Slide 1: INDEXO Group Q2 2026 results
INDEXO Group Q2 2026 results PRESENTED 12 Augu st 2026
Slide 2: INDEXO – for a better financial environment in Latvia
INDEXO – for a better financial environment in Latvia slido.com #indexo eng
Slide 3: INDEXO is a catalyst for positive change
INDEXO GROUP 3 INDEXO is a catalyst for Paid out EUR 1.15min interest on deposits positive Refinanced > 180 mortgages Annualised Saving > EUR 90 tht change Our contribution in H1 2026: Lowered management fee for all pension products Market leader in deposit rates
Slide 4: New Supervisory Boards for INDEXO's pension management company and INDEXO Bank
INDEXO GROUP 4 New Supervisory Boards for INDEXO's pension management company and INDEXO Bank IPAS Indexo INDEXO Banka AS MEMBERS OF THE SUPERVISORY BOARD MEMBERS OF THE SUPERVISORY BOARD Mārtiņš Jaunarājs Mārtiņš Jaunarājs Svens Dinsdorfs Henrik Karmo Druvis Mūrmanis Zlata Elksniņa-Zaščirinska Madi
Slide 5: Group overview: Q2 2026 at a glance
INDEXO GROUP 5 Group overview Q2 2026 at a glance NET PROFIT ATTRIBUTED TO INDEXO, EUR TOTAL REVENUE , EUR LOAN PORTFOLIO (net) , EUR NET PROFIT GROUP , EUR 0.14m 16.9 m 262.1m 0.90m ▲ 0% QoQ ▲ + 2 % QoQ ▲ +10% QoQ ▲ 0% QoQ KEY HIGHLIGHTS GROUP NET PROFIT , EURm ownership Q 2 Q 2 2026 ownership Q 1
Slide 6: Deposits have increased by 44% and have funded most of the growth
INDEXO GROUP 6 Deposits have increased by 44% and have funded most of the growth Balance sheet grew 17% in the quarter to EUR 3 44 .3m, led by the loan book closing at EUR 262.1m (+10%) Loans account for 76. 1% of assets against 8 0.9 % in Q1, after cash and central bank balances rose 62% to EUR 46.
Slide 7: Capital ratios stable, liquidity remains strong
INDEXO GROUP 7 Capital ratios stable, liquidity remains strong LIQUIDITY RATIOS CAPITAL RATIOS LIQUIDITY COVERAGE RATIO (LCR) Dec-25 (restated figures) Mar-26 (restated figures) Jun-26 Dec -25 Mar-26 Jun-26 22.0% 22.0% 388% 554% 478 % ▼ -76 pp 21.1% 20.8% Regulatory min: 100% 20.1% 18.7% NET STABLE
Slide 8: INDEXO Group is profitable while investing in the growth of the bank
INDEXO GROUP 8 INDEXO Group Financial results, EURm Q2 2026 Q1 2026 %Δ QoQ H1 2026 is profitable while Net interest income 15.05 14.70 2.4% 29.75 investing in the Net commission income 1.30 1.15 13.4% 2.44 growth of the bank Other operating income Total revenue 0.50 16.85 0.70 16.55 -29.2% 1.8% 1.20
Slide 9: Pension business
Pension business
Slide 10: Pension business Q2 2026 Snapshot
PENSION BUSINESS 10 Q2 2026 Snapshot Record AUM and accelerating 3rd pension pillar growth TOTAL REVENUE, EUR NORMALISED NET PROFIT*, EUR NET PROFIT, EUR CUSTOMER ACCOUNTS 1.42m 0.55m 0.48m 161.3tht ▲ +16% YoY ▲ +6% QoQ ▲ +24% YoY ▼ -4% QoQ ▲ +35% YoY ▼ -1% QoQ ▲ +11% YoY ▲ +1% QoQ KEY HIGHLIGHT S A
Slide 11: Pension business asset growth drivers Q2 2025 – Q2 2026
PENSION BUSINESS 11 Pension business asset growth is driven by inflows from new clients, monthly contributions, market returns and INDEXO Asset Management IPAS acquisition Pension business total AUM growth drivers Q2 2025 – Q2 2026* EURm, based on management estimates 89 -260 286 1 711 125 124 1 347
Slide 12: Rising pension churn — deepening product relationships to reverse it
PENSION BUSINESS 12 THE CHALLENGE OUR FOCUS : Rising pension churn — deepening product ENGAGEMENT THROUGH DEEPER PRODUCT RELATIONSHIPS relationships to reverse it Out of all 2nd pillar customers (134tht), currently 26% already 26% also use another INDEXO product. INDEXO Asset Management IPAS portfol
Slide 13: INDEXO Jauda outperforming competitors and CPI in the long run
PENSION BUSINESS 13 INDEXO Jauda outperforming competitors and Consumer price index (CPI) in the long -run 71.93% 62.38% 58.97% 55.16% Annualised return since inception (INDEXO Jauda 16-55) 10.8 % 40.09% 25.21% 23.94% Proportion of INDEXO 2nd pillar customer 8.83% assets in 100% equity funds 82.5 %
Slide 14: Voluntary savings – strong growth continues driven by new customers
PENSION BUSINESS 14 Voluntary savings – Q2 2026 Q2 2025 %Δ YoY %Δ QoQ H1 2026 strong growth continues 3rd Pillar Customers, tht 27.3 18.6 +8.7 (+46%) +2.5 (+10%) 27.3 driven by new customers 3rd Pillar Assets joining under management, EURm 78.6 43.4 +35.2 (+81%) +15.6 (+25%) 78.6 3rd Pillar Total 6.
Slide 15: Financial Performance Highlights
PENSION BUSINESS 15 Financial Performance Highlights Normalised Pension Business net profit growth +24% YoY in H1 2026 Financial results, EURtht Q2 2026 Q1 2026 %Δ QoQ H1 2026 H1 2025 %Δ YoY Revenue grew 12% YoY to EUR 2.8m in H1, with momentum continuing into Q2 (+6% QoQ) Total revenue* 1,418 1,341
Slide 16: INDEXO Bank
INDEXO Bank
Slide 17: Bank Q2 2026 Snapshot
INDEXO BANK 17 Q2 2026 Snapshot Record quarter for lending and deposits, with revenue up 47% QoQ TOTAL REVENUE, EUR OPERATING PROFIT/( LOSS), EUR LOAN PORTFOLIO**, EUR TOTAL DEPOSITS, EUR 1.53 m -1.38m 104.2 m 130 .0m ▼ +40 % YoY ▲ + 742 % YoY ▲ +36% QoQ ▲ + 169 % YoY ▼ ▲ + 629 % YoY ▲ + 47 % QoQ +1
Slide 18: Record issuance lifts loan portfolio to EUR 104m
INDEXO BANK 18 Record issuance lifts loan portfolio to EUR 104m Growth driven by consumer lending and the rapid scale -up of the Home Equity product Q2 2026 ISSUANCE , EUR SHARE OF CONSUMER LOANS IN TOTAL KEY HIGHLIGHTS PORTFOLIO Record Q2 issuance of EUR 33.5m — up more than 4x YoY, with every quar
Slide 19: Deposits reached EUR 130m on strong term deposit inflows
INDEXO BANK 19 Deposits reached EUR 130m on strong term deposit inflows Term deposit inflows (+71% QoQ) drove funding growth, lifting funding cost to 2.65% NET DEPOSIT GROWTH, EUR TERM DEPOSITS , EUR FUNDING VOLUMES AND COST, EURm Total funding, EURm Funding cost, % 39.5m 57.2m ▲ + 1494 % YoY ▲ + 13
Slide 20: Revenue growth keeps accelerating: +47% QoQ in Q2
INDEXO BANK 20 Revenue growth keeps accelerating: +47% QoQ in Q2 Q2 TOTAL REVENUE , EUR H1 TOTAL REVENUE , EUR Q2 NET INTEREST INCOME (NII), EUR Q2 NET COMMISSION INCOME (NCI), EUR 1.53m 2.57m 1.39 m 0.11m ▲ +629 % YoY ▲ + 47% QoQ ▲ +852% YoY ▲ + 56 2% YoY ▲ +39% QoQ n/m YoY ▲ +4 50 % QoQ TOTAL REVE
Slide 21: Costs stay under control while revenue accelerates
INDEXO BANK 21 Costs stay under control while revenue accelerates BANK’S EXPENSES, Total expenses of EUR 2.91m grew 12% QoQ against 47% revenue EURm Staff costs IT spent* Other costs growth. First -half expenses rose 17% YoY while revenue grew more than nine times 2.9 2.6 2.6 2.6 Staff costs rose to
Slide 22: Revenue growth points to operational monthly break-even by end of 2026
INDEXO BANK 22 Revenue growth points to operational * monthly break - even by end of 2026 Operational break- MONTHLY TOTAL REVENUE AND AVERAGE MONTLY EXPENSES , even forecasted EURm 1.00 8% of expenses 43% of expenses 56 % of expenses covered covered covered 0.54 0.42 0.28 0.24 0.07 Jun-25 Sep-25 De
Slide 23: Financial Performance Highlights
INDEXO BANK 23 Financial Performance Highlights Revenue growth ( 47% QoQ ) far outpacing cost increase (12% QoQ ) Financial results , EURm Q2 2026 Q1 2026 %Δ QoQ H1 2026 H1 2025 %Δ YoY Revenue grew 47% QoQ to EUR 1.53m while costs grew Net interest income 1.39 1.00 39% 2.39 0.27 785% 12%, taking the
Slide 24: Disciplined underwriting continued to support high asset quality
INDEXO BANK 24 Disciplined underwriting continued to support high asset quality LOAN PORTFOLIO BY IFRS 9 STAGE — Q2 2026 Stage 1 — Performing 96.0% 96.0% Stage 2 — SICR 2. 3% Stage 3 — Credit -impaired 1.7% KEY HIGHLIGHTS STAGE 2 AND STAGE 3 DYNAMICS, TOTAL PORTFOLIO COVERAGE, % In Q3 2025 we recali
Slide 25: Total capital ratio stable at ~20%, CET1 reflects rapid RWA growth
INDEXO BANK 25 Total capital ratio stable at ~20%, CET1 reflects rapid RWA growth CAPITAL RATIOS and RWA 94% of the CET1 decline is lending growth RWA, EURm CET1 ratio Total capital ratio Growth consumed the ratio. Capital was broadly flat. 80 30% 20.0% 27.4% 17.1% -6.7pp 70 17.5% 27.4% 25% 60 20.6%
Slide 26: Liquidity remains strong with LCR and NSFR both well above requirements
INDEXO BANK 26 Liquidity remains strong with LCR and NSFR both well above requirements LIQUIDITY COVERAGE RATIO (LCR) AND NET STABLE LOAN TO DEPOSIT RATIO , LCR NSFR % FUNDING RATIO (NSFR) , % 82.5% 78.6% 74.3% 821% 65.3% 530% 497% 402% 321% 26.5% 244% 194% 182% 151% 157% Q2 2025 Q3 2025 Q4 2025 Q1
Slide 27: During the first half of the year we invested in IT, delivering new products
INDEXO BANK 27 During the first half of the year we invested in IT, delivering new products across lending, deposits and daily banking In June a new Product Development unit was established to deliver the ambitious product roadmap for H2 2026 DELIVERED DURING Q1 AND Q2 : Everyday banking offer expan
Slide 28: DelfinGroup
CUSLOMM III solutions: DelfinGroup SN
Slide 29: DelfinGroup Q2 2026 Snapshot
DELFINGROUP 29 Q2 2026 Snapshot NET PROFIT, EUR TOTAL REVENUE, EUR LOAN PORTFOLIO, EUR ECL PROVISIONS , EUR 14.19m 2.89 m 152.7m 5.17 m ▼ -2 % QoQ ▲ + 3 % QoQ ▲ + 3 % QoQ ▼ -13% QoQ KEY HIGHLIGHTS LOAN PORTFOLIO (net), EURm H1 revenue reached EUR 28.7m. Slight QoQ ( -2.2%) revenue drop 152.7 147.7 a
Slide 30: Diversifying and optimising funding costs
DELFINGROUP 30 Diversifying and optimising funding costs New bond issuance of 35m EUR via private placement, coupon rate 9.5%, maturity 3 years. Cooperation with Bankers Group to raise financing in Japan with available funding amount up to EUR 5 million. AVERAGE INTEREST RATE OF INTEREST -BEARING FU
Slide 31: Banknote branches now sell INDEXO products
DELFINGROUP 31 CROSS -SELL Banknote branches now sell INDEXO CUSTOMER ACCOUNTS OPENED VIA DELFINGROUP products BANK 3RD PILLAR 2ND PILLAR DelfinGroup's Banknote branches and sales teams are starting to introduce their customers to INDEXO - opening bank 4 810 764 42 accounts, moving 2nd pillar pensio
Slide 32: Financial Performance Highlights
DELFINGROUP 32 Financial Performance Highlights Mature operations driving predictable, sustained growth Financial results , EURm Q2 2026 Q1 2026 %Δ QoQ H1 2026 Net interest income held at EUR 13.7m despite the loan portfolio growing 3.4% during the quarter to EUR 152.7m. The average Net interest inc
Slide 33: Events after reporting period
Events after reporting period
Slide 34: Events after reporting period
POST PERIOD ACTIVITIES 34 Events after reporting period July New homepage 21 July launch Stockholm listing New homepage: 30 June indexo.lv/en/future - decision taken July 2026 Q2 reporting salary/ launched to Resolved to apply for an engage with customers additional listing on July business period e
Slide 35: DelfinGroup: the accounting changes, the business does not
INDEXO GROUP 35 DelfinGroup : the accounting changes, the business does not Completing the accounting for the acquisition of AS DelfinGroup restates the Group's 2025 comparative figures. Nothing in the acquired business, its performance or its cash flows changes as a result. What changes, in the acc
Slide 36: Completing the DelfinGroup acquisition accounting during September 2026
INDEXO GROUP 36 Completing the DelfinGroup acquisition accounting during September 2026 The tables below show the effect of recognising the loss allowance required by IFRS 9 in restated comparatives for 2025 . Consolidated profit or loss for 2025 , EUR million As reported Restated Capital adequacy a
Slide 37: Key takeaways: the Group results reflect the strategy we set when we launched the Bank
INDEXO GROUP 37 Key takeaways: the Group results reflect the strategy we set when we launched the Bank Profitable businesses fund the Bank’s growth, capital and credit quality stay strong, and the H2 catalysts are already in motion. How we performed Why the growth is sustainable Group profitable: EU
Slide 38: INDEXO – for a better financial environment in Latvia
INDEXO – for a better financial environment in Latvia slido.com #indexo eng
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Slide 40: Glossary
40 GLOSSARY Key abbreviations used throughout this presentation 2nd pillar State-mandated funded pension scheme in Latvia LCR Liquidity coverage ratio 3rd pillar Voluntary private pension savings LGD Loss given default AS Joint-stock company m Million AUM Assets under management n/m Not meaningful B