B2 Impact (B2H) Investor presentation summary

Transaction overview and bond issue

• Issuer plans a new senior unsecured 5.3-year floating rate bond of at least EUR 100m, aimed at refinancing existing debt and general corporate purposes.

• The bond is expected to be rated BB by S&P, with a minimum issue amount of EUR 100m and a maximum of EUR 350m.

• Key covenants include a leverage ratio ≤4.0x, interest coverage ratio ≥3.0x, and secured loan to value ≤65%.

• Proceeds will reduce interest costs and extend debt maturity, with a liquidity reserve of ~EUR 320m.

• The issuer is listed on the Oslo Stock Exchange with a market cap of approximately NOK 10.1bn.

Financial performance and operational highlights

• LTM Q2'26 revenues reached NOK 3,838m, with EBIT of NOK 1,823m and net profit of NOK 820m.

• Cash EBITDA grew 20% year-over-year to NOK 4,869m, with a cash margin of 72%.

• Unsecured collection performance was 117%, with a 26% increase in collections per FTE.

• Investments and commitments totaled NOK 3.1bn, with expectations to invest at least NOK 4bn in 2026.

• Leverage ratio improved to 2.1x, and equity ratio stands at 29%.

Risk factors

• Key risks include inability to collect expected amounts, integration challenges from acquisitions, data breaches, and reliance on IT systems.

• Financial risks involve leverage, debt service obligations, exposure to floating interest rates, and currency fluctuations.

• The bonds are unsecured, carrying higher risk than secured bonds, and market demand for the bonds is not guaranteed.

• Regulatory, reputational, and operational risks are heightened due to multi-jurisdictional operations.

• Failure to manage forward flow agreements or third-party relationships could impact revenue and collections.