B2 Impact
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B2 Impact (B2H) investor relations material

B2 Impact Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

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.

How will B2 Impact fund larger M&A opportunities?
Explain gross vs net IRR impact on P&L.
Clarify investment market focus vs. diversification.
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Frequently asked questions

B2Holding ASA is a holding company with subsidiaries providing debt solutions for banks and institutional vendors. Its products include outsourcing of lending, receivables management, collection and recovery as well as consulting services of corporate finance to private equity companies on local market. The company is based in Oslo, Norway.

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