B2 Impact ASA — Interim / Quarterly Report 2025

Feb 12, 2026

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Fourth quarter 2025 Report

12 February 2026

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2 B2 Impact –

Key figures Q4 2025 (NOKm)

CEO comment

' q , y w reached our financial targets with a comfortable margin. I am very pleased that we continue to deliver on our commitments, and the proposed dividend of NOK 1.9 per share.

Portfolio investments in the fourth quarter were up 45% versus the same quarter last year and we ended the year with portfolio investments of NOK 3.7bn well within the target range. We have managed to reinvest the strong cash flow generated from REO sales in 2025, supporting further EPS growth in the coming years. We see an attractive market for portfolio investments with accretive returns, and year to date we have invested and committed NOK 1.2bn for 2026.

In January this year we placed a tap issue of EUR 200m in our bond maturing in 2031 in combination with a buy back of EUR 150m in our bond with maturity in 2029. With this we reduce the interest margin going forward, increase flexibility and extended our maturity profile. The tap issue was placed at a further improved margin of 3.22% and the transaction was significantly oversubscribed.

Going forward, automation will be in focus throughout the organisation. Despite a significant increase in investment activity in 2025 we have managed to maintain a stable cost level which clearly shows the scalability in our business model. I strongly believe there is more to come. For 2026-2028 our target is to grow earnings per share and dividends by at least 30% during the period, and at the same time maintain our leverage ratio below 2.5x.

Finally, I would like to express my gratitude to all our employees for their dedicated and hard work and to all our stakeholders for their continued support. We are very well positioned for another successful year.

Trond Kristian Andreassen CEO of B2 Impact ASA

1. Excludes collections related to a one-off putback of NOK 64m

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2025 highlights – Strong cash and significant EPS growth Key financials¹

• Sustainable strong collection performance: Unsecured at 110% performance and 12% growth in unsecured collections year-over-year
• Growth in ERC: Unsecured ERC up by 19% year-over-year
• Investments within target range: NOK signed 3.7bn in 2025 and NOK 1.2bn already committed for 2026
• Scalable Opex: Stable opex combined with double digit growth in cash collections
• Improved funding position: Lower costs, more flexibility, and maturity profile
• Significant earnings growth: EPS for 2025 up 57% compared with previous year
• Proposed dividend for 2025 of NOK 1.9 per share
• Long term financial targets for 2026-2028:
• EPS growth of at least 30% in the period
• ROE above 16%
• Leverage below 2.5x
• Total investments above NOK 10bn

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• 1. Key Financials exclude non-recurring items
• 2. Adjusted for gain on sale of loan business in Poland
• 3. Excludes collections related to a one-off putback of NOK 64m

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Investments

Portfolio investments in the fourth quarter were NOK 1 695m in unsecured within consumer finance and banking. The Group observed a solid pipeline and high market activity during the quarter. Investments were in line with the revised target of NOK 3.5-4bn for the full year. In the fourth quarter one off portfolios amounted to NOK 1 488m and the remaining NOK 206m through forward flows.

The Group has already invested and committed investments of NOK 1.2bn for 2026. The Group sees a continued active market for portfolio transactions into the first quarter, despite the quarter being seasonally slower than the previous quarter.

Estimated Remaining Collection (ERC) has developed in line with the strategic focus on core unsecured markets. Unsecured ERC has grown by 19% from the fourth quarter last year. Total ERC has increased 15% in the same period.

ERC 1 (NOKm)	Q4'25	Q4'24	% Δ
Reported	27 869	24 130	15%
FX effect	-	400
Comparable	27 869	24 530	14%

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Collection performance and revenues

Unsecured collection performance

Unsecured collections continued the strong trend in the fourth quarter. Underlying collection performance versus latest forecast was 110% in the fourth quarter and 110% for the full year. Comparable cash collections were up 7% compared with same quarter last year and up 11% for the full year.

Cash from unsecured JVs was NOK 22m in the fourth quarter.

Secured collection performance

Secured collections in the fourth quarter ended at NOK 177m, up 29% compared with same quarter last year Comparable cash collections from secured were NOK 237m, up 32% compared with same quarter last year. Secured cash collections for the full year were NOK 1 260m up 32% compared with the previous year.

REO sales were NOK 59m in the quarter with a gain over book value of 45%. The REO sales for the full year were NOK 681m up 107% compared with previous year.

Other cash revenues

Other cash revenues of NOK 106m were down 14% compared with the same quarter last year mainly due to lower JV servicing revenues.

Collections development (NOKm)

Collections 1	1 188	1 078	10%	4 802	4 294	12%
Collections	1 100	1076	10%	4 002	4 294	1270
Cash from JVs	22	41		106	45
Cash collections unsecured	1 210	1 119	8%	4 908	4 339	13%
oudii odiiootiolio ulloodulou	1 2 10	1 113	0 /6	4 900	4 339	1370
FX effect	-5	5	0 /0	-	64	1370

Cash collections secured (NOKm)	Q4'25	Q4'24	% Δ	FY 2025	FY 2024	% Δ
Collections	177	137	29%	649	740	-12%
Repossessions	-26	-39	-34%	-163	-194	-16%
REO proceeds	59	60	-1%	681	330	107%
Cash from JVs	28	24	16%	92	69	33%
Cash collections secured	238	181	31%	1 260	945	33%
FX effect	-1	-2		-	7
Comparable	237	180	32%	1 260	952	32%

Cash revenues (NOKm)	Q4'25	Q4'24	% Δ	FY 2025	FY 2024	% Δ
Cash collections	1 448	1 300	11%	6 168	5 284	17%
Other cash revenues	106	123	-14%	494	813	-39%
Cash revenues	1 554	1 423	9%	6 662	6 097	9%
FX effect	-6	2		-	83
Comparable	1 548	1 425	9%	6 662	6 180	8%

^1. Excludes collections related to a one-off putback of NOK 64m

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Operational efficiency

Operating expenses (opex)

Total underlying opex in the quarter were down 4% compared with the same quarter last year. For the full year, the opex adjusted for NRIs were flat despite inflation and a significant increase in collections and ERC which underpins the scalability in our business.

Cost efficiency and initiatives

The Group maintains a strong, ongoing focus on improving efficiency through technology. For example, our continued promotion of self-service portals and payment solutions is increasing the proportion of payments made via self-service channels by approximately 19% year over year.

Additional automation initiatives, such as automated phone calls, are also enhancing efficiency by reducing the need for human involvement. The use of voice bots together with automation of written communication are planned to accelerate in 2026 and onwards.

A strategic priority of the Group is to step up its coordinated technology deployment to further strengthen efficiency and scalability. Across our markets, automation of both collection activities and support functions is becoming more sophisticated, supported by a broad range of technologies from robotic process automation to AI-based tools.

Total operating expenses (NOKm)	Q4'25	Q4'24	% Δ	FY 2025	FY 2024	% Δ
Reported	493	606	-19%	1 942	2 092	-7%
NRIs	-19	-116	-83%	-7	-169	-96%
Operating expenses ex NRIs	474	490	-3%	1 935	1 923	1%
FX effect	-2	1		-	21
Comparable	472	491	-4%	1 935	1 943	-0%

Operating expenses LTM¹

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

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Cash revenues were up 9% compared with Q4 2024. The increase in Cash revenues is mainly driven by stronger cash collections from secured and unsecured. Cash revenues for the year was also up with 9% versus the previous year.

Cash EBITDA for the fourth quarter was up 15% compared with the same quarter last year on a comparable basis. Cash EBITDA for the full year was up 12% on a comparable basis.

The comparable Cash margin was up with 3.9 percentage points in the fourth quarter compared with the same quarter last year, and up 2.4 percentage points for the full year.

Cash EBITDA (NOKm)	Q4'25	Q4'24	% Δ	FY 2025	FY 2024	% Δ
Cash revenues	1 554	1 423	9%	6 662	6 097	9%
Operating expenses	-474	-490	-3%	-1 935	-1 923	1%
Cash EBITDA	1 081	933	16%	4 727	4 175	13%
FX effect	-5	1		-	62
Comparable	1 076	934	15%	4 727	4 237	12%
Comparable Cash margin	69.5%	65.6%	3.9pp	71.0%	68.6%	2.4pp

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Reported revenues and EBIT

Revenues

Comparable revenues were up 7% compared with Q4 2024. Revenues from NPLs were up 10% due to an increase in unsecured ERC and strong unsecured collections.

Revaluation in Q4 was NOK -79m. This includes a negative revaluation on unsecured portfolios of NOK 70m of which NOK 64m relates to a put back with neutral effect on revenues. Revaluation on secured portfolios was NOK -9m. This was driven by overperformance and early collections. Although reported as a revaluation in accounting terms, this is effectively an amortisation due to claims collected earlier than expected and consequently, removed from future ERC.

EBIT

Reported EBIT was up by 78% compared with the same quarter last year mainly driven by higher collections from unsecured and lower operating expenses. Adjusted EBIT on a comparable basis was up with 16% in Q4 compared with same quarter last year.

Collections e s	42	2 4	8	5 5	5 034	0
mortisation	05	554		2 42	2 2 4
Revaluation		4	50	4	3

Adj. EBIT (NOKm)	Q4'25	Q4'24	% Δ	FY 2025	FY 2024	% Δ
Revenues	907	847	7%	3 778	3 683	3%
Operating expenses	-493	-606	-19%	-1 942	-2 092	-7%
Depreciation & Amortisation	-25	-23	8%	-101	-91	11%
EBIT	389	218	78%	1 734	1 500	16%
NRIs	1	116	-99%	-11	169	-107%
Adj. EBIT	390	334	17%	1 723	1 669	3%
FX	-2	-1		-	28
Comparable	388	333	16%	1 723	1 697	2%

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Debt, Capital Structure and Financing Costs

Debt and interest cost (NOKm)

Capital Structure (EURm)¹

Net financial items (NOKm)	Q4'25	Q4'24	% Δ	FY 2025	FY 2024	% Δ
Financial income	4	12	-64%	16	42	-63%
Interest cost and commitment fees	-173	-184	-6%	-712	-860	-17%
Arrangement fees	-17	-21	-20%	-93	-141	-34%
Other financial expenses	-12	-4	184%	-124	-195	-37%
Financial expenses	-201	-209	-4%	-928	-1 196	-22%
Net exchange gain/(loss)	0	2	-86%	-20	12	-275%
Net financial items	-197	-195	1%	-933	-1 142	-18%

Refinancing extend maturity profile and reduce interest cost

Interest costs and commitment fees decreased from NOK 184m in Q4 2024 to NOK 173m in Q4 2025 mainly related to refinancing of bonds at better terms. At the end of the quarter, the interest rate hedge ratio was 69% of net debt with a duration around 2.5 years.

In January, the Group completed a tap issue of EUR 200m in Bond 2031 at a price of 100.125% to par which indicates a credit spread of 3.22%. The proceeds were used to buy back EUR 150m in Bond 2029 and EUR 50m in repayment of RCF.

The liquidity reserve was around EUR 400m¹ in addition to operational cash flow.

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Disclaimer

This report contains forward- k ' w w 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 11 February 2026

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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

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Consolidated income statement

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Consolidated statement of comprehensive income

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Condensed consolidated statement of financial position

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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"

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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 y' Adelers gate 30, 0254 Oslo, Norway. The interim condensed consolidated financial statements consist of the Group and the Group's interests in associated parties 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 fourth quarter ending 31 December 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 ' y' w www -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 31 December 2025 and 31 December 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 2 and 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. Repossessed 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.

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Segment overview

All figures in NOK million unless otherwise stated

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Segment overview

All figures in NOK million unless otherwise stated

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Segment details continued

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Note 4 – Purchased loan portfolios

All figures in NOK million unless otherwise stated

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^1. After acquiring remaining outstanding Profit Participating notes in portfolio owning SPV as of 3 December 2025

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

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	y	y

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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. These amounts are reclassified to the income statement when the hedged transaction affects profit and loss and is presented on the same line as the hedged transaction.

k M ' for further information.

Net financial items

All figures in NOK million

			y	y
Interest cost and commitment fees	3	84	2	8 0
mortisation of orro in costs		2	3	4
y

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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 284 million was utilised from the EUR 610 million RCF leaving total available undrawn facility lines of EUR 326 million.

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

' , ' 2024.

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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:

w

A dividend of 1.5 NOK per share for 2024 was distributed 2 June 2025.

Note 8 – Share based payments

During the year, 7 416 668 share options have been settled, reducing the equity by approximately MNOK 50.

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

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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 y w y 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 y w y y ' 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.

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Alternative performance measures - reconciliation

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Alternative performance measures - reconciliation

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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.

		M
y

^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 "Good ill", "Loan receiva les" and "Repossessed assets" in the condensed consolidated statement of financial position.

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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 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 assets 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 w ' 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.

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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

' , w 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

' y changes in forecasts of future collections.

Repossessed assets (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 w ' 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).

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B2 Impact

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

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