Annual Report
2025
B2 Impact — Annual report 2025
2 Directors’ report1 About B2 Impact 3 Corporate Governance
4 Financial Statements
02
Contents
Contents
1. About B2 Impact 03
This is B2 Impact 04
Message from CEO 06
The Share 08
2. Directors' report 11
Message from the Board 12
Risk Management 16
Sustainability Statement 25
3. Corporate Governance 73
4. Financials 83
Financial Contents 84
Consolidated Financial Statements 85
Parent Company Financial Statements 154
Alternative Performance Measures 174
Responsibility Statement 181
Auditors' report 182
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Key financial figures
2
ERC
1
(NOKm)
NOKm
2025 2024
3
Δ %
Cash collections 6 168 5 284 17 %
Revenues 3 759 3 516 7 %
Opex -1 935 -1 923 1 %
EBIT 1 723 1 502 15 %
EBIT % 46 % 43 % 3pp
Net profit 703 449 57 %
Cash revenue 6 662 5 801 15 %
Cash EBITDA 4 727 3 879 22 %
Cash margin 71 % 67 % 4pp
Collections
4
5 676 5 249 8 %
Amortisation of own portfolios -2 421 -2 214 9 %
Portfolio investments 3 709 2 248 65 %
EPS 1.91 1.22 57 %
ROE 12 % 8 % 4pp
Leverage ratio 2.1x 2.2x -0.1x
Equity ratio 32 % 33 % -1pp
FTEs 1 321 1 377 -4 %
Dividends per share (NOK)
Portfolio investments (NOKm)
This is
B2 Impact
A leading pan-European credit management
company
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 socially responsible and a trusted
solution provider for our partners are fundamental in our
way of doing business.
2 248
2024
1.5
2024
3 709
2025
1.9
2025
28 834
2025
25 510
2024
1. Including book value of REOs
2. Excluding non-recurring items
3. Adjusted for gain on sale of loan business in Poland
4. Excludes collections related to a one-off putback of NOK 64m in 2025
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Business lines
The Group’s main business lines are Investments in NPL
portfolios and Servicing of debt including Third party
debt collection. The Group invests mainly in unsecured
portfolios serviced by fully owned local entities under the
B2 Impact brand.
B2 Impact markets
Headquarters Oslo, Norway
Luxembourg Office
10 %
90 %
12 %
3 %
2 %
1 %
82 %
Estimated Remaining
Collections (ERC)
1
Revenue split
Unsecured
Secured
NPL portfolio income
Servicing revenues
Profit from JVs
Gain on sale of repossessed
assets (REOs)
Other operating revenues
1. Including book value of REOs
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A solid year
that further
strengthens the
basis for attrac-
tive shareholder
distributions
Based on the 2025 results, the Board has proposed
a dividend of NOK 1.9 per share. Looking ahead, we have
set clear ambitions for 2026–2028: to grow earnings
per share and dividends by at least 30 % over the period,
while maintaining leverage below 2.5x. At the same time
the ambition is to invest at least NOK 10bn in the period or
around NOK 3.5bn per year.
Since becoming CEO, I have been impressed by the
people in B2 Impact and the performance delivered
across the Group. Going forward, automation and
technology will be an even stronger focus throughout
the organisation. Our experience shows that self-service
portals, digital payment solutions and automation
initiatives improves scalability and efficiency, and we
plan to accelerate this further.
Our efficiency efforts continued through 2025. Despite
inflationary pressure and a significant increase in activity,
we delivered a stable underlying cost base and improved
operational scalability. We also increased the share
of payments made through self-service channels by
approximately 19 % year-over-year, and will continue to step
up coordinated technology deployment across markets,
including broader use of AI-based tools and automation.
Performance through the year was strong, with sustained
overperformance in unsecured collections supporting
a clear upside in Estimated Remaining Collections
(ERC). In the full year, unsecured collections were at
110 % performance, with 12 % year-over-year growth in
unsecured collections and 19 % year-over-year growth
in unsecured ERC. This reflects the consistent trend of
overperformance and improving collection curves in our
unsecured portfolios.
We delivered sustained collection
overperformance with strong cash
generation, while maintaining a stable
cost base despite materially higher
investment activity. We continued
to strengthen our capital structure
and financial flexibility through new
bond issues at improved margins
supporting competitive cost of debt.
Message from CEO
Message from CEO
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Secured cash flow was supported by accelerated REO
sales during 2025. This cash generation enabled higher
portfolio investments in 2025 and supports continued
growth in earnings.
We made further progress on lowering our cost of debt
and strengthening our maturity profile. In Q1, we issued
a EUR 200m bond at a 3.75 % margin, increasing liquidity
and flexibility. In Q3, we issued an additional EUR 100m
bond at a 3.25 % margin, the lowest margin in a primary
issue at that time, and the transaction was significantly
oversubscribed. In January 2026, we completed a tap
issue with a further improved margin of 3.22 %, combined
with a EUR 150m buy-back of our 2029 bonds, reducing
interest margin and extending the maturity profile.
Investment activity was high throughout the year,
supported by an attractive market for unsecured portfolios
with accretive returns. We ended 2025 with NOK 3.7bn
in portfolio investments, within the target range, and we
have already invested and committed NOK 1.2bn for 2026,
positioning us well for continued growth.
Outlook
We see an attractive market environment for
portfolio investments and expect continued high
activity. Our focus remains on disciplined growth in
investments —primarily in unsecured portfolios—
combined with continued focus on cost scalability
through use of technology and automation. With our
solid financial position and competitive cost level, the
company is well positioned to reach our long term
financial targets. Our continued focus is to deliver
shareholder value through attractive shareholder
distributions while maintaining a modest leverage.
Finally, I would like to thank all of our employees for
their strong efforts and delivery, and our shareholders,
bondholders and other stakeholders for their continued
trust and support.
Oslo, 29 April 2026
Trond Kristian Andreassen
Chief Executive Officer
Message from CEO
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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 2025, which
was at NOK 18.24, B2 Impact’s market capitalization was
NOK 6 743m as of the same date. The highest closing
price quoted during the year was NOK 18.24 on 30
December 2025, and the lowest closing price was NOK
9.55 on 14 January 2025. During 250 trading days in 2025,
a total of 117 496 960 B2 Impact ASA shares were traded
on the Euronext Oslo Stock Exchange. The average daily
trading volume of the B2 Impact ASA shares in 2025 was
469 988, equivalent to 0.13 % of the total number shares.
Annual turnover in 2025 on the Euronext Oslo Stock
Exchange was NOK 1 602m and increase of 84 % from
the previous year.
Share capital
At year-end 2025, B2 Impact’s share capital amounted
to NOK 36.97m, divided among 369 727 152 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
According to the shareholder register maintained by
the Norwegian Central Securities Depository (VPS) the
number of shareholders was 4 880 per year-end 2025,
a 17.5 % increase from 4 153 at year-end 2024. 91.36 %
of B2 Impact’s shares were owned by Nordic investors
per year-end 2025.
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 2025, the Board proposed to
the Annual General Meeting a cash dividend of NOK
705m equivalent to NOK 1.9 per share. Based on the
share closing price on 30 December 2025 (NOK 18.24),
the proposed cash dividend represents a dividend
yield of 10.4 %.
The share
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Ownership structure per 31.12.2025
Size class No of shares Capital/votes % No of owners Owners %
1 - 1,000 795,009 0.2 2,356 44.5
1,001 – 10,000 6,773,970 1.6 1,785 37.1
10,001 – 100,000 17,997,409 5.6 546 14.1
100,001 – 1,000,000 43,813,539 12.1 145 3.3
1,000,001 – 5,000,000 79,901,875 18.0 39 0.7
5,000,001 – 10,000,000 21,174,088 8.3 3 0.1
10,000,001 – 53,000,000 199,271,262 54.1 6 0.2
Total 369,727,152 100.0 4,880 100.0
20 largest shareholders per 31.12.2025
% of total share Investor
24.27 NEVEDAL INVEST AS
8.66 VALSET INVEST AS
8.25 STENSHAGEN INVEST AS
6.01 RASMUSSENGRUPPEN AS
1
4.49 DNB MARKETS AKSJEHANDEL/-ANALYSE
3.53 SKANDINAVISKA ENSKILDA BANKEN AB
2.28 RB INVESTOR AS
1.88 VERDIPAPIRFONDET STOREBRAND NORGE
1.57 GREENWAY AS
1.08 STIFTELSEN KISTEFOS-MUSEETS DRIFTSFOND
0.96 VPF DNB AM NORSKE AKSJER
0.95 LIN AS
0.87 J.P. MORGAN SE
0.81 F2KAPITAL AS
0.81 VERDIPAPIRFONDET HEIMDAL UTBYTTE
0.77 RANASTONGJI AS
0.72 VERDIPAPIRFONDET KLP AKSJENORGE IN
0.70 THE BANK OF NEW YORK MELLON SA/NV
0.65 DIRECTMARKETING INVEST AS
0.65 THE BANK OF NEW YORK MELLON SA/NV
30.10 OTHER
100.00 Total
The share
1. Total shareholdings of Rasmussengruppen AS include shareholdings
of its fully owned subsidiaries Portia AS and Cressida AS
Geographical distribution of shareholders per 31.12.2025 %
Norway 88.39
Belgium 2.33
Sweden 1.99
United States 1.97
Luxembourg 1.97
Ireland 1.42
United Kingdom 0.70
Finland 0.48
Greece 0.18
Denmark 0.13
Others 0.44
Total 100.00
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Message from
the Board
B2 Impact delivered strong collection
performance and financial results
throughout the year, and investment
activity increased significantly from
the previous year. The Group’s
financial position and continued
strong performance forms a solid
basis for attractive shareholder
returns going forward. The Board
proposes NOK 1.9 per share in
dividend for 2025.
Despite a significant increase in investment activity in
2025, the Group has managed to maintain a stable cost
level which clearly shows the scalability in the Group’s
business model. The Group’s continued focus the last
years has been to utilise economies of scale in our core
markets and maintain a moderate leverage and low cost
of debt. In line with this strategy, the Group continued to
successfully refinance outstanding debt during 2025 with
two new bond issues carried out at significantly lower
margins than previous bond issues. Adjusted earnings
per share ended at NOK 1.91 per share - an underlying
increase of 57 % compared with 2024.
The dividend paid for the financial year 2024 was NOK 1.5
per share. The proposed dividend of NOK 1.9 per share
for the financial year 2025 represents a 27 % increase
compared with the previous year.
The company has continued its focus on reducing cost
of debt during the year, and issued two bonds during
2025 and a tap issue in January 2026 at attractive terms.
In addition, the Group extended its Revolving Credit
Facility. With the successful refinancing, the Group is
entering 2026 with no short-term maturities and with
a significant reduction in cost of debt. B2 Impact’s credit
ratings are among the strongest in the industry and are
a result of the Group’s ability to deliver growth but at
the same time keep leverage low compared to industry
peers. The Group guided investments in the range
of NOK 3.5 to 4bn for 2025 and ended the year with
investments of NOK 3.7bn.
The company has focused on investments in core
markets to utilize economies of scale. At the end of
2025, the Group’s ERC including share of JVs was NOK
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 promotes 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 2025 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).
Message from the
Board of Directors
27.9bn compared with NOK 24.1bn at the end of 2024.
This represents an increase of 15 %.
The Group has delivered strong unsecured collections
throughout 2025, with over-performance in all four quarters.
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Cash collections were NOK 6 168m in 2025 compared with
NOK 5 284m in 2024, an increase of 17 %. The increase in
Cash collections is a result of higher unsecured collections.
Proceeds from REO sales were also strong and ended at
NOK 681m up from NOK 330m in 2024.
Financial results
The Group recorded a full year operating profit of
NOK 1 734m for 2025, compared with NOK 1 500m in
2024. The net profit adjusted for non-recurring items was
NOK 703m compared with NOK 449m in 2024 (adjusted
for the gain on sale of loan business in Poland).
Operating expenses, excluding depreciation and
amortisation and impairment losses amounted
to NOK 1 942m for 2025 compared with NOK
2 092m in 2024 a decrease of 7 %. The comparable
figures excluding non-recurring items and adjusted for
FX showed a slight decrease of less than 1 %.
Adjusted for non-recurring items and FX, personnel
expenses for 2025 amounted to NOK 920m compared
with NOK 909m for 2024, representing an increase of 1 %.
The Cash EBITDA for 2025 was NOK 4 727m compared
with NOK 4 175m for 2024, an increase of 13 %. Adjusted
for FX the increase was 12 %. The cash margin in 2025
was 71 %, up from 69 % in 2024.
Balance sheet & liquidity
Total assets on 31 December 2025 amounted to NOK
17 663m compared to NOK 16 888m in 2024. The equity
amounted to NOK 5 709m and the book equity ratio was
32 % compared to equity of NOK 5 618m and book equity
ratio of 33 % on 31 December 2024.
Total book value of purchased loan portfolios ended at
NOK 14 019m as of 31 December 2025 compared with
NOK 12 069m end of December 2024. Net interest-
bearing debt as of 31 December 2025 was NOK 9 884m
compared with NOK 9 286m end of December 2024.
Cash and cash equivalents and liquidity reserve amounted
to NOK 428m and NOK 4 085m respectively at the end of
2025 compared with NOK 516m and NOK 2 536m at the
end of 2024. The Group has a solid balance sheet entering
2026 and is well funded to finance future investments.
Financing
Throughout 2025, 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.
Risk
B2 Impact’s approach to risk management is to proactively
manage risks to ensure sustainable profits and value
generation for all the of the Company’s stakeholders.
The risk governance structure is overseen by the Board
through the Audit Committee, with executive ownership
resting with the CEO and supported by Group Head
of Legal, Compliance and Risk and through the Group
Risk Manager. The Group Risk function operates in
close coordination with appointed risk managers across
operating entities and central functions to ensure
consistent identification, assessment, and monitoring
of risks across the Group.
B2 Impact implements risk management principles
based on the COSO Enterprise Risk Management (ERM)
framework. 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 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.
Reference is made to the Risk Management Report
which constitutes an integral part of this Director’s report.
People
At year end 2025, the Group total headcount was 1 387,
comprising 936 women and 451 men. The Group’s FTEs
totalled 1 321 (875 women and 446 men), a net reduction of
56 from 2024. Further reductions are expected as efficiency
measures and increased automation are implemented.
The Board consisted of five members, with two women
and three men. The Group’s head office (parent
company), employed 25 people. Of these, 6 were women
and 19 were men.
Message from the
Board of Directors
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The Group maintains an inclusive working environment
and applies a zero tolerance policy for discrimination in
line with the Norwegian Equality and Anti Discrimination
Act. The working environment is considered satisfactory.
Reported sick leave were 52 days (0.79 %) in 2025, down
from 121 days (1.25 %) in 2024. No incidents resulting in
serious injury or material damage occurred during the year.
The Group’s Code of Conduct and related policies
define expectations for ethical behaviour. A Group wide
Whistleblowing Policy and an anonymous reporting
channel support transparency and responsible conduct.
Governance principles
The Board and Management review the Company’s
governance framework annually, and report on the
Company’s governance in accordance with the
Norwegian Accounting Act § 2-9 and the Norwegian
Code of Practice for Corporate Governance, freely
available at respectively lovdata.no and nues.no.
Reference is made to the Board’s Corporate Governance
Report which constitutes an integral part of this
Director’s Report.
Board
At the start of the year the Board had 5 members:
Harald L. Thorstein (Chairman), Adele Bugge
Norman Pran, Jessica Sparrfeldt, Ellen Hanetho and
Henrik Wennerholm. Following the Annual General
Meeting on 22 May 2025 the Board of the Company
consisted of Ole Grøterud (Chairman), Adele Bugge
Norman Pran, Jessica Sparrfeldt, Ellen Hanetho and
Henrik Wennerholm. Following the Extraordinary General
Meeting on 4 September 2025, Prateek Puri replaced
Jessica Sparrfeldt as board member and the Board of
the Company consisted of Ole Grøterud (Chairman),
Adele Bugge Norman Pran, Prateek Puri, Ellen Hanetho
and Henrik Wennerholm.
The Board has two subcommittees. In The Board of
Audit Committee Adele Bugge Norman Pran chairs as
committee leader, and Henrik Wennerholm participate
as committee member. The Remuneration Committee
consists of Ole Grøterud 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 369 727 152
outstanding shares, corresponding to a share capital
of NOK 37m.
Total book value of equity for the entire Group as of
31 December 2025 amounted to NOK 5 709m compared
to NOK 5 618m at the end of last year. This corresponds
to a book equity ratio of 32 %. Book value of equity in B2
Impact ASA parent company financial statements was
NOK 3 061m at the end of 2025 compared with NOK
3 106m at the end of last year. This corresponds to a
book equity ratio of 26 %.
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 strong cash flow and
a significant increase in investments which will drive
growth in earnings going forward. The Group enters
2026 with a solid balance sheet, a lower cost of debt
and a low leverage ratio. B2 Impact is well positioned to
deliver attractive shareholder returns going forward.
B2 Impact will maintain capital discipline and will continue
to have a selective investment approach going forward.
The Board expects that the Group will be able to maintain
investment levels at attractive return in its core markets
in 2026. The Board expects that further efficiency can be
achieved through increased use of technology such as AI
powered automation, self-service platforms and multi-
channel customer communication.
The rebranding activities continued in 2025, supporting
the strategic goals to increase recognition across
markets and strengthening internal culture and
commercial activities.
Message from the
Board of Directors
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Dividends and allocations
The Board proposed to the Annual General Meeting
a cash dividend of approximately NOK 705m equivalent
to NOK 1.90 per share for the financial year 2025.
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 2026, the Group will have adequate liquidity,
financial strength, and flexibility to provide sufficient
support to its operations within its strategy and market
requirements.
Message from the
Board of Directors
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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 2025, 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. The exception is Spain,
where there has been a delay on the transposition into
local legislation, currently expected for the first half of
2026. 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
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 owner-
ship and management where it arises. Risk management
principles are grouped into categories as follows:
Dimension Definition Principle and Objectives
1. Strategic
Risks related to the Group’s business model,
strategy, investments, organisational structure,
and exposure to macroeconomic and political
environments.
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 related to financial performance, funding,
and financial stability, including liquidity, market,
credit, and tax exposures.
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 arising from internal processes, people,
systems, or external events, including legal,
regulatory, and technology-related risks.
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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Risk governance is overseen by the Board of Directors
(the “Board”) through the Audit Committee, with
executive ownership resting with the CEO and supported
by Group Head of Legal, Compliance and Risk and
through the Group Risk Manager.
The Group Risk function operates in close coordination
with appointed risk managers across operating
entities and central functions to ensure consistent
identification, assessment, and monitoring of risks across
the Group. This collaborative model supports robust
challenge, promotes transparency, and ensures that risk
considerations are appropriately embedded in decision-
making and strategic planning.
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 and appetite
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 and through incidents reported via available
reporting channels, including a protected and anonymous
whistleblowing channel. Material risks are reviewed at
Group executive management level, with mitigating
actions defined and implemented, with effectiveness
and respective improvements actively monitored by the
Group Risk function.
The risks are grouped into three broad categories:
strategic, financial, and operational. The tables below
summarise the principal risks and corresponding
mitigants to which B2 Impact is exposed, excluding those
required to be reported in detail under ESRS framework.
Sustainability-related risks are identified, measured,
and monitored as an integral part of the Group’s overall
risk management framework.
Risk management
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Strategic Risks Risks related to the Group’s business model, strategy, investments, organisational structure, and exposure to
macroeconomic and political environments.
Macroeconomic
and political risk
Description:
B2 Impact operates in multiple countries and is therefore implicitly exposed to
different macroeconomic, political, and regulatory environments.
Adverse developments may impact portfolio supply, debtor affordability,
recovery rates, funding conditions, and overall investment returns.
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 centrally uses external market data to actively monitor macroeconomic and
political developments in each country. Insights are incorporated into strategic
planning and investment decisions, supported by disciplined capital allocation
and ongoing liquidity management.
Investment and
portfolio valuation 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’s ability to achieve its strategic and financial objectives depends on
access to a sufficient pipeline of NPL opportunities that meet its risk-adjusted
return requirements.
Increased competition, adverse market conditions, or inaccurate assumptions
regarding recoveries, costs, or timing may result in lower-than-expected returns
or portfolio impairments.
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 transactions
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-level transaction oversight. Investment
assumptions are continuously reviewed and refined based on portfolio
performance and market developments, supporting selective and disciplined
capital deployment.
Model and data risk Description:
The Group relies on data, assumptions, and analytical models to value portfolios,
forecast recoveries, and support investment and portfolio management decisions.
Limitations in data quality or modelling assumptions may result in sub-optimal
decisions or valuation adjustments.
Mitigation:
Group governance and review processes are applied over data and analytical
models, including validation and back-testing against actual performance.
During 2025, additional resources were onboarded, and further enhancements
to data quality, modelling methodologies, and automation supported more
consistent decision-making and risk oversight.
Risk management
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Strategic Risks Risks related to the Group’s business model, strategy, investments, organisational structure, and exposure to
macroeconomic and political environments.
Capital deployment risk Description:
The Group operates in competitive markets for NPL portfolios.
Regulatory changes, changes in lending or forbearance practices, may limit NPLs
formation and subsequent availability of NPL portfolios.
This in turn may limit the availability of portfolios that satisfy the Group’s risk
returns requirements and consequently may constrain capital deployment.
Mitigation:
The Group applies disciplined investment criteria supported by local market
expertise and proprietary data.
We actively monitor regulatory environment and attempt to anticipate the risk
of regulatory impacts.
Capital is deployed selectively in markets and segments where operating
capabilities and scalability are established, with flexibility to defer or redirect
investment activity where market conditions are more favourable.
Risk management
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Financial Risks Risks related to financial performance, funding, and financial stability, including liquidity, market, credit, and tax
exposures.
Liquidity and funding 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.
Adverse market conditions or covenant constraints could limit available liquidity
or increase funding costs.
Mitigation:
B2 Impact’s policy is to always have liquidity available to cover the contractual
financial obligations, 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 on
a regular basis 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. Any remaining exposure is mitigated with
derivatives. 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 financial 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 investment and portfolios valuation 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.
Tax risk Description:
The Group is subject to tax laws and regulations across multiple jurisdictions.
Changes in tax legislation, interpretations, or tax authority positions may result
in increased tax costs, disputes, or penalties.
Mitigation:
The Group applies a prudent and compliant approach to tax matters, supported by
internal controls and external expertise where appropriate.
Tax risks are monitored in coordination with local management and Group
functions, with significant matters escalated to executive management.
Operational Risks Risks arising from internal processes, people, systems, or external events, including legal, regulatory,
and technology-related risks.
Operational 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 continued to execute cost efficiency initiatives and increased
automation across its operations during 2025, supporting scalability, consistency,
and resilience.
Collection strategies are enhanced through data-driven decision-making,
process optimisation, and employee training, whilst ensuring 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 and
compliance risk
Description:
The Group depends on authorisations and licenses from different authorities
in order to operate.
Non-compliance or adverse regulatory developments may result in operational
restrictions, fines, or reputational damage.
Mitigation:
Regulatory developments at EU level are monitored through a Group-level
regulatory watch, implemented in 2025, enabling early identification and
assessment of regulatory changes with potential Group-wide impact.
At Group level, common policies, standards, and guidance are maintained to
support consistent interpretation and implementation of regulatory requirements.
At local level, each operating entity is responsible for compliance with applicable
national regulations, supported by local compliance functions working in close
coordination with Group functions. This structure supports ongoing regulatory
alignment across jurisdictions while preserving local accountability and
supervisory engagement.
Legal and litigation risk Description:
The Group may be exposed to legal proceedings, consumer claims, or contractual
disputes arising in the course of its operations. Such matters could result in
financial losses, regulatory consequences or reputational impact.
Mitigation:
Legal risks are managed through established governance structures, legal
oversight, and the use of both internal and external legal expertise.
Material cases are monitored and escalated as appropriate, with regular reporting
to relevant management bodies.
Operational resilience,
IT systems, and
cybersecurity risk
Description:
The Group depends on reliable and secure IT systems to support operations
and manage sensitive data.
System failures, cyber incidents, or data breaches could disrupt operations,
compromise information security or damage the Group's reputation.
Although strong technical safeguards are in place, human error remains one of
the most significant cyber risks, as many attacks target human behaviour rather
than technical vulnerabilities.
Mitigation:
IT and security risks are managed through a combination of technical and
administrative controls, including continuous system monitoring, access controls,
and mandatory employee security awareness training.
These measures are implemented at both Group and local level to reduce the
likelihood and impact of system failures, cyber incidents, and data breaches.
Continued investment in system resilience and automation during 2025 further
strengthened operational continuity and scalability, including alignment with
DORA requirements where applicable.
Risk management
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Third-party and
outsourcing risk
Description:
The Group relies on external service providers, technology vendors, and legal
partners to support parts of its operations.
Failures, underperformance, or disruptions at these third parties may affect
service quality, regulatory compliance, or the Group's operational resilience.
Mitigation:
Third-party relationships are subject to due diligence, contractual safeguards,
and ongoing performance monitoring.
Automation and standardisation of processes support more consistent oversight
and management of critical service providers.
Reputational and
conduct risk
Description:
Inappropriate customer treatment, failure to meet regulatory expectations,
unethical behaviour or adverse media coverage could damage the Group’s
reputation and potentially affect its licences to operate.
Mitigation:
The Group promotes a strong culture of ethical conduct, customer fairness, and
regulatory compliance, supported by internal policies, employee training, and
protected whistleblowing mechanisms that enable the early identification and
escalation of concerns.
Risk management
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Risk management
External risks: global and macroeconomic
developments
The ongoing military conflicts in Ukraine and continued
instability in parts of the Middle East have kept geopolitical
risks elevated in Europe, with heightened macroeconomic
uncertainty continuing. Geopolitical tensions have also
contributed to the expansion of sanctions regimes and
the introduction of new or increased tariffs and other
trade-related measures, have added further uncertainty
to the economic environment.
B2 Impact does not have any operations or employees
in Ukraine, Russia, or the Middle East.
The main indirect impacts of the global situation on
B2 Impact during 2025 have continued to relate primarily
to interest rate levels and cost-of-living dynamics, which
may put pressure on debt repayment capacity. However,
as in the prior period, continued low unemployment
rates, wage growth, household savings, and government
support measures, have partly offset these challenges.
The macroeconomic environment during 2025 remained
broadly consistent with the position entering the year.
Inflation remained at moderate to low levels across most
of the Group’s footprint and Central banks continued
implementing meaningful interest rate cuts early in
the year. Thereafter, interest rate levels stabilised, and
macroeconomic uncertainty was influenced primarily
by geopolitical tensions and developments rather than
further monetary policy changes.
This positively impacted the Group, both from a customer
collections perspective as well as our ability to continue
reducing our internal costs. For customers, their cost of
living situation eased, mitigating and allowing them to
maintain their debts repayments, which directly benefited
the Group. Internally, we also successfully refinanced some
of our outstanding debt at attractive terms due to our
improved and stable credit rating position, combined with
our continued execution of our cost efficiency programme,
whilst increasing operational automation, has allowed the
Group to further reduce its overall costs, marking 2025
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 macroeconomic
and geopolitical 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
Commiee
Illustration of the functional
organization of effective risk
management and control:
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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. Starting in 2025, we
have implemented a centralized HR system to ensure
consistent data across all countries, but the system
has not yet been rolled out in every location. Where
measurement uncertainty occurs, this is described in
relation to the respective disclosure point.
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.
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).
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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Disclosures stemming from other legislation
B2 Impact has published a report in line with the
Norwegian Transparency Act which is 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. There are no
other external provider than the auditor (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 2025 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, three
male (60 %) and two female members (40 %) - see
also disclosure S1-9 on Diversity. Four of the five Board
members (80 %) 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 five members.
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 preparatory
and advisory bodies to the Board. These committees
support the Board by reviewing relevant matters and
providing recommendations within their respective areas
of responsibility. As part of B2 Impact's risk management,
the Audit Committee and the Board regularly evaluate
key risk areas, including matters related to 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 sustainability
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
sustainability 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 Legal and Compliance 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 CFO.
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 Head of Legal,
Compliance and Risk.
Body of Governance Area of responsibility Issues addressed in 2024/2025
Board of Audit Committee • CSRD/ESRS compliant reporting • Approval of 2025 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 2025
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 2025
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, business 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 B2 Impact'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 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
2025 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
2025 Transparency Act Statement:
“Engaging with affected
stakeholders, and identifying and
assessing adverse impacts”
c) Identifying and
assessing adverse
impacts
2025 Transparency Act Statement:
“Engaging with affected
stakeholders, and identifying and
assessing adverse impacts”
d) Taking actions to
address those adverse
impacts
2025 Transparency Act Statement:
“Taking actions to address adverse
impacts”
e) Tracking the
effectiveness of
these efforts and
communicating
2025 Transparency Act Statement:
“Tracking the effectiveness of
efforts and communicating”
Sustainability
Statement
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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 Head of Legal, Compliance and Risk 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 18 markets serviced by local
business units. 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, Czech Republic, Italy, France,
Romania, Greece, Cyprus, Slovenia, Croatia, Serbia,
Bosnia & Herzegovina
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.
Sustainability
Statement
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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. Oce
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
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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. Members of B2 Impact’s administration and GEM,
supported by external consultants, have identified 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 work with our 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.
The list below has been reviewed in 2025.
Sustainability
Statement
3PC
Customers
Suppliers &
business
partners
Shareholders /
Board of
Directors
Industry
associations
Employees
Regulators /
governmental
authorities
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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 3PCs 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 subject to extensive regulation. As a publicly listed company operating
in this industry, B2 Impact must ensure ongoing regulatory compliance and maintain the
necessary licenses to operate..
• Desktop research
• Conferences and seminars
• Audits
• All sustainability topics, but in particular
E1 Climate change
Sustainability
Statement
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Stakeholder group Stakeholder description Engagement activities Interest and views
Employees Includes current and potential employees. B2 Impact relies on employees competence
and engagement and therefore seeks to maintain an attractive working environment and
a strong reputation to retain and attract talent.
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 influence 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
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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 is informed about the
DMA process, and reviews and approves updates on
a need-to-know basis.
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).
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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
No
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
No
opportunities
identified
• We provide "low barrier-to-enter jobs" to more than
1300 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
No
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
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For more information regarding IROs relating to each
material topic, please refer to the topical chapters
(S1, S4 and G1).
Sustainability
Statement
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
No
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
No
opportunities
identified
• We contribute to the functioning of a healthy
financial system, and support responsible credit
markets
• We offer more flexible payment solutions than
banks, and help individuals in financial difficulties
regain financial stability and improve their ability to
participate in the formal financial system
Short-term Upstream /
own
organisation
/ down-
stream
G1 Business
conduct
Corruption and
bribery (sub-topic)
Potential negative
impact identified
No
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
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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 reviewed its DMA in 2025 to confirm that it
continues to reflect our significant sustainability IROs
over the short-, medium- or long-term. The review
confirmed that the DMA remains valid, and will be
updated if material changes to our strategy, business
model and other external factors occur.
Methodologies and assumptions applied in the DMA
process
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
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The identified sustainability-related risks and opportunities
were prioritized using the same methodology 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
reassess if this risk becomes 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
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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
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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. This is still applicable
for 2025.
Risks and opportunities relating to climate
change
We have 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,
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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and productivity due to increased exposure to climate
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 opportunities, 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 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.
Environment
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EU Taxonomy
2025
The first activity, 6.5 “Transport by motorbikes, passenger
cars and light commercial vehicles”, involves a small
amount of leased and owned vehicles.
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.
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.
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 identified
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 2025. 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”.
EU Taxonomy 2025
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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 2025.
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 2025
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 2025 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 2025. The result from these
inquiries is that most of new additions in 2025 are related
to buildings built before 31 December 2020, and fail
to comply with the technical screening criteria, as the
buildings involved have lower Energy Performance
Certification (EPC) rating than A.
Exeptions are found in Latvia (SIA B2 Impact) and Norway
(Zolva AS) where the Group leases buildings which
comply 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.
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 2025 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 2025 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 collateralized 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
EU Taxonomy 2025
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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.
Taxation
B2 Impact is 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 local 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 subject to any confirmed
violations of applicable 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 2025, 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 2025. Referring
specifically to note 1.2 Basis of preparation, in the Annual
report for the Group.
EU Taxonomy 2025
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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 2025. Total turnover corresponds to total revenue
in the Group’s consolidated financial statements as of
31 December 2025.
Proportion of turnover / Total turnover
Taxonomy-aligned per objective Taxonomy-eligible per objective
CCM
CCA
WTR
CE
PPC
BIO
Financial year 2025 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, 2024 (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
3 778 100 %
TOTAL 3 778 100 %
EU Taxonomy 2025
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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 4.0m and
for activity 7.7 the amount is NOK 38.1m.
Proportion of CapEx / Total CapEx
Taxonomy-aligned per objective Taxonomy-eligible per objective
CCM
44 %
CCA
WTR
CE
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 96.7m and includes
CapEx of non-eligible activities of NOK 54.6m. Reference
is made to note 15 in the Annual report.
Financial year 2025 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, 2024 (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 4 4 % El N/EL 2 %
7.7 Acquisition and
ownership of buildings
CCM 7.7 38 39 % El N/EL 32 %
CapEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
42 44 % 34 %
A. CapEx of Taxonomy-eligible
activities (A.1+A.2)
42 44 % 34 %
Turnover of Taxonomy
non-eligible activities
55 56 %
TOTAL 97 100 %
EU Taxonomy 2025
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Financial year 2025 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, 2024 (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 2 6 % El N/EL 8 %
7.7 Acquisition and
ownership of buildings
CCM 7.7 27 69 % El N/EL 67 %
OpEx of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2)
29 75 % 74 %
A. OpEx of Taxonomy-eligible
activities (A.1+A.2)
32 75 % 74 %
Turnover of Taxonomy
non-eligible activities
10 25 %
TOTAL 39 100 %
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 2.4m, which
mainly consists of short-term leases. For activity 7.7 the
amount is NOK 27.0m, which include short term leases,
security services, electric power, caretaking services and
Proportion of OpEx / Total OpEx
Taxonomy-aligned per objective Taxonomy-eligible per objective
CCM
75 %
CCA
WTR
CE
PPC
BIO
cleaning and renovation. These costs are included in the
line item “other operating expenses” and would comprise
a very limited part of this expense category. Total OpEx
is estimated to be NOK 39.3m and includes estimated
OpEx of non-eligible activities with NOK 10.0m. Double
counting is avoided by separating the sources of input to
the calculation.
EU Taxonomy 2025
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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, Group-
wide communication platform (Workvivo) 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 yearly.
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.
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.
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 1300
employees across several jurisdictions. With a sizable
workforce across multiple business units and countries,
B2 Impact has a responsibility to ensure sound policies,
systems and practices related to key HR-areas such as
remuneration, working conditions, physical workspaces,
and training and development.
Through these measures, B2 Impact seeks to create
positive outcomes for employees, particularly by providing
secure employment, opportunities for career development
and equal opportunities for all.
Currently, there are no women in the company's
executive management group. An imbalance in gender
representation at the executive level could contribute
to employee dissatisfaction and perceptions of gender
Social
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inequality, potentially negatively affecting employee
engagement and workplace culture. Additionally,
increased costs levels may require future efficiency
measures or restructuring. The potential negative impact
is assessed as very high, as such measures could result
in workforce reductions and more challenging working
conditions for the remaining employees.
We invest significantly in employee competence through
training and development initiatives and are committed
to attracting and retaining competent and motivated
employees and managers to reduce the risk of not
meeting the strategic objectives. Based on annual
'engagement survey' (and other forms of dialogue
withthe 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, through
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 Head of
Legal, Compliance and Risk, together with 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
supporting positive outcomes and 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 everyone, at
all times, to feel respected and welcome. B2 Impact
supports all business units implementing appropriate
health and safety measures, in accordance with local
laws and regulations. This is 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. While the Code of Conduct
does not explicitly reference commitment to inclusion or
positive action for groups at particular risk of vulnerability,
these considerations are embedded in the Group's
broader policies, standards, and practices outlined above.
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. Reference is made to the minimum
safeguards in the EU Taxonomy chapter. We continously
review and improve our policies to ensure alignment with
the relevant international standards and 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 annually
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 People and Communication 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. Head of People and Communication
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 Head of Legal, Compliance and Risk
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. The Group
Whistleblowing Policy is available for all employees.
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 2025
include implementing a Group-wide HR system across 10
countries, 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 2026 (short-term time horizon), we have planned the
following actions:
• Continue the rollout of the Group-wide HR system to
additional countries
• Measure and improve reporting on gender pay gap
• Conduct another employee engagement survey
• Provide mandatory training for new employees 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. We have
not set any measurable outcome-oriented targets.
Metrics
1
Target 2025 2024
2023
(base
year)
Employee survey
participation rate
90 % 91 % 87 % 85 %
Employee engagement
score
85/100 83/100 79/100 80/100
1. Data collected via a survey portal handled by a third party company.
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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
own employees
1
. The numbers are reported in headcount
at the end of the reporting period.
Please also see note 9 in the Consolidated Financial
Statements.
2025 2024 2023 (base year)
Headcount
2
Female Male Total Female Male Total Female Male Total
Bosnia & Herzegovina 3 - 3 3 - 3 3 1 4
Croatia 65 34 99 63 31 94 88 41 129
Cyprus 14 9 23 17 8 25 22 10 32
Czech Republic 5 2 7 5 2 7 5 1 6
Denmark 8 7 15 11 12 23 18 13 31
Estonia 21 4 25 21 5 26 19 7 26
Finland 106 46 152 103 41 144 112 43 155
France 95 41 136 99 41 140 86 34 120
Greece 30 24 54 37 34 71 66 57 123
Hungary - - - - 3 3 13 2 15
Italy - - - - - - 1 1
Latvia 52 12 64 59 19 78 65 32 97
Lithuania 24 6 30 25 6 31 29 6 35
Luxembourg 7 6 13 8 7 15 9 9 18
Montenegro - - - - - - 1 - 1
Norway 14 32 46 6 20 26 7 19 26
Poland 250 109 359 273 120 393 293 134 427
Romania 80 29 109 97 32 129 100 41 141
Serbia 2 2 4 2 5 7 3 4 7
Slovenia 6 3 9 7 3 10 7 3 10
Spain 124 58 182 169 72 241 209 88 297
Sweden 30 27 57 32 31 63 38 34 72
Total 936 451 1 387 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.
2. Employee data in S1-6 to S1-16 is sourced manually from local
HR functions.
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Employee category
1
2025 2024
Female Male Total Female Male Total
Number of permanent employees 904 433 1 337 996 456 1 452
Number of temporary employees 26 14 40 31 17 48
Number of non-guaranteed hours employees 6 4 10 4 0 4
Turnover
1
2025 2024 2023 (base year)
Number of employees that left the company voluntarily 147 284 309
Number of employees that left the company due to dismissal, retirement or death 92 171 211
Turnover rate during the reporting period 16 % 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 2025, 239 employees left the company, giving a
turnover rate of 16 % – 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.
Social
1. Employee data in S1-6 to S1-16 is sourced manually from local
HR functions.
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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 undertakings 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 37 % 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.
2025 2024 2023 (base year)
Non-employees (total)
1
20 25 43
People with contracts to supply labour (“self-employed people”) 20 10 14
People provided by undertakings primarily engaged in “employment activities”
(NACE code N78)
0 15 29
Collective bargaining
1
2025 2024 2023 (base year)
Total percentage of employees covered by collective bargaining agreements 37 % 39 % 39 %
Collective bargaining EEA countries with more than 50 employees
1
2025 2024 2023 (base year)
Number of employees covered by collective bargaining agreements in Finland 152 144 155
Number of employees covered by collective bargaining agreements in France 127 136 120
Number of employees covered by collective bargaining agreements in Greece 54 71 123
Number of employees covered by collective bargaining agreements in Spain 182 240 281
Social dialogue
1
2025 2024
Global percentage of employees covered by worker’s representatives 60 % 64 %
Social
1. Employee data in S1-6 to S1-16 is sourced manually from local
HR functions.
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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.
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).
2025 2024 2023 (base year)
Headcount
1
Male Female Male Female Male Female
Gender distribution Board of Directors 3 (60 %) 2 (40 %) 2 (40 %) 3 (60 %) 4 (57 %) 3 (43 %)
Gender distribution at executive management level 5 (100 %) 0 (0 %) 6 (100 %) 0 (0 %) 7 (78 %) 2 (22 %)
Gender distribution at top management level (countr managers) 9 (50 %) 9 (50 %) 8 (50 %) 8 (50 %) 9 (45 %) 11 (55 %)
EEA countries
Percentage of employees
covered by worker's
representatives
Percentage of employees
covered by collective bargaining
agreements
Number of
employees
(with more than 50 employees)
1
2025 2024 2025 2024 2025 2024
Finland 100 % 96 % 100 % 100 % 152 144
France 93 % 99 % 93 % 97 % 127 140
Greece 0 % 0 % 100 % 100 % 54 71
Spain 100 % 100 % 100 % 100 % 182 240
Croatia 0 % 0 % 0 % 0 % 99 94
Latvia 0 % 0 % 0 % 0 % 64 78
Poland 100 % 99 % 0 % 0 % 359 373
Romania 0 % 0 % 0 % 0 % 109 125
Sweden 0 % 100 % 0 % 0 % 57 63
Age group
1
2025 2024
Number of employees that are under 30 years old (in percentage) 181 (13 %) 206 (14 %)
Number of employees that are between 30-50 years old (in percentage) 985 (71 %) 1,070 (71 %)
Number of employees that are over 50 years old (in percentage) 221 (16 %) 228 (15 %)
Social
1. Employee data in S1-6 to S1-16 is sourced manually from local
HR functions.
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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 available in the
B2Learn system and by contacting country managers
directly, and is therefore subject to measurement
uncertainty.
Training and skills
development
3
2025 2024
Male Female Male Female
Percentage of employees
that participated in regular
performance and career
development reviews
76 % 76 % 71 % 73 %
Average number of training
hours per employee
16 17 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 2025 (2024), the pay gap was 0.35 (0.34), indicating
that, on average, female employees earned 35 % (34 %)
less than their male employees based on the weighted
average of gross hourly pay. The annual total remuneration
ratio was 22 (24) in the reporting period (calculated
by dividing the total remuneration of the highest-paid
employee by that of the median-paid employee)
1
.
The pay disparity between men and women can
partly be attributed to the higher proportion of men in
senior positions throughout the company. 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 2025, we registered 0 work-related incidents of
discrimination
2
and 0 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
4
2025 2024
Total number of incidents of discrimination,
including harassment, reported in the reporting
period
0 6
Number of complaints filed through channels
for people in B2 Impact’s own workforce to raise
concerns
0 7
Total amount of fines, penalties, and compensation
for damages as a result of the incidents and
complaints
0 NOK 0 NOK
Social
1. The numbers are subject to high measurement uncertainty as we do not have a fully implemented 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.
3. Employee data in S1-6 to S1-16 is sourced manually from local HR functions.
4. Sourced from quarterly compliance reporting.
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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 DMA 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
core 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.
Effective data privacy management is therefore not only
a license to operate and essential for our operations,
but also represents an opportunity. Regular system
updates and advanced security measures help reduce
vulnerabilities to cyber attacks, strengthen operational
resilience and support scalable business operations.
Social
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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 2025 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 subjected to internal
review. 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) 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 are assessed and investigated, 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 Availability: 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.
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• Established prevention plans (for example, to
avoid cyberattacks) in line with System Resilience.
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.
Metrics
Target
2030 2025 2024
2023
(base year)
Number of substantiated complaints concerning breaches of customer privacy, including
complaints from regulatory bodies and other outside parties
0 5 3 6
Percentage of employees that have completed annual GDPR and privacy traning 100 % 86 % 84 % 87 %
Social
Although we had a few complaints, no actual negative
impact on consumers was identified during the reporting
period, no remedial actions were undertaken in 2025.
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 2026 (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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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 Impact 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 violation 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 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
2025, 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
whistleblowers 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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relevant employees. Throughout 2025, 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 Head
of Legal, Risk and Compliance, receives and investigates
the reported concerns, and ultimately decides, with the
involvement of other functions, the appropriate course
of action. This process 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.
Anti-corruption and anti-bribery training 2025 2024
2023
(base year)
Total (percentage) of at-risk functions covered by training programmes 1 145 (83 %) 1 213 (81 %) 1 169 (68 %)
Total (percentage) of current GEM members that have undertaken anti-corruption and
anti-bribery training 4 (80 %) 2 (33 %) 3 (33 %)
Governance
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 83 % of employees are covered by
anti-corruption and anti-bribery training programmes.
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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 or its employees
Actions related to business conduct (MDR-A)
For 2026 (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 Strategy, 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 2026.
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 2026.
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 Non-material
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 Non-material
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
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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
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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
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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 whistleblowers 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
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Corporate
governance
Sound, transparent and effective
corporate governance ensures
alignment between the interests
of our stakeholders and, ultimately,
the creation of long-term value.
Robust governance supports reliable
financial reporting and sustainable,
responsible business conduct.
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.
This report forms an integral part of the Directors’ report and
follows the “comply or explain” methodology of the Code.
1. Implementation and reporting of corporate
governance
The Board of Directors of B2 Impact (“Board”) believes
that long-term shareholder value is underpinned 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 are
available on the Company’s website.
B2 Impact is committed to open and transparent
communication, sound business practices and adherence
to applicable rules and regulation across the organisation.
B2 Impact has therefore implemented and periodically
updates policies outlining the principles governing how
its business should be conducted. These policies and
principles reflect our core vision and values and apply
throughout the organisation.
B2 Impact complies with the recommendations of the
Code unless explicitly stated below.
2. Business
B2 Impact is a leading European debt management
company 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 aims to promote financial health through
transparent and ethical debt management. By providing
liquidity to financial institutions, contributing to a healthier
financial system, and offering sustainable solutions to
customers to manage their debt, the Company seeks to
create a positive financial and societal impact. The Group
counts approximately 1390 employees across its markets
and is headquartered in Oslo.
B2 Impact’s objectives, strategy and risk profile are
evaluated annually with a view to generating solid
financial returns for its shareholders, while delivering
positive outcomes 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 business practices.
In line with our values of integrity and responsibility,
B2 Impact acknowledges its responsibility regarding social
matters and corporate governance. From preventing
corruption or other unethical behaviour, to commitment
to human rights and labour standards. Further information
is included in our sustainability reporting integrated in the
Annual- and Directors’ Report.
Corporate Governance
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Contents 1 About B2 Impact
B2 Impact is committed to transparent stakeholder
communication, equal treatment of shareholders, and
maintaining independence in the relationship between its
Board, the Management, and its shareholders to ensure
that decisions are made in an unbiased and objective
manner. B2 Impact maintains adequate procedures 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 mitigates risk for all our stakeholders.
3. Equity and dividends
B2 Impact pursues a clear and consistent dividend policy,
targeting shareholder returns of up to 100 % of the
company’s adjusted net profit after tax (both in cash and
in distribution in kind, such as share buy-back programs).
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.
Any distributions initiated by the Board take place within
the limits set out in the authorisations granted by 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 the
30th of June of the relevant year.
No share buy-back programs were conducted during
2025.
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
executed through the stock exchange at prevailing
market rates and are disclosed. B2 Impact may acquire
own shares with a total nominal value of up to 10 % of its
share capital, typically conducted under an external bank
mandate in accordance with the “safe harbour” rules.
Subject to the PLCA and IFRS, specific approval
mechanisms apply to “related party transactions”,
and B2 Impact discloses all such 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 shares. All such shareholdings
are disclosed, and any transactions by the Board and
Management or their close associates in financial
instruments issued by B2 Impact are disclosed.
6. General meetings
In accordance with the PLCA and the 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 shareholders (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
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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 and the CEO are present at
the General Meeting. The General Meeting elects
an independent representative to chair the meeting.
The Chair of the Nomination Committee and 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 established a Nomination Committee.
The responsibilities and role of the Nomination
Committee are set out 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 concerning the election of (a)
members to the Board, (b) the Chair of the Board, (c)
members and Chair of the Nomination Committee, and
(e) recommendations regarding remuneration for the
Board and Nomination Committee. In performing its
duties, the Nomination Committee conducts individual
discussions with the Members of the Board and the CEO.
The Nomination Committee consists of three
members, elected by the Annual General Meeting for
a period of two years. The Members are independent
from the Board and Management. Neither the CEO
nor other members of Management serve on 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 are substantiated and include
relevant information on each candidate’s competence,
experience, capacity, and independence. Consideration
is also given to interests in the Company, assignments
conducted for the Company, and assignments for other
companies and organisations. Recommendations for
candidates to the Nomination Committee ensure a
broad cross-section of shareholders as well as a balance
when it comes to independence. Shareholders can
propose candidates to the Nomination Committee by
reaching out to the Nomination Committee through the
Company’s website.
8. Board: composition and independence
In accordance with the Code and the Company’s
corporate governance principles, Board members are
independent from the Company’s Management and
material business connections. A majority of the Board
Members is independent from the Company’s major
shareholders (i.e. shareholders holding 10 % or more
of the shares) and no members of Management serve
on the Board. The annual report specifies which Board
members are considered independent.
B2 Impact’s Board members do not undertake specific
engagements towards the Company beyond their role
as Board members.
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 annual
report includes information on the expertise of the
members of the Board, as well as their attendance at
board meetings.
The Board consists of five Board members. B2 Impact
aims to maintain a balanced gender composition in its
Board, with two female and three male Board members.
9. Work of the board
In accordance with the PLCA, the Board holds ultimate
responsibility for the Company’s operations, overall
management and the supervision of day-to-day
management. The Board keeps itself informed of the
Company’s financial position, determines its long-term
strategy, and ensures the Company’s accounts and
assets and the management thereof are subject to
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adequate control. It also ensures that the activities of
Management are organised in a sound manner.
The Company has adopted rules of procedure for the
Board, which reflect and regulate the responsibilities
and activities of the Board. These procedures govern,
inter alia, how the Board must handle agreements with
related parties and 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 have an interest.
The Board has adopted instructions for the CEO that
clearly allocate responsibilities and duties. These
instructions aim to provide the Board with sufficient,
accurate, relevant, and timely information, allowing
it to conduct its duties effectively. The objectives,
responsibilities and functions of the Board and the
CEO are revised periodically.
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 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 Audit Committee is appointed by and from the
Members of the Board for a two-year term. Information
regarding the composition of Board committees is
provided in the annual report. Its members collectively
possess the competence required by applicable
legislation, and at least one member has expertise in
accounting and auditing.
The responsibilities and composition of the Audit
Committee follow the PLCA and Section 3.1.3.6. of the
Rulebook. Its objectives and responsibilities are revised
periodically and there are separate Instructions for the
Audit Committee, available on the Company’s webpage.
Remuneration Committee
The Remuneration Committee is elected by and from
the Board members for a two-year term. Information
regarding the composition of Board committees is
provided in the annual report.
The Remuneration Committee follows the provisions of
the PLCA. Its objectives and responsibilities are revised
periodically, 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 conducts an annual evaluation of its
performance and expertise. In addition, each Board meeting
includes a separate session where the Board discusses
relevant matters without the presence of Management.
10. Risk management & internal control
The Audit Committee and the Board conduct regular
evaluations of the B2 Impacts areas most exposed to
risk. Risk assessments are also carried out continuously
in connection with specific projects and investments.
The Board defines the Company’s overall risk profile and
risk appetite, which are implemented through governing
documents, policies and guidelines.
Management reports regularly to the Board on operational,
financial and non-financial matters to ensure that the
Board has an adequate basis for decision-making and can
respond effectively to changing circumstances. The Board
periodically reviews the key elements of the Company’s
internal control and risk management systems, covering
both financial and non-financial reporting, in order to
provide shareholders with appropriate insight into these
systems. Risk and compliance exposures across business
areas are monitored and reported through the Group Head
of Legal, Compliance, and Risk. The Group’s investment
process for acquiring non-performing loans is centrally
managed by the Chief Investment Officer and an
Investment Committee chaired by the CEO and operates
within the thresholds and authorisations established by
the Board.
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The Company implements risk management principles
based on the COSO Enterprise Risk Management (ERM)
framework. The Board reviews the Group’s most important
risk areas and the approach to address the identified
risks on an annual basis. Reference is made to the Risk
Management Report which constitutes an integral part
of the Director’s report.
11. Remuneration of the Board
Reference is made to the Remuneration Report,
available on the Company’s webpage.
12. Remuneration of executive personnel
Reference is made to the Remuneration Report,
available on the Company’s webpage.
13. Information & communications
B2 Impact’s communicates transparently and treats 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 takes place 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 communication on behalf of the Company goes
out from 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 accord-
ance 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’s
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 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.
15. Auditor
B2 Impact’s external auditor is invited to the meetings of
the Board and the Audit Committee where audit-related
topics such as accounting principles, disagreements
between the auditor and the Management and/or the
Audit Committee, or the annual report are on the agenda.
The external auditor presents the Board annually with
an overview of the main elements of the 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
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.
The external auditor submits a report to the Audit
Committee annually, 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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Board of
Directors
Board of Directors
Ole Grøterud
• Independent
• Chair of the Board since May 2025
• Leader of the Remuneration Committee
Founder and owner of Saga Management AS.
Co-founder of Bank2 ASA and B2Holding ASA. He has
previously held positions in SpareBank 1 Gruppen,
Samvirke-Gruppen and Forenede Forsikring Gruppen.
Chaired and served on numerous boards in Norway
and internationally, including First Securities ASA, Odin
Forvaltning AS, EnterCard AS, and Folksam International.
MBA (Siviløkonom) from Arizona State University and a
degree in business administration from Norwegian School
of Marketing (Handelsakademiet).
This information corresponds to ESRS 2 GOV-1 §20a & §21c.
Number of board meetings in 2025: 6/12
Number of shares: 2 847 048
Nationality: Norwegian
Born: 1953
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 ABG
Sundal Collier ASA, Agentum Asset Management AS,
Hitec Vision AS, 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 2025: 12/12
Number of shares: 147 400
Nationality: Norwegian
Born: 1970
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Board of Directors
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, currently as CFO of Bankaktiebolaget Nordiska
(publ.). Previously CEO of DDM Holding AG and founder
of Sileo Kapital AB which was later acquired by B2 Impact
ASA and 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 2025: 12/12
Number of shares: 1 960 000
Nationality: Swedish
Born: 1975
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 Credo Partners,
Frigaard Invest, Goldman Sachs Investment Banking
Division in London and New York, Citibank in Brussels
and the Brussels Stock Exchange.
Founder of SkyBlue Capital AS. Chair of the board of
Kristian Gerhard Jebsen Group Ltd; member of the board
of, among others, MPC Container ASA, Stokke Industri AS
and Capsol Technologies.
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 2025: 12/12
Number of shares: 33 354
Nationality: Norwegian
Born: 1964
Prateek Puri
• Dependent
• Board member since September 2025
Partner at Searchlight Capital, with 16 years of investing
experience across a range of industries in Europe, US and
Australia. Puri represents, through Searchlight Capital and
Nevedal Invest AS, one of the largest shareholders of the
company.
BE in Engineering from The Australian National University,
a Master of Philosophy from the University of Cambridge,
and an MBA from the Wharton School at the University of
Pennsylvania.
This information corresponds to ESRS 2 GOV-1 §20a & §21c.
Number of board meetings in 2025: 3/12
Number of shares: 89 740 738
Nationality: British
Born: 1987
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Group
Executive
Management
Group Executive
Management
Trond Kristian Andreassen
Chief Executive Officer since December 2024.
Joined B2 Impact as a Board member May 2020.
Substantial experience from the debt management
industry and has previously been CEO and Member of the
Board of Avida Finans, CEO at Gothia Financial Group and
CEO (Nordic, Spain and Holland and CEO Group Factoring
Europe) at Arvato Financial Solutions.
Bachelor of Business Administration from BI Norwegian
Business School.
Number of shares: 379 987
Nationality: Norwegian
Born: 1963
André Adolfsen
Chief Financial Officer since November 2020
Previously held several management positions within the
debt industry, including Group Finance Director at Intrum
and various positions within finance at Lindorff. Further,
he has experience as a Senior Equity Analyst at Nordea
Markets.
MSc in Finance from Copenhagen Business School and
a BSc in Finance from BI Norwegian Business School.
Number of shares: 200 000
Nationality: Norwegian
Born: 1982
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Group Executive
Management
Endre Solvin-Witzø
Chief Investment Officer since October 2021
Extensive experience from Financial and Professional
Services. Prior experience includes senior and executive
positions within CMS and speciality finance at Lowell,
Intrum and Lindorff, as well as various executive positions
in other industries at Cermaq, IBM and PwC.
MSc in Information and Knowledge Management from the
Norwegian University of Science and Technology and an
MBA in Finance from the Norwegian School of Economics
(NHH).
Adam Parfiniewicz
Chief Operating Officer since 2019. Joined B2 Impact as
Regional Director for Poland, Finland and Baltics in 2016.
Previously held various management positions in Polish
retail banks, including PBK, Credit Agricole, and BNP
Paribas. He also served as the CEO in PolCard (card
processor) and Expander (mortgage and investments
broker).
Bachelor of Business Administration from the University of
Warsaw.
George Christoforou
Chief Secured Asset Management since May 2025.
Joined B2 Impact as CEO of B2Kapital Greece in 2018.
Previously held the position as Regional Director of
Central & Sout East Europe and Head of Secured Asset
Management and Chief Master & Special Servicing Officer.
Before joining B2 Impact he held various banking and
corporate finance positions, including serving as CEO
of the Bank of Cyprus in Romania. Specialised in NPL
management during the financial crises and has held the
position of Chief of Portfolios in the Greek single liquidation
entity PQH.
BSc(Hons)/MSc from UK Universities and MBA from
London Business School. He is also a licensed insolvency
practitioner.
Number of shares: 375 000
Nationality: Norwegian
Born: 1971
Number of shares: 325 000
Nationality: Polish
Born: 1971
Number of shares: 910 000
Nationality: Cypriot
Born: 1967
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4 Financial Statements
Contents
Financial
contents
Consolidated income statement 85
Consolidated statement of comprehensive income 86
Consolidated statement of financial position 87
Consolidated statement of changes in equity 88
Consolidated statement of cash flows 89
Notes to the consolidated financial statements 90
Parent company income statement 154
Parent company balance sheet 155
Parent company cash flow statement 156
Notes to the parent company financial statements 157
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Consolidated financial
statements
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4 Financial Statements
Contents
Year ended 31 December Notes 2025 2024
Interest revenue from purchased loan portfolios 4 2 435 2 301
Net credit gain/(loss) from purchased loan portfolios 4 646 483
Profit from investments in joint ventures 17 83 116
Gain on sale of repossessed assets 20 102 100
Other revenues
1
7 512 683
Revenue & Profit from JV’s 6 3 778 3 683
External expenses of services provided 8 -559 -556
Personnel expenses 9 -908 -1 054
Other operating expenses 10 -476 -482
Depreciation and amortisation 15 -100 -91
Impairment losses 14, 15 -1 0
EBIT 1 734 1 500
Financial income 16 42
Financial expenses -928 -1 196
Net exchange gain/(loss) -20 12
Net financial items 11 -933 -1 142
Profit/(loss) before tax 802 358
Income tax expense 12 -180 -80
Profit/(loss) after tax 621 277
Profit/(loss) attributable to:
Parent company shareholders 621 277
Earnings per share (in NOK):
Basic 13 1.68 0.75
Diluted 13 1.66 0.75
Consolidated
income statement
All figures in NOK million unless otherwise stated
1. Other revenues includes interest revenue and net credit gain/(loss)
from loan receivables
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4 Financial Statements
Contents
Year ended 31 December Notes 2025 2024
Profit/(loss) after tax 621 277
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations 40 309
Hedging of currency risk in foreign operations 4.2 26 -72
Hedging of interest rate risk 4.2 -2 -3
Other comprehensive income (net of tax) 65 234
Total comprehensive income 686 511
Total comprehensive income attributable to:
Parent company shareholders 686 511
Consolidated
statement of
comprehensive
income
All figures in NOK million unless otherwise stated
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Consolidated financial
statements
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4 Financial Statements
Contents
As at 31 December Notes 2025 2024
Deferred tax asset 12 380 381
Goodwill 14 834 807
Tangible and intangible assets 15 300 324
Investments in joint ventures 17 238 822
Investment in purchased loan portfolios 4 14 019 12 069
Other non-current financial assets 18 24 34
Total non-current assets 15 795 14 436
Income tax receivable 45 49
Other current assets 19 429 507
Repossessed assets 20 965 1 380
Cash and cash equivalents 21 428 516
Total current assets 1 867 2 452
Total assets 17 663 16 888
Share capital 22 37 37
Other paid in capital 22 2 849 2 844
Other components of equity 22, 23 2 823 2 737
Total equity 5 709 5 618
As at 31 December Notes 2025 2024
Deferred tax liabilities 359 355
Non-current interest bearing loans and borrowings 24 10 114 9 555
Other non-current liabilities 25 173 185
Total non-current liabilities 10 646 10 095
Bank overdraft 24 198 247
Accounts and other payables 26 604 319
Income taxes payable 12 18 82
Other current liabilities 27 488 527
Total current liabilities 1 308 1 175
Total equity & liabilities 17 663 16 888
/sign/
Ole Grøterud
Chair of the Board
/sign/
Henrik Wennerholm
Board Member
/sign/
Adele Bugge Norman Pran
Board Member
/sign/
Ellen Hanetho
Board Member
/sign/
Prateek Puri
Board Member
/sign/
Trond Kristian Andreassen
Chief Executive Officer
Oslo, 29 April 2026
Consolidated statement of financial position
All figures in NOK million unless otherwise stated
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Consolidated financial
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4 Financial Statements
Contents
Notes
Share
capital
Other
paid-in
capital
Treasury
shares
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 2024
1
Profit/(loss) for the year after tax 277 277 0 277
Other comprehensive income (net of tax) -3 -72 309 234 234
Total comprehensive income -3 -72 309 277 511 0 511
Cancellation of treasury shares 22 -2 2 - -
Share buy-back programme 22 0 -5 -5 -5
Share based payments 23 3 3 3
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 -32 -185 1 225 1 682 5 618 0 5 618
Profit/(loss) for the year after tax 621 621 0 621
Other comprehensive income (net of tax) -2 26 40 65 65
Total comprehensive income -2 26 40 621 686 0 686
Capital increase 22 0 5 5 5
Share based payments 23 3 3 3
Exercise of options 23 -50 -50 -50
Dividend paid to parent company's shareholders 22 -553 -553 -553
Dividends to non-controlling interests 0 0
At 31 December 2025 37 2 849 - 50 -34 -158 1 265 1 699 5 709 0 5 709
1. There have been some reclassifications in opening balance between interest hedge reserve (117),
foreign currency hedge reserve (6), foreign currency translation reserve (54) and other equity (-178).
Consolidated statement of changes in equity
All figures in NOK million unless otherwise stated
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4 Financial Statements
Contents
Year ended 31 December Notes 2025 2024
Cash flow from operating activities
Profit before tax 802 358
Adjustment for non-cash items:
Amortisation and revaluation of purchased loan portfolios 2 435 2 251
Repossessed assets -163 -194
Cost of assets sold, including impairment 20 579 360
Profit from investments in joint ventures 17 -83 -116
Finance income 11 -16 -42
Finance costs 11 928 1 196
Other items 81 -291
Other changes including working capital changes:
Change in working capital 84 1
Change in non-current financial assets/liabilities 23 202
Cash received from investments in associated parties/
joint ventures
Income tax paid during the year -173 -103
Interest received 7 22
Net cash flow from operating activities 4 703 3 758
Cash flow from investing activities
Payment of purchased loan portfolios -3 463 -2 168
Proceeds from sold performing and non-performing loan
portfolios 319
Acquisitions of subsidiaries -21
Divestments in subsidiaries and joint ventures 7
Purchase of tangible and intangible assets -63 -34
Net cash flow from investing activities -3 548 - 1 876
Year ended 31 December Notes 2025 2024
Cash flow from financing activities
Proceeds from the issue of new shares 22 5
Payment buy-back share programme -5
Bond issue 3 441 3 689
Repayment of bonds 24 -1 836 -4 245
Repayment on interest bearing loans and borrowings 24 -1 335 -579
Interest paid on interest bearing loans and borrowings -750 -884
Borrowing cost paid -81 -302
Repayment of principal amount on lease liabilities -39 -31
Exercised share options 23 -50
Dividend paid to parent company's shareholders 22 -553 -479
Net cash flow from financing activities -1 196 -2 836
Net cash flow during the year -41 -954
Cash and cash equivalents at 1 January 269 1 179
Exchange rate difference on cash and cash equivalents 3 44
Cash and cash equivalents at 31 December 231 269
Cash and cash equivalents comprised of:
Cash and cash equivalents in statement of financial position 21 428 516
Bank overdraft 24 -198 -247
Consolidated statement of cash flows
All figures in NOK million unless otherwise stated
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Parent company financial
statements
Parent company
income statement
All figures in NOK million unless otherwise stated
Year ended 31 December Notes 2025 2024
Operating revenue from group companies 162 155
Revenue 162 155
Personnel expenses 3 -83 -92
Depreciation and amortisation 7 -8 -7
Operating expenses from group companies -91 -95
Other operating expenses 4 -68 -62
Operating expenses -251 -256
Operating profit -89 -101
Dividend and contribution from group companies 5 945 767
Interest income from group companies 397 450
Interest expense to group companies -7 -52
Net exchange gain/(loss) 5 -4 -35
Other interest expenses 5 -440 -497
Other financial items 5 -111 -202
Net financial items 780 430
Profit/(loss) before tax 691 330
Income tax expense 6 0 0
Profit/(loss) after tax 691 330
Attributable to:
Dividend -702 -553
Other equity -11 -223
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As at 31 December Notes 2025 2024
Tangible and intangible assets 7 24 29
Investment in subsidiary companies 8 4 567 4 567
Non-current loans to subsidiaries 8 6 611 3 633
Other non-current financial assets 36 23
Total non-current assets 11 239 8 252
Receivables from group companies 9 579 887
Other current assets 14 11
Cash and cash equivalents 9 0 4
Total current assets 593 901
Total assets 11 831 9 153
Share capital 10, 11 37 37
Other paid in capital 10, 11 2 849 2 844
Other capital reserves 10 35 32
Other equity 10 139 193
Total equity 3 061 3 106
Parent company balance sheet
All figures in NOK million unless otherwise stated
As at 31 December Notes 2025 2024
Non-current interest bearing loans and borrowings 12 7 106 5 308
Total non-current liabilities 7 106 5 308
Payables to group companies 9 900 107
Accounts and other payables 4 3
VAT, payroll and other public duties payables 5 8
Other current liabilities 13 755 621
Total current liabilities 1 666 739
Total liabilities 8 772 6 047
Total equity & liabilities 11 831 9 153
Oslo, 29 April 2026
/sign/
Ole Grøterud
Chair of the Board
/sign/
Henrik Wennerholm
Board Member
/sign/
Adele Bugge Norman Pran
Board Member
/sign/
Ellen Hanetho
Board Member
/sign/
Prateek Puri
Board Member
/sign/
Trond Kristian Andreassen
Chief Executive Officer
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Year ended 31 December Notes 2025 2024
Cash flow from operating activities
Profit for the year before tax 691 330
Adjustment for non-cash items:
Depreciation, amortisation and impairment of assets 7 8 7
Interest expense on interest bearing loans 5 440 494
Amortisation of loan financing costs 5 21 48
Cost share option programme 3 3
Unrealised foreign exchange differences 45 -660
Operating cashflows:
Interest paid on interest bearing loans & borrowings -446 -494
Operating capital adjustments:
Decrease/(increase) in current balances with group
companies 1 101 -180
Decrease/(increase) in accounts receivable and other
current assets -3 14
Decrease/(increase) in other non-current financial assets -34 -29
Increase/(decrease) in accounts payable and other
current liabilities -1 717 -2 792
Net cash flow from operating activities 108 -3 258
Year ended 31 December Notes 2025 2024
Cash flow from investing activities
Purchase of tangible and intangible fixed assets -3 -3
Purchase of shares in subsidiary companies 8 0 0
Sale of shares in joint ventures 8
Decrease/(increase) in long term loans to group companies -2 959 808
Net cash flow from investing activities -2 962 805
Cash flow from financing activities
Share issuance 11 5
Buy-back share programme 11 0 -5
Exercised share options 11 -43 0
New interest bearing loans and receivables during the year 3 441 5 229
Repayment of interest bearing loans and borrowings during
the year 0 -2 292
Dividend paid to shareholders 10 -553 -479
Net cash flow from financing activities 2 851 2 453
Net cash flow during the year -4 0
Cash and cash equivalents at 1 January 4 4
Cash and cash equivalents at 31 December 0 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
2025, 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 occur
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 activities 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 statement.
Note 3 Personnel expenses
2025 2024
Wages, salaries and other benefits paid 91 53
Social security costs 9 12
Defined contribution pension costs 5 5
Other personnel costs 11 15
Cost share option program -39 3
Social security cost share option program 7 5
83 92
Number of full time equivalents (FTEs) at 31 December 26 25
All employees are covered by a defined contribution pension plan which fulfill the Company's obligations under the
Norwegian occupational pension legislation.
We also refer to the Remuneration report 2025 posted on our website.
All figures in NOK million unless otherwise stated
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Note 4 Other operating expenses
2025 2024
Audit fees 4 5
Tax and legal services 2 4
Other professional services 9 11
Cost of office premises 7 10
IT, telecommunications 38 27
Marketing, business entertaining 1 1
Travel, accommodation, meetings, arrangements 2 2
Statutory and other corporate costs 4 3
68 62
All figures in NOK million unless otherwise stated
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Note 5 Financial items
2025 2024
Dividend from B2Kapital Holding S.à r.l. 945 767
Dividend and contribution from group companies 945 767
Realised exchange gains/(losses) 41 -694
Unrealised exchange gains/(losses) -46 660
Net exchange gain/(loss) -4 -35
Interest expense on interest bearing loans -440 -494
Other interest expense 0 -3
Other interest expenses -440 -497
Interest income on cash & short-term deposits 0 3
Net gain/(loss) on financial instruments -104 -141
Costs of financing -21 -48
Other financial expenses 14 -16
Other financial items -111 -202
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:
2025 2024
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 691 330
Permanent differences -783 -465
Change in temporary differences 49 -145
Transfer to/(from) tax losses carried forward 42 280
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 2025 2024 2025
Non-current loans to group companies 973 955
Fixed assets -1 2
Taxable temporary differences 972 957
Other receivables & liabilities -6 -6
Non-current interest bearing loans -143 -79
Tax losses carried forward - no time limit on expiry -1 725 -1 682
Reversal of basis for deferred tax asset not recognised 902 811
Deductible temporary differences -972 -957
Net basis for deferred tax / tax asset 0 0
Basis for deferred tax at 22 % -198 -178 -20
Deferred tax asset not recognised 198 178 20
Net deferred tax / change in deferred taxes 0 0 0
Comprising:
22 % deferred tax liability 214 210
22 % deferred tax asset -214 -210
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 2025 2024
Profit/(loss) before tax 691 330
Expected tax expense at the Norwegian nominal tax rate of 22 % 152 73
Tax effect of permanent differences -172 -102
Tax effect of the change in unrecognised deferred taxes 20 -15
Tax effect on estimate change 0 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 2025 6 40 46
Additions 0 3 3
Disposals 0 -2 -2
At 31 December 2025 6 41 47
Depreciation and amortisation
At 1 January 2025 3 13 17
Depreciation and amortisation for the year 1 6 8
Accumulated depreciation on disposals 0 -2 -2
At 31 December 2025 5 18 22
Carrying value
At 31 December 2025 2 23 24
At 1 January 2025 3 26 29
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 and loan to subsidiaries
% equity interest
1
Name of subsidiary
Country of
incorporation
Established/
acquired 2025 2024
Equity
2025
Profit
2025
Book value
2025
B2Kapital Holding S.à r.l.
2
Luxembourg 2014 100 % 100 % 4 176 176 3 733
BackB Investments S.à r.l.
2
Luxembourg 2021 100 % 100 % 1 116 395 833
Veraltis Group S.à r.l.
2
Luxembourg 2022 100 % 100 % -45 -51 0
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 2025.
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.
Loans to subsidiaries:
2025 2024
B2Kapital Holding S.à r.l. 4 965 1 870
BackB Investments S.à r.l. 1 484 1 545
Veraltis Group S.à r.l. 163 218
Non-current loans to group companies 6 611 3 633
All figures in NOK million unless otherwise stated
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Note 9 Cash and cash equivalents
2025 2024
Cash at banks:
Unrestricted balances 0 4
0 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 leasing of office premises.
For the purpose of the statement of cash flow, cash and cash equivalents comprise 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 876 million (54 million in 2024). 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 945 million (767 million in 2024) 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
Share
capital
Other paid-in
capital
Other capital
reserves
Other
equity
Total
equity
At 1 January 2025 37 2 844 32 193 3 106
Profit for the year after tax 691 691
Capital increase 0 5 5
Share buy-back programme 0
Share based payment 3 3
Exercised share options -43 -43
Provision for proposed dividend 2025 -702 -702
At 31 December 2025 37 2 849 35 139 3 061
The Board of Directors has decided to propose for the Annual General Meeting 2025 a dividend of NOK 1.90 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. 2024 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
Share
capital
Share
capital
Other paid-in
capital
2
Number of shares
1
NOK mill NOK mill
At 1 January 2024 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
Capital increase registered on 15 August 2025 related to issuance
of new shares 1 195 000 0 5
At 31 December 2025 369 727 152 37 2 849
Treasury shares
2025 2024
At 1 January - 18 174 843
Share buy-back - 473 829
Capital reduction - -
Excersised share options - -
Capital reduction by cancellation of own shares - -18 648 672
At 31 December - -
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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 2025 were as follows:
Number of shares % total
Nevedal Invest AS 89 740 738 24.27 %
Valset Invest AS 32 003 804 8.66 %
Stenshagen Invest AS 30 500 143 8.25 %
Rasmussengruppen AS
1
22 223 236 6.01 %
DNB Markets Aksjehandel/-Analyse 16 614 485 4.49 %
Skandinaviska Enskilda Banken AB 13 038 856 3.53 %
RB Investor AS 8 413 680 2.28 %
Verdipapirfondet Storebrand Norge 6 958 040 1.88 %
Greenway AS 5 802 368 1.57 %
Stiftelsen Kistefos-Museets Driftsfond 4 000 000 1.08 %
Vpf Dnb Am Norske Aksjer 3 532 481 0.96 %
Lin AS 3 500 000 0.95 %
J.P. Morgan SS 3 200 000 0.87 %
F2kapital AS 3 000 000 0.81 %
Verdipapirfondet Heimdal Utbytte 3 000 000 0.81 %
Ranastongji AS 2 847 048 0.77 %
Verdipapirfondet KLP Aksjenorge IN 2 666 967 0.72 %
The Bank Of New York Mellon Sa/Nv 2 592 932 0.70 %
Directmarketing Invest AS 2 405 100 0.65 %
The Bank Of New York Mellon Sa/Nv 2 401 206 0.65 %
Remaining shareholders 111 286 068 30.10 %
369 727 152 100.00 %
All figures in NOK million unless otherwise stated
1. Total shareholdings of Rasmussengruppen AS includes shareholdings
of its fully owned subsidiaires Portia AS and Cressida AS.
For further information about shares owned directly or indirectly by Board of Directors and Group Management at
31 December 2025, 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 2025, 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 3.90 %
+ 3M EURIBOR
300 3 553 Mar 2029
Senior Unsecured Bond Issue 2025 EUR 3.75 %
+ 3M EURIBOR
200 2 369 Mar 2030
Senior Unsecured Bond Issue 2025 EUR 3.25 %
+ 3M EURIBOR
100 1 184 Jan 2031
Repayment schedule at 31 December 2025 EUR NOK
In 2029 300 3 553
In 2030 200 2 369
In 2031 100 1 184
600 7 106
Financial covenants
All financial covenants have been met at 31 December 2025 and 31 December 2024. 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 the following unsecured bond loans as of 31 December 2025.
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All figures in NOK million unless otherwise stated
Note 13 Other current liabilities
2025 2024
Provision for social security on share options 6 6
Accrued interest bond loans 26 33
Proposed dividend 702 553
Other 21 30
755 621
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:
2025 2024
Office premises 6 7
6 7
The future minimum rentals payable under the non-cancellable operating lease at 31 December were as follows:
2025 2024
Rentals payable within one year 6 5
Rentals payable from one to five years 23 22
After five years 10 14
38 42
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Note 15 Related party disclosure
The Company's related parties include the Group
management team, Board of Directors, 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 year end are
unsecured, and other than for interest-bearing loans,
interest free. At 31 December 2025 and at 31 December
2024, 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 Consolidated financial statements,
note 31 Guarantees.
Note 17 Subsequent events
The Board of Director's has proposed to pay a cash
dividend of NOK 1.90 per share for 2025.
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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 data presented in accordance with IFRS.
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APM
All figures in NOK million unless otherwise stated
2025 2024
Revenue 3 778 3 683
Add back Amortisation of purchased loan portfolios 2 421 2 214
Add back Revaluation of purchased loan portfolios 14 37
Adjust for Repossession of assets -163 -194
Add back cost of asset sold 579 360
Adjust for Profit from investments in joint ventures -83 -116
Add Cash received from investments in joint ventures 198 114
Adjust for Non-recurring items -18
Adjust for timing differences between collections and cash received -64
Cash revenue 6 662 6 097
Adjust for Other cash revenues -494 -813
Cash collections 6 168 5 284
EBIT 1 734 1 500
Add back Depreciation, amortisation and impairment losses 101 91
EBITDA 1 835 1 591
Add back Amortisation of purchased loan portfolios 2 421 2 214
Add back Revaluation of purchased loan portfolios 14 37
Adjust for Repossession of assets -163 -194
Add back Cost of assets sold 579 360
Adjust for Profit from investments in joint ventures -83 -116
Add Cash received from investments in joint ventures 198 114
Adjust for Non-recurring items -11 169
Adjust for timing differences between collections and cash received -64
Cash EBITDA 4 727 4 175
Alternative performance measures - reconciliation
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APM
All figures in NOK million unless otherwise stated
2025 2024
EBIT 1 734 1 500
Non-recurring items, of which:
Other revenues -18
External expenses of services provided 1
Personnel expenses -12 155
Other operating expenses 18 14
Impairment
Non-recurring items impacting EBIT -11 169
Adjusted EBIT 1 723 1 669
External expenses of services provided -559 -556
Personnel expenses -908 -1 054
Other operating expenses -476 -482
Adjust for non-recurring items 7 169
Adjusted opex -1 935 -1 923
Non-recurring items impacting EBIT -11 169
Other non-recurring items 117 220
Total non-recurring items 106 389
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APM
2025
31 Dec
2025
30 Sep
2025
30 Jun
2025
31 Mar
Bond loan (nominal value)
1
7 106 7 036 7 692 7 418
Revolving Credit Facility (nominal value)
1
3 163 2 686 2 593 2 575
Vendor loan 352 29 18 378
Net cash balance including overdraft -231 -220 -387 -784
Total loan 10 391 9 531 9 915 9 587
Purchased loan portfolios 14 019 12 333 12 379 12 133
Investment in associated companies and joint ventures 238 734 755 752
Other assets
2
1 784 1 746 1 948 1 898
Book value 16 041 14 813 15 083 14 783
Total Loan to Value % (TLTV) 65 % 64 % 66 % 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 "Repossessed
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 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 asset and the difference between cash received and
recognised Profit from shares in associated parties/ joint
APM
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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.
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.
Liquidity reserve
Un-drawn RCF, plus cash and short-term deposits and
minus NOK 200m in cash reserve.
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
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
APM
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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.
Reposessed assets (REOs)
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.
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
Contents
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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 2025
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 2026
/sign/
Ole Grøterud
Chair of the Board
/sign/
Henrik Wennerholm
Board Member
/sign/
Adele Bugge Norman Pran
Board Member
/sign/
Ellen Hanetho
Board Member
/sign/
Prateek Puri
Board Member
/sign/
Trond Kristian Andreassen
Chief Executive Officer
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Auditors'
report
Annual Shareholders’ Meeting
•
•
•
•
•
Auditor’s responsibilities for the audit of
Ethics Standards Board for Accountants’
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our knowledge obtained in the audit, or otherwise the information in the Board of Directors’ report and for
misstated. We are required to report if there is a material misstatement in the Board of Directors’ report
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
•
•
Our statement on the Board of Directors’ report applies correspondingly for the statement on Corporate
Our statement that the Board of Directors’ report contains the information required by applicable law does
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
Auditor’s responsibilities for the audit of the financial statements
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
•
•
opinion on the effectiveness of the Company’s and the Group’s internal
•
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management’s revaluation process.
statements and our auditor’s report thereon. The Board of Directors and Group Chief Executive Officer
cover the information in the Board of Directors’ report and the other information presented with the
Board of Directors’ report and for the other information presented with the financial statements. The
inconsistency between the information in the Board of Directors’
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–“Assurance engagements other than audits or reviews of historical financial
information”. The standard requires us to plan and perform procedures to obtain reasonable assuranc
As part of our work, we perform procedures to obtain an understanding of the Company’s processes for
tagging of the consolidated financial statements and assess management’s use of judgement. Our
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• Conclude on the appropriateness of management’s use of the going concern basis of accounting
events or conditions that may cast significant doubt on the Company’s and the Group’s ability to
draw attention in our auditor’s report to the related disclosures in the financial statements or, if
evidence obtained up to the date of our auditor’s report. However, future events or conditions
•
•
ditor’s report unless law or regulation precludes public
Management’s responsibilities
Auditor’s responsibilities
Penneo Dokumentnøkkel: 0CYEU-SNHUJ-QLBNG-NRW05-ILPV9-QMFQV
B2 Impact — Annual report 2025
185
2 Directors’ report1 About B2 Impact 3 Corporate Governance
4 Financial Statements
Contents
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Sustainability auditor’s responsibilities
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Penneo Dokumentnøkkel: 5RS3E-BRB8J-1CNS5-P2811-5J7EL-NMD9R
(«the Company») included in Sustainability Statement of the Board of Directors’ report (the “Sustainability
Statement”), as at 31 December 2025 and for the ye
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Statement (the “Process”) is in accordance with the description set out
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of EU Regulation 2020/852 (the “Taxonomy Regulation”).
(“ISAE 3000 (Revised)”), issued by the International Auditing and
conclusion. Our responsibilities under this standard are further described in the Sustainability auditor’s
Penneo Dokumentnøkkel: 5RS3E-BRB8J-1CNS5-P2811-5J7EL-NMD9R
B2 Impact — Annual report 2025
186
2 Directors’ report1 About B2 Impact 3 Corporate Governance
4 Financial Statements
Contents
•
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•
•
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Penneo Dokumentnøkkel: 5RS3E-BRB8J-1CNS5-P2811-5J7EL-NMD9R
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Company’s description of its Process set out in ESRS 2 IRO
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reviewing the Company’s internal documentation of its Process, and
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disclosures in the financial statements and other sections of the Board of Directors’ report;
Penneo Dokumentnøkkel: 5RS3E-BRB8J-1CNS5-P2811-5J7EL-NMD9R
