B2 Impact (B2H) Q4 2025 earnings summary

Executive summary

• Achieved strong financial performance in Q4 2025, surpassing full-year financial targets with significant growth in earnings and cash flow.

• EPS grew 57% year-over-year, with a proposed dividend of NOK 1.9 per share for 2025.

• Portfolio investments increased 45% year-over-year in Q4, ending the year at NOK 3.7bn, with NOK 1.2bn already committed for 2026.

• Automation and operational scalability remain strategic priorities, supporting stable costs despite higher activity.

• Collection performance reached 110%, supporting upside in Estimated Remaining Collections (ERC).

Financial highlights

• Full-year 2025 cash collections up 17% to NOK 6,168m; Q4 collections up 11% to NOK 1,448m.

• Cash EBITDA increased 22% year-over-year to NOK 4,727m; Q4 up 16% to NOK 1,081m.

• EBIT for 2025 grew 15% to NOK 1,723m; Q4 EBIT up 17% to NOK 390m.

• Net profit for 2025 increased 57% to NOK 703m; Q4 net profit up 43% to NOK 154m.

• Operating expenses flat for the year, down 3% in Q4.

Outlook and guidance

• Financial targets for 2026-2028 include at least 30% EPS growth, ROE above 16%, leverage ratio below 2.5x, and investments above NOK 10bn.

• Target total dividends for 2025-2028 of approximately NOK 9 per share.

• Annual expected portfolio revaluations of NOK 150-200m.

• Over NOK 1.2bn already committed for 2026 portfolio investments.

• Market for portfolio investments remains attractive with accretive returns expected.