B2 Impact (B2H) Investor Presentation summary

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.