B2 Impact ASA

Quarterly Report • Nov 6, 2025

Third quarter 2025 Report

6 November 2025

2 B2 Impact –

Key figures Q3 2025 (NOKm)

CEO comment

' q for unsecured portfolios, we have increased our overperformance and grown our unsecured collections by 14% in the third quarter. This consistent trend of improving overperformance demonstrates significant upside in our estimated remaining collections (ERC). The strong cash flow in the quarter is supported by collection overperformance for both secured and unsecured combined with the previously announced increase in REO sales. With earnings per share of NOK 0.57 in the third quarter and NOK 1.49 year to date we are on track to deliver a dividend of at least NOK 1.7 per share for 2025.

Portfolio investments in the third quarter were up almost 50% versus the same quarter last year. With high investment activity going into the fourth quarter, and with committed investments year to date of NOK 3 billion, we are well positioned to reach our investment target for the full year.

We further improved our capital structure and financial flexibility with the EUR 100m bond issue in September with a margin of 3.25% over 3m EURIBOR. This is the lowest margin obtained by B2 Impact in a primary issue so far, and the transaction was significantly oversubscribed. We recently received a positive outlook for a rating upgrade from S&P confirming the strong development in B2 Impact in recent years.

As we enter the fourth quarter, we are on track to deliver on our updated financial targets for 2025 and an increased dividend to be paid to our shareholders. We have laid a solid foundation for further financial improvements in 2026 during this year, and we look forward to sharing financial targets for 2026 in the fourth quarter.

Trond Kristian Andreassen CEO of B2 Impact ASA

Quarterly highlights – Strong cash and significant EPS growth Key financials¹

• Sustainable strong collection performance: Unsecured at 108% performance and 14% growth in unsecured collections year-over-year
• Growth in ERC: Unsecured ERC up by 13% year-over-year
• Opex: Underlying opex in percentage of cash revenues is trending down
• Accelerated REO sales: NOK 468m in the quarter and NOK 622m year to date
• High investment activity: NOK 3bn already committed for 2025³
• Reduced interest costs for 2026 by NOK 40m: New EUR 100m bond with a 3.25% margin and reduced debt by EUR 50m
• EPS tracking above the 2025 target range of NOK 1.5 – 1.7

	2025	2024	%	2025	2024	%
NOK million	Q3	Q3	Δ	YTD	$YTD^2$	Δ
Cash collections	1 858	1 326	40%	4 720	3 984	18%
Revenues	977	863	13%	2 871	2 669	8%
Opex	-477	-438	9%	-1 461	-1 433	2%
EBIT	476	402	18%	1 333	1 168	14%
EBIT %	49%	47%	2pp	46%	44%	Зрр
Net profit	212	122	74%	549	341	61%
	4.007	4.450	000/	F 400	4.070	470/
Cash revenue	1 997	1 450	38%	5 108	4 378	17%
Cash EBITDA	1 521	1 012	50%	3 646	2 946	24%
Cash margin	76%	70%	6рр	71%	67%	4pp
Collections	1 434	1 298	11%	4 267	3 954	8%
Amortisation of own portfolios	-634	-559	13%	-1 816	-1 660	9%
Portfolio investments	675	455	48%	2 014	1 083	86%
EPS	0.57	0.33	73%	1.49	0.92	61%
ROE	12%	10%	1рр	12%	8%	4pp

• 1. Key Financials exclude non-recurring items
• 2. Adjusted for gain on sale of loan business in Poland
• 3. Including NOK 0.2bn related to deferred closing of Zolva portfolios

4 B2 Impact – Highlights Investments Financials Corporate Matters Financial Report Third quarter 2025 report

Investments

Portfolio investments in the third quarter were NOK 675m, predominantly unsecured within consumer finance and banking. The Group observed a solid pipeline and high market activity during the quarter. The Company maintains an ambition to invest NOK 3.5-4bn for the full year, subject to pricing discipline and attractive investment returns. In the third quarter one off portfolios amounted to NOK 476m and the remaining NOK 198m through forward flows.

The Group has invested and committed investments of NOK 3bn for 2025 including NOK 0.2bn related to deferred closing of Zolva portfolios. The Group sees high activity in the fourth quarter which is the seasonally most active quarter for investments.

Estimated Remaining Collection (ERC) has developed in line with the communicated strategy to invest in core unsecured markets. ERC has increased 9% in constant currency compared with the same quarter last year. The unsecured ERC has increased with 13% from the third quarter last year in constant currency.

Comparable	24 670	22 582	9%	24 129
FX effect	-	16		-1
Reported	24 670	22 566	9%	24 130
ERC 1 (NOKm)	Q3'25	Q3'24	% Δ	FY 2024

Portfolio investments (NOKm) ERC¹(NOKm)

.

Book value NPLs, REOs, JVs (NOKm)

1. Includes the Group's share of ERC for portfolios in joint ventures (NOK 276m in secured and NOK 854m in unsecured at end Q3 2025).

Collection performance and revenues

Unsecured collection performance

Unsecured collections continued the strong trend in the third quarter. Collection performance versus latest forecast was 108% slightly higher than same quarter last year. Collections were up 14% compared with last year.

Cash from unsecured JVs was NOK 29m in the third quarter.

Secured collection performance

Secured collections ended at NOK 152m, down 12% compared with last year. Due to limited new investments in secured portfolios the decrease in secured collections is as expected. Comparable cash collections from secured were up 145% compared with same quarter last year due to strong REO sales.

REO sales were NOK 468m in the quarter with a gain over book value of 10%. The modest gain over book value compared to previous periods is due to the legal complexity of one large REO position sold. Repossessing the asset allowed us to solve the case significantly earlier than we would as an NPL claim.

Other cash revenues

Other cash revenues of NOK 140m were up 12% compared with the same quarter last year due to increased third party collection revenues.

Collections development (NOKm)

Cash collections unsecured (NOKm)	Q3'25	Q3'24	% Δ	9M'25	9M'24	% Δ	FY 2024
Collections	1 227	1 080	14%	3 614	3 216	12%	4 294
Cash from JVs	29	0		84	4		45
Cash collections unsecured	1 257	1 080	16%	3 698	3 220	15%	4 339
FX effect	-9	0		-	54		58
Comparable	1 248	1 080	16%	3 698	3 274	13%	4 396

Cash collections secured (NOKm)	Q3'25	Q3'24	% Δ	9M'25	9M'24	% Δ	FY 2024
Collections	152	174	-12%	473	604	-22%	740
Repossessions	-25	-34	-26%	-137	-155	-12%	-194
REO proceeds	468	94	398%	622	270	130%	330
Cash from JVs	6	12	-48%	65	45	42%	69
Cash collections secured	601	246	144%	1 022	764	34%	945
FX effect	-1	-2		-	8		6
Comparable	600	244	145%	1 022	772	32%	951

Cash revenues (NOKm)	Q3'25	Q3'24	% Δ	9M'25	9M'24	% Δ	FY 2024
Cash collections	1 858	1 326	40%	4 720	3 984	18%	5 284
Other cash revenues	140	125	12%	388	690	-44%	813
Cash revenues	1 997	1 450	38%	5 108	4 674	9%	6 097
FX effect	-11	-5		-	75		75
Comparable	1 987	1 445	37%	5 108	4 749	8%	6 172

Operating efficiency

Operating expenses (opex)

Total opex in the quarter were up 9% compared with the same quarter last year. The increase is mainly driven by higher external expenses due to higher activity and acquisition of platform in Norway.

External expenses were up 12% 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 and activity level. External expenses as a % of collection has remained stable.

Cost efficiency and initiatives

The Group has a continuous strong focus on efficiency improvements through use of technology. As an example, our continuous efforts in promoting our self-service portals and new payment solutions are leading to an increased share of our payments through self-service channels. Other automation initiatives, such as robot phone calls, are further contributing to efficiency improvements with less human intervention. The average payments have also grown with more than 10% in both amicable and legal collection compared with the same quarter last year.

The Group will accelerate its coordinated efforts in deployment of technology to further improve efficiency and scalability 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.

Total operating expenses (NOKm)	Q3'25	Q3'24	% Δ	9M'25	9M'24	% Δ	FY 2024
Reported	460	470	-2%	1 450	1 486	-2%	2 092
NRIs	17	-31	-153%	12	-54	-122%	-169
Operating expenses ex NRIs	477	438	9%	1 461	1 433	2%	1 923
FX effect	-3	-2		-	18		19
Comparable	474	437	9%	1 461	1 451	1%	1 941

Operating expenses LTM¹

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

Cash revenues were up 38% compared with Q3 2024. The increase in Cash revenues is driven by stronger cash collections from Unsecured and REO sales in the quarter.

Cash EBITDA for the third quarter was up 50% compared with the same quarter last year on a comparable basis. Normalised Cash EBITDA was up 15% adjusted for one large REO sold in the quarter.

Cash EBITDA (NOKm)	Q3'25	Q3'24	% Δ	9M'25	9M'24	% Δ	FY 2024
Cash revenues	1 997	1 450	38%	5 108	4 674	9%	6 097
Operating expenses	-477	-438	9%	-1 461	-1 433	2%	-1 923
Cash EBITDA	1 521	1 012	50%	3 646	3 242	12%	4 175
FX effect	-8	-4		-	56		56
Comparable	1 513	1 008	50%	3 646	3 298	11%	4 231
Comparable Cash margin	76.1%	69.8%	6.4pp	71.4%	69.4%	1.9pp	68.5%

Reported revenues and EBIT

Revenues

Comparable revenues were up 13% compared with Q3 2024. Revenues from NPLs were up 13% due to an increase in unsecured ERC and strong unsecured collections. The increase in Other revenues compared with Q3 last year is a result of increased revenues from third party collection.

Revaluation in Q3 was NOK 28m. This includes a positive revaluation on unsecured portfolios of NOK 47m reflecting increased ERC related to consistent overperformance. Revaluation on secured portfolios was NOK -19m. This was mainly 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 33% compared with the same quarter last year mainly driven by higher collections from unsecured.

Collections e s	8	254		4 86	82	7	5 4
mortisation	6 4	55		8 6	66		2 2 4
Revaluation	28	8	44	65	5	227	7

Adj. EBIT (NOKm)	Q3'25	Q3'24	% Δ	9M'25	9M'24	% Δ	FY 2024
Revenues	977	863	13%	2 871	2 836	1%	3 683
Operating expenses	-460	-470	-2%	-1 450	-1 486	-2%	-2 092
Depreciation & Amortisation	-25	-23	7%	-76	-68	12%	-91
EBIT	492	371	33%	1 345	1 282	5%	1 500
NRIs	-17	31	-153%	-12	54	-122%	169
Adj. EBIT	476	402	18%	1 333	1 335	-0%	1 669
FX	-4	-1		-	27		26
Comparable	472	401	18%	1 333	1 362	-2%	1 695

Debt, Capital Structure and Financing Costs

Debt and interest cost (NOKm)

Capital Structure (EURm)

Net financial items (NOKm)	Q3'25	Q3'24	% Δ	9M'25	9M'24	% Δ	FY 2024
Financial income	2	12	-85%	11	30	-63%	42
Interest cost and commitment fees	-183	-219	-16%	-539	-676	-20%	-860
Arrangement fees	-26	-80	-68%	-76	-119	-37%	-141
Other financial expenses	-107	-180	-41%	-112	-191	-41%	-194
Financial expenses	-316	-480	-34%	-727	-987	-26%	-1 196
Net exchange gain/(loss)	-1	2	-131%	-21	9	-322%	12
Net financial items	-315	-466	-32%	-736	-947	-22%	-1 142

Refinancing secure further improvement in funding profile and reduced interest cost

Interest costs and commitment fees decreased from NOK 219m in Q3 2024 to NOK 183m in Q3 2025 and mainly related to full refinancing at better terms. At the end of the quarter, the interest rate hedge ratio was 72% of net debt with a duration of almost 3 years.

In September, the Group issued a new bond of EUR 100m with a 3.25% margin over 3m EURIBOR with maturity in 2031. The proceeds were used to repay B2I07 of EUR 150m with a 5.00% margin while the remaining EUR 50m was drawn on the RCF.

The quarter was impacted by non-recurring items of NOK 113m mainly related to the refinancing of which the call fee for B2I07 was NOK 89m.

The liquidity reserve was EUR 383m, 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 5 November 2025

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

All figures in NOK million unless otherwise stated

	2025	2024	2025	2024	2024
Notes	Q3	Q3	9 Months	9 Months	Full Year
Profit/(loss) attributable to:
Parent company shareholders	137	- 74	472	259	277
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Earnings per share (in NOK):
Basic	0.37	-0.20	1.28	0.70	0.75
Diluted	0.37	-0.20	1.26	0.70	0.75

Consolidated statement of comprehensive income

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Condensed consolidated statement of financial position

	2025	2024	2024
Notes	30 sept	30 sept	31 Dec
Deferred tax assets	404	440	381
Goodwill	802	805	807
Tangible and intangible assets	318	346	324
Investments in associated parties/joint ventures	734	852	822
Purchased loan portfolios 3,4,5	12 333	11 419	12 069
Other non-current financial assets	33	36	34
Total non-current assets	14 624	13 897	14 436
Income taxes receivable	50	73	49
Other current assets	523	521	507
Repossessed assets	970	1 371	1 380
Cash and short-term deposits	375	651	516
Total current assets	1 918	2 617	2 452
Total assets	16 542	16 514	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 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 third quarter ending 30 September 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 September 2025 and 30 September 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.

Segment overview

All figures in NOK million unless otherwise stated

	Investments	Servicing	Other	Unallocated items & eliminations	Total
External revenue	841	126	8	2	977
Inter segment revenue	0	241	0	- 241	0
Revenue	841	367	8	- 239	977
Direct opex	- 312	- 192	- 1	229	- 277
Segment earnings	529	175	7	- 11	700
IT					- 43
SG&A					- 78
Central costs					- 62
EBITDA					517
Depreciation, amortisation and impairment losses					- 25
EBIT	·	·			492

	Investments	Servicing	Other	Unallocated items & eliminations	Total
External revenue	743	105	16	0	863
Inter segment revenue	0	200	0	- 200	0
Revenue	743	305	16	- 200	863
Direct opex	- 293	- 171	- 8	173	- 299
Segment earnings	449	134	8	- 27	564
IT					- 40
SG&A					- 73
Central costs					- 57
EBITDA					394
Depreciation, amortisation and impairment losses					- 23
EBIT					371

Segment overview

All figures in NOK million unless otherwise stated

	Investments	Servicing	Other	Unallocated items & eliminations	Total
External revenue	2 492	354	22	3	2 871
Inter segment revenue	0	678	0	- 678	0
Revenue	2 492	1 032	22	- 675	2 871
Direct opex	- 947	- 577	- 6	656	- 874
Segment earnings	1 545	455	16	- 19	1 996
IT					- 132
SG&A					- 238
Central costs					- 205
EBITDA					1 421
Depreciation, amortisation and impairment losses					- 76
EBIT					1 345

	Investments	Servicing	Other	Unallocated items & eliminations	Total
External revenue	2 283	299	252	2	2 836
Inter segment revenue	0	611	0	- 611	0
Revenue	2 283	910	252	- 609	2 836
Direct opex	- 915	- 539	- 28	566	- 917
Segment earnings	1 368	370	224	- 43	1 919
IT					- 126
SG&A					- 250
Central costs					- 194
EBITDA					1 350
Depreciation, amortisation and impairment losses					- 68
EBIT					1 282

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
	Q3	Q3	9 Months	9 Months	Full Year
Secured collections	152	174	473	604	740
Unsecured collections	1 227	1 080	3 614	3 216	4 294
Total collections	1 380	1 254	4 086	3 820	5 034
Secured amortisation	- 61	- 57	- 163	- 168	- 250
Unsecured amortisation	- 572	- 502	-1 654	-1 492	-1 964
Total amortisation	- 634	- 559	-1 816	-1 660	-2 214
Secured revaluations	- 19	- 33	- 86	- 142	- 218
Unsecured revaluations	47	25	151	91	181
Total revaluations	28	- 8	65	- 51	- 37
Total purchased loan portfolios (NPLs) revenue	774	686	2 335	2 109	2 784
Profit from investments in joint ventures	21	26	64	83	116
Gain on sale of repossessed assets	43	28	84	84	100
Other revenue	3	3	9	8	10
Revenue	841	743	2 492	2 283	3 011
Direct opex	- 312	- 293	- 947	- 915	-1 243
Segment earnings	529	449	1 545	1 368	1 767
Segment earnings in %	63%	61%	62%	60%	59%

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Segment details continued

Servicing
	2025	2024	2025	2024	2024
	Q3	Q3	9 Months	9 Months	Full Year
Internal servicing revenue	241	200	678	611	816
Servicing revenues from associated parties/joint ventures	16	20	60	61	86
Revenue from external clients	110	85	294	238	321
Revenue	367	305	1 032	910	1 222
Direct opex	-192	- 171	- 577	- 539	- 721
Segment earnings	175	134	455	370	501
Segment earnings in %	48%	44%	44%	41%	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
	Q3	Q3	9 Months	9 Months	Full Year
Portfolio investments in the period	- 675	- 455	-2 014	-1 083	-2 248
Change in prepaid amounts and amounts due on portfolio purchases	- 82	3	- 76	- 4	80
Payment of loan portfolios, cash flow statement	- 757	- 452	-2 090	-1 087	-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. 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 ' for further information.

Net financial items

All figures in NOK million

fees Interest cost and commitment	8	2	5	676	86
of mortisation orro in costs	26	8	76		4

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 242 million was utilised from the EUR 610 million RCF leaving total available undrawn facility lines of EUR 368 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:

At 30 Sept 2025	369 727 152	37	2 849
Capital increase registered on 15 August 2025 related to issuance of new shares	1 195 000	0	5
At 31 December 2024	368 532 152	37	2 844
	shares	NOK million	NOK million
	Number of	capital	capital
		Share	Other paid-in

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

During the quarter, 1 195 000 shares were issued following the exercise of share options, resulting in an increase in number of shares and share capital. Share capital increased with NOK 119 500, and other paid-in capital increased with NOK 5 253 050.

Note 8 – Share based payments

Investments

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.

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.

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
	Q3	Q3	9 Months	9 Months	Full Year
EBIT	492	371	1 345	1 282	1 500
Non-recurring items, of which:
External expenses of services provided	0		1
Personnel expenses	- 17	28	- 19	48	155
Other operating expenses	1	4	6	6	14
Non-recurring items impacting EBIT	- 17	31	- 12	54	169
Adjusted EBIT	476	402	1 333	1 335	1 669
External expenses of services provided	- 136	- 122	- 414	- 407	- 556
Personnel expenses	- 206	- 235	- 673	- 725	- 1 054
Other operating expenses	- 118	- 112	- 362	- 354	- 482
Adjust for non-recurring items	- 17	31	- 12	54	169
Adjusted opex	- 477	- 438	- 1 461	- 1 433	- 1 923
Non-recurring items impacting EBIT	- 17	31	- 12	54	169
Other non-recurring items	113	222	111	219	220
Total non-recurring items	97	253	100	273	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.

	2025	2025	2025	2024
	30 Sep	30 Jun	31 Mar	31 Dec
Bond loan (nominal value) 1	7 036	7 692	7 418	5 308
Revolving Credit Facility (nominal value) 1	2 686	2 593	2 575	4 434
Vendor loan	29	18	378	107
Net cash balance including overdraft	- 220	- 387	- 784	- 269
Total loan	9 531	9 915	9 587	9 580
Purchased loan portfolios	12 333	12 379	12 133	12 069
Investment in associated companies and joint ventures	734	755	752	822
Other assets 2	1 746	1 948	1 898	1 928
Book value	14 813	15 083	14 783	14 819
Total Loan to Value % (TLTV)	64%	66%	65%	65%

^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.

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 ' 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 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 ' 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