Slide 1: Webinar on 2024 consolidated financial results
IND=EXO- Webinar on 2024 consolidated financial results Valdis Siksnis Ivita Asare Henrik Karmo AS INDEXO Banka AS INDEXO Banka IPAS INDEXO Chairman of the Board Chief Financial Officer Chairman of the Board . IND=EXO February 26, 2025
Slide 2: Another strong year for INDEXO Group with 42% y-o-y revenue growth
Another strong year for INDEXO Group with 42% y-o-y revenue growth in pension business and over 21 000 customers joining INDEXO Bank in the first months Pension business delivering solid financial results and generates cash flow to support INDEXO Group further development IND=XO" INDEXO 24 and 3: pe
Slide 3: Impressive growth of AUM and Clients
Impressive growth of AUM and Clients IND=XO" 28 70 2017 2018 Total AUM, millions EUR 468 | 179 279 2019 2020 2021 I 2023 1 oom 2024 2017 12% 9% 7 a 7% 6% % 4%, 4% 4% 2 1%om% 21% | 2017 2018 2019 2020 2021 Data source: annualreports, manapensija.lv data, intemal data 2022 2023 Total Clients, thousand
Slide 4: Pension business delivering strong and stable profitability
Pension business delivering strong and stable profitability Expecting annual net profit of EUR 2 million 1 IND=EXO __ datasource:annualreports, internal data Annual net profit / (loss) & profit before client acquisition costs of pension business, thousand EUR 3,032 1,876 1,494 814 496 272 = 9 __ — 3
Slide 5: Our business growth in 2nd pillar can be attributed to growing monthly contributions
Our business growth in 2" pillar can be attributed to growing monthly contri butions 2" Pillar pension AUM growth drivers Q4 2023 - Q4 2024 and new customers Millions EUR, based on management estimates joining INDEXO 23 es From: 8.8 million euro in December 2023 To: ili i 10.4 million euro in @42023
Slide 6: INDEXO has the highest AUM per client and the gap is increasing
INDEXO has the highest AUM per client and the gap between us and competitors is increasing Manager Yearly Change of % change AUM per client, EUR Competitor 5 1507 26.2% Competitor 2 705 11.2% Competitor 1 -5 213 -44.3% Competitor 7 1207 23.3% Competitor 3 1239 25.6% Competitor 6 666 16.8% Competitor
Slide 7: INDEXO pension business generates profits to support bank development
INDEXO pension business generates profits to support bank development * Increase in the client base and AUM have contributed to 42% y-o-y growth in commission income * Normalized net profit in 2024 for the pension business was EUR 1.34 million Data source: internal data * -Interest expense for Commi
Slide 8: Our promise that long term market returns give great results has worked
Our promise that long term market returns give great results has worked 1-year return 3-year return 5-year return Return since cea . . P 6 24 Pillar Pension plan| Risk Profile serenmem) | Gersmnomi | caren inception (per annum) INDEXO 5 ue 9 5 9 5 Fenecira SSP 50% Equities 12.94% 3.04% 5.12% 5.48% I
Slide 9: Our flagship plan Jauda keeps outperforming competitors & CPI
Our flagship plan ‘‘Jauda’’ keeps outperforming competitors & CPI 70% 67.44% 60% 52.05% 50% 40% 34.78% INDEXO Jauda 16-50 30.26% 30% 25.45% 25.54% 9 21.12% 20% 20.48% 10% 3.30% 0% | | l year 3 years 5 years m Latvian pension market average =CPl oJ INDE G)” WegaphstenstnseurattsaatuneeA NOE Clout BS
Slide 10: 3rd pillar is growing fast - the only automated life cycle plan
3rd pillar is growing fast - the only automated life cycle plan in the market 3rd pillar AUM, millions 40 37.64 35 30 cp 25 21.14 20 15 10 10.21 2021 2022 2023 2024
Slide 11: 3PL contributions growing steadily
3PL contributions growing steadily, ARC*% already close to 15 million Total direct contributions, millions Average monthly contribution in 2024 = 48.25 EUR 6.3 4.01 Clients who madea contribution in 2024 1.57 ° 68% 2021 2022 2023 2024 Compared to 64% in 2023 IND=EXO™ &™:
Slide 12: Pension business challenges and opportunities
Pension business challenges and opportunities ¢ New fee scheme will be implemented, but date still open * Churn management * Contributions dropped from 6% to 5% ¢ 2°4 Pillar API launched ¢ 34 Pillar promotion through bank app * Focus shift from 2"? Pillar to 3° Pillar IND=XO" 12
Slide 13: INDEXO Bank is live with daily banking offer for Private customers
INDEXO Bank is live with daily banking offer for Private customers On average around customers added each month. As of February 25, the Bank has more than Ittakes on average and less than 10 seconds to check your 2PL balance via mobile app On average 7M EUR attracted in Retail customer deposits each
Slide 14: INDEXO Bank Customers, Loan and Deposit portfolio in the last 3 months of 2024
INDEXO Bank Customers, Loan and Deposit portfolio in the last 3 months of 2024 Consumer Loans, # of Clients, thousands Deposits, million EUR million EUR ue Ne ole, 3 ae 607 ewe ae eet? Le woes? we wee — oe 21.1 17.4 14.0 17.78 End ofOctober End of November End of December End ofOctober — Endof Novem
Slide 15: The Bank stands out with ease of use and innovative products
The Bank stands out with the ease of use of its services and innovative products, offering new opportunities and more favourable conditions for clients IND=XO" 15
Slide 16: The Bank has had a good start, but we are not stopping here
The Bank has had a good start, but we are not stopping here During 2025 the offering for Retail A . a . . erage banking relationship, EUR customers will be considerably extended in the pursuit to close the gap with the market average customer volumes ‘90 A 2 535 Consumer loan ie 4 * Daily Banking en
Slide 17: Daily Banking - modern and convenient
Daily Banking - modern and convenient, everything can be done on your mobile device (e) Apple Pay / Google Pay to be launched in April Savings account deposit interest rates, % 2.60 2.50 Competitive interest rates for our savings products will stay Family accounts INDEXO Competitor] Competitor2 Comp
Slide 18: Improvements & bug fixes
Improvements & bug fixes Since launch we have already had 7 new versions of the application Improvements such as: daily visualization of earned interest and taxes withheld for deposits and vault; 2nd pillar pension savings viewable in the app; ability to generate formal PDF account statement; consum
Slide 19: Lending - delivering on our promise to challenge the market
Lending - delivering on our promise to challenge the market > « Consumer loans * Check out our offer through our app * Launching loan refinancing product in the coming months ee) Mortgageloans * Live tests have started * Mortgage loan refinancing product to be launched in April * New mortgage loan o
Slide 20: Custody
Custody Designated to provide secure and efficient asset safeguarding, ensuring the highest standards of compliance and operational excellence IPAS Indexo will be the first client, expected annual runrate revenue of EUR 1 million and growing Potential for other asset managers Future holds benefits a
Slide 21: INDEXO Bank is operational with a focus on building strong base
INDEXO Bank is operational with a focus on building strong base for future expansion = =y INDEXO Data source: internal data Jan- Dec 2024 INDEXO Bank Profit and Loss Statement, EUR Audited, EUR Interest income 429 976 Interest expense (479 810) Commission and fee income 29 766 Commission and fee exp
Slide 22: INDEXO Bank continues to make significant IT investments
INDEXO Bank continues to make significant IT investments and to secure customer funding for future loan portfolio growth = =y INDEXO Data source: internal data Dec 2024 INDEXO Bank Balance sheet, EUR Audited, EUR ASSETS Cash and cash equivalents 35 385 576 Financial assets measured at amortized cost
Slide 23: Tier 1 capital decreased to 7.26M with CAR at 56%
Due to the INDEXO Bank continued investments Tier] capital decreased to 7.26M with CAR at 56% comfortably exceeding regulatory requirement . Tier 1 Capital MEUR Total exposure development and CAR 8.45 2 20.00% 80.00% 70.00% 60.00% 50.00% 40.00% 7:10 Tas 30.00% 20.00% 10.00% 0.00% Q2 2024 Q3 2024 Q4
Slide 24: INDEXO Group aims to reach monthly break-even in Q4 2025
INDEXO Group aims to reach monthly break-even (before loan losses) in Q4 2025 Net pension business monthly Break even business volumes and #customers result 160 tht EUR Customers, [EEE 55 . nese 28 Custody business launch** i a 140 Deposits, EURM 2 New customers per month 3 tht Loeniporiolio a «0 Ne
Slide 25: INDEXO Bank will raise additional capital to deliver on long-term targets
INDEXO Bank will raise the additional capital to deliver on ambitious long-term targets Retained losses - —_ 8.8M * Building of consumer lending and mortgage lending portfolio * Investments in Daily banking product development * Mobile application updates * Customer acquisition * Custody service ¢ R
Slide 26: Latvian banking market is a huge opportunity for INDEXO
Latvian banking market is a huge opportunity for INDEXO Addressable oligopolistic market of EUR 622 million banking profits in 2023, and EUR 438 million in 9M 2024 is ripe for disruption More than EUR 8 billion is sitting in current accounts and not earning interest, we believe that needs to change
Slide 27: INDEXO opens Customer support center
INDEXO opens Customer support center In-person Customer support center is located in the Verde office complex at 1 Roberta HirSa street, Riga. IND=XO-
Slide 28: Over 000 people have already received their share of million
Over 28 O00 people have already received their share of 123 million! More than EUR 8 billion of Latvian populations’ NA’ money is sitting in current accounts, and the big banks are not paying a dime for that.
Slide 29: INDEXO - the first bank providing quick access to your savings
INDEXO - the first bank providing quick access to your potentially largest savings ever! Check your 2" pillar pension in the INDEXO Bank app! IND=XO.
Slide 30: APPENDICES
APPENDICES 30
Slide 31: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Jan-Dee2024. Jan-Dee2023 Income Audited, EUR Audited, EUR Commission and fee income 4474815 3123 426 Commission expense (129 042) (4713) Interest income calculated using the effective interest rate 470 854 51466 Administrative expenses (9374 475) (5994 955) In
Slide 32: Consolidated Statements of Financial Position
Dec 2024 Dec 2023 Audited, EUR _ Audited, EUR ASSETS Con sol id ated Cash and cash equivalents 36647025 2707396 Financial assets measured at amortized cost (incl. loans) 1061149 53944 f Receivables 460 869 321489 Statements (e) Prepayments. 751524 548 006 e ° ese Contract acquisition costs 1566 969