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B2 Impact (B2H) investor relations material
B2 Impact Investor Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Transaction overview and bond issue
Contemplating a new senior unsecured 5.3-year floating rate bond of EUR 100m, aimed at refinancing outstanding debt and general corporate purposes.
Conditional buy-back of outstanding bond B2107, with full call upon successful new issue.
Expected bond rating is BB- by S&P, with issuer rated Ba2/BB- (Moody's/S&P).
Pro forma leverage ratio as of Q2'25 is 2.4x NIBD/L12M cash EBITDA.
Oslo Stock Exchange listing planned within 6 months; governed by Norwegian law.
Key financial and operational highlights
Market capitalization of approximately NOK 6.5bn as of September 2025.
LTM Q2'25 cash collections of NOK 5,898m, revenues of NOK 3,634m, and cash EBITDA of NOK 4,473m.
Leverage ratio reduced to 2.1x, with strong collection performance and high investment activity (NOK 2.1bn invested/committed YTD 2025).
Revised 2025 investment target to NOK 3.5–4bn, with considerable upside in ERC.
Accelerated REO sales expected to reach NOK 600–800m in 2025, supporting deleveraging and portfolio growth.
Risk factors
Inherent risks include inability to collect expected amounts, volatility in cash flow, unsuccessful acquisitions, and IT or data breaches.
Exposure to market, economic, and reputational risks, as well as compliance and operational risks across multiple jurisdictions.
Financial risks include substantial leverage, refinancing needs, interest rate and currency risks, and subordination of bondholder claims.
Risks related to the bond include limited trading market, transfer restrictions, optional redemption, and potential modifications without bondholder consent.
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