Ipas Indexo · OMXRSE:IDX1R
Ipas Indexo — INDEXO Group — Q1 2026 Earnings Presentation
34 slides from Ipas Indexo's earnings presentation, May 13, 2026
Slide 1: INDEXO Group Q1 2026 results
INDEXO Group Q1 2026 results PERIOD PRESENTED 1 Jan – 31 Mar 13 May 2026
Slide 2: INDEXO is a catalyst for positive change
INDEXO GROUP 2 INDEXO is a catalyst for Paid out EUR 463tht in interest Refinanced > 100 mortgages positive Annualized Saving > EUR 50 tht change Our contribution in Q1 2026: Lowered management fee for all pension products “Jauda”* outperformed market average and beat inflation * “Jauda” is a 100% e
Slide 3: Glossary
INDEXO GROUP 3 GLOSSARY Key abbreviations used throughout this presentation ARR Annualised Run -Rate IFRS International Financial Reporting Standards AUM Assets Under Management LCR Liquidity Coverage Ratio BoL Bank of Latvia LGD Loss Given Default CAD Capital Adequacy NCI Net Commission Income CB C
Slide 4: Group overview: Q1 2026 at a glance
INDEXO GROUP 4 Group overview Q1 2026 at a glance NET PROFIT , EUR TOTAL REVENUE , EUR LOAN PORTFOLIO (net) , EUR CUSTOMER ACCOUNTS* 546t 142.5t 12.7m DelfinGroup 248m INDEXO Bank + Pensions 216.9 329.1 *Pension (2 nd /3 rd pillar) and bank clients counted separately; some customer segments may over
Slide 5: Group loan portfolio increased by ~11% QoQ
INDEXO GROUP 5 Group loan portfolio increased by ~11% QoQ Total assets increased more than 7% in Q1 2026, loans represent ~82% of total assets Liabilities at 75.7% of total assets (Q4 2025: 74.3%), reflecting healthy balance sheet leverage. Wholesale funding sources r emain a key opportunity to lowe
Slide 6: INDEXO Group is well-capitalized and highly liquid
INDEXO GROUP 6 INDEXO Group is well-capitalized and highly liquid CAPITAL RATIOS LIQUIDITY RATIOS Dec-25 Mar-26 LIQUIDITY COVERAGE RATIO (LCR) Dec -25 Mar-26 388% 554% ▲ + 166pp 25.3 % 24.5 % 24.4 % Regulatory min: 100% 23.3 % 17.6% 17.0% NET STABLE FUNDING RATIO (NSFR) Dec -25 Mar-26 118% 115% ▲ -3
Slide 7: INDEXO Group becomes profitable
INDEXO GROUP 7 Financial results, EURm Q1 2026 INDEXO Group Net interest income 10.8 Net commission income 1.2 becomes profitable Other operating income 0.7 Total revenue 12.7 Total expenses -7.1 Group total loan portfolio reached EUR 248m at the end of Provisions for expected credit losses -5.0 Q1
Slide 8: Pension business
Pension business
Slide 9: Pension business Q1 2026 Snapshot
PENSION BUSINESS 9 Q1 2026 Snapshot Stronger earnings against a tougher market backdrop TOTAL REVENUE, EUR NORMALISED PENSION BUSINESS NET PROFIT, EUR CUSTOMER ACCOUNTS NET PROFIT*, EUR 1,341t 574t 489t 159.8t ▲ +27 % YoY ▲ +163 % QoQ ▲ ▲ +9 % YoY ▲ + 24% YoY ▲ + 0.2% QoQ ▲ –3% QoQ –6% QoQ ▲ + 11% Y
Slide 10: Pension business asset growth drivers
PENSION BUSINESS 10 Pension business asset growth is driven by inflows from new clients, monthly contributions, market returns and VAIRO acquisition Pension business total AUM growth drivers Pension business Q1 total 2025 – Q1 AUM growth 2026 drivers Q1 2025 – Q1 2026 EURm, based on management estim
Slide 11: Rising churn in pension portfolio
PENSION BUSINESS 11 THE SOLUTION: THE CHALLENGE COMMUNITY FINANCIAL LITERACY Rising churn in SOCIAL MEDIA Ongoing CONTENT Regular cadence pension portfolio Active investor community Educational blog series Peer Q&A with INDEXO experts, milestone Plain-language posts on pension mechanics, sharing and
Slide 12: Market returns beating competitors and CPI in the long run
PENSION BUSINESS 12 Market returns beating competitors and Consumer 55.61% price index (CPI) in the long run 47.37% 45.26% 41.00% 40.96% Annualized return since inception (INDEXO Jauda 16-55) 9.21 % 11.56% 10.07% Proportion of INDEXO 7.77% 2nd pillar customer 3.40% assets in 100% equity funds 80.0 %
Slide 13: Voluntary savings – strong growth driven by new customers joining
PENSION BUSINESS 13 Voluntary savings – Q1 202 6 Q1 202 5 YoY Change QoQ Change strong growth driven by 3rd Pillar Customers, t 24.7 17.5 + 7.2 (+ 42 %) +2.3 (+10%) new customers joining 3rd Pillar Assets under 63.0 38.7 +2 4.3 (+ 63 %) +3.8 (+6%) management, EURm Helping people to save more: Strong
Slide 14: Financial Performance Highlights
PENSION BUSINESS 14 Financial Performance Highlights Normalised Pension Business net profit growth +23.8% YoY Financial results, EURt Q1 2026 Q4 2025 %Δ QoQ Q1 2026 Q1 2025 %Δ YoY Revenue +9% YoY, -3% QoQ - net profit growing 3x Total revenue 1,341 1,389* -3.4% 1,341 1,234 8.7% faster than top line
Slide 15: Bank
INDEXO Bank
Slide 16: Bank Q1 2026 Snapshot
INDEXO BANK 16 Q1 2026 Snapshot Accelerating growth: strong expansion across core banking metrics TOTAL REVENUE, EUR QUARTERLY OPERATING LOSS, EUR LOAN PORTFOLIO**, EUR CUSTOMER DEPOSITS, EUR 1,045t -1,554t 76.7m 90.5m ▲ ▲ ▲ +1 ,633 % YoY ▲ +30% QoQ –26% YoY –13% QoQ ▲ +1 ,028% YoY ▲ +38% QoQ ▲ + 97
Slide 17: Loan portfolio is growing rapidly
INDEXO BANK 17 Loan portfolio is growing rapidly Continued loan portfolio expansion was driven by continuous product improvements and launch of new distribution channels Q1 2026 ISSUANCE , EUR CONSUMER LOAN SHARE KEY HIGHLIGHTS Q1 2026 loan issuance of EUR 25.5m — record quarterly issuance volume to
Slide 18: Customer funding supports lending growth
INDEXO BANK 18 Customer funding supports lending growth Competitive deposit rates combined with a growing and increasingly active customer base drive deposit volume growth # OF BANK CUSTOMERS , NET DEPOSIT GROWTH, EUR TERM DEPOSITS , EUR t 16.9m 33.5m ▲ +97% YoY ▲ +23% QoQ ▲ +138% YoY ▲ +25% QoQ FUN
Slide 19: Highest Net Interest Income in Bank history due to strong lending growth
INDEXO BANK 19 Highest Net Interest Income in Bank history due to strong growth in lending TOTAL REVENUE , EUR N ET INTEREST INCOME (NII) , EUR N ET COMMISSION INCOME (NCI) , EUR OTHER INCOME , EUR 1,04 5t 1,000t 22.3t 22.6t ▲ +1 ,633% YoY ▲ +30% QoQ ▲ +1,567% YoY ▲ +47% QoQ ▲ +140% YoY ▼ –60% QoQ ▼
Slide 20: Bank kept expenses under control while revenue growth continues
INDEXO BANK 20 Bank kept expenses under control while revenue growth continues BANK’S EXPENSES, Staff costs IT costs* Other costs Total expenses of EUR 2.60m are essentially flat vs Q4 2025, EURm while total revenue grew 30% QoQ as operating leverage 2.5 2.6 2.6 2.6 starting to come through . 2.2 0.
Slide 21: Financial Performance Highlights
INDEXO BANK 21 Financial Performance Highlights Revenue keeps ramping up, while costs remain mostly flat over the quarter Financial results , EURm Q1 2026 Q4 2025 %Δ QoQ Q1 2026 Q1 2025 %Δ YoY EUR 25.5m new loans issued in Q1 2026 - Net interest income 1.00 0. 68 +4 7% 1.00 0.0 6 +1 ,5 67% 1 stronge
Slide 22: Asset quality
INDEXO BANK 22 Asset quality LOAN PORTFOLIO BY IFRS 9 STAGE — Q1 2026 Stage 1 — Performing 96.10% 96.10% Stage 2 — Underperforming 2.40% Stage 3 — Non -performing 1.50% KEY HIGHLIGHTS STAGE 2 AND STAGE 3 DYNAMICS, TOTAL PORTFOLIO COVERAGE ,% Disciplined underwriting continued to support high asset q
Slide 23: Bank on track to monthly break-even by December 2026
INDEXO BANK 23 Bank on track to monthly break - even by December 2026 MONTHLY TOTAL REVENUE AND AVERAGE MONTLY EXPENSES , Break even reached EURm 1.00 5% of expenses 26% of expenses 46% of expenses covered covered covered 0.42 0.28 0.24 0.05 0.07 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Dec-26 Total month
Slide 24: Strong capital position
INDEXO BANK 24 Strong capital position INDEXO BANK CAPITAL ADEQUACY , % Tier 1 CAD During the first quarter the parent company IPAS INDEXO 28.8% 28.8% increased the Bank's capital by EUR 2.95m 27.4% 27.4% All capital ratios exceed both regulatory minimums and internal risk tolerance thresholds 21.3%
Slide 25: Disciplined liquidity management
INDEXO BANK 25 Disciplined liquidity management LIQUIDITY COVERAGE RATIO (LCR) AND LCR NSFR LOAN TO DEPOSIT RATIO , NET STABLE FUNDING RATIO (NSFR) , % 84.8% % 75.3% 1069% 64.3% 821% 497% 530% 386% 402% 25.6% 321% 14.8% 194% 182% 151% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q
Slide 26: Product development roadmap
INDEXO BANK 26 Product development roadmap FINAL STAGES IN DEVELOPMENT DISCOVERY PHASE Family accounts Custody services Legal entities servicing Dedicated accounts for kids and teens to build early Safekeeping and administration of financial assets for saving habits. Scoping requirements for small a
Slide 27: DelfinGroup
CUSLOMM III solutions: DelfinGroup SN
Slide 28: DelfinGroup Q1 2026 Snapshot
DELFINGROUP 28 Q1 2026 Snapshot NET PROFIT*, EUR TOTAL REVENUE*, EUR LOAN PORTFOLIO, EUR LOAN ISSUANCE , EUR 14.5m 2.8m 147.7m 32.7m +2.3% QoQ -2.7% QoQ LOAN PORTFOLIO (net), KEY HIGHLIGHTS EURm Stable revenue on portfolio growth 147.7 144.4 Net profit +58% YoY driven by cost optimisation efforts To
Slide 29: Diversifying and optimising funding costs
DELFINGROUP 29 Diversifying and optimising funding costs AVERAGE INTEREST RATE OF INTEREST -BEARING FUNDING MIX, LIABILITIES , EURm % Bonds Banks P2P Mintos platform 11.10% 10.60% 10.50% 10.10% 9.90% 125.3 124.1 30.1 27.8 23.5 32.5 71.7 63.8 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Slide 30: Financial Performance Highlights
DELFINGROUP 30 Financial Performance Highlights Mature operations driving predictable, sustained growth Financial results , EURm Q1 2026 Net interest income reached EUR 13.7m 1 representing 95% of total revenue Net interest income 13.73 2 Total revenue in the first quarter of 2026 stood at Net commi
Slide 31: Events after reporting period
Events after reporting period
Slide 32: Events after reporting period
POST PERIOD ACTIVITIES 32 Events after reporting period April 7, 2026 Increased ownership in DelfinGroup Acquired additional 250,000 DelfinG roup shares (+0.55%); INDEXO holding rises to 72.07% at EUR 1.40 per share April 17 -24, 2026 INDEXO Bank Successful bond issue Issued EUR 5m through its publi
Slide 33: INDEXO – for a better financial environment in Latvia
INDEXO – for a better financial environment in Latvia slido.com #indexo eng
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