B2 Impact (B2H) Q1 2026 earnings summary

Executive summary

• Q1 2026 results exceeded expectations, with EPS up 53% year-over-year and strong strategy execution supported by technology and AI-driven efficiency gains.

• High investment activity with NOK 1.8bn invested and committed year-to-date, tracking ahead of plan.

• Operating expenses declined by 4% despite higher collections, reflecting disciplined cost management.

• Dividend for 2025 set at NOK 1.9 per share, payable in early June.

• Credit rating upgraded to BB, reflecting improved financial position.

Financial highlights

• Revenues rose 8% to NOK 967m in Q1 2026; EBIT increased 24% to NOK 463m, with EBIT margin up 6pp to 48%.

• Net profit surged 54% to NOK 208m; adjusted EPS was NOK 0.56.

• Cash collections reached NOK 1,390m, up 3% year-over-year; unsecured collections grew 10%.

• Cash EBITDA up 3% to NOK 1,006m; cash margin improved to 68%.

• Portfolio investments totaled NOK 742m in Q1 2026.

Outlook and guidance

• EPS and ROE are tracking above full-year targets, with expectations for continued outperformance and investment volumes expected to reach at least NOK 3.5bn for 2026.

• Full-year investments expected to exceed targets, supporting further earnings growth into 2027 and 2028.

• Total dividends of NOK 9 per share targeted for 2025–2028.

• REO sales for the year expected around NOK 300 million, providing additional investment capacity.

• Continued focus on technology and automation to drive further efficiency.