B2 Impact ASA

Interim / Quarterly Report • Aug 21, 2025

Second quarter & half year 2025 Report

21 August 2025

Key figures Q2 2025 (NOKm)

Cash collections	Unsecured performance	Portfolio investments
1 510	112%	450
1 386	111%	337
Cash EBITDA	Adjusted EPS	Leverage ratio
1 151	0.55	2.4x
1 325	0.68	1.7x

CEO comment

B2 Impact delivered strong results in the second quarter of 2025, supported by continued collection overperformance and solid cash flow. Our operational results reflects the scalability of our debt servicing platform. With earnings per share of NOK 0.55 in the second quarter and NOK 0.91 for the first half year we are on track to outperform our target of NOK 1.5 per share for 2025.

We have seen high investment activity and a favourable market environment in first half of 2025. We also further improved our capital structure and financial flexibility with the EUR 200m bond issue at attractive terms in the first quarter. Year-to-date, we have invested and committed around NOK 2.1 billion, tracking well ahead of our full year target of at least NOK 3 billion.

As communicated in connection with our Q1 release we see considerable upside in our ERC (Estimated Remaining Collections), supported by sustainably higher collection performance and extended collection curves in our vintage portfolios. This positions us well for future earnings visibility and supports the long-term value of our portfolios.

In early 2025 we initiated a plan to accelerate REO sales which will significantly increase our cash flow for 2025 and 2026. Per end of Q2 we have sold REOs for NOK 155m and expect REO sales of NOK 600 - 800m for the full year, which supports additional portfolio investments and growth in earnings the next years.

As we enter the second half of the year, B2 Impact is well-positioned to accelerate value creation. We consequently increase our financial targets for 2025 with an investment target of NOK 3.5 - 4 billion and dividends of NOK 1.5 - 1.7 per share.

Trond Kristian Andreassen CEO of B2 Impact ASA

• Quarterly highlights Key financials¹
• Sustainable strong collection performance: Unsecured at 112 % performance and 11 % growth in unsecured ERC
• Considerable upside in ERC: Collection overperformance and expected portfolio write-ups to support additional value creation
• Accelerated REO sales: Expected sales of NOK 600 800m for 2025
• Lower Opex: Operating expenses continue downward trend despite growth in collections and inflationary pressure
• High investment activity: NOK 2.1bn already committed for 2025
• EPS tracking well ahead of 2025 target of NOK 1.5
• New financial targets for 2025:
  • Investments of NOK 3.5 4bn
  • Dividend target for 2025 of NOK 1.5 1.7 per share
  • Leverage below 2.5x supported by strong REO sales of NOK 600 800m

	2025	2024	%
NOK million	Q2	022	く
Cash collections	1 510	1 386	9%
Revenues	095	1 090	-9%
Opex	-484	-494	-2%
EBIT	484	573	-16%
EBIT %	49%	53%	-4pp
Net profit	202	252	-20%
Cash revenue	1 635	1 819	-10%
Cash EBITDA	1 151	1 325	-13%
Cash margin	70%	73%	-2pp
Collections3	1 445	1 384	4%
Amortisation of own portfolios	-642	-580	11%
Portfolio investments	450	337	33%
EPS	0.55	0.68	-20%
ROE	10%	9%	1pp

1. Key Financials exclude non-recurring items

2. Sale of loan receivables business in Poland in Q2'24 impacts Revenues and EBIT by NOK +167m, Cash revenue and Cash EBITDA by NOK +296m, Net profit by NOK +130m

3. Includes the Group's share of portfolios held in SPVs and joint ventures

Investments

Portfolio investments in the second quarter were NOK 450m. All portfolios acquired in the second quarter were unsecured with majority of volume within consumer finance and banking. The remaining part of the Zolva transaction was closed in early July with ERC effect from Q3.

The second quarter was another quarter with high investment activity. However, closing of certain transactions were pushed into the third quarter. With a solid pipeline, the Company target to invest NOK 3.5- 4bn for the full year. In the second quarter one off portfolios amounted to NOK 250m and the remaining NOK 200m in forward flows. Including investments in the second quarter the company has invested and committed investments of NOK 2.1bn for 2025.

Estimated Remaining Collection (ERC) has developed in line with the communicated strategy to invest in core unsecured markets. ERC has increased 7 % in constant currency compared with the same quarter last year. The unsecured ERC has increased with 11 % from the second quarter last year in constant currency.

ERC' (NOKm)	Q2'25	Q2'24	% A =	FY 2024
Reported	24 656	21 971	12%	24 130
FX effect		1 006		232
Comparable	24 656	22 978	7%	24 362

1. Includes the Group's share of ERC for portfolios in joint ventures (NOK 302m in secured and NOK 893m in unsecured at end Q2 2025).

5 B2 Impact – Second quarter & half year 2025 report

Highlights Investments Financials Corporate Matters Financial Report

Collection performance and revenues

Unsecured collection performance

Unsecured collections continued the strong trend in the second quarter. Collection performance versus latest forecast was 112 % compared with 111 % in the same quarter last year. Comparable cash collections were up 10 % compared with last year.

Cash from unsecured JVs was NOK 9m in the second quarter.

Secured collection performance

Secured collections ended at NOK 113m, down 45 % compared to last year. Due to no new investments in secured portfolios the decrease in secured collections is as expected partly offset by higher REO sales and increase in Cash from JVs. Comparable cash collections were down 7 % compared with same quarter last year. Cash collections were up 30 % compared with the previous quarter.

REO sales were NOK 102m in the quarter with a gain over book value of 34 %.

Other cash revenues

Other cash revenues of NOK 125m were down 71 % compared with the same quarter last year. The reduction is mainly a result of the sale of the loan receivables business in Poland in the second quarter last year which had a cash effect of NOK 296m. The 3PC revenues increased with 16 % year-over-year to NOK 91m.

Collections development (NOKm)

Cash collections unsecured (NOKm)	Q2'25	Q2'24	%△ /	H1'25	H1'24	% △	FY 2024
Collections	1 263	1 129	12%	2 386	2 136	12%	4 294
Cash from JVs	9	ব	129%	55	ব	1 301%	45
Cash collections unsecured	1 272	1 133	12%	2 441	2 140	14%	4 339
FX effect	-17	19			46		42
Comparable	1 271	1 151	10%	2 441	2 187	12%	4 381

Cash collections secured (NOKm)	Q2'25	Q2'24	% Δ	H1'25	H1'24	% Δ	FY 2024
Collections	113	207	-45%	320	430	-25%	740
Repossessions	-12	-52	-77%	-112	-121	-7%	-194
REO proceeds	102	80	27%	155	176	-12%	330
Cash from JVs	35	17	100%	58	33	76%	69
Cash collections secured	238	253	-6%	421	548	-19%	945
FX effect	-0	2			8		3
Comparable	238	255	-7%	421	526	-20%	948

Cash revenues (NOKm)	Q2'25	Q2'24	%△	H1'25	H1'24	% △	FY 2024
Cash collections	1 510	1 386	9%	2 862	2 659	8%	5 284
Other cash revenues	125	433	-71%	248	566	-56%	813
Cash revenues	1 635	1 819	-10%	3 110	3 224	-4%	6 097
FX effect	-1	33			റ്റു		54
Comparable	1 634	1 852	-12%	3 110	3 294	-6%	6 151

Operating efficiency

Operating expenses (opex)

Total opex in the quarter were down 3 % compared with the same quarter last year. The decrease is mainly driven by lower legal collection costs in external expenses.

External expenses were down 11 % compared to the same quarter last year. External expenses are mainly driven by legal collection activities which will vary from quarter to quarter due to timing.

The underlying Opex/Cash revenue ratio is trending down, adjusted for the collection of a large secured claim in Q4 2023 and the sale of the loan receivables business in Poland in Q2 2024.

Total operating expenses (NOKm)	Q2'25	Q2'24	% Δ	H1'25	H1'24	% △	FY 2024
Reported	479	511	-6%	989	1 017	-3%	2 092
NRIs	5	-17	-132%	-5	-22	-79%	-169
Operating expenses ex NRIs	484	494	-2%	985	994	-1%	1 923
FX effect	-0	5			17		12
Comparable	484	499	-3%	985	1 011	-3%	1 935

Cost efficiency and initiatives

We see that digitalisation through use of AI, automation tools and self-service portals contributes to increased efficiency and improved scalability. In the second quarter we have seen a continued trend of increased collections through online services compared with same quarter last year. The average payments has also increased in both amicable and legal collection compared with the same quarter last year growing visibly above the inflation rates.

The Group will continue to focus on increased efficiency and scalability and see further room for improvement by use of technology going forward. Our markets are increasingly advanced in automating both collection activities and support functions, using a wide range of available technologies from power apps to AI tools.

Operating expenses LTM¹

1. Numbers in NOK million in constant FX, ex. Bulgaria, ex. NRIs

Cash EBITDA

Cash revenues were down 10 % compared with Q2 2024. The decrease in Cash revenues is mainly a result of the sale of the loan receivables business in Poland in the second quarter last year which had a cash effect of NOK 296m. Adjusted for this sale, Cash revenues are up with 7 % driven by stronger cash collections from Unsecured.

Cash EBITDA for the second quarter was down 15 % compared with the same quarter last year last year on a comparable basis. Adjusted for the sale of the loan receivables business in Poland, Cash EBITDA increased with 10 %.

Cash EBITDA (NOKm)	Q2'25	Q2'24	% Δ	H1'25	H1'24	% Δ	FY 2024
Cash revenues	1 635	1 819	-10%	3 110	3 224	-4%	6 097
Operating expenses	-484	-494	-2%	-985	-994	-1%	-1 923
Cash EBITDA	1 151	1 325	-13%	2 126	2 230	-5%	4 175
FX effect	-1	27			રેરિક		42
Comparable	1 150	1 352	-15%	2 126	2 283	-7%	4 217
Comparable Cash margin	70.4%	73.0%	2.6pp	68.3%	69.3%	1pp	68.6%

Reported revenues and EBIT

Revenues

Comparable revenues were down 10 % compared with Q2 2024. Revenues from NPLs were up 12 % due to an increase in unsecured ERC and strong unsecured collections. The decrease in Other revenues compared with Q2 last year is mainly a result of the sale of the loan receivables business in Poland in the second quarter last year.

Revaluation in Q2 was NOK 93m. This includes a positive revaluation on unsecured portfolios of NOK 73m reflecting increased ERC related to consistent overperformance. Revaluation on secured portfolios was NOK 19m. This was mainly driven by timing of collections on secured and higher ERC in certain secured claims.

Collections e Vs	1 376	1 336	3	2 707	2 66		034
mortisation	642	80	11	1 183	1 101	7	2 214
Revaluation	93	21	44	37	43	187	37

995 -9% 1 894 1 972 -4% 3 683 Revenues 1 090 -3% Operating expenses -479 -511 -6% -989 -1 017 -2 092 -27 -23 -51 Depreciation & Amortisation 22% -45 15% -91 EBIT 557 853 911 -6% 489 -12% 1 500 NRIS -5 22 169 17 -132% 5 -79% 933 -8% Adj. EBIT 484 573 -16% 858 1 669 FX -0 13 25 20 958 Comparable 484 587 -18% 858 -10% 1 689	Adj. EBIT (NOKm)	02'25	Q2'24	% Δ	H1'25	H1'24	% Δ	FY 2024

EBIT

Reported EBIT compared with the same quarter last year was impacted by the sale of the loan receivables business in Poland in Q2 2024 and was down 12 %. Adjusted for this sale, reported EBIT was up 25 %.

Debt, Capital Structure and Financing Costs

Debt and interest cost (NOKm)

Capital Structure (EURm)

Net financial items (NOKm)

	02'25	01'25	% Δ	Q2'24	% Δ
Financial income	1	9	-94%	1	-56%
Interest cost and commitment fees	-179	-176	2%	-226	-21%
Arrangement fees	-26	-24	6%	-19	39%
Other financial expenses	-3	-2	85%	-7	-55%
Financial expenses	-208	-202	3%	-252	-17%
Net exchange gain/(loss)	-15	-5	208%	2	-776%
Net financial items	-223	-198	12%	-248	-10%

RCF maturity extended with 1 year to August 2028

Interest costs and commitment fees decreased from NOK 226m in Q2 2024 to NOK 179m in Q2 2025. The marginal increase from Q1 2025 is mainly driven by increased debt. At the end of the quarter, the interest rate hedge ratio was 69 % of net debt with a duration of 2.9 years.

The RCF maturity was extended by one year in July with new maturity in August 2028. The Company has an additional option to extend maturity to August 2029, which can be triggered next year.

The liquidity reserve is EUR 407m, in addition to operational cash flow.

Disclaimer

This report contains forward- k ' future events. All such statements are subject to inherent risks and uncertainties, and many factors can lead to developments deviating from what has been expressed or implied in such statements.

Board of Directors, B2 Impact ASA 20 August 2025

Responsibility Statement pursuant to Section 5-6 of the Securities Trading Act

We hereby confirm to the best of our knowledge that the half-yearly condensed set of financial statements for the period January 1 to June 30, 2025 has been prepared in accordance with IAS 34 - Interim Financial Reporting, and gives a true and fair view of B2 Impact Groups assets, liabilities, financial position and result for the period.

We also confirm to the best of our knowledge that the financial review includes a fair review of important events that have occurred during the first six months of the financial year and their impact on the financial statements, any major related parties transactions, and a description of the principal risks and uncertainties for the remaining six months of the financial year.

Oslo, 20 August 2025

Ole Grøterud	Adele Bugge Norman Pran
Chair	Board Member
Henrik Wennerholm	Ellen Hanetho
Board Member	Board Member
Jessica Sparrfeldt	Trond Kristian Andreassen
Board Member	Chief Executive Officer

Interim condensed consolidated financial statements

• • Consolidated income statement
• • Consolidated statement of comprehensive income
• • Condensed consolidated statement of financial position
• • Condensed consolidated statement of changes in equity
• • Condensed consolidated statement of cash flows
• • Notes to the interim condensed consolidated financial statements

Consolidated income statement

	2025	2024	2025	2024	2024
Notes	Q2	Q2	H1	H1	Full Year
Interest revenue from purchased loan portfolios	598	569	1 187	1 145	2 301
Net credit gain/(loss) from purchased loan portfolios	4 229	166	375	277	483
Profit from investments in associated parties/joint ventures	18	27	44	57	116
Gain on sale of collateral assets	26	23	41	55	100
Other revenue	125	305	248	437	683
Revenue and Profit from JVs	3 વે છે. વિવેચ	1 090	1 894	1 972	3 683
External expenses of services provided	- 129	- 143	-278	- 285	- 556
Personnel expenses	- 233	- 248	-467	- 489	-1 054
Other operating expenses	- 117	- 120	-244	- 242	- 482
Depreciation and amortisation	- 27	- 23	-51	- 45	- 91
Impairment losses	0	0	0	O	0
EBIT	3 489	557	8 33	911	1 500
Financial income	1	1	10	18	42
Financial expenses	- 208	- 252	-411	- 507	-1 196
Net exchange gain/(loss)	- 15	2	-20	7	12
Net financial items	5 - 223	- 248	-421	- 481	-1 142
Profit/(loss) before tax	266	309	432	430	358
Income tax expense	- 60	- 69	-97	- 97	- 80
Profit/(loss) after tax	206	239	335	333	277

	2025	2024	2025	2024	2024
Notes	Q2	Q2	H1	H1	Full Year
Profit/(loss) attributable to:
Parent company shareholders	206	239	335	333	277
Earnings per share (in NOK):
Basic	0.56	0.65	0.91	0.90	0.75
Diluted	0.55	0.65	0.90	0.90	0.75

Consolidated statement of comprehensive income

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Condensed consolidated statement of financial position

	2025	2024	2024
Notes	30 Jun	30 Jun	31 Dec
Deferred tax assets	394	376	381
Goodwill	809	780	807
Tangible and intangible assets	340	352	324
Investments in associated companies and joint ventures	755	813	822
Purchased loan portfolios 3,4,5	12 379	11 146	12 069
Other non-current financial assets	35	114	34
Total non-current assets	14 713	13 581	14 436
Income taxes receivable	54	56	49
Other current assets	453	463	507
Collateral assets	1 380	1 360	1 380
Cash and short-term deposits	469	1 130	516
Total current assets	2 355	3 008	2 452
Total assets	17 068	16 589	16 888

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Condensed consolidated statement of changes in equity

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Condensed consolidated statement of cash flows

All figures in NOK million unless otherwise stated
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1. Including "Net foreign exchange differences" previously reported on separate line

2. Previously reported under "Net cash flow from investing activities"

Notes to the interim condensed consolidated financial statements

Note 1 – General information and basis for preparation

B2 Impact ASA (the Company or Parent) and its subsidiaries (together the Group) is a debt solutions provider specialised in investing in, and the collection of, non-performing debt portfolios in addition to providing third-party debt collection services. B2 Impact ASA is a public limited liability company, incorporated and domiciled in Norway. The ' Adelers gate 30, 0254 Oslo, Norway. The interim condensed consolidated financial statements consist of the Group and the Group's interests in associated companies and joint ventures.

As a result of rounding differences, numbers or percentages may not add up to the total.

These interim condensed consolidated financial statements (interim report) for the second quarter ending 30 June 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim report does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the ' ' -impact.com).

The accounting policies applied in the preparation of the interim report are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2024.

The interim condensed consolidated financial statements for the quarters ending 30 June 2025 and 30 June 2024 are unaudited. The 2024 audited financial statements were approved at the Annual General Meeting of the Company held on 22 May 2025

Note 2 – Estimates and critical accounting judgements

The preparation of the interim condensed consolidated financial statements requires the use of evaluations, estimates and assumptions that affect the application of the accounting principles and amounts recognised as assets, liabilities, income, and expenses. A description of the accounting policies, significant estimates, and areas where judgement is applied by the Group can be found in note 3 of the consolidated financial statement for 2024. In this quarterly interim condensed consolidated financial statement, the accounting policies, significant estimates, and areas where judgement is applied by the Group are in conformity with those described in the annual report.

Note 3 – Segment reporting

The Group applies IFRS 8 Operating Segments. An operating segment is a part of the Group from which it can generate income and incur expenses, for which separate financial information is available, and whose results are regularly reviewed by the Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated. The Group CEO has been identified as CODM.

Investments consist of the purchase and management of unsecured and secured loan portfolios directly or through investments in joint ventures. Collateral assets acquired as part of the recovery strategy are included in Investments.

Servicing is the collections of payments on behalf of the Investment segment, joint ventures and clients. The Servicing segment generates revenues from commissions and debtor fees.

No operating segments have been aggregated to form the above reportable operating segments.

Internal transactions between Investments and Servicing segment are priced on commercial terms. The commission is recognised as inter segment revenue in Servicing and as direct operating expense in Investments. Inter segment revenues and costs are eliminated upon consolidation and reflected as Unallocated items & eliminations in the segment reporting.

Revenues from issued consumer loans (loan receivable), credit information and other services on behalf of clients are assessed to be not reportable operating segments and included in Other in the segment reporting.

IT and SG&A are considered supporting segments, where SG&A includes sales, general and administrative expenses, e.g., Human Resources, Finance, Communication and Marketing, Legal and Compliance and other staff functions. Other items included in Unallocated items & eliminations include non-recurring items.

Segment overview

All figures in NOK million unless otherwise stated

	Investments	Servicing	Other	Unallocated items & eliminations	Total
External revenue	873	117	6	0	පිරිපි
Inter segment revenue	0	226	0	- 226	O
Revenue	873	343	6	- 227	ે તે જેવી સ
Direct opex	315 -	- 194	2 -	227	- 284
Segment earnings	558	149	4	- 0	711
IT					- 44
SG&A					- 79
Central costs					- 71
EBITDA					ર્ ૨૫૯
Depreciation, amortisation and impairment losses					- 27
EBIT					489

	Investments	Servicing	Other	Unallocated items & eliminations	Tota
External revenue	788	101	201	0	1 090
Inter segment revenue	0	218	0	- 218	0
Revenue	788	319	201	- 218	1 090
Direct opex	321 -	- 186	- 11	205	- 312
Segment earnings	467	133	190	- 12	778
IT					- 41
SG&A					- 89
Central costs					- 69
EBITDA					579
Depreciation, amortisation and impairment losses					- 23
EBIT					557

Segment overview

All figures in NOK million unless otherwise stated

	Investments	Servicing	Other	Unallocated items & eliminations	Total
External revenue	1 651	228	14	1	1 894
Inter segment revenue	0	437	0	- 437	0
Revenue	1 651	રે રેણે રિક્ટિક નિર્દાશ હતા. તે જેવાયું છે છે. આ ગામનાં પ્રાથમિક શાળા, પંચાયતઘર, આંગણવાડી તેમ જ દૂધની ડેરી જેવી સવલતો પ્રાપ્ય થયેલી છે. આ ગામનાં પ્રાથમિક શાળા, આંગણવાડી તેમ	14	- 436	1 894
Direct opex	- 635	- 385	- 4	427	- 597
Segment earnings	1 016	280	9	- 9	1 296
IT					- 88
SG&A					- 160
Central costs					- 143
EBITDA					904
Depreciation, amortisation and impairment losses					- 51
EBIT					853

	Investments	Servicing	Other	Unallocated items & eliminations	Total
External revenue	1 541	194	236	2	1 972
Inter segment revenue	0	411	0	- 411	O
Revenue	1 541	605	236	- 409	1 972
Direct opex	- 621	- 369	- 20	393	- 618
Segment earnings	919	236	216	- 16	1 355
IT					- 85
SG&A					- 177
Central costs					- 136
EBITDA					વે રેણ
Depreciation, amortisation and impairment losses					- 45
EBIT					911

Segment overview

All figures in NOK million unless otherwise stated

	Investments	Servicing	Other	Unallocated items & eliminations	Total
External revenue	3 011	406	264	2	3 683
Inter segment revenue	0	816	0	- 816	0
Revenue	3 011	1 222	264	- 814	3 683
Direct opex	-1 243	- 721	- 32	662	-1 335
Segment earnings	1 767	501	232	- 152	2 348
IT					- 169
SG&A					- 317
Central costs					- 271
EBITDA					1 591
Depreciation, amortisation and impairment losses					- 91
EBIT					1 500

Segment details

Investments
	2025	2024	2025	2024	2024
	Q2	Q2	H1	H1	Full Year
Secured collections	113	207	320	430	740
Unsecured collections	1 263	1 129	2 386	2 136	4 294
Total collections	1 376	1 336	2 707	2 566	5 034
Secured amortisation	- 59	- 56	- 101	- 111	- 250
Unsecured amortisation	- 583	- 524	-1 081	- 989	-1 964
Total amortisation	- 642	- 580	-1 183	-1 101	-2 214
Secured revaluations	19	- 51	- 67	- 109	- 218
Unsecured revaluations	73	30	104	66	181
Total revaluations	93	- 21	37	- 43	- 37
Total purchased loan portfolios (NPLs) revenue	826	735	1 561	1 422	2 784
Profit from investments in joint ventures	18	27	44	57	116
Gain on sale of collateral assets	26	23	41	55	100
Other revenue	3	3	6	5	10
Revenue	873	788	1 651	1 541	3 011
Direct opex	- 315	- 321	- 635	- 621	-1 243
Segment earnings	558	467	1 016	919	1 767
Segment earnings in %	64%	59%	62%	60%	59%

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Segment details continued

Servicing
	2025	2024	2025	2024	2024
	Q2	02	H1	H1	Full Year
Internal servicing revenue	226	218	437	411	816
Servicing revenues from associated parties/joint ventures	24	23	44	41	86
Revenue from external clients	ਰੇਤੇ	79	184	153	321
Revenue	343	319	ભર્યાર્ચ	605	1 222
Direct opex	-194	- 186	- 385	- 369	- 721
Segment earnings	149	133	280	236	501
Segment earnings in %	43%	42%	42%	39%	41%

Note 4 - Purchased loan portfolios

All figures in NOK million unless otherwise stated

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Net credit gain/loss from purchased portfolios

The Group purchases materially impaired loan portfolios at significant discounts and as such impairments are already included at purchase. The expected credit loss for the purchased loan portfolios is not explicitly recognised as a loss provision since these financial assets are credit impaired by definition and the estimated loss is already part of the amortised cost. The Group's exposure to credit risk from the purchased loan portfolios is related to actual collections deviating from collection estimates, as well as from changes in future collection estimates. The Group regularly evaluates the current collection estimates on single portfolios and the estimate is adjusted if collections are determined to deviate from current estimate over time. The adjusted collection 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 income statement in the line item "Net credit gain/(loss) from purchased loan portfolios". The portfolios are evaluated quarterly. Collections above collection estimates and upward adjustments of future collections estimates increase revenue. Collections below collection estimates and downward adjustments of future collection estimates decrease revenue.

Payment of loan portfolios, cash flow statement

" " statements:

	2025	2024	2025	2024	2024
	Q2	Q2	H1	H1	Full year
Portfolio investments in the period	- 450	- 337	-1 340	- 627	-2 248
Change in prepaid amounts and amounts due on portfolio purchases	- 358	-5 P	- 88	- 8	80
Payment of loan portfolios, cash flow statement	- 808	- 342	-1 427	- 635	-2 168

Note 5 – Financial instruments

All figures in NOK million unless otherwise stated

Please refer to note 4 for specific disclosures regarding purchased loan portfolios.

Financial risk

The strategy of the Group is to manage and limit both currency and interest rate risk. The Group holds various derivative financial instruments with the purpose of reducing its interest rate exposure and achieving a suitable currency ratio between its assets and liabilities.

The changes in fair value of the designated hedging instruments (interest swaps and interest caps) are reported in Other Comprehensive Income. Changes in carrying amount of net investment hedge instruments as a result of foreign currency movements are also reported in Other Comprehensive Income.

k M ' for further information.

Net financial items

All figures in NOK million

Interest cost and commitment fees	179	226	3 6	4 7	860
mortisation of borro in costs	26	19	0	39	141

Note 6 - Interest bearing loans and borrowings

All figures in NOK million unless otherwise stated

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The Group is financed by a combination of multi-currency Revolving Credit Facility (RCF) and Bond loans. At quarter end EUR 226 million was utilised from the EUR 610 million RCF leaving total available undrawn facility lines of EUR 384 million.

' k which have all been complied with at quarter end.

' ' 2024.

Note 7 – Share Capital and other paid-in capital

Ordinary shares have a nominal value of NOK 0.10 each. The number and value of authorised and registered shares, and the amount of other paid-in capital, being the premium on shares issued less any transaction costs of new shares issued, was as follows:

		Share	Other paid-in
	Number of	capital	capital
	shares	NOK million	NOK million
At 31 December 2024	368 532 152	37	2 844
At 30 Jun 2025	368 532 152	37	2 844
At 21 August 2025 (date of completion of these interim condensed financial statements)	369 727 152	37	2 844

Proposed dividend and distribution for 2024 of NOK 1.5 per share were distributed 2 June 2025.

Subsequent to the reporting date, 1 195 000 shares were issued following the exercise of share options, resulting in a higher number of shares outstanding as of the date of completion.

Note 8 – Share based payments

7 416 668 share options were exercised by the group management during second quarter 2025, decreasing the equity attributable to parent company shareholders by approximately MNOK 17,4.

At the date of these interim financial statements there are 3 976 666 share options outstanding.

Alternative performance measures

The interim financial information of the Group has been prepared in accordance with International Financial Reporting Standards (IFRS® Accounting Standards) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. The Group presents alternative performance measures (APMs) which do not have any standardised meaning prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies.

M M k ' ' performance and to enhance comparability between financial periods. The APMs are reported in addition to but are not substitutes for the financial statements prepared in accordance with IFRS.

The APMs provide a basis to evaluate operating profitability and performance trends, excluding the impact of items which in the opinion of Management, distort the evaluation of the performance of the operations. The APMs also provide ' valuation metric of debt purchasing companies. Furthermore, APMs are also relevant when assessing the ability to incur and service debt.

APMs are defined consistently over time and are based on the financial data presented in accordance with IFRS.

Alternative performance measures - reconciliation

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Alternative performance measures - reconciliation

	2025	2024	2025	2024	2024
	Q2	02	H1	H1	Full Year
EBIT	489	557	853	911	1 500
Non-recurring items, of which:
External expenses of services provided	0		1
Personnel expenses	7 -	14	2 -	20	155
Other operating expenses	2	2	5	2	14
Non-recurring items impacting EBIT	5 -	17	5	22	169
Adjusted EBIT	484	573	858	933	1 669
External expenses of services provided	- 129	-143	- 278	- 285	- 556
Personnel expenses	- 233	- 248	- 467	- 489	-1 054
Other operating expenses	- 117	- 120	- 244	- 242	- 482
Adjust for non-recurring items	5 -	17	5	22	169
Adjusted opex	- 484	- 494	- 985	- 994	-1 923
Non-recurring items impacting EBIT	5 -	17	5	22	169
Other non-recurring items	0	0	2 -	- 3	220
Total non-recurring items	- 5	17	3	20	389

Alternative performance measures - reconciliation

All figures in NOK million unless otherwise stated

Total Loan to Value

Total Loan to Value is a financial covenant in the RCF agreement and is calculated accordingly.

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1. Bond loans and Revolving Credit Facility (RCF) are measured at nominal value according to the definitions of the financial covenants. In the condensed consolidated statement of financial position this is included in "Non-current interest bearing loans and borrowings" and "Current interest bearing loans and borrowings", with bonds measured at amortised cost and RCF at linear cost.

2. Included in "Goodwill", "Loan receivables" and "Collateral assets" in the condensed consolidated statement of financial position.

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 collateral 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 collateral asset 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 ' 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.

Definitions continued

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

' 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

' changes in forecasts of future collections.

Repossessed collateral asset (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 ' 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).

B2 Impact Cort Adelers gate 30, 7th floor 0254 Oslo, Norway

+47 22 83 39 50 post@b2-impact.com