B2 Impact ASA

Investor Presentation • Aug 21, 2025

Second quarter & half year 2025 Presentation

21 August 2025

Today's presenters

Trond Kristian Andreassen Chief Executive Officer

André Adolfsen Chief Financial Officer

Rasmus Hansson Head of Investor Relations and M&A Q&A moderator

Q2 2025 highlights

• ✓ Strong collection performance and ERC growth
• ✓ Considerable upside in ERC leading to positive portfolio revaluations
• ✓ High investment activity with NOK 2.1bn invested and committed for 2025
• ✓ Accelerated REO sales expected sales of NOK 600 800m for 2025
• ✓ Adjusted EPS of NOK 0.55 tracking ahead of FY target
• ✓ Updated financial targets for 2025
• ✓ Integration of Veraltis countries under B2 Impact

2025 priorities

• → Profitable and sustainable growth in investments
• → Focused investment approach to drive cost scalability
• → Operational improvements through use of technology and data

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 volume of portfolios

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

Revised investment target for 2025 with considerable upside in ERC

• NOK 2.1bn invested and committed year to date
• Revised investment target of NOK 3.5 4 billion for 2025
• Considerable upside in ERC with sustainable collection overperformance

Financial performance

7 B2 Impact Q2 2025 results presentation

Tracking ahead of financial targets with strong tail wind from high REO sales rest of year

Key financials1

•	Sustainable strong collection performance
---	-------------------------------------------	--

• Unsecured at 112% performance and 11% growth in unsecured ERC
• Considerable upside in ERC
  • Collection overperformance and expected positive portfolio revaluations
• Lower Opex despite collection growth and inflationary pressure
• Underlying Cash EBITDA growth of 10%
• EPS tracking well ahead of 2025 target
• Updated financial targets for 2025:
  • Investments of NOK 3.5 4bn
  • Leverage well below 2.5x supported by REO sales of NOK 600 800m
  • Dividends of NOK 1.5 1.7 per share

	2 25	2 24		Co a a l
	Q2	Q2		2
Cash o e t ons
Re en es
Opex
IT
IT			pp	pp
Net pro t
Cash re en e
Cash IT
Cash arg n			pp	pp
Co e t ons
ort sat on o o n port o os
n est ents Port o o
P
RO			pp	pp

1) Key Financials exclude Non-recurring items

2) Co par son ex des sa e o oan re e ab es b s ness n Po and n ' pa t ng Re en es and

EBIT by NOK +167m, Cash revenue and Cash EBITDA by NOK +296m, Net profit by NOK +130m

3) In des the Gro p's share o port o os he d n PVs and jo nt ent res

B2 Impact 8 Q2 2025 results presentation

Collection Performance excl. JVs

Unsecured collection performance REO sales

Secured collections

• Unsecured performance of 111% YTD
• Unsecured collections growth of 12% YTD
• Stable secured cash collections in line with previous quarter

Cash earnings supporting low leverage and increased investment volumes

Additional investment capacity

Comparable operating expenses down 3 % in the quarter

• Unsecured collections up 7 %
• Comparison negatively impacted by sale of the loan receivables business last year and large secured collection in Q4 2023

Cash revenue LTM¹ Operating expenses LTM¹

• External expenses down 11 % in the quarter
• Opex as % of cash revenue will decrease in the coming quarters, driven by anticipated high REO sales

B2 Impact 11 Q2 2025 results presentation Numbers in NOK million

Portfolio investments and Estimated Remaining Collections (ERC)

Strong financial position and no short-term maturities

• RCF maturity extended with 1 year to Aug 2028
• Cost of debt stabilized in the high 6% area
  • Interest cost down 21% year-over-year
  • Hedging ratio at 69% of net debt with ~3 years duration
• Liquidity reserve of EUR 407m + operational cash flow

Debt and interest cost (NOKm)

Updated financial targets for 2025

Portfolio investments (NOKb)

REO sales (NOKm)

600 – 800

Increased dividends¹

• Annual portfolio revaluations of NOK 150–200m in 2025–2027
• High REO sales of NOK 600 800m
• Increased investment target to NOK 3.5 4bn
• Leverage comfortably below 2.5x
• Dividends of NOK 1.5 1.7 per share

14 Q2 2025 results presentation 1) Dividends for the financial year, distributed the following year

Summary

15 B2 Impact Q2 2025 results presentation

Key takeaways

Strong collection performance and ERC growth

High investment activity with NOK 2.1bn already committed

Revised investment target of 3.5 – 4bn

Significant growth in REO sales rest of year

New dividend target of NOK 1.5 – 1.7 per share

B2 Impact 16 Q2 2025 results presentation

Quarterly trends

	2 2	2 2	2 2	2 2	2 24	2 24	2 24	2 24	2 25	2 25
ll o	Q	Q2	Q	Q4	Q	Q2	Q	Q4	Q	Q2
Cash o e t ons
Re en es
dj IT
dj IT
IT
dj Net pro t
Cash re en e
Cash IT
Cash arg n
Co e t ons )
ort sat on o o n port o os
n est ents ) Port o o
dj P
dj RO ( T )

B2 Impact

18 Q2 2025 results presentation ) In des the Gro p's share o gross o e t on or port o os p r hased and he d n PVs and jo nt ent res ) In d ng the Gro p's share o port o os p r hased n PVs and jo nt ent res

Quarterly financial performance

Unsecured ERC growth providing long term stability in collections

B2 Impact 20 Q2 2025 results presentation

ERC development

NOKm

Development in total gross ERC1,2 Forward 120m ERC profile by year

NOKm

21 Q2 2025 results presentation ) In d ng the Gro p's share o port o os a q red and he d n PVs 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.

Portfolio diversification¹

Total	5 2		2	2 52		5	2 5	2	2	2	24 5
Total	2			4	22	2			4	4
C
N
Po and
c ERC d	a	2		4	5					2 ERC	ERC Total
Total	4 2		2	2 2 2	42	55	2			4	22
C
N
Po and
d c ERC	a	2		4	5					2 ERC	ERC Total

Segment overview Q2 2025

Investments	2 25	2 24
ll o	Q a t 2	Q a t 2	a
Tota o e t ons
Tota NP re en e
R
re t opex
t a	55	4
eg ent earn ngs n			pp

Servicing

	2 25	2 24
ll o	Q a t 2	Q a t 2	a
R	4
re t opex
t a	4		2
eg ent earn ngs n			pp

• Unsecured collection performance of 112 %
• Secured collection performance of 97 %

• Higher servicing revenue following higher collections and 3PC revenue

20 largest shareholders

	a old	o o a	c ta
	Gro p Pr or tet
	Ne eda In est
	Va set In est
	tenshagen In est
	) Ras ssengr ppen
	N ar ets jsehande na yse
	and na s a ns da an en
	Rb In estor
	Verd pap r ondet torebrand Norge
	Green ay
	t te sen K ste os
	Vp N Nors e sjer
	n
	Kap ta
	Ranastongj
	Verd pap r ondet K P sjenorge IN
	ans endo
	Verd pap r ondet e da tbytte
	re t ar et ng In est
	rte
	Other
	Total	2 52

B2 Impact 24 Q2 2025 results presentation Updated per 18 August 2025

1) Total shareholdings of Rasmussengruppen AS includes shareholdings of its fully owned subsidiaries Portia AS and Cressida AS

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 Nonrecurring 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 t re ro the p r hased oan port o os o ned at the report ng date and the Gro p's share o o e t ons on port o os 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.

e n t ons ( ont'd)

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

gn ant pro t and oss te s that are not n ded n the Gro p's nor a re rr ng operat ons h h 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 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

Revaluation s the per od's n rease or de rease n the arry ng a e o the p r hased oan port o os attr b tab e to 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 p rpose o be ng d ested th n the Gro p's ongo ng operat ons to ax ze the a e o o e t ons h 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.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