B2Impact ASA

B2 Impact — Annual report 2024

2 Directors’ report

1 About B2 Impact 3 Corporate Governance

4 Financial Statements

Contents

Annual Report

2024

B2 Impact — Annual report 2024

2 Directors’ report1 About B2 Impact 3 Corporate Governance

4 Financial Statements

Contents

1. About B2 Impact 03

Key Figures 04

This is B2 Impact 05

Message from the CEO 07

The Share 10

2. Directors' report 13

Message from the Board 14

Risk Management 18

Sustainability Statement 25

3. Corporate Governance 75

4. Financials 84

Financial Contents 85

Consolidated Financial Statements 86

Parent Company Financial Statements 157

Alternative Performance Measures 177

Responsibility Statement 184

Auditors' report 185

About

B2 Impact

Contents

B2 Impact — Annual report 2024

2 Directors’ report

1 About B2 Impact 3 Corporate Governance

4 Financial Statements

Contents

Key figures

22,010

NOKm

23,598

NOKm

24,130

NOKm

Key financial figures

Estimated Remaining Collections* (ERC)

Cash collections (NOKm)

2022**

2023**

2024

*Including the Group’s share of portfolios purchased and held in joint ventures

** In constant FX

NOKm

2024 2023

Revenues 3,683 3,775

Adj. EBIT 1,669 1,696

EBIT 1,500 1,578

Adj. Net profit 579 483

Net profit 277 363

Collections 5,249 6,008

Cash revenue 6,097 6,743

Leverage ratio 2.22x 1.90x

Equity ratio 33 % 33 %

Adj. Basic earnings per share (EPS) 1.57 1.27

FTEs 1,377 1,607

Portfolio investments

5,843

4,887

4,175

6,316

5,284

2,810

2,248

2022**

2023**

2024

Cash EBITDA (NOKm)

4,535

2,459

B2 Impact — Annual report 2024

2 Directors’ report

1 About B2 Impact 3 Corporate Governance

4 Financial Statements

Contents

This is

B2 Impact

A professional and reliable debt management

specialist

B2 Impact ASA is one of the leading pan-European debt

management companies. The Company offers solutions

to the challenges created by defaulted loans, and provide

liquidity to financial institutions, contributing to a healthier

financial system. B2 Impact promote lasting financial

improvement through transparent and ethical debt

management. Our business is about people and creating

shared value for business and society. Being a socially

responsible creditor and a trusted solution provider for our

partners are fundamental in our way of doing business.

Our approach to sustainability focuses on four core pillars:

1. Customer knowledge

2. Sustainable value chain

3. Attractive work environment

4. Transparent ESG management

B2 Impact actively develops sustainability competence

and awareness, as the Group has continued focus on

building a strong internal sustainability culture.

Unsecured 90 %

Secured 10 %

19 %

3 %

10 %

3 %

90 %

76 %

NPL portfolio income, total 76 %

Profit from shares and 3 %

participation loan/notes

in associated companies

and joint ventures

Gain on sale of 3 %

repossessed collateral

assets (REOs)

Other operating revenues 19 %

Female 69 %

Male 31 %

Estimated Remaining

Collections (ERC)

Revenue split Gender distribution

31 %

69 %

B2 Impact — Annual report 2024

2 Directors’ report

1 About B2 Impact 3 Corporate Governance

4 Financial Statements

Contents

B2 Impact markets

Veraltis markets

Head office, Norway &

Investment Office, Luxembourg

Business lines

The Group’s main business lines are Unsecured and

Secured Asset Management. The Group invests in

unsecured portfolios in ten markets serviced by local

entities under the B2 Impact brand. Veraltis Asset

Management, wholly owned by the Group, is providing

local and master servicing in eight markets, where assets

are a mix of unsecured and secured portfolios and Real

Estate Owned assets (REOs). In addition, the Group is

servicing JVs where the Group has acquired portfolios

together with co-investors.

B2 Impact markets:

Sweden, Denmark, Finland, Norway, Estonia, Latvia,

Lithuania, Poland, Spain, Czech Republic

Veraltis markets:

Italy, France, Romania, Greece, Cyprus, Slovenia,

Croatia, Serbia

Offices

Norway, Head office

Luxembourg, Investment office

B2 Impact — Annual report 2024

2 Directors’ report

1 About B2 Impact 3 Corporate Governance

4 Financial Statements

Contents

Strong basis

for share holder

returns with

improving

collections and

low cost of debt

Since becoming the CEO of B2 Impact on December

2024, I have been impressed with the people and the

achievements they have accomplished over the last

years. I also see areas which we can develop further

through increased adoption of AI and automation tools.

Technology will play an important role to drive efficiency

improvements going forward.

Our cost reduction and efficiency efforts have continued

throughout the year with investments in technology to

further increase our efficiency and scalability. We have

seen a significant increase in payment plans established

through our self-service portals during the year and we

also see a general increase in activities that are fully

automated. This has allowed us reduced number of FTEs

notably during 2024. We have countries that are at an

advanced technological stage, and that serves as an

example of the potential to increase automation in other

countries that are further behind.

Performance through the year has been strong,

with overperformance in collections in all four quarters.

Unsecured collections ended at 108 % for the full year

versus 105 % the previous year. Secured collections were

lower than the previous year as expected but we still

had cash collections from Secured of NOK 945 million

of which REO sales represented NOK 330 million sold at

44 % above book value. At the end of the year secured

and REOs represented 14 % of estimated remaining

collections down from 17 % the year before.

In last year’s annual report we announced that our aim

was to reduce our cost of debt further in 2024. It’s very

pleasing to see that we have delivered a significant

reduction of our cost of debt as promised. We issued

2024 was a year with many

positives for B2 Impact. After years

of deleveraging resulting in an

industry low leverage ratio, B2 Impact

refinanced its debt at attractive

levels. With significantly reduced

financial expenses as a result, we are

well positioned to take advantage

of a healthy NPL market with high

activity in the markets where we

operate. Entering 2025 we observe

investment volumes that we believe

are more than sufficient to maintain

sustainable and profitable growth

going forward. Our low cost of debt

and scalable operational cost base

should enable us to deliver strong

shareholder returns in the coming

years. The Board of B2 Impact has

proposed a dividend of NOK 1.5 per

share for the financial year of 2024.

Message from CEO

B2 Impact — Annual report 2024

2 Directors’ report

1 About B2 Impact 3 Corporate Governance

4 Financial Statements

Contents

a new bond (B2I07) in the first quarter including a tap

issue totalling EUR 150 million. In August we signed a

renegotiated RCF with improved terms and an extension.

Finally, we called our bond with maturity in 2026 (B2H06)

following the issue of an additional new bond (B2I08) of

EUR 200 million at very attractive terms in the third quarter.

In the fourth quarter we issued a tap on B2I08 of EUR

100 million at a margin of 3.47 % representing an all-time

low for B2 Impact. This is a testament of the consistent

performance we have delivered and the trust shown us

from our banks and bondholders.

We reached our target of NOK 2.5 billion in investments

signed in 2024. We have invested in unsecured portfolios

mainly from banks and financial institutions with forward

flow agreements representing 42 % of the investment

volume and the remaining one-off portfolios. After a

first half of the year where we remained disciplined,

we observed a significant increase in market activity in

the second half. With a higher market activity we also

identified several attractive investment opportunities,

both primary and secondary transaction. At the end of

2024 we strengthened our position in the Nordics with

the acquisition of unsecured portfolios and a platform in

Norway. Our investment target for 2025 is at least NOK

3 billion. We entered 2025 with committed investments

of more than NOK 800 million, and at the time of the

publishing of this report we are more than halfway to this

target with invested and committed amounts of more

than NOK 1.5 billion. Our focus in 2025 is to concentrate

our investments in unsecured portfolios.

In 2023 we announced our new company name and

brand, B2 Impact. During 2024 we have rebranded all

our core unsecured markets under the same brand.

“Operate as One” is one of the key elements of our

strategy to increase operational, commercial, financial

and cultural alignment across the Group. With the

rebranding we have increased recognition across our

markets and strengthened both our internal culture and

our commercial activities.

In August we cancelled 18.6 million treasury shares

acquired through our buyback program the previous year.

Following the successful buyback program, dividend per

share will increase as the total dividend will be divided by

a lower number of shares. Adjusted net profit increased

with 20 % from 2023 to 2024 compared with a growth in

adjusted Earnings per share of 24 % in the same period,

which clearly shows that our buyback of shares with

an average cost per share significantly below today’s

share price is accretive to our shareholders. The Board

has proposed a dividend of NOK 1.50 per share for the

financial year of 2024.

Outlook

Entering 2025, we observe an active market for new

portfolio investments. We expect to increase investment

volumes with an investment target of at least NOK

3 billion for the year. With over half of that amount already

committed, and with the second half usually being the

most active period, we are confident that we will reach

our target. Our investment approach is to maintain

sustainable growth in investments, and at the same time

drive cost scalability through utilizing our economies

of scale. We also see a potential of further operational

improvements through use of technology and data.

A higher degree of automation and increased use of AI

powered tools will contribute to this. We will also have

a continued focus on concentration of footprint.

Finally, I would like to thank all of our employees for

contributing to our strong results. I would also like to

express my gratitude towards our shareholders, bond-

holders, and other stakeholders for their continued trust

in us. With our solid financial position and competitive

cost level, I believe the company is well positioned to

grow the investment volumes and maintain a healthy

leverage going forward. Our continued focus is to deliver

shareholder value through solid performance, modest

leverage and shareholder distributions.

Oslo, 29 April 2025

Trond Kristian Andreassen

Chief Executive Officer

Message from CEO

B2 Impact — Annual report 2024

2 Directors’ report

1 About B2 Impact 3 Corporate Governance

4 Financial Statements

Contents

B2 Impact ASA is one of the leading pan-European debt

management companies. The Group’s main business

is acquisition of non-performing loan portfolios across

several European markets. In addition, the Group offers

third-party collection services in selected markets, and

the Group’s strategy is to grow this business segment in

markets where it has sufficient scale. There are synergies

between investments and third-party collection, both in

terms of data collection and on the client side.

The strategy of B2 Impact is to maintain sustainable

growth through investments in NPL portfolios and at the

same time utilize economies of scale in its core markets.

An important part of the strategy is use of technology to

increase efficiency with a higher degree of automation

and use of AI in collections and data processing.

Maintaining a prudent leverage and a low cost of debt

is key to maintain profitable growth and healthy margins

going forward.

B2 Impact plays an important role in society by offering

solutions to the challenges created by defaulted loans.

Providing liquidity to financial institutions, contributes to

a healthier financial system and consequently B2 Impact

plays an important role in the value chain of the financial

industry. B2 Impact promote lasting financial improvement

through transparent and ethical debt management.

Being a socially responsible creditor and a trusted solution

provider for our partners are fundamental in our way of

doing business.

B2 Impact’s business is based on a skilled workforce, IT

infrastructure, data processing and analytics. Maintaining

a skilled workforce is of high importance, and the Group

carries out mandatory training courses for its employees

Strategy,

business model

and value chain

every year. Mandatory training courses include among

other topics like Code of Conduct, Group Whistleblowing,

GDPR and Anti-Bribery and Corruption (ABC).

The Group’s customers are an important part of the

value chain. B2 Impact engage with a large number of

customers with many of them being in a difficult financial

situation. Ethical treatment of customers in compliance

with relevant regulatory frameworks is at the core of the

Group’s conduct of its daily operations. B2 Impact always

strive to find amicable solutions with its customers

where possible.

B2 Impact’s business partners are also an important

part of its value chain. The Group engages with several

financial institutions when buying NPL portfolios, and

the Group’s Code of Conduct support the fundamental

principles of B2 Impact aiming at building and sustaining

long-term relations with all stakeholders by maintaining

high ethical standards in every decision made.

By following B2 Impact's Code of Conduct in its daily

work, the Group wants to ensure that its business

is conducted in a responsible and sustainable way.

B2 Impact also expects its business partners to conduct

their business in an ethical manner and act with integrity.

The Group invests in technology to improve business

processes and increase efficiency in both collections

and data processing used in portfolio valuation and risk

management. B2 Impact was introduced as the new

brand in 2023, and during 2024 the Group rebranded

all its core markets as an important step to increase

recognition across markets and strengthen both its

internal culture and its commercial activities.

Our business model

B2 Impact — Annual report 2024

2 Directors’ report

1 About B2 Impact 3 Corporate Governance

4 Financial Statements

Contents

The share

B2 Impact’s objective is to create

long-term sustainable value for its

owners, through stable performance

and results and competitive returns

through dividend and share buy-back

programs.

Share data

Based on the last trade on 30 December 2024, which

was at NOK 10.06, B2 Impact’s market capitalization

was NOK 3,707 million as of the same date. The highest

closing price quoted during the year was NOK 10.18 on 16

December 2024, and the lowest closing price was NOK

7.15 on 11 January 2024. During 250 trading days in 2024,

a total of 100,834,951 B2 Impact ASA shares were traded

on the Euronext Oslo Stock Exchange. The average daily

trading volume of the B2 Impact ASA shares in 2024 was

403,340, equivalent to 0.11 % of the total number shares.

Share capital

At year-end 2024, B2 Impact’s share capital amounted to

NOK 36.9 million, divided among 368,532,152 shares and

corresponding to a nominal value of NOK 0.10 per share.

There is one class of shares, and all shares are treated

equally. The shares are freely negotiable and with equal

rights to vote and equal entitlement to B2 Impact’s profit

and dividend.

Ownership structure

The number of shareholders was 4,153 per year-end

2024, a 6.4 % decrease from 4,435 at year-end 2023.

According to the shareholder register maintained by the

Norwegian Central Securities Depository (VPS), 94.32 %

of B2 Impact’s shares are owned by Nordic investors.

Dividend and share buy-back

The dividend policy aims for shareholder returns of up to

100 % of the company’s adjusted net profit (both in cash

and in distribution in kind as share buy-back programs of

own shares). The Board of Directors considers applicable

legal restrictions, capital expenditure requirements, the

financial conditions, general business conditions and

contractual obligations when assessing the company’s

ability to pay dividends.

For the financial year 2024, the Board proposed to the

Annual General Meeting a cash dividend of NOK 553

million equivalent to NOK 1.5 per share. Based on the

share closing price on 30 December 2024 (NOK 10.06),

the proposed cash dividend represents a dividend yield

of 14.9 %.

The share

B2 Impact — Annual report 2024

2 Directors’ report

1 About B2 Impact 3 Corporate Governance

4 Financial Statements

Contents

The share

B2 Impact — Annual report 2024

2 Directors’ report

1 About B2 Impact 3 Corporate Governance

4 Financial Statements

Contents

Ownership structure per 31.12.2024

Size class No of shares Capital/votes % No of owners Owners %

1 - 1,000 653,188 0.2 1,847 44.5

1,001 – 10,000 6,054,254 1.6 1,539 37.1

10,001 – 100,000 20,606,893 5.6 586 14.1

100,001 – 1,000,000 44,682,702 12.1 139 3.3

1,000,001 – 5,000,000 66,504,076 18.0 31 0.7

5,000,001 – 10,000,000 30,593,276 8.3 4 0.1

10,000,001 – 53,000,000 199,437,763 54.1 7 0.2

Total 368,532,152 100.0 4,153 100.0

Geographical distribution of shareholders per 31.12.2024 %

Norway 77.80

Sweden 16.16

United States 1.60

United Kingdom 0.97

Ireland 1.29

Finland 0.51

Luxembourg 0.60

Switzerland 0.21

Denmark 0.20

Others 0.67

Total 100.00

20 largest shareholders per 31.12.2024

% of total share Investor

14.36 Prioritet Group AB

13.94 RASMUSSENGRUPPEN AS

8.68 VALSET INVEST AS

8.28 STENSHAGEN INVEST AS

4.42 DNB Markets Aksjehandel/-analyse

3.97 SKANDINAVISKA ENSKILDA BANKEN AB

2.71 GULEN INVEST AS

2.25 VERDIPAPIRFONDET STOREBRAND NORGE

2.25 RUNE BENTSEN AS

2.23 DUNKER AS

1.57 GREENWAY AS

1.09 STIFTELSEN KISTEFOS

0.98 VPF DNB AM NORSKE AKSJER

0.95 LIN AS

0.81 F2KAPITAL AS

0.77 RANASTONGJI AS

0.70 VERDIPAPIRFONDET KLP AKSJENORGE IN

0.68 HANS EIENDOM AS

0.65 DIRECTMARKETING INVEST AS

0.62 ARTEL AS

28.08 OTHER

100.00 Total

The share

Directors'

report

Contents

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

Message from

the Board

2024 turned out to be a positive year

for B2 Impact despite a challenging

macro environment. The Group

achieved a strong collection

performance and refinancing at

attractive levels. Entering 2025 B2

Impact is well positioned to maintain

attractive shareholder returns.

The Board proposes NOK 1.5 per

share in dividend for 2024.

The Group’s main focus the last years has been to utilise

economies of scale in our core markets and maintain

a prudent leverage and low cost of debt. In line with this

strategy, the Group carried out a successful refinancing

of our outstanding debt during 2024. The Group also

reported a further reduction of underlying operating

expenses and a significant increase in investment activity

during the latter part of 2024. As a result, adjusted

earnings per share ended at NOK 1.57 per share -

an increase of 24 % compared with 2023 that ended

with NOK 1.27 per share.

The total dividend paid for the financial year 2023 was

NOK 1.3 per share including the additional dividend of

NOK 0.6 per share paid in October. The proposed dividend

of NOK 1.5 per share for the financial year 2024 represents

a 15 % increase compared with the previous year.

In November it was announced that Erik Just Johnsen

would step down as CEO on 1 December and Trond

Kristian Andreassen was appointed as new CEO from

the same date. The Board wishes to thank all employees

for their support and efforts in order to deliver on

the strategy. The Board would also like to express its

gratitude for the support from the banks, bond investors

and the shareholders.

On the financing side, the Board together with

Management has focused on reducing cost of debt

during the year. The Company issued two bonds

including two tap issues during 2024 at attractive terms.

In addition, the Group renegotiated and extended its

Revolving Credit Facility at improved terms. With the

successful refinancing, the Group is entering 2025 with

no short-term maturities and with a significant reduction

B2 Impact ASA (“the Company”) is a Nordic-based

debt management company active in purchasing of

non-performing loans, debt collection and third-party

debt collection. The Company is the parent of the

B2 Impact consolidated group of companies (together

“the Group” or “B2 Impact”), a pan-European debt

solutions provider.

B2 Impact offers solutions to the challenges created

by defaulted loans, and provide liquidity to financial

institutions, contributing to a healthier financial system.

B2 Impact promote lasting financial improvement

through transparent and ethical debt management.

The Directors’ report is prepared in accordance with the

Norwegian Accounting Act and the Norwegian Securities

Trading Act. The Corporate governance report, the Risk

management Report and the Sustain ability report are

integral parts of the Directors’ report.

The annual accounts for 2024 have been prepared on

a going concern basis and in the opinion of the Board,

the accounts provide a true and fair representation of

the Company’s business and financial results.

The Group’s consolidated financial statements are

presented in compliance with International Financial

Reporting Standards (IFRS).

The Board and Management of B2 Impact review the

company’s corporate governance annually and report

on the company’s corporate governance in accordance

with the Norwegian Accounting Act § 2-9 and the

Norwegian Code of Practice for Corporate Governance.

Both are freely available at respectively lovdata.no and

nues.no. The Board’s Corporate governance report is

included in this integrated annual report and forms an

integral part of this Directors’ report.

Message from the

Board of Directors

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

in cost of debt. Following a credit rating upgrade from

Moody’s in 2023, S&P Global Ratings upgraded B2

Impact to BB- with stable outlook in the first quarter

of 2024. The credit rating upgrades are a result of the

Group’s ability to deliver moderate growth but at the

same time keep leverage low compared to industry

peers. The Group guided investments in the range of

NOK 2.5 to 3 billion for 2024 and ended the year with

investments of NOK 2.5 billion.

In line with the Group’s strategy, the Board has focused

on investments in core markets to utilize economies

of scale. At the end of 2024, the Group’s ERC including

share of JVs was NOK 24.1 billion compared with NOK

22.5 billion at the end of 2023. This represents an

increase of more than 7 %.

The Group has delivered strong unsecured collections

throughout 2024, with over-performance in all four

quarters. Cash collections were NOK 5,284 million in 2024

compared with NOK 6,164 million in 2023, a decrease of

14 %. The reduction in Cash collections is a result of lower

secured collections as expected also impacted by the

collection of around NOK 500 million from its largest single

secured claim in late 2023. REO sales in 2024 amounted to

NOK 330 million compared with NOK 499 million in 2023.

Financial results

The Group recorded a full year operating profit of NOK

1,500 million for 2024, compared with NOK 1,578 million in

2023. The net profit adjusted for non-recurring items was

NOK 579 million compared with NOK 483 million in 2023.

Revenues from investments in loan portfolios amounted

to NOK 2,784 million including net credit gain compared

with NOK 2,839 million in 2023. Total revenues for the

year amounted to NOK 3,683 million compared with

NOK 3,775 million in 2023.

Operating expenses, excluding depreciation and

amortisation and impairment losses amounted to

NOK 2,092 million for 2024 which is the same amount

we reported in 2023. However, these costs included

non-recurring items of NOK 169 million in 2024 and

NOK 111 million in 2023. The comparable figures excluding

non-recurring items and adjusted for FX showed a

decrease of 2 %.

Adjusted for non-recurring items and FX personnel

expenses for 2024 amounted to NOK 899 million

compared with NOK 959 million for 2023, representing

a decrease of more than 6 %.

The Cash EBITDA for 2024 was NOK 4,176 million

compared with NOK 4,762 million for 2023, a decrease

of 12 %. The cash margin in 2024 was 69 %, slightly

down from 71 % in 2023.

Balance sheet & liquidity

Total assets on 31 December 2024 amounted to NOK

16,973 million compared to NOK 17,328 million in 2023.

The equity amounted to NOK 5,618 million and the

book equity ratio was 33 % compared to equity of

NOK 5,588 million and book equity ratio of 30 % on

31 December 2023.

Total book value of purchased loan portfolios ended at

NOK 12,069 million end of December 2024 compared with

NOK 11,542 million end of December 2023. Net interest-

bearing debt as of 31 December 2024 was NOK 9,286

million compared with NOK 9,035 million last year.

Cash and cash equivalents and liquidity reserve amounted

to NOK 516 million and NOK 2,536 million respectively at

the end of 2024 compared with NOK 1,404 million and

NOK 4,721 million at the end of 2023. The Group has a

solid balance sheet entering 2025 and is well funded to

finance future investments.

Financing

Throughout 2024, the Group maintained a solid

liquidity reserve, increased headroom under its financial

covenants, and refinanced a significant part of its long-

term debt. The Group’s funding structure and gearing

ensures liquidity and flexibility to deliver on its strategy.

A combination of equity, bank financing, and bonds

provides access to capital when opportunities arise,

while stable collections across the Group provide a

strong operating cash flow.

The Group's has credit rating from Moody’s (Ba2, stable

outlook) and S&P (BB-, stable outlook).

Risk

B2 Impact’s approach to risk management is to

proactively manage risks to ensure sustainable profits

and value generation for Group’s stakeholders.

The risk governance structure is overseen by the Board

through the Audit Committee, owned by the CEO

and headed by the Chief Risk & Compliance Officer

with appointed risk managers from operating entities.

Message from the

Board of Directors

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

The Group Risk function works with local risk managers

and central functions to correctly identify and assess

risks, challenge risk assessments and act as a consultant

to support a clear and transparent risk mapping process.

B2 Impact is implementing risk management principles

based on the COSO Enterprise Risk Management (ERM)

framework with the objective to improve governance,

drive operational excellence and create value for all

stakeholders. Internal risk management framework

facilitates analysis and monitoring of significant risks

and enables management functions at operational

and Group levels to identify and quantify risk factors

that may negatively affect the Group’s profitability and

sustainability.

At B2 Impact, the risk framework is underpinned by key

principles and policies, which define internal expectations

on risk management with all employees expected to

apply these principles in their daily work, promoting risk

ownership and management where it arises.

The Board reviews the Group’s most important risk

areas and the approach to address the identified risks

on an annual basis. Additionally, the Audit Committee

reviews risks together with the Group Risk function on

a quarterly basis.

For more details of the risk elements and actions to

mitigate risks, please see the Risk Management report

which constitutes an integral part of this Directors’ report.

People

The people who work in B2 Impact are a deciding factor in

the Group’s success. The Group is characterised by having

employees with a strong commitment to their jobs and the

knowledge and competence they represent constitutes

therefore a central intangible resource for the Group.

At the end of 2024, the Company had 24 employees

at year end, including 5 women and 19 men. The Board

comprised five members at the end of 2024, with

three women and two men. The Group employed 1,529

employees (headcount) at year-end, consisting of 1,037

women and 492 men.

The total number of full-time equivalents (FTEs) in the

Group at year-end was 1,377 of which 925 women and

452 men. This represents a net decrease of 230 during

the year from 1,607 at the end of 2023. Going forward,

the number of FTEs is expected to be further reduced

because of the ongoing efficiency programs and the

planned reduction of geographical footprint.

The Group believes in fostering an inclusive environment

and has a zero-tolerance policy against discrimination.

This is furthermore aligned with the Norwegian Equality

and Anti-Discrimination Act, which aims to promote

equality and prevent discrimination.

The Company saw a slight increase in reported sick days

with 121 reported days (1.25 %) compared to 65 reported

days (0.58 %) the previous year. Throughout 2024, there

were no incidents causing serious injury or damage,

and efforts to improve the workplace are made on a

continuous basis.

Our ethical guidelines are outlined in the Code of

Conduct and other Group policies. The Group works

actively, purposefully and systematically to promote

a responsible corporate culture. B2 Impact has

introduced a Group-wide Whistleblowing Policy and

Whistleblowing channel, enabling employees and other

stakeholders to report concerns anonymously.

Governance principles

The Board and Management review the Company’s

corporate governance annually and report on the

company’s corporate governance in accordance with

the Norwegian Accounting Act § 2-9 and the Norwegian

Code of Practice for Corporate Governance (v. 14

October 2021) and is freely available at respectively

lovdata.no and nues.no.

The Board’s Corporate Governance Report is included in

the annual report. See chapter 3.

Board

At the start of the year the Board had seven members:

Harald L. Thorstein (Chairman), Trond Kristian Andreassen,

Adele Bugge Norman Pran, Jessica Sparrfeldt,

Ellen Hanetho, Henrik Wennerholm and Anders Engdahl.

Since Trond Kristian Andreassen took over as CEO

on 1 December he stepped down from the Board

from this date. Anders Engdahl elected to step down

from the Board on the same date. From 1 December

2024 the Board of the Company then consisted of

Harald L. Thorstein (Chair of the Board), Adele Bugge

Norman Pran, Jessica Sparrfeldt, Ellen Hanetho and

Henrik Wennerholm.

The Board has several subcommittees. In the Audit

Committee, Adele Bugge Norman Pran chairs as

committee leader, and Jessica Sparrfeldt and Henrik

Wennerholm participate as committee members.

Message from the

Board of Directors

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The Remuneration Committee consists of Harald L.

Thorstein as committee chair and Ellen Hanetho as

committee member.

The external auditor, EY, participates in meetings with the

Audit Committee when matters that fall within the scope

of the external auditors’ responsibilities are considered.

The Board ensures that B2 Impact complies with its

corporate governance framework, annually reviews the

strategic plan, and reviews the Group risk exposures.

Members of the Board and the CEO’s possible liability

to the company and third parties are individually covered

under a Nordic Directors & Officers Liability Insurance.

Equity

At the end of the year, the Company had 368,532,152

outstanding shares, corresponding to a share capital

of NOK 36.9 million.

Total book value of equity for the entire Group as of

31 December 2024 amounted to NOK 5,618 million

compared to NOK 5,588 million at the end of last year.

This corresponds to a book equity ratio of 33.1 %.

Book value of equity in B2 Impact ASA parent company

financial statements were NOK 3.121 million compared to

NOK 3,552 at the end of last year. This corresponds to

a book equity ratio of 34 %.

Considering the nature and scope of B2 Impact’s

business, the Board considers the Company to be

adequately capitalised.

Looking forward

The Group ended the year with a fourth quarter with

strong cash flow and enters 2025 with a solid balance

sheet, a lower cost of debt and a low leverage ratio.

Consequently, B2 Impact is well positioned to deliver

attractive shareholder returns going forward and take

an active role in a market with changing dynamics and

a more favourable competitive environment.

B2 Impact will maintain capital discipline and will continue

to have a selective investment approach going forward.

The Board believes that the Group will be able to grow

investments in its core markets in 2025. Pricing of

portfolios are expected to remain stable representing

attractive investment opportunities with the Group’s

reduced cost of debt. The Board will continue to

focus on further cost reductions through streamlining

operations. The Board expects that further efficiency

can be achieved through increased use of tools such

AI powered automation, self-service platforms and

multi-channel customer communication.

Further reduction of footprint remains a focus for the

Board going forward. Entering 2025, B2 Impact has

continued operations in 18 countries, with investments

to be concentrated in 10 to 12 markets.

During 2024, the Group rebranded all core markets,

supporting the strategic goals to increase recognition

across its markets and strengthening internal culture

and commercial activities. The Board aims to create

a Group environment that is driven by operational

alignment, a shared identity and culture, aligned policies

and governance and a unified commercial platform.

Message from the

Board of Directors

Dividends and allocations

The Board proposed to the Annual General Meeting

a cash dividend of approximately NOK 553 million

equivalent to NOK 1.50 per share for the financial year

2024. The proposed dividend is in accordance with the

updated dividend policy of B2 Impact which allows for

a shareholder distribution of up to 100 % of its annual

adjusted net profit. For further information, the dividend

policy is available on the Company’s website.

The Board is of the opinion that, after the dividend

payment for 2024, the Group will have adequate liquidity,

financial strength, and flexibility to provide sufficient

support to its operations within its strategy and market

requirements.

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Risk

management

B2 Impact's approach to risk manage -

ment is to proactively manage risks

in order to ensure sustainable profits

and value generation for all the

Company’s stakeholders.

B2 Impact continued to strengthen its risk management

throughout 2024, increasing and aligning oversight

with regulatory requirements to ensure alignment and

compliance with the European NPL Directive requirements

framework, which governs the management, servicing,

and purchase of non-performing loans (NPLs) across the

European Union. All our entities have applied and granted

Credit Servicers Licenses where the Directive has been

transposed into local laws, with exception of Estonia and

Lithuania where there has been some delays. For Finland

and Spain, the NPL Directive is yet to be transposed into

local legislation. This positions B2 Impact as a trusted

partner to maintain regulatory compliance, and uphold

stakeholder’s confidence in our practices and disclosures.

B2 Impact risk management framework

B2 Impact has implemented risk management principles

based on the COSO Enterprise Risk Management (ERM)

framework with the objective to improve governance,

drive operational excellence and create value for all stake-

holders. Internal risk management framework facilitates

analysis and monitoring of significant risks and enables

management functions at operational and Group levels to

identify and quantify risk factors that may negatively affect

the Group’s profitability and sustainability.

At B2 Impact, the risk framework is underpinned by key

principles and policies, which define internal expectations

on risk management with all employees expected to apply

these principles in their daily work, promoting risk ownership

and management where it arises. Risk management

principles are grouped into categories as follows:

Dimension Definition Principle and Objectives

1. Strategic

Risks linked with the overall business plan,

organisational structure, culture, investments,

and macro and political environment.

Build a strong vision, strategy and product offering

that enables the Group to grow profitably aligned

with its strategic objectives. Lead by example,

create a culture that promotes loyal and ethical

behaviour aligned with company values and

stakeholders’ expectations.

2. Financial

Risks linked to financial losses, impacting

the overall financial results, including liquidity,

currency and interest rates, credit, and tax.

Build a strong, transparent, and auditable financial

position that enables the Group to plan and optimise

its financial resources, meet financial obligations,

and grow profitably.

3. Operations

Risks linked with failed internal processes and

procedures, people’s actions, systems or from

external events including legal and compliance.

Deliver exceptional service that meets and

exceeds targeted operational expectations.

Create operational efficiencies, build company

resiliency, auditability, transparency, and processes

optimisation.

Risk management

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The risk governance structure is overseen by the Board

of Directors (“the Board”) through the Audit Committee,

owned by the CEO and headed by the Chief Risk &

Compliance Officer with appointed risk managers from

operating entities.

The Group Risk function works with local risk managers

and central functions to correctly identify and assess

risks, challenge risk assessments and act as a consultant

to support a clear and transparent risk mapping process.

Functional description of effective risk

management and control

The business operations as Risk owners and the Risk and

Compliance functions are the key actors of risk control

framework of the B2 Impact Group.

1. The business operations own the risk and are

responsible to manage the risks they take in the

course of business. This entails responsibility for

daily risk management and compliance with Group’s

internal policies and external regulations.

2. The Risk and Compliance function is independent

from business operations, and is responsible

for risk monitoring, control, and supporting the

management in identifying and understanding risk.

Risk and Compliance actively participate in defining

and implementing relevant policies and controls

throughout the organisation and provide continuous

training to all employees.

Risk strategy

The Group’s core business is to generate profitable

returns through controlled exposure to credit risks in the

form of acquiring and managing non-performing loans.

Therefore, the Group actively pursues this type of risk

which inherently carries the highest potential impact on

the income statement and balance sheet.

Risks such as liquidity, operational and market risk should

be minimized but balanced, as far as it is economically

justifiable, following internal policies and guidelines.

Other types of risk such as management, regulatory

and reputational risk are addressed through the Group’s

governance and compliance policies and external

regulatory requirements.

Principal risks

Principal risks are identified through the Group-wide risk

framework or through incidents raised through available

reporting channels, including a protected, anonymous

whistleblowing channel. Material risks are discussed

at Group executive management level with mitigating

actions defined and implemented, and with improvements

actively monitored by the Group Risk function.

The risks are grouped into three broad categories:

strategic, financial, and operational. The tables below

summarizes the key risks and mitigants B2 Impact

is exposed to, excluding those that are required

to be reported in detail under ESRS framework.

The measurement and tracking of sustainability risks

is integrated into the risk management framework.

Risk management

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Strategic Risks Risks linked with the overall business plan, organisational structure, culture, investments, and macro and political

environment.

Macroeconomic

and political risk

Description:

B2 Impact operates in multiple countries and is therefore implicitly exposed to

different economic and political regimes.

Changes in the economic and political environment may negatively impact our

business, both in our ability to buy portfolios and our ability to collect on portfolios

acquired.

Mitigation:

The Group is well diversified across multiple countries and therefore risks

associated with individual countries have limited impact.

The Group maintains an on-going dialogue with the local management teams

and uses external market research and data to actively monitor the macro-

economic trends in each country. The market and macroeconomic analyses

and insights are incorporated into Group’s strategic considerations.

Investment risk Description:

B2 Impact invests in NPL portfolios and subsequently makes a profit or loss from

these investments by assuming all rights and risks arising from these transactions.

The Group needs access to a pipeline of NPL opportunities that enables it to

invest in at rates of return that are attractive and profitable.

Losses may be incurred by over-estimating collections or the timing of them,

or by under-estimating the costs to collect.

Mitigation:

B2 Impact buys NPL portfolios at discounted prices, utilizing proprietary data,

tools and methods, and therefore the risk is partially mitigated through pricing

and expected returns.

The company actively manages a well diversified pipeline to identify transaction

opportunities that are aligned to the operating capabilities and the investment

appetite of the group and where the company has a reasonable chance of

securing the transactions at attractive terms.

All acquisitions are subjected to Group transaction oversight and careful evaluation

of portfolio characteristics. The Group actively works to improve the quality

of investment underwriting and portfolio management through continuous

improvements in processes, tools, methods, and competences.

Risk management

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Financial Risks Risks linked to financial losses, impacting the overall financial results, including liquidity, currency and interest rates,

credit, and tax.

Liquidity risk Description:

B2 Impact is dependent on access to financing, from banks, financial institutions,

and from the capital markets through loan agreements, the issuance of bonds

and share capital to have sufficient liquidity available to meet its contractual

obligations.

Mitigation:

B2 Impact’s policy is to always have liquidity available to cover the contractual

financial obligations, financial portfolio forward flows and outstanding binding

portfolio investment offers, operating within bank and financing covenants

restrictions.

The capital threshold for equity in the loan agreements is set at a minimum

consolidated book equity ratio of 25 %.

Liquidity risk is monitored by the Group’s Treasury function and reported monthly

to the Board of Directors.

B2 Impact works actively to maintain good relationships with the financing banks,

financial institutions, bond investors and credit rating agencies.

Currency and

interest rate risk

Description:

B2 Impact is exposed to fluctuations in exchange and interest rates and these

risks can affect the financial items and thereby the earnings and equity.

B2 Impact’s Financial Statements are presented in NOK, whilst a large part of the

Group’s business is carried out in Euros and other local currencies. B2 Impact’s

financing is based on fixed margin plus a floating rate.

Mitigation:

To mitigate the currency risk the Group uses a multicurrency bank facility

(borrowing in EUR, DKK, NOK, SEK, PLN) and bond loans denominated in EUR to

effectively establish natural hedging. For most countries, investments, revenues,

and operating expenses are denominated in local currencies.

Currency fluctuations have a relatively minor effect on operating earnings,

which limits transactional exposure.

B2 Impact is exposed to changes in interest rates since the Group’s debt has

an element of floating interest rate. The Group employs hedging strategies that

enable B2 Impact to partially hedge its interest exposure.

Currency and interest rates exposure are regularly monitored with hedging

arrangements assessed and modified in accordance with the Group’s

hedging policy.

Risk management

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Credit risk Description:

The risk of losses arising from customers not repaying principals or interest accrued

or counterparties not meeting their contractual obligations.

For B2 Impact, this refers mainly to receivables arising from acquired NPL portfolios,

cash and cash equivalents, and outlays on behalf of clients.

Mitigation:

NPL portfolio risks are addressed under investments risk.

Cash and cash equivalents are deposited with established banks where the risk of

loss is remote.

The Group deals primarily with known counterparties with good creditworthiness.

Credit risk is analysed, monitored, and controlled by the local management and the

controlling units of the Group.

Operational Risks Risks linked with failed internal processes and procedures, people’s actions, systems or from external sources which

includes legal and compliance.

Performance risk Description:

The risk arises from inefficiencies in collection processes, inadequate resource

allocation and reliance on outdated systems.

These factors can lead to lower recovery rates and/or increased operational

costs.

Furthermore, economic downturns, customer hardship, and changes in legal

frameworks can impact collection effectiveness.

Mitigation:

The Group strives to continuously enhance our collection strategies through

data-driven decision-making, processes automation, and employee training.

The Group is investing in advanced analytics and AI-driven tools to optimize

recovery rates while maintaining compliance with regulatory requirements.

The Group actively monitors performance to ensure alignment with strategic

objectives, and maintains flexible operational structures to adapt to economic

fluctuations and evolving customer needs, ensuring sustainable long-term

Group performance.

Risk management

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Regulatory risk Description:

The Group depends on authorisations and licenses from different authorities

in order to operate. Risk arises from non-compliance or breaches to existing

processes and procedures implemented.

Regulatory changes can also influence the markets and local operations, either in

a positive or in a negative way.

Mitigation:

The Group actively monitors and where appropriate participates in regulatory

changes and developments relevant to its industry, in the countries we operate,

both at EU and national levels.

All local entities have implemented a compliance function, which works with

Group compliance to ensure regulatory risks are identified, assessed, mitigated

and managed as appropriate.

Group compliance-related policies are available in local languages, accessible

to everyone and supplemented with regular compliance training and digitally,

through B2Learning platform.

During 2024, Group functions supported the entities preparation, alignment

and application of the Credit Servicers licences, which is now a requirement to

operate within our industry.

IT functionality

and security risk

Description:

The Group depends on accessible and well- functioning IT systems. Interruptions

and errors in business-critical systems can pose risks to the operations and

company reputation.

Although strict protocols are implemented there is always a risk of illegal

infringement and access to the systems, giving unauthorised access to

information, loss of data through malicious software or illegal exploitation on

the company’s behalf through phishing.

Mitigation:

IT functionality and security risks are managed through a combination of

technical and administrative controls, security training and regular checks and

monitoring of systems. This is carried out at both local and Group level. For Group

functions, centralised logging and prevention of intrusion is in place.

In 2024, B2 Impact continued with the modernisation programme on the Group

IT Architecture, Governance and Security to modernize technology and IT

processes, providing higher elasticity and resilience to IT platforms, including

compliance with DORA regulations where required.

Risk management

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External risks: global and macroeconomic

developments

The ongoing military conflicts in the Ukraine, and the

Middle East are keeping geo-political risks higher in

Europe, with elevated macroeconomic uncertainty

expected to continue.

B2 Impact does not have any operations or employees in

Ukraine, Russia or Middle East.

The main impacts of the global situation on B2 Impact

are higher interest rates and increased cost of living,

which put pressure on debt repayments. However,

continued low unemployment rates, salary increases,

relatively high savings rates and government support

partly offset these challenges.

Although 2024 continued to be a challenging year of

macroeconomic uncertainty, inflation reduced significantly

leading to several rounds of central banks interest rate

cuts, and despite the macro-economic challenges,

no meaningful increase in the low unemployment rates

were observed, particularly across B2 Impact footprint.

This positively impacted the Group, both from a customer

collections perspective as well as reducing our internal

costs. For customers, their cost of living situation

improved, mitigating and allowing them to maintain their

debts repayments, which directly benefited the Group.

The Group successfully refinanced its outstanding debt at

attractive terms during 2024. Combined with a reduction

in its overall costs, resulted in a positive year for B2 Impact

on an overall basis.

The Group plans to continue execution of its cost cutting

program which will reduce its footprint to identified core

countries and streamlined operations. Post program

execution, B2 Impact will remain geographically well

diversified, with limited risk from individual countries.

B2 Impact has adequate liquidity position to meet its

investment appetite in 2025. The Group plans to invest

in a prudent and disciplined manner across identified

core markets, within the desired risk-return profile.

B2 Impact continues to actively monitor the macro-

economic developments. At this stage the baseline

scenarios indicate limited risk for B2 Impact, however

the risk may change in the event of significant

prolongation or escalation of geo-political uncertainties.

Key Risk Indicators:

• Profitability & Sustainability

• Diversification

• Valuation accuracy

• Performance

• Operations, Culture

& Compliance

Three lines of defence

Key Risk Indicators are

proposed by Risk in co-

operation with the first line

of defence. Approved and

monitored by the Board.

Board of Directors

CEO

Business operations

Daily risk management

and compliance with

Group’s internal policies

and external regulations

First line

Risk Owners

Risk, Compliance &

Corporate Governance

Independent risk

monitoring, support

and control to protect

company value

Second line

Oversight and Advisory

Audit

Commiee

Risk management

Illustration of the functional organization of effective risk

management and control:

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Contents 1 About B2 Impact

Sustainability

Statement

BP-2: Disclosures in relation to specific

circumstances

Our sustainability statement is structured into four

overall sections: ‘General information’, ‘Environmental

information’, ‘Social information’, and ‘Governance

information’.

Time horizons

We use the same definitions of short-, medium- and long-

term time horizons, as is defined by ESRS 1 section 6.4:

• Short-term refers to time horizon up to 1 year

• Medium-term refers to time horizon between 1-5 years

• Long-term refers to time horizon of more than 5 years

Sources of estimation and outcome uncertainty

Certain quantitative metrics reported carry a higher level

of measurement uncertainty, such as the measurement

and calculations of employee data. This is because

we don’t have a centralised HR system to register and

report employee data across the organisation. Where

measurement uncertainty occurs, this is described in

relation to the respective disclosure point.

Changes in preparation or presentation of sustainability

information and errors

We have previously prepared our sustainability statement

with reference to the Global Reporting Initiative (GRI)

framework but have changed our sustainability reporting

to match ESRS as from 2024, the reason being that

B2 Impact is subject to the Corporate Sustainability

Reporting Directive (CSRD), where compliance with the

ESRS standard is a requirement. For some disclosures we

are using comparative figures, except where it has been

impractical to do so.

BP-1: General basis for preparation of

sustainability statement

This sustainability statement comprises our reporting

obligations in accordance with EU’s Corporate

Sustainability Reporting Directive (CSRD) and the

associated European Sustainability Reporting Standards

(ESRS), as well as the Norwegian Accounting Act §2-3.

The sustainability statement is prepared on a consolidated

basis which is the same as for the company’s financial

statements (based on IFRS Accounting Standards).

This is the first time we are reporting in accordance

with CSRD and ESRS and in our approach we have

relied on the implementation guides made available

by the European Financial Reporting Advisory Group

(EFRAG).

The sustainability statement covers B2 Impact’s

upstream and downstream value chain. For a full

overview of our value chain, please refer to disclosure

SBM-1 Strategy, business model and value chain.

The company has not omitted information corresponding

to intellectual property, know-how or the result of

innovation.

Sustainability

Statement

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Reporting errors in prior periods

Where figures / information from preceding reporting

periods do exist, but where the figure has been revised,

this is clearly stated. Where we have identified material

prior period errors, the nature of the error is stated,

as well as the correction, to the extent practical.

Disclosures stemming from other legislation

B2 Impact has published a report in line with the

Norwegian Transparency Act which is included in the

annual report and available on the company’s website.

A summary of our EU Taxonomy reporting is included in

the environmental section of this report. Other than this,

the company has not included information stemming

from other legislation in its sustainability statement.

B2 Impact does not rely on any European standards

approved by the European Standardisation System such

as ISO/IEC or CEN/CENELEC standards. The data and

processes used in this sustainability statement has been

verified by an external assurance provider (EY). Our ESRS

content index can be found towards the end of these

sustainability statement.

Incorporation by reference

The description of B2 Impact’s due diligence processes

and results is presented in the 2024 Transparency

Act Statement. Detailed information on the Board’s

composition and their work can be found in the

Corporate Governance Statement, sections 8 and 9.

Information about Board members and GEM members

background and experience can be found in their CVs

in the annual report section. Details about the annual

process to evaluate specific sustainability risks is found

in the Corporate Governance Statement section 10.

Use of phase-in provisions

We have omitted the information related to ESRS E4, ESRS

S2, and ESRS S3 as these topics have been assessed as

non-material, as well as information prescribed by ESRS

2 SBM-3 paragraph 48(e) (anticipated financial effects).

ESRS S1, ESRS S4 and ESRS G1 have been identified as

material and the relevant information is thus included in

the respective chapters. Please refer to disclosure IRO-1

for a list of matters in AR 16 ESRS 1 Appendix A that are

assessed to be material, and to topical chapters for

information about policies, targets, metrics and actions

for each material sustainability topic / sub-topic.

GOV-1: The role of GEM and the Board

Composition and diversity

B2 Impact’s Board of Directors (hereafter referred to

as the Board) is composed of five members, two male

(40 %) and three female members (60 %) - see also

disclosure S1-9 on Diversity. All five Board members

(100 %) are independent directors. Detailed information

on the Board’s composition can be found in the

Corporate Governance Statement, sections 8 and 9.

Group Executive Management (hereafter referred to as

GEM) is composed of six members. Information on their

background and experience can be found in the CVs in

the annual report section.

Roles and responsibilities

The Board governs B2 Impact’s sustainability performance

and review the sustainability strategy. The Board has

established an Audit Committee and a Remuneration

Committee, which acts as a working and preparatory

committee for the Board, preparing matters and acting

in an advisory capacity. Integral to B2 Impact’s risk

management, the Audit Committee and the Board

regularly evaluate risk areas. This also extends to the

domains of compliance and sustainability.

Detailed information about the work of the Board can be

found in the Corporate Governance Statement, sections

8 and 9.

GEM is responsible for the follow-up of sustaina bility

activities across the Group and reports back to the Audit

Committee and the Board who evaluate the results.

Additional responsibilities include assisting the organisation

in integrating all relevant sustainability aspects into the

overall strategy, ensuring that key sustainability issues are

prioritised, providing guidance on sustainability matters,

and communicating with both internal and external

stakeholders regarding sustainability topics.

Representatives from GEM are involved in setting sustain-

ability related targets. GEM and Board members oversee

the setting of targets related to material impacts, risks

and opportunities when approving the annual integrated

report, where they also discuss and monitor progress.

Skills and expertise on sustainability matters

The Board of Directors collectively hold sufficient

sustainability experience currently and are highly capable

of aligning overall strategy with sustainability goals.

Any knowledge which the Board of Directors or the

Group Executive Management do not directly possess

is leverageable from internal functions including Group

Finance, Group Compliance and Group Legal in addition

to external advisors for specific topics.

Sustainability

Statement

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GOV-2: Information provided to, and

sustainability matters addressed by GEM

and the Board

The Chief Financial Officer (hereafter referred to as CFO)

and GEM monitors B2 Impact’s overall sustainability

progress. Insights and proposed follow-up actions

(including updates to the DMA assessment) are

presented to GEM, and, when necessary and at least

annually, the Board. The progress is measured against

current policies, ambitions, targets and actions.

The annual integrated report forms the main report to

the Board. Critical concerns relating to the company’s

material environmental and social impacts is addressed

and communicated to GEM and the Board on a

need-to-know basis, as well as through B2 Impact’s

whistleblower channel or risk management processes.

The Audit Committee is regularly informed about

the company’s sustainability reporting processes by

B2 Impact’s Head of ESG.

Sustainability risks are assessed through a dedicated

annual process or through specific sustainability risk

evaluations as needed. Opportunities are regularly

discussed by GEM, B2 Impact’s finance team and country

managers, for example through monthly business review

meetings. For details on the annual process, please refer

to the Corporate Governance Statement section 10 and

disclosure IRO-1 Description of the process to identify

and assess material impacts, risks and opportunities

in this sustainability statement. B2 Impact reports and

follows up on risk and compliance exposures in all

business areas in a controlled and consistent manner,

managed by the Chief Risk and Compliance Officer

(hereafter referred to CRCO).

Body of Governance Area of responsibility Issues addressed in 2024/2025

Board of Audit Committee • CSRD/ESRS compliant reporting • Approval of 2024 Annual Report

Board of Audit Committee • Approval of double materiality assessment • Approval of double materiality assessment

process and result

Board of Audit Committee • Oversee internal controls related to

sustainability reporting

• Approval of process related to ESRS

reporting for 2024

Board of Audit Committee • Oversee limited assurance process • Follow-up on feedback from external auditor

Group Executive Management • Monitor risk management system, related

processes and systems

• Review of Sustainability statement included

in Annual Report 2024

Group Executive Management • Monitor CSRD reporting process and

systems

• Review of double materiality assessment

and result

Group Executive Management • Prepare recommendations to Audit

Committee on double materiality

assessment

• Review of double materiality assessment

process and approve the list of material

topics

Sustainability

Statement

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GOV-3: Integration of sustainability-related

performance incentive schemes

The Group operates on a target-driven structure that is

supported by a remuneration model based on various

key performance indicators (KPIs). A Remuneration Policy

has been established and outlines the remuneration

practices that supports the company’s business strategy

and long-term interests, including sustainable growth and

profitability, which will contribute to long-term growth in

shareholder value. Furthermore, the policy is intended to

attract, retain and engage highly motivated, competent

and performance-oriented people.

Our Remuneration Policy states that at least one of

the individual performance objectives shall support the

company’s ESG targets such as, but not limited to, the

Group’s core values, ethical business behaviour, good and

ethical debt collection practices, data privacy, information

security, prevention of financial crimes, diversity, non-

discrimination and equal opportunities, talent attraction

and retention, responsible selection of vendors or NPL

suppliers and partners and environmental footprint.

No climate-related factors (targets for greenhouse

gas (GHG) emission reduction) are considered when

establishing remuneration of the Board and GEM.

GOV-4: Statement on due diligence

B2 Impact regularly conducts due diligence to identify

impacts, risks, and opportunities across our value chain

and our subsidiaries.

Investments in new companies undergo due diligence,

covering environmental, social, and governance aspects,

with an emphasis on the company's material topics.

Sustainability impacts, risks, opportunities are thoroughly

examined as part of the due diligence process.

The findings are presented alongside financial indicators

and investment opportunity assessments, forming the basis

for the final investment decision. This follows our internal

Group Business Partner Integrity Due Diligence Policy

(internal document), as all business units in B2 Impact

shall perform a background compliance investigation of

business partners (including suppliers) to identify, assess

and mitigate potential risks before entering into a contract.

We continuously work on improving our policies to ensure

they align with the highest international standards and

other relevant guidelines.

B2 Impact’s has conducted a double materiality

assessment (DMA), where we map impacts, risks and

opportunities related to sustainability matters. The process

engaged key internal stakeholders from all our business

areas and enabled us to thoroughly evaluate and prioritise

our sustainability issues. More information about the DMA

process can be found in disclosure IRO-1 Description of

the process to identify and assess material impacts, risks

and opportunities.

Every year, B2 Impact conducts a human rights

due diligence assessment, in accordance with the

Norwegian Transparency Act. In this assessment,

the company focuses on risk factors such as sector

and geography to identify human rights risks linked to

our supply chain. A statement of this work is published

on B2 Impact’s website.

Core elements

of due diligence

Sections in the

sustainability statement

a) Embedding due

diligence in governance,

strategy and business

model

2024 Transparency Act Statement:

“Embedding due diligence in

governance, strategy and business

model”

b) Engaging with affected

stakeholders in all

key steps of the due

diligence

2024 Transparency Act Statement:

“Engaging with affected

stakeholders, and identifying and

assessing adverse impacts”

c) Identifying and

assessing adverse

impacts

2024 Transparency Act Statement:

“Engaging with affected

stakeholders, and identifying and

assessing adverse impacts”

d) Taking actions to

address those adverse

impacts

2024 Transparency Act Statement:

“Taking actions to address adverse

impacts”

e) Tracking the

effectiveness of

these efforts and

communicating

2024 Transparency Act Statement:

“Tracking the effectiveness of

efforts and communicating”

Sustainability

Statement

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

GOV-5: Risk management and internal controls

over sustainability reporting

Our risk management principles are based on the COSO

Enterprise Risk Management (ERM) framework with

the objective to improve governance, drive operational

excellence and create value for all stakeholders.

The internal risk management framework facilitates

analysis and monitoring of significant risks and enables

management functions at operational and Group levels

to identify and quantify risk factors that may negatively

affect the Group’s profitability and sustainability.

The Audit Committee is responsible for monitoring and

assessing the risk management systems and processes

established for the financial and sustainability reporting

process. The risk governance structure is headed by the

CRCO with appointed risk managers from each business

unit. The Group Risk function works with risk managers

and central functions in each business unit to correctly

identify and assess risks, challenge risk assessments and

act as a consultant to support a clear and transparent

risk mapping process.

Principal risks are identified through the Group-wide risk

framework or through incidents raised through available

reporting channels, including a protected, anonymous

whistleblowing channel. Material risks are discussed by

GEM with mitigating actions defined and implemented,

and with improvements actively monitored by the Group

Risk function.

We also integrate risk assessment into the data

collection process in order to prevent numbers or

conclusions based on incomplete or inaccurate data.

For more information about our risk management

processes, please refer to the Risk Management Report.

SBM-1 Strategy, business model and value

chain

B2 Impact is one of the leading pan-European debt

management companies. We offer solutions to the

challenges created by defaulted loans, and provide

liquidity to financial institutions, contributing to a

healthier financial system and promote lasting financial

improvement through transparent and ethical debt

management. Our business is about people and creating

shared value for business and society. Being a socially

responsible creditor and a trusted solution provider for our

partners are fundamental in our way of doing business.

Sectors and markets

The Group’s main business lines are Unsecured and

Secured Asset Management. The Group invests in

unsecured portfolios in 10 markets serviced by local

business units under the B2 Impact brand. Veraltis Asset

Management, wholly owned by the Group, is providing

local and master servicing in 8 markets, where assets

are a mix of unsecured and secured portfolios and

Real Estate Owned assets (REOs). In addition, the Group

is servicing Joint Ventures (JVs) where the Group has

acquired portfolios together with co-investors.

B2 Impact markets:

Sweden, Denmark, Finland, Norway, Estonia, Latvia,

Lithuania, Poland, Spain and the Czech Republic.

Veraltis markets:

Italy, France, Romania, Greece, Cyprus, Slovenia, Croatia

and Serbia.

Offices:

Norway, Head office

Luxembourg, Investment office

For information about number of workers per location,

please refer to disclosure requirement S1-6. For information

about total revenue in the reporting period, please refer

to the annual accounts.

B2 Impact is a publicly traded company and is therefore

governed by Norwegian laws and regulations. For a list of

sectors that B2 Impact is active in, please refer to Note 6

of the financial statements.

Our products and service offerings have been consistent

throughout the reporting period. The company is not

involved in the fossil fuel sector nor in the cultivation and

production of tobacco and we do not source or use raw

materials directly in our value chain. B2 Impact does not

offer any products that are banned in certain markets.

Sustainability

Statement

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

Sustainability approach

Our mission is to bridge the gap that defaulted debt

represents in the credit chain between lenders and

customers. Our approach to sustainability focuses on

four core pillars:

1. Customer knowledge: Fair treatment and high

satisfaction of our customers lie at the heart of

our social approach

2. Sustainable value chain: We contribute to the

responsible acquisition of portfolios and have

a fundamental respect for human rights

3. Attractive work environment: We focus on and

development, a diverse and inclusive culture,

and supporting our employees' health and wellbeing

4. Transparent ESG management: We place great

emphasis on ethical and lawfully behaviour in all

our business activities

In addition to our own sustainability ambitions and

targets, we aim to empower our customers and partners

to reach theirs.

Value chain

The information provided in this report is extended to

include information about B2 Impact’s activities direct

and indirect business relationships in the upstream and

downstream value chain.

Although present in many different countries across

Europe, the company’s value chain is relatively simple

(reflected by our nature of business). For information

about our interaction with different stakeholder groups,

please refer to disclosure SBM-2 Interests and views of

stakeholders.

NPL

Non-performing

loan supplier,

e.g. banks or

other financial

institutions.

Investments

Consist of the investment in

and management of unsecured

and secured loan portfolios

directly or through investments

in joint ventures.

Own operations

Servicing

The collections of payments

of claims on behalf of the

investment segment, joint

ventures and third-party clients.

Customers

Receive financial

advice and

structured

repayment plans.

3PC

Contracts for

collection of

debt on behalf

of others.

Other suppliers

E.g. Oce

locations, IT

and electronics.

Files transferred to B2 Impact

Europe

Files transferred to B2 Impact Customer follow-up by phone / mail

Goods and services

transported to B2 Impact

Upstream / suppliers Own organisation

Downstream /

consumers and end-users

Sustainability

Statement

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

SBM-2: Interests and views of stakeholders

Key stakeholder groups

Our list of affected stakeholders is subject to

continuous review. During 2024, members from B2

Impact’s administration and GEM, supported by external

consultants, met in a workshop where we identified

the company’s key stakeholder groups. The workshop

concluded with the following key stakeholder groups:

Stakeholder dialogue and purpose

We engage with our key stakeholders across a number

of channels and for different purposes, and a list

of typical engagement activities is presented in the

table below. As part of the 2024 DMA, the company

conducted systematic stakeholder dialogue, where the

purpose was to get feedback from stakeholders on the

perceived relevance of different sustainability topics for

B2 Impact, and their perception of our performance.

• We interviewed more than 20 respondents, including

employees, shareholders / members of the Board,

industry associations, customers, and suppliers /

business partners.

• We did a desktop review of regulators / governmental

authorities.

• The interviews took place during autumn 2024 via

Teams, and were based on semi-structured interview

guides, meaning they consisted of both open

and close ended questions. The interview guides

contained questions about the 10 ESRS topics and

were tailored to each stakeholder group.

• All interviews were transcribed, and the responses

summarised and presented to GEM, as part of the

DMA process.

Sustainability

Statement

3PC

Customers

Suppliers &

business

partners

Shareholders /

Board of

Directors

Industry

associations

Employees

Regulators /

governmental

authorities

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

Stakeholder group Stakeholder description Engagement activities Interest and views

Suppliers and

business partners

Suppliers primarily includes non-performing loan portfolio suppliers (NPLs) and suppliers

of services supporting in our day-to-day operations (legal services, leased office locations,

IT services & tech solutions).

Business partners primarily include financial institutions and credit rating agencies.

As our core business is to acquire NPL portfolios, it’s important that we maintain a good

relationship with suppliers to access future investments. The NPL business is capital

intensive, and we are reliant on new capital to invest. Credit rating agencies impacts terms

when issuing new debt.

• Stakeholder interview

(2024 DMA process)

• Investor presentations

• E-mail / Teams correspondence

• S1 Own employees

(working environment)

• S4 Customers and end-users

(no. of complaints)

Customers Customers (debtors) are individuals in financial distress which need help finding solutions to

their overdue late payments.

Customers’ ability and willingness to pay their debt is one of the main drivers of financial

performance for our company.

• Communication through call centres

• Letter exchange

• Website

• Customer self service solutions

• Communication with customer

quality teams

• Complaints mechanisms

• Customer surveys

• S4 Customers and end-users

(fair and ethical treatment,

good communication, data privacy)

3PC

(third party clients)

3PC (third party clients) are companies which we provide collection services to.

A considerable part of our operations is 3PC and it’s important that we maintain a good

relationship with 3PC’s to get access to future business.

• Desktop research

• Communication with customer

quality teams

• S1 Own employees

(working environment)

• S4 Customers and end-users

(no. of complaints)

Regulators /

governmental

authorities

Primarily authorities and regulatory bodies relevant for stock-listed companies and

companies operating in the financial industry, such as the Norwegian Financial Supervisory

Authority (FSA), the Norwegian Stock Exchange, and the European Banking Authorities (EBA)

regulations, such as the NPL directive, which requires credit servicers to be licensed and

other regulations which have a direct impact on credit management requirements.

The NPL sector is strictly regulated and as a publicly listed company within this industry we

need to ensure compliance and maintain licenses to operate.

• Desktop research

• Conferences and seminars

• Audits

• All sustainability topics, but in particular

E1 Climate change

Sustainability

Statement

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

Stakeholder group Stakeholder description Engagement activities Interest and views

Employees Includes current and potential employees. We are reliant on employees’ competence and

need to maintain a good reputation to retain and attract employees.

For more information about the interest and views of B2 Impact’s own workforce, please

refer to the S1 chapter of this report.

• E-mail / Teams correspondence

• All-hands meetings

• Employee engagement surveys

• Performance dialogues

• Development plans and training

• S1 Own workforce (working

environment, communication, diversity)

• S4 Customers and end-users

(fair and ethical treatment, data privacy)

• G1 Business conduct (ethical business

practices)

Industry

associations

We are members of industry associations in most of the markets we operate.

Industry associations advocate for policies and regulations that support growth and

sustainability for the finance industry.

• Stakeholder interview

(2024 DMA process)

• Industry surveys / reports

• Conferences and seminars

• Newsletters

• G1 Business conduct (ethical business

practices)

• S4 Customers and end-users (fair and

ethical treatment, data privacy)

• E5 Resource use and circular economy

(paper-use / digitalisation)

Shareholders /

Board of Directors

Includes potential and existing shareholders, some also members of B2 Impact’s Board.

Shareholders and Board members affect the company’s strategy and priorities, and B2

Impact is reliant on capital from shareholders to invest.

• Stakeholder interview

(2024 DMA process)

• Quarterly presentations

• Annual reports

• Board meetings

• Other investor presentations

• S1 Own employees (fair treatment,

data privacy)

• S4 Customers and end-users

(fair and ethical treatment, data privacy)

• G1 Business conduct (ethical business

practices)

Sustainability

Statement

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

SBM-3: Material impacts, risks and

opportunities

B2 Impact’s material impacts, risks and opportunities

(IROs) have been assessed to be from the topical

standards S1 Own workforce, S4 Consumers and

end-users and G1 Governance. The table below briefly

describes our material impacts, risks and opportunities

of each topic, as identified through our DMA, including

where in our value chain these IROs are concentrated

as well as their expected time horizon. More information

on how we respond or plan to respond to the effects

of the IROs are included in the topical sections of this

sustainability statement.

In our analysis, we have estimated the current and

anticipated effects of material IROs on our business

model, value chain and strategy and we are considering

how we should respond or plan to respond to these

effects through actions. The material IROs identified

across the topics and sub-topics from the ESRS are

directly linked to our strategy and business model.

We assess our strategy and business model on a regular

basis to manage material risks, mitigate adverse impacts,

and capitalise on opportunities. Nonetheless, we have

not performed a detailed qualitative or quantitative

analysis of the resilience of our strategy and business

model in addressing these material IROs.

We conduct a risk assessment every year, which also

includes climate risks. For this reporting period, we have

specifically addressed transitional risks and physical

risks, and a summary can be found in the environmental

section of this report.

As a starting point for the DMA process, the findings

from the stakeholder interviews were presented to GEM

and used as a basis for the impact materiality discussion.

Please refer to disclosure IRO-1 Description of the process

to identify material impacts, risks and opportunities.

B2 Impact’s Board and GEM members have been

informed about the views and interest of affected

stakeholders with regards to the company’s sustainability

related impacts. Representatives from B2 Impact

including GEM members conducted the stakeholder

interviews and participated in the DMA workshop.

The Audit Committee was informed about the DMA

process, and reviewed and approved the conclusions

in an Audit Committee meeting in October 2024.

As the DMA process was conducted at the end of 2024,

B2 Impact is in the process of assessing whether further

refinement to our strategy or business model is needed

to address the interest and views of our stakeholders.

This work will continue in 2025.

Sustainability

Statement

By mapping our material IROs to relevant ESRS disclosure

requirements, B2 Impact has identified the most relevant

ESRS disclosures corresponding to our material topics

(see ESRS content index). B2 Impact is not using additional

entity-specific disclosures in our reporting.

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

Topical

ESRS Topic

Sub-topic /

sub-sub-topic Impact Risk Opportunity Brief description of IROs Time horizon

Where in

the value

chain

S1 Own

workforce

Working conditions

(sub-topic)

Potential negative

and potential

positive impact

identified

Potential

risk

identified

opportunities

identified

• Direct contact with financially distressed and

vulnerable customers can create stress and affect

mental health and have potential negative impacts

on certain groups of employees

• We offer career development and invest

significantly in employee competence through

training initiatives

Short-

and

medium-term

Own

organisation

Secure employment

(sub-sub-topic)

Potential negative

and potential

positive impact

identified

Potential

risk

identified

opportunities

identified

• We provide "low barrier-to-enter jobs" to more than

1500 employees across several locations, with a

potential positive impact

• Increased focus on cost reduction can negatively

impact employees (staff reduction)

Short-,

medium

and

long-term

Own

organisation

Equal treatment and

opportunities for all

(sub-topic)

No positive

impact identified.

Potential

risk

identified

opportunities

identified

• An imbalance in gender representation at the

corporate management level could potentially lead

to employee dissatisfaction and potentially negative

public perception, as well as creating obstacles for

recruitment of female employees

• Our employees are crucial to the overall company

success. The Group is committed to attracting and

retaining competent and motivated employees

and managers to avoid the risk that strategic goals

cannot be achieved. Key individual dependency

also represents a risk for business continuity

Short-

and

medium-term

Own

organisation

S4 Consumers

and

end-users

Privacy

(sub-sub-topic)

Potential negative

impact identified

Potential

risk

identified

Potential

opportunity

identified

• We store a lot of personal data which entails a

big risk to data privacy (the risk can further be

increased through more automated services).

• IT functionality and security risk

• Data & Cybersecurity risk (DORA)

• Good compliant data protection processes and

practices can also lead to improved reputation,

increased trust and better business opportunities

• Regular system updates and advanced security

measures reduces vulnerabilities to cyberattacks,

creates business resilience and facilitates business

scalability and thus a financial opportunity

Short-,

medium-,

and

long-term

Own

organisation

/ upstream

Sustainability

Statement

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

For more information regarding IROs relating to each

material topic, please refer to the topical chapters

(S1, S4 and G1).

Topical

ESRS Topic

Sub-topic /

sub-sub-topic Impact Risk Opportunity Brief description of IROs Time horizon

Where in

the value

chain

S4 Health and safety

(sub-sub-topic)

Potential negative

impact identified

Potential

risk

identified

opportunities

identified

• Collecting debt from individuals in financial distress

may put negative pressure on people already in a

vulnerable situation

Short-,

medium-,

and

long-term

Own

organisation

/ upstream

Social inclusion of

consumers and

end-users (sub-topic)

Potential positive

impact identified

No risks

identified

opportunities

identified

• We support a healthy financial system, and ensure

that people have access to credit and responsible

lending

• We offer more flexibility than banks, and help bring

people back into the system (economic recovery)

Short-term Upstream /

own

organisation

/ down-

stream

G1 Business

conduct

Corruption and

bribery (sub-topic)

Potential negative

impact identified

potential

risk

identified

Potential

opportunity

identified

• As a large organization operating across many

countries and cultures, there is an inherent risk that

employees or other individuals associated with the

company may engage in corruption and bribery.

• In certain jurisdictions where we operate, we are

more exposed to bribery, and the risk of corruption

is higher. In certain countries debtors can potentially

influence the judicial process.

• Strong detection practices (including CFT and AML

requirements, where applicable) create a financial

advantage by helping prevent fraudulent activities,

reducing potential losses, and minimizing legal

risks and associated costs. They also strengthen

our competitive position and demonstrate

a commitment to integrity and ethical conduct,

enhancing trust and credibility with regulators,

investors, and other stakeholders.

Short-,

medium-,

and

long-term

Own

organisation

/ upstream

/ down-

stream

Sustainability

Statement

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

IRO-1: Description of the processes to identify

and assess material impacts, risks and

opportunities

As part of the preparation of this sustainability statement,

B2 Impact conducted a DMA in the second half of 2024

the purpose being to identify our significant sustainability

IROs over the short-, medium- or long-term. The DMA

will be reviewed regularly, based on changes to our

strategy, business model and other external factors.

Methodologies and assumptions applied in the DMA

process

In previous reporting periods, B2 Impact has utilised the

GRI framework to assess material topics. The 2024 DMA

is based on the guidelines from the ESRS and specifically

the steps outlined in ESRS 1 (general requirements) and

ESRS 2 (general disclosures). As a consequence, the list

of material topics has been modified in 2024.

As part of the double materiality assessment, we have

consulted a wide group of stakeholders as well as

internal and external experts (please refer to disclosure

SBM-2 Interests and views of stakeholders for more

information about the stakeholder dialogue process).

We have also reviewed other documentation / internal

procedures, such as our due diligence processes and its

outcomes when considering impacts on human rights

specifically.

When assessing impacts, we have considered impacts

with which we are involved through our own operations,

or as a result of our business relationships (upstream

and/or downstream), and across all our entities /

locations.

The materiality assessment was conducted as follows:

1. We mapped our key stakeholder groups and decided

which ones to conduct systematic dialogue with.

2. We interviewed relevant stakeholders to find out which

topics they deem important for B2 Impact and how

they think that we are performing on these topics today.

3. We arranged a workshop where we considered

B2 Impact’s actual and potential impacts on people

and the environment (‘impact materiality’)

4. We arranged a workshop where we considered

which risks and opportunities that can have

a financial effect (‘financial materiality’)

5. Based on the findings from both workshops, we

concluded on our material topics (on a sub-topic level).

6. The conclusion was presented to the Audit

Committee who reviewed and approved it.

Impact materiality

In our impact assessment, we considered specific

activities, business relationships, geographies or other

factors that could give rise to increased risk of adverse

impacts. In addition to assessing positive and negative,

actual and potential impacts, we also determined where

in the value chain the impact occurs, the time horizon for

each impact (when it is likely to occur) and the likelihood

of the impact occurring. Each impact identified was then

assessed on a 0-5 scale according to its:

• scale (how great the impact is on environment and

people)

• scope (how widespread the impact is)

• for negative impacts only, the irremediable character

of the impact (how difficult it is to reverse the

damage in terms of cost and time horizon)

Adding scale, scope and irremediability together, we

decided that any impact totalling eight or more points

were to be further assessed. We then undertook

a qualitative evaluation of the same impacts and scores

and singled out relevant topics and sub-topics. We also

made sure that the perceived severity was prioritised

over than its likelihood. An overview of the most material

impacts and the topics / sub-topics / sub-sub-topics

they relate to are described under the SBM-3 disclosure.

Financial materiality

The starting point of the financial materiality assessment

was B2 Impact’s annual risk assessment, where B2

Impact maps its most material risks and scores them

according to probability (likelihood) and consequence

(severity), using the following scales:

Score Probability Consequence

5 Actual Catastrophic

4 Likely Major

3 Potential Moderate

2 Unlikely Minor

1 Remote Incidental

Sustainability

Statement

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

For the 2024 double materiality assessment, we took

another look at the company’s dependencies and

impacts, to map additional impacts, risks and oppor tunities

that could be triggered by any of these. We decided that

a further assessment of climate risks was necessary,

and therefore undertook a separate exercise where we

had a closer look at physical and transitional climate risks

(please refer to the environmental section of this report

for more information).

The identified sustainability-related risks and opportunities

were prioritized using the same methodo logy and scoring

criteria as those used for other types of company risks

described above, and integrated into the overall risk

management assessment.

By considering the expected impact of risks and

opportunities in the short-, medium-, and long-term,

the probability of occurrence and severity, we concluded

that four ESG-related risks meet our materiality threshold

of nine points on a magnitude scale (probability x

consequence):

• Data protection risk (covered by ESRS S4)

• IT functionality and security risk (covered by ESRS S4)

• Regulatory risk (covered by ESRS G1)

• Employee-related risk (covered by ESRS S1)

Although we did not score climate risks as high as the

four sustainability related risks mentioned above, the

climate risk analysis has been integrated into the overall

risk management assessment, the purpose being to

consider whether this risk can become material in

the future.

Description of the decision-making process and internal

control procedures

To identify, assess and manage IROs, B2 Impact has

surveyed the entire scope of its operations, including

operations in all business units. We have drawn

knowledge from data sources like our risk assessment,

employee surveys, the systematic stakeholder dialogue,

and through a more general and ongoing dialogue with

stakeholders. Moreover, specifically for this reporting,

we have consulted all country managers and other

employees with topical knowledge, to further improve our

information level.

Several members of B2 Impact’s administration and GEM

have been part of the DMA process. To ensure that the

findings are integrated into our overall risk management

process and used to evaluate B2 Impact’s overall risk

profile and risk management processes both now and

in the future, the company’s risk department has been

involved in the process.

Opportunities are regularly discussed by GEM,

B2 Impact’s finance team and country managers,

for example through monthly business review meetings.

The Board (through the Audit Committee) and GEM have

approved the final list of material topics.

Sustainability

Statement

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

IRO-2: Disclosure requirements in ESRS

covered by B2 Impact’s sustainability

statement

Table showing material and non-material topics

The mandatory material disclosure requirements under

the relevant topical standards have been addressed in

accordance with the principles set out in ESRS 1 section

3-2 Material matters and materiality of information.

Thresholds for materiality were applied to assess which

IROs are material for reporting, thereby guiding which

disclosure requirements were applicable under the

topical ESRS standards (please refer to the ESRS index

for information about which disclosures we report on).

Topical standard Status

E1 Climate Change Non-material. See detailed explanation in the Environment section of this report.

E2 Pollution Non-material. As a professional debt solutions provider, B2 Impact causes little or no pollution.

E3 Water and marine resources Non-material. As a professional debt solutions provider, B2 Impact has little or no impact on water and

marine resources.

E4 Biodiversity and

ecosystems

Non-material. As a professional debt solutions provider, B2 Impact has little or no impact on

biodiversity and ecosystems.

E5 Circular economy Non-material. As a professional debt solutions provider, B2 Impact has little or no impact on circular

economy.

S1 Own workforce Material – see relevant chapter.

S2 Workers in the value chain Non-material. B2 Impact has concluded that while we have some workers in the value chain, this topic

does not meet our material threshold.

S3 Affected communities Non-material. B2 Impact has concluded that while we rent some office buildings, our company

presence / impact on affected communities does not meet our company threshold.

S4 Consumers and end users Material – see relevant chapter.

G1 Business conduct Material – see relevant chapter.

Sustainability

Statement

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

Environment

scope 3) we have identified emission sources related to

purchased goods and services, fuel and energy related

activities, upstream transportation and distribution,

waste generated in operations, business travel,

employee commuting and downstream transportation

and distribution. The analysis clearly demonstrates that

a significant part of our GHG emissions is due to the fact

that we are depending on people to manage and run our

business. This will materialise in GHG emissions related

to business travel, commuting between work and home

and using leased vehicles (limited extent). This has led us

to conclude that other indirect GHG emissions (Scope

3) are limited We are working to improve our data in this

area but combined with the stakeholder dialogue in our

DMA process and a peer analysis we have concluded

that our overall impact on climate change is not material.

Hence the outcome of the DMA was that B2 Impact has

much greater impacts on risks and opportunities arising

from social and governance compared to climate change

and other environmental matters.

Risks and opportunities relating to climate

change

In 2024, we conducted a high-level, forward-looking

assessment of climate-related physical and transitional

risks. The analysis has examined both a low-emission

scenario (1.5°C) and a high-emission scenario (4.4°C),

to identify the most significant climate-related risks

facing our organisation.

• Physical climate risk refers to the potential for

damage and disruption to people, property, and

productivity due to increased exposure to climate

E1 Climate change

Detailed explanation concerning Disclosure

Requirements for ESRS E1 Climate change

The process to evaluate climate related impacts, risks and

opportunities are done as part of our risk management

process and systems (see disclosure requirement GOV-5

and the risk management report). In addition, we have held

separate workshops with contributions from an interdisci-

plinary group from B2 Impact and external consultants.

Impacts on climate change

B2 Impact has assessed how we can impact climate

change. We are a debt-management company that offer

solutions to the challenges created by defaulted loans

and provide liquidity to financial institutions. Our company

does not produce any goods and does not own any

production facilities, meaning that we have low if any

direct GHG emissions. Assuming financial approach,

we have some electricity indirect GHG emissions (Scope

2) stemming from electricity consumed at leased offices

(e.g. for heating/cooling, lighting, charging computers

and printing documents).

We don’t transport any goods but occasionally receive

them, such as food for lunch, paper, and hardware

equipment. Our offices are conveniently placed near

public transport, meaning that employees can commute

with low emissions. We use Teams and other digital

working tools and rarely travel for internal / external

meetings. Waste generation is limited and mainly

concerns paper and food waste. Although we have not

calculated GHG emissions in detail we have analyzed

data from most of our locations to better understand

our GHG footprint. Our conclusion is that for scope

3 GHG emissions (including all 15 categories under

Environment

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Contents 1 About B2 Impact

hazards driven by climate change. This includes

risks from extreme weather events such as floods,

droughts, and heat waves, which can cause

significant damage to infrastructure and assets.

• Transition risks are associated with the transfor mation

to a lower-carbon economy. Risks may involve

substantial changes in policy, legal frameworks,

technology, and market dynamics, to address the

mitigation and adaptation requirements related to

climate change.

In a high-emission scenario, unchecked GHG emissions

will result in a global temperature rise of 4.4°C. The physical

impacts from this scenario are likely to be more

pronounced, resulting in significant damage to assets and

infrastructure and disrupting global supply chains. This

scenario will have less severe transition risks, though some

transition risks are still expected in certain regions, such as

Europe. B2 Impact could be affected by physical risks in

this scenario. For instance, extreme weather could damage

office premises or data centers that we are dependent on,

cause power outages, price spikes or work disruptions.

That said, our business units are located in Europe,

which tends to suffer from less frequent and less

intense extreme weather conditions than in most

other regions. Even if severe weather events were to

occur, our employees are equipped with remote work

capabilities. Additionally, our business units are not

located in areas at or near sea-level, except for our

business unit in Denmark. This reduces the risk

of disruptions from sea-level rise, coastal flooding,

or storm surges associated with climate change.

In a low-emission scenario, global GHG emissions

are regulated to limit the rise in temperature to 1.5°C, in

alignment with the Paris Agreement. This scenario will

necessitate technological adaptations across various

sectors and coordinated regulatory efforts to achieve

global climate goals in a structured manner. Thus, we

anticipate more immediate transition risks and oppor-

tunities, alongside moderate physical risks. Heatwaves

are an example of a physical risk that may impact office

conditions and increase energy consumption to maintain

a comfortable working environment. Such transition risks

could also affect B2 Impact.

Additionally, new legislation and reporting requirements

linked to climate change will increase administrative tasks

and the demand for new knowledge and extra resources,

and can potentially divert attention from essential

transition activities. New environmental compliance

fees are likely to increase overall expenses (for example

CSRD reporting requirements), while rising technology

prices may increase our operational expenses. Higher

electricity (and inflation) rates could strain customers'

debt repayment ability, and stricter environmental policies

could lead to increased business travel costs.

Whereas compliance may add to administrative

complexity, B2 Impact is confident in our organisation's

preparedness for upcoming regulations and our ability

to adapt our practices. Implementing the right systems

to ensure access to relevant data and optimise resource

use will be essential for successfully navigating these

new requirements.

While regulatory changes, such as increased environ-

mental fees and taxes, could raise overall expenses, the

impact on B2 Impact is likely to be minimal. Finally, stricter

environmental policies may increase travel expenses.

However, B2 Impact's relatively low business travel figures

limit our exposure to these costs. Additionally, we are

already in the process of leveraging technology and

remote communication tools to further minimise travel

needs, allowing us to reduce expenses while maintaining

high service quality.

Considering these factors, climate change could

potentially have an effect on our business, but that this

topic does not currently meet the materiality threshold

for this reporting period.

Outlook

Although our overall impact on climate change is not

material, and that we are not significantly impacted by

climate change for the time being, this might change

in the future. Also, the 2024 DMA process shows that

climate change is a topic of concern for governmental

authorities, which is one of B2 Impact’s key stakeholder

groups. We will therefore continue to monitor impacts,

risks and opportunities in this area going forward, and

reassess this topic in our next DMA.

Environment

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Contents 1 About B2 Impact

EU Taxonomy

2024

The identified economic activities are defined Taxonomy

eligible if described in the Delegated Acts. According

to Article 3 of Regulation (EU) 2020/852, is an activity

Taxonomy aligned if it contributes substantially to one

or more of the six environmental objectives, does no

significant harm to any of the other objectives, and is

carried out in compliance with the defined minimum

safeguards.

As B2 Impact is a non-financial undertaking, the

EU Taxonomy reporting will comprise the three key

performance indicators (“KPIs”) Turnover, Capital

Expenditures and Operating Expenses, and the identifies

economic activities will be specified on each of them,

under the categories Taxonomy aligned, Taxonomy

eligible non-aligned, and Taxonomy non-eligible.

Taxonomy Eligible Activities

B2 Impact has, according to the EU Taxonomy

Regulations, conducted an evaluation of its economic

activities with regards to eligibility. The main economic

activities in the Group are not eligible or in the scope

of the activities included in the EU Taxonomy as of

31 December 2024. However, two Taxonomy eligible

activities have been identified:

6.5 “Transport by motorbikes, passenger cars and light

commercial vehicles” and 7.7 “Acquisition and ownership

of buildings”.

The first activity, 6.5 “Transport by motorbikes, passenger

cars and light commercial vehicles”, involves a small

amount of leased and owned vehicles.

Background

The Norwegian government included the EU Taxonomy

Regulation (“Taxonomy”) as part of Norwegian law on 1

January 2023, and from 1 November 2024 the Taxonomy

is an integrated part of the Corporate Sustainability

Reporting Directive (CSRD) requirements in Norway.

B2 Impact ASA is a listed entity, and the Group is subject

to the EU Taxonomy Regulation as a non-financial

undertaking, according to the EU Regulation 2020/852

and the Delegated Acts.

The EU Taxonomy Regulation is a classification system

which is developed to determine whether an economic

activity could be considered environmentally sustainable.

The background for the Regulation is to provide a tool

for investors, companies, and policymakers to better

understand which economic activities that can be

considered environmentally sustainable.

All economic activities in the reporting entity are to be

identified as either Taxonomy eligible or as Taxonomy

non-eligible.

Taxonomy eligible activities under the EU Taxonomy are

explicitly defined within the Delegated acts. If an activity

is identified and classified as Taxonomy non-eligible,

it does not necessary means that the activity is not

sustainable, it might only imply that the EU Taxonomy

has not yet included that activity in the framework.

The EU Taxonomy is an evolving classification tool, and

the most significant activities related to sustainability are

described by the Taxonomy first.

EU Taxonomy 2024

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The second activity, 7.7 “Acquisition and ownership

of buildings”, comprises activities related to leasing

of buildings used to run operations in the Group.

Both these activities are tested for all the environmental

objectives:

1. climate change mitigation

2. climate change adaptation

3. the sustainable use and protection of water and

marine resources

4. the transition to a circular economy

5. pollution prevention and control

6. the protection and restoration of biodiversity and

ecosystems.

The identified activities 6.5 “Transport by motorbikes,

passenger cars and light commercial vehicles” and

7.7 “Acquisition and ownership of buildings” are both

reckoned as eligible according to the environmental

objective climate change mitigation.

To be eligible according to climate change adaptation the

Group needs to perform a climate risk and vulnerability

assessment for the related activity. No such risk and

vulnerability assessment has been performed, and neither

of the two identified activities are eligible according to

climate change adaptation.

Neither of the other four environmental objectives are

applicable for the identified activities.

The conclusion from the eligibility assessment is

therefore that both identified economic activities are

eligible with respect to climate change mitigation.

Taxonomy Aligned Activities

Based on the conclusion from the eligibility assessment,

the Group will in the following focus on alignment

assessment for the two identified activities according

to the technical screening criteria for substantial

contribution to climate change mitigation.

Transport by motorbikes, passenger cars and light

commercial vehicles

To assess whether the economic activities under 6.5

“Transport by motorbikes, passenger cars and light

commercial vehicles” are aligned with the EU Taxonomy,

the activities have been subject to the technical

screening criteria substantial contribution to climate

change mitigation according to the Delegated Acts.

The Group purchase a small number of cars and light

commercial vehicles and occasionally enter into leasing

arrangements for such vehicles. The economic activity

is conducted in a relatively small scale for the Group.

When entering into a new arrangement, either a purchase

or a leasing arrangement, electric vehicles are preferred.

The Group has asked its subsidiaries to provide details

according to the technical screening criteria for climate

change mitigation on new additions during 2024.

Referring to note 15 in the Annual report for the Group.

The result from these inquiries is that all vehicles are in

class M1 and N1. Vehicles with lower than 50 g Co2/km

are in compliance with the technical screening criteria.

All vehicles had higher emission and therefore this

activity is reported as Taxonomy non-aligned.

There is no turnover in relation to vehicles. All Capital

expenditures (CapEx) recognized on vehicles in 2024

are considered as not taxonomy-aligned, based on the

analysis described above.

The same analysis has been used to assess potential

taxonomy aligned Operational expenditure (OpEx). As the

Group has not identified any taxonomy aligned activities

in 2024 related to Transport by motorbikes, passenger

cars and light commercial vehicles, no OpEx related to

this activity is considered to comply with the technical

screening criteria under the EU taxonomy regulation.

Acquisition and ownership of buildings

To assess whether the economic activities under 7.7

“Acquisition and ownership of buildings” is aligned

with the EU Taxonomy, the Group has used a similar

approach as for the activity 6.5. The Group has asked its

subsidiaries to provide details according to the technical

screening criteria for climate change mitigation on new

additions during 2024. The result from these inquiries is

that all new additions in 2024 are related to buildings built

before 31 December 2020, and that all new additions are

failing to comply with the technical screening criteria,

as the buildings involved have lower Energy Performance

Certification (EPC) rating than A.

One exception is found in Lithuania, where the Group

leases a building in compliance with the technical

screening criteria requirements for climate change

mitigation. However, as the Group has no climate

risk and vulnerability assessment, this activity fails on

the do no significant harm (DNSH) criteria for climate

change adaptation.

EU Taxonomy 2024

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The buildings in the Group’s possession consists mainly

of larger office premises. There is no turnover in relation

to these buildings. All Capital expenditures (CapEx)

recognized on the buildings in 2024 are considered as not

taxonomy-aligned, based on the analysis described above.

The same analysis has been used to assess potential

taxonomy aligned Operational expenditure (OpEx). As the

Group has not identified any taxonomy aligned activities

in 2024 related to ownership of buildings, no OpEx

related to ownership of buildings is considered Taxonomy

aligned according to the EU taxonomy regulation.

As a part of the business, the Group from time to time

repossess and sell collateralised buildings. It is not the

Groups intention to be a long-term owner of land and

buildings, and rather than exercising ownership of the

building, this activity is a mean to collect on the different

portfolios. The collaterals are recognized as inventory

before they are sold. The Group cannot choose which

building to purchase, the specific type of building is just

a consequence of the pledge in the underlying contract

with the customer. Therefore, this activity is not assessed

to be a substantial contribution to neither climate change

mitigation nor climate change adaptation.

Minimum safeguards

The EU Taxonomy establishes a set of minimum

safeguards which ensure that companies engaging

in green activities meet certain international standards

when it comes to human rights, corruption, taxation

and fair competition. The minimum safeguards act as

a safety net, preventing green investments from being

sustainable, or taxonomy aligned, if they are in breach

with common international accepted business standards.

The minimum safeguards requirements are anchored in

• The OECD Guidelines for Multinational Enterprises

(OECD MNE Guidelines)

• The UN Guiding Principles on Business and Human

Rights (UNGPs)

• The Declaration of the International Labour

Organisation on Fundamental Principles and Rights

at Work

• The International Bill of Human Rights

Human and labour rights

B2 Impact follows the UN Guiding Principles on Business

and Human Rights (UNGPs), as well as the OECD

Guidelines for Multinational Enterprises. The Group

views human rights as those rights recognised by the

International Bill of Rights and the Core Conventions of

the International Labour Organisation. B2 Impact’s Code

of Conduct supports these fundamental principles and

is the Group’s foundation for building and sustaining

professional and long-term relations with its stakeholders

and maintaining high ethical standards in every

decision made.

B2 Impact has strengthened its commitment to human

rights by, among other things, developing a Labour and

Human Rights Statement. The Labour and Human Rights

Statement of the Group covers the UN Global Compact’s

Ten Principles, the UNGPs’ “Protect, Respect and Remedy”

Framework, and International Labour Organization

Conventions 87, 98 and 111. The Labour and Human Rights

Statement is in line with B2 Impact’s Sustainability Policy

and outlines the labour and human rights recognised by

B2 Impact to its employees irrespective of their role and

the country in which they work, to its customers, and to

the local communities where the Group operates.

Corruption

B2 Impact has implemented an Anti-Bribery and Corruption

Policy (“ABC”) and provides mandatory annual ABC training

to all Group employees. B2 Impact applies a zero-tolerance

policy to corruption and bribery, which is reflected in the

Code of Conduct, and supplemented with detailed policies

and procedures implemented across the organisation.

Group entities collect information about clients and their

shareholders, as well as customers based on Know

Your Counterparty (KYC) policies. Group Compliance

identifies, evaluates and manages risks in this area, and

provides relevant training across the organisation.

All employees and external parties are expected to report

suspected cases of fraud, corruption, bribery, money

laundering or any other illegal activities or violations

of B2 Impact’s Code of Conduct through B2 Impact’s

whistleblowing channel. This channel is externally run,

available in local languages and accessible 24/7 ensuring

confidentiality. It is also possible to report concerns

anonymously and/or verbally.

EU Taxonomy 2024

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Taxation

B2 Impact are committed to being compliant with all

tax regulations in all jurisdictions in which we operate.

Pursuant to our tax procedures, the local CFO and

Management of each legal entity are responsible for

ensuring compliance with tax regulations. B2 Impact’s

policy is also to always engage the services of external

tax advisors for large and complex transactions in order

to ensure these are properly assessed and managed.

B2 Impact has not been found guilty of violating tax laws.

Fair competition

B2 Impact is committed to sound business practices,

open and transparent communication, and adherence

to all applicable laws and regulations across the board.

All Group entities have Employment and Training policies

which are compliant with local laws and regulations.

During 2024, there have been no convictions or violations

concerning any of the above themes.

Reported numbers

All numbers presented in the following tables are

based on the B2 Impact Group’s Consolidated Financial

Statements as of 31 December 2024. Referring

specifically to note 1.2 Basis of preparation, in the

Annual report for the Group.

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Turnover

The Group has defined revenue included in the KPI

Turnover in accordance with IAS 1.82(a). The Group has

not identified any turnover related to the eligible activities

under the Taxonomy according to updated assessment

in 2024. In 2023 the Group reported a portion of 12 %

of revenue to fall into category Taxonomy-Eligible, not

Taxonomy-Aligned. With increased requirements in the

taxonomy reporting during 2024, the Group has updated

the assessment, leading to a restatement in Turnover.

According to the updated assessment the Turnover now

is reported as zero in both 2024 and 2023. Total turnover

corresponds to total revenue in the Group’s consolidated

financial statements as of 31 December 2024.

Proportion of turnover / Total turnover

Taxonomy-aligned per objective Taxonomy-eligible per objective

CCM

CCA

WTR

PPC

BIO

Financial year 2024 Year Substantial contribution criteria DNSH criteria (“Does Not Significantly Harm”)

Economic

activities (1)

Code (2)

Turnover (3)

Proportion of Turnover,

year 2024 (4)

Climate Change

Mitigation (5)

Climate Change

Adaptation (6)

Water (7)

Pollution (8)

Circular Economy (9)

Biodiversity (10)

Climate Change

Mitigation (11)

Climate Change

Adaptation (12)

Water (13)

Pollution (14)

Circular Economy (15)

Biodiversity (16)

Minimum

Safeguards (17)

Proportion of Taxonomy-

aligned (A.1.) or -eligible

(A.2.) turnover, 2023 (18)

Category enabling

activity (19)

Category transitional

activity (20)

Text mNOK % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/ N Y/N Y/ N Y/ N % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1)

Of which enabling

Of which transitional

A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

El; N/EL El; N/EL El; N/EL El; N/EL El; N/EL El; N/EL

Turnover of Taxonomy-eligible but not

environmentally sustainable activities

(not Taxonomy-aligned activities) (A.2)

A. Turnover of Taxonomy-eligible

activities (A.1+A.2)

B. Taxonomy-non-eligible activities

Turnover of Taxonomy

non-eligible activities

3 683 100 %

TOTAL 3 683 100 %

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Capital expenditures

Capital expenditures (CapEx) have been allocated

to those eligible activities that has been identified.

This would for all practical purposes be CapEx related

to leased buildings (7.7) and leased company cars

(6.5). The allocated amount for activity 6.5 is NOK 0.8

million and for activity 7.7 the amount is NOK 11.7 million.

Proportion of CapEx / Total CapEx

Taxonomy-aligned per objective Taxonomy-eligible per objective

CCM

34 %

CCA

WTR

PPC

BIO

The basis for allocating CapEx to these categories have

been IAS 16 Property, Plant and Equipment and IFRS 16

Leases. Total CapEx amounts to NOK 36.3 million and

includes CapEx of non-eligible activities of NOK 23.8

million. Reference is made to note 15 in the Annual report.

Double counting is avoided by separating the sources of

input to the calculation.

Financial year 2024 Year Substantial contribution criteria DNSH criteria (“Does Not Significantly Harm”)

Economic

activities (1)

Code (2)

CapEx (3)

Proportion of CapEx,

year 2024 (4)

Climate Change

Mitigation (5)

Climate Change

Adaptation (6)

Water (7)

Pollution (8)

Circular Economy (9)

Biodiversity (10)

Climate Change

Mitigation (11)

Climate Change

Adaptation (12)

Water (13)

Pollution (14)

Circular Economy (15)

Biodiversity (16)

Minimum

Safeguards (17)

Proportion of Taxonomy-

aligned (A.1.) or -eligible

(A.2.) CapEx, 2023 (18)

Category enabling

activity (19)

Category transitional

activity (20)

Text mNOK % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/ N Y/N Y/ N Y/N Y/ N Y/ N % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)

Of which enabling

Of which transitional

A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

El; N/EL El; N/EL El; N/EL El; N/EL El; N/EL El; N/EL

6.5 Transport by motor-

bikes, passenger cars

and light commercial

vehicles

CCM 6.5 1 2 % El N/EL 1 %

7.7 Acquisition and

ownership of buildings

CCM 7.7 12 32 % El N/EL 55 %

CapEx of Taxonomy-eligible but not

environmentally sustainable activities

(not Taxonomy-aligned activities) (A.2)

13 34 % 56 %

A. CapEx of Taxonomy-eligible

activities (A.1+A.2)

13 34 % 56 %

Turnover of Taxonomy

non-eligible activities

24 66 %

TOTAL 36 100 %

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Financial year 2024 Year Substantial contribution criteria DNSH criteria (“Does Not Significantly Harm”)

Economic

activities (1)

Code (2)

OpEx (3)

Proportion of OpEx,

year 2024 (4)

Climate Change

Mitigation (5)

Climate Change

Adaptation (6)

Water (7)

Pollution (8)

Circular Economy (9)

Biodiversity (10)

Climate Change

Mitigation (11)

Climate Change

Adaptation (12)

Water (13)

Pollution (14)

Circular Economy (15)

Biodiversity (16)

Minimum

Safeguards (17)

Proportion of Taxonomy-

aligned (A.1.) or -eligible

(A.2.) OpEx, 2023 (18)

Category enabling

activity (19)

Category transitional

activity (20)

Text mNOK % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/ N Y/N Y/ N Y/N Y/ N Y/ N % E T

A. TAXONOMY-ELIGIBLE ACTIVITIES

A.1. Environmentally sustainable activities (Taxonomy-aligned)

OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)

Of which enabling

Of which transitional

A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)

El; N/EL El; N/EL El; N/EL El; N/EL El; N/EL El; N/EL

6.5 Transport by motor-

bikes, passenger cars

and light commercial

vehicles

CCM 6.5 3 8 % El N/EL 7 %

7.7 Acquisition and

ownership of buildings

CCM 7.7 29 67 % El N/EL 65 %

CapEx of Taxonomy-eligible but not

environmentally sustainable activities

(not Taxonomy-aligned activities) (A.2)

32 74 % 72 %

A. OpEx of Taxonomy-eligible

activities (A.1+A.2)

32 74 % 72 %

Turnover of Taxonomy

non-eligible activities

11 26 %

TOTAL 43 100 %

Operational expenditures

Operational expenditure (OpEx) includes mainly

maintenance and repairs, short term-leases (if any) and

building renovations. The data is derived from the group

reporting. For activity 6.5 the amount is NOK 3.3 million,

which mainly consists of short-term leases. For activity

7.7 the amount is NOK 28.8 million, which include short

term leases, security services, electric power, caretaking

services and cleaning and renovation. These costs are

included in the line item “other operating expenses”

Proportion of OpEx / Total OpEx

Taxonomy-aligned per objective Taxonomy-eligible per objective

CCM

74 %

CCA

WTR

PPC

BIO

and would comprise a very limited part of this expense

category. Total OpEx is estimated to be NOK 43.2 million

and includes estimated OpEx of non-eligible activities

with NOK 11.1 million. With increased requirements in the

taxonomy reporting during 2024, the Group has updated

methodology extracting data for the KPI OpEx, and this

work has led to a restatement in 2023 OpEx according to

the Taxonomy requirements. Double counting is avoided

by separating the sources of input to the calculation.

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Nuclear and fossil gas

In 2023 the Taxonomy reporting requirements were

extended with a new requirement to report on nuclear

and fossil gas related activities. This requirement was

made mandatory also for companies not involved in

such activities.

B2 Impact does not have any activities which are covered

by this reporting regulation.

Year ended 31 December Y/ N

The undertaking carries out, funds, or has exposures to research, development, demonstration, and deployment of innovative

electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle

The undertaking carries out, funds, or has exposures to construction and safe operation of new nuclear installations to produce

electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production,

as well as their safety upgrades, using best available technologies.

The undertaking carries out, funds, or has exposures to safe operation of existing nuclear installations that produce electricity

or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear

energy, as well as their safety upgrades.

Fossil gas related activities

The undertaking carries out, funds, or has exposures to construction or operation of electricity generation facilities that produce

electricity using fossil gaseous fuels.

The undertaking carries out, funds, or has exposures to construction, refurbishment, and operation of combined heat/cool and

power generation facilities using fossil gaseous fuels.

The undertaking carries out, funds, or has exposures to construction, refurbishment and operation of heat generation facilities that

produce heat/cool using fossil gaseous fuels.

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Social

S1 Own workforce

Interest and views of own workforce

Our employees are defined as a key group of affected

stakeholders, as they are instrumental to our operations.

High employee satisfaction is crucial for providing

high-quality services. As stated throughout various policy

documents, such as the Code of Conduct and Health

and Safety Statement, B2 Impact is committed to ensure

good working conditions, with equal treatment and

opportunities for all employees.

We engage with employees in various ways, where most

of the dialogue happens through physical meetings,

email correspondence and calls on Teams or by phone.

Additionally, we have implemented several other arenas for

engagement with employees on a Group wide basis, such

as annual engagement surveys and town-hall meetings,

and each business unit is responsible for implementing

relevant engagement activities for their employees.

The International Management Group (IMG) (group of all

country managers) gathers two times per year.

Employees interests, views and rights inform our strategy

and business model and feedback from employees is

handled by employee representatives and/or HR functions

in each business unit on an ongoing basis. Employees

were also invited to take part in the systematic stakeholder

dialogue conducted during autumn 2024.

Material impacts, risks and opportunities relating to

own workforce

Most of our workforce consist of permanent employees,

with few temporary and/or non-guaranteed hours

employees. Some of B2 Impact’s employees are

self-employed, typically consultants hired for smaller

projects or a shorter time-period. For more information

about employee categories, please refer to disclosure

S1-6 Characteristics of employees.

We regularly assess our relationship with employees.

Through the 2024 DMA process, we have evaluated the

actual and potential positive and negative impacts on

our own workforce, as well as risks and opportunities

stemming from our dependencies on employees as an

important resource to the company. Our employees are

crucial to the overall company success, and the Group

is committed to attracting and retaining competent and

motivated employees and managers to avoid the risk that

strategic goals cannot be achieved. Our material risks

and opportunities arise from our dependency on own

workforce, with key individual dependency representing

a risk for business continuity.

Through our employment and daily operations,

the identified material impacts connected to our own

workforce is related to the sub-topics (and sub-sub-topics)

“Working conditions” (Secure Employment, Health and

Safety, Working Environment) and “Equal treatments

and opportunities for all” and the sub-topic «Secure

employment». We secure employment to more than

1500 employees across several functions. With a sizable

workforce spread across different business units and

countries, B2 Impact has a responsibility to ensure good

routines and systems within HR-related topics like pay,

physical workspaces, as well as training and development.

B2 Impact has established several activities that can result in

positive impacts on employees, where the most important

impacts are related to offering secure employment with

career development and equal opportunities for all.

Social

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Currently, there are no women in the company's

executive management group. An imbalance in gender

representation at the corporate management level could

potentially lead to employee dissatisfaction and feelings

of gender inequality, thereby negatively impacting the

workforce. Additionally, higher costs may necessitate

future efficiency measures and restructuring, with the

extent of the potential negative impact assessed as

very high, as this could lead to layoffs and challenging

working conditions for the remaining employees.

We invest significantly in employee competence through

training and development initiatives and is committed

to attracting and retaining competent and motivated

employees and managers to avoid the risk that

strategic goals cannot be achieved. Based on last year's

'engagement survey' (and other forms of dialogue with

the employees), the general perception is that B2 Impact

is a good place to work.

Employees working at B2 Impact’s call centres are

directly exposed to financial distressed and vulnerable

customers, and may be subject to threats and

psychologically demanding work whilst also required to

meet financial targets. This could potentially affect their

mental health and have a negative impact on call center

employees. No other identified IROs relate to specific

groups of people in B2 Impact own workforce with

particular characteristics, working in particular contexts,

or undertaking particular activities.

The potential negative impact on call center employees

is considered material, though it is not currently

an actual negative impact. Mitigating actions have

been implemented to prevent it from becoming an

actual negative impact in the future. However, if this

potential negative impact were to materialize, it could

pose a financial risk to the company, such as reduced

productivity. There are no identified financial opportunities

for B2 Impact arising from this potential negative impact.

B2 Impact is not present in any at-risk countries,

but there are variations when it comes to labour laws

and regulations between different office locations

that we need to be aware of. Potential negative impacts

are mainly related to individual incidents. We have not

identified any negative impacts that are widespread

or systemic in contexts where our company operates.

B2 Impact does not have a transition plan for reducing

negative impact on the environment. However,

the transition to a greener, climate-neutral economy

can potentially have a negative impact on B2 Impact’s

employees. For example, by utilising digital systems

and new technology (as to avoid travelling for meetings

for example), this can potentially reduce the need for

workers that fulfil certain tasks today.

Further digitalization may also lead to certain tasks

being automated replacing the work of certain roles

today. No negative impact has been identified during the

reporting period, so no mitigating measures have been

deemed necessary. A transition to a greener economy

also presents opportunities, which will be considered if

future mitigating measures are required.

None of the work carried out by B2 Impact’s employees

poses a significant risk of incidents of forced or compulsory

labour or child labour.

S1-1 Policies related to own workforce

B2 Impact has established several policies to manage

its material IROs related to own workforce. The Code of

Conduct and the Labour and Human Rights Statement

support the fundamental ethical principles of B2

Impact, while our internal Health and Safety Statement

underscores our commitment to prioritising the wellbeing

and health of employees. All three policy documents

cover our entire workforce in all geographies.

Each country manager is responsible for ensuring

implementation and application of these statements

in the relevant business unit. To ensure continuing

suitability, adequacy and effectiveness, the CRCO and

Group HR reviews, update and/or revise the statements

as appropriate, on a yearly basis. The aim is to reduce

risks and adverse impacts on our workforce while also

pursuing opportunities.

Our policy regarding working conditions (and material

sub-sub-topics)

B2 Impact is committed to fostering a healthy and safe

work environment. This is the general objective of our

Health and safety statement. We want everybody, at all

times, to feel respected and welcome. We shall support

all business units to implement necessary health and

safety measures, in accordance with local laws and

regulations. This shall be done in cooperation with

elected employee representatives and at all levels of

the organisation. Our Health and Safety Statement also

include an accident prevention policy as well as details

about our health and safety management system.

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Our policy regarding equal treatment and opportunities

for all (and material sub-sub-topics)

B2 Impact is committed to provide a fair working

environment and aims to promote equal opportunities and

other ways to advance diversity and inclusion. We have

implemented procedures to ensure discrimination is

prevented, mitigated and acted upon once detected.

As stated in our Code of Conduct, we oppose any form

of harassment, whether based on racial and ethnic

origin, colour, sex, sexual orientation, gender identity,

disability, age, religion, political opinion, national or social

origin, or other forms of discrimination covered by union

regulation and national law. We have not specifically

addressed our commitment to inclusion or positive action

for people from groups at particular risk of vulnerability in

the Code of Conduct but consider this embedded in the

beforementioned information. Harassment or bullying is

not tolerated and we endorse this publicly via statements

within our organisation (e.g. the organisation has arranged

mandatory training on the subject and our CEO posted

about the importance of inclusion during Pride month).

We have also established a whistleblowing channel,

see chapter S1-3.

Our policy regarding human rights

In addition to the Code of Conduct and the Health

and Safety Statement, B2 Impact has also established

a Labour and Human Rights Statement, which builds

on the UN Guiding Principles on Business and Human

Rights (UNGP), the ILO Declaration on Fundamental

Principles and Rights at Work, and the OECD Guidelines

for Multinational Enterprises. We continuously

work on improving our policies to ensure they align

with the highest international standards and other

relevant guidelines.

The Labour and Human Rights Statement outlines the

labour and human rights recognised by B2 Impact to our

employees, irrespective of their role and the business

unit in which they work, to our customers and to the local

communities where we operate. The statement includes

information about how we engage with people in our

workforce and our measures to provide and / or enable

remedy for human rights impacts. The statement does

not explicitly address trafficking but includes information

about forced labour and child labour.

S1-2 Engaging with employees about impacts

The perspective of our workforce informs B2 Impact’s

decisions and activities. Engagement occurs directly

with employees and through employee representatives.

B2 Impact is not required to establish a Working

Environment Committee (WEC) nor are we members of any

Global Framework Agreement, but many of our employees

are members of unions in their respective countries.

To monitor and enhance employee wellbeing, we regularly

conduct performance and career development reviews

with employees, and an engagement survey is carried

out across the Group annually. The engagement survey

measures engagement levels and allows employees

to anonymously express their opinions. Managers

use the results to identify improvement areas and to

develop action plans together with their team members.

Employees working at call centres may be at risk of

harm, as they may be subject to threats from indebted

customers and their work can be psychologically

demanding. Therefore, communicating with these

employees about this impact and providing training

in how to handle different situations are important risk

mitigating efforts.

The Head of Group HR has the operational responsibility

for ensuring that engagement happens and that

the results inform B2 Impact’s approach, however,

each country manager is responsible for ensuring

implementation and application in the business unit.

The Head of Group HR reports back to Group Chief

Executive Officer (CEO) and the company regularly

assesses the effectiveness of our engagement with

employees. The effectiveness of the engagement

can also be a topic of discussion during appraisal or

development talks.

S1-3 Process to remediate negative impacts and

channels for own workforce to raise concerns

We strive to maintain a climate of openness, trans parency

and integrity, and to create a corporate culture where

concerns can be raised without fear of retaliation,

in conformity with our core values. Retaliation against

anyone who reports a concern is prohibited. Employees

can raise their concerns and/or needs directly with their

line manager, or through the external whistleblowing

channel, which also works as our grievance/complaints

handling mechanism related to employee matters.

Our whistleblowing channel is an early warning system

to reduce risks. It can be used to inform about a concern,

or behaviour that is not legal or in line with our Code

of Conduct, our values and policies, and that may

seriously affect our organisation or a person's life or

health. Whistleblowers do not need to provide evidence

to support their concern, but reports must be made in

good faith and in the public interest. The whistleblowing

channel WhistleB is provided by our external partner,

which ensures the confidentiality of the whistleblower’s

identity and the information shared, and prevents access

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by non-authorised persons. The whistleblowing channel

is encrypted and password-protected, and does not

track IP address, which allows whistleblowers to remain

anonymous if desired.

Information is tracked and monitored on an ongoing

basis by the CRCO who regularly evaluates the

effectiveness of the whistleblowing channel. Employees

receive information about the whistleblowing channels

and lines of reporting upon hiring.

B2 Impact is committed to provide or contribute

to remedy where we find that we have caused or

contributed to a material negative impact on our

employees. No actual negative impact has been

identified in the reporting period, hence no follow-

up actions have been implemented. Incidents are

solved (and effectiveness is measured) on a case-

by-case basis.

S1-4 Taking actions

B2 Impact has established several policy documents

for management and employees, the purpose being to

ensure that the company’s practices do not contribute

to material negative impacts on the workforce.

The management of material impacts is integrated into

operational processes and is therefore a part of the

daily work of numerous employees, in addition to being

a leadership responsibility. While HR teams in each

business unit are typically responsible for identifying

and proposing necessary actions, delivering them is a

shared responsibility across the organisation. Actions

are determined based on a continuous assessment of

the actual and potential impacts, on Group level and

in each business unit, where the purpose is to achieve

our policy objectives and targets. When identifying

actions we evaluate feedback from employees, for

example feedback received through development talks,

annual engagement surveys and / or through other

engagement methods.

B2 Impact and each business unit have implemented

several actions to manage its material impacts, risks and

opportunities relating to its own workforce, the purpose

being to mitigate potential negative impacts, to deliver

positive impact for our workforce. Actions taken in 2024

include implementing a Group wide HR system, that

will for example help us measure and report on equality

and discrimination in the workplace. We have also

carried out another employee engagement survey to

measure wellbeing and arranged mandatory training on

whistleblowing, the contents of the Code of Conduct,

as well as educational courses to raise awareness on

equality, diversity and inclusion. Furthermore, we have

also implemented a common recruitment tool across

the B2 Impact perimeter, to ensure transparency in

job vacancies across the organisation. Although three

potential negative impacts were identified as part of the

DMA, we have not identified any actual negative impacts

on this topic in the reporting period.

Social

For 2025 (short-term time horizon), we have planned the

following actions:

• Continue the implementation of the Group-wide HR

system

• Measure and improve reporting on gender pay gap

• Carry out another employee engagement survey

• Arrange mandatory training on the Code of Conduct

and whistleblowing channel for new employees

• Decide on what resources should be allocated to

manage material impacts

The scope is B2 Impact’s entire workforce (key affected

stakeholder group), and the Group wide HR system will

help us track the effectiveness of these actions on an

ongoing basis.

S1-5 Targets related to own workforce

The table illustrates the targets set to manage our

material impacts, risks and opportunities related to own

workforce. GEM is responsible for approving the targets

once developed and conduct periodic reviews.

Metrics Target 2024

2023

(base

year)

Employee survey participation rate 90 % 87 % 85 %

Employee engagement score 85/100 79/100 80/100

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S1-6 Employee characteristics

B2 Impact is committed to provide a fair, professional

and safe working environment. We aim to be a work-

place where all employees thrive and are given equal

opportunities for professional development. We are

committed to equality, diversity and to a culture that is

free from any form of discrimination or that compromises

the principle of equality.

The table shows workers per location and figures include

both employees and non-employees

. The numbers are

reported in headcount at the end of the reporting period.

Please also see note 9 in the Consolidated Financial

Statements.

2024 2023 (base year)

Headcount Female Male Tota l Female Male Tota l

Bosnia & Herzegovina 3 - 3 3 1 4

Croatia 63 31 94 88 41 129

Cyprus 17 8 25 22 10 32

Czech Republic 5 2 7 5 1 6

Denmark 11 12 23 18 13 31

Estonia 21 5 26 19 7 26

Finland 103 41 144 112 43 155

France 99 41 140 86 34 120

Greece 37 34 71 66 57 123

Hungary - 3 3 13 2 15

Italy - - - 1 1

Latvia 59 19 78 65 32 97

Lithuania 25 6 31 29 6 35

Luxembourg 8 7 15 9 9 18

Montenegro - 1 - 1

Norway 6 20 25 7 19 26

Poland 273 120 393 293 134 427

Romania 97 32 129 100 41 141

Serbia 2 5 7 3 4 7

Slovenia 7 3 10 7 3 10

Spain 169 72 241 209 88 297

Sweden 32 31 63 38 34 72

Total 1,037 492 1,529 1,193 580 1,773

1. See disclosure S1-7 for the number of employees vs. non-employees in

the company.

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Employee category 2024

Female Male

Number of permanent employees 996 456

Number of temporary employees 31 17

Number of non-guaranteed hours employees 4 0

Turnover 2024 2023 (base year)

Number of employees that left the company voluntarily 284 309

Number of employees that left the company due to dismissal, retirement or death 171 211

Turnover rate during the reporting period 28 % 29 %

Permanent employees refer to employees that have

a permanent employment relationship with B2 Impact

(no predetermined end date to their employment).

Temporary employees refer to employees with a contract

for a limited period (i.e. fixed term contract) that

ends when the specific time period expires, or when

the specific task or event that has had an attached

time estimate is completed. Non-guaranteed hours

employees are employed without a guarantee of a

minimum or fixed number of working hours. The above

numbers are calculated based on headcount

(own employees) as of year-end.

In 2024, 455 employees left the company, giving a

turnover rate of 28 % – on par with the industry average.

The above numbers are reported based on headcount

(own employees) as of year-end. As B2 Impact is still

in the process of implementing the new Group wide

HR system, the information in this chapter has been

collected by contacting the different business units.

We have strived to give an accurate representation of

information, however, some measurement uncertainty

must be expected.

1. Reporting error: 19 % reported in the 2023 annual report. The correct

number is 29 %.

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S1-7 Characteristics of non-employees

Non-employees are here defined as people with contracts

to supply labour (“self-employed people”) or people

provided by B2 Impact’s primarily engaged in employment

activities. Example of self-employed persons are

contractors hired to perform work that would otherwise

be carried out by an employee, while example of people

engaged in employment activities are people who fill

in for employees who are temporarily absent or people

performing work additional to regular employees.

The above numbers are reported based on headcount

(non-employees) as of year-end. As B2 Impact is still in

the process of implementing the new Group wide HR

system, the information in this chapter has been collected

by contacting the different business units. We have strived

to give an accurate representation of information however,

some measurement uncertainty must be expected.

S1-8 Collective bargaining coverage and social dialogue

B2 Impact is committed to global compliance with

freedom of association and recognizes the right

of all employees to form trade unions and workers’

representation. This also include the right not to join

a trade union or participate in collective bargaining if they

choose not to. A total of 39% of B2 Impact’s employees

are covered by collective bargaining agreements.

Collective bargaining agreements are written agreements

between trade unions – or, in their absence, duly elected

workers’ representatives – and employers, which governs

working hours and wages as core components.

B2 Impact does not have any agreement with its

employees for representation by a European Works

Council (EWC), a Societas Europaea (SE) Works Council,

or a Societas Cooperativa Europaea (SCE) Works Council.

2024 2023 (base year)

Non-employees (total) 25 43

People with contracts to supply labour (“self-employed people”) 10 14

People provided by undertakings primarily engaged in “employment activities”

(NACE code N78)

15 29

Collective bargaining 2024 2023 (base year)

Total percentage of employees covered by collective bargaining agreements 39 % 39 %

Collective bargaining EEA countries with more than 50 employees 2024 2023 (base year)

Number of employees covered by collective bargaining agreements in Finland 144 155

Number of employees covered by collective bargaining agreements in France 136 120

Number of employees covered by collective bargaining agreements in Greece 71 123

Number of employees covered by collective bargaining agreements in Spain 240 281

Social dialogue 2024

Global percentage of employees covered by worker’s representatives 64 %

1. Reporting error: 28 reported in the 2023 annual report. The correct

number is 14.

2. Reporting error: 15 reported in the 2023 annual report. The correct

number is 29.

3. Reporting error: 57 % reported in the 2023 annual report. The correct

percentage is 39 %.

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To the right is a table summarizing the percentage

of employees covered by worker’s representatives in

countries where we have more than 50 employees.

This data pertains only to employees in European

Economic Area (EEA) countries for the first reporting

year in accordance with the ESRS. Bosnia and

Herzegovina and Montenegro are the only countries

with B2 Impact employees outside the EEA, with

employee counts of 1 and 4 respectively.

S1-9 Diversity

The above numbers are reported in headcount

(own employees) as of year-end. Top management is

here defined as one and two levels below the Board

(GEM and country managers).

2024 2023 (base year)

Headcount Male Female Male Female

Gender distribution Board of Directors 2 (40 %) 3 (60 %) 4 (57 %) 3 (43 %)

Gender distribution at top management level (GEM) 6 (100 %) 0 (0 %) 7 (78 %) 2 (22 %)

Gender distribution at top management level (country managers) 8 (50 %) 8 (50 %) 9 (45 %) 11 (55 %)

EEA countries

(with more than 50 employees)

Percentage of employees

covered by worker's

representatives

Percentage of employees

covered by collective

bargaining agreements

Number of

employees 2024

Finland 96 % 100 % 144

France 99 % 97 % 140

Greece NA 100 % 71

Spain 100 % 100 % 240

Croatia NA NA 94

Latvia NA NA 78

Poland 99 % NA 373

Romania NA

NA 125

Sweden 100 % NA 63

Age group 2024

Number of employees that are under 30 years old (in percentage) 206 (14 %)

Number of employees that are between 30-50 years old (in percentage) 1,070 (71 %)

Number of employees that are over 50 years old (in percentage) 228 (15 %)

Social

1. Currently, none of the employees are covered by worker representatives

considering there are not employees representatives appointed as

former worker representative left the company.

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S1-10 Wages

All of B2 Impact’s employees are paid an adequate

wage, in line with applicable benchmarks. We have

local remuneration policies in place in our local entities.

A remuneration policy has also been established for the

Board and GEM.

S1-13 Training and skills development

Making sure we have a systematic approach to

competence development for our people is important

for providing development pathways for employees

and retaining talent within the organization. B2 Impact

fosters a culture where knowledge sharing is encouraged

to upskill, improve creativity and innovation. We invest

significantly in employee competence through training

and development initiatives. Employees participate

in various training programmes related to business

operations and collection management, as well as

topic-specific trainings in different departments of the

company. Trainings are conducted using internal or

external e-learning platforms. Additionally, “on-the-job

training” is a vital part of each employee’s journey within

B2 Impact.

The average number of training hours per employee has

been calculated based on information in the B2Learn

system and by contacting country managers directly,

and is therefore subject to measurement uncertainty.

Training and skills development 2024

Male Female

Percentage of employees that participated

in regular performance and career

development reviews

71 % 73 %

Average number of training hours per

employee

17 17

S1-16 Remuneration

Pay inequality or pay gap is defined as the difference of

average pay levels between female and male employees.

In 2024, the pay gap was 0.34, indicating that, on

average, female employees earned 34% less than their

male employees based on the weighted average of

gross hourly pay. The annual total remuneration ratio was

24 in the reporting period (calculated by dividing the total

remuneration of the highest-paid employee by that of the

median-paid employee)

The pay disparity between men and women can partly be

attributed to the higher number of men in senior positions

throughout the company. Our ambition is to narrow

this gap, and we have launched several initiatives to

promote equal pay and gender representation. However,

we acknowledge that certain positions in the company,

which typically offer lower salaries, have traditionally

been pursued by women, meaning that there is also a

need for collaboration between B2 Impact, our peers and

educational institutions to address and improve this trend.

S1-17 Incidents and complaints

In 2024, we registered 6 work-related incidents of

discrimination

and 7 complaints were filed through our

reporting channels. We have not identified any cases of

severe human rights incidents in the reporting period.

Incidents, complaints and severe human rights impacts 2024

Total number of incidents of discrimination, including

harassment, reported in the reporting period

Number of complaints filed through channels for people

in B2 Impact’s own workforce to raise concerns

Total amount of fines, penalties, and compensation for

damages as a result of the incidents and complaints

0 NOK

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1. The numbers are subject to high measurement uncertainty as we do not have a centralised HR system that can help us track this information

(meaning that we are using figures reported by employees that could potentially apply different methodologies for calculating hourly and annual pay).

Also, as salaries are paid in different currencies we have converted the numbers reported to NOK, meaning that the underlying figures can be subject to

changing foreign exchange rates.

2. Discrimination is here defined as unjust or prejudicial treatment on the grounds of gender, racial or ethnic origin, nationality, religion or belief, disability,

age, sexual orientation, involving both internal and external stakeholders across operations.

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S4 Consumers and end-users

In this chapter, consumers refer to customers (debtors).

B2 Impact does not have any end-users.

Interest and views of consumers

Consumers are a key group of affected stakeholders

and their interest, views and rights (including human

rights), is important input to B2 Impact’s strategy and

business model. We interact with consumers on a daily

basis through different communication channels, such

as our call centres, e-mail and (digital) post. Additionally,

we have implemented self-service solutions that allows

customers to view status and manage their debts,

altogether while facilitating communication between us

and our consumers. On a continuous basis, we conduct

consumer surveys that assess consumers’ satisfaction

with B2 Impact’s services. The findings of these surveys

are presented to and discussed by Group Executive

Management (GEM) and Board of Directors. Last but

not least, we monitor customers’ complaints both at

local and Group level and set targets for a decrease in

complaints as well as managing time.

We did not perform specific interviews with consumers

directly as part of the interview process in autumn

2024 but their interests and views were conveyed

through relevant functions at B2 Impact and taken into

consideration when prioritising material IROs.

Material impacts, risks and opportunities related to

consumers

Our identified material impacts connected to our

consumers is related to the sub-topic “Social inclusion

of consumers and end-users”, and the sub-sub-topics

"Privacy" and “health and safety”.

Health and safety

As a debt-solution provider, B2 Impact serves financially

vulnerable individuals, and we therefore have a particular

duty to approach them with empathy, respect, and dignity.

Collecting debt from individuals in financial distress may

put negative pressure on people already in a vulnerable

situation, which is a potential negative impact from our

business model. No other identified IROs relate to specific

groups of consumers.

Social inclusion of consumers and end-users

Our services are designed to assist consumers in

managing their indebtedness by creating repayment

plans tailored to their financial situations. This method

helps consumers gradually restore their financial health

and re-enter the financial system within a reasonable

timeframe. As we can offer more flexibility than banks

and help consumers financially recover, we can have a

positive impact on consumers. Consumers who manage

to pay off their debts may experience reduced financial

stress and an improved sense of security. Our activities

also contribute to the credit market by assuming risky

debt from financial institutions (upstream 'value chain'),

thereby supporting the overall financial ecosystem.

Fair and ethical treatment of consumers lies at the

heart of our business, and this includes the protection

of individuals when it comes to discrimination. While

consumers retain responsibility for the debt they have

incurred and any delays in payment, the consequences

that they face should be proportionate and reasonable

with respect to the size of the debt.

We have a duty and we train our employees to approach

consumers with empathy, respect, and dignity, and to

ensure that the debt collection process does not result

in unfair outcomes. This is also part of our core values.

Our primary objective is to find amicable solutions that

leads to beneficial outcomes for all parties.

Privacy

Given the nature of our business, data privacy is a critical

concern. We collect and process personal data, including

sensitive information about our debtors, which carries

an inherent risk of compromise. Risk arises from human

error, non-compliance with internal policies or external

regulations, and weaknesses in processes, procedures, or

internal controls. Additionally, our operations rely on secure,

well-functioning IT systems. Any disruptions or failures

in business-critical systems could impact our operations

and reputation. Despite strict security protocols, there is

always a risk of cyber threats, such as unauthorized system

access, data breaches, malicious software, or phishing

attacks. These threats pose significant risks to data

integrity and security.

The identified risks are directly linked to our business

model and operations, and the potential negative impact

on our costumers arising from these risks is assessed

as high, as sensitive information can be misused.

The potential negative impacts of data mismanagement

are industry-wide and can affect both individuals

and broader and are not related to a specific group

of consumers.

Handling data privacy well not just a license to operate

and thus essential for our operations, but also an

opportunity. Regular system updates and advanced

security measures reduce vulnerabilities to cyberattacks,

creating business resilience and facilitating scalability.

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Furthermore, robust data protection processes and

practices can lead to an improved reputation, increased

trusts and better business opportunities.

S4-1 Policies related to consumers

B2 Impact has adopted policies to manage the material

impact of our services on consumers, as well as

associated material risks and opportunities. The most

relevant policies are mentioned below. Our policies cover

all customers and are regularly reviewed and updated

to appropriately address material impacts, risks and

opportunities related to consumers. Each Country Manager

is responsible for ensuring implementation and application

of these statements in the relevant business unit.

All policies with regard to consumers are aligned with

internationally recognised instruments relevant to

consumers and/or end-users, including United Nations

(UN) Guiding Principles on Business and Human Rights

and NPL directive together with relevant EBA Guidelines.

Main policies relating to consumers

B2 Impact has established a Customer Fair Treatment

Policy as well as a Complaints Handling Policy, to safeguard

the rights and interests of consumers and are in alignment

with the NPL Directive. The Customer Fair Treatment Policy

outlines the general principles to be applied in relation

with the consumer and is aimed at promoting responsible

and ethical collection practices in all markets where we

are present. The Complaints Handling Policy outlines the

rules and principles that business units shall apply when

dealing with consumers’ complaints on every step of the

collection process. Both documents are available on B2

Impact’s intranet and country managers are responsible for

implementation of both policies in their business unit.

Our policy regarding human rights

B2 Impact respects the human rights of consumers.

We engage with consumers on this topic and has

implemented measures to provide for and enable remedy

for human rights impacts. As stated in disclosure S1-1

Policies related to own workforce, we have established

a Labour and Human Rights Statement, which builds on

the UN Guiding Principles on Business and Human Rights

(UNGP), the ILO Declaration on Fundamental Principles and

Rights at Work, and the OECD Guidelines for Multinational

Enterprises, that also covers all our consumers.

We have not identified any cases of non-respect of any

of these guidelines either in our own organisation or in

our downstream value chain, neither in this reporting

period nor in prior reporting periods. For more information

about our work on human rights and due diligence,

please refer to the 2024 Transparency Act statement.

Our policy regarding consumer privacy

We are committed to protecting information about

consumers, their privacy and personal data, and we

make every reasonable effort to ensure that consumer

data is accurate, adequate, relevant, and limited to the

purpose of its use. We always inform about personal

data processing in a concise and transparent manner,

and records of personal data are only kept for as long

as it is reasonably necessary. We operate in accordance

with the General Data Protection Regulation (GDPR)

requirements, in addition to any local legislation in the

countries where we operate. Our relationship with

consumers are governed through the following policy

documents, which have been implemented across all

companies in the Group, covering all consumers:

• Customer Fair Treatment Policy

• Complaints Handling Policy

• Privacy by Design and Default Policy

S4-2 Engaging with consumers about impacts

Consumers’ perspectives inform B2 Impact’s decisions

and activities. Engaging with consumers is an integral part

of our strategy and business model, as amicable solutions

cannot be found without consumers’ engagement.

As mentioned under disclosure ESRS 2 SBM-2 Interest

and views of consumers and end-users we use different

channels for engagement with consumers both actively

through call centres where we make but also receive calls

from consumers, as well as passively such as through

letters, digital letters, SMS, e-mails and self-service

platforms. Consumer surveys (SMS surveys using the

SaaS solution WheelQ) are performed routinely, and

annual consumer satisfaction targets set.

The engagement strategy is designed locally within the

operations department and is reviewed by the Unsecured

Asset Management (UAM) team. In order to best capture

consumers’ ability for repayment we offer flexible

repayment options that take into account consumers’

financial situation. At the core of our business are amicable

solutions, with legal actions against consumers, only

initiated as last resort. As B2 Impact serves consumers

in financial distress (some of them vulnerable), all our call

centre agents receive training on a regular basis, with

performance monitored regularly, in order to make sure

that consumers’ views and circumstances are taken

into consideration when negotiating repayment terms.

Moreover, feedback from consumers is used to regularly

update and enhance our procedures.

Social

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The country managers have the ultimate responsibility

for ensuring that engagement with consumers occurs

and that the engagement follows regulatory and

internal standards. The Group via its Chief Operating

Officer (COO) and the UAM teams have implemented

a framework for operational KPI’s which on a monthly

basis monitors the engagement with consumers, and the

outcome of negotiations.

We do not engage with proxies or any third-party

regarding our consumers’ situation, unless we expressly

have the consumer’s consent, as this information is

strictly confidential.

S4-3 Processes to remediate negative impacts and

channels for consumers to raise concerns

B2 Impact has established channels and procedures

for consumers to voice and raise their concerns or

complaints directly with the company, in alignment with

the NPL Directive requirements. Complaints can vary from

service-level concerns to debt disagreements. Concerns

regarding personal information and/or data privacy

(data subject rights) is reported to the Data Protection

Officer (DPO). Concerns and complaints are addressed

daily by following the guidelines in the respective entity

and meeting local regulations timelines requirements.

Complaints are registered and followed up until fully

resolved, with consumers kept up to date and informed

of the internal investigation outcome. Business entities

are required to monitor their complaints handling process

and use the findings to improve the process and training

of the collection agents/case handlers. We cooperate

with local authorities or local associations if a complaint

is raised through them.

Complaints need to be substantiated, and we will always

protect consumers from retaliation when voicing their

concerns. Retaliation is prohibited.

B2 Impact will provide for or contribute to remedy

where the company has identified that it has caused or

contributed to a material negative impact on consumers.

If any actual negative impact were to be identified,

corrective measures will be decided on a case-by-case

basis, depending on the situation. We will also assess

whether the remedy provided is effective.

Information about the whistleblowing channel, including

procedure for reporting and how complaints are followed

up by B2 Impact is clearly communicated to consumers

on the company’s website. We have not received any

complaints regarding the whistleblowing channel or

procedures for reporting from consumers. It is therefore

the company’s opinion that consumers are aware of and

trust the structure and processes for raising concerns

and have them addressed. For more information about

our whistleblowing policies, please refer to disclosure

G1-1 Business conduct policies and corporate culture.

S4-4 Actions relating to consumers

B2 Impact has established action plans and resources

to manage material IROs relating to consumers. These

include establishing appropriate and suitable safeguards,

including organizational measures and technical

infrastructure, to protect personal data and to safeguard

the rights and freedoms of the data subjects. Actions

are determined based on a regular assessment of the

actual and potential impacts, on Group level and in

each business unit. When identifying actions we evaluate

feedback from consumers, for example feedback

received through call centres, consumer surveys and / or

through other engagement methods.

In relation to material impacts, risks and opportunities,

B2 Impact has for example:

• The Group and each business units have appointed

Data Protection Officers who regularly monitor and

ensure GDPR compliance, for example regarding

security incidents, data breaches, data protection

complaints, and data subject rights demands.

• Implemented an Information Security Management

System (ISMS) and systems for dealing with data

breach complaints in our Cloud Center of Excellence

(CCoE) that cover all of B2 Impact. The ISMS covers

the has restricted and controls access to personally

identifiable information security, and focus focusing

on protecting three key aspects of information:

o Confidentiality: Ensuring that information is not

available or disclosed to unauthorized people,

entities, or processes.

o Integrity: Ensuring that information is complete

and accurate, and protected from corruption.

o Security: Ensuring that information is secure,

accessible and only used by authorised users.

o Authenticity: Ensuring that the source of

information, communication, or identity is

genuine and verifiable, and that entities involved

are who they claim to be.

• Retention policy: Each business unit has established

its own data retention policy, where storage and

records of personal data are limited to a reasonable

and necessary time frame and in line with applicable

regulations.

• Established prevention plans (for example, to

avoid cyberattacks) in line with System Resilience

Social

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Processes and procedures, which again is aligned

with the Digital Operational Resilience Act (DORA) for

all business units.

• Provided mandatory GDPR and privacy rules

information security training to all employees (at least

annually), with DPOs in each business unit receiving

more in-depth training

• Furthermore, employees responsible for information

security and personal data processing receive regular

training to continuously enhance their expertise and

ensure compliance with applicable regulations and

best practices.

• Personal data processing activities and information

security Key Performance Indicators (KPIs) are

reported and analyzed quarterly to continuously

monitor the current status and identify

emerging trends.

All actions and initiatives are implemented with the

primary objective of contributing positively to improved

social outcomes for B2 Impact’s consumers, who

represent a key affected stakeholder group. These

measures are also designed to prevent, mitigate,

or remediate material negative impacts.

Country managers are responsible for identifying the

appropriate and necessary actions in response to specific

actual or potential adverse impacts on consumers. The

effectiveness of these actions and initiatives in achieving

the intended outcomes is assessed on an ongoing basis

to ensure continued relevance and impact.

S4-5 Targets related to consumers

In the table above the targets set for 2030 (medium

term) related to consumers can be found. 

The objective of these targets is to reduce material risks

and negative impacts on consumers while enhancing

material positive impacts and opportunities. For example,

a fully compliant data protection processes with zero data

breaches or leaks of consumer data not only eliminate

potential harm but also strengthen our reputation, builds

consumer trust and creates new business opportunities.

The consumer-related targets are based on material

risks identified, such as data privacy, IT functionality etc.

In this process, B2 Impact has not engaged directly with

consumers or end-users.

GEM is responsible for approving the targets once

developed and conduct periodic reviews. At an

operational level, each Country Manager is responsible

for communicating the targets to employees and

interested parties in the relevant business unit.

1. Reporting error: 91 % in the 2023 annual report. The correct number is

86 %.

Metrics

Target

2030 2024

2023

(base year)

Percentage of audited calls and actions that complied with our standards 100 % 86 % 86 %

Number of identified leaks, thefts, or losses of customer data in the reporting period 0 2 4

Number of substantiated complaints concerning breaches of customer privacy, including

complaints from regulatory bodies and other outside parties

0 3 6

Percentage of employees that have completed annual GDPR and privacy traning 100 % 84 % 87 %

Social

As no actual negative impact on consumers was identified

during the reporting period, no remedial actions were

undertaken in 2024. Should any such impact be identified

in the future, appropriate corrective measures will be

determined on a case-by-case basis, taking into account

the specific circumstances and severity of the situation.

Actions planned for 2025 (short-term time horizon) include:

• Continue to monitor data breaches in units our CCoE.

• Provide GDPR refreshment training to all employees,

with in-depth training for DPOs.

• Continue to conduct quarterly monthly internal

reporting and analysis to assess quality and auditing

controls.

• Conduct a risk analysis of personal data processing

activities and information security measures within

each organizational unit.

• Strengthen the governance of information security

and personal data processing by incorporating the

requirements of new EU legislation, such as DORA,

to ensure compliance, operational resilience, and

regulatory readiness.

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Contents 1 About B2 Impact

Governance

G1 Business conduct

At B2 Impact, our approach to business conduct is guided

by integrity. We are committed to transparency and ethical

practices across our operations, ensuring compliance

with laws and regulations while fostering trust and respect

among our employees and stakeholders. To support our

corporate culture, we have key policies in place, including

our Code of Conduct, which outline the standards

expected from both our employees and business partners.

GEM is responsible for ensuring that B2 is compliant

with laws and regulations and the Board is responsible

for monitoring. The Audit Committee and Remuneration

Committee act as a working and preparatory committee

for the Board, preparing matters and acting in an advisory

capacity. Integral to B2 Impact’s risk management, the

Audit Committee and the rest of the Board conduct

regular evaluations of B2 Impact’s most important areas

of exposure to risk. This also extends to the domains of

compliance and sustainability.

Material impacts, risks and opportunities relating to

business conduct

When identifying and assessing IROs within the topic

of business conduct and defining which of them are

material, we have considered our own operations,

or activities and services as a result of our business

relationships (upstream and downstream), across all

our entities / locations.

In our impact assessment, we examined specific

activities, business relationships, geographies, and other

factors that could increase the risk of adverse impacts.

Alongside evaluating both positive and negative, actual

and potential impacts, we also identified where in the

value chain each impact occurs, the expected time frame

for its occurrence, and the likelihood of it happening.

We are a large organization operating across many

different countries and cultures, some of which have an

increased risk of corruption. For instance, in countries

with less developed legal and regulatory systems, debtors

with substantial financial resources or connections might

attempt to sway court decisions in their favor. This can

lead to unfair outcomes, compromising the interests of

creditors and undermining the integrity of the judiciary.

Furthermore, we work in an industry where the risk of

corruption is not negligible. Hence there is a certain risk

that our employees or other associated individuals might

contribute to corruption and/or bribery.

The identified risks are directly linked to our business

model and operations, and the potential negative impact

on governance arising from these risks is assessed as

'irreversible' and very high as this undermines democracy

and society at large.

Good governance is not only essential for our operations

but also presents financial opportunities. Robust

detection practices ensure compliance with AML

and CTF regulations, helping us avoid costly sanctions

and facilitating smoother regulatory audits. It also

demonstrates business integrity and ethical conduct,

enhancing trust and reputation with regulators, investors,

and all stakeholders, which are crucial for business

success. Additionally, these practices prevent financial

losses from fraudulent activities, reduce legal disputes

and associated costs, and improve our competitive

position in the market.

Governance

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G1-1 Business conduct policies and corporate culture

B2 Impact operates in many European countries,

which have different laws, regulations and local customs.

However, we want to conduct our business according to

the highest ethical standards, no matter which country

we are running business operations. We interact with a

variety of stakeholders, including customers, competitors,

business partners, authorities and local communities.

We are committed to interacting with all of these groups

in an ethical and legal manner, always demonstrating

integrity in everything we do.

Policies

The Code of Conduct provides the standard of business

behavior for all B2 Impact employees. Employees

include all B2 Impact directors, officers, staff, temporary

workers, interns, consultants, contractors or any other

persons who are or were employed by a Business Unit

or otherwise works or worked for B2 Impact, regardless

of the duration of their employment contract, the type

of relationship or geographical location. The Code of

Conduct offers guidance on handling daily challenges

and outlines when and how to seek additional

information and assistance. If concerns about unlawful

behavior or behavior in contradiction of the Code of

Conduct occur, B2 Impact’s policy is to consult and react.

The Business Partners Code of Conduct outlines the

ethical standards, principles and behaviors B2 Impact

expects from its Business Partners when conducting

business with or on behalf of B2 Impact. Business

Partners includes Vendors, Clients, Suppliers, Investors,

and more generally any third party with which B2 Impact

does business. The Business Partners Code of Conduct

shall be made available to all Business Partners.

The Code of Conduct, together with with the Business

Partner Code of Conduct, establishes the framework

for our ethical standards and corporate culture policies.

Each country manager is responsible for ensuring these

policies are implemented and followed within their

respective business units. All policies undergo continuous

improvement to address evolving expectations and

requirements. The Code of Conduct was updated in

December 2022, while the Business Partner Code of

Conduct was updated on 1 October 2023 to reflect the

new brand, legal name and new policy owner. The aim is

to minimize risks and adverse impacts on our workforce

while also identifying opportunities for improvement.

Whistleblowing

When misconduct, wrongdoing or a violation of the Code

of Conduct, policies, regulations or laws is witnessed,

or whenever we have serious concerns about behaviors

or business practices that make us feel uncomfortable in

the light of the accepted standards, we are responsible

for reporting them. Employees are encouraged to report

misconduct through the company’s whistleblowing

reporting function. Alternatively, employees can report to

their manager or any other person that they trust, who

can help filing the report in the whistleblowing channel or

via the ethics reporting line.

Whistleblowing provides an opportunity to report

suspicions of misconduct, meaning anything that is

not in line with the laws, B2 Impact values and policies.

Our whistle blowing channel is an early warning system

to reduce risks. It is an important tool to foster high

ethical standards and to maintain customer and public

confidence in us. The whistleblowing channel, WhistleB

is provided by our external partner, which ensures

the confidentiality of the whistleblower’s identity,

and the information shared and prevents access by

non-authorized persons. The whistleblowing channel is

encrypted and password-protected, and does not track

the whistleblower’s IP address, which allows us to remain

anonymous if desired.

Corruption and bribery

B2 Impact does not tolerate any form of bribery or

corruption and has an anti-corruption and bribery policy

(mentioned in the Code of Conduct) that is consistent

with the UN Convention against Corruption. This includes

improper advantage that has no legitimate business

purpose for B2 Impact and is given to influence the

recipient’s decision-making. The company is committed

to foster a culture of compliance and to comply with all

applicable criminal provisions, anti-money laundering,

counter terrorist financing and sanctions laws or

regulations and to take serious action against anyone

found to be involved in such financial crime.

B2 Impact operates in an industry where we can

potentially be exposed to financial crimes. The risk is

greater for certain business units due to their location

(see the Transparency International’s Corruption

Perception Index).

Training and information

All compliance-related policies have been translated

into local languages and are accessible to everyone

in the organisation. Group-wide compliance training is

conducted on a regular basis through the internal training

platform. A digital training program deployed annually

on B2 Impact’s Code of Conduct is mandatory for all

employees, supplemented with additional training for

Governance

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Contents 1 About B2 Impact

relevant employees. Throughout 2024, our employees

undertook mandatory training on Anti-Bribery and

Corruption and Conflict of Interests which also included

whistleblowing and GDPR training. Additionally, several of

B2 Impact’s Group employees underwent ESG and ethics

training. Also business units provided local dedicated

trainings to employees e.g. on AML.

Incidents

B2 Impact has established procedures to investigate

business conduct incidents, including incidents of

corruption and bribery, promptly, independently and

objectively. These procedures are detailed in the Group

Anti-Bribery and Corruption Policy (“ABC Policy”).

Investigations relating to suspected breaches are

conducted in accordance with the Group Whistleblowing

Policy: First, employees are encouraged to report actual or

suspected misconduct. Second, the Compliance Function

of each business unit is responsible for ensuring that

appropriate response processes, mitigating measures

and action plans are implemented in response to

identified breaches. The Compliance Function is tasked

with conducting investigations of discovered breaches

of the Policy, unless they are addressed through the

Whistleblowing process. It also reports on incidents

and the effectiveness of control measures to the Board.

All local Whistleblowing Functions have been trained

(by an external party) on the proper procedures for

conducting internal investigations.

G1-3 Prevention and detection of corruption and bribery

B2 Impact’s Code of Conduct includes anti-corruption

and anti-bribery guidelines that apply to all business

units. The Code of Conduct is communicated internally

via our intranet, group-wide meetings, and we also

arrange mandatory training sessions for all employees

and new hires to ensure that the contents of the Code

of Conduct is understood and complied with.

Employees can address allegations or incidents

of corruption and bribery through B2 Impact’s

whistleblowing channel. The compliance function,

led by the CRCO, receives and investigates the reported

concerns, and ultimately decides, with the involvement

of other functions, the appropriate course of action.

This committee shall be separate from the chain of

management involved in the matter. The whistleblower

will receive a response at least within 7 days from

reporting a suspected incident of corruption or bribery.

Information about the process to report outcomes to

GEM and the Board can be found under GOV-5.

We arrange two different courses regarding anti-

corruption and anti-bribery, where one course is

specifically focused on this, and the other is a general

compliance course where anti-corruption and anti-bribery

is one of many topics addressed. Board members

also receive training in anti-corruption and anti-bribery

however, as they are not enrolled in the B2Learn platform

we have not managed to collect information about

participation rate. Based on the nature of our business,

we consider a majority of our employees as at-risk

functions, and thus 81 % of employees are covered by

anti-corruption and anti-bribery training programmes.

Anti-corruption and anti-bribery

training 2024

2023

(base year)

Percentage of at-risk functions

covered by training programmes 1 213 (81 %) 1 169 (68 %)

Percentage of current GEM members

that have undertaken anti-corruption

and anti-bribery training 2 (33 %) 3 (33 %)

Governance

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G1-4 – Incidents of corruption or bribery

No incidents of corruption or bribery have been identified

in the reporting period. This includes:

• No cases including convictions and fines for violation

of anti-corruption and anti-bribery laws

• No actions necessary to address breaches in

procedures and standards of anti-corruption and

anti-bribery

• No workers being dismissed or disciplined for

corruption or bribery-related incidents

• No confirmed incidents relating to contracts with

business partners that were terminated or not

renewed due to violations related to corruption

or bribery

• No public legal cases regarding corruption or bribery

brought against B2 Impact and our own workers

Actions related to business conduct (MDR-A)

For 2025 (short-term time horizon), B2 Impact have

planned the following actions to address impacts,

risks and opportunities related to business conduct:

Governance

Action Scope Expected outcome

Arrange mandatory training on the

Code of Conduct

All employees All employees will gain a comprehensive understanding of the

company's Code of Conduct, which will be reflected in their

adherence to compliance standards and ethical behavior

Arrange mandatory training on

whistleblowing channel and

procedures

All employees All employees are familiar with the whistleblowing channels and

procedures, and incidents and unethical behavior are reported

Decide on resources that should

be allocated to address impacts,

risks and opportunities related to

business conduct going forward

A review of current

resource allocation and

identification of gaps

Adequate resources to ensure ongoing monitoring, assessment,

and mitigation of risks related to business conduct, leading to

a more robust and proactive approach to managing business

conduct issues

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List of material disclosure requirements

1. General information Disclosure Name Section Omission

ESRS 2 General disclosures BP-1 General basis for preparation of the

sustainability statement

General information: BP-1: General basis for

preparation of sustainability statement

BP-2 Disclosures in relation to specific

circumstances

General information: Disclosures in relation to

specific circumstances

GOV-1 The role of the administrative, management

and supervisory bodies

General information: GOV-1: The role of GEM

and the Board

GOV-2 Information provided to and sustainability

matters addressed by the undertaking’s

administrative, management and

supervisory bodies

General information: GOV-2: Information provided

to, and sustainability matters addressed by the

GOV-3 Integration of sustainability-related

performance in incentive schemes

General information: GOV-3: Integration of

sustainability-related performance in incentive

schemes

GOV-4 Statement on sustainability due diligence General information: GOV-4: Statement on due

diligence

GOV-5 Risk management and internal controls

over sustainability reporting

General information: GOV-5: Risk management

and internal controls over sustainability reporting

SBM-1 Startegy, business model and value chain General information: SBM-1: Strategy, business

model and value chain

We are in the process of assessing whether further

refinement to our strategy or business model is

needed to address the interest and views of our

stakeholders. This work will continue in 2025.

SBM-2 Interests and views of stakeholders General information: SBM-2: Interest and views of

stakeholders;

Social: S1 Own workforce: Interests and views of

own workforce;

Social: S4 Consumers and end users: Interests

and views of consumers

We have not yet estimated the current or anticipated

financial effects of our material IRO's. This work will

continue in 2025.

ESRS Content Index

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1. General information Disclosure Name Section Omission

SBM-3 Material impacts, risks and opportunities

and their interaction with strategy and

business model(s)

General information: SBM-3: Material impacts,

risks and opportunities;

Social: S1 Own workforce: Material impacts, risks

and opportunities relating to own workforce;

Social: S4 Consumers and end-users: Material

impacts, risks and opportunities relating to

consumers

IRO-1 Description of the processes to identify

and assess material impacts, risks and

opportunities

General information: IRO-1: Description of the

process to identify and assess material impacts,

risks and opportunities

IRO-2 Disclosure Requirements in ESRS covered

by the undertaking’s sustainability

statement

General information: IRO-2: Disclosure

requirements in ESRS covered by B2 Impact's

sustainability statement

ESRS S1 Own workforce S1-1 Policies related to own workforce Social: S1 Own workforce: S1-1 Policies related to

own workforce

S1-2 Processes for engaging with own

workforce and workers’ representatives

about impacts

Social: S1 Own workforce: S1-2 Engaging with

employees about impacts

S1-3 Processes to remediate negative impacts

and channels for own workforce to raise

concerns

Social: S1 Own workforce: S1-3 Process to

remediate negative impacts and channels for

own workforce to raise concerns

S1-4 Taking action on material impacts on own

workforce

Social: S1 Own workforce: S1-4 Actions related to

own workforce

S1-5 Targets related to managing material

negative impacts, advancing positive

impacts, and managing material risks and

opportunities

Social: S1 Own workforce: S1-5 Targets related to

own workforce

Targets relating to equal treatment and opportunities

for all are under development.

S1-6 Characteristics of the undertaking’s

employees

Social: S1 Own workforce: S1-6 Employee

characteristics

S1-7 Characteristics of non-employees in the

undertaking’s own workforce

Social: S1 Own workforce: S1-7 Characteristics

of non-employees

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1. General information Disclosure Name Section Omission

S1-8 Collective bargaining coverage and social

dialogue

Social: S1 Own workforce: S1-8 Collective

bargaining coverage and social dialogue

S1-9 Diversity metrics Social: S1 Own workforce: S1-9 Diversity

S1-10 Coverage of the health and safety

management system

Social: S1 Own workforce: S1-10 Wages

S1-11 Performance of the health and safety

management system

Non-material

S1-12 Working Hours Non-material

S1-13 Training and skills development metrics Social: S1 Own workforce: S-13 Training and skills

development

S1-14 Health and safety metrics Non-material

S1-15 Work-life balance metrics Non-material

S1-16 Remuneration metrics (pay gap and total

remuneration)

Social: S1 Own workforce: S-16 Remuneration

S1-17 Incidents, complaints and severe human

rights impacts

Social: S1 Own workforce: S-17 Incidents and

complaints

S1-18 Discrimination incidents related to equal

opportunities

Non-material

S1-19 Employment of persons with disabilities Non-material

S1-20 Differences in the provision of benefits

to employees with different employment

contract types

Non-material

S1-21 Grievances and complaints related to other

work-related rights

Non-material

S1-22 Collective bargaining coverage Non-material

S1-23 Work stoppages Non-material

S1-24 Social dialogue Non-material

S1-25 Identified cases of severe human rights

issues and incidents

Non-material

S1-26 Privacy at work Non-material

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1. General information Disclosure Name Section Omission

ESRS S4 Consumers and end-users S4-1 Policies related to consumers and end

users

Social: S4 Consumers and end-users:

Policies related to consumers

S4-2 Processes for engaging with consumers

and end users about impacts

Social: S4 Consumers and end-users:

Engaging with consumers about impacts

S4-3 Processes to remediate negative impacts

and channels for consumers and end users

to raise concerns

Social: S4 Consumers and end-users:

Processes to remediate negative impacts and

channels for consumers to raise concerns

S4-4 Taking action on material impacts

on consumers and end- users, and

approaches to managing material risks

and opp.

Social: S4 Consumers and end-users:

Actions related to consumers

S4-5 Targets related to managing material

negative impacts, advancing positive

impacts, and managing material risks

and opportunities

Social: S4 Consumers and end-users:

Targets related to consumers

S4-6 Approaches to mitigating material risks and

pursuing material opportunities related to

consumers and end-users

Non-material

ESRS G1 Business conduct G1-1 Business conduct policies and corporate

culture

Governance: G1 Business conduct: G1-1 Business

conduct policies and corporate culture

G1-2 Management of relationships with suppliers Governance: G1 Business conduct: G1-2

Management of relationships with suppliers

G1-3 Prevention and detection of corruption and

bribery

Governance: G1 Business conduct: G1-3

Prevention and detection of corruption and bribery

G1-4 Incidents of corruption or bribery Governance: G1 Business conduct: G1-4 Incidents

of corruption and bribery

G1-5 Political influence and lobbying activities Governance: G1 Business conduct: G1-5 Political

influence and lobbying activities

G1-6 Payment practices Non-material

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Disclosure requirement Data point

SFDR

reference

Pillar 3

reference

Benchmark

regulation

reference

EU Climate

law

reference Materiality Section

ESRS 2 GOV-1 21 (d) Board's gender diversity x x Material GOV-1 Composition

and diversity

ESRS 2 GOV-1 21 (e) Percentage of board members who are independent x Material GOV-1 Composition

and diversity

ESRS 2 GOV-4 30 Statement on due diligence Material GOV-4 Statement on

due diligence

ESRS 2 SBM-1 40 (d)i Involvement in activities related to fossil fuel activities x x Not material N/A

ESRS 2 SBM-1 40 (d) ii Involvement in activities related to chemical production x x x Not material N/A

ESRS 2 SBM-1 40 (d) iii Involvement in activities related to controversial weapons x x Not material N/A

ESRS 2 SBM-1 40 (d) iv Involvement in activities related to cultivation and

production of tobacco

x x Not material N/A

ESRS E1-1 14 Transition plan to reach climate neutrality by 2050 x Not material N/A

ESRS E1-1 16 (g) Undertakings excluded from Paris-aligned Benchmarks x x Not material N/A

ESRS E1-4 34 GHG emission reduction targets x x Not material N/A

ESRS E1-5 38 Energy consumption from fossil sources disaggregated by

sources (only high climate impact sectors)

x Not material N/A

ESRS E1-5 37 Energy consumption and mix x Not material N/A

ESRS E1-5 40-43 Energy intensity associated with activities in high climate

impact sectors

x Not material N/A

ESRS E1-6 44 Gross Scope 1, 2, 3 and Total GHG emissions x x x Not material N/A

ESRS E1-6 53-55 Gross GHG emissions intensity x x x Not material N/A

ESRS E1-7 56 GHG removals and carbon credits x x Not material N/A

ESRS E1-9 66 Exposure of the benchmark portfolio to climate-related

physical risks

x Not material N/A

ESRS E1-9 66 (a); 66

(c)

Disaggregation of monetary amounts by acute and

chronic physical risk; Location of significant assets at

material physical risk

x Not material N/A

Datapoints that derive from other EU legislation

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

Disclosure requirement Data point

SFDR

reference

Pillar 3

reference

Benchmark

regulation

reference

EU Climate

law

reference Materiality Section

ESRS E1-9 67 (c) Breakdown of the carrying value of its real estate assets

by energy-efficiency classes

x Not material N/A

ESRS E1-9 69 Degree of exposure of the portfolio to climate-related

opportunities

x Not material N/A

ESRS E2-4 28 Amount of each pollutant listed in Annex II of the E-PRTR

Regulation emitted to air, water and soil

x Not material N/A

ESRS E3-1 9 Water and marine resources x Not material N/A

ESRS E3-1 13 Dedicated policy x Not material N/A

ESRS E3-1 14 Sustainable oceans and seas x Not material N/A

ESRS E3-4 28 (c) Total water recycled and reused x Not material N/A

ESRS E3-4 29 Total water consumption in m3 per net revenue on own

operations

x Not material N/A

ESRS 2- SBM 3 - E4 16 (a)i x Not material N/A

ESRS 2- SBM 3 - E4 16 (b) x Not material N/A

ESRS 2- SBM 3 - E4 16 (c) x Not material N/A

ESRS E4-2 24 (b) Sustainable land / agriculture practices or policies x Not material N/A

ESRS E4-2 24 (c) Sustainable oceans / seas practices or policies x Not material N/A

ESRS E4-2 24 (d) Policies to address deforestation x Not material N/A

ESRS E5-5 37 (d) Non-recycled waste x Not material N/A

ESRS E5-5 39 Hazardous waste and radioactive waste x Not material N/A

ESRS 2- SBM3 - S1 14 (f) Risk of incidents of forced labour x Material S1 Material impacts,

risks and opportunities

relating to own

workforce

ESRS 2- SBM3 - S1 14 (g) Risk of incidents of child labour x Material S1 Material impacts,

risks and opportunities

relating to own

workforce

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

Disclosure requirement Data point

SFDR

reference

Pillar 3

reference

Benchmark

regulation

reference

EU Climate

law

reference Materiality Section

ESRS S1-1 20 Human rights policy commitments x Material S1-1 Policies related

to own workforce

ESRS S1-1 21 Due diligence policies on issues addressed by

the fundamental International Labor Organisation

Conventions 1 to 8

x x Material S1-1 Policies related

to own workforce

ESRS S1-1 22 Processes and measures for preventing trafficking in

human beings

x Material S1-1 Policies related

to own workforce

ESRS S1-1 23 Workplace accident prevention policy or management

system

x Material S1-1 Policies related

to own workforce

ESRS S1-3 32 (c) Grievance/complaints handling mechanisms x Material S1-3 Process to

remediate negative

impacts and channels

for own workforce to

raise concerns

ESRS S1-14 88 (b) and

(c)

Number of fatalities and number and rate of work-related

accidents

x x Not material N/A

ESRS S1-14 88 (e) Number of days lost to injuries, accidents, fatalities or

illness

x Not material N/A

ESRS S1-16 97 (a) Unadjusted gender pay gap x x Material S1-16 Remuneration

ESRS S1-16 97 (b) Excessive CEO pay ratio x Material S1-16 Remuneration

ESRS S1-17 103 (a) Incidents of discrimination x Material S1-17 Incidents and

complaints

ESRS S1-17 104 (a) Non-respect of UNGPs on Business and Human Rights

and OECD

x x Material S1-17 Incidents and

complaints

ESRS 2- SBM3 – S2 11 (b) Significant risk of child labour or forced labour in the value

chain

x Not material N/A

ESRS S2-1 17 Human rights policy commitments x Not material N/A

ESRS S2-1 18 Policies related to value chain workers x Not material N/A

B2 Impact — Annual report 2024

2 Directors’ report 3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

Disclosure requirement Data point

SFDR

reference

Pillar 3

reference

Benchmark

regulation

reference

EU Climate

law

reference Materiality Section

ESRS S2-1 19 Non-respect of UNGPs on Business and Human Rights

principles and OECD guidelines

x x Not material N/A

ESRS S2-1 19 Due diligence policies on issues addressed by

the fundamental International Labor Organisation

Conventions 1 to 8

x x Not material N/A

ESRS S2-4 36 Human rights issues and incidents connected to its

upstream and downstream value chain

x Not material N/A

ESRS S3-1 16 Human rights policy commitments x Not material N/A

ESRS S3-1 17 Non-respect of UNGPs on Business and Human Rights,

ILO principles or and OECD guidelines

x x Not material N/A

ESRS S3-4 36 Human rights issues and incidents x Not material N/A

ESRS S4-1 16 Policies related to consumers and end-users x Material S4-1 Policies related

to consumers

ESRS S4-1 17 Non-respect of UNGPs on Business and Human Rights

and OECD guidelines

x x Material S4-1 Policies related

to consumers

ESRS S4-4 35 Human rights issues and incidents x Material S4-4 Actions relating

to consumers

ESRS G1-1 §10 (b) United Nations Convention against Corruption x Material G1-1 Business conduct

policies and corporate

culture

ESRS G1-1 §10 (d) Protection of whistle- blowers x Material G1-1 Business conduct

policies and corporate

culture

ESRS G1-4 §24 (a) Fines for violation of anti-corruption and anti-bribery laws x x Material G1-4 Incidents of

corruption or bribery

ESRS G1-4 §24 (b) Standards of anti- corruption and anti-bribery x Material G1-4 Incidents of

corruption or bribery

Corporate

Governance

Contents

B2 Impact — Annual report 2024

2 Directors’ report

3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

Corporate

governance

Transparent and efficient corporate

governance ensures the alignment

of our stakeholders’ interests

and, ultimately, long-term value.

Good governance drives reliable

financial reporting and healthy and

sustainable business practices.

Governance

B2 Impact is subject to the corporate governance

reporting requirements set out in Section 2-9 of the

Norwegian Accounting Act, the Norwegian Public Limited

Liability Companies Act (“PLCA”), the Oslo Stock Exchange

Rulebook II – Issuer Rules, and to the Norwegian Code

of Practice for Corporate Governance issued by NUES

(“Code”), each freely available at lovdata.no, oslobors.no

and nues.no.

1. Implementation and reporting of corporate

governance

The Board of Directors of B2 Impact (“the Board”)

believes that long-term shareholder value is driven by

good governance and sustainable business practices.

The Board actively adheres to corporate governance

standards and ensures B2 Impact complies with

the requirements of section 2-9 of the Norwegian

Accounting Act and the Code. Our Corporate

Governance Principles are reviewed and discussed

annually by the Board and can be found on our webpage.

B2 Impact is committed to open and transparent

communication, sound business practices and adherence

to applicable rules and regulation across the board.

B2 Impact has therefore implemented and continuously

updates policies outlining the principles that underpin

how its business should be conducted. These policies

and principles reflect our core vision and values and apply

throughout the Group.

B2 Impact complies with the recommendations of the

Code unless explicitly stated below.

2. Business

B2 Impact is one of the leading European debt

management companies active in debt purchase,

debt collection and third-party debt collection.

It has as corporate objective “…to engage in

investments, participation in and the administration

of other companies engaged in acquisitions, and the

management and collection of receivables and other

activities in connection with the above.”

B2 Impact endeavours to build financial health through

transparent and ethical debt management, by providing

liquidity to financial institutions, contributing to a healthier

financial system, and impacting the financial situation of our

customers by offering sustainable solutions to handle their

debt. The Group counts approximately 1,529 employees

across its markets and is headquartered in Oslo.

B2 Impact’s objectives, strategy and risk profile are

evaluated annually with the aim to generate financial

results for its shareholders, while yield positive social

effects for all its stakeholders. B2 Impact believes that

its business should create value for its shareholders in

a sustainable manner, which is reflected in our corporate

culture, values and approach to doing business.

In line with our values of integrity and responsibility,

B2 Impact acknowledges its responsibility regarding

climate and environment, social issues, and proper

corporate governance. From preventing corruption

or other unethical behaviour, to commitment to human

rights and labour rights, or environmental standards.

Further information is included in our reporting on

sustainability, which is an integrated part of the Annual-

and Directors’ report.

Corporate Governance

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2 Directors’ report

3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

B2 Impact furthermore commits to transparency in

communicating with its stakeholders, practices equal

treatment of shareholders, and pursues independence

in the relationship between its Board, the Management,

and its shareholders to ensure that decisions are made

in an unbiased and neutral manner. B2 Impact maintains

adequate routines and systems for internal controls,

and risk management.

B2 Impact believes that maintaining sound corporate

governance mechanisms secures adherence to our

fundamental values and ethical guidelines, predictability,

and reduces the level of risk for all our stakeholders.

3. Equity and dividends

B2 Impact pursues a clear and consistent dividend policy,

which aims for shareholder returns of up to 100 % of the

Company’s adjusted net profit after tax (both in cash and

in distribution in kind, as share buy-back programs of

treasury shares).

The dividend policy is the basis for the Board’s

dividend proposals to the Annual General Meeting

and is available on the Company’s webpage. When

proposing dividends, the Board will in all instances assess

the Company’s capital structure, its liquidity and solidity,

current and future opportunities, financial covenants,

general business and market conditions and any capital

restrictions. The Board’s dividend proposals are always

subject to any applicable legal restrictions.

All distributions initiated by the Board always take place

within the limits set out in the authorisation from the

General Meeting. All mandates granted by the General

Meeting to the Board to increase the Company’s share

capital or to purchase treasury shares are restricted to

their defined purposes and are limited in time, i.e. until the

next Annual General Meeting and in no event beyond 30

June of the relevant year.

No share buy-back programs were conducted

during 2024.

The Board continuously monitors both the Company’s

and the Group’s capital structure and will take adequate

steps should the company’s equity or funding structure

no longer be appropriate to its objective or risk profile.

4. Equal treatment of shareholders

B2 Impact is committed to treating all shareholders

equally. Any differentiation is only appropriate if deemed

reasonable and on justified factual grounds, approved by

the general meeting.

In cases where share capital is increased through the

issuance of new shares, it may be justified to waive the

pre-emptive subscription rights of existing shareholders.

If the Board resolves to waive such pre-emptive rights,

a detailed proposal will be presented to the general

meeting for approval. Both the approval and the

justification for this waiver will be publicly disclosed in

a stock exchange announcement in connection with

such a share capital increase.

Any transactions involving B2 Impact’s own shares are

carried out through the stock exchange at the prevailing

rates and are disclosed. B2 Impact can acquire own

shares with a total nominal value of up to 10 % of its

share capital and will be conducted through an external

bank mandate under the “safe harbour” exemption.

Subject to the PLCA and IFRS, specific approval

mechanisms apply to “related party transactions”,

and B2 Impact discloses all “related party transactions”.

5. Shares & negotiability

B2 Impacts shares are issued in a single class, freely

negotiable, and each share carries one vote. B2 Impact

shares carry neither restrictions on ownership and

transferability, nor restrictions on the voting rights linked

to the shares.

Subject to adherence to insider rules and regulations,

Members of the Board and executive management

are encouraged to own B2 Impact shares. All such

shareholdings are disclosed, and any transactions by

the Members of the Board and executive management

(as well as their close associates) financial instruments

issued by B2 Impact, are disclosed in accordance with

the Market Abuse Regulation (as implemented into

Norwegian law).

Members of the Board and the executive management

are encouraged to own shares in the Company.

These shareholdings are disclosed on the Company’s

webpage. All transactions by these persons (and their

close associates) in the shares, and other financial

instruments of B2 Impact, are disclosed to the market

in accordance with the Market Abuse Regulation.

Corporate Governance

B2 Impact — Annual report 2024

2 Directors’ report

3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

6. General meetings

In accordance with the PLCA and B2 Impacts articles

of association, general meetings are convened by the

Board, and prepared and conducted in accordance with

the PLCA. B2 Impact’s annual general meeting is held

before the end of June each year. Notice to all share-

holders (or their depository institution) is given no less

than 21 days prior to the general meeting, and includes

information on registration, participation and voting,

advance voting, and the use of proxies.

All shareholders who wish to attend and vote at the

general meeting must give notice of attendance no later

than two business days prior to the general meeting.

Shareholders can attend either in person or by proxy and

can ask questions and vote relative to their respective

shareholdings. Shareholders can vote on each individual

agenda item, including on each individual candidate

nominated for election.

The Chair of the Board, the CEO and the Chair of the

Nomination Committee are present at the general

meeting. The general meeting elects an independent

representative to chair the meeting. Board members are

encouraged to attend the general meetings.

The general meetings can be held as a physical or an

electronic meeting. Shareholders who are unable to

attend are given the opportunity to vote by proxy or in

advance by electronic means. Proxy forms are made

available and enable shareholders to vote on each of the

agenda items and for each of the individual candidates

that are nominated for election.

B2 Impact adheres to distributing sufficiently detailed

and comprehensive information in advance, allowing

shareholders to form an informed view on the general

meeting’s relevant agenda items.

The minutes of the general meetings are distributed

through Oslo stock exchange and published on the

Company’s website immediately after the general meeting.

7. Nomination committee

In accordance with its articles of association, B2 Impact

has a Nomination Committee. The responsibilities and

functions of the Nomination Committee are described

in the “Instructions for the Nomination Committee”,

adopted by the annual general meeting, and disclosed

on the Company’s webpage.

The Nomination Committee submits proposals to the

annual general meeting regarding the election of (a)

members to the Board, (b) the Chair of the Board, (c)

members and Chair of the Nomination Committee, (e)

and recommendations regarding the remuneration for

the Board and Nomination Committee. To carry out

its tasks as effectively as possible, the Nomination

Committee has individual discussions with the members

of the Board and the CEO.

The Nomination Committee consists of three members.

The members as well as the Chair are elected by the

annual general meeting for a period of two years.

The Nomination Committee members are independent

from the Board and executive management. Neither the

CEO nor other members of executive management are

members of the Nomination Committee.

The Nomination Committee’s recommendations take

into account the guidelines of the Code regarding

the composition and independence of the Board.

Recommendations include motivated grounds,

justification and particularly include information on each

candidate’s competence, experience, capacity, and

independence. They consider ownership interests in the

Company, assignments carried out for the Company,

and assignment for other companies and organisations.

Recommendations for candidates to the Nomination

Committee must ensure a broad cross-section of

shareholders as well as a balance when it comes to

independence.

This information also corresponds to ESRS 2, GOV-1,

23 a-b.

8. Board: composition and independence

In accordance with the Code and with our corporate

governance principles, the Board members are

independent of the Company’s executive management

and material business contracts or material business

connections. The Board is independent from the

Company’s majority shareholders (shareholders who own

10 % or more of the Company’s shares) and no members

of executive management are member of the Board.

The annual report distinguishes which Board members

are independent.

B2 Impact’s Board members do not undertake specific

engagements towards the Company other than their

duty as Board members.

Corporate Governance

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Contents 1 About B2 Impact

The Chair of the Board and the Board members are

elected by the annual general meeting for up to two

years at a time and may be re-elected. The Company’s

annual report provides information regarding the

expertise of the members of the Board, as well as their

attendance in board meetings.

The Board consists of five Board members. B2 Impact

aims to maintain a balanced gender composition in its

Board, with three female and two male Board members.

This information also corresponds to ESRS 2, GOV-1, 21 a-e.

9. Work of the board

In accordance with the PLCA, the ultimate responsibility

for the Company’s activities, its management, and the

supervision of its day-to-day management, rests with the

Board. The Board keeps itself informed of the Company’s

financial position, plans the long-term activities of the

Company, and ensures that the Company’s accounts

and assets and the management thereof are subject to

adequate control. It also ensures that the activities of

executive management are organised in a sound manner.

The Company has a “Board of Directors Rules of

Procedure” that reflects and regulates the responsibilities

and activities of the Board. These procedures govern

how the Board must act in the fulfilment of its duties.

Delineating for example how it must handle agreements

with related parties, including amongst others whether

independent valuations must be obtained. Board members

must declare any material interest in items considered by

the Board, and the Board shall also disclose agreements

related to any such interest to the annual general meeting

and present them in the Directors’ report. Board members

cannot participate in Board discussions or decisions in

matters where they or a close associate has an interest.

In addition, the Board has issued instructions to the

CEO that outline clear allocation of responsibilities and

duties. These instructions also aim to provide the Board

with sufficient, accurate, relevant, and timely information,

allowing it to carry out its duties. The objectives,

responsibilities and functions of the Board and the CEO

are revised annually, in compliance with the rules and

standards applicable to the Group.

In the event of material transactions between the

Company and its shareholders, a shareholder’s parent

company, members of the Board, executive personnel of

the Group or close associates to any such party, the Board

must arrange for an independent third-party valuation.

Independent valuations are also procured for transactions

between Group companies when any of those involved

companies have minority shareholders. The Board has

introduced a Group Related Party Transactions Policy

applicable for all Group entities, employees and for the

Board itself which is available on the company’s webpage.

The Board has established an Audit Committee and

a Remuneration Committee. Both the Audit Committee

and the Remuneration Committee act as a working and

preparatory committee for the Board, preparing matters

and acting in an advisory capacity.

Audit Committee

The members of the Audit Committee are elected by

and from the members of the Board and are appointed

for a two-year term. The Audit Committee members

must have the overall competence required by legislation,

with at least one member of the Audit Committee

competent in the field of finance and audit.

The duties and composition of the Audit Committee

follow the PLCA and Section 3.1.3.6. of the Rulebook.

Its objectives and responsibilities are revised annually and

there are separate Instructions for the Audit Committee,

available on the Company’s webpage.

Remuneration Committee

The members of the Remuneration Committee are

elected by and from the members of the Board for

a two-year term. The Board provides the details for the

appointment of Board committees in the annual report.

The Remuneration Committee follows the provisions of

the PLCA. Its objectives and responsibilities are revised

annually, and it ensures thorough and independent

preparation of matters relating to the performance

and remuneration of the CEO and executive personnel.

It reviews and prepares guidelines and reports on

matters of remuneration or Group performance targets

recommended to the Board. Separate Instructions

for the Remuneration Committee are available on the

Company’s webpage.

Annual evaluation

The Board evaluates its own performance and expertise

annually. Contributing to this annual evaluation, the Board

furthermore has a separate agenda item at the end of

each Board meeting, where the Board discusses matters

without the Management present.

This information also corresponds to ESRS 2, GOV-1, 22 a-b.

Corporate Governance

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2 Directors’ report

3 Corporate Governance

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Contents 1 About B2 Impact

10. Risk management & internal control

The Audit Committee and the Board conduct regular

evaluations of the B2 Impacts areas most exposed to risk.

The Board furthermore evaluates risk on a continuous

basis in relation to specific projects. The Board defines the

overall risk profile and appetite of the Company, which is

then further set out and adopted through the Company’s

governing documents, policies, and guidelines.

The Company’s administration frequently reports to the

Board on operational, financial, and non-financial matters

with the purpose of ensuring that the Board has sufficient

and relevant information, can take informed decisions,

and is able to respond rapidly to changing conditions.

The Board regularly evaluates the main features of

the Company’s internal control and risk management

systems, relating both to the Company’s financial and

non-financial reporting, so it can provide shareholders

of the Company with sufficient information on the

Company’s internal control system.

The Company reports and follows up on risk and

com pliance exposures in all business areas in a consis tent

manner, through its Chief Risk and Compliance Officer.

B2 Impact’s investment process when acquiring

non-performing loans throughout the Group is centrally

led by its Chief Investment Officer and an Investment

Committee which is headed by the CEO. This process

follows the investment thresholds and the authorisations

delegated by the Board. B2 Impact has established

policies in respect of internal control and risk management

in amongst other the areas:

• Ethics, Code of Conduct

• Environmental, Social and Governance

• Risk management

• Compliance, including Group policies covering

anti-corruption and anti-bribery, anti-money

laundering, counter terrorist financing and sanctions,

and whistleblowing

• Financial management, including guidelines for quality

assurance of financial reporting

• People and organisation

• Communication and investor relations

• Related party transactions

11. Remuneration of the Board

The Board’s remuneration is approved by the annual

general meeting, based on a proposal by the Nomination

Committee. The remuneration of the Board is not

linked to company performance, and share options

are not granted to members of the Board. The Board’s

remuneration reflects the Board’s responsibility and

expertise, B2 Impact’s complexity, as well as involvement

in Board committees. The Chair of the Board’s

remuneration is determined separately from that of

the other Board members. Other than the remuneration

approved by the annual general meeting the Board

does not receive additional remuneration.

Board members, personally or through entities

associated with Board members, are not engaged

in specific assignments for B2 Impact beyond their

corporate mandate as members of the Board.

In cases where there are particular grounds,

such assignments can be considered but are

always disclosed to the full Board. If consideration

is appropriate, the Board can propose such consideration

to the Nomination Committee.

Details of the remuneration and benefits of each member

of the Board are disclosed in the Remuneration Report.

This report is available on the Company’s webpage and

is attached to the notice for the annual general meeting.

This information also corresponds to ESRS 2, GOV-3, 29 e.

12. Remuneration of executive personnel

B2 Impact’s remuneration practice aims to align the

interests of its executive personnel and its share holders.

Remuneration practices should as a principle be kept

simple and transparent, and performance-related

remuneration should be subject to a limit. The Company’s

maintains a Remuneration Policy, approved by the annual

general meeting. The Remuneration Policy contains

guidelines on fixed and variable remuneration for

executive personnel, with the goal to support the Group’s

values and strategy. Any deviations from the policy are

subject to Board consideration. This policy is accessible

on the Company’s webpage.

Total remuneration for the CEO and executive personnel

consists of fixed remuneration, a variable remuneration,

a long-term incentive program, supplemented by fringe

benefits and pension arrangements.

The Remuneration Policy caps performance-related

short-term incentives to 70 % of fixed remuneration.

Performance-related remuneration for executive

personnel consists of a short-term incentive

program portion and a long-term incentive program.

Corporate Governance

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Contents 1 About B2 Impact

The Remuneration Policy allows for the reclaiming or

“clawback” of variable remuneration, in part or in its

entirety, in certain circumstances.

The short-term incentive program is based on

quantifiable Group and individual targets. These targets

are designed to promote the Company’s interest over

time and create value for our shareholders. The targets

for 2024 included financial targets.

The long-term incentive program consists of a share

option program. Share options are granted on an annual

basis, with one-third of the grant becoming exercisable

on each of the first, second and third anniversary of

the grant.

This information also corresponds to ESRS 2, GOV-3, 29 e.

13. Information & communications

B2 Impact’s communication aims to be transparent

and treat all shareholders equally. The Company

communicates in a timely, comprehensive, and accurate

manner to our shareholders and the financial markets in

general, to provide an accurate and transparent view of

our share.

Communication happens through annual and quarterly

reports, press- and stock exchange releases, and investor

presentations. Such information is channelled through

the stock exchange and the Company’s website.

All communi cation is done by the Chair of the Board,

the CEO, the CFO, the Head of Investor Relations,

or a person appointed and authorised by them.

The Company promptly discloses all information in

accordance with the Market Abuse Regulation and the

Norwegian Securities Trading Act unless exception

circumstances apply. In such circumstances, B2 Impact

follows strict guidelines applicable to delayed disclosure.

The Company follows strict guidelines for handling inside

information, which are available on the company’s webpage.

B2 Impact is subject to the rules applicable to companies

listed on the Oslo Stock Exchange.

14. Take-overs

In case of a take-over bid, the Board will endeavour to

comply the recommendations of the Code. The Board

acknowledges that is has a responsibility towards B2

Impact’s shareholders to ensure that they receive sufficient

information and time to assess a take-over offer. The Board

will obtain a valuation from an independent expert and on

this basis make a recommendation to the shareholders

whether to accept the bid. The Board will at the same time

safeguard that B2 Impact’s daily business activities are not

disrupted unnecessarily or unproportionally.

The Board will not undertake measures to obstruct a

take-over bid and will refrain from taking actions that lead

to certain shareholders or others obtaining an advantage

over or at the expense of other shareholders or the

company. The Board will not seek to enact measures

aiming to protect its personal interests at the expense of

the interests of B2 Impacts shareholders.

Deviations from the Code:

B2 Impact currently has no other written procedures

concerning take-over bids. Other than the principles

above and the relevant law, B2 Impact has not deemed

it necessary to implement additional policies relating to

take-over bids.

5. Auditor

B2 Impact’s external auditor is invited to the meetings of

the Board and the Audit Committee where the quarterly

reports, accounting principles, assessment of accounting

estimates, disagreements between the auditor and the

Management and/or the Audit Committee, the annual

report, or other audit-related topics are on the agenda.

The external auditor presents the Board annually with

an overview of the main elements and main focus of its

audit plan. The Board and the external auditor assess and

discuss the weaknesses identified by the external auditor

and any subsequent proposals for improvements. The

Board meets with the external auditor without the executive

management’s representatives present at least once a

year. Communication between the external auditor and the

Board on matters brought to light by external audit and of

which the Board should be informed to be able to fulfil its

responsibilities, take place in writing. Such reports include

the nature and potential consequences of the matter.

The external auditor annually submits a report to the Audit

Committee, attesting its independence and explaining

the results of the statutory audits carried out. To maintain

the independence of the external auditor, the Audit

Committee has, on behalf of the Board, specified routines

for the use of the external auditor for non-audit services.

The remuneration of the external auditor is reported to

the annual general meeting.

Corporate Governance

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Contents 1 About B2 Impact

Harald L. Thorstein

• Independent

• Chair of the Board since May 2020

• Leader of the Remuneration Committee

Founder and Managing Partner of the London based

advisory company Arkwright London Partners LLP. He has

previously held positions in Seatankers Management and

DnB Markets.

Chair of the Board of Jacktel AS, and board member

of Yara International ASA, Odfjell Drilling Ltd, Odfjell

Technology Ltd and Dof Group ASA. Extensive board

experience includes Aktiv Kapital, Axactor and SFL Corp.

MSc in Industrial Economics and Technology Management

with specialisation within Finance and Optimisation.

MSc in Industrial Economics and Technology Management

with specialisation within Finance and Optimisation.

This information corresponds to ESRS 2 GOV-1 §20a & §21c.

Board of

Directors

Number of board meetings in 2024: 26/26

Number of shares: 360,000

Nationality: Norwegian

Born: 1979

Adele Bugge Norman Pran

• Independent

• Board member since May 2018

• Leader of the Audit Committee

Management consultant, board professional and investor.

Professional experience from private equity and M&A

consulting. Partner and CFO in Herkules Capital for

12 years.

Chair of the board of Zalaris ASA. Board member of,

among others, ABG Sundal Collier ASA, Agentum Asset

Management AS, Hitecvision AS, Motor Gruppen AS,

Løvenskiold-Fossum ANS and Bane Nor SF.

Cand. jur degree from University of Oslo, Master of

Accounting from NHH Norwegian School of Economics.

This information corresponds to ESRS 2 GOV-1 §20a & §21c.

Number of board meetings in 2024: 26/26

Number of shares: 90,000

Nationality: Norwegian

Born: 1970

Board of Directors

B2 Impact — Annual report 2024

2 Directors’ report

3 Corporate Governance

4 Financial Statements

Contents 1 About B2 Impact

Jessica Sparrfeldt

• Independent

• Board member since May 2023

Holds the position of Chief Line of Business Ledger &

Financing at PayEX. Previous positions include Head of

Strategy Execution in PayEx Group, Head of Business

Finance and Deputy CEO at Avida, Head of Corporate at

Collector Bank and Företagsbanken at Marginalen Bank.

Board member of Alfakraft Fonder AB and SHE Invest.

DIHM degree from IHM Business School (Market Economist),

project management certificate from ESI International

George Washington University, UC Business School

This information corresponds to ESRS 2 GOV-1 §20a & §21c.

Henrik Wennerholm

• Independent

• Board member since December 2023

25 years of investing and operating experience in

financial services from both the private and public

sectors. Until August 2021 he was the CEO of DDM

Holding AG. Founder of Sileo Kapital AB which was later

acquired by B2 Impact ASA. Previous experience further

includes various roles with Aktiv Kapital ASA (PRA Group),

Öhman (Pareto Securities) and Hoist Finance AB.

M.Sc. International Economics and Business from the

Stockholm School of Economics.

This information corresponds to ESRS 2 GOV-1 §20a & §21c.

Number of board meetings in 2024: 26/26

Number of shares: 0

Nationality: Swedish

Born: 1978

Number of board meetings in 2024: 26/26

Number of shares: 1,960,000

Nationality: Swedish

Born: 1975

Board of Directors

Ellen Hanetho

• Independent

• Board member since December 2023

Professional experience from investment banking and

private equity as a finance and business development

executive in corporations such as Frigaard Invest, Credo

Partners, Goldman Sachs Investment Banking Division in

London and the Brussels Stock Exchange and Citibank

in Brussels.

Founder of Cercis AS. Chair of the board of Mer AS;

member of the board of, among others, MPC Container

ASA, EQVA ASA, Stokke Industri AS and Kristian Gerhard

Jebsen Group Ltd.

BSBA from Boston University, MBA from Solvay University,

executive training at INSEAD and Harvard Business School.

This information corresponds to ESRS 2 GOV-1 §20a & §21c.

Number of board meetings in 2024: 26/26

Number of shares: 33,354

Nationality: Norwegian

Born: 1964

Financials

Contents

B2 Impact — Annual report 2024

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4 Financial Statements

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Financial

contents

Consolidated income statement 86

Consolidated statement of comprehensive income 87

Consolidated statement of financial position 88

Consolidated statement of changes in equity 89

Consolidated statement of cash flows 90

Notes to the consolidated financial statements 91

Parent company income statement 157

Parent company balance sheet 158

Parent company cash flow statement 159

Notes to the parent company financial statements 160

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Year ended 31 December Notes 2024 2023

Interest revenue from purchased loan portfolios 4 2 301 2 473

Net credit gain/(loss) from purchased loan portfolios 4 483 366

Profit from investments in associated parties/joint ventures 17 116 222

Gain on sale of collateral assets

20 100 146

Other revenues

7 683 568

Revenue & Profit from JV’s 6 3 683 3 775

External expenses of services provided 8 -556 -533

Personnel expenses 9 -1 054 -1 027

Other operating expenses 10 -482 -532

Depreciation and amortisation 15 -91 -95

Impairment losses 14, 15 0 -11

EBIT 1 500 1 578

Financial income 42 26

Financial expenses -1 196 -1 124

Net exchange gain/(loss) 12 -12

Net financial items 11 -1 142 -1 110

Profit/(loss) before tax 358 468

Income tax expense 12 -80 -105

Profit/(loss) after tax 277 363

Profit/(loss) attributable to:

Parent company shareholders 277 363

Non-controlling interests 0 0

Earnings per share (in NOK):

Basic 13 0.75 0.94

Diluted 13 0.75 0.94

Consolidated

income statement

All figures in NOK million unless otherwise stated

1. Previously presented gross revenue with cost of collateral sold under

operating expenses.

2. Other revenues includes interest revenue and net credit gain/(loss)

from loan receivables.

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Year ended 31 December Notes 2024 2023

Profit/(loss) after tax 277 363

Other comprehensive income

Items that may be reclassified subsequently to profit or loss:

Exchange differences on translation of foreign operations 309 428

Hedging of currency risk in foreign operations 4.2 -72 -150

Hedging of interest rate risk 4.2 -3 -146

Tax attributable to items that may be reclassified to profit or loss 0 74

Other comprehensive income 234 206

Total comprehensive income 511 569

Total comprehensive income attributable to:

Parent company shareholders 511 569

Non-controlling interests 0 0

Consolidated

statement of

comprehensive

income

All figures in NOK million unless otherwise stated

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As at 31 December Notes 2024 2023

Deferred tax asset 12 381 389

Goodwill 14 807 769

Tangible and intangible assets 15, 16 324 365

Investments in associated companies and joint ventures 17 822 781

Investment in purchased loan portfolios 4 12 069 11 542

Other non-current financial assets 18 34 372

Total non-current assets 14 436 14 218

Income tax receivable 49 50

Other current assets 19 507 317

Collateral assets 20 1 380 1 339

Cash and cash equivalents 21 516 1 404

Total current assets 2 452 3 111

Total assets 16 888 17 328

Share capital 22 37 39

Other paid in capital 22 2 844 2 844

Other capital reserves 23 47 43

Foreign currency translation reserve 980 743

Other equity, including net profit for the year 1 710 1 918

Equity attributable to parent company's shareholders 5 618 5 587

Equity attributable to non-controlling interests 0 1

Total equity 5 618 5 588

As at 31 December Notes 2024 2023

Deferred tax liabilities 355 430

Non-current interest bearing loans and borrowings 24 9 555 7 970

Other non-current liabilities 16, 25 185 256

Total non-current liabilities 10 095 8 655

Current interest bearing loans and borrowings 24 2 245

Bank overdraft 24 247 225

Accounts and other payables 26 319 174

Income taxes payable 12 82 29

Other current liabilities 16, 27 527 411

Total current liabilities 1 175 3 085

Total equity & liabilities 16 888 17 328

/sign/

Harald L. Thorstein

Chair of the Board

/sign/

Henrik Wennerholm

Board Member

/sign/

Adele Bugge Norman Pran

Board Member

/sign/

Ellen Hanetho

Board Member

/sign/

Jessica Sparrfeldt

Board Member

/sign/

Trond Kristian Andreassen

Chief Executive Officer

Oslo, 29 April 2025

Consolidated statement of financial position

All figures in NOK million unless otherwise stated

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Attributable to parent company shareholders

Notes

capital

Other

paid-in

capital

Treasury

Other

capital

reserves

Interest

hedge

reserve

Foreign

currency

hedge

reserve

Foreign

currency

translation

reserve

Other

equity Total

Non -

controlling

interests

Total

equity

At 1 January 2023 40 2 844 -1 40 31 434 1 829 5 216 1 5 217

Profit/(loss) for the year after tax 363 363 0 363

Other comprehensive income -146 -150 428 74 206 206

Total comprehensive income -146 -150 428 437 569 0 569

Capital reduction 22 -1 1 0 0

Share buy-back programme 22 -2 -121 -123 -123

Share based payments 23 4 4 4

Exercise of options 23 -2 -2 -2

Dividend paid to parent company's shareholders 22 -77 -77 -77

Dividends to non-controlling interests 0 0 0

At 31 December 2023 39 2 844 -2 43 -146 -119 862 2 066 5 587 1 5 588

Profit/(loss) for the year after tax 277 277 0 277

Other comprehensive income -3 -72 309 234 234

Total comprehensive income -3 -72 309 277 511 0 511

Capital reduction 22 -2 2 - -

Share buy-back programme 22 0 -5 -5 -5

Share based payments 23 3 3 3

Exercise of options 23 - -

Dividend paid to parent company's shareholders 22 -479 -479 -479

Dividends to non-controlling interests 0 0

At 31 December 2024 37 2 844 - 47 -149 -191 1 171 1 859 5 618 0 5 618

1. Interest hedging instruments of interest derivatives, please refer to note 4.2 for further details.

2. Foreign exchange hedging instruments of net investment in foreign operations, please refer to note 4.2 for further details.

3. Non-controlling interests in Latvia and Poland, please refer to note 29 for further details.

Consolidated statement of changes in equity

All figures in NOK million unless otherwise stated

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Year ended 31 December Notes 2024 2023

Cash flow from operating activities

Profit before tax 358 468

Adjustment for non-cash items:

Amortisation and revaluation of purchased loan portfolios 2 251 2 899

Repossession of collateral assets -194 -276

Cost of assets sold, including impairment 20 360 364

Profit from investments in associated parties/joint ventures 17 -116 -222

Finance income 11 -42 -26

Finance costs 11 1 196 1 124

Other items

-291 -97

Operating cash flows:

Cash received from investments in associated

parties/joint ventures

114 202

Income tax paid during the year -103 -144

Interest received 22 23

Decrease/(increase) in current assets -178 -15

Decrease/(increase) in other non-current financial assets 261 -66

Increase/(decrease) in current liabilities 179 -3

Increase/(decrease) in non-current liabilities -59 260

Net cash flow from operating activities 3 758 4 493

Cash flow from investing activities

Payment of purchased loan portfolios 4 -2 168 -2 584

Proceeds from sold performing and non-performing loan

portfolios 319

Investments/divestments in subsidiaries, joint ventures and

associated companies 7 310

Purchase of tangible and intangible assets -34 -67

Net cash flow from investing activities -1 876 -2 341

Year ended 31 December Notes 2024 2023

Cash flow from financing activities

Proceeds from the issue of new shares 22 0 0

Payment buy-back share programme -5 -122

Proceeds from new external loans during the year 24 26 053 20 119

Repayment of external loans during the year 24 -27 188 -20 942

Interest and commitment fee paid on borrowings -884 -932

Borrowing cost paid -302 -69

Repayment of principal amount on lease liabilities 16 -31 -50

Excercised share options 23 -2

Dividend paid to parent company's shareholders 22 -479 -77

Dividends paid to non-controlling interest 0 0

Net cash flow from financing activities -2 836 -2 077

Net cash flow during the year -954 74

Net cash at 1 January 1 179 1 045

Exchange rate difference on cash and cash equivalents 44 60

Net cash at 31 December 269 1 179

Net cash comprised of:

Cash and cash equivalents 21 516 1 404

Bank overdraft 24 -247 -225

Consolidated statement of cash flows

All figures in NOK million unless otherwise stated

1. Including "Net foreign exchange differences" previously reported on separate line.

2. Previously reported under "Cash flows from investing activities".

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Notes to the

financial statements

Note 1: General information, basis of

preparation, consolidation principles, new and

amended standards adopted by the Group

and new and amended standards issued but

not yet effective

1.1 General information

B2 Impact ASA (the Company or Parent) and its

subsidiaries (together the Group) is a pan-European debt

investor and servicer. The business consists of purchase,

management and collection of unsecured and secured

non-performing loans.

B2 Impact ASA is a Norwegian public limited company

listed on the Oslo Stock Exchange (Oslo Børs) with

ticker B2I. The Company’s registered office is at Cort

Adelersgate 30, 0254 Oslo, Norway.

The consolidated financial statements of the Group for

the year ending 31 December 2024 were authorised for

issue in accordance with a resolution of the Board of

Directors on 29 April 2025.

1.2 Basis of preparation

The consolidated financial statements of B2 Impact ASA

and its subsidiaries have been prepared in accordance

with International Financial Reporting Standards (IFRS®

Accounting Standards) as adopted by the European

Union (EU) and Norwegian Authorities, effective as of

31 December 2024.

The consolidated financial statements have been

prepared on a historical cost basis except for the following

assets and liabilities that are measured at fair value:

• derivatives,

• participation loan/notes, and

• structured bond and investment funds

Preparation of the financial statements, including note

disclosures, requires management to make estimates

and assumptions that affect amounts reported. Actual

results may differ. See note 3 “Critical accounting

judgments and key sources of estimation uncertainty”.

The functional currency of B2 Impact ASA is the Norwegian

krone (NOK). The B2 Impact Group consolidated financial

statements are presented in NOK and all values are

rounded to the nearest million (NOK’000 000) except

when otherwise indicated. B2 Impact ASA has been

granted permission from the Norwegian authorities to

publish the Group accounts in English only.

1.3 Consolidation principles

The consolidated financial statements include B2 Impact

ASA and subsidiaries. Subsidiaries are entities in which

B2 Impact ASA has control. Control is achieved when the

Group is exposed, or has rights, to variable returns from its

involvement with the investee and has the ability to affect

those returns through its power over the investee. As of

December 31, 2024 B2 Impact ASA has more than 50 % of

the voting power in all subsidiaries.

All intercompany transactions and balances including

profit and loss resulting from these transactions are

eliminated in full upon consolidation.

A change in the ownership interest of a subsidiary, without

a loss of control, is accounted for as an equity transaction.

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If the Group loses control over a subsidiary, it derecognises

the related assets (including goodwill), liabilities, non-

controlling interest, and other components of equity

while any resultant gain or loss is recognised in profit or

loss. Any investment retained is recognised at fair value.

1.4 New and amended standards adopted by the Group

B2 Impact Group applied for the first-time certain standards

and amendments, which are effective for annual periods

beginning on or after 1 January 2024 (unless otherwise

stated). The Group has not early adopted any other

standard, interpretation or amendment that has been

issued but is not yet effective.

Amendments to IAS 1 - Classification of Liabilities as

Current or Non-current

These amendments specify the requirements for

classifying liabilities as current or non-current. In addition,

an entity is required to disclose when a liability arising

from a loan agreement is classified as non-current

and the entity’s right to defer settlement is contingent

on compliance with future covenants within twelve

months. The amendments have resulted in additional

disclosures in Note 24 but have not had an impact on

the classifi cation of the Group’s liabilities.

Other amendments are not relevant for the group.

IASB has issued IFRS 18 Presentation and Disclosure in

Financial Statements which will replace IAS 1 Presentation

of Financial Statements. This standard will impact

our reporting and the way we present our financial

statements. IFRS 18 are effective for reporting periods

beginning 1. January 2027. B2 Impact is currently working

to identify all impacts this new standard will have.

Note 2: Accounting principles

2.1 Business combinations and goodwill

Business combinations are accounted for using the

acquisition method. According to this method, acquisitions

of subsidiaries are viewed as transactions by which the

Group indirectly acquires the subsidiary’s assets and

assumes its liabilities and contingent liabilities and values

those assets and liabilities meeting the conditions for

recognition under IFRS 3 Business Combinations, at their

fair value on the acquisition date.

The purchase price consists of the fair value of the

consideration given on the transfer date, including any

conditional purchase consideration which is recognised

as a liability at fair value at the acquisition that date.

Non-controlling interests arise in cases where the Group

acquires less than 100 % of the shares in the subsidiary.

If purchase price exceeds the net fair value of the

identifiable assets, liabilities and contingent liabilities,

the difference will be recognised as goodwill.

Following initial recognition, goodwill is measured at cost

less any accumulated impairment losses. For the purpose

of impairment testing, goodwill acquired in a business

combination is, from the acquisition date, allocated

to each of the Group’s cash-generating units (CGU),

or groups of cash-generating units, that are expected

to benefit from the synergies of the combination,

irrespective of whether other assets or liabilities of the

Group are assigned to those units or groups of units.

Goodwill is tested for impairment annually, or more

frequently if events or changes in circumstances indicate

that the carrying value may be impaired, by comparing the

carrying amount of the CGU, including goodwill, with the

recoverable amount of the CGU. The Group calculates the

recoverable amount of the CGU by determining the higher

of the fair value less cost to sell and its value in use. The key

assumption for the value in use calculation is the forecasted

cash flows during the forecast period, WACC and growth

rate. If the recoverable amount of the CGU is less than the

carrying value of the unit, the impairment loss is allocated

first to reduce the carrying amount of any goodwill

allocated to the unit and then to the other assets of the

unit pro-rata on the basis of the carrying amount of each

asset in the unit. An impairment loss recognised for good-

will is recognised immediately in the consolidated income

statement and is not reversed in a subsequent period.

On disposal of an operating unit within a CGU to which

goodwill has been allocated, the goodwill associated with

that operation is included in the carrying amount of the

operation when determining the gain or loss on disposal.

2.2 Investments in associated companies and joint

ventures

An associated company is an entity over which the

Group has the ability to exercise significant influence

and that is not a subsidiary or a joint venture. Significant

influence is the power to participate in the financial and

operating policy decisions of the investee but without

the ability to have control over those policies. Significant

influence normally exists when the Group has 20 % to

50 % voting power through ownership or agreements.

Investments in associ ated companies are accounted for

using the equity method.

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A joint arrangement is a contractual arrangement whereby

the Group and other parties undertake an economic

activity that is subject to joint control. That is when the

strategic financial and operating policy decisions relating

to the activities of the joint activities require the unanimous

consent of the parties sharing control. Joint arrangements

which represents a residual interest in the arrangement

are joint ventures. The Group’s participation in joint

arrangements is all classified as joint ventures. See further

details about investments in associated companies and

joint ventures see note 17.

Under the equity method the investment is recognised

at cost and subsequently adjusted to the Group’s share

of the change in the investment’s net assets since

acquisition date. The equity method is applied from the

date a significant influence arises until the time it ceases,

or the associated company or joint venture becomes

a subsidiary. Adjustments are made where necessary

to bring the accounting policies in line with those of

the Group.

The financial statements of the associates and joint

ventures are prepared for the same reporting period

as the Group, except for the Joint Venture EOS Credit

Funding BL DAC, which prepare financial statements

for the period 1 March to 28 February. Adjustments are

made for the effects of transactions or events that occur

between the date of the Group’s consolidated financial

statements and that date.

The Group’s investments in associates and joint ventures

are tested for impairment when there are indications that

these investments may be impaired.

2.3 Foreign currencies

The consolidated financial statements are presented

in NOK, which is B2 Impact ASA’s functional currency.

Transactions in foreign currencies are initially recognised

in the functional currency at the exchange rate at the

date of the transaction. Monetary assets and liabilities

denominated in foreign currencies are translated to

the functional currency using the exchange rate at the

reporting date. All exchange differences are recognised

in the income statement with the exception of exchange

differences on foreign currency borrowings that provide

an effective hedge against a net investment in a foreign

entity, or monetary items that are regarded as a part of

the net investments. These exchange differences are

recognised as a separate component of other compre-

hensive income until the disposal of the net investment

or settlement of the monetary item, at which time they

are recognised in the income statement. Tax charges and

credits attributable to exchange differences on those

borrowings are also recognised in other comprehensive

income. Non-monetary items measured at historical cost

in foreign currency are translated using the exchange

rates at the dates of the initial recognition. The date of

initial recognition for non-monetary assets on which the

Group has paid an advance consideration is the date of

the payment of the advanced consideration.

The Group has foreign entities with functional currency

other than NOK. At the reporting date, the assets and

liabilities of foreign entities with functional currencies

other than NOK are translated into NOK at the rate

of exchange at the reporting date and their income

statements are translated at the average exchange rates

for the year. The translation differences arising from

the translation are recognised in other comprehensive

income until the disposal of the net investment, at which

time they are recognised in the income statement.

2.4 Purchased loan portfolios

Investment in loan portfolios consist of portfolios of

non-performing loans and debt, purchased at prices

significantly below the nominal receivable. They are

recognised at amortised cost according to the credit-

adjusted effective interest method in accordance with

the rules for credit-impaired receivables set out in IFRS

9 Financial instruments. Loan portfolios are classified as

non-current assets in the statement of financial position.

The credit-adjusted effective interest method is a

method of calculating the amortised cost of a credit-

impaired financial asset and of allocating the interest

income to the income statement over the relevant period.

The credit-adjusted effective interest rate is the rate that

exactly discounts estimated future cash receipts through

the expected life of the financial instrument, or when

appropriate a shorter period, to the net carrying amount

of the financial asset.

In connection with loan portfolios, the effective interest

rate is calculated based on the acquisition cost,

including all transaction costs, and estimated future

cash flows which includes the nominal amount, reminder

fees, collection fees and late interest that, based on a

probability assessment, are expected to be received

from debtors.

Each portfolio is initially recorded in the statement

of financial position at cost, including all transaction

costs. Subsequent price adjustments for portfolios

are recorded as an adjustment to the statement of

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financial position. Interest income on loan portfolios is

accrued monthly in the income statement based on

each portfolios credit adjusted effective interest rate.

Monthly cash flows greater than the cash flow forecast

for the same period are recorded as part of the “Net

credit gain/loss loan portfolios” in the period. Likewise,

monthly cash flows that are less than the monthly cash

flow forecast for the same period are also classified as

part of the “Net credit gain/loss purchased loan portfoli-

os” in the period.

Portfolios are defined to be the lowest reliable level for

aggregating accounts with similar attributes, such as

accounts in the same jurisdiction or similar types or

classes of debt. The portfolio is accounted for as a single

unit for the recognition of income, principal payments

and adjustments due to the recalculation of the

estimated future cash flows.

The Group also acquires portfolios on a forward flow

basis. This means that a contract is established for

purchases of loan portfolio at an agreed price as

a percentage of a nominal receivable, but where the

volumes of debts are not fully known at the time of

agreement. The acquisition (delivery) of forward flow

debts can be done on a monthly basis. For reporting

and IFRS evaluation purposes, the Group combines

these acquisitions into portfolio pools by vendor and

sets future collections expectations based on these

combined pools. The internal rate of return can therefore

vary from each pool based on content of the pool.

Unidentified receipts and excess payments

The Group receives large volumes of payments from

debtors. There are instances where the sender’s reference

information is missing or incorrect making it difficult to

allocate the payment to the right case. There are also

situations where payments are received on closed cases.

In such instances, a liability is recognised in the statement

of financial position for unidentified or incorrectly received

payments. A reasonable search and attempt to contact

the payment sender are made but, failing this, the

payment is recognised as income at intervals that are

permitted according to the rules and business practices

of the local jurisdiction.

Collateral assets

In connection with the acquisition and recovery of loan

portfolios, the Group may become owner of assets such

as land, buildings or other physical goods. These assets

are only acquired as part of the recovery strategy for the

purpose of being divested within the Group’s ongoing

operations to maximize the value of recoveries. Such

assets are classified as inventories and recognized in

the balance sheet at the lower of cost and net realisable

value in accordance with IAS 2 Inventories.

2.5 Segments

An operating segment is a part of the Group that generates

income and incurs expenses, and for which separate

financial information is available that is evaluated regularly

by the chief operating decision maker, the Chief Executive

Officer, in deciding how to assess performance and

allocate resources to the operating segment. The operative

segments for the Group are Investments and Servicing.

2.6 Revenue from contracts with customer

The Group applies IFRS 15 Revenue from Contracts

with Customers five-step model where by revenue is

recognised at an amount which reflects the consideration

to which the Group expects to be entitled in exchange for

transferring goods or services to a customer. Revenue is

measured at the fair value of the consideration received

or receivable, taking into account contractually defined

terms of payment and excluding taxes and duties.

Revenue from contracts with customers are mainly

revenue from external collection, telemarketing, fraud

prevention and credit information services. Revenue from

contracts with customers is presented in one-line item

in the consolidated income statement as part of “Other

revenues” and specified in note 7 Other revenues.

2.7 Taxes

Current income tax

Income tax assets and liabilities for the current and prior

periods are measured at the amount expected to be

recovered from or paid to the tax authorities. The tax rates

and tax laws used to compute the amount are those that

are enacted or substantively enacted at the balance sheet

date in the countries where the Group operates. When

there is uncertainty regarding if particular tax treatments

made in tax filings will be accepted by the tax authorities,

but acceptability is probable, accounting tax positions are

determined consistently with the treatment in the tax filings.

If acceptability is not probable, the uncertainty is reflected

when determining the accounting tax positions.

Income tax relating to items recognised directly in other

comprehensive income or equity is recognised in other

comprehensive income or equity and not in the income

statement.

Deferred tax

Deferred income tax is computed using the liability

method on temporary differences between the tax basis

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of assets and liabilities and their carrying amounts in the

statement of financial position at the reporting date.

Deferred tax assets and liabilities are not recognised

if the temporary difference arises from the initial

recognition of goodwill or in respect of temporary

differences associated with investments in subsidiaries,

associates or joint ventures where the timing of the

reversal of the temporary difference can be controlled

and it is probable that the temporary difference will not

reverse in the foreseeable future.

Deferred tax assets are recognised in the statement of

financial position to the extent it is more likely than not

that the tax assets will be utilised. The enacted tax rates

at the end of the reporting period and undiscounted

amounts are used.

The carrying amount of deferred tax assets is reviewed

at each reporting date and reduced to the extent that it

is no longer probable that sufficient taxable profit will be

available to allow all or part of the deferred tax asset to be

utilised. Unrecognised deferred tax assets are reassessed

at each reporting date and are recognised to the extent

that it has become probable that future taxable profit will

allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the

tax rates that are expected to apply to the year when

the asset is realised or the liability is settled, based

on tax rates and tax laws that have been enacted or

substantively enacted at the reporting date.

Deferred tax assets and deferred tax liabilities are offset,

if a legally enforceable right exists to set off current tax

assets against current tax liabilities and the deferred

taxes relate to the same taxable entity and the same

taxation authority.

2.8 Tangible assets

Tangible assets, such as improvements to rented

offices, equipment, fixtures and fittings are recognised

at cost less accumulated depreciation and accumulated

impairment, if any. Cost includes the purchase price

and costs directly attributable to installing the asset in

the way intended. Repair and maintenance costs are

expensed as incurred.

Depreciation is calculated on a straight-line basis over the

useful life of these assets, and for improvements to rented

offices, over the remaining expected term of the property

lease, if this is less than the useful life. For practical

reasons, the residual value of the asset is set to zero.

2.9 Leases

The Group leases various office buildings, vehicles,

and smaller equipment. Rental contracts are typically

made for fixed periods of 6 months to 10 years but may

have extension or termination options.

Contracts may contain both lease and non-lease

components. The group allocates the consideration in

the contract to the lease and non-lease components

based on their relative stand-alone prices.

Assets and liabilities arising from a lease are initially

measured on a present value basis. Lease liabilities include

the net present value of the contractual lease payments.

The group is exposed to potential future increases in

variable lease payments based on an index or rate, which

are not included in the lease liability until they take effect.

When adjustments to lease payments based on an index

or rate take effect, the lease liability is reassessed and

adjusted against the right-of-use asset.

Lease payments are allocated between principal and

finance cost. The finance cost is charged to profit or loss

over the lease period to produce a constant periodic

rate of interest on the remaining balance of the liability

for each period. For the classification in the statement of

cash flow the interest payments on the lease liabilities

follow the same principles as other interests.

Right-of-use assets are measured at cost comprising

the following:

• the amount of the initial measurement of lease liability,

• any lease payments made at or before the

commencement date less any lease incentives received,

• any initial direct costs, and

• restoration costs

Right-of-use assets are generally depreciated over the

shorter of the asset’s useful life and the lease term on a

straight-line basis.

Payments associated with short-term leases of equipment

and vehicles and all leases of low-value assets are

recognized on a straight-line basis as an expense in profit

or loss. Short-term leases are leases with a lease term of

12 months or less.

2.10 Intangible assets

Intangible assets include purchase of software and

intangible assets acquired separately or in a business

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combination. Internal expenses for IT development

and internal and external maintenance expenses are

expensed as incurred.

Intangible assets acquired separately are measured on

initial recognition at cost. The cost of intangible assets

acquired in a business combination is its fair value as at

the date of acquisition.

Following initial recognition, intangible assets are carried at

cost less any accumulated amortisation and accumulated

impairment losses, if any. Intangible assets are amortised

on a straight-line basis over the useful economic life and

assessed for impairment whenever there is an indication

that the intangible asset may be impaired.

The intangible assets’ residual values and useful lives

are reviewed, and adjusted if appropriate, at each

reporting date. The amortisation expense on intangible

assets is presented in the income statement as part of

“Depreciation and amortisation”.

The Group assesses at each reporting date whether there

is an indication that an intangible asset may be impaired.

If any such indication exists, the Group makes an estimate

of the asset’s recoverable amount. If it is not possible to

estimate the recoverable amount of an individual asset,

the Group determines the recoverable amount of the cash

generating unit to which the asset belongs.

See also section 2.1 Business combinations and goodwill.

2.11 Financial assets and liabilities: classification,

measurement and impairment

The Group’s main financial assets and liabilities are

described below. See section 2.12 for a description of

the Group’s use of derivative financial instruments for

the purpose of risk management.

Investment in loan portfolios

Investments in loan portfolios are the primary business

activity of the Group and consist of portfolios of

non-performing loans and debt, purchased at prices

significantly below the nominal value of the receivable.

Management performs a detailed analysis when a

portfolio is acquired and determines classification at

initial recognition. It is management’s conclusion that the

criteria for a business model of Hold to collect and the

SPPI criteria are satisfied for the acquired portfolios, hence

these loan portfolios will be measured at amortised cost

using the effective interest method in accordance with the

rules for credit-impaired at acquisition financial assets as

set out in IFRS 9 Financial Instruments.

Loan portfolios are measured at amortised cost.

Their accounting treatment is described in more detail

in section 2.4 and note 3.

Other non-current financial assets

Other non-current financial assets are primarily derivatives

measured at FVTPL. See note 4.5 for additional information

about fair value financial assets.

Other current assets

Accounts and other receivables are recognised when the

Group has performed and there is a contractual obligation

on the counterparty to pay, even if an invoice has not yet

been received. Accounts receivables are recognised when

an invoice has been sent. Accounts and other receivables

are recognized at the transaction price, nominal amount

unless containing a significant financing component, and

subsequently measured at amortised cost less any loss

allowance. The loss allowance is based on a lifetime credit

loss. The anticipated maturity of these receivables is short,

so their carrying values are not discounted.

Customer cash accounts, included in Other, represent

cash received on collection of a specific debt on behalf of

a client and payable to the client within a specific period of

time. The same amount is reported within other payables.

Cash and cash equivalents

Cash and cash equivalents consist of cash and short-term

deposits as well as immediately available balances with

banks and similar institutions. Short-term deposits are

easily and readily convertible to a known amount of cash

and have a maturity of not more than three months.

Interest-bearing loans and borrowings including

overdrafts

Bonds are initially recognised at the fair value of the

consideration received less directly attributable transaction

costs. After initial recognition, interest-bearing loans and

borrowings, are subsequently measured at amortised cost

using the effective interest method and included in net

financial items. The upfront fees and discounts are a part of

the borrowing cost and are recognised as part of the interest

expense in accordance with the effective interest method.

Due to their short-term nature, other loans and borrowings

are recognised at nominal value and are subsequently

measured at amortised cost.

Impairment of financial assets

IFRS 9 Financial Instruments requires recognition of

expected credit losses (ECL) for the Group’s investments in

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debt instruments measured at amortised cost. The Group

applies the practical expedient of the lifetime ECL model

for accounts receivable. For loan receivables at amortised

cost, the ECL 3-stage model is applied. In stage 1, ECL from

default events that are possible within the next 12 months is

recognised. In stage 2 and 3 (credit risk has increased signi-

ficantly since initial recognition), lifetime ECL is recognised.

The acquired loan portfolios are credit impaired at date

of acquisition and are out of scope for the general ECL

impairment model. Full lifetime ECL is included in the

estimated cash flows when calculating the effective

interest rate, and only cumulative changes in lifetime ECL

since initial recognition is recognized as a loss allowance.

2.12 Derivatives

The Group uses the following derivative financial

instruments to hedge its risks associated with interest

rates and foreign exchange rates: interest rate swaps (with

or without cap), interest rate caps, foreign exchange swaps

and cross currency rate swaps (with or without cap).

The derivative financial instruments are measured at fair

value. Any gains or losses arising from changes in fair

value on derivatives that are not cash flow hedges or

hedges of net investments are recognized in the income

statement as financial income or expense.

Derivatives are recognised without any offsetting;

as assets when the value is positive and as liabilities when

the value is negative, unless the Group has the intention or

legally enforceable right to settle the contracts net.

2.13 Derecognition of financial assets and liabilities

The Group derecognizes a financial asset when the

contractual rights to the cash flow from the asset expire,

or when it transfers the financial asset and substantially

all the risks and rewards of ownership of the asset to

another party.

A financial liability is derecognised when the obligation

under the liability is discharged, cancelled, or expires.

2.14 Offsetting of financial instruments

Financial assets and financial liabilities are offset with

the net amount reported in the statement of financial

position only if there is a current enforceable legal right

to offset the recognised amounts and an intent to settle

on a net basis, or to realise the assets and settle the

liabilities simultaneously.

2.15 Fair value of financial instruments

The fair value of financial instruments that are traded

on active markets at each reporting date is determined

by reference to quoted market prices or dealer price

quotations, without any deduction for transaction costs.

For financial instruments that are not traded on an active

market, the fair value is determined using appropriate

valuation techniques which include:

• using recent market transactions

• reference to the current fair value of another

instrument that is substantially the same and

• a discounted cash flow analysis or other valuation

model.

An analysis of the fair values of financial instruments and

further details as to how they are measured are provided

in note 4 Financial risk management.

2.16 Provisions

Provisions such as workforce reductions, onerous contracts

and legal claims are recognised when the Group has a

present legal or constructive obligation as a result of past

events, it is probable that an outflow of resources will be

required to settle the obligation, and the amount can be

reliably estimated. Provisions are measured at manage-

ment’s best estimate of the expenditure required to settle

the obligation at the reporting date and are discounted

to present value. Where the Group expects full or partial

reimbursement of the expense related to the provision,

for example under an insurance contract, the reimburse-

ment is recognised as a separate asset but only when the

reimbursement is virtually certain.

2.17 Pensions and other post-employment liabilities

Defined contribution pension plans

The Group has a series of defined contribution pension

plans which are pension plans under which the Group

pays contributions to publicly or privately administered

pension insurance plans on a mandatory, contractual,

or voluntary basis. The contributions are recognised as

employee benefit expense when they are due.

The Group has no legal or constructive obligations to pay

further contributions if the fund does not hold sufficient

assets to pay all employees the benefits relating to

employee service in the current and prior periods,

and therefore does not record a pension liability in the

statement of financial position.

Other post-employment liabilities

The Group’s employees in certain jurisdictions are

entitled to one month’s severance pay in the event

of old-age or disability retirement, in accordance with

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national labour regulations. This post-employment liability

is based on a valuation carried out by a professional

actuarial firm. Provisions for other termination benefits

are created once employment is terminated.

2.18 Share based payments

Members of the Group management and some key

employees may receive remuneration in the form

of share-based payments that are considered as

equity-settled share-based payments.

The cost of equity-settled transactions is determined

by the fair value at the date when the grant is made,

see further details in note 23 Share based payments.

The fair value reflects market performance conditions,

while service and non-market performance conditions

are not considered. The cost is recognised as personnel

costs, with a corresponding increase in other capital

reserves, over the vesting period. The cumulative

expense recognised at each reporting date until the

vesting date reflects the extent to which the vesting

period has expired and the Group’s best estimate of the

number of equity instruments that will ultimately vest.

The Group is obliged to withhold and pay an amount,

and report the full amount, to local tax authorities for the

employee’s tax obligations associated with redemption

of vested share options. In addition, the Group may be

obliged to report and pay social security tax.

No expense is recognised for awards that do not ultimately

vest because of non-market performance and/or service

conditions not being met. Where an award is cancelled by

the entity, any remaining element of the fair value of the

award is expensed immediately through profit or loss.

The dilutive effect of outstanding options is reflected as

additional share dilution in the computation of diluted

earnings per share. For further details, see note 13

Earnings per share.

2.19 Equity and net investment hedge

Share capital is stated at the nominal value of the shares

that have been issued. Other paid-in capital consists of

any premiums received in connection with the initial issue

of share capital. Any transaction costs associated with

the issuing of shares are deducted from other paid-in

capital, net of any related income tax benefits.

Other capital reserves represent the cumulative cost of

share-based payments, as described in note 2.18 above.

The effects of exchange differences on translation of

foreign currency are included as a separate component

of equity.

The Group hedges net investments in foreign operations

when feasible. The hedged risk is the foreign currency

translation risk caused by the consolidation of an

investment in a foreign subsidiary with a different

functional currency than the parent. With hedge

accounting, the change in carrying amount due to

exchange rate fluctuations to the degree considered an

effective hedge, will be reported as “Hedging of currency

risk in foreign operations” in Other comprehensive

income. Gains or losses on the hedging instrument

relating to the effective portion of the hedge are

recognised as Other comprehensive income while any

gains or losses relating to the ineffective portion are

recognised in the income statement. On disposal of

the foreign operation, the cumulative value of any such

gains or losses recorded in equity is transferred to the

statement of profit or loss. For further details, see note 4

Financial risk management.

Other equity includes current and prior period results as

disclosed in the consolidated statement of profit or loss

and other comprehensive income.

2.20 Dividends

The Group recognises a liability to pay a dividend to owners

of equity once it has been approved by the shareholders

at the Shareholders’ General Meeting. A corresponding

amount is recognised directly in equity.

Dividend revenue is recognised when the Group’s right

to receive the payment is established, which is generally

when the shareholders have approved the dividend.

2.21 Classification in the statement of financial position

Current assets and liabilities include items due less than

one year from the reporting date, and items tied to the

operating cycle, if longer. Other assets are classified as

non-current assets. The current portion of long-term

debt is included as current liabilities.

2.22 Related parties

Parties are defined as related parties if one party has

the ability, directly or indirectly, to control the other party

or exercise significant influence over the other party in

making financial and operating decisions. Parties are also

related if they are subject to common control or common

significant influence. All transactions between the related

parties are based on the principle of ‘arm’s length’

(estimated market value).

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2.23 Consolidated statement of cash flows

The indirect method is used for the consolidated statement

of cash flows which reconciles the change in cash and

cash equivalents to the profit for the year before tax.

For the purpose of the consolidated statement of cash

flows, cash and cash equivalents, defined in section

2.12 Financial assets and liabilities, are shown net of any

outstanding bank overdrafts.

Foreign subsidiary transactions are translated in the cash

flow statement at the average exchange rate for the period.

Acquired and divested subsidiaries are recognised as cash

flow from investing activities on a net basis after deducting

cash and cash equivalents in the acquired or divested

company.

Note 3: Critical accounting judgements and

key sources of estimation uncertainty

The preparation of consolidated financial statements

requires management to make judgements and

assumptions that can significantly affect the amounts

recognised in the financial statements. Additionally,

major sources of estimation uncertainty at the end of the

reporting period can have a significant risk of resulting in

a material adjustment to the carrying amounts of assets

or liabilities in future periods.

Key sources of estimation uncertainty and critical

judgements are continually evaluated and updated based

on expectations about future events that are believed by

Management to be reasonable under the circumstances.

When applying the Group’s accounting policies,

Management has made the following judgements,

which have the most significant effect on the amounts

recognised in the consolidated financial statements:

Investment in loan portfolios

The Group uses a credit-adjusted effective interest

rate method to account for the loan receivables in the

acquired loan portfolios. The use of the credit-adjusted

effective interest rate method requires the Group to

estimate future cash flows at each balance sheet

reporting date. The underlying estimates that form the

basis for interest income recognition and impairment

losses on the portfolios depends on variables such

as the ability to contact the customer and reach an

agreement, estimated timing of cash flows, the general

economic environment and statutory regulations. Interest

income from loan portfolios is the calculated amortised

cost interest revenue from the acquired loan portfolios

using the credit-adjusted effective interest rates set at

initial acquisition in the consolidated income statement.

Events or changes in actual versus estimated collections

and Management’s assessment of future cash flows

will impact the net present value of future cash flows

and therefore the amortised cost book value of the

acquired loan portfolios. The cash flow estimates are

prepared by management over a forecast period of time.

Significant professional judgment is required when future

cash flows are estimated. Many factors can potentially

impact this assesment: macroeconomic conditions,

portfolio characteristics, historical cash flows, collateral,

experience from similar portfolios and country specific

regulation. All of these are considered when estimating

future cash flows but the impact they have will vary

over time and differently from one portfolio to the

next. Assessment of potential non-linear relationships

or correlation between macroeconomic factors and

estimated future cash flows are often difficult to find and

to quantify, hence we have not identified macrofactors

that we can model with enough certainty to use in our

cash flow forecasting. However, Management carefully

assesses the economic climate in the regions and

countries where we make investments and make

necessary and expected changes to cash flow forecasts.

If the cash flow estimates are revised, the carrying

amount is recalculated by computing the present

value of estimated future cash flows using the original

credit-adjusted effective interest rate. This adjustment,

due to changes in the actual and estimated cash flows,

is recognised in the consolidated income statement as

“Net credit gain/loss from investments in loan portfolios”.

Actual cash flows may differ from the estimates,

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making it reasonably possible that a change in estimates

could occur and impact the carrying value of the

related purchased loan portfolio. On a quarterly basis

management reviews the estimates of future cash flows

and whether it is reasonably possible that its assessment

of collectability may change based on actual results

and other factors that may have an impact on the

estimates. Where management is made aware of special

circumstances relating to a purchased loan portfolio

that may affect the reliability of previous assumptions,

they will review and, if necessary, change the future cash

flow estimates.

There is higher estimation uncertainty related to future

cash flows arising from acquired portfolios in Denmark

due to an ongoing assessment of whether these

portfolios are subject to errors in portfolio data which

could make some of the claims defective and/or delay

collections. B2 Impact has assessed different scenarios.

The current assessment is that we will be able to recover

carrying value of these portfolios.

For further details, see notes 2.4 Purchased loan

portfolios and 4 Financial risk management.

Goodwill impairment testing

In accordance with IAS 36, goodwill is tested at least

on an annual basis for impairment. If a loss in value is

indicated, the recoverable amount is the cash-generating

unit’s (CGU’s) fair value less the cost of disposal or its

value in use. When testing goodwill for impairment,

Management defines the recoverable amount as the

estimated value in use. The value in use is the net

present value of the estimated cash flows before tax.

The discount rate used is the weighted average cost

of capital (WACC) before tax calculated for each CGU.

Estimating the financial assets’ recoverable amount

is based on Management’s judgements related to

estimates of future performance and cash flows, the

interest income generating capacity of the assets

and assumptions related to future market conditions.

A possible impairment of goodwill is determined

by assessing the recoverable amount of the lowest

identifiable CGU (or group of CGUs) to which the

goodwill relates. For specific details related to the

testing of goodwill, see note 14 Goodwill.

Deferred tax assets

Deferred tax assets are recognised for all unused tax

losses to the extent that it is probable that taxable

profit will be available against which the losses can be

utilised. Significant management judgment is required

to determine the amount of deferred tax assets that will

be recognised, based upon the reliable evidence as to

the estimated timing and amount of the future taxable

profits. Further details are included in note 2.7 and note

12 Income tax.

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Note 4: Financial risk management

4.1 Financial risk

The Group’s activities are exposed to financial risks:

market risk, currency and interest rate risk, credit risk,

liquidity risk and cash flow risk. The Group’s overall risk

management program focuses on the unpredictability

of financial markets and seeks to minimise potential

adverse effects on the Group’s financial performance.

Market and regulatory environment

The primary market risk for the Group is related to

general economic conditions and statutory regulations in

various geographical markets which have an impact on

the debtors’ ability to pay and vendors’ criteria for selling

portfolios of loans and receivables. The services and

products offered in the respective geographical markets

are subject to strict local laws and regulations, including

requirements for lending, ownership and debt collection

licenses, as well as legislation concerning personal data

protection. Any legislative changes concerning consumer

credit could affect the Group’s earnings, market position

and range of products and services.

Currency and interest rate risk

The strategy of the Group is to manage and limit both

currency and interest rate risk. The Group holds various

derivative financial instruments with the purpose of

reducing its interest rate exposure and achieving a

suitable currency ratio between its assets and liabilities.

Currency risk

Net debt adjusted for derivatives are made in relevant

currencies reflecting the underlying expected future

cash flows from loans and receivables. The exceptions

are Romanian Leu (RON), Bulgarian Lev (BGN), Hungarian

Forint (HUF), Bosnian Convertible Mark (BAM), Czech

Koruna (CZK) and Serbian Dinar (RSD) where all borrowing

is done in EUR.

The Group's bond loans are denominated in EUR

and borrowings under the multi- currency revolving

credit facility are drawn in PLN, SEK, DKK and EUR.

At 31 December 2024, Net debt amounted to NOK 9

452 million. Net debt represented a currency basket

comprising EUR: 66 %, PLN: 21 %, SEK: 9 % and DKK:

4 %. The Group has not entered into any currency

derivatives as at 31 December 2024.

Interest rate risk

The Group uses interest rate swaps and interest rate

caps to reduce its interest rate exposure. The Group's

strategy is to hedge between 60 % and 120 % of Net

debt up to a maximum period of 5 years. The hedging

ratio at 31 December 2024 was 72 % with a duration of

approx. 2.7 years.

Under the arrangements in effect at 31 December 2024,

a 1 %-point increase in market interest rates is estimated

to have a net negative effect on net financial items of

NOK 24 million with an estimated increased interest cost

of NOK 92 million partly offset by an increase in cash

payments from derivatives of NOK 68 million. In addition,

the fair value of the derivatives is estimated to have

a positive impact of NOK 385 million which would be

registered in the OCI due to the application of hedge

accounting. A 1 %-point decrease in market interest

rates is estimated to have a net positive effect on net

financial items of NOK 24 million, driven by a decrease

in the estimated interest expenses of NOK 92 million

and a decrease in the cash payments from derivatives

of NOK 68 million. In addition, the fair value of the

derivatives is estimated to have a negative impact of

NOK 411 million which would be registered in the OCI

due to the application of hedge accounting.

In general, changes in macroeconomic factors such as

interest rates may impact the debtors’ ability to repay

their debt and thereby influence the future cash flow

received from the portfolios.

The currency sensitivity analysis shown below is based on

book value of loans and receivables at 31 December 2024,

net of Net debt and the effect of currency derivatives.

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All figures in NOK million unless otherwise stated

Closing rate at NOK NOK NOK NOK 31 December strengthens strengthens weakens weakens Currency2024 against NOKby 20 %by 10 %by 10 %by 20 %DKK 1.5816 -21 -10 10 21EUR 11.7950 -286 -143 143 286SEK 1.0293 -160 -80 80 160HUF 0.0287 -7 -3 3 7BAM 6.0308 -7 -3 3 7RSD 0.1008 -18 -9 9 18PLN 2.7591 -289 -145 145 289RON 2.3712 -90 -45 45 90BGN 6.0308 -4 -2 2 4CZK 0.4683 -88 -44 44 88GBP 14.2249 0 0 0 0Total impact -971 -485 485 971on book values

Credit risk

Most of the loans and receivables are unsecured. As long as there is uncertainty about

the ability of debtors to fulfil their obligations, there will also be considerable risk linked

to cash collected from the Group’s loans and receivables. Management’s view is that

the real credit risk exposure is reduced through the price discount paid on acquisition of

the portfolios.

In order to minimise the credit risk exposure, the Group continues to invest in staff with

broad experience in credit management, and focus on increased analytical approaches

to portfolio assessments. In addition, the Group’s investment in effective IT systems and

a more uniform cross-border business model will result in better control of the Group’s

business, which in turn will also help reduce the risk of credit losses.

Maximum exposure to credit risk 2024 2023Purchased loan portfolios 12 069 11 542Loan receivables 10 200Investments in associated companies and joint ventures 822 781Other non-current financial assets 34 372Accounts receivable 27 41Other current assets 529 326Cash and cash equivalents 516 1 404Total at 31 December 14 007 14 666

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12 months or less 1-2 years 2-5 years More than 5 yearsInterest bearing loans & borrowings 740 740 7 287 3 589(current and non-current)Other non-current liabilities 41 76 31Bank overdraft 247Accounts and other payables 319Other current liabilities 527Total at 31 December 2024 1 833 781 7 363 3 619Interest bearing loans & borrowings (current and non-current) 3 164 7 473 5 188Other non-current liabilities 43 90 44Bank overdraft 225Accounts and other payables 174Other current liabilities 411Total at 31 December 2023 3 974 7 516 5 277 44

All figures in NOK million unless otherwise stated

Liquidity risk

The Group’s multi-currency revolving credit facility of EUR 610 million and the two senior unsecured bond loans of in

total EUR 450 million, and the cash and cash equivalents, totalling NOK 13,019 million at 31 December 2024, ensures

necessary funding to meet future payment obligations. At 31 December 2024, the Group had an unused part of the

revolving credit facility totalling EUR 196 million or NOK 2,312 million, an unused part of the multi-currency overdraft

totalling EUR 19 million or NOK 225 million and cash and cash equivalents of NOK 516 million.

The table below summarises the maturity profile of the Group's financial liabilities based on contractual undiscounted

payments:

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All figures in NOK million unless otherwise stated

Capital structure

The Group’s Net interest-bearing debt was NOK 9,286 million at 31 December 2024. Total equity, net of intangible assets

(incl. goodwill), was NOK 4,698 million and total assets, net of intangible assets (incl. goodwill), was NOK 16,052 million.

The Group monitors its capital structure by calculating a total loan to value ratio, defined as Net debt, adjusted for

vendor financing, earn out, financial lease, fair value of hedging instrument, less cash and deposits divided by the

carrying value of purchased loan portfolios, loan receivables, joint venture investments, collateral assets and goodwill.

The total loan to value ratio at 31 December 2024 was 65 % which is lower than the maximum allowed loan to value

covenant requirement under the multi-currency revolving credit facility of 75 %.

Refer to note 24 for more information about the Group's financial covenants.

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Notional Notional Fair amount in amount in Fixed Floating valueInstrument CurrencyCurrencyNOKrate Strike3M IBORNOK Start DueInterest rate derivatives:Interest rate swap PLN 75 207 0.6650 % 5.85 % 4 14/05/2020 14/05/2025Interest rate swap PLN 75 207 0.6670 % 5.85 % 5 15/06/2020 16/06/2025Interest rate swap PLN 75 207 0.6850 % 5.85 % 5 14/07/2020 14/07/2025Interest rate swap PLN 50 138 4.3585 % 5.85 % 2 14/10/2024 14/10/2027Interest rate swap PLN 75 207 4.3175 % 5.85 % 3 14/11/2024 15/11/2027Interest rate swap PLN 50 138 4.2490 % 5.85 % 3 14/10/2024 14/10/2028Interest rate swap PLN 100 276 4.1749 % 5.85 % 6 16/12/2024 14/12/2028Interest rate swap EUR 75 885 3.0000 % 2.71 % -10 08/03/2024 30/04/2026Interest rate swap EUR 75 885 2.1280 % 2.71 % -1 18/12/2024 18/03/2028Interest rate swap EUR 75 885 2.1280 % 2.71 % -1 18/12/2024 18/03/2028Interest rate swap EUR 75 885 2.8154 % 2.71 % -14 08/03/2024 30/04/2027Interest rate swap EUR 50 590 2.0040 % 2.71 % 2 18/12/2024 20/09/2027Interest rate swap EUR 25 295 2.0727 % 2.71 % 1 14/11/2024 14/02/2029Interest rate swap SEK 300 309 3.7000 % 2.54 % -8 14/11/2023 16/11/2026Interest rate swap SEK 150 154 2.9395 % 2.54 % -2 14/03/2024 15/03/2027Interest rate swap SEK 150 154 3.0800 % 2.54 % -1 15/04/2024 14/04/2026Interest rate swap SEK 150 154 1.9140 % 2.54 % 3 16/12/2024 14/03/2029Interest rate swap DKK 150 237 2.6757 % 2.67 % -3 15/01/2024 14/01/2027-6

All figures in NOK million unless otherwise stated

4.2 Derivative financial instruments and hedge accounting

At 31 December 2024, the Group had the following derivative financial instruments:

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Net investment hedging relationships 2024 2023Change in carrying amount of net investment hedge instruments as a result of foreign currency movements since 1 January, recognised in OCI -72 -150Change in value of hedged item used to determine hedge effectiveness 72 150

In addition to changes in fair value, net financial items is also affected by the interest paid and received under the

interest rate swaps and foreign exchange forwards.

Hedge accounting

The Group applies hedge accounting in accordance with IFRS 9 in order to reduce risk related to effect of interest rate

changes and currency risk. Currently the Group only has qualifying cash flow and net investment hedges. At inception

of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged

items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the

cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking these

hedge transactions. Amounts recognised in other comprehensive income and accumulated in hedging reserve within

equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss. It is presented in the

same line in the income statement as the recognised hedged item.

Net investment hedging

The Group applies hedge accounting to hedges of net investments in foreign subsidiaries. The hedged risk is the

foreign currency translation risk caused by the consolidation of an investment in a foreign subsidiary with a different

functional currency than the Parent. Foreign currency borrowings are used as hedging instruments. These instruments

are presented as non-current interest bearing debt in the balance sheet. Instruments in EUR, PLN and SEK are used to

hedge the investments in the Group's subsidiaries with functional currencies EUR, PLN and SEK. The hedge ratio of the

relationship is defined as the principal of the hedging instrument to the designated part of the hedged item, resulting

in a 100 % hedge ratio. Hedge ineffectiveness may arise when the amount of the investment in the foreign subsidiary

becomes lower than the amount of the debt and derivatives designated as hedging instruments. There was no hedge

ineffectiveness recorded in the years ending 31 December 2024 and 2023, since the foreign currency gains and losses

on the hedged items are offset by the foreign currency gains and losses on the hedging instruments. Any reclassifi-

cations from net investment hedge reserve to the income statement, due to for instance sales of subsidiaries, can be

seen in the Consolidated statement of comprehensive income and the Consolidated statement of changes in equity.

All figures in NOK million unless otherwise stated

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As at 31 December 2024 2023Nominal amounts net investment hedge instruments 3 796 3 613

As at 31 December 2024 2023Nominal amounts of cash flow hedge items 6 812 4 789

Debt designated as hedging instruments in net investment hedges are recognised on the line item Non-current

interest bearing loans and borrowings in the Consoldiated statement of financial position.

The following table shows the maturity profile (in nominal values) of the Group’s net investment hedge instruments

(only designated part of instruments are included):

<1 year 2 years 3 years 4 years TotalAs at 31 December 2024 1 850 1 946 3 796 As at 31 December 2023 1 702 1 911 3 613

Interest-bearing debt designated as hedging instruments in net investment hedges (only designated part of

instruments is included):

All figures in NOK million unless otherwise stated

Cash flow hedging

The Group partially hedges its cash flow exposure related to its interest-bearing debt with floating interest rate.

In order to hedge this exposure the Group uses hedging instruments like interest rate swaps and/or interest rate caps.

The hedge ratio of the relationship is defined as the principal of the hedging instrument to the designated part of the

hedged item, resulting in a 100 % hedge ratio.

Cash flow hedging relationships 2024 2023Gain/(loss) recognised in OCI -3 -146

Interest-bearing debt designated as hedging items in cash flow hedges (only designated part of instruments is included):

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Impact of hedging on equity

Set out below is the reconciliation of the components of equity and the analysis of the other comprehensive income:

Debt designated as hedging items in cash flow hedges is recognised on the line items Current and Non-current

interest bearing loans and borrowings in the Consoldiated statement of financial position.

The following table shows the maturity profile (in nominal values) of the Group’s cash flow hedge items (only designated

part of items are included):

<1 year 2 years 3 years 4 years TotalAs at 31 December 2024 621 1 348 2 211 2 632 6 812 As at 31 December 2023 1 686 1 417 1 686 - 4 789

Interest Foreign currency hedge reservetranslation reserve As at 1 January 2023 31 Foreign currency revaluation of the PLN borrowing -117 Foreign currency revaluation of the SEK borrowing 6 Foreign currency revaluation of the EUR borrowing -39 Cash flow revaulation of the interest derivatives -146 Tax effect 36 37 As at 1 January 2024 -109 -82 Foreign currency revaluation of the PLN borrowing -27 Foreign currency revaluation of the SEK borrowing 4 Foreign currency revaluation of the EUR borrowing -48 Cash flow revaulation of the interest derivatives -3 Tax effect -1 -10 As at 31 December 2024 -113 -163

All figures in NOK million unless otherwise stated

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4.3 Purchased loan portfolios

Purchased loan portfolios at 31 December 2024

2024 2023At 1 January 11 542 11 181Portfolio investments in the period 2 248 2 5701Reclassification from investment in joint ventures0 157Collection from purchased loan portfolios -5 034 -5 738Interest revenue from purchased loan portfolios 2 301 2 473Net credit gain/(loss) from purchased loan portfolios 483 366Book value of sold purchased loan portfolios -29 -452Exchange rate differences 558 985At 31 December 12 069 11 542

1. Amount reclassified from investment in joint ventures due to increased

owernship from 30 % to 100 % of Profit Participating notes in a portfolio

owning SPV as of 16 January 2023.

Collections from purchased loan portfolios:

Collections are the actual cash collected and assets recovered from purchased loan portfolios.

Net credit gain/(loss) from purchased portfolios:

The Group purchases materially impaired loan portfolios at significant discounts and impairments are already included

at purchase. The expected credit loss for the purchased loan portfolios is not explicitly recognized as a loss provision

since these financial assets are credit impaired by definition and the estimated loss is already part of the amortized cost.

The Group's exposure to credit risk from the purchased loan portfolios is related to actual gross collections deviating

from collection estimates and from changes in future cash collection estimates. The Group regularly evaluates the

current collection estimates on single portfolios and the estimate is adjusted if collections are determined to deviate from

current estimate over time. The adjusted collection estimates is discounted by the initial rate of return at acquisition of the

portfolio. Changes from current estimate adjusts the book value of the portfolio and is included in the consolidated income

statement in the line item "Net credit gain/(loss) from purchased loan portfolios". The portfolios are evaluated quarterly.

Gross collections above collection estimates and upwards adjustment of future collection estimates increase revenue.

Gross collections below collection estimates and downwards adjustment of future collection estimates decrease revenue.

All figures in NOK million unless otherwise stated

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Net credit gain/(loss) from purchased loan portfolios is specified in the table below:

At 31 December 2024 2023Secured portfolios:Collection from purchased loan portfolios 740 1 525Collection above/(below) estimates 187 873Changes in future collection estimates -218 -741Net credit gain/(loss) from secured portfolios -31 132Unsecured portfolios:Collection from purchased loan portfolios 4 294 4 213Collection above/(below) estimates 332 183Changes in future collection estimates 181 51Net credit gain/loss from unsecured portfolios 513 234Net credit gain/(loss) from purchased loan portfolios 483 366

Net purchase of purchased loan portfolios, cash flow statement:

2024 2023Purchase of loan portfolios -2 248 -2 570Change in prepaid/amounts due on purchase of purchased loan portfolios 80 -14Net purchase of purchased loan portfolios, cash flow statement -2 168 -2 584

All figures in NOK million unless otherwise stated

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All figures in NOK million unless otherwise stated

4.4 Fair value estimation purchased loan portfolios

The Group classifies fair value measurements by using a fair value hierarchy that reflects the significance of the input

that is used in preparing the measurements. The fair value hierarchy has the following levels:

Level 1: the input is quoted prices (unadjusted) in an active market for identical assets or liabilities. Level 2: the input is prices, other than quoted prices included in level 1, that are observable for the asset or liability either directly (as prices) or indirectly (calculated from prices). Level 3: the input to the asset or liability is not based on observable market data (non-observable input).

The fair value of unquoted financial assets has been estimated using valuation techniques based on assumptions

that are not supported by observable market prices. The fair value of purchased loan portfolios (level 3) has been

calculated by discounting cash flow forecasts at either the effective interest rate from the latest purchases in

each country or where this is not obtainable an estimated effective interest which we believe would be a good

representative for what a rational market participant would use.

The fair value of interest bearing loans and borrowings is equal to book value for the Multi-currency revolving credit

facility (level 2) as the loans are based on one to six month floating interest. The fair value for the bond loans (level 1)

were determined by obtaining quoted market prices for the bond loans from the Norwegian Stock Exchange. The fair

value of derivatives is set by calculating the present value of future cash flow using market rates for interest and

currencies. In the case of the derivatives the fair value is confirmed by the financial institution that is the counterparty.

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As at 31 December 2024 As at 31 December 2023Carrying amount Fair value Carrying amount Fair valueFair value Fair valuethrough through profitAmortised profit Amortised or losscostTotal Level 1 Level 2 Level 3 Tota lor losscostTotal Level 1 Level 2 Level 3 TotalFinancial assets Purchased loan portfolios (note 4.4) 12 069 12 069 12 00311 375 11 542 11 542 12 003 12 003Derivatives (note 4.2) 34 34 34 34 48 48 48 48Other assets where carrying amount is a reasonable approximation of fair value and for which fair values are disclosed:Loan receivables (Note 18) 10 10 200 200Accounts receivables (Note 19) 27 27 41 41Collateral assets (Note 20) 1 380 1 380 1 339 1 339Cash and cash equivalents (Note 21) 516 516 1 404 1 404Financial liabilitiesInterest bearing loans and borrowings (note 24) 247 9 555 9 802 5 620 4 888 10 508 225 10 215 10 440 5 620 4 866 10 486Derivatives (note 4.2) 40 40 40 40 49 49 49 49

All figures in NOK million unless otherwise stated

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Note 5: Business combinations and acquisition of non-controlling interests

5.1 Acquisitions in 2024

The Group made no significant business acquisitions in 2024 or 2023.

Note 6: Segments

6.1 Operating segments

The Group applies IFRS 8 Operating Segments. An operating segment is a part of the Group from which it can generate

income and incur expenses, for which separate financial information is available, and whose results are regularly reviewed

by the Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated. The Group CEO has

been identified as CODM.

Investments consist of the purchase and management of unsecured and secured loan portfolios directly or through

investments in joint ventures. Collateral assets acquired as part of the recovery strategy are included in Investments.

Servicing is the collection of payments of claims on behalf of the Investment segment, joint ventures, and third-party

clients. The servicing segment generates revenues from commissions and debtor fees.

No operating segments have been aggregated to form the above reportable operating segments.

Internal transactions between the Investments and Servicing segment are priced on commercial terms. The commission

is recognized as inter segment revenue in Servicing and as direct operating expense in Investments. Inter-segment

revenues and costs are eliminated upon consolidation and reflected as Unallocated items & eliminations in the segment

reporting.

Revenues from issued consumer loans (loan receivables), credit information and other services on behalf of clients are

included in Other, assessed to be not reportable operating segments.

All figures in NOK million unless otherwise stated

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Unallocated items & Year ended 31 December 2024 Investments Servicing Othereliminations TotalExternal revenue 3 011 406 264 2 3 683Inter segment revenue 816 0 -816 0Net revenue 3 011 1 222 264 -814 3 683Direct opex -1 243 -721 -32 662 -1 335Segment earnings 1 767 501 232 -152 2 348IT -169SG&A -317Central costs -271 EBITDA 1 591Depreciation, amortisation and impairment losses -91 EBIT 1 500

Unallocated Investments Servicing Otheritems TotalInterest revenue from purchased loan portfolios 2 301 - - - 2 301 Net credit gain/(loss) from purchased loan portfolios 483 - - - 483 Profit from investments in associated parties/joint 116 - - - 116 ventures Gain on sale of repossessed collateral assets (REOs) 100 - - - 100 Other revenue 10 406 264 2 683 Revenue 3 011 406 264 2 3 683

All figures in NOK million unless otherwise stated

IT and SG&A are considered supporting segments, where SG&A includes sales, general and administrative expenses,

e.g., Human Resources, Finance, Communication and Marketing, Legal and Compliance and other staff functions.

Other items included in Unallocated items & eliminations include non-recurring items.

External revenue specification per segment

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Unallocated items & Year ended 31 December 2023 Investments Servicing Othereliminations TotalExternal revenue 3 228 373 174 0 3 775Inter segment revenue 0 876 0 -876 0Net revenue 3 228 1 250 174 -876 3 775Direct opex -1 359 -743 -43 824 -1 322Segment earnings 1 869 506 130 -52 2 453IT -171SG&A -338Central costs -261 EBITDA 1 684Depreciation, amortisation and impairment losses -106 EBIT 1 578

All figures in NOK million unless otherwise stated

External revenue specification per segmentUnallocated Revenue split Investments Servicing Otheritems TotalInterest revenue from purchased loan portfolios 2 473 2 473 Net credit gain/(loss) from purchased loan portfolios 366 366 Profit from investments in associated parties/joint 222 222 ventures Gain on sale of collateral assets 146 146 Other revenue 21 373 174 0 568 Revenue & Profit from JVs 3 228 373 174 0 3 775

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External revenue specification per region 2024 2023Northern Europe 896 839 Poland 1 293 1 015 Central Europe 592 798 Western Europe 344 426 South Eastern Europe 557 696 Revenue & Profit from JVs 3 683 3 775

All figures in NOK million unless otherwise stated

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Investments 2024 2023Secured collections 740 1 525Unsecured collections 4 294 4 213Total collections 5 034 5 738Secured amortisation -250 -210Unsecured amortisation -1 964 -1 999Total amortisation -2 214 -2 209Secured revaluations -218 -741Unsecured revaluations 181 51Total revaluations -37 -690Total purchased loan portfolios (NPLs) revenue 2 784 2 839Profit from investments in joint ventures 116 222Gain on sale of collateral assets 100 146Other revenue 10 21Revenue 3 011 3 228Direct opex -1 243 -1 359Segment earnings 1 767 1 869Segment earnings in % 59 % 58 %1Portfolio investments2 248 2 741Book value secured NPLs 1 444 1 832Book value unsecured NPLs 10 625 9 710Book value investments in joint ventures 822 781Book value collateral assets 1 380 1 339

1. Includes the Group’s share of portfolios held in SPVs and joint

ventures.

6.2 Segment details

All figures in NOK million unless otherwise stated

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Investments 2024 2023Revenue from sale of collateral assets 330 499Cost of collateral assets sold -230 -351Write-down of collateral assets -2Gain on sale of collateral assets 100 146Gain on sale of collateral assets % 44 % 41 %

All figures in NOK million unless otherwise stated

Servicing 2024 2023Internal servicing revenue 816 876Servicing revenues from Joint ventures 86 89Revenue from external clients 321 285Net revenue 1 222 1 250Direct opex -721 -743Segment earnings 501 506Segment earnings in % 41 % 41 %

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2024 2023Collection fees, commissions and debtor fees from external collection 402 372Other revenues from contracts with customers 36 47Total revenue from contracts with customers 438 419Revenues from loan receivables 233 128Rental income from collateral assets 9 14Other revenues 4 8Total Other revenues 683 568

Note 7: Other revenues

All figures in NOK million unless otherwise stated

Note 8: External expenses of services provided

2024 2023Fees to court and bailiffs -416 -392External cost portfolio acquisition & search -4 -6Other fees for external services, including fees to lawyers for collection services -136 -135Total External expenses of services provided -556 -533

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Note 9: Personnel expenses

2024 2023Wages, salaries and other benefits paid -736 -771Social security costs & payroll taxes -140 -147Defined contribution pension costs -34 -41Cost of external temporary staff -9 -18Other personnel costs, including training and recruitment costs -135 -50Total Personnel expenses -1 054 -1 027Number of full time equivalents (FTEs) at 31 December 1 377 1 607

The pension schemes of the Norwegian companies in the Group follow the requirements under the mandatory pensions act (Norwegian

"Lov om obligatorisk tjenestepensjon (OTP)").

All figures in NOK million unless otherwise stated

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2024 2023Printing, postage -55 -57IT, telecommunications -136 -124Cost of office premises -29 -32Travel, vehicles, accomodation -21 -24Marketing, business entertaining, meetings, arrangements -14 -14Consultancy fees - non collection services -116 -128Statutory and other corporate costs, including business insurance and trade licences -23 -23Office equipment and supplies -11 -14Impairment of receivables 2 -2Bank charges -10 -9Other expenses -69 -105Total Other operating expenses -482 -532

2024 2023Interest revenue 28 25Gain on other financial instruments (excluding derivatives) 12 0Other financial income 2 1Financial income 42 26Interest expenses -1 001 -1 044 Interest cost and commitment fees -860 -956 Amortisation of borrowing costs -141 -87Change in fair value of interest rate derivatives -1 -15Interest expense on leases -12 -121Loss on other financial instruments (excluding derivatives)-144 -39Other financial expenses -38 -14Financial expenses -1 196 -1 124Realised exchange gain/(loss) -719 -311Unrealised exchange gain/(loss) 731 298Change in fair value of currency derivatives 0 0Net exchange gain/(loss) 12 -12Net financial items -1 142 -1 110

Note 10: Other operating expenses Note 11: Net financial items

All figures in NOK million unless otherwise stated

1. Including NOK -32 million impact on sale of DCA Bulgaria in 2023.

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Note 12: Income tax

The major components of income tax reported in the income statement for the years ended 31 December 2024 and 31

December 2023 are set out below.

2024 2023Income tax expense:Current year income tax payable 153 109Change in deferred tax -76 -9Witholding tax 3 6Total tax expense reported in the income statement 80 105

Reconciliation between the expected tax expense and the actual tax expense

2024 2023Profit before tax 358 468Expected tax expense at Norwegian nominal tax rate of 22 % 79 103Difference between local tax rates and the Norwegian nominal tax rate -41 -85Tax effect of permanent differences -38 80Tax effect of the change in unrecognised deferred taxes 60 46Other differences 21 -39Actual tax expense 80 105Effective tax rate 23 % 23 %

The nominal tax rate in Norway was 22 % in 2024. Subsidiaries outside Norway are subject to local tax rates in their

country of operation. The effective taxation of operations outside Norway depends on both local tax rules and on

whether it is possible to avoid double taxation. The tax expense is also dependent on whether or not to recognise

a deferred tax asset from carry forward losses in the individual entity.

All figures in NOK million unless otherwise stated

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Analysis of deferred tax assets and liabilities

Tax effect of temporary differences: 2024 2023Taxable temporary differences - non-current itemsTangible and intangible assets 41 48 Purchased loan portfolios 366 345 Loans to group companies and other long-term assets 307 383 Non-current interest bearing loans and borrowings 0 0 Loans from group companies and other non-current liabilities 15 29 730 805 Taxable temporary differences - current itemsOther current assets 75 123 Other current liabilities 0 0 75 123 Deductible temporary differences - non-current itemsTangible and intangible assets 0 0 Purchased loan portfolios -147 -146 Loans to group companies and other non-current assets -1 -1 Non-current interest bearing loans and borrowings -18 -39 Loans from group companies and other non-current liabilities -26 -29 -191 -215 Deductible temporary differences - current itemsOther short-term assets -1 -2 Other current liabilities -44 -107 -45 -109 Tax losses carried forward -1 352 -1 221 Gross deferred tax liabilities/(assets) -783 -617 Deferred taxes not recognised 757 656 Net deferred tax liabilities/(assets) -26 40

All figures in NOK million unless otherwise stated

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2024 2023Deferred tax assets -381 -389Deferred tax liabilities 355 430-26 40

Analysis of deferred tax assets and liabilities (continued)

Deferred tax liabilities/(assets) at 1 January 40 -27Deferred tax expense recognised in the income statement -76 -9Deferred tax recognised in other comprehensive income 0 74Other including exchange differences 9 3Deferred tax liabilities/(assets) at 31 December -26 40

Analysis of tax losses available for offset against future taxable income, by year of expiration:

2024 2023Within 5 years 285 287After 5 years 2 267 2 680No time limit 3 153 2 412Total tax losses available for offset 5 705 5 379Tax effect of tax losses, before consideration of whether the losses are recognisable or not 1 352 1 261

Due to the right to offset deferred tax assets and liabilities within the same tax jurisdiction, the presentation of net

deferred tax in the consolidated statement of financial position for each year end was as follows:

Tax losses carried forward at 31 December 2024 relate mainly to the Group's subsidiary companies in Luxembourg

NOK 3,694 million (NOK 3,252 million) and the Parent company in Norway, NOK 1,682 million (NOK 1,402 million). The tax

losses in the Group's subsidiary companies in Luxembourg are partly recognised as deferred tax asset, based on the

Group's expectation of taxable profit in the coming five years.

All figures in NOK million unless otherwise stated

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Note 13: Earnings per share

Basic earnings per share amounts are calculated by dividing the profit after tax for the

year attributable to ordinary shareholders of the parent company by the weighted average

number of ordinary shares outstanding during the year, excluding the Company's own

shares.

Diluted earnings per share amounts are calculated by dividing the profit after tax for the

year attributable to ordinary shareholders of the parent company by the weighted average

number of ordinary shares outstanding during the year, excluding the Company's own

share, plus the weighted average number of ordinary shares that would be issued on

conversion of all the potentially dilutive ordinary shares into ordinary shares.

The following reflects the profit and share data used in the basic and diluted earnings per

share computations:

2024 2023Profit after tax attributable to parent company shareholders 277 363Number of shares outstanding at 1 January 387 180 824 401 364 824Number of shares outstanding at 31 December 368 532 152 387 180 824Treasury shares (note 22) -18 174 843Weighted average number of shares during the year 368 551 895 385 708 531Effect of dilution:Option programmes (note 23) 1 949 212 847 288Weighted average number of shares during the year 370 501 107 386 555 819adjusted for the effect of dilutionEarnings per share (in NOK): - Basic 0.75 0.94 - Diluted 0.75 0.94

Options granted to employees are considered to be potential ordinary shares.

Accordingly, they have not been included in the determination of basic earnings per

share, but have been included in the determination of diluted earnings per share to the

extent that they are dilutive. 9,420,788 options granted in the period 2019 - 2022 are not

included in the calculation of diluted earnings per share because exercise price is higher

than average stock price 2024 of 8.4442 and therefore they are not considered dilutive

for the year ended 31 December 2024. These options could potentially dilute basic

earnings per share in the future.

All figures in NOK million unless otherwise stated

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GoodwillAcquisition/purchase costAt 1 January 2023 837Exchange differences 50At 31 December 2023 887Exchange differences 38At 31 December 2024 925ImpairmentAt 1 January 2023 106Disposal 11Impairment 1Exchange differences 1At 31 December 2023 118Impairment 0Exchange differences 0At 31 December 2024 118Net book valueAt 31 December 2023 769At 31 December 2024 807

Note 14: Goodwill

All figures in NOK million unless otherwise stated

The amount of goodwill allocated to the CGUs is tested annually using a detailed cash flow forecast for a period of

five years. A constant growth rate of 1 % is included after the forecast period to get to the terminal value of each CGU.

The cash flows and the terminal value of the CGUs is discounted using a country specific pre-tax WACC ranging from

7.7 % to 9.3 % in 2024 (9.0 % to 10.6 % in 2023). Reference to note 4.4 for further details on cost of capital and WACC

calculation.

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Company name Allocated goodwillAt 31 December 2024 20231B2 Kapital Portofolio Managment S.R.L., Romania22 20B2 Impact S.A (former Confirmación de Solicitudes de Crédito Verifica S.A.U ), Spain 97 93Creditreform Latvia SIA, Latvia, and its subsidiaries 35 33B2 Impact OY (former OK Perintä OY), Finland, and its subsidiaries 6 6B2 Impact A/S (former Nordic Debt Collection A/S), Denmark 2 2B2 Impact UAB (former UAB B2Kapital), Lithuania 7 7Total 169 161

1. Originally from purchase of DCA Group in Bulgaria with a Romanian

subsidiary later merged into B2Kapital Portfolio Managment S.R.L.

The cash flows in the forecast period are based on the Management's best estimate reflecting the company's

business plan for the upcoming periods. The impact of changes to key assumptions is considered and assessed and

there has not been identified any instances that would cause the carrying amount to exceed the recoverable amount.

In 2024 there is not recognized any impairment of goodwill (NOK 1 million in 2023).

The following cash generating units represents 79 % of the carrying value of goodwill at the end of December 2024:

Poland Group

At 31 December 2024, the carrying value of goodwill allocated to Poland Group amounts to NOK 338 million (NOK 323

million in 2023). Management have considered and assessed reasonably possible changes in key assumptions related

to this significant CGU and have not identified any instances that would lead to an impairment scenario. The pre-tax

WACC used to test this CGU is 8.3 %.

SAS Veraltis Asset Management (former Négociation et Achat de Créances Contentieuses - NACC), France, and its

subsidiary Tahiti Encaissements Services, Tahiti

At 31 December 2024, the carrying value of goodwill allocated to SAS Veraltis Management, France, and its subsidiary

amounts to NOK 299 million (NOK 285 million in 2023). Management have considered and assessed reasonably

possible changes in key assumptions related to this significant CGU and have not identified any instances that would

lead to an impairment scenario. The pre-tax WACC used to test this CGU is 8.1 %.

In addition, the following cash generating units have been tested for impairment:

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Note 15: Tangible and intangible assets

Improvements Equipment, RoU asset officeRoU asset vehicles Intangibleto rented officesfixtures & fittingspremises& equipmentassets TotalAcquisition/purchase costAt 1 January 2023 42 139 268 5 414 867Additions 9 37 62 1 22 131Disposals -10 -29 -15 -1 -66 -122Exchange differences 4 15 18 0 32 69At 31 December 2023 45 161 333 6 401 945Additions 1 8 11 1 16 36Disposals 0 -8 -1 0 0 -9Exchange differences 2 9 14 0 19 45At 31 December 2024 48 170 357 7 436 1 017

All figures in NOK million unless otherwise stated

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Improvements Equipment, RoU asset officeRoU asset vehicles Intangibleto rented officesfixtures & fittingspremises& equipmentassets TotalDepreciation / amortisation and impairmentAt 1 January 2023 27 103 134 3 281 547Depreciation / amortisation charge for the year 4 17 41 1 33 95Impairment losses for the year 0 0 0 0 10 11Disposals -11 -26 -15 -1 -66 -118Exchange differences 2 11 10 0 22 46At 31 December 2023 22 104 170 4 280 580Depreciation / amortisation charge for the year 3 18 40 2 28 91Impairment losses for the year 0 0 0 0 0 0Disposals 0 -6 -1 0 -1 -8Exchange differences 1 6 8 0 15 30At 31 December 2024 26 123 217 5 322 693Net book valueAt 31 December 2023 22 56 163 2 121 365At 31 December 2024 21 47 140 2 114 324Depreciation method Straight line Straight line Straight line Straight line Straight lineEconomic useful lives 2-10 years 2-10 years 2-10 years 2-10 years 2-12 years

All figures in NOK million unless otherwise stated

Intangible assets are the capitalised costs related to the software systems used throughout the Group, client relationships and licenses. The Group has also invested in

development of a group data warehouse.

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Note 16: Leases The Group's lease agreements mainly relate to the lease of office premises. Lease liabilities 2024 2023Current lease liabilities 38 34Non-current lease liabilities 125 148163 182Maturity analysis contractual undiscounted cash flows 2024 2023Amounts due within one year 48 47Amounts due between one and five years 114 132Amounts due later than five years 31 44192 224Effects on income statement 2024 2023Depreciation of right-of-use assets -42 -42Interest expense on lease liabilities -12 -12Expense relating to short-term leases -3 -5Expense relating to leases of low value assets -10 -11-66 -71Cash outflows for leases 2024 2023Interest paid on lease liabilities -12 -12Principle paid on lease liabilities -31 -32Expense relating to short-term leases -3 -5Expense relating to leases of low value assets -10 -11-56 -61Please refer to note 15 for information about RoU assets.

All figures in NOK million unless otherwise stated

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Note 17: Investments in associated companies and joint ventures

The Group has together with co-investors purchased loan portfolios through SPVs, fully financed through equity or

participation loan/notes from the investors. The contractual arrangement of the participation is directly linked to the

performance of the portfolios purchased in the SPVs. All gross collections in the SPVs from the portfolios are paid to

the investors pro rata after deduction of cost to collect and overhead costs in the SPVs. The joint ventures are regulated

by investor agreements securing that the right to vote and decide on key decisions is not the same as the ownership

interests. The investments are accounted for under the equity method in accordance with IFRS 11 Joint Arrangements.

The Group's investments in Joint Ventures are presented in the table below:

Country of Place of %-right to Measurement Name of entityincorporation businesscash flow Relationshipmethod Carrying amount2024 2023 2024 2023Hellas 3P Investment Designated Activity Company Ireland Greece 70 % 70 % Joint Venture Equity method 497 446Glencar ICAV, Sub-Fund 3 Ireland Sweden 30 % 30 % Joint Venture Equity method 31 35CE Holding Invest S.C.S (Group) Luxembourg Croatia 50 % 50 % Joint Venture Equity method 282 294EOS Credit Funding BL Designated Activity Company / ENB Property Solutions SRL Ireland/Romania Romania 50 % 50 % Joint Venture Equity method 12 6822 781

All figures in NOK million unless otherwise stated

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2024 2023Opening balance 1 January 781 690 Investments in Joint venture 175 Derecognision of Joint venture -158 Profit from investments in associated parties/joint ventures 116 222 Cash flow/dividend from joint ventures -114 -202 Translation differences 39 54 Closing balance at 31 December 822 781

All figures in NOK million unless otherwise stated

The movements in in the investments in joint ventures are specified in the table below:

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The table above shows the full financial information of the joint ventures and not the Groups share of the joint ventures.

All financial information is adjusted to reflect the Groups accounting principles and assessments.

1. Excluding Profit Participating Notes.

The summarised financial information for the material joint ventures are shown below:

H3P CE Holding Invest2024 2023 2024 2023Summarised Balance SheetPurchased loan portfolios 696 645 543 582 Other assets 47 47 Cash & cash equivalents 25 18 29 11 Total Assets 722 663 619 640 1Liabilities 21 10 63 47 Net Assets/Equity 701 653 557 593 Summarised Profit and LossRevenue 173 187 138 333 Expenses -77 -73 -69 -43 Net income/loss 96 114 70 290

All figures in NOK million unless otherwise stated

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Note 18: Other non-current financial assets

Note 19: Other current assets

Financial assets at fair value through profit or loss:2024 2023Derivatives (note 4.2) 20 3620 36Financial assets at amortised cost:Loan receivables 10 200Other 4 13514 336At 31 December 34 372

19.1: Accounts receivableAs at 31 December 2024 2023Accounts receivable from contract revenues - gross 27 38Accounts receivable from single transactions - gross 2 8Loss allowance -2 -527 41

There is no single customer who represents a large share of the accounts receivable and therefore pose a material

credit risk.

All figures in NOK million unless otherwise stated

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19.2: Other current assets

As at 31 December 2024 2023Value added, sales or other taxes receivable 82 41Amounts due from previous owners of purchased loan portfolios 3 1Advances & security deposits paid to suppliers 46 42Prepayments 44 45Amounts due from employees 0 0Derivatives (note 4) 14 12Amounts due from joint ventures (note 17) 1 4Accrued income not yet invoiced 23 21Other 268 110Total Other current assets 480 276

Total Not due 0-30 days 31-60 days 61-90 days >90 daysAccounts receivable - gross, 31 December 2024 29 15 4 2 0 8 Loss allowance -2 0 0 0 0 -1 Accounts receivable - net, 31 December 2024 27 15 4 2 0 6 Accounts receivable - gross, 31 December 2023 46 23 3 2 3 16 Loss allowance -5 0 0 0 0 -5 Accounts receivable - net, 31 December 2023 41 23 3 2 3 11

Accounts receivable are non-interest bearing and are generally on terms of 30-90 days. At 31 December, the maturity

of accounts receivables was as follows:

All figures in NOK million unless otherwise stated

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Note 20: Collateral assets

Collateral assets are assets, mainly real estate, repossessed as part of the management of secured non-performing

loan portfolios. Collateral assets are acquired with the purpose of subsequent resale in the near future, however there

may be improvements or actions needed in order to optimize prices.

2024 2023Opening balance 1 January 1 339 1 294Additions 204 309Disposals -230 -351Write-down -2Exchange differences 66 90Closing book value at 31 December 1 380 1 339

Which consists of: 2024 2023Retail Properties 531 499Non-retail properties 815 793Other 34 48Total 1 380 1339

Retail properties is related to private housing and non-retail properties to commercial buildings.

All figures in NOK million unless otherwise stated

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Note 21: Cash and cash equivalents

2024 2023Cash at banks - unrestricted balances 443 1 356 - tax deductions from employee payroll 0 0 - other restricted balances 6 9449 1 366Short term deposits 67 39516 1 404

Cash at banks earns interest at floating rates which are based on bank deposit rates. Short-term deposits are made

for varying periods of between one day and three months, depending on the immediate cash requirements of the

Group, and earn interest at the respective short-term deposit rates.

Other restricted balances represent deposits paid into a short term escrow account in connection with, for example,

the acquisition of loan portfolios or guarantees provided by third parties.

For the purpose of the statement of cash flows, cash and cash equivalents comprise the cash and short term deposits

balances in the table above.

All figures in NOK million unless otherwise stated

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Note 22: Share capital and other paid-in capital

Ordinary shares have a nominal value of NOK 0.10 each. The number and value of authorised and registered shares,

and the amount of other paid-in capital, being the premium on shares issued less any transaction costs of new shares

issued, was as follows:

Ordinary sharesShare capitalOther paid-in 1Number of Share capital capitalsharesNOK millNOK millAt 1 January 2023 401 364 824 40 2 844Capital reduction registered 27 July 2023 related to the share buy-back programme ended December 2022 -14 184 000 -1 At 31 December 2023 387 180 824 39 2 844Capital reduction registered 26 August 2024 related to the share buy-back programme ended January 2024 -18 648 672 -2 At 31 December 2024 368 532 152 37 2 844At 29 April 2025 (the date of completion of these financial statements) 368 532 152 37 2 844

Treasury shares2024 2023At 1 January 18 174 843 14 184 000Share buy-back 473 829 18 874 843Capital reduction -18 648 672 -14 184 000Excersised share options -700 000At 31 December 18 174 843

All figures in NOK million unless otherwise stated

1. Net proceeds after transaction costs.

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All figures in NOK million unless otherwise stated

The share buy-back program started 26 May 2023 was complete in January 2024. The purpose of the program was

to reduce the capital of the Company. In total 19,348,672 shares were bought back at an average price of NOK 6.81,

decreasing the equity attributable to the Company’s shareholders by NOK 128 million. After sale of 700,000 of its own

shares in fourth quarter 2023 the Company held a total of 18,648,672 treasury shares to be cancelled. The cancellation

of the shares and the share capital reduction of NOK 1.8 million was effective as of 26 August 2024.

A dividend of NOK 0.70 per share was distributed on 3 June 2024 to registered shareholders as of 23 May 2024.

An additional dividend of NOK 0.60 per share was distributed on 31 October 2024 to registered shareholders as of

22 October 2024.

Proposed dividend for the financial year 2024 is NOK 1.50 per share.

Mandates granted to the Board of Directors:

On 23 May 2024 the General Meeting of the shareholders of B2 Impact ASA granted the Board a right to increase the

share capital (i) in connection with acquisitions and raising of equity by up to NOK 3,685,321.50, equivalent to 10 %

(rounded) of the Company’s share capital, and (ii) to honor options granted by the Company by up to NOK 1,364,635.

The General Meeting on 23 May 2024 also granted the Board a right to acquire own shares (treasury shares) in

B2 Impact ASA from the shareholders in the company up to a total nominal value of NOK 3,685.321.50, equaling 10 %

(rounded) of the share capital. The maximum amount to be paid per share is the volume weighted average price

as quoted on the Oslo Stock Exchange for the five business days prior to the time of the acquisition plus 5 %, and

the minimum amount is NOK 0.10. Treasury shares acquired may be utilized to either fulfil the Company's obligations

in connection with acquisitions, employee incentive arrangements, fulfilment of earn-out arrangements, be sold to

strengthen the Company's equity or be cancelled.

Each of the said authorisations provided to the Board are valid until the Company's Annual General Meeting in 2025,

but no longer than to and including 30 June 2025.

Shares owned by executive management and Board of Directors

The number of shares owned directly or indirectly by the Board of Directors and Group Management at 31 December 2024

were as set out below. For details of options granted to the Board of Directors and executive management, please refer to

note 23.

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Name Position Number of shares1Karl Henrik WennerholmBoard member 1 960 000Harald L. Thorstein Chair of the Board of Directors 360 000Trond Kristian Andreassen2,3Chief Executive Officer 300 000Endre Solvin-Witzø Chief Investment Officer 125 000Adele Bugge Norman Pran Board member 90 000Ellen M. Hanetho Board member 33 3544Adam ParfiniewiczHead of Unsecured Asset Management 6 000

For further information regarding shares and shareholders, please refer to note 11 to the parent company financial

statements.

1. Femwen AS, an entity controlled by Karl Henrik Wennerholm holds

1,860,000 shares. In addition, Wennerhold holds 100,000 shares

through a nominee account

2. Previously board member, Chief Executive Officer since December

2024.

3. Vimar AS, an entity controlled by Trond Kristian Andreassen, holds

300,000 shares.

4. Adam Parfiniewicz holds 6,000 shares through a nominee account.

All figures in NOK million unless otherwise stated

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All figures in NOK million unless otherwise stated

Note 23: Share based payments

23.1 Option program

The Group has granted share options to management and selected key employees according to the Group's remuneration

policy. As of the date of completion of these financial statements, there were 11,370,000 options outstanding.

All of the Company’s option agreements include an accelerated vesting mechanism in the event of a “change of

control”. In the event of a change of control (i.e., 50,1% or more of the shares in the Company are acquired, or a merger

takes place) each option vests immediately and becomes exercisable immediately. If the grantee does not exercise

these options (and is not offered similar options in the acquiring or merged entity) the grantee shall be compensated

either in cash or in listed shares.

23.2 Movements during the year

The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share

options during the year.

2024202420232023NumberWAEPNumberWAEPOutstanding 1 January 9 966 667 7.952 10 930 000 7.820 Granted during the year 2 700 000 Exercised during the year -700 000 3.798 Forfeited during the year -1 296 667 8.587 -263 333 8.277 Expired during the yearOutstanding at 31 December 11 370 000 7.324 9 966 667 7.952 Exercisable at 31 December 8 133 335 6.596 8 076 668 7.841

Due to changes in the executive management in 2023 and previous years, 1,296,667 not vested share options were

terminated in line with the standards in the Long Term Incentive Plan.

2,700,000 share options were granted in 2024

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At 31 December 2024, the range of exercise prices and weighted average remaining contractual life of the options

were as follows:

All figures in NOK million unless otherwise stated

Outstanding options Vested optionsWeighted Weighted Weighted Weighted OutstandingaverageaverageOutstandingaverageaverageoptions as ofremaining exerciseoptions as ofremaining exerciseExercise price31 December 2024contractual lifeprice31 December 2024contractual lifeprice0.00 - 8.00 4 810 000 1.2 5.339 4 273 335 1.2 5.187 8.01 - 9.00 3 860 000 1.0 8.155 3 860 000 1.0 8.155 9.01 - 9.99 2 700 000 3.9 9.672 Total 11 370 000 1.8 7.324 8 133 335 1.1 6.596

At 31 December 2023, the range of exercise prices and weighted average remaining contractual life of the options

were as follows:

Outstanding options Vested optionsWeighted Weighted Weighted Weighted OutstandingaverageaverageOutstandingaverageaverageoptions as ofremaining exerciseoptions as ofremaining exerciseExercise price31 December 2023contractual lifeprice31 December 2023contractual lifeprice0.00 - 8.00 3 716 667 2.5 5.887 2 503 335 2.5 4.936 8.01 - 9.00 1 400 000 0.5 8.430 1 400 000 0.5 8.430 9.01 - 9.99 4 850 000 1.4 9.396 4 173 333 1.4 9.386 Total 9 966 667 1.7 7.952 8 076 668 1.6 7.841

The Black-Scholes Option Pricing Model is used for valuing the share options. Expected volatility has been based

on an evaluation of the historical volatility of B2 Impact’s share price equal to the expected lifetime of the options.

The total expense recognized for the share-based programs during 2024 was NOK 3.4 million.

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All figures in NOK million unless otherwise stated

Note 24: Interest bearing loans and borrowings

2024 2023Non-currentMulti-currency revolving credit facility 4 280 4 489Senior Facility Agreement 0 152Bond loan 5 275 3 3299 555 7 970

2024 2023CurrentBond loan 0 2 245Bank overdraft 247 225247 2 470

Interest bearing loans

The Group is financed by the following loans; (i) a EUR 610 million senior secured multi-currency revolving credit facility

agreement (RCF), including a multi-currency cash pool with a EUR 40 million overdraft, which matures in August 2027,

(ii) a EUR 150 million senior unsecured bond with maturity in January 2028 and (iii) a EUR 300 million senior unsecured

bond with maturity in March 2029.

The RCF and the bond loans carry a variable interest rate based on the interbank rate in each currency plus a margin

supplement. In addition, there is a commitment fee on the facility agreement, which is calculated as a percentage of

the loan margin on the undrawn part of the credit facility. The overdraft carries a facility line fee. The loan agreements

have a number of operational and financial covenants, including limits on certain key indicators, which have all been

complied with as of 31 December 2024. There are no instalments to be paid before maturity.

At 31 December 2024, PLN 735 million, SEK 925 million, DKK 235 million and EUR 90 million, in total EUR 374 million,

was utilised from the EUR 570 million RCF, leaving an available, undrawn amount of EUR 196 million. The multi-currency

overdraft facility of EUR 40 million was utilised with EUR 21 million, leaving an available, undrawn amount of EUR 19 million.

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The EUR 610 million RCF is secured by guarantees issued by B2 Impact ASA, a share pledge over B2 Impact ASA's 100 %

directly owned subsidiaries, an account charge over a number of pre-defined B2 Impact ASA bank accounts and a

pledge over the intra-group loan receivables from B2 Impact ASA to its subsidiaries. The Bond Loans are unsecured.

Details of the interest rates, maturity and outstanding nominal values by currency at 31 December 2024 and

31 December 2023 are summarised below:

All figures in NOK million unless otherwise stated

Outstanding nominalAt 31 December 2024 Currency Interest rate % Maturityvalue in NOKMulti-currency revolving credit facility PLN 3.25 % + WIBOR Aug 2027 2 028SEK 3.25 % + STIBOR Aug 2027 952EUR 3.25 % + EURIBOR Aug 2027 1 062DKK 3.25 % + CIBOR Aug 2027 372Bond loans EUR 5.00 % + 3M EURIBOR Jan 2028 1 769EUR 3.90 % + 3M EURIBOR Mar 2029 3 5399 721

Outstanding nominalAt 31 December 2023 Currency Interest rate % Maturityvalue in NOKMulti-currency revolving credit facility PLN 3.5 % + WIBOR July 2025 2 111SEK 3.5 % + STIBOR July 2025 988EUR 3.5 % + EURIBOR July 2025 1 068DKK 3.5 % + CIBOR July 2025 392Bond loans EUR 6.35 % + 3M EURIBOR May 2024 2 248EUR 6.90 % + 3M EURIBOR Sept 2026 3 372Senior Facility AgreementEUR 4.55 % + 3M EURIBOR 202717810 357

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The repayment schedule at 31 December 2024 and 31 December 2023 is shown in the table below:

All figures in NOK million unless otherwise stated

Multi-currency revolving credit facility SFA Facility Bond loan At 31 December 2024All CCY'sEUREUR Total NOK202502026020274 413 4 413After 2027 5 308 5 3084 413 0 5 308 9 721

Multi-currency revolving credit facility SFA Facility Bond loan At 31 December 2023All CCY'sEUREUR Total NOK20242 248 2 2482025 4 559 4 5592026 3 372 3 372After 2026 178 1784 559 178 5 620 10 357

Financial covenants

The financial covenants for the Group's external loan agreements are summarised below. As at 31 December 2024,

the Group is not in breach with any of the financial covenants and is not expected to breach any of the covenants

within the next 12 months. All financial covenants are measured quarterly.

The financial covenants for the bond loan are as follows:

RequirementSecured loan to valueMaximum 65 %Leverage ratio Maximum 4.0Net interest cover ratio Minimum 4.0

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All figures in NOK million unless otherwise stated

The financial covenants for the RCF are as follows:

Changes in liabilities arising from financing activities

The table below shows reconciliation of cash flows from financing activities to interest bearing liabilities in the statement

of financial position.

If the Group fails to comply with the financial covenants, all loan agreements have a grace period after notice thereof is

given to the counterparties before default is declared.

At 31 December 2024, the RCF is secured by a share pledge over B2 Impact ASA's shares in B2Kapital Holding S.à r.l.,

an account charge over a number of pre-defined B2 Impact ASA bank accounts and a pledge over the intra-group

loan receivables from B2 Impact ASA to B2Kapital Holding S.à r.l. The Bond Loans are unsecured.

RequirementInterest cover ratioMinimum 4.0Total loan to value ratio Maximum 75 %Leverage ratio Maximum 3.5Equity ratio Minimum 25 %Borrowing base ratio Maximum 65 %Actual collection vs. IFRS forecast Minimum 90 %

Interest Foreign Changes in expense and At 1 exchange fair values New amortisation of At 31 2023January Cash flowmovementderivativesleasesarrangement fees OtherDecemberNon-current interest bearing loans and borrowings 8 885 383 725 80 -2 103 7 970Other non-current liabilities 133 49 63 11 256Current interest bearing loans and borrowings 1 201 -1 265 198 8 2 103 2 245Other current liabilities 396 -1 051 4 0956 107 411Total liabilities from financing activities 10 616 -1 933 926 48 63 1 044 118 10 882

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All figures in NOK million unless otherwise stated

Interest Foreign Changes in expense and At 1 exchange fair values New amortisation of At 31 2024January Cash flowmovementderivativesleasesarrangement fees OtherDecemberNon-current interest bearing loans and borrowings 7 970 996 452 137 - 9 555Other non-current liabilities 256 -9 12 -74 185Current interest bearing loans and borrowings 2 245 -2 292 43 3 Other current liabilities 411 -1 217 1 0 860 470 527Total liabilities from financing activities 10 882 -2 512 497 -9 12 1 001 397 10 267

Other non-current liabilities and Other current liabilites in the Consolidated statement of financial positions includes both

financial activites, such as accrued interest on interest bearing loans, lease liabilites and derivatives, and non-financial

activites. The non-financial activities are classified as Other in table above.

Hereof interest bearing liabilities 2024 2023Interest bearing loans and borrowings 9 555 10 215 Accrued interest on interest bearing loans and borrowings (see note 27) 76 87 Lease liabilities (see note 16) 163 182 9 794 10 484

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All figures in NOK million unless otherwise stated

Note 25: Other non-current liabilities

Financial liabilities at fair value through profit or loss 2024 2023Derivatives (note 4) 40 49Other 16 5556 104Financial liabilities Lease liabilities (note 16) 125 148125 148Other non-financial liabilitiesPost-employment liabilities 5 45 4185 256

Note 26: Accounts and other payables

2024 2023Accounts payable 79 64Vendor financing 107 26Amounts owed to third party collection customers 37 10Amounts prepaid by loan debtors 71 59Other payables 26 16319 174

Accounts payable, amounts prepaid by loan debtors and amounts owed to third party collection customers are

non-interest bearing and are normally settled within 30 days. Vendor financing is non-interest bearing and relates to

portfolio purchases not yet fully paid but normally due within 6 months.

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All figures in NOK million unless otherwise stated

Note 27: Other current liabilities

Other liabilities 2024 2023Amounts due to employees 216 142Accrued interest on external loans 76 87Accrued costs of external collection services and other expenses 54 48Lease liabilities (note 16) 38 34Other 90 33473 344

Indirect taxes payableValue added taxes / sales taxes payable 10 28Payroll taxes payable 14 13Social security payable 28 25Other indirect taxes payable 1 153 67527 411

Amounts due to employees are accruals for fixed and variable salaries and includes accruals for holiday entitlements

according to local regulations and practices.

Interest payable on loans and borrowings is normally paid quarterly throughout the financial year.

Indirect taxes are non-interest bearing and are payable on a regular basis to the relevant national tax authority.

Social security payable at 31 December 2024 and 31 December 2023 includes the accrued social security costs of the

share option programmes described in note 23.

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All figures in NOK million unless otherwise stated

Note 28: Commitments

28.1 Lease commitments - Group as lessee

The Group has entered into leases for office premises, motor vehicles and office equipment. The lease payments

for the majority of the office premises lease contracts are adjusted according to the consumer price index, have an

extension option and have an average life of between 12 months and 9 years. There are no restrictions placed upon

the lessee under the lease contracts to use the office premises in the normal course of business. The commitments

related to future payments on lease agreements are presented in note 16.

28.2 Forward flow commitments

The Group has committed to buy non-performing debt portfolios for delivery in future periods (forward flow contracts).

The estimated face value and purchase price of contracts are based on the maximum face value in the purchase

agreement or best estimate if there are not any maximum amounts in the purchase agreements. The Group is

entitled to terminate the agreements with less than 12 months notice. Purchase price represents fair value of these

commitments unless there is a significant change in expected future cash flows prior to acquisition. If that occurs

the change in value will be recognized in the Consolidated statement of profit or loss as Other revenues. No such

change in value recognised as of 31.12.2024.

At 31 December, the non-cancellable part of these commitments were as follows:

2024 2023Face value Purchase price Face value Purchase price532 226 666 211

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All figures in NOK million unless otherwise stated

Note 29: Related party disclosure

The Group's related parties include the Group management team, Board of Directors of the parent company, associated

companies and joint ventures (note 17).

No loans or guarantees have been given to members of the Management, the Board of Directors or other elected

corporate bodies.

Compensation of key management of the Group 2024 2023Base salary 21 26Benefits 1 1Short term incentive 7 8Share-options 3 2Pension 1 2Total compensation to key management personnel 32 39

CEO and the executive management have received bonus according to the bonus program described in the

Remuneration report. No additional remuneration are paid for special services outside the normal functions within

the given manager positions.

Short term incentive includes yearly bonus awarded for the reporting period while the other amounts disclosed in the

table are the amounts recognised as an expense during the reporting period.

The Board of Directors compensation was NOK 3.3 million in 2024 (NOK 3.3 million in 2023) including any additional

fees to members of Audit Committee and Remuneration Committee.

Transactions with associated companies and joint ventures:

See note 17 for transactions with associated companies and joint ventures.

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All figures in NOK million unless otherwise stated

Group companies

Companies in the Group are also related parties. Intra-group related party transactions and outstanding balances

are eliminated in the preparation of the consolidated financial statements of the Group. Sales to and purchases from

intra-group related parties are made at normal market prices as the transactions are performed on the same terms as

unrelated parties.

Outstanding intra-group balances at the year end are unsecured and interest free, other than for interest-bearing loans.

B2 Impact ASA, with its registered office in Oslo is the Parent Company of the Group. The list of Group subsidiaries is

provided below. All subsidiaries are included in the B2 Impact Group consolidated financial statements.

% equity interestCountry ofDirectly owned Company nameincorporation Segmentby B2 Impact ASA 2024 2023B2 Impact ASA (Parent company of the Group) NorwayInterkreditt Kapital AS Norway Investments 100 % 100 %Veraltis Group S.à r.l. Luxembourg100 % 100 %BackB Investments S.à r.l. Luxembourg100 % 100 %B-Squared Investments S.à r.l. Luxembourg Investments 100 % 100 %B2Kapital Holding S.à r.l. Luxembourg100 % 100 %ULTIMO Portfolio Investment SA Luxembourg Investments 100 % 100 %B2 Impact S.A Poland Investments/servicing 100 % 100 %(former ULTIMO Portfolio Investment SA)ULTIMO Securitisation Fund Poland Investments 100 % 100 %ULTIMO Legal Office Poland Servicing 99 % 99 %ULTIMO TFI SA Poland Investments 100 % 100 %7TAKTO Securitisation Fund & Invest TAKTO SKAPoland Other 100 % 100 %B2 Impact Holding AB (former Sileo Holding AB) Sweden Other 100 % 100 %B2 Impact AB (former Sileo Kapital AB) Sweden Investments/servicing 100 % 100 %

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All figures in NOK million unless otherwise stated

B2 Impact OY (former OK Perintä OY) Finland Investments/servicing 100 % 100 %B2 Impact A/S (former Nordic Debt Collection A/S) Denmark Investments/servicing 100 % 100 %B2 Impact OÜ (former OK Incure OÜ) Estonia Investments/servicing 100 % 100 %TCM Estonia OÜ Estonia Investments/servicing 100 % 100 %B2Kapital SIA Latvia Investments/servicing 100 % 100 %4Creditreform Latvija SIALatvia Investments/servicing 100 % 99,5 %1Crefo Rating SIALatvia Other 100 %1AS Crefo BirojsLatvia Other 100 %B2Impact UAB (former UAB B2Kapital) Lithuania Investments/servicing 100 % 100 %B2 Kapital d.o.o Croatia Investments 100 % 100 %B2 Real Estate d.o.o Croatia Investments 100 % 100 %B2 Portfolio d.o.o. Croatia Investments 100 % 100 %Veraltis Asset Management d.o.o. Croatia Servicing 100 % 100 %(former BSP Consulting d.o.o.) Veraltis Asset Management Ogranak d.o.o. (Branch) Serbia Servicing Veraltis Asset Management Podruznica d.o.o. Slovenia Servicing (Branch) B2Kapital d.o.o Slovenia Investments 100 % 100 %B2 Holding Kapital d.o.o Serbia Investments 100 % 100 %B2Kapital d.o.o Bosnia and Investments/servicing 100 % 100 %Herzegovina6B2I Nekretnine d.o.o.Bosnia and Investments 100 %Herzegovina2B2Kapital d.o.oMontenegro Investments 100 %7B2Kapital GmbHAustria Other 100 % 100 %B2 Impact Czech Republic s.r.o Czech Republic Investments 100 % 100 %(former B2Kapital Czech Republic s.r.o)B2Kapital Hungary Zrt Hungary Investments/servicing 100 % 100 %B2Kapital Porfolio Management S.R.L Romania Investments/servicing 100 % 100 %

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All figures in NOK million unless otherwise stated

1. The sale of Crefo Rating SIA and AS Crefo Birojs was closed November 2024.

2. The sale transaction of B2 Kapital d.o.o. (Montenegro) was closed July 2024.

3. B2 Kapital S.r.l (Italy) was liquidated March 2024.

4. The company purchased 0,5 % shares in Creditreform Latvija SIA in November 2024.

5. Gabuyd Ltd was sold February 2024.

6. B2I Nekretnine d.o.o. (Bosnia and Herzegovina) was established October 2024.

7. In process of liquidation.

Veraltis Asset Management SRL Romania Servicing 100 % 100 %(former B2 Real Estate Management S.R.L.)B2 Kapital Finance I.F.N. S.A. Romania Other 100 % 100 %Freyja Development S.R.L Romania Investments 100 % 100 %Actaoen Development S.R.L Romania Investments 100 % 100 %Joro Assets S.R.L. Romania Investments 100 % 100 %Advanced Holding Three S.R.L Romania Investments 100 % 100 %B2 Real Estate Holding EOOD Bulgaria Investments 100 % 100 %Veraltis Asset Management SA (former B2Kapital AE) Greece Servicing 100 % 100 %B2Kapital Cyprus LTD Cyprus Investments/servicing 100 % 100 %5Gabuyd LtdCyprus Investments 100 %Veraltis Asset Management Ltd Cyprus Servicing 100 % 100 %3B2 Kapital S.r.lItaly Servicing 100 %B2 Kapital Investment S.r.l. Italy Investments 100 % 100 %B2 Kapital RE S.r.l. Italy Investments 100 % 100 %B2Kapital 7.1 S.r.l. Italy Investments 100 % 100 %B2 Impact S.A (former Confirmación de Spain Servicing 100 % 100 %Solicitudes de Crédito Verifica S.A.U)SAS Veraltis Asset Management (former France Investments/servicing 100 % 100 %Négociation et Achat de Créances Contentieuses)SAS BackB REO France France Investments 100 % 100 %FCT B-Squared France Investments 100 % 100 %Tahiti Encaissements Services French Polynesia Servicing 100 % 100 %

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All figures in NOK million unless otherwise stated

Note 30: Fees to auditors

EY 2024 2023Audit fees 14 13 Fees for further assurance services 1 0 Fees for tax advise 1 1 Total EY 16 14

VAT is both included and not included in the fees specified above, depending on if the receiving company can deduct VAT.

Note 31: Guarantees

B2 Impact ASA has issued a guarantee limited to EUR 900 million with the addition of any and all interests, default

interests, costs and expenses to DNB Bank ASA as Agent on behalf of itself, Nordea Bank ABP, Branch of Norway and

Swedbank AB in connection with the provision of the Group's senior secured multi-currency revolving credit facility of

EUR 610 million. The guarantee was issued on behalf of the borrower under the multi-currency revolving credit facility,

B2 Impact ASA's 100 % directly owned subsidiary, B2Kapital Holding S.à r.l. The total utilised nominal amount under the

facilities at 31 December 2024 was EUR 395 million.

B2 Impact ASA has issued two office rental guarantees:

(i) With effect from 26 June 2024 in favour of the lessor of the Group's offices in Gothenburg, Sweden. Although the

guarantee is unlimited, the Group estimates that its exposure for the remaining rental period is limited to the yearly

rental cost for the period, which amounts to SEK 2.4 million.

(ii) With effect from 19 December 2017 in favour of the lessor of the Group's offices in Wroclaw, Poland. The guarantee

agreement is limited to the aggregated amount of EUR 402,000, which is ment to cover 3 months office rental cost,

and is valid until 90 days following the rental agreement maturing in June 2031.

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Note 32: Subsequent events

The Board of Director's has proposed for the Annual General Meeting 2024 to pay a cash dividend of NOK 1.50 per

share for 2024. In December 2024 B2 Impact entered into an agreement to acquire Zolva’s portfolios in Finland, Norway

and Sweden and also Zolva’s servicing platform in Norway. This transaction was completed in the first quarter of 2025.

The transaction added around EUR 100 million in Estimated Remaining Collections (ERC) across the three countries.

In addition to buying the portfolios B2 Impact is currently assessing the allocation of excess value related to the

acqusition of the shares in Zolva AS. The latter is considered a business combination and although a minor part of the

transaction a purchase price allocation has to be performed. It is expected that the main part of the excess value will

be intangible assets.

All figures in NOK million unless otherwise stated

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Parent company

income statement

All figures in NOK million unless otherwise stated

Year ended 31 December Notes 2024 2023

Operating revenue from group companies 155 133

Revenue 155 133

Personnel expenses 3 -92 -89

Depreciation and amortisation 7 -7 -6

Operating expenses from group companies -95 -88

Other operating expenses 4 -62 -55

Operating expenses -256 -238

Operating profit -101 -105

Dividend and contribution from group companies 5 767 1 142

Interest income from group companies 450 425

Interest expense to group companies -52 -4

Net exchange gain/(loss) 5 -35 -58

Other interest expenses 5 -497 -579

Other financial items 5 -202 -26

Net financial items 430 901

Profit/(loss) before tax 330 796

Income tax expense 6 0 0

Profit/(loss) after tax 330 796

Attributable to:

Dividend -553 -258

Other equity -223 538

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As at 31 December Notes 2024 2023

Tangible and intangible assets 7 29 33

Investment in subsidiary companies 8 4 567 4 582

Non-current loans to group companies 8.1 3 633 4 230

Other non-current financial assets 23 28

Total non-current assets 8 252 8 872

Receivables from group companies 9 887 1 209

Other current assets 11 25

Cash and cash equivalents 9 4 4

Total current assets 901 1 237

Total assets 9 153 10 109

Share capital 10, 11 37 39

Other paid in capital 10, 11 2 844 2 844

Other capital reserves 10 32 29

Other equity 10 193 641

Total equity 3 106 3 552

Parent company balance sheet

All figures in NOK million unless otherwise stated

As at 31 December Notes 2024 2023

Non-current interest bearing loans and borrowings 12 5 308 3 372

Total non-current liabilities 5 308 3 372

Current interest bearing loans and borrowings 12 0 2 248

Payables to group companies 9 107 609

Accounts and other payables 3 3

VAT, payroll and other public duties payables 8 8

Other current liabilities 13 621 315

Total current liabilities 739 3 184

Total liabilities 6 047 6 556

Total equity & liabilities 9 153 10 109

Oslo, 29 April 2025

/sign/

Harald L. Thorstein

Chair of the Board

/sign/

Henrik Wennerholm

Board Member

/sign/

Adele Bugge Norman Pran

Board Member

/sign/

Ellen Hanetho

Board Member

/sign/

Jessica Sparrfeldt

Board Member

/sign/

Trond Kristian Andreassen

Chief Executive Officer

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Year ended 31 December Notes 2024 2023

Cash flow from operating activities

Profit for the year before tax 330 796

Adjustment for non-cash items:

Depreciation, amortisation and impairment of assets 7 7 6

Interest expense on interest bearing loans 5 494 573

Amortisation of loan financing costs 5 48 20

Cost share option programme 3 3

Unrealised foreign exchange differences -660 -117

Operating cashflows:

Interest paid on interest bearing loans & borrowings -494 -573

Operating capital adjustments:

Decrease/(increase) in current balances with group

companies -180 -2 883

Decrease/(increase) in accounts receivable and other

current assets 14 9

Decrease/(increase) in other non-current financial assets -29 -34

Increase/(decrease) in accounts payable and other

current liabilities -2 792 190

Net cash flow from operating activities -3 258 -2 010

Year ended 31 December Notes 2024 2023

Cash flow from investing activities

Purchase of tangible and intangible fixed assets -3 -10

Purchase of shares in subsidiary companies 7 0 -264

Sale of shares in joint ventures 8

Decrease/(increase) in long term loans to group companies 808 2 136

Net cash flow from investing activities 805 1 861

Cash flow from financing activities

Share issuance

Buy-back share programme 11 -5 -122

Exercised share options 11 0 -2

New interest bearing loans and receivables during the year 5 229 1 616

Repayment of interest bearing loans and borrowings during

the year -2 292 -1 265

Dividend paid to shareholders 10 -479 -76

Net cash flow from financing activities 2 453 152

Net cash flow during the year 0 3

Cash and cash equivalents at 1 January 4 1

Cash and cash equivalents at 31 December 4 4

Parent company cash flow statement

All figures in NOK million unless otherwise stated

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Note 1: Summary of significant

accounting policies

The financial statements, which have been presented

in compliance with the Norwegian Companies Act,

the Norwegian Accounting Act and Norwegian generally

accepted accounting principles in effect at 31 December

2024, consist of the income statement, balance sheet,

cash flow statement and notes to the accounts.

The financial statements are presented in Norwegian

kroner (NOK) and all values are rounded to the nearest

million except where otherwise is indicated.

Investments

Investment in subsidiaries are accounted for using the cost

method. The investments are recorded at the acquisition

price of the shares and will be written down or impaired

to fair value when a fall in value is due to reasons that

cannot be assumed to be temporary and are necessary

according to generally accepted accounting principles.

Write-downs are reversed when there is no longer a basis

for impairment. Dividends and group tax contributions from

subsidiaries are recognised in the income statement when

the subsidiary has proposed these.

Interest bearing loans and borrowings

Borrowings are recognised at nominal value. Directly

associated costs are amortised straightline over the term

of the loan.

Foreign currency

Transactions in a currency other than Norwegian kroner

are recognised at the exchange rate applicable on the

transaction date. When such transactions are settled,

any difference in the exchange rate will give rise to a

realised exchange rate gain or loss. Both monetary and

non-monetary assets or liabilities in a currency other

than Norwegian kroner are translated at the exchange

rate applicable on the balance sheet date and will give

rise to an unrealised exchange rate gain or loss. Realised

and unrealised exchange rate differences are recognised

as net financial items in the income statement as they

occure during the accounting period.

Balance sheet classification

Current assets and liabilities consist of receivables and

payables due within one year, and items related to the

inventory cycle. Other balance sheet items are classified

as non-current assets/liabilities.

Current assets are valued at the lower of cost and fair

value. Current liabilities are recognized at nominal value.

Fixed assets are valued at cost, less depreciation and

impairment losses. Long term liabilities are recognized

at nominal value.

Tangible fixed assets

Tangible fixed assets are recorded in the balance

sheet at historical cost less depreciation based on

an assessment of useful economic life. If the recoverable

amount is less than the balance sheet value, then the

amount is impaired to the recoverable amount which is

the highest of net sales value or value in use. Value in

use is the current value of the future cash flows that the

asset will generate.

Intangible assets

Intangible assets include purchase of software.

Internal expenditures for IT development and external

maintenance are expensed as incurred.

Intangible assets acquired separately are measured on

initial recognition at cost.

Following initial recognition, intangible assets are

carried at cost less any accumulated amortisation and

accumulated impairment losses, if any. Intangible assets

with finite lives are amortised on a straight-line basis over

the useful economic life and assessed for impairment

whenever there is an indication that the intangible asset

may be impaired.

The intangible assets’ residual values and useful lives are

reviewed, and adjusted if appropriate, at each reporting

date. The amortisation expense on intangible assets

with finite lives is classified in the income statement as

'Amortisation of intangible assets'.

Any gain or loss arising on derecognition of an intangible

asset (calculated as the difference between the net

disposal proceeds and the carrying amount of the

intangible asset) is included in the income statement in

the year the intangible asset is derecognised.

Notes to the parent

company financial

statements

All figures in NOK million unless otherwise stated

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Accounts receivables and other receivables

Accounts receivable and other current receivables are

recorded in the balance sheet at nominal value less

provisions for doubtful accounts. Provisions for doubtful

accounts are based on an individual assessment of

the different receivables. For the remaining receivables,

a general provision is estimated based on expected loss.

Income tax

The tax expense consists of the tax payable and changes

to deferred tax.

Deferred tax/tax assets are calculated on all differences

between the book value and tax value of non-current assets

and liabilities. Deferred tax is calculated as 22 percent

of temporary differences and the tax effect of tax losses

carried forward.

Deferred tax assets are recorded in the balance sheet

when it is more likely than not that the tax assets will be

utilized. Deferred tax assets and deferred tax liabilities

are offset, if a legally enforceable right exists to set off

current tax assets against current tax liabilities.

Taxes payable and deferred taxes are recognised directly

in equity to the extent that they relate to equity transactions.

Defined contribution pension plans

The Company operates a defined contribution pension

plan under which the company pays contributions

to privately administered pension insurance plans

on a mandatory, contractual or voluntary basis.

The contri butions are recognised as employee benefit

expense when they are due. Prepaid contributions

are recognised as an asset to the extent that a cash

refund or a reduction in the future payments is available.

The company has no legal or constructive obligations

to pay further contributions if the fund does not hold

sufficient assets to pay all employees the benefits

relating to employee service in the current and prior

periods, and therefore does not record a pension liability

in the balance sheet.

Share based payments

Members of the management team and selected key

employees receive remuneration in the form of share-

based payments, whereby they render services as

consideration for equity instruments (equity-settled

transactions).

The cost of equity-settled transactions is determined by

the fair value at the date when the grant is made using

an appropriate valuation model, please refer to B2 Impact

Group financial statement note 23 for further details.

The cost is recognised in personnel expenses, together

with a corresponding increase in other capital reserves

within equity, over the period in which the service and,

where applicable, the performance conditions are fulfilled

(the vesting period). The cumulative expense recognised

at each reporting date until the vesting date reflects

the extent to which the vesting period has expired and

the company's best estimate of the number of equity

instruments that will ultimately vest. The expense or

income in the income statement for a period represents

the movement in the cumulative expense recognised at

the beginning and end of that period.

Service and non-market performance conditions are not

taken into account when determining the grant date fair

value of awards, but the likelihood of the conditions being

met is assessed as part of the company's best estimate

of the number of equity instruments that will ultimately

vest. Market performance conditions are reflected within

the grant date fair value.

No expense is recognised for awards that do not ultimately

vest because non-market performance and/or service

conditions have not been met.

When the terms of an equity-settled award are modified,

the minimum expense recognised is the grant date fair

value of the unmodified award, provided the original

terms of the award are met. An additional expense,

measured at the date of modification is recognised for

any modification that increases the total fair value of

the share-based payment transaction, or is otherwise

beneficial to the employee. Where an award is cancelled

by the entity or by the counterparty, any remaining element

of the fair value of the award is expensed immediately

through the income statement.

The dilutive effect of outstanding options is reflected as

additional share dilution in the computation of diluted

earnings per share. For further details, see note 13 in

B2 Impact Group financial statement.

Cash flow statement

The cash flow statement is presented using the indirect

method. Cash and cash equivalents includes cash, bank

deposits and other current, highly liquid investments with

maturities of three months or less.

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Note 2 Financial risk management

Financial risk management for the Company is fully integrated into the B2 Impact Group's overall financial risk

management.

The B2 Impact Group's activites are exposed to financial risks: market risk, currency and interest rate risk, credit risk,

liquidity risk and cash flow risk. The Company focuses on the unpredictability of the financial markets and seeks to

minimise the potential adverse effects of the market fluctuations on the Group's financial performance.

For further details, please refer to note 4.1 in B2 Impact Group financial statment.

Note 3 Personnel expenses

2024 2023

Wages, salaries and other benefits paid 53 56

Social security costs 12 12

Defined contribution pension costs 5 5

Other personnel costs 15 15

Cost share option program 3 1

Social security cost share option program 5 -1

92 89

Number of full time equivalents (FTEs) at 31 December 25.0 26.0

All employees are covered by a defined contribution pension plan which fulfill the Company's obligations under the

Norwegian occupational pension legislation.

All figures in NOK million unless otherwise stated

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Note 4.1 Other operating expenses

2024 2023

Audit and tax services 5 5

Tax and legal services 4 2

Other professional services 11 7

Cost of office premises 10 12

IT, telecommunications 27 7

Marketing, business entertaining 1 2

Travel, accommodation, meetings, arrangements 2 2

Statutory and other corporate costs 3 19

62 55

Note 4.2 Fees to auditors

2024 2023

Audit fees 5 5

5 5

All figures including VAT.

All figures in NOK million unless otherwise stated

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Note 5 Financial items

2024 2023

Dividend from B2Kapital Holding S.à r.l. 767 1 142

Dividend and contribution from group companies 767 1 142

Realised exchange gains/(losses) -694 -175

Unrealised exchange gains/(losses) 660 118

Net exchange gain/(loss) -35 -58

Interest expense on interest bearing loans -494 -573

Other interest expense -3 -6

Other interest expenses -497 -579

Interest income on cash & short-term deposits 3 6

Net gain/(loss) on financial instruments -141

Costs of financing -48 -20

Other financial expenses -16 -12

Other financial items -202 -26

All figures in NOK million unless otherwise stated

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Note 6 Taxes

The major components of income tax reported in the income statement were:

2024 2023

Current year income tax payable 0 0

Deferred tax expense/(income) 0 0

Total tax expense reported in the income statement 0 0

Calculation of the income tax base

Profit/(loss) before tax 330 796

Permanent differences -465 -1 157

Change in temporary differences -145 -308

Transfer to/(from) tax losses carried forward 280 669

Current year income tax base 0 0

Current year income tax payable at 22 % 0 0

All figures in NOK million unless otherwise stated

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Deferred taxes

Change in

deferred taxes

Calculation of the deferred tax base 2024 2023 2024

Non-current loans to group companies 955 743

Fixed assets 2 5

Taxable temporary differences 957 747

Other receivables & liabilities -6 -1

Non-current interest bearing loans -79 -221

Tax losses carried forward - no time limit on expiry -1 682 -1 402

Reversal of basis for deferred tax asset not recognised 811 877

Deductible temporary differences -957 -747

Net basis for deferred tax / tax asset 0 0

Basis for deferred tax at 22 % -178 -193 15

Deferred tax asset not recognised 178 193 -15

Net deferred tax / change in deferred taxes 0 0 0

Comprising:

22 % deferred tax liability 210 164

22 % deferred tax asset -210 -164

0 0

Significant judgement is required to determine the amount of deferred tax assets that can be recognised based upon

the likely timing and level of future taxable profits together with future tax planning strategies.

All figures in NOK million unless otherwise stated

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Reconciliation of the Norwegian nominal tax rate to the effective tax rate 2024 2023

Profit/(loss) before tax 330 796

Expected tax expense at the Norwegian nominal tax rate of 22 % 73 175

Tax effect of permanent differences -102 -255

Tax effect of the change in unrecognised deferred taxes -15 80

Tax effect on estimate change 44

Total income and deferred tax expense 0 0

Note 7 Tangible and intangible assets

Equipment,

fixtures & fittings Intangibles Total

Acquisition / purchase cost

At 1 January 2024 6 36 42

Additions 0 3 3

Disposals 0 - 0

At 31 December 2024 6 40 46

Depreciation and amortisation

At 1 January 2024 2 7 9

Depreciation and amortisation for the year 1 6 7

Accumulated depreciation on disposals 0 0 0

At 31 December 2024 3 13 17

Net book value

At 31 December 2024 3 26 29

At 1 January 2024 4 29 33

Depreciation method Straight line Straight line

Economic useful lives 0-5 years 5 years

All figures in NOK million unless otherwise stated

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Note 8 Investment in subsidiaries

% equity interest

Name of subsidiary

Country of

incorporation

Established/

acquired 2024 2023

Equity

2024

Profit

2024

Book value

2024

B2Kapital Holding S.à r.l.

Luxembourg 2014 100 % 100 % 4 689 402 3 733

BackB Investments S.à r.l.

Luxembourg 2021 100 % 100 % 1 245 571 812

Veraltis Group S.à r.l.

Luxembourg 2022 100 % 100 % 7 -17 21

Total carrying value 4 567

1. Voting rights in the subsidiary is equivalent to % equity interest.

2. Equity and profit are based on preliminary, unaudited reports for

consolidation purposes 2024.

B2 Impact ASA is the ultimate parent company in the B2 Impact Group and consolidates the accounts for the Group.

A copy of the B2 Impact Group financial statements is available at B2 Impact ASA website at www.b2-impact.com.

Note 8.1 Non-current loans to group companies

2024 2023

B2Kapital Holding S.à r.l. 1 870 2 793

BackB Investments S.à r.l. 1 545 1249

Veraltis Group S.à r.l. 218 187

Non-current loans to group companies 3 633 4 230

All figures in NOK million unless otherwise stated

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Note 9 Cash and cash equivalents

2024 2023

Cash at banks:

Unrestricted balances 4 4

4 4

Cash at banks earns interest at floating rates which is based on bank deposit rates. Other restricted balances

represent deposits paid into an escrow account in connection with lease of office premises.

For the purpose of the statement of cash flow, cash and cash equivalents comprised the cash balances in the

table above.

In addition the Company holds bank accounts in the group's multi-currency cashpool, with a net current debt

amounted to NOK 54 million (607 million in 2023). Reported in gross amounts as respectively "Receivables from group

companies" and "Payables to group companies" in the balance sheet.

Receivables from group companies includes NOK 767 million (1,124 million in 2023) in unpaid cash dividend from

B2Kapital Holding S.à r.l.

All figures in NOK million unless otherwise stated

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Note 10 Changes in shareholders' equity

Name of subsidiary

capital

Treasury

Other paid-in

capital

Other capital

reserves

Other

equity

Total

equity

At 1 January 2024 39 -2 2 844 29 641 3 552

Profit for the year after tax 330 330

Capital reduction -2 2 0 0

Share buy-back programme 0 -5 -5

Share based payment 3 3

Additional dividend 2023, paid in 2024 -221 -221

Proposed dividend for 2024 -553 -553

At 31 December 2024 37 0 2 844 32 193 3 106

The Board of Directors has decided to propose for the Annual General Meeting 2024 a dividend of NOK 1.50.

During the year an additional dividend of NOK 0.60 per share was approved by the Board. Combined with the dividend

approved in May the total dividend paid for the financial year 2023 was NOK 1.30 per share.

All figures in NOK million unless otherwise stated

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Note 11 Share capital and other paid-in capital

Ordinary shares have a nominal value of NOK 0.10 each and all provide the same rights in the Company. The number

and value of authorised and registered shares, and the amount of other paid-in capital, being the premium on shares

issued less any transaction costs of new shares issued, was as follows:

1. 2023 figures are including 18,648,672 treasury shares purchased in the

2023 share buy-back program. Treasury shares cancelled in 2024.

2. Net proceeds after transaction costs.

All figures in NOK million unless otherwise stated

capital

Other paid-in

capital

Number of shares

NOK mill NOK mill

At 1 January 2023 401 364 824 40 2 844

Capital reduction registered 27 July 2023 related

to the share buy-back programme ended December 2022 -14 184 000 -1

At 31 December 2023 387 180 824 39 2 844

Capital reduction by cancellation of own shares registered

on 26 August 2024 related to share buy-back programme 2023 -18 648 672 -2

At 31 December 2024 368 532 152 37 2 844

At 29 April 2025 (the date of completion of these financial statements) 368 532 152 37 2 844

Treasury shares

2024 2023

At 1 January 18 174 843 14 184 000

Share buy-back 473 829 18 874 843

Capital reduction -14 184 000

Excersised share options -700 000

Capital reduction by cancellation of own shares -18 648 672

At 31 December - 18 174 843

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All figures in NOK million unless otherwise stated

The share buy-back program started 26 May 2023 was complete in January 2024. The purpose of the program was

to reduce the capital of the Company. In total 19,348,672 shares were bought back at an average price of NOK 6.81,

decreasing the equity attributable to the Company’s shareholders by NOK 128 million. After sale of 700,000 of its own

shares in fourth quarter 2023 the Company held a total of 18,648,672 treasury shares to be cancelled. The cancellation

of the shares and the share capital reduction of NOK 1.8 million was effective as of 26 August 2024.

For further information about mandates granted to the Board of Directors to incrase the share capital, please refer to

note 22 in B2 Impact Group financial statement.

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The largest shareholders at 31 December 2024 were as follows:

Number of shares % total

Prioritet Group AB 52 913 000 14.36 %

Rasmussengruppen AS

51 373 266 13.94 %

Valset Invest AS 32 002 949 8.68 %

Stenshagen Invest AS 30 500 143 8.28 %

DNB Markets Aksjehandel/-analyse 16 307 174 4.42 %

Skandinaviska Enskilda Banken AB 14 640 734 3.97 %

Gulen Invest AS 10 000 527 2.71 %

Verdipapirfondet Storebrand Norge 8 292 104 2.25 %

Rune Bentsen AS 8 291 680 2.25 %

Dunker AS 8 207 124 2.23 %

Greenway AS 5 802 368 1.57 %

Stiftelsen Kistefos 4 000 000 1.09 %

VPF DNB AM Norske Aksjer 3 597 481 0.98 %

Lin AS 3 500 000 0.95 %

F2Kapital AS 3 000 000 0.81 %

Ranastongji AS 2 847 048 0.77 %

Verdipapirfondet KLP Aksjenorge IN 2 578 631 0.70 %

Hans Eiendom AS 2 500 000 0.68 %

Directmarketing Invest AS 2 405 100 0.65 %

Artel AS 2 300 000 0.62 %

Remaining shareholders 103 472 823 28.08 %

368 532 152 100.00 %

All figures in NOK million unless otherwise stated

1. Total shareholdings of Rasmussengruppen AS includes shareholdings

of its fully owned subsidiaires Portia AS, Cressida AS and Viola AS.

For further information about shares owned directly or indirectly by Board of Directors and Group Management at

31 December 2024, please refer to note 22 in B2 Impact Group financial statement.

For details about Long-Term Incentive Plans (share option programs) granted to the executive management and

selected key employees at 31 December 2024, please refer to note 23 in B2 Impact Group financial statement.

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All figures in NOK million unless otherwise stated

Currency Interest rate

Debt in local

currency Debt in NOK Maturity

Senior Unsecured Bond Issue 2024 EUR 5.00 %

+ 3M EURIBOR

150 1 769 Jan 2028

Senior Unsecured Bond Issue 2024 EUR 3.90 %

+ 3M EURIBOR

300 3 539 Mar 2029

Repayment schedule at 31 December 2024 EUR NOK

In 2028 150 1 769

In 2029 300 3 539

450 5 308

Financial covenants

All financial covenants have been met at 31 December 2024 and 31 December 2023. For further details, please refer to

note 24 in B2 Impact Group financial statement.

Note 12 Interest bearing loans and borrowings

Non-current

The Company holds one non-current unsecured bond loans as of 31 December 2024.

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All figures in NOK million unless otherwise stated

Note 13 Other current liabilities

2024 2023

Provision for social security on share options 6 1

Accrued interest bond loans 33 30

Proposed dividend 553 258

Other 30 26

621 315

Note 14 Commitments

The company has entered into a commercial lease for office premises. The lease contract was signed in 2021 for a 10

year rental period starting from September 2022.

The lease arrangement is annually adjusted according to the consumer price index. The lease contract states that the

lessee can only use the office premises as an office space within the existing line of business unless they have written

consent from the lessor agreeing to something else.

The operating lease costs for the following types of lease were as follows:

2024 2023

Office premises 7 9

7 9

The future minimum rentals payable under the non-cancellable operating lease at 31 December were as follows:

2024 2023

Rentals payable within one year 5 7

Rentals payable from one to five years 22 22

After five years 14 14

42 43

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Note 15 Related party disclosure

The Company's related parties include the Group

management team, Board of Directors, associated

companies and joint ventures. For details, please refer

to note 29 in B2 Impact Group financial statment.

Group companies

Companies in the B2 Impact Group are also related

parties. Sales to and purchases from intra-group

related parties are made at normal market prices as

the transactions are performed on the same terms as

unrelated parties.

Outstanding intra-group balances at the year end are

unsecured, and other than for interest-bearing loans,

interest free. At 31 December 2024 and at 31 December

2023, the Company has not made any provision of

doubtful debts relating to intra-group related party

balances. This assessment has been undertaken for

each period end based on an examination of the financial

position of the related party and the market in which the

related party operates.

For further details of the Group's transactions with related

parties, please refer to note 29 in B2 Impact Group

financial statement.

Note 16 Guarantees

Reference is made to the Annual report for the group,

note 31 Guarantees.

Note 17 Subsequent events

The Board of Director's has proposed for the Annual

General Meeting 2024 to pay a cash dividend of NOK

1.50 per share for 2024. In December 2024 B2 Impact

entered into an agreement to acquire Zolva’s portfolios in

Finland, Norway and Sweden and also Zolva’s servicing

platform in Norway. This transaction was completed in

the first quarter of 2025. The transaction added around

EUR 100 million in Estimated Remaining Collections (ERC)

across the three countries.

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APM

Alternative

performance

measures

The consolidated financial statements of the Group have been prepared in accordance with International Financial

Reporting Standards (IFRS Accounting Standards) and interpretations issued by the IFRS Interpretations Committee

(IFRS IC) applicable to companies reporting under IFRS. The consolidated financial statements comply with IFRS as

issued by the International Accounting Standards Board (IASB) and approved by the EU. In addition, the Group presents

alternative performance measures (APMs). These measures do not have any standardized meaning prescribed by IFRS

and therefore are unlikely to be comparable to the calculation of similar measures used by other companies.

The APMs are regularly reviewed by Management and their aim is to enhance stakeholders’ understanding of the

Group’s performance and to enhance comparability between financial periods. The APMs are reported in addition to,

but are not substitutes for the financial statements prepared in accordance with IFRS.

The APMs provide a basis to evaluate operating profitability and performance trends, excluding the impact of

items which in the opinion of Management, distort the evaluation of the performance of our operations. The APMs

also provide measures commonly reported and widely used by investors as an indicator of the Group’s operating

performance and as a valuation metric of debt purchasing companies. Furthermore, APMs are also relevant when

assessing our ability to incur and service debt.

APMs are defined consistently over time and are based on the financial datas presented in accordance with IFRS.

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APM

All figures in NOK million unless otherwise stated

2024 2023

Revenue 3 683 3 775

Add back Amortisation of purchased loan portfolios 2 214 2 209

Add back Revaluation of purchased loan portfolios 37 690

Adjust for Repossession of collateral assets -194 -276

Add back cost of asset sold 360 364

Adjust for Profit from investments in associated parties/joint ventures -116 -222

Add Cash received from investments in associated parties/joint ventures 114 202

Cash revenue 6 097 6 743

Adjust for Other cash revenues -813 -579

Cash collections 5 284 6 164

EBIT 1 500 1 578

Add back Depreciation, amortisation and impairment losses 91 106

EBITDA 1 591 1 684

Add back Amortisation of purchased loan portfolios 2 214 2 209

Add back Revaluation of purchased loan portfolios 37 690

Adjust for Repossession of collateral assets -194 -276

Add back Cost of assets sold 360 364

Adjust for Profit from investments in associated parties/joint ventures -116 -222

Add Cash received from investments in associated parties/joint ventures 114 202

Adjust for Non-recurring items 169 111

Cash EBITDA 4 175 4 762

Alternative performance measures - reconciliation

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APM

All figures in NOK million unless otherwise stated

2024 2023

EBIT 1 500 1 578

Non-recurring items, of which:

Personnel expenses 155 67

Other operating expenses 14 43

Impairment 8

Non-recurring items impacting EBIT 169 118

Adjusted EBIT 1 669 1 696

External expenses of services provided -556 -533

Personnel expenses -1 054 -1 027

Other operating expenses -482 -532

Adjust for non-recurring items 169 111

Adjusted opex -1 923 -1 981

Non-recurring items impacting EBIT 169 118

Other non-recurring items 220 36

Total non-recurring items 389 154

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APM

2024

31 Dec

2024

30 Sep

2024

30 Jun

2024

31 Mar

Bond loan (nominal value)

5 308 4 118 5 128 5 265

Revolving Credit Facility (nominal value)

4 434 5 294 4 165 4 662

Vendor loan 107 27 24 29

Net cash balance including overdraft -269 -525 -790 -743

Total loan 9 580 8 914 8 527 9 212

Purchased loan portfolios 12 069 11 419 11 146 11 705

Investment in associated companies and joint ventures 822 852 813 830

Other assets

1 928 1 877 1 120 1 540

Book value 14 819 14 148 13 079 14 074

Total Loan to Value % (TLTV) 65 % 63 % 65 % 65 %

1. Bond loans and Revolving Credit Facility (RCF) are measured

at nominal value according to the definitions of the financial

covenants. In the consolidated statement of financial position

this is included in "Non-current interest bearing loans

and borrowings" and "Current interest bearing loans and

borrowings", with bonds measured at amortised cost and RCF

at linear cost.

2. Included in "Goodwill", "Loan receivables" and "Collateral

assets" in the condensed consolidated statement of financial

position.

All figures in NOK million unless otherwise stated

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Definitions

Actualisation

Actualisation is the difference between actual and

forecasted collections for purchased loan portfolios for

the reporting period.

Adjusted EBIT (Adj. EBIT)

Adjusted EBIT consists of Operating profit/(loss) (EBIT)

adjusted for non-recurring items.

Adjusted EBIT % (Adj. EBIT %)

Adjusted EBIT % is Adjusted EBIT expressed as a

percentage of revenue excluding Non-recurring items.

Adjusted EPS (Adj. EPS)

Adjusted earnings per share is calculated based on

Adjusted Net profit (Adj. Net profit) for the period divided

by the weighted average number of outstanding shares

during the respective period.

Adjusted return on equity (Adj. ROE)

Adjusted return on equity is calculated based on rolling

12-months Adjusted Net profit (Adj. Net profit) for the

Group divided by the average equity attributable to

parent company shareholders, with average equity

calculated as a simple average based on opening and

closing balances for the respective 12-month period.

Adjusted Net profit (Adj. Net profit)

Adjusted Net profit consists of Profit/(loss) after tax

adjusted for Non-recurring items reduced by the tax rate

for the period.

Central costs

Administration and management cost related to Head

Office and other Group costs such as Investment Office.

Amortisation

Amortisation is the amount of the collections that are used

to reduce the book value of the purchased portfolios.

Cash collections

Cash collections include unsecured collections, secured

cash collections, cash received from SPVs and joint

ventures, and REO sales proceeds.

Cash EBITDA

Cash EBITDA consists of EBIT added back Amortisation

and Revaluation of purchased loan portfolios, Depreciation

and amortisation and Impairment of tangible and intangible

assets and Cost of assets sold, adjusted for Repossession

of collateral assets and the difference between cash

received and recognised Profit from shares in associated

parties/joint ventures and participation loan/notes. Cash

EBITDA is a measure of actual performance from the

collection business (cash business) and other business

areas. Cash EBITDA is adjusted for Non-recurring items.

Cash margin

Cash margin consists of Cash EBITDA expressed as a

percentage of cash revenue.

Cash revenue

Cash revenue consists of revenue added back

Amortisation and Revaluation of purchased loan portfolios

and Cost of assets sold and adjusted for Repossession of

collateral asset and the difference between cash received

and recognised Profit from shares in associated parties/

APM

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joint ventures and participation loan/notes. Cash revenue

is a measure of actual revenues (cash business) from

the collection business and other business areas. Cash

revenue is adjusted for Non-recurring items.

Collateral assets

In connection with the acquisition and collection of

purchased loan portfolios, the Group may become owner

of assets such as land, buildings, or other physical goods.

These assets are only acquired as part of the collection

strategy for the purpose of being divested within the

Group’s ongoing operations to maximize the value of

collections. Such assets are classified as inventories and

recognised in the balance sheet at the lower of cost and

net realisable value in accordance with IAS 2 Inventories.

Collections

Collections are the actual cash collected and assets

recovered from purchased portfolios.

EBITDA

Operating profit before depreciation and amortisation

(EBITDA) consists of operating profit (EBIT) adding back

depreciation, amortisation and impairment of tangible

and intangible assets.

Estimated Remaining Collections (ERC)

Estimated Remaining Collections (ERC) expresses the

collections in nominal values expected to be collected in

the future from the purchased loan portfolios owned at

the reporting date and the Group’s share of collections

on portfolios purchased and held in joint ventures.

Forward flow agreements

Forward flow agreements are agreements where the

Group agrees with the portfolio provider that it will, over

some period in fixed intervals, transfer its non-performing

loans of a certain characteristics to the Group.

Interest income from loan receivables

Interest income from loan receivables is the calculated

amortised cost interest revenue from the loan receivable

using the original effective interest rate.

Interest income from purchased portfolios

Interest income from purchased loan portfolios is the

calculated amortised cost interest revenue from the

purchased loan portfolios using the credit-adjusted

effective interest rates set at initial acquisition.

Operating expenses (Opex)

Opex consists of external expenses of services provided,

personnel expenses and other operating expenses.

Net debt

Net debt consists of nominal value of interest-bearing

loans and borrowings plus utilised bank overdraft less

cash and short-term deposits.

Net interest-bearing debt

Net interesting-bearing debt consist of carrying value of

interest-bearing loans and borrowings plus utilised bank

overdraft less cash and short-term deposits.

Net credit gain/(loss) from purchased loan portfolios

The Group's exposure to credit risk from the purchased

loan portfolios is related to actual collections deviating

from collections estimates and from changes in future

collections estimates. The Group regularly evaluates the

current collections estimates at the individual portfolio

APM

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level and the estimate is adjusted if collections are

determined to deviate from current estimate over time.

The adjusted collections estimate is discounted by

the initial rate of return at acquisition of the portfolio.

Changes from current estimate adjust the book value

of the portfolio and are included in the profit and loss

statement in the line item "Net credit gain/(loss) from

purchased loan portfolios". Collections above collections

estimates and upward adjustments of future collections

estimates increase revenue. Collections below collections

estimates and downward adjustments of future

collections estimates decrease revenue. Net credit gain/

(loss) equals net actualisation/revaluation.

Non-recurring items

Significant profit and loss items that are not included in the

Group’s normal recurring operations, which are difficult to

predict and are considered to have low forecast value for

the future earnings trend. Non-recurring items may include

but are not limited to restructuring costs, acquisition

and divestment costs, advisory costs for discontinued

acquisition projects, integration costs, termination

costs for Group Management and country managers,

non-portfolio related write offs, unusual legal expenses,

extraordinary projects, and material income or expenses

relating to prior years.

Operating cash flow per share

Operating cash flow per share is operating cash flow

from consolidated statement of cash flows divided on

the weighted average number of shares outstanding in

the reporting period. Operating cash flow per share is a

measure on actual cash earned from operating business

per share.

Other cash revenues

Other cash revenues consist of Other revenues added

back Cost of assets sold

Other revenues

Other revenues include revenue from external collections,

as well as subscription income for credit information,

telemarketing and other services which is recognised

proportionately over the term of the underlying service

contract which is usually one year. Other revenues

include Interest income from loan receivables and Net

credit gain/(loss) from loan receivables.

Portfolio investments

The investments for the period in unsecured (without

collateral) and in secured (with collateral) loan portfolios.

Profit margin

Profit margin consists of operating profit (EBIT)

expressed as a percentage of total operating revenues.

Revaluation

Revaluation is the period’s increase or decrease in

the carrying value of the purchased loan portfolios

attributable to changes in forecasts of future collections.

Total Loan to Value (TLTV)

Total loan to value is net debt adjusted for vendor loan,

earn out and FX hedge MTM over assets (portfolio, JV,

loan receivables, real estate owned and goodwill).

APM

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Responsibility

statement

We confirm, to the best of our knowledge, that the financial statements for the period 1 January to 31 December 2024

have been prepared in accordance with current applicable accounting standards and give a true and fair view of the

assets, liabilities, financial position and profit or loss of the entity and the Group taken as a whole.

We also confirm that the Board of Directors’ report includes a true and fair review of the development and performance

of the business and the position of the entity and the group, together with a description of the principles risks and

uncertainties facing the entity and the group.

The annual report has been prepared in accordance with sustainability reporting standards established pursuant to

section 2-6 of the Norwegian Accounting Act and in accordance with the rules established pursuant to Article 8 (4) of

the Taxonomy Regulation.

Oslo, 29 April 2025

/sign/

Harald L. Thorstein

Chair of the Board

/sign/

Henrik Wennerholm

Board Member

/sign/

Adele Bugge Norman Pran

Board Member

/sign/

Ellen Hanetho

Board Member

/sign/

Jessica Sparrfeldt

Board Member

/sign/

Trond Kristian Andreassen

Chief Executive Officer

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Auditors'

report

Statsautoriserte revisorer

Ernst & Young AS

Stortorvet 7, 0155 Oslo

Postboks 1156 Sentrum, 0107 Oslo

Foretaksregisteret: NO 976 389 387 MVA

Tlf: +47 24 00 24 00

www.ey.no

Medlemmer av Den norske Revisorforening

A member firm of Ernst & Young Global Limited

To the Annual Shareholders' Meeting in B2 Impact ASA

INDEPENDENT AUDITOR'S REPORT

Report on the audit of the financial statements

Opinion

We have audited the financial statements of B2 Impact ASA (the Company) which comprise:

• The financial statements of the company, which comprise the statement of the balance sheet as

at 31 December 2024 and income statement, and cash flow statement for the year then ended

and notes to the financial statements, including a summary of significant accounting policies, and

• The financial statements of the group, which comprise the statement of financial position as at 31

December 2024, income statement, statement of comprehensive income, statement of cash

flows and statement of changes in equity for the year then ended and notes to the financial

statements, including material accounting policy information.

In our opinion:

• the financial statements comply with applicable statutory requirements,

• the financial statements give a true and fair view of the financial position of the company as at 31

December 2024 and its financial performance and cash flows for the year then ended in

accordance with simplified application of international accounting standards according to section

3-9 of the Norwegian Accounting Act, and

• the consolidated financial statements give a true and fair view of the financial position of the

group as at 31 December 2024 and its financial performance and cash flows for the year then

ended in accordance with IFRS Accounting Standards as adopted by the EU.

Our opinion is consistent with our additional report to the audit committee.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our

responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of

the financial statements section of our report. We are independent of the Company and the Group in

accordance with the requirements of the relevant laws and regulations in Norway and the International

Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants

(including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical

responsibilities in accordance with these requirements. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis for our opinion.

To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit

Regulation (537/2014) Article 5.1 have been provided.

We have been the auditor of the Company for 11 years from the election by the general meeting of the

shareholders on 3 December 2014 for the accounting year 2014.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our

audit of the financial statements for 2024. These matters were addressed in the context of our audit of the

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Independent auditor's report - B2 Impact ASA 2024

A member firm of Ernst & Young Global Limited

report and the other information presented with the financial statements. We have nothing to report in this

regard.

Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report

• is consistent with the financial statements and

• contains the information required by applicable statutory requirements.

Our statement on the Board of Directors’ report applies correspondingly for the statement on Corporate

Governance.

Our statement that the Board of Directors’ report contains the information required by applicable law does

not cover the sustainability report, for which a separate assurance report is issued.

Responsibilities of management for the financial statements

Management is responsible for the preparation of the financial statements of the Company that give a

true and fair view in accordance with simplified application of international accounting standards

according to section 3-9 of the Norwegian Accounting Act, and for the preparation of the consolidated

financial statements of the Group that give a true and fair view in accordance with IFRS Accounting

Standards as adopted by the EU. Management is responsible for such internal control as management

determines is necessary to enable the preparation of financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s and the

Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern

and using the going concern basis of accounting unless management either intends to liquidate the

Company or the Group, or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are

free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that

includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an

audit conducted in accordance with ISAs will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the

aggregate, they could reasonably be expected to influence the economic decisions of users taken on the

basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional

scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to

fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not

detecting a material misstatement resulting from fraud is higher than for one resulting from error,

as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override

of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances, but not for the purpose of expressing an

opinion on the effectiveness of the Company’s and the Group’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting

and, based on the audit evidence obtained, whether a material uncertainty exists related to

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Independent auditor's report - B2 Impact ASA 2024

A member firm of Ernst & Young Global Limited

financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate

opinion on these matters.

Estimated future cash collections from purchased loan portfolios

Basis for the key audit matter

Purchased loan portfolios account for 71% of

total assets of the Group. Estimated future cash

collections from purchased loan portfolios is the

basis for the book value of purchased loan

portfolios and is also input into the disclosure of

fair value of purchased loan portfolios in the

notes to the consolidated financial statement.

Estimation of future cash collections from

purchased loan portfolios is complex and require

significant judgement from management about

the value, probability, and timing of expected

future cash flows.

Furthermore, the estimates of future cash flows

depend on management's approach to managing

the portfolios (e.g., changes in collection policies

and strategies) and local regulations.

The estimation of future cash collection from

purchased loan portfolios was considered a key

audit matter based on the significant judgments

involved.

Our audit response

We tested the consideration price upon

acquisition of loan portfolios to the purchase

agreement. We tested the approval by Group

management of the initial cash collection forecast

of the purchased portfolio prepared by local

management and compared the initial cash

collection forecast to historical cash collection on

similar loan portfolios.

We also compared the calculated effective

interest rate on the purchased loan portfolio to

the effective interest rate on loan portfolios

purchased in previous years. Furthermore, we

tested changes in future cash collection

estimates by comparing actual cash collection to

forecasted cash collection and by testing the

historical accuracy of prior year forecasts.

As part of our procedures, we discussed the

assumptions used including amounts, probability,

and timing of expected future cash flows,

changes in policies and strategies, seasonality

and local regulations with management and

controllers.

We also assessed the Company's disclosure in

note 3 Critical accounting judgments and key

sources of estimation uncertainty, note 2.4 and

note 4.3 Purchased Loan Portfolios.

Other information

Other information consists of the information included in the annual report other than the financial

statements and our auditor’s report thereon. The Board of Directors and Group Chief Executive Officer

(management) are responsible for the other information. Our opinion on the financial statements does not

cover the information in the Board of Directors’ report and the other information presented with the

financial statements.

In connection with our audit of the financial statements, our responsibility is to read the information in the

Board of Directors’ report and for the other information presented with the financial statements. The

purpose is to consider if there is material inconsistency between the information in the Board of Directors’

report and the other information presented with the financial statements and the financial statements or

our knowledge obtained in the audit, or otherwise the information in the Board of Directors’ report and for

the other information presented with the financial statements otherwise appears to be materially

misstated. We are required to report that fact if there is a material misstatement in the Board of Directors’

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Independent auditor's report - B2 Impact ASA 2024

A member firm of Ernst & Young Global Limited

Auditor’s responsibilities

Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material

respects, the financial statements included in the annual report have been prepared in accordance with

the ESEF Regulation. We conduct our work in accordance with the International Standard for Assurance

Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial

information”. The standard requires us to plan and perform procedures to obtain reasonable assurance

about whether the financial statements included in the annual report have been prepared in accordance

with the ESEF Regulation.

As part of our work, we perform procedures to obtain an understanding of the company’s processes for

preparing the financial statements in accordance with the ESEF Regulation. We test whether the financial

statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL

tagging of the consolidated financial statements and assess management’s use of judgement. Our

procedures include reconciliation of the iXBRL tagged data with the audited financial statements in

human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to

provide a basis for our opinion.

Oslo, 29 April 2025

ERNST & YOUNG AS

The auditor's report is signed electronically

Kjetil Rimstad

State Authorised Public Accountant (Norway)

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Independent auditor's report - B2 Impact ASA 2024

A member firm of Ernst & Young Global Limited

events or conditions that may cast significant doubt on the Company’s and the Group’s ability to

continue as a going concern. If we conclude that a material uncertainty exists, we are required to

draw attention in our auditor’s report to the related disclosures in the financial statements or, if

such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditor’s report. However, future events or conditions

may cause the Company and the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and

events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or

business activities within the Group to express an opinion on the consolidated financial

statements. We are responsible for the direction, supervision and performance of the group audit.

We remain solely responsible for our audit opinion.

We communicate with the board of directors regarding, among other matters, the planned scope and

timing of the audit and significant audit findings, including any significant deficiencies in internal control

that we identify during our audit.

We also provide the audit committee with a statement that we have complied with relevant ethical

requirements regarding independence, and to communicate with them all relationships and other matters

that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the board of directors, we determine those matters that were of

most significance in the audit of the financial statements of the current period and are therefore the key

audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public

disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should

not be communicated in our report because the adverse consequences of doing so would reasonably be

expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirement

Report on compliance with regulation on European Single Electronic Format (ESEF)

Opinion

As part of the audit of the financial statements of B2 Impact ASA we have performed an assurance

engagement to obtain reasonable assurance about whether the financial statements included in the

annual report, with the file name B2ImpactASA-2024-12-31-0-en.zip, have been prepared, in all material

respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815

on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of

the Norwegian Securities Trading Act, which includes requirements related to the preparation of the

annual report in XHTML format and iXBRL tagging of the consolidated financial statements.

In our opinion, the financial statements, included in the annual report, have been prepared, in all material

respects, in compliance with the ESEF Regulation.

Management’s responsibilities

Management is responsible for the preparation of the annual report in compliance with the ESEF

Regulation. This responsibility comprises an adequate process and such internal control as management

determines is necessary.

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Independent sustainability auditor’s limited assurance report – B2 Impact ASA 2024

A member firm of Ernst & Young Global Limited

with the ESRS and for disclosing this Process in ESRS 2 on page 25-39 of the Sustainability Statement.

This responsibility includes:

• understanding the context in which the Group’s activities and business relationships take place

and developing an understanding of its affected stakeholders;

• the identification of the actual and potential impacts (both negative and positive) related to

sustainability matters, as well as risks and opportunities that affect, or could reasonably be

expected to affect, the Group’s financial position, financial performance, cash flows, access to

finance or cost of capital over the short-, medium-, or long-term;

• the assessment of the materiality of the identified impacts, risks and opportunities related to

sustainability matters by selecting and applying appropriate thresholds; and

• making assumptions that are reasonable in the circumstances.

Management is further responsible for the preparation of the Sustainability Statement, in accordance with

the Norwegian Accounting Act section 2-3, including:

• compliance with the ESRS;

• preparing the disclosures in the subsection EU Taxonomy 2024 within the Environmental section

of the Sustainability Statement, in compliance with the Taxonomy Regulation;

• designing, implementing and maintaining such internal control that management determines is

necessary to enable the preparation of the Sustainability Statement that is free from material

misstatement, whether due to fraud or error; and

• the selection and application of appropriate sustainability reporting methods and making

assumptions and estimates that are reasonable in the circumstances.

Inherent limitations in preparing the Sustainability Statement

In reporting forward-looking information in accordance with ESRS, management is required to prepare the

forward-looking information on the basis of disclosed assumptions about events that may occur in the future

and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events

frequently do not occur as expected.

Sustainability auditor’s responsibilities

Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about

whether the Sustainability Statement is free from material misstatement, whether due to fraud or error,

and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud

or error and are considered material if, individually or in the aggregate, they could reasonably be

expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole.

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise

professional judgement and maintain professional scepticism throughout the engagement.

Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:

• Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on

the effectiveness of the Process, including the outcome of the Process;

• Considering whether the information identified addresses the applicable disclosure requirements

of the ESRS; and

Designing and performing procedures to evaluate whether the Process is consistent with the Group’s

description of its Process set out in ESRS 2 on page 25-39.

Our other responsibilities in respect of the Sustainability Statement include:

• Identifying where material misstatements are likely to arise, whether due to fraud or error; and

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Statsautoriserte revisorer

Ernst & Young AS

Stortorvet 7, 01

55 Oslo

Postboks 1156 Sentrum, 0107 Oslo

Foretaksregisteret: NO 976 389 387 MVA

Tlf: +47 24 00 24 00

www.ey.no

Medlemmer av Den norske Revisorforening

A member firm of Ernst & Young Global Limited

To the General Meeting of B2 Impact ASA

INDEPENDENT SUSTAINABILITY AUDITOR’S LIMITED ASSURANCE REPORT

Limited assurance conclusion

We have conducted a limited assurance engagement on the consolidated sustainability statement of B2

Impact ASA (the “Group”), included in the Sustainability Statement section of the Board of Directors’

report (the “Sustainability Statement”), as at 31 December 2024 and for the year then ended.

Based on the procedures we have performed and the evidence we have obtained, nothing has come to

our attention that causes us to believe that the Sustainability Statement is not prepared, in all material

respects, in accordance with the Norwegian Accounting Act section 2-3, including:

• compliance with the European Sustainability Reporting Standards (ESRS), including that the

process carried out by the Group to identify the information reported in the Sustainability

Statement (the “Process”) is in accordance with the description set out in ESRS 2 on page 25-39

and

• compliance of the disclosures in subsection EU Taxonomy 2024 within the environmental section

of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the “Taxonomy

Regulation”).

Basis for conclusion

We conducted our limited assurance engagement in accordance with International Standard on

Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of

historical financial information (“ISAE 3000 (Revised)”), issued by the International Auditing and

Assurance Standards Board.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our

conclusion. Our responsibilities under this standard are further described in the Sustainability auditor’s

responsibilities section of our report.

Our independence and quality management

We have complied with the independence and other ethical requirements as required by relevant laws

and regulations in Norway and the International Code of Ethics for Professional Accountants (including

International Independence Standards) issued by the International Ethics Standards Board for

Accountants (IESBA Code), which is founded on fundamental principles of integrity, objectivity,

professional competence and due care, confidentiality and professional behaviour.

The firm applies International Standard on Quality Management 1, which requires the firm to design,

implement and operate a system of quality management including policies or procedures regarding

compliance with ethical requirements, professional standards and applicable legal and regulatory

requirements.

Other matter

The comparative information included in the Sustainability Statement was not subject to an assurance

engagement. Our conclusion is not modified in respect of this matter.

Responsibilities for the Sustainability Statement

The Board of Directors and the Chief Executive Officer (management) are responsible for designing and

implementing a process to identify the information reported in the Sustainability Statement in accordance

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Independent sustainability auditor’s limited assurance report – B2 Impact ASA 2024

A member firm of Ernst & Young Global Limited

• Evaluated whether information about the identified taxonomy-eligible and taxonomy-aligned

economic activities is included in the Sustainability Statement; and

• Performed inquiries of relevant personnel, analytical procedures on selected taxonomy

disclosures included in the Sustainability Statement.

Oslo, 29 March 2025

RNST & YOUNG AS

The assurance report has been signed electronically

Kjetil Rimstad

State Authorised Public Accountant (Norway) – Sustainability Auditor

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Independent sustainability auditor’s limited assurance report – B2 Impact ASA 2024

A member firm of Ernst & Young Global Limited

• Designing and performing procedures responsive to where material misstatements are likely to

arise in the Sustainability Statement. The risk of not detecting a material misstatement resulting

from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,

intentional omissions, misrepresentations, or the override of internal control.

Summary of the work performed

A limited assurance engagement involves performing procedures to obtain evidence about the

Sustainability Statement. The procedures in a limited assurance engagement vary in nature and timing

from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of

assurance obtained in a limited assurance engagement is substantially lower than the assurance that

would have been obtained had a reasonable assurance engagement been performed.

The nature, timing and extent of procedures selected depend on professional judgement, including the

identification of disclosures where material misstatements are likely to arise in the Sustainability

Statement, whether due to fraud or error.

In conducting our limited assurance engagement, with respect to the Process, we:

• Obtained an understanding of the Process by:

o performing inquiries to understand the sources of the information used by management

(e.g., stakeholder engagement, business plans and strategy documents); and

o reviewing the Group’s internal documentation of its Process; and

• Evaluated whether the evidence obtained from our procedures with respect to the Process

implemented by the Group was consistent with the description of the Process set out in ESRS 2

on page 25-39.

In conducting our limited assurance engagement, with respect to the consolidated Sustainability

Statement, we:

• Obtained an understanding of the Group’s reporting processes relevant to the preparation of its

Sustainability Statement by

o obtaining an understanding of the Group’s control environment, processes, control

activities and information system relevant to the preparation of the consolidated

Sustainability Statement, but not for the purpose of providing a conclusion on the

effectiveness of the Group’s internal control; and

o obtaining an understanding of the Group’s risk assessment process.

• Evaluated whether the information identified by the Process is included in the Sustainability

Statement;

• Evaluated whether the structure and the presentation of the Sustainability Statement is in

accordance with the ESRS;

• Performed inquires of relevant personnel and analytical procedures on selected information in the

Sustainability Statement;

• Performed substantive assurance procedures on selected information in the Sustainability

Statement;

• Where applicable, compared disclosures in the Sustainability Statement with the corresponding

disclosures in the financial statements and other sections of the Board of Directors’ report;

• Evaluated the methods, assumptions and data for developing estimates and forward-looking

information;

• Obtained an understanding of the Group’s process to identify taxonomy-eligible and taxonomy-

aligned economic activities and the corresponding disclosures in the Sustainability Statement;

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Annual report 2024

B2 Impact

Cort Adelers gate 30

0254 Oslo, Norway

b2-impact.com

IR contact

Rasmus Hansson

Head of Investor Relations and M&A

+47 952 55 842

rasmus.hansson@b2-impact.com