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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
B2 Impact (B2H) investor relations material
B2 Impact Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved strong Q3 results with robust cash flow, 14% year-over-year growth in unsecured collections, and effective strategy execution across management and employees.
Portfolio investments increased nearly 50% versus Q3 2024, with NOK 3 billion committed year-to-date and high investment activity supported by automation and efficiency.
EPS of NOK 1.49 year-to-date, tracking ahead of full-year targets, and net profit up 74% year-over-year.
On track to deliver a dividend of at least NOK 1.7 per share for 2025, supported by strong performance and capital allocation.
Positive revaluations for unsecured portfolios and increased REO sales contributed to results.
Financial highlights
Cash collections reached NOK 1,858 million in Q3, up 40% year-over-year; cash revenues up 38%.
EBIT increased 18% year-over-year to NOK 476 million in Q3; EBIT margin improved to 49%.
Net profit rose 74% year-over-year to NOK 212 million in Q3; EPS up 73% to NOK 0.57; YTD EPS at NOK 1.49.
Cash EBITDA up 50% year-over-year to NOK 1,521 million; cash margin improved to 76%.
Portfolio investments reached NOK 675 million in Q3, up 48% year-over-year.
Outlook and guidance
Portfolio investments for 2025 expected in the NOK 3.5–4 billion range, with high investment activity expected in Q4.
REO sales for 2025 projected at NOK 700 million, supporting high investment volumes and low leverage.
Dividends of at least NOK 1.7 per share anticipated for 2025, with further EPS growth into 2026.
Foundation laid for further financial improvements in 2026; new targets to be shared in Q4.
How does REO sales strategy enhance EPS growth?
How do forward flows secure 2026 growth?
How do lower funding costs boost portfolio wins?
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Q4 202512 Feb, 2026
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Frequently asked questions
B2Holding ASA is a holding company with subsidiaries providing debt solutions for banks and institutional vendors. Its products include outsourcing of lending, receivables management, collection and recovery as well as consulting services of corporate finance to private equity companies on local market. The company is based in Oslo, Norway.
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