B2 Impact (B2H) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered strong results, with unsecured collection performance at 117%, up from 112% last year, and cash collections growing 10% year-over-year with stable operating expenses.

• NOK 3.1bn invested and committed year-to-date, prompting an increase in the full-year investment target to at least NOK 4bn.

• Technology and AI-driven automation led to a 26% increase in unsecured collection per FTE, supporting scalability and efficiency.

• All key financial targets for 2026 were raised, reflecting confidence in continued growth and profitability.

• EPS increased 21% year-over-year to NOK 0.66, with the 2026 EPS target raised to at least NOK 2.25 and ROE to 16%.

Financial highlights

• Cash collections reached NOK 1,665m in Q2, up 10% year-over-year; cash EBITDA rose 10% to NOK 1,262m.

• Net profit up 22% to NOK 246m; adjusted EPS for Q2 was NOK 0.66, up from NOK 0.55 last year.

• Return on equity improved to 16%, with an equity ratio around 29%.

• Portfolio investments surged 187% to NOK 1,290m; REO sales reached NOK 206m in Q2, with a 46% gain over book value.

• Total ERC at quarter-end was NOK 28.9bn, up from NOK 26bn last year.

Outlook and guidance

• Full-year 2026 targets raised: EPS of at least NOK 2.25, ROE of 16%, portfolio investments of at least NOK 4bn, and leverage ratio below 2.5x.

• Leverage ratio expected to remain below 2.5, supporting up to 100% dividend distribution.

• Financial targets for 2027-2028 are under revision, with revised targets to be presented after 2026.

• Continued focus on selective, quality investments and disciplined capital deployment.