses of services provided, personnel expenses and other operating expenses. Consist of Other revenues added back Cost of assets sold Net debt Other revenues Consists of nominal value of interest-bearing loans
Slide 45: 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