Ipas Indexo · OMXRSE:IDX1R
Ipas Indexo — Indexo — Debt Investor Presentation (April 2026)
24 slides from Ipas Indexo's debt investor presentation, Apr 21, 2026
Slide 1: Webinar "INDEXO Bank subordinated bond issue"
IND=xXO- Webinar "INDEXO Bank subordinated bond issue" i Ivita Asare Henrik Karmo AS INDEXO Banka IPAS INDEXO Chairman of Chief Financial Officer the Management Board April 21, 2026
Slide 2: We invite you to submit your questions here
We invite you to submit your questions here slido.com #indexo 2
Slide 3: Disclaimer regarding this Presentation
Disclaimer regarding this Presentation This Presentation is for informational purposes only and shall not be construed as an offer or solicitation for the subscription or purchase or sale of any securities, or as an invitation, inducement or intermediation for the sale, subscription or purchase of s
Slide 4: Disclaimer regarding Bond offering
Disclaimer regarding Bond offering The information regarding INDEXO Bank bond offering is an advertisement and does not constitute an offer to sell or a solicitation of an offer to buy securities, nor does it constitute investment advice or a recommendation . All investors should make their investme
Slide 5: We invite you to submit your questions here
We invite you to submit your questions here slido.com #indexo 5
Slide 6: INDEXO Group Consolidated view
INDEXO Group Consolidated view
Slide 7: INDEXO Group structure
INDEXO Group INDEXO executed two strategic acquisitions – acquired 100% of IPAS structure VAIRO and 72.07% of AS DelfinGroup 72.07% 27.93% Issuer of Subordinated Bonds 99.99% Note : Dashed lines represent companies within the group thatare not consolidated in the financial statements 7 Note: Dashed
Slide 8: New INDEXO Group at a glance
New INDEXO Group at a glance BANK PENSIONS DelfinGroup High potential, on path to Profitable and growing . Proven track record and break -even. Shift to voluntary savings growth trajectory . market. 57 000+ 90 .5 M 76 .7 M 159 000 + 1.5 B 330 000 + 144.4 M clients deposits loan portfolio client acco
Slide 9: Group integration in progress, synergies set to accelerate Group profitability
Group integration in progress, synergies set to accelerate Group profitability Forecasted consolidated New INDEXO Group loan portfolio, MEUR 771 New INDEXO Group projected to reach over 30MEUR profit by 2028 532 346 • Reaching self-sustainable growth in 2026 – profitable 224 Group from first day • F
Slide 10: What drives the NEW INDEXO Group's profitability?
What drives the NEW INDEXO Group’s profitability?
Slide 11: DG and Pensions growth targets
DG and Pensions growth targets Pensions Revenue DelfinGroup Financials Revenue, MEUR Revenue growth Loan portfolio, MEUR Revenue growth Profit margin 42% 42% 42% 41% 37% FORECAST FORECAST 25% 24% 22% 18% 19% 21% 15% 15% 12% 17% 16% 10% 15% 13% 12% 12% 2.3 3.1 4.4 5.1 5.7 6.7 7.7 67 89 113 144 171 19
Slide 12: INDEXO Bank
IND=XO INDEXO Bank
Slide 13: Bank scaling at an exceptional pace
Bank scaling at an exceptional pace. Strong year-on-year expansion across core banking metrics. Totalincome, tht EUR Loan portfolio, MEUR 1,812 76.7 55.5 42 1.1 2024 2025 2024 2025 Q1 2026 Deposits, MEUR Clients, tht EUR 90.5 57.1 73.7 49.7 33.0 21.1 2024 2025 Q1 2026 2024 2025 Q1 2026 13
Slide 14: INDEXO already leaving a footprint in the lending market
INDEXO already New lending volumes, MEUR leaving a footprint in the lending market • Since launch, already 60 -70% of customers, refinancing their mortgages to a different 25.4 25.5 23.2 bank, have selected INDEXO • Consumer lending enhancements and new sales channels are showing results, INDEXO 6.2
Slide 15: Rapid loan growth supported by a healthy portfolio quality
Rapid loan growth Indicator 31/12/2025 supported by a healthy Cost of risk*, % 2.2 portfolio quality Non -performing loans (NPL), % 1.0 Overdue loans** , % 2.1 Mortgage average Loan-to-value (LTV), % 55.0 - Portfolio is still relatively young with consumer loan share at 58% Portfolio structure - Goo
Slide 16: Financial Performance and Regulatory Capital Metrics
Financial Performance and Regulatory Capital Metrics Selected indicators as at end of year Capital Adequacy Metric 2025 2024 Indicator, MEUR 2025, EUR 2024, EUR %Δ YoY CET1 capital, MEUR 7.45 7.24 Net profit/loss -9.25 -6.16 50% Additional Tier 1 (AT1) capital, MEUR - - Total revenue 1.81 0.04 4,235
Slide 17: Bank on track to deliver growth projections
Totalforecasted loan portfolio, MEUR Bank on track to deliver FORECAST 562 growth projections 338 333 Lending – main revenue growth driver for Bank 174 184 • Strong loan portfolio growth during H2 2025 which 56 84 90 154 229 continued also in Q1 2026 drives NII and total income 2025 2026 2027 2028 •
Slide 18: INDEXO Capital Raising plans
INDEXO Capital Raising plans
Slide 19: Growth increasingly funded internally, with limited additional external capital needs
Growth increasingly funded internally, with limited additional external capital needs Bank’s share capital, MEUR DelfinGroup Dividends to INDEXO Group, MEUR * External capital from IPAS INDEXO share issues + Pension Net profit & DelfinGroup dividends Already raised dilutive capital 27.33 31.66 6.98
Slide 20: INDEXO Bank capital need for 2026 driven by growth in loan portfolio
INDEXO Bank capital need – Internally generated capital covers ~30% of total capital need for 2026 for 2026 driven by growth – IPAS INDEXO SPO planned in Q3 2026 in loan portfolio Bank’s capital management indicative time plan, MEUR Banks loan portfolio, MEUR FORECAST 4.00 174 143 3.00 3.01 113 1.90
Slide 21: Issue Terms
Issue Terms 10.0% p.a. 1 000 EUR 10 Years Semi -annually 10 000 000 EUR 3 000 000 EUR Issuer AS INDEXO Banka Security Type Tier 2 Subordinated Bonds ISIN LV0000111078 Placement Public offer Call Option @100 after 5 years from Issue Date Listing Baltic Bond list of Nasdaq Riga Use of Proceeds To stre
Slide 22: Timeline for INDEXO Bank subordinated bond issue
Timeline for INDEXO Bank subordinated bond issue April 17 Start of the Subscription Period April 24 End of the Subscription Period April 27 Announcement of the results April 29 Settlement Date / Issue Date around May 8 Listing of Bonds on Nasdaq Riga Stock Exchange 22
Slide 23: Risk Factors Section 3 in Base Prospectus
Risk Factors Section 3 in Base Prospectus This slide summarizes selected risk factors for information purposes only. Investors should review the full Risk Factors section in the Prospectus before making an investment decision. Risks Related to Business & Operations Credit & Loan Portfolio Risks • Ea
Slide 24: INDEXO – for a better financial environment in Latvia
INDEXO – for a better financial environment in Latvia slido.com #indexo 24