olivLaw · European equity research
B2 Impact ASA B2I.OL
Norway · Euronext Oslo Børs · ISIN NO0010633951 · Vertical: Listed companies from Norway
B2 Impact ASA is a Nordic debt management company that buys non-performing loan portfolios and recovers them through collection, including third-party debt collection, across several European countries. In 2025 the company reported higher collections and larger investments, with ERC reaching NOK 27.9bn. The 2025 results and the 2026 refinancings matter because they describe a stronger financial position than in earlier years.
At the close of 04 Nov 2026, B2 Impact ASA (B2I.OL) stock was 23.55 NOK (+2.17% on the day), with market capitalisation 8.7 bn NOK, P/E 14.2 on diluted EPS of 1.66 NOK over the last 12 months, beta 0.52, 52-week range 16.34–27.35 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.1
- neutral
- Bollinger (20, 2)
- 22.45 – 23.68
- in the upper half of the band · %B 0.89 · band width 5.4%
- SMA 50 / 200
- 24.30 / 23.70
- mixed trend
- MACD (12, 26, 9)
- -0.28 / -0.40
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.4% | +0.4% | −0.8 pp | — |
| 3 months | −8.2% | −3.3% | −4.9 pp | — |
| 6 months | +0.4% | +4.0% | −3.5 pp | — |
| Year to date | +29.1% | +8.1% | +21.0 pp | — |
| 1 year | +37.2% | +10.7% | +26.5 pp | −5.7% |
| 3 years | +220.8% | +50.1% | +170.8 pp | +15.4% |
| 5 years | +116.3% | +43.6% | +72.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 7.8, median 11.0, max 13.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.8 bn | 3.7 bn | 3.8 bn |
| Revenue YoY | unavailable | −2.4% | +2.6% |
| Net income | 363.0 m | 277.0 m | 621.0 m |
| Net income YoY | unavailable | −23.7% | +124.2% |
| Diluted EPS | 0.94 | 0.75 | 1.66 |
| Diluted EPS YoY | unavailable | −20.2% | +121.3% |
| net % | 9.6% | 7.5% | 16.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 428.0 m NOK
- Financial debt
- 10.1 bn NOK
- Net debt
- 9.7 bn NOK
- Equity
- 5.7 bn NOK
- Total assets
- 17.7 bn NOK
- Debt / equity
- 1.77x
- Current ratio
- 1.43x
- ROE
- 11.0%
- ROA
- 3.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.8 bn | 3.7 bn | 3.8 bn | esef· 21 Oct 2026verified |
| Operating income | 1.6 bn | 1.5 bn | 1.7 bn | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 95.0 m | 91.0 m | 100.0 m | esef· 21 Oct 2026verified |
| EBITDA | 1.7 bn ≈ | 1.6 bn ≈ | 1.8 bn ≈ | esef· 21 Oct 2026derived |
| Interest expense | 1.1 bn | 1.2 bn | 928.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 468.0 m | 358.0 m | 802.0 m | esef· 21 Oct 2026verified |
| Income tax | 105.0 m | 80.0 m | 180.0 m | esef· 21 Oct 2026verified |
| Net income | 363.0 m | 277.0 m | 621.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.94 | 0.75 | 1.66 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.4 bn | 516.0 m | 428.0 m | esef· 21 Oct 2026verified |
| Current assets | 3.1 bn | 2.5 bn | 1.9 bn | esef· 21 Oct 2026verified |
| Goodwill | 769.0 m | 807.0 m | 834.0 m | esef· 21 Oct 2026verified |
| Total assets | 17.3 bn | 16.9 bn | 17.7 bn | esef· 21 Oct 2026verified |
| Short-term debt | 2.2 bn | — | — | esef· 08 May 2025verified |
| Long-term debt | 8.0 bn | 9.6 bn | 10.1 bn | esef· 21 Oct 2026verified |
| Current liabilities | 3.1 bn | 1.2 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Equity | 5.6 bn | 5.6 bn | 5.7 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 386.2 m | 369.3 m | 369.6 m | esef· 21 Oct 2026derived |
Cash flow · NOK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 37 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.7 bn NOK
Key indicators
Coverage and freshness
Score by group
- Balance sheet17
- Valuation48
- Returns1
- Quality60
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Unattractive profile · Score 37/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.9% | 45 (vs peers) | 16% |
| Net margin · Quality | 16.4% | 84 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 5.3x | 10 (vs peers) | 16% |
| Interest coverage · Balance sheet | 1.9x | 6 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.4x | 52 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 14.2x | 63 (vs peers) | 16% |
| EV/EBITDA · Valuation | 10.0x | 33 (vs peers) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet17/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality60/100 · 2/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation48/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
B2 IMPACT ASA (B2I.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.8 bn NOK in 2025; YoY growth 2.6%; net margin 16.4%; ROE 11.0%; net debt/EBITDA 5.3x.
The estimated value range is 11.84–37.98 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 25.68 NOK, the price of 23.55 NOK leaves a potential of 9.1% (value / price − 1) and a margin of safety of 8.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 37/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 16.4%
What contradicts it
- Net debt / EBITDA: 5.3x
- Interest coverage: 1.9x
- Shareholder yield (distributions): 0.1%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 85.6 bn | 21.8 | 7.9% | 21.4% | +42.5% | +46% / +70% |
| AFG.OLAf Gruppen Asa | 21.6 bn | 19.9 | 39.7% | 3.4% | +4.4% | +9% / +71% |
| ELK.OLElkem Asa | 19.6 bn | 40.2 | 1.9% | 2.7% | −15.7% | +12% / +77% |
| ATEA.OLAtea Asa | 19.0 bn | 22.0 | 19.7% | 2.3% | +8.1% | +15% / +40% |
| AKSO.OLAker Solutions Asa | 17.6 bn | 6.9 | 22.5% | 4.1% | +19.2% | +19% / −11% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.9 | 17.1% | 11.4% | −10.8% | +18% / +45% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +38% / +30% |
| B2I.OLB2 Impact Asa | 8.7 bn | 14.2 | 11.0% | 16.4% | +2.6% | +39% / +236% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.5 | 80.7% | 9.2% | −0.2% | −18% / −14% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| CLOUD.OLCloudberry Clean Energy Asa | 3.9 bn | 61.2 | 1.3% | 13.1% | +34.0% | −6% / +28% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.9 | 34.9% | 16.8% | +12.4% | −11% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −14% / −7% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.9 | 30.1% | 16.1% | +32.3% | −51% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 110.5 | 2.9% | 8.6% | +7.9% | −7% / −47% |
| CAPSL.OLCapsol Technologies Asa | 868.8 m | — | -89.4% | -114.8% | −25.0% | −34% / −67% |
| BOR.OLBorgestad Asa | 563.7 m | 36.8 | 2.1% | 1.4% | −3.0% | −5% / +44% |
| ARR.OLArribatec Group Asa | 239.5 m | 4.9 | 22.1% | 9.3% | +15.7% | −31% / −54% |
| DELIA.OLDellia Group Asa | 73.4 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.9 m | 0.1 | — | 7,297.7% | −87.2% | −81% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −42% |
1- and 3-year price returns: for B2I.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 13.82 Total return -41% · Per year -41% | 24.45 Total return 4% · Per year 4% | 36.86 Total return 57% · Per year 57% |
| 3 years | 12.90 Total return -45% · Per year -18% | 25.73 Total return 9% · Per year 3% | 42.66 Total return 81% · Per year 22% |
| 5 years | 12.04 Total return -49% · Per year -13% | 27.07 Total return 15% · Per year 3% | 49.37 Total return 110% · Per year 16% |
- Exit P/E± 6.43
- Net margin± 4.50
- Annual revenue growth± 3.76
- Annual dilution± 0.38
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
B2 Impact ASA is a Nordic debt management company that buys non-performing loan portfolios and recovers them through collection, including third-party debt collection, across several European countries. In 2025 the company reported higher collections and larger investments, with ERC reaching NOK 27.9bn 1. The 2025 results and the 2026 refinancings matter because they describe a stronger financial position than in earlier years 1.
SWOT
Strengths
- Credit ratings are, according to the company, among the strongest in the industry, while leverage is kept low.
- The company kept costs stable despite a sharp rise in investments, which shows the scalability of its business model.
- The group enters 2026 with no short-term maturities after its refinancings over the past year.
Weaknesses
- Reliance on collections from purchased portfolios exposes the company to variations in recovery rates.
- Headcount was reduced in 2025 and further reductions are expected, which may affect operational capacity in the short term.
- The book equity ratio is moderate and net interest-bearing debt remains significant.
Opportunities
- The European NPL market could offer new opportunities if portfolio volumes grow.
- Automation and digital platforms could lower the cost per collected unit.
- A lower cost of debt could allow additional investments with attractive returns.
Threats
- Rising competition for portfolios could reduce investment returns.
- A deterioration of local economies could weaken debtors' ability to pay.
- Delays in transposing NPL directives in some states may create regulatory uncertainty.
Risks
- Macroeconomic and political riskmedium
Operating in several countries exposes the company to economic and political changes that can affect portfolio supply, recoveries and funding.
- Investment and portfolio valuation riskhigh
Returns depend on assumptions about recoveries, costs and timing; inaccurate assumptions or heightened competition could lead to lower returns or impairments.
- Model and data riskmedium
Portfolio valuations rely on data and analytical models; limits in data quality could lead to suboptimal decisions.
- Regulatory riskmedium
The European NPL Directive imposes compliance requirements, and delays or regulatory changes can alter operating conditions.
- Funding risklow
The company relies on bonds, bank loans and equity; tighter conditions in capital markets could raise funding costs.
Investment thesis
What would need to be true (bull case)
- If collections keep beating expectations and the cost of debt stays low, the group could turn the rise in investments into higher earnings.
- Strong credit ratings and no short-term maturities could give flexibility for investments and shareholder distributions.
- Automation could support higher margins if volumes grow without a proportional rise in costs.
What would break the thesis
- If competition for portfolios intensifies, investment returns could fall below expectations.
- Dependence on collections and on economic conditions in several countries could make group revenues volatile.
- If net debt stays high, financial flexibility could be limited in periods of uncertainty.
What to watch
- Development of unsecured collections and REO salesQ1 2027
- Investment level compared with the guided range for the coming year2027
- Effect of the refinancings on the cost of debtnext 10-K
- Transposition of the NPL Directive in Spainfirst half of 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
B2 Impact ASA, based in Norway, is a debt management company active in purchasing non-performing loans, debt collection and third-party debt collection. The company is the parent of the B2 Impact group, a pan-European debt solutions provider 1. The group aims to offer solutions for defaulted loans and to provide liquidity to financial institutions, contributing to a healthier financial system 1.
The business model rests on buying loan portfolios at discounted prices and recovering amounts through collection, with proceeds from sales of repossessed real estate (REO) as an additional source of income 1. The group reported cash collections of NOK 6 168m in 2025, with growth coming mainly from unsecured collections, and REO sales rose to NOK 681m 1.
The group ended 2025 with an operating profit of NOK 1 734m and a Cash EBITDA of NOK 4 727m, while operating expenses fell 7 % from the prior year 1. The company reported 1 387 employees at the end of 2025 1.
Segments
Portfolio investments
The group invested NOK 3.7bn in 2025, above its guided range, focusing on core markets to use economies of scale. The book value of purchased loan portfolios reached NOK 14 019m at year end 2025 1.
Collection and REO sales
Unsecured collections over-performed in all four quarters of 2025, and REO sales reached NOK 681m 1.
Third-party debt management
Besides its own portfolios, the group also operates in third-party debt collection, a separate activity described in the annual report 1.
Market context
The company operates in the European non-performing loan market, where portfolios are bought from financial institutions. Management describes an attractive market environment for portfolio investments and expects continued high activity, focused on unsecured portfolios 1.
The European NPL Directive shapes operations; the group's entities have obtained credit servicer licences where the directive has been transposed into local law, while in Spain transposition has been delayed and is currently expected in the first half of 2026 1.
Trends
- Lower cost of debttailwind
The company issued two bonds in 2025 and a tap issue in January 2026 on attractive terms, and extended its revolving credit facility, which could support margins if the trend continues 1.
- Automation and artificial intelligencetailwind
The Board expects further efficiency through AI-powered automation, self-service platforms and multi-channel customer communication, which could limit cost growth as volumes rise 1.
- European NPL regulationmixed
Transposition of the NPL Directive into national laws creates compliance requirements, and delays in some countries may postpone effects on operations 1.
- Macroeconomic conditionsheadwind
Macroeconomic and political developments in the countries where the group operates can affect portfolio supply, debtor affordability and recovery rates, if the economic situation weakens 1.
Competitive position
The market for purchasing non-performing loan portfolios is competitive, and rising competition or adverse market conditions can reduce expected returns, according to the risk assessment in the report 1. The company differentiates through economies of scale and discounted purchase prices 1.
The group aims to keep a competitive cost level and to concentrate investments in core markets, while stable operating cash flow from collections supports funding 1.
- Other NPL portfolio buyers
The report refers to competition for NPL portfolios without naming specific companies.
- Other debt collection providers
The group also operates in third-party collection, where it competes with providers not named in the source.
- Investors in distressed assets
Competition for investment opportunities is noted as a risk, without identifying specific competitors.
- Local debt servicers
Market participants operating under the NPL Directive framework compete in the countries where the group is active; none are named in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / B2 Impact ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.