B2 Impact (B2H) Q3 2025 earnings summary

Executive summary

• Achieved strong Q3 results with robust cash flow, 14% year-over-year growth in unsecured collections, and effective strategy execution across management and employees.

• Portfolio investments increased nearly 50% versus Q3 2024, with NOK 3 billion committed year-to-date and high investment activity supported by automation and efficiency.

• EPS of NOK 1.49 year-to-date, tracking ahead of full-year targets, and net profit up 74% year-over-year.

• On track to deliver a dividend of at least NOK 1.7 per share for 2025, supported by strong performance and capital allocation.

• Positive revaluations for unsecured portfolios and increased REO sales contributed to results.

Financial highlights

• Cash collections reached NOK 1,858 million in Q3, up 40% year-over-year; cash revenues up 38%.

• EBIT increased 18% year-over-year to NOK 476 million in Q3; EBIT margin improved to 49%.

• Net profit rose 74% year-over-year to NOK 212 million in Q3; EPS up 73% to NOK 0.57; YTD EPS at NOK 1.49.

• Cash EBITDA up 50% year-over-year to NOK 1,521 million; cash margin improved to 76%.

• Portfolio investments reached NOK 675 million in Q3, up 48% year-over-year.

Outlook and guidance

• Portfolio investments for 2025 expected in the NOK 3.5–4 billion range, with high investment activity expected in Q4.

• REO sales for 2025 projected at NOK 700 million, supporting high investment volumes and low leverage.

• Dividends of at least NOK 1.7 per share anticipated for 2025, with further EPS growth into 2026.

• Foundation laid for further financial improvements in 2026; new targets to be shared in Q4.