B2 Impact, the Norwegian debt purchaser, reported a 10% year-over-year increase in cash collections to NOK 1.67 billion for the second quarter of 2026, driving a 22% rise in net profit to NOK 246 million.
The company raised its full-year 2026 earnings per share guidance to at least NOK 2.25 from NOK 2.10, citing strong operational performance. Quarterly earnings per share reached NOK 0.66, up 21% from the prior-year period, while year-to-date EPS stood at NOK 1.23. Cash EBITDA grew 10% to NOK 1.26 billion, with the last-twelve-months figure at NOK 4.87 billion.
B2 Impact’s return on equity expanded to 16% from 10% a year earlier, supported by improved cash margins of 72%, up from 70%. Portfolio investments surged 187% to NOK 1.29 billion in the quarter, lifting total estimated remaining collections to NOK 28.0 billion, a 14% increase. Unsecured portfolios accounted for 91% of the total.
The company’s share price rose 4.6% to NOK 26.10 following the presentation, approaching its 52-week high of NOK 26.65. CEO Trond Kristian Andreassen highlighted the use of voice bots in several markets, describing competition as "all in all kind of stable." He noted the company was "tracking well ahead of targets" with "significant upside in our estimated remaining collection."
Operational efficiency improved, with unsecured collection performance reaching 117%, up from 101% in Q1 2021. Collections per employee increased 26% year-over-year, while the workforce declined to 1,239 full-time employees from 2,147 in Q1 2021. Real estate owned sales totaled NOK 206 million in Q2, 46% above book value, with full-year sales now expected to reach approximately NOK 400 million, up from a prior estimate of NOK 300 million.
Geographically, Poland represented 34% of Q2 investments, Western Europe 23%, and Northeastern Europe 15%. Unsecured portfolios accounted for 69% of investments, forward flow agreements 19%, and secured portfolios 12%. The company maintained a leverage ratio below 2.5x, reporting an actual ratio of 2.1x, with an equity ratio of 29%.
B2 Impact refinanced a EUR 200 million bond in Q1 2026, reducing interest costs to NOK 163 million from NOK 179 million. The company held a liquidity reserve of approximately EUR 320 million, alongside operational cash flow. Operating expenses as a percentage of cash revenue declined to 28.5% from 31.9%, with operating expenses up 3% over the past 12 months against a 16% rise in cash revenues.
Dividend expectations for 2026 were set at NOK 2.25 per share, assuming a 100% payout capacity, up from NOK 1.90 in 2025 and NOK 1.50 in 2024.
