B2 Impact (B2H) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered strong growth in collections and earnings, with underlying results significantly improved by the prior divestment of the Polish lending business.

• Unsecured collections rose 12% year-to-date, with performance at 112% and robust ERC growth.

• High investment activity, with NOK 2.1 billion invested and committed for 2025, and the investment target raised to NOK 3.5–4 billion.

• Accelerated REO sales expected at NOK 600–800 million for 2025, supporting deleveraging and portfolio investments.

• Integration of Raltis/Veraltis progressing well, with operational improvements through technology and data.

Financial highlights

• Cash collections grew 9% year-over-year to NOK 1,510 million in Q2 2025; unsecured collections up 12%.

• EBIT margin at 49%, with EBIT up 19% year-over-year; cash EBITDA increased 10% adjusted for divestments.

• Net profit for Q2 2025 at NOK 202 million, down 20% year-over-year; EPS at NOK 0.55 (Q2) and NOK 0.91 (H1), ahead of the NOK 1.5 full-year target.

• Operating expenses decreased 2–3% year-over-year despite inflation and higher collections.

• Interest expense and commitment fees fell 21% year-over-year.

Outlook and guidance

• Investment target for 2025 raised to NOK 3.5–4 billion, with annual portfolio revaluations guided at NOK 150–200 million.

• Leverage expected to remain well below 2.5x, with a target range of 2.1–2.2 in coming quarters.

• Dividend target increased to NOK 1.5–1.7 per share.

• Real sales for 2025 expected at NOK 600–800 million, with over NOK 500 million already booked.

• Management sees considerable upside in ERC due to higher collection performance and extended collection curves.