Slide 1: Building together a great bank for strong Latvia
Building together a great bank for strong Latvia Webinar “INDEXO 2025 H1 results and future plans“ 7.08.2025.
Slide 2: Important information
This presentation is considered advertising for IPAS "Indexo" new share issue. This presentation is intended for informational purposes only and should not be regarded as Important an offer, request, or investment advice to subscribe to INDEXO shares. information The approved prospectus has been pub
Slide 3: Webinar "INDEXO 2025 H1 results and future plans"
Webinar "INDEXO 2025 H1 results and future plans" Valdis Siksnis Ivita Asare Henrik Karmo AS INDEXO Banka AS INDEXO Banka IPAS INDEXO Chairman of the Board Board Member Chairman of the Board
Slide 4: Today's agenda
Today’s agenda: 1 2 3 INDEXO Planned Plan for the Results for acquisitions capital the H1 2025 increase
Slide 5: INDEXO Results for the H1 2025
1 INDEXO Results for the H1 2025
Slide 6: INDEXO pension business
IND=XO- INDEXO pension business
Slide 7: The pension business is growing and profitable
The pension business is growing and profitable 1 339 1 150 1 347 917 279 468 585 Total assets under management Million EUR 2020 2021 2022 2023 2024 2024 H1 2025 H1 Pension business commission 4 445 1 602 2 278 3 123 2 015 2 433 income 973 Thousand EUR 2020 2021 2022 2023 2024 2024 H1 2025 H1 814,0 7
Slide 8: Pension business asset growth is driven by both contributions and new clients
Pension business asset growth is driven by Pension business total AUM growth drivers Q2 2024 – Q2 2025 both contributions Million EUR, based on management estimates and new clients 194 49 1 347 131 1 150 ( 178) The churn rate of clients in the year-on-year comparison reached Q2 2024 Monthly Inflows
Slide 9: INDEXO has the largest 2nd pension accounts
INDEXO has the largest 2nd pension accounts Assets under management in the 2nd pension pillar for an average client, EUR, June 2025 10 312 7 464 7 209 6 307 6 451 6 409 4 788 INDEXO Competitor 1 Competitor 2 Competitor 3 Competitor 4 Competitor 5 Competitor 6 Source: internal data, manapensija.lv 10
Slide 10: The index-based approach introduced by INDEXO is now the standard
The index-based approach introduced by INDEXO is now the standard for the most successful pension plans The chart shows the cumulative returns of the INDEXO Jauda 16–55 investment plan as of 30.06.2025, compared to the average returns of 100% equity plans in the Latvian 2nd pillar pension market (ex
Slide 11: INDEXO pension business generates profits to support bank development
INDEXO pension INDEXO Pension business results, EUR Jan-Jun 2025 Jan-Jun 2024 Unaudited, Unaudited, business generates Commission & interest income EUR 2 433 329 EUR 2 015 460 profits to support Interest income/(expense) 19 580 (210 548)* bank development Administrative and other expenses for pensio
Slide 12: INDEXO Bank
IND=EXO INDEXO Bank
Slide 13: INDEXO Bank has almost 40 000 customers
INDEXO Bank has almost 40 000 customers Customers, Deposits, Loans, thousand million EUR million EUR 39.9 18.75 48.31 49.87 37.3 45.83 12.38 31.6 33.02 6.78 21.1 1.06 December March June July December March June July December March June July 14
Slide 14: We have delivered the promised product additions
We have delivered the promised Introduced Apple Pay / Google Pay product additions Introduced mortgage refinancing Improved consumer loan offer Custody – regulatory approval received 15
Slide 15: Consumer loan portfolio has reached ~15M EUR
Consumer loan portfolio has +3.3M - Maximum available term EUR in up to 7 years; reached ~15M EUR July - Active selling Consumer loan portfolio, million EUR - We are improving credit +5M EUR assessment criteria; - Opportunity for existing 14.8 Q4 2025 clients to receive an 11.9 additional loan on to
Slide 16: Latvian families can save at least EUR 400 thousand per year in mortgage interest
We have provided Latvian families with the opportunity to save at least - Overall, it is a time consuming process during which the client needs a reliable partner EUR 400* thousand per year in - A home equity product is coming soon interest payments on mortgage loans Mortgage loan portfolio, million
Slide 17: Lending - revenue growth driver
Lending - revenue growth driver 20 18 Loan portfolio (MEUR) and net interest margin (%) Loan portfolio Net interest margin 2,55% 3 ,0 % 2 ,5 0 % 16 14 2.06% 2 ,0 % 12 1.76% 10 1 ,5 0 % 1.18% 18.75 8 1.04% 1 ,0 % 6 12.38 10.35 0.56% 9.05 4 0.02% 6.78 0 ,5 0 % 2 4.17 2.26 0 0 ,0 % Jan-25 Feb-25 Mar-25
Slide 18: Acknowledging short-term challenges while adhering to the long-term development vision
Acknowledging short-term Jan – Jun 2025 INDEXO Bank Profit and Loss Statement, EUR Unaudited, EUR* challenges while adhering Interest income to the long-term Interest expense 881 880 (611 166) development vision Commission and fee income 151 293 Commission and fee expense (254 841) Other operating i
Slide 19: Navigating the transformation: from investment to impact
Jun 2025 INDEXO Bank Balance sheet, EUR unaudited, EUR* Navigating the ASSETS transformation: Cash and cash equivalents Securities 27 266 661 10 342 354 from investment Financial assets measured at amortized cost (loans) Prepayments 11 985 916 821 839 to impact Property, plant and equipment and righ
Slide 20: Planned acquisitions
Q@) Planned acquisitions IND=XO"
Slide 21: Acquisition of VAIRO
Acquisition of VAIRO Before acquisition: Acquisition: After acquisition: Payment in cash & INDEXO shares VAIRO INDEXO Shareholder authorization for the share shareholders shareholders issuance VAIRO 100% VAIRO shares shareholders INDEXO issues shares, which VAIRO shareholders receive in addition to
Slide 22: Acquisition of DelfinGroup
Acquisition of DelfinGroup Before acquisition: Acquisition: After acquisition: Payment with INDEXO shares INDEXO DelfinGroup shareholders shareholders Shareholder authorization for the share DelfinGroup issuance shareholders 50+% DelfinGroup shares INDEXO is issuing shares that will be used in a swa
Slide 23: Favorable deal for INDEXO shareholders
Favorable deal for INDEXO shareholders INDEXO is acquiring profitable company at a good value Dividends forbankdevelopment ~ EUR 10 million* individends over3 years, enablingtheissuanceof EUR 100 -200 millioninadditionalnewloans INDEXO group will become profitable much faster Potential synergies wit
Slide 24: Three attractive options to the DelfinGroup shareholders
Three attractive options to the DelfinGroup shareholders An opportunity to exchange DelfinGroup Option 1 shares for INDEXO shares and participate in INDEXO's future growth Remain a DelfinGroup shareholder as Option 2 before and continue receiving dividends Apply for the cash offer (the offer is Opti
Slide 25: Preliminary timeline for the DelfinGroup acquisition
Preliminary timeline for the DelfinGroup acquisition End of August Expecting approval from Bank of Latvia and the Competition Council 02.09. Shareholder meeting Beginning of September Start of the buyout offer period Beginning of October End of the buyout offer period Mid October Settlement of the b
Slide 26: Plan for the capital increase
3 Plan for the capital increase
Slide 27: IPAS INDEXO attracts additional capital for the bank's development
IPAS INDEXO attracts additional capital for the bank's development to continue loan growth and ensure compliance with regulatory requirements Paid-up share Attracted in 1H 1H 2025 Capital and reserves at Retained losses the end of June 2025 capital - 8.84M + 2025 - losses 17.31M 3.81M 5.05M 7.23M -
Slide 28: After the DelfinGroup acquisition
After the DelfinGroup acquisition - Dividends for bank development ~ EUR 10 million* in dividends over 3 years, enabling the issuance of EUR 100 to 200 million in additional new loans - INDEXO group will become profitable much faster -Reducedrelianceonexternalcapitalraising - Potential synergies Del
Slide 29: The focus remains on the Bank's profitability and overcoming short-term challenges
The focus remains on the Bank's profitability and overcoming short-term challenges In the first half of the year, revenue growth was slower than we had projected Lower than expected customer activity IT investments*, million EUR Product development required more time and resources 1.48 We are making
Slide 30: We expect the bank's total revenues to reach EUR ~0.5-0.6 million by March/April 2026
We expect the bank’s total revenues to reach EUR ~0.5-0.6 million by The breakeven point* has been shifted by one quarter to Q1 2026, but the March/April 2026, with the bank long-term goals remain unchanged starting to become a significant market player even without DelfinGroup The expected net prof
Slide 31: The public offering of INDEXO's new shares
The public offering of INDEXO's new shares: 8th – 15th Up to Minimum August 345 000 shares investment of are being offered 1 share at a price of 10.15 EUR/share 32
Slide 32: Why is the price of one share set at EUR 10.15?
Why is the price of one share set at EUR 10.15? Management understanding based on consultations with potential investors The share price used in structuring the DelfinGroup transaction All of the unsubscribed mandates from the public offering will be signed by AS ALPPES Capital, ensuring that all th
Slide 33: What does it mean to become an INDEXO shareholder?
What does it mean to become an INDEXO shareholder? You will own a part of INDEXO You will be able to profit if the share price of INDEXO increases (and when dividends will be paid out in the future) You will have the opportunity to influence INDEXO’s development with voting rights You will have impr
Slide 34: Bonus for shareholders
Bonus for shareholders Shareholders with 200+ INDEXO shares will receive a free property valuation for mortgage refinancing or a new loan, if an INDEXO mortgage agreement is signed by the end of 2025 35
Slide 35: Don't miss the opportunity to secure your share of INDEXO!
Don’t miss the opportunity to secure your share of INDEXO! The rules for share allocation give priority to the existing INDEXO shareholders
Slide 36: Signing up for new shares is truly simple
Signing up for new shares is truly simple www.indexo.lv/instruction