B2 Impact (B2H) Investor presentation summary

Transaction overview and bond issue

• Contemplating a minimum EUR 100m tap issue in senior unsecured bonds due January 2031, with proceeds for refinancing and general corporate purposes.

• Conditional buyback offered for outstanding bonds due March 2029.

• Bonds rated Ba2 (Moody's, stable) and BB- (S&P, positive); listed on Oslo Stock Exchange.

• Key terms: 3M Euribor + 3.25% p.a., bullet maturity, call options after 40 months, and financial covenants on leverage and interest coverage.

• Pro forma leverage ratio of 2.1x as of Q4 2025, with liquidity reserve of ~EUR 375m.

Company performance and financial highlights

• LTM Q3'25 cash collections of NOK 6,020m and cash EBITDA of NOK 4,579m, with a 70% cash margin.

• Leverage ratio reduced to 2.0x, with strong deleveraging and stable cash flow.

• 2025 investments within NOK 3.5–4bn target range; unsecured ERC growth of 13%.

• EPS grew 74% LTM; expected dividend of at least NOK 1.7 per share for 2025.

• Cost control and automation drive efficiency, with opex/cash revenue trending down.

Strategic priorities and operational focus

• Focus on sustainable collection performance, ERC growth, and reinvestment of REO sales proceeds.

• Investments mainly in unsecured portfolios, with increased automation and cost scalability.

• Accelerated REO sales (NOK 622m YTD) support higher portfolio investments and future EPS growth.

• Portfolio investments since 2021 total NOK 10.4bn, with 89% in unsecured assets.

• Diversified portfolio across multiple European regions and asset classes.