Ipas Indexo · OMXRSE:IDX1R
Ipas Indexo — Investor Presentation (April 2025)
63 slides from Ipas Indexo's investor presentation, Apr 16, 2025
Slide 1: Yes, local can. And we're the proof.
Yes, local can. And we’re the proof. Webinar "Why and how to become an INDEXO co-owner?" 16.04.2025. | 11.00-12.00
Slide 2: Important information
This presentation is intended as an advertisement for the Important new IPAS "Indexo“ share issue. This presentation is for informational purposes only and does not constitute an offer, request or investment advice to subscribe to information INDEXO shares. The approved prospectus is published https
Slide 3: Webinar: Why and how to become an INDEXO shareholder
Webinar “Why and how to become an INDEXO shareholder" Valdis Siksnis Ivita Asare Artūrs Roze Chairman of AS INDEXO Chief Financial Officer of IPAS INDEXO Banka AS INDEXO Bank Board member
Slide 4: Today let's find out:
Today let's find out: 1 2 3 4 5 INDEXO’s Opportunities of INDEXO Bank's What do the Why become accomplishments INDEXO in the product additions financial a shareholder so far Latvian banking in 2025 projections of INDEXO? sector show?
Slide 5: At the end of the webinar, we show how easy it is to subscribe
At the end of the webinar, we show how easy it is to subscribe to INDEXO shares and become a shareholder of our company!
Slide 6: INDEXO's accomplishments so far
1 INDEXO's accomplishments so far
Slide 7: We created INDEXO in response to nonsense in the pension manager market
We created INDEXO in response to nonsense in the pension manager market. Today, the pension business is steadily profitable
Slide 8: Customers
Customers 01.2017. 0 We create INDEXO 11.2018. 10 341 We reach 10 thousand customers We reach 100 million in clients’ assets under 03.2019. 18 309 management 11.2019. 30 039 We reach 30 thousand customers 8
Slide 9: Customers
Customers We start offering the first robotic 3rd 03.2021. 50 896 pension pillar plans 06.2022. 81 851 We become a publicly listed company We co-found Provendi Asset Management, 11.2022. 94 029 which manages the INDEXO Real Estate Fund 9
Slide 10: Customers
Customers We become the 3rd largest 2nd pension pillar manager 07.2023. 115 525 in Latvia by clients’ assets under management 12.2023. 126 211 Issue of additional shares of INDEXO We reach 1 billion in 2nd pension pillar 03.2024. 130 426 clients’ assets under management 10
Slide 11: Customers today: 144,388
Custo mers 05.2024. 132 445 We receive a banking license from ECB 08.2024. 136 734 We open INDEXO Bank TODAY 144 388 We continue working to improve Latvia's financial environment 11
Slide 12: The pension business is steadily profitable
The pension business is steadily profitable 1,339 917 585 468 28 70 179 279 Total assets under management 2017 2018 2019 2020 2021 2022 2023 2024 Million, EUR 4,445 2,278 3,123 Pension income 1,602 62 306 584 973 thousands, EUR 2017 2018 2019 2020 2021 2022 2023 2024 814.0 Pension net profit 94.5 8.
Slide 13: INDEXO awakened competition in the pension market
Average 2nd pension pillar commission INDEXO awakened competition in the 1.52% pension market 0.44% 2016 2025 Data sources: fktk.lv and manapensija.lv 13
Slide 14: 86+ million euros
86+ million euros Additional 2nd pension pillar savings of Latvian residents – not gone to commissions for pension managers 14
Slide 15: INDEXO introduced an index approach
INDEXO introduced an index approach – now it is the standard for the most successful pension plans 83.39% 2025 52.05% 36.73% 25.48% 22.26% 18.77% 6.20% 3.30% 3.15% 1 year 3 years 5 years INDEXO Jauda 16-55 Average yield of the Latvian pension market Consumer price index The graph shows the cumulativ
Slide 16: IPAS Indexo has already publicly raised more than EUR 16.5 million
IPAS Indexo has already publicly raised more than EUR 16.5 million What has been done at INDEXO Bank?
Slide 17: Total investment in the Bank's creation has reached ~13 million EUR
Since the beginning of INDEXO Bank's development, the total investment in the Bank's creation has reached ~13 million EUR Bank’slargestinvestment positions in 2022-2024, M EUR Bank’s Opening and establishment starting a bank 7.88 4,39 Personnel IT investments expenses and expenses 17
Slide 18: INDEXO Bank opening media coverage
KUFU * Apotiow > itech > Bizne ° a Labas zinas IND= xo" "BE! Darbu sakusi "Indexo ba Latvijai — banka serie uzsak darbibu! ES, 5 n e v : 4 8 “° Delfi Zinas—sianoss Life Sports Kultora Auto Tas — , TieSraide: INDEXO Bankas atklaSanas pasakums Beidzot banka, par kuru var teikt 28.08. | plkst. 9.00 Eks
Slide 19: INDEXO Bank already has more than 32,000 customers
INDEXO Bank already has more than 32 000 customers Number of customers, Deposits, Consumer loans, Thousand EUR million EUR million 32.3 47.50 28.6 42,78 7,62 23,8 37,96 4,17 2,27 End of January End of February April 10 End of January End of February End of January End of February April 10 April 10 2
Slide 20: INDEXO Bank – convenient services, innovative products and favorable conditions
INDEXO Bank – convenient services, innovative products and favorable conditions Honest savings products, Easy-to-use mobile application. Consumer loans – better Unique card also available attractive interest rates, The first API that allows you to customer experience at in Google Pay digital wallet
Slide 21: INDEXO's opportunities in the Latvian banking sector
2 INDEXO’s opportunities in the Latvian banking sector
Slide 22: The situation in the Latvian banking sector is similar to the pension sector
The situation in the Latvian banking sector is similar to that in the pension sector before the entry of INDEXO: weak competition, high costs, foreign capital prevails 22
Slide 23: The market is dominated by four foreign-owned banks
The market is dominated by four foreign-owned banks Deposits, 2024 14.80% Banks Top 4 Bankas Other credit institutions 85.20% Data source: Latvijas Banka (Banku Kompass), 2025 23
Slide 24: Latvia has the lowest credit-to-GDP ratio in the Eurozone
Latvia has the lowest credit-to-GDP ratio in the Eurozone 160% 140% 120% 100% Latvian banks' loan 78% 80% portfolio against GDP is 62% the smallest in the Baltics, 60% with a lending gap of 40% 37% 30% more than EUR 5 billion 20% 0% France Portugal Slovenia Eirozona Greece Latvia Ireland Austria Kip
Slide 25: Since the 2008 crisis, foreign banks have become particularly cautious
Since the 2008 crisis, foreign banks have become particularly cautious Loans and deposits to domestic customers, EUR billion 20.97 21.05 7.2 billion – money that is not invested in 13.88 the Latvian economy Deposits Loans 8.50 Loans Deposits 2008 2024 Source: Monitoring statistics | Bank of Latvia 2
Slide 26: Latvian society is not adequately compensated for money held in banks
Latvian society is not adequately compensated for the money held in the banks €8.2 billion x 1.5% = €123 million 26
Slide 27: Banking market business possibilities are obvious
EUR 571 Banking market business million EUR possibilities are obvious Total profit of banks in 2024 EUR 39.7 million EUR 2PL managers' total projected* commission income in 2024 *- Q3 fact + Q4 our forecast Data source: Latvijas Banka 27
Slide 28: INDEXO Bank's product additions in 2025
3 INDEXO Bank's product additions in 2025
Slide 29: INDEXO has established a modern bank owned by Latvian investors
INDEXO has established a modern bank owned by Latvian investors with the aim of breaking our dependence on foreign banks and lending to the Latvian economy
Slide 30: The bank has successfully taken the first step and we will continue
The bank has successfully taken the first step and we will continue. There is great potential in the existing customer base! Average banking relationship, EUR 5,003 During 2025, we will significantly supplement our offer to private 2,959 Market individuals in order to reduce the INDEXO today (tagad)
Slide 31: INDEXO pays you, not the other way around
INDEXO pays you, not the other way around No other bank in Latvia offers this set of basic services and benefits free of charge 31
Slide 32: Sudrabs is great, but Zelts is even better
Sudrabs is great, but Zelts is even better INDEXO Zelts – all for your daily needs for only 2.99 EUR/month. In other banks, you will pay 3.99 EUR – 6.70 EUR for the range of such services and benefits*, moreover, you will not receive % on the account balance and you will pay a higher mark-up for cur
Slide 33: Paying with INDEXO is becoming more and more convenient
Paying with INDEXO is becoming more and more convenient Currently, in more than 1000 stores throughout the Baltics, you can easily pay with INDEXO: • vivi.lv • bezrindas.lv • e-menessaptieka.lv • buvniecibas-abc.lv • biletes.opera.lv • LU tuition fee etc. 33
Slide 34: Junior account offer
We will soon complement the best offers of Sudrabs and Zelts on the market with the Junior account offer Junior Account Available from the age of 7, your own account with a card and a savings box that will teach you the basics of saving from an early age 34
Slide 35: Get a consumer loan offer in our app in 5 minutes
Get a consumer loan offer in our app in 5 minutes Consumer loans Soon: • The possibility for existing customers to receive an additional loan on top of the existing loan; • The maximum available term - up to 7 years; • Introduction of the refinancing product 35
Slide 36: Mortgage loan offer in a couple of minutes
You will be able to receive a mortgage loan offer in a couple of minutes Mortgage loans • The first loans have already been disbursed • Mortgage refinancing product available to everyone from May • New mortgage loan offer • Home equity product 36
Slide 37: Custodian bank service – at least one million euros per year
Custodian bank service – at least one million euros per year Pension savings managed by IPAS Indexo Possibility to use this service also for other asset managers Future benefits and opportunities for private individuals 37
Slide 38: INDEXO's product range meets your daily banking needs
INDEXO's product range meets your daily banking needs By choosing INDEXO, you help us to create a better financial environment in Latvia Daily services Debit/credit card Savings products Consumer loans Mortgage loans Soon 38
Slide 39: What do the financial forecasts show?
4 What do the financial forecasts show?
Slide 40: Planned transaction volumes and number of customers in Q4 2025
Even with cautious assumptions, we plan to achieve significant volume and customer growth already by the end of this year INDEXO's planned transaction volumes and Average amount per client's business ratio, EUR number of customers in Q4 2025 We will reduce 5,003 55 the difference in Number of custom
Slide 41: INDEXO Group plans to reach monthly break-even in Q4 2025
INDEXO Group plans to reach monthly break-even point (before credit losses) in Q4 2025 Net profit from pension business ~160 th. EUR Implementation of custodian bank service** New customers per month 3 th. Volume of new deposits per month 10M EUR Volume of new mortgage loans per month 1.5M EUR* Volu
Slide 42: INDEXO Bank is on the market! Expected net profit in 2028
It took longer, it was harder, but INDEXO Bank is on the market! By buying INDEXO shares, you are investing in the future 20 Expected Net profit of INDEXO Group in 2028 15 15 - 18M EUR 10 5 Break-even point 0 Initial losses (2023- 2024) -5 -8.8M -10 Year 1y 1 Year 2y 2 Year 3y 3 Year 4y 4 Year 5y 5
Slide 43: In 2028, we plan to achieve ~4-5% market share
In 2028, we plan to achieve ~4-5% market share in private deposits and mortgage loans Deposits, million EUR Credits, million EUR Client assets under management, EUR billion 600 - 660 450 - 550 2.3 – 2.6 1.34 47.5 7.6 At this moment Volumes in 2028 43
Slide 44: IPAS INDEXO raises additional capital for the bank's development
IPAS INDEXO raises additional capital for the bank's development to achieve ambitious long-term goals Paid-up Losses in previous Capital and reserves share capital 17.3M - periods 8.8M At the end of 2024 8.5M • Building of consumer lending and mortgage lending portfolio 2025 Minimum • Investments in
Slide 45: The range of services is sufficient for the average customer
The range of INDEXO Banking services is sufficient for the average individual customer for all his daily needs. By choosing INDEXO, you get the satisfaction of the fact that locals take control of the Latvian financial system. 45
Slide 46: 85% of Latvian depositors' money is held in foreign banks
85% of Latvian depositors' money is held in foreign banks. Which do not pay proper interest to Latvian depositors. And do not lend enough to the Latvian economy. 46
Slide 47: Time to change that!
Time to change that! Help INDEXO to continue improving the financial environment in Latvia!
Slide 48: Why become an INDEXO Shareholder?
5 Why become an INDEXO Shareholder?
Slide 49: The goals are certainly achievable. Let's work to surpass them!
The goals are certainly achievable. Let's work to surpass them!
Slide 50: Why is the price of one share set at 10.15 euros?
Why is the price of one share set at 10.15 euros? Understanding of the management based on consultations with larger potential investors Market price at the time of approval of the prospectus 50
Slide 51: Why is this a profitable deal?
By the end of 2028, we plan to achieve ~4 – 5% of the Latvian private deposit and mortgage loan market. Why is this a The Group's net profit at the end of 2028 is expected to be around 15-18 million euros. profitable deal? By achieving these goals, the value of the company and the share price should
Slide 52: What does it mean to become an INDEXO shareholder?
What does it mean to become anINDEXO shareholder? You will own part of INDEXO You will be able to earn if the price of INDEXO shares rises (and when dividends will be paid in the distant future) You will have the opportunity to influence the development of INDEXO with the right to vote You will help
Slide 53: INDEXO New Share Public offer
INDEXO New Share Public offer: 15th – 25th april An offering of up to The minimum 400,000 shares investment is At a price of 1 Share 10,15 EUR/share 53
Slide 54: It's easy to subscribe to INDEXO shares
It's easy to subscribe to INDEXO shares: 1 2 3 Get acquainted with Open a securities Submit an order for the prospectus and account or investment subscription to shares of decide how many account the new issue shares you want to buy 54
Slide 55: Get acquainted with the prospectus and choose how many shares
Get acquainted with the prospectus and 1 Choose how many shares you want to buy Share price 10,15 EUR Minimum investment: 1 Share 55
Slide 56: Open a securities account, or an investment account
Open a securities account, or an 2 investment account in your Internet bank How to open a securities or investment account? See the instructions: Swedbank SEB Citadele Luminor 56
Slide 57: Submit a subscription order for shares
3 Submit a subscription order for shares How to submit an order? See the instructions: Swedbank SEB Citadele Luminor 57
Slide 58: Around April 28, you will find out how many shares you purchased
At the time of subscribing, money will be reserved in your account for the full amount of shares you have subscribed to. Around April 28, after the end of the subscription period, You will find out how many shares you have purchased. The unused part of the money will be returned. 58
Slide 59: www.indexo.lv/en/instruction
www.indexo.lv/en/instruction
Slide 60: Bonus for shareholders
Bonus for shareholders Shareholders with 200+ INDEXO shares will receive a free property valuation for mortgage loan re-financing or a new loan, if the INDEXO mortgage loan agreement is concluded by the end of 2025 60
Slide 61: We have two options in Latvia
We have two options in Latvia: Complain about the Do something lack of competition and that makes a a successful local bank difference (and simultaneously make some money)
Slide 62: We have two options in Latvia: the INDEXO way
We have two options in Latvia: This is the INDEXO way. Come with us! www.indexo.lv/en/instruction Complain about the Do something lack of competition and that makes a a successful local bank difference (and simultaneously make some money)
Slide 63: Why become a shareholder of INDEXO?
Summary: Why become a shareholder of INDEXO? 1 2 3 An opportunity to To help improve Receive a special become a Latvia's financial shareholder offer shareholder in the environment by profitable Latvian supporting the local banking sector capital bank Sign up: www.indexo.lv/en/instruction