Interim report
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delfin group financing and circular retail AS " DelfinGroup " Unaudited Consolidated Interim Report January - June 2026 Translation from Latvian
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 2 / 23 Table of Contents Information on the Company and Subsidiaries 3 – 5 Statement of Management’s Responsibility 6 Management Report 7 – 11 Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income 12 Interim Consolidated Statement of Financial Position 13 – 14 Interim consolidated Statement of Changes in Equity 15 Interim Consolidated Statement of Cash Flows 16 Notes to the Financial Statements 17 – 23
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 3 / 23 Name of the Company DelfinGroup Legal status of the Company Joint Stock Company Number, place and date of registration 40103252854 Commercial Registry Riga, 12 October 2009 Operations as classified by NACE classification code system NACE2 64.92 Other credit granting NACE2 47.91 Retail sale via mail order houses or via Internet NACE2 47.79 Retail sale of second-hand goods in stores NACE2 47.77 Retail sale of watches and jewellery in specialised stores Address 50A Skanstes Street, Riga, LV-1013 Latvia Names and addresses of shareholders IPAS INDEXO (72.03%), Roberta Hirsa Street, Rīga, Latvia Other (27.97%) Names and positions of Board members Didzis Ādmīdiņš – Chairman of the Board (from 17.12.2025) Andrejs Aleksandrovičs – Member of the Board (from 18.12.2024) Mārtiņš Sandars – Member of the Board (from 30.04.2026) Laima Eižvertiņa — Member of the Board (from 07.04.2025 until 30.04.2026) Information on the Company and Subsidiaries
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 4 / 23 Names and positions of Supervisory Board members Mārtiņš Ozoliņš - Chairman of the Supervisory Board (from 31.03.2026) Jānis Pizičs – Deputy Chairman of the Supervisory Board (from 31.03.2026) Valdis Siksnis – Member of the Supervisory Board (from 31.03.2026) Henrik Karmo – Member of the Supervisory Board (from 31.03.2026) Jānis Mūrnieks – Member of the Supervisory Board (from 31.03.2026) Agris Evertovskis – Chairman of the Supervisory Board (from 03.07.2025 to 31.03.2026) Solvita Kurtiša — Member of the Supervisory Board (from 03.07.2025 to 31.03.2026) Reporting period 1 January 2026 – 30 June 2026
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 5 / 23 Subsidiary SIA ViziaFinance (parent company interest in subsidiary – 100%) Date of acquisition of the subsidiary 23.02.2015 Number, place and date of registration of the subsidiary 40003040217; Riga, 06 December 1991 Address of the subsidiary 50A Skanstes Street, Riga, Latvia Operations as classified by NACE classification code system of the subsidiary 64.92 Other financing services Subsidiary UAB DelfinGroup LT (parent company interest in subsidiary – 100%) Date of establishment of the subsidiary 28.09.2023 Number, place and date of registration of the subsidiary 306462155; Vilnius, 28 September 2023 Address of the subsidiary 25-701 Lvivo Street, Vilnius, Lithuania Operations as classified by NACE classification code system of the subsidiary 64.92 Other financing services Subsidiary DELFINGROUP RO IFN S.A. (parent company interest in subsidiary – 99.99%) Number, place and date of registration of the subsidiary J2025052412007; Romania, 17 July 2025 Address of the subsidiary 16 Grigore Mora street, Bucharest, Romania Operations as classified by NACE classification code system of the subsidiary 64.92 Other financing services Information on the Subsidiaries
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 6 / 23 The management of AS DelfinGroup (hereinafter – the Company) is responsible for the preparation of the Consolidated interim report January – June 2026 (hereinafter – interim report) of the Company and its subsidiaries (hereinafter – the Group or DelfinGroup). The interim report set out on pages 12 to 23 are prepared in accordance with the source documents and present the financial position of the Group as of 30 June 2026 and the results of its operations, changes in shareholders’ equity and cash flows for the six-month period ended 30 June 2026. The management report set out on pages 7 to 11 presents fairly the financial results of the reporting period and future prospects of the Group. The interim report is prepared on a going concern basis in accordance with International Financial Reporting Standards as adopted by the European Union. Appropriate accounting policies have been applied on a consistent basis. Prudent and reasonable judgments and estimates have been made by the Management in the preparation of the financial statements. The Management of AS DelfinGroup is responsible for the maintenance of proper accounting records, the safeguarding of the Group’s assets and the prevention and detection of fraud and other irregularities in the Group. The Management is also responsible for compliance with requirements of legal acts of the countries where Group companies and the Parent company operate. Didzis Ādmīdiņš Chairman of the Board Andrejs Aleksandrovičs Board Member Mārtiņš Sandars Board Member This document is electronically signed with safe electronical signature and contains time stamp. Statement of management`s responsibility
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 7 / 23 In the first half of 2026, Latvian financial services group AS DelfinGroup generated revenue of EUR 39.8 million, an increase of 7% compared with the corresponding period of 2025. The Group delivered solid EBITDA growth, with EBITDA increasing by 28% to EUR 15.1 million. Profit before tax for the first six months of 2026 amounte d to EUR 7.3 million, up 50%, while net profit increased by 52% to EUR 5.7 million. The Group also reported solid results for the second quarter of 2026. Revenue amounted to EUR 19.7 million. Profit before tax increased by 43% to EUR 3.7 million. Net profit for the period reached EUR 2.9 million, representing an increase of 46%. Demand for DelfinGroup products remained stable throughout the first half of 2026. During the period, the Group issued loans of EUR 67.3 million, an increase of 7%. In the second quarter, loan issuance increased by 5% year on year to EUR 34.6 million. Issuance of new consumer l oans increased by 9% in the second quarter to EUR 28.7 million and by 11% in the first six months to EUR 55.1 million. Meanwhile, pawn loan issuance declined year on year in the second quarter, primarily because pawn lending in Lithuania, which was still conducted in the first half of 2025, was discontinued in the second half of 2025, affecting comparability. In Latvia, the pawn lending segment remained focused on operational efficiency; loan issuance amounted to EUR 5.5 million in the second quarter and EU R 11.7 million in the first six months. Supported by the growth in consumer loan issuance during the first half of the year, the net loan portfolio continued to expand, reaching EUR 152.7 million, an increase of 6% since the beginning of the year. The consumer lending business in Lithuania continued to develop steadily during the second quarter, with the loan portfolio reaching EUR 10.9 million, an increase of 40% since the beginning of the year. In the retail segment, including the sale of unredeemed pledges, the Group's sales amounted to EUR 9.2 million in the first six months and EUR 4.7 million in the second quarter. Taking into account the discontinuation of operations in Lithuania in the second half of 2025, sales in this segment remained stable. Online sales continued to have an increasingly significant impact on the retail business, rising by 36% in the second quarter compared with t he corresponding period of the previous year. On 30 April 2026, changes were made to the Management Board of AS DelfinGroup. As a result, Mārtiņš Sandars, Head of Risk and Data at DelfinGroup, was appointed to the Company's Management Board. Mārtiņš Sandars has been a member of DelfinGroup's management team since 2023 and is responsible for leading the risk and data analytics functions. He has extensive prior experience in risk and data analyt ics, having served as Group Head of Risk at Eleving Consumer Finance, led data science at Finko, and held related positions at 4Finance. At the same time, Chief Administrative Officer Laima Eižvertiņa stepped down from the Management Board. During the second quarter, the Group continued to place strong emphasis on optimising funding costs, resulting in several bond exchange transactions through which higher-cost bonds were refinanced with lower-cost instruments. From 13 April to 24 April 2026 , DelfinGroup conducted a bond exchange offer. Under the offer, existing holders of subordinated bonds ISIN LV0000802700 with holdings of at least EUR 100,000 were entitled to exchange them for the new bonds ISIN LV0000106631. As a result of the exchange offer, existin g investors subscribed for new bonds ISIN LV0000106631 in an aggregate amount of EUR 2,845,000. Consequently, the outstanding amount of the bond issue ISIN LV0000802700 was reduced to EUR 2,155,000. Following the exchange offer, the subordinated bonds ISIN LV0000802700 were fully redeemed on 25 June 2026. As a result of the transaction, bonds with a nominal value of EUR 5 million were refinanced, and the interest rate was reduced from 11.5% + 3M EURIBOR to a fixed rate of 11.5%. Management report
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 8 / 23 On 25 May 2026, the Company issued a new unsecured bond issue, ISIN LV0000111441, of up to EUR 35 million, carrying a fixed annual interest rate of 9.5% and a three -year maturity. The bonds are offered by way of a private placement with a minimum investmen t of EUR 100,000. From 7 May to 20 May 2026, holders of bonds ISIN LV0000860146 were offered the opportunity to exchange their existing bonds for the new AS DelfinGroup bonds. As a result of the exchange offer, the outstanding amount of bonds ISIN LV0000860146 was reduced from EUR 15 million to EUR 7,115,000, and the interest rate on the existing bonds was refinanced from 9% + 3M EURIBOR to a fixed rate of 9.5%. To further diversify its funding structure and raise financing for continued business growth, DelfinGroup commenced cooperation with Bankers, a Japan-based lending platform. The initial cooperation provides DelfinGroup with access to financing of up to EUR 5 million, to be raised in tranches through investments from Japanese investors via the lending platform operated by Bankers Co., Ltd. The cooperation does not provide for a single common maturity date; instead, each financing tranche will have a separate one -year maturity. The borrowings are expected to be denominated in euros, with the interest rate determined individually based on investor demand on the platform. The financing will be unsecured. During the second quarter, DelfinGroup shareholders continued to receive dividend payments. On 17 April, annual dividends calculated from the profit for the fourth quarter of 2025 were paid to shareholders. The total dividend payment amounted to EUR 1.8 million, or EUR 0.0391 per share. In addition, at the Extraordinary General Meeting of Shareholders held on 12 June 2026, dividends from the profit for the first quarter of 2026 were approved, resulting in a payment to DelfinGroup shareholders of EUR 1.4 million, or EUR 0.0308 per share.
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 9 / 23 Management report (CONTINUED) By implementing the business strategy and all planned activities , the following financial results of the Group were achieved in the first six months of 2026 (profit statement items are compared to the same period of the previous year, balance sheet items are compared to the data as at 31.12.2025): Position EUR, million Change, % Net loan portfolio 152.7 5.8 Assets 171.6 5.6 Revenue 39.8 7.4 EBITDA 15.1 28.2 Profit before taxes 7.3 49.6 Net profit 5.7 52.4 And following the Group’s key financial figures for the last 5 financial quarters: Position 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 Revenue, EUR million 19.5 20.3 20.9 20.1 19.7 EBITDA, EUR million 6.1 6.9 8.7 7.4 7.6 EBITDA margin, % 33% 33% 35% 36% 38% EBIT, EUR million 5.7 6.3 8.1 7.0 7.1 EBIT margin, % 30% 30% 32% 33% 35% Profit before taxes, EUR million 2.6 3.0 4.6 3.6 3.7 Net profit, EUR million 2.0 2.3 3.5 2.8 2.9 Net profit margin, % 11% 11% 12% 13% 14% ROE (last 12 months), % 30% 30% 35% 37% 38% ROA (last 12 months), % 6% 6% 10% 7% 7% ROCE (last 12 months), % 22% 23% 25% 24% 23% Current ratio 0.7 0.7 0.5 0.7 0.9 EBITDA calculation, EUR million: 2026 Q2 2025 Q2 Item Profit before tax 3.7 2.6 Interest expenses and similar expenses 3.4 3.1 Depreciation of fixed assets and amortisation 0.5 0.5 EBITDA, EUR million 7.6 6.1 In some cases, quantitative values have been rounded up to the nearest decimal place or whole number to avoid an excessive le vel of detail. As a result, certain values may not necessarily add up to the respective totals due to the effects of the approximation.
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 10 / 23 Management report (CONTINUED) As for compliance with the Issue T erms of notes ISIN LV0000111441, ISIN LV0000860146, ISIN LV0000870145, ISIN LV0000803914, ISIN LV0000106649 and ISIN LV0000106631 the financial covenant computation is as follows: Covenant Value as of 30.06.2026 Compliance to maintain a Capitalization Ratio at least 20% 25% Yes to maintain consolidated Interest Coverage Ratio of at least 1.5 times, calculated on the trailing 12 month basis 2.3 Yes (Net loan portfolio + inventory + other debtors + cash and cash equivalents – (Mintos debt * 1.2) – (bank debt * 1.4)) / unsecured liabilities, excluding subordinated debt >= 1.2 1.3 Yes Principles of alternative performance measures Net loan portfolio = non-current loans and receivables + current loans and receivables. Revenue = net sales + interest income and similar income. EBITDA margin = (profit before tax + interest expenses and similar expenses + depreciation of property, plant and equipment and amortization of intangible assets + depreciation of right-of-use assets) / (net sales + interest income and similar income) * 100. EBIT margin = (profit before tax + interest expenses and similar expenses) / (net sales + interest income and similar income) * 100. Net profit margin = net profit / (net sales + interest income and similar income) * 100. Return on equity (ROE) = net profit / ((total equity as at start of the period + total equity as at period end) / 2) * 100. Return on assets (ROA) = net profit / ((total assets as at start of the period + total assets as at period end) / 2) * 100. Return on capital employed (ROCE) = EBIT / (((total assets as at start of the period + total assets as at period end) / 2) – ((short-term liabilities as at start of the period + short-term liabilities as at period end) / 2)) * 100. Current ratio = total current assets / total short-term liabilities. Capitalization ratio = (total equity + subordinated debt) / (non-current loans and receivables + current loans and receivables + inventories + other debtors) * 100. Interest coverage ratio = EBITDA / interest expenses and similar expenses.
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 11 / 23 Management report (CONTINUED) Investor information DelfinGroup shares are listed on the Baltic Main List in Nasdaq Riga with ISIN code LV0000101806. Shareholders receive 1 vote per share. On 30 June 2026, a total of 45,472,511 shares were issued, the price of which was 1.525 euros, making the total market capitalization of 69.3 million euros. Share trading information 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 Opening price, EUR 1.178 1.176 1.284 1.288 1.392 High price, EUR 1.188 1.312 1.308 1.426 1.545 Low price, EUR 1.100 1.17 1.27 1.286 1.392 Last price, EUR 1.178 1.284 1.288 1.386 1.525 Turnover, mEUR 1.09 2.20 2.68 0.87 0.92 Capitalization, mEUR 53.49 58.33 58.54 62.99 69.34 Branches As at 30 June 2026, the Group had 89 branches in Latvia (31.12.2025 - 88 in Latvia). Risk management The Group is not exposed to foreign exchange rate risk because the basic transaction currency is the Euro. The funding of the Group consists of both fixed rate and floating rate borrowings, so the Group is exposed to variable interest rate risk . Accurate application of the prudent strategies chosen has allowed the Group to successfully manage its financial risks, particularly the liquidity and credit risk. All Group transactions are performed in Latvia and Lithuania, the Group has no counterparties in Russia and Belarus thus the impact of the war in Ukraine and the associated sanctions has insignificant effect on the company’s operations. Distribution of the profit proposed by the Company The Company's board recommends the distribution of Q2 2026 profit as dividends in accordance with the Company’s dividend policy, which sets the target of up to 50% quarterly dividend pay-out. Didzis Ādmīdiņš Chairman of the Board Andrejs Aleksandrovičs Board Member Mārtiņš Sandars Board Member This document is electronically signed with safe electronical signature and contains time stamp. 0 30 000 60 000 90 000 120 000 150 000 0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 02.01.2024 02.02.2024 02.03.2024 02.04.2024 02.05.2024 02.06.2024 02.07.2024 02.08.2024 02.09.2024 02.10.2024 02.11.2024 02.12.2024 02.01.2025 02.02.2025 02.03.2025 02.04.2025 02.05.2025 02.06.2025 02.07.2025 02.08.2025 02.09.2025 02.10.2025 02.11.2025 02.12.2025 02.01.2026 02.02.2026 02.03.2026 02.04.2026 02.05.2026 02.06.2026 Share price changes and turnover Turnover, EUR DelfinGroup share
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 12 / 23 Interim consolidated Statement of Profit or Loss and Other Comprehensive Income January – June 2026 For 6 months ended 30 June For 3 months ended 30 June 2026 2025* 2026 2025* Notes EUR’000 EUR’000 EUR’000 EUR’000 Net sales (2) 6 055 6 693 2 841 3 766 Cost of sales (3 958) (4 672) (1 916) (2 717) Interest income and similar income (3) 33 710 30 344 16 822 15 745 Interest expenses and similar expenses (4) (6 806) (5 933) (3 415) (3 067) Credit loss expenses (11 133) (9 981) (5 169) (5 324) Gross profit 17 868 16 451 9 163 8 403 Selling expenses (5) (7 254) (7 780) (3 789) (3 922) Administrative expenses (6) (3 260) (3 731) (1 671) (1 900) Other operating income 226 100 132 63 Other operating expenses (310) (185) (136) (53) Profit before corporate income tax 7 270 4 855 3 699 2 591 Income tax expenses (1 572) (1 114) (811) (619) Net profit 5 698 3 741 2 888 1 972 Basic earnings per share (7) 0.125 0.082 0.064 0.041 Diluted earnings per share (7) 0.125 0.082 0.064 0.041 * The comparative figures for 2025 have been reclassified to reflect the reclassification of expenses between items of the Statement of Profit or Loss and Other Comprehensive Income. The reclassification does not affect the profit or loss for the reporting year. Notes on pages from 17 to 23 are an integral part of these interim reports. Didzis Ādmīdiņš Chairman of the Board Andrejs Aleksandrovičs Board Member Mārtiņš Sandars Board Member This document is electronically signed with safe electronical signature and contains time stamp.
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 13 / 23 Interim Consolidated Statement of Financial Position as at 30 June 2026 Group Group Assets 30 June 2026 31 December 2025* Non-current assets: Notes EUR’000 EUR’000 Intangible assets: Patents, licences, trademarks and similar rights 9 5 Internally developed software 1 893 1 962 Goodwill 128 128 Work in progress internally developed software 90 42 Total intangible assets: 2 120 2 137 Property, plant and equipment: Land, buildings and structures 163 166 Leasehold improvements 317 271 Right-of-use assets 2 629 2 938 Other fixtures and fittings, tools and equipment 280 315 Advances for property, plant and equipment 129 55 Total property, plant and equipment 3 518 3 745 Non-current financial assets: Loans and receivables (8) 134 951 125 568 Other securities 5 088 2 501 Deferred income tax asset 329 346 Total non-current financial assets: 140 368 128 415 Total non-current assets: 146 006 134 297 Current assets: Inventories: Finished goods and goods for sale 3 172 2 947 Total inventories: 3 172 2 947 Receivables: Loans and receivables (8) 17 754 18 825 Term deposits with banks - 1 000 Taxes receivable 184 - Other debtors 2 120 1 587 Total receivables: 20 058 21 412 Deferred expenses 345 387 Cash and cash equivalents 2 057 3 539 Total current assets: 25 632 28 285 Total assets 171 638 162 582 *The comparative figures for 2025 have been reclassified to reflect the reclassification and structural refinement of intangible asset items. The reclassification does not affect the equity or financial results of the Group or the Company. Notes on pages from 17 to 23 are an integral part of these interim reports. Didzis Ādmīdiņš Chairman of the Board Andrejs Aleksandrovičs Board Member Mārtiņš Sandars Board Member This document is electronically signed with safe electronical signature and contains time stamp.
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 14 / 23 Interim Consolidated Statement of Financial Position as at 30 June 2026 Group Group Liabilities and equity 30 June 2026 31 December 2025* Equity: Notes EUR’000 EUR’000 Share capital 4 547 4 545 Share premium 6 891 6 891 Other capital reserves 305 275 Retained earnings 20 953 18 433 Total equity: 32 696 30 144 Liabilities: Long-term liabilities: Bonds issued (9) 60 668 46 674 Loans from credit institutions (10) 29 747 12 500 Other borrowings (11) 17 585 17 490 Lease liabilities for right-of-use assets 2 209 2 519 Total long-term liabilities: 110 209 79 183 Short-term liabilities: Bonds issued (9) 5 686 24 191 Loans from credit institutions (10) 3 216 11 000 Other borrowings (11) 11 895 11 279 Lease liabilities for right-of-use assets 756 742 Trade payables 1 089 1 125 Taxes and social insurance - 225 Income tax liabilities 3 800 2 490 Accrued liabilities 2 291 2 203 Total short-term liabilities: 28 733 53 255 Total liabilities 138 942 132 438 Total liabilities and equity 171 638 162 582 Notes on pages from 17 to 23 are an integral part of these interim reports. Didzis Ādmīdiņš Chairman of the Board Andrejs Aleksandrovičs Board Member Mārtiņš Sandars Board Member This document is electronically signed with safe electronical signature and contains time stamp.
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 15 / 23 Interim Consolidated Statement of Changes in Equity January - June 2026 Share capital Share premium Other capital reserves Retained earnings Total EUR’000 EUR’000 EUR’000 EUR’000 EUR’000 As at 01 January 2025 4 541 6 891 223 13 274 24 929 Profit for the reporting period - - - 3 741 3 741 Dividends paid* - - - (2 311) (2 311) Share-based payments - - 14 - 14 As at 30 June 2025 4 541 6 891 237 14 704 26 373 As at 01 January 2026 4 545 6 891 275 18 433 30 144 Profit for the reporting period - - - 5 698 5 698 Dividends paid** - - - (3 178) (3 178) Share-based payments - - 33 - 33 Share options 2 - - - 2 Foreign currency translation reserve - - (3) - (3) As at 30 June 2026 4 547 6 891 305 20 953 32 696 * Interim dividends in 2025: 0.0216 EUR per share. ** Annual dividends 0.0391 EUR per share. ** Interim dividends in 2026: 0.0308 per share. Notes on pages from 17 to 23 are an integral part of these interim reports. Didzis Ādmīdiņš Chairman of the Board Andrejs Aleksandrovičs Board Member Mārtiņš Sandars Board Member This document is electronically signed with safe electronical signature and contains time stamp.
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 16 / 23 Interim Consolidated Statement of Cash flows January - June 2026 For 6 months ended 30 June For 6 months ended 30 June 2026 2025 Notes EUR’000 EUR’000 Cash flow from operating activities Profit before corporate income tax 7 270 4 855 Adjustments for non-cash items: a) depreciation and amortization 555 517 b) depreciation of right-of-use assets 353 448 c) credit loss expenses 11 133 9 982 d) share-based payment expense 33 14 e) interest income and similar income (3) (33 710) (30 344) f) interest expenses and similar expenses (4) 6 806 5 933 Profit before adjustments of working capital and short-term liabilities (7 560) (8 595) Change in operating assets/liabilities: a) (Increase) on loans and receivables and other debtors (10 557) (28 314) b) (Increase)/ decrease on inventories 225 350 c) (Decrease)/ increase on trade payable and accrued liabilities (374) 2 001 d) Income from debt securities and loans constituting long-term investments (1) - e) Accrued interest income (659) - Gross cash flow from operating activities (18 926) (34 558) Interest received 31 275 29 932 Interest paid (6 606) (6 686) Corporate income tax payments (714) (192) Net cash flow from operating activities 5 029 (11 504) Cash flow from investing activities Acquisition of property, plant and equipment (624) (125) Acquisition of intangible assets (135) (417) Repayment of term deposits - (1 875) Net cash flow from investing activities (399) (2 417) Cash flow from financing activities Loans received 17 390 20 442 Loans repaid (15 134) (2 980) Bonds issued 24 163 1 731 Redemption of bonds (28 451) (1 120) Repayment of lease liabilities (542) (547) Dividends paid (3 178) (1 893) Net cash flow from financing activities (5 752) 15 633 Net cash flow of the reporting period (1 482) 1 712 Cash and cash equivalents at the beginning of the reporting period 3 539 1 644 Cash and cash equivalents at the end of the reporting period 2 057 3 356 Notes on pages from 17 to 23 are an integral part of these interim reports. Didzis Ādmīdiņš Chairman of the Board Andrejs Aleksandrovičs Board Member Mārtiņš Sandars Board Member This document is electronically signed with safe electronical signature and contains time stamp.
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 17 / 23 Notes (1) Accounting policies Basis of preparation These financial statements have been prepared based on the accounting policies and measurement principles as set out below. The interim reports for the six-months ended 30 June 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim reports do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual consolidated financial statements as at 31 December 2025. These interim reports are prepared and disclosed on a consolidated basis. The f ollowing subsidiaries are included in the consolidation: SIA ViziaFinance (100%) and UAB DelfinGroup LT (100%), DELFINGROUP RO IFN S.A. (100%) for the period ended 30 June 2026. (2) Net sales Net revenue by type of revenue For 6 months ended 30 June For 3 months ended 30 June 2026 2025 2026 2025 EUR’000 EUR’000 EUR’000 EUR’000 Income from sales of goods 4 260 4 194 2 160 2 124 Income from sales of precious metals 1 361 2 038 454 1 412 Other income (loan and storage commission) for financial instruments measured as FVTPL 434 461 227 230 6 055 6 693 2 841 3 766 (3) Interest income and similar income For 6 months ended 30 June For 3 months ended 30 June 2026 2025 2026 2025 EUR’000 EUR’000 EUR’000 EUR’000 Interest income on unsecured and other loans according to effective interest rate method 29 442 26 043 14 731 13 568 Interest income on pawn loans 4 268 4 301 2 091 2 177 33 710 30 344 16 822 15 745 (4) Interest expenses and similar expenses For 6 months ended 30 June For 3 months ended 30 June 2025 2026 2025 2026 EUR’000 EUR’000 EUR’000 EUR’000 Bonds’ interest expense 3 992 3 416 1 949 1 696 Interest expense on other borrowings 1 246 1 337 625 723 Interest expense on loans from credit institutions 1 443 1 071 782 599 Interest expense on lease liabilities - premises 125 109 59 49 6 806 5 933 3 415 3 067
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 18 / 23 Notes (continued) (5) Selling expenses For 6 months ended 30 June For 3 months ended 30 June 2025 2026 2025 2026 EUR’000 EUR’000 EUR’000 EUR’000 Salary expenses 2 739 3 093 1 473 1 551 Advertising expenses 1 521 1 488 889 733 Social insurance expenses 622 679 333 349 Amortization of intangible assets 415 365 224 186 Depreciation of right-of-use assets 353 382 177 188 Maintenance expenses 582 506 304 265 Non-deductible VAT 257 375 59 197 Utilities expenses 197 179 77 83 Depreciation of property, plant and equipment 140 152 72 77 Transportation expenses 44 52 24 23 Provisions for unused annual leave 40 57 19 20 Other expenses 344 452 138 250 7 254 7 780 3 789 3 922 (6) Administrative expenses For 6 months ended 30 June For 3 months ended 30 June 2025 2026 2025 2025 EUR’000 EUR’000 EUR’000 EUR’000 Salary expenses 1 751 2 056 897 1 032 Bank commission 514 534 270 295 Communication expenses 230 201 115 104 Social insurance expenses 375 423 193 247 Depreciation of right-of-use assets 79 66 39 38 Legal and professional services 77 75 35 54 State fees and duties, license expenses 77 72 40 35 Audit expenses 30 29 17 -7 Other administrative expenses 127 275 65 102 3 260 3 731 1 671 1 900 (7) Basic and Diluted earnings per share Earnings per share are calculated by dividing the net profit attributable to shareholders for the year, after taxation, by the weighted average number of shares outstanding during the year. The table below presents the profit and share data used in calculating the Group’s earnings per share. For 6 months ended 30 June For 3 months ended 30 June 2026 2025 2026 2025 EUR EUR EUR EUR Net profit attributed to shareholders, EUR’000 5 698 3 741 2 888 1 972 Weighted average number of shares 45 451 406 45 406 435 45 453 842 45 406 435 Earnings per share. EUR 0.125 0.082 0.064 0.041 Weighted average number of shares used for calculating the diluted earnings per shares 45 508 627 45 477 415 45 511 062 45 477 415 Diluted earnings per share 0.125 0.082 0.064 0.041
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 19 / 23 Notes (continued) (7) Basic earnings and Diluted earnings per share (continued) The table below presents the profit and share data used in calculating the Group’s earnings per share. Actual number of shares after transaction For 6 months ended 30 June 2025 Number of shares at the beginning of the period 45 406 435 Number of shares at the end of the period 45 406 435 Weighted average number of shares: 45 406 435 Weighted average number of share options for DelfinGroup AS employees granted in January – June 2025* 70 980 Weighted average potential number of shares 45 477 415 For 6 months ended 30 June 2026 Number of shares at the beginning of the period 45 448 915 Number of shares at the end of the period 45 472 511 Weighted average number of shares: 45 451 406 Weighted average number of share options for DelfinGroup AS employees granted in January – June 2026** 57 221 Weighted average potential number of shares 45 508 627 * On 30 June 2024, 35,338 share options were granted. The fair value of the options at the grant date was EUR 0.908 per option, and the exercise price was EUR 0.10 per option. On 31 December 2024, 38,500 share options were granted. The fair value of the options at the grant date was EUR 0.901 per option, and the exercise price was EUR 0.10 per option. On 30 June 2025, 37,500 share options were granted. The fair value of the options at the grant date was EUR 1.005 per option, and the exercise price was EUR 0.10 per option. ** On 30 June 2025, 37,500 share options were granted. The fair value of the options at the grant date was EUR 1.005 per option, and the exercise price was EUR 0.10 per option. On 31 December 2025, 48,338 share options were granted. The fair value of the options at the grant date was EUR 1.097 per option, and the exercise price was EUR 0.10 per option. On 30 June 2026, 35,203 share options were granted. The fair value of the options at the grant date was EUR 1.329 per option, and the exercise price was EUR 0.10 per option. (8) Loans and receivables a) Loans and receivables by loan type Group Group 30 June 2026 31 December 2025 EUR’000 EUR’000 Pawn loans measured at fair value Long-term 190 190 Short-term 7 500 7 399 Interest accrued 422 437 Pawn loans measured at fair value, total 8 112 8 026 Unsecured loans Long-term 134 350 125 378 Short-term 24 979 24 280 Interest accrued 6 027 5 356 Unsecured loans, total 165 355 155 015 Loans secured by real estate Long-term 411 - Short-term 12 - Interest accrued 4 - Loans secured by real estate, total 427 - Loans and receivables before allowance, total 173 894 163 040 ECL allowance on loans issued without pledge (21 189) (18 647) Loans and receivables 152 705 144 393
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 20 / 23 Notes (continued) (8) Loans and receivables (continued) All loans are issued in euros. Weighted average term for consumer loans is 4,3 years and for pawn loans are two months. The Group signed a contract with a third party for the receivable amounts regular debt sale to assign debtors for loans issued which are outstanding for more than 45 days. Losses from these transactions were recognized in the current period. Pawn loans in the amount of EUR 8 112 037 (31.12.2025: EUR 8 025 506) are secured by the value of the collateral and measured at fair value. b) Age analysis of loans issued without pledge at amortized cost: Group Group 30 June 2026 31 December 2025 EUR’000 EUR’000 Receivables not yet due 135 515 129 592 Outstanding 1-30 days 12 807 12 843 Outstanding 31-90 days 6 612 5 840 Outstanding 91-180 days 3 738 2 235 Outstanding for 181-360 days 3 063 2 456 Outstanding for more than 360 days 3 621 2 050 Total claims against debtors for loans issued 165 355 155 015 c) Age analysis of provision for bad and doubtful trade debtors: Group Group 30 June 2026 31 December 2025 EUR’000 EUR’000 For trade debtors not yet due 7 336 7 109 Outstanding 1-30 days 2 899 3 144 Outstanding 31-90 days 3 195 3 026 Outstanding 91-180 days 2 457 1 610 Outstanding for 181-360 days 2 158 1 888 Outstanding for more than 360 days 3 145 1 870 Total provisions for bad and doubtful trade debtors 21 189 18 647 Loan loss allowance has been defined based on collectively assessed impairment. For ECL calculation purposes debtors for loans issued without pledge were grouped by brands – Banknote, VIZIA and DelfinGroup LT. (9) Bonds issued Group Group 30 June 2026 31 December 2025 EUR’000 EUR’000 Total long-term part of bonds issued 60 668 46 674 Bonds issued 5 592 24 071 Interest accrued 94 120 Total short-term part of bonds issued 5 686 24 191 Bonds issued, total 66 260 70 745 Interest accrued, total 94 120 Bonds issued net 66 354 70 865 As at 30 June 2026, the Parent Company of the Group has bonds in issue (ISIN LV0000860146) in the nominal amount of EUR 7,115,000, registered with the Latvian Central Depository, issued by way of a private placement on 3 October 2023 on the following terms – number of financial instruments: 15,000, with a nominal value of EUR 1,000 each. The coupon rate is 3M EURIBOR + 9%, with the coupon payable monthly on the 25th day of each month. The final maturity date for redemption of the principal amount (EUR 1,000 per bond) is 25 November 2026. On 7 November 2024, trading of the bonds commenced on the Nasdaq Baltic First North Alternative Market debt securities list. The bonds are unsecured.
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 21 / 23 Notes (continued) (9) Bonds issued (continued) As at 30 June 2026, the Parent Company of the Group has bonds in issue (ISIN LV0000106649) in the nominal amount of EUR 25,000,000, registered with the Latvian Central Depository, issued by way of a private placement on 25 September 2025 on the following terms – number of financial instruments: 25,000, with a nominal value of EUR 1,000 each. The coupon rate is 9.50%, with the coupon payable monthly on the 25th day of each month. The final maturity date for redemption of the principal amount (EUR 1,000 per bond) is 25 September 2027. On 17 February 2026, trading of the bonds commenced on the Nasdaq Baltic First North Alternative Market debt securities list. The bonds are unsecured. As at 30 June 2026, the Parent Company of the Group has bonds in issue (ISIN LV0000803914) in the nominal amount of EUR 15,000,000, registered with the Latvian Central Depository, issued by way of a public offering on 25 September 2024 on the following terms – number of financial instruments: 150,000, with a nominal value of EUR 100 each. The coupon rate is 10.00%, with the coupon payable monthly on the 25th day of each month. The final maturity date for redemption of the principal amount (EUR 100 per bond) is 25 September 2 028. On 25 September 2024, trading of the bonds commenced on the Nasdaq Baltic Regulated Market debt securities list. The bonds are unsecured. As at 30 June 2026 , the Parent Company of the Group has subordinated bonds in issue (ISIN LV0000870145) in the nominal amount of EUR 5,000,000, registered with the Latvian Central Depository, issued by way of a private placement on 29 May 2024 on the following terms – number of financial instruments: 5,000, with a nominal value of EUR 1,000 each. The coupon rate is 3M EURIBOR + 11.00%, with the coupon payable monthly on the 25th day of each month. The final maturity date for redemption of the principal amount (EUR 1,000 per bond) is 25 May 2029. On 15 October 2025, trading of the bonds commenced on the Nasdaq Baltic First North Alternative Market debt securities list. The bonds are unsecured. As at 30 June 2026 , the Parent Company of the Group has subordinated bonds in issue (ISIN LV0000106631) in the nominal amount of EUR 4,528,000, registered with the Latvian Central Depository, issued by way of a private placement on 25 September 2025 on the following terms – number of financial instruments: 5,000, with a nominal value of EUR 1,000 each. The coupon rate is 11.50%, with the coupon payable monthly on the 25th day of each month. The final maturity date for redemption of the principal amount (EUR 1,000 per bond) is 25 Septemb er 2030. The bonds are unsecured. As at 30 June 2026, the Parent Company of the Group has bonds in issue (ISIN LV0000111441) in the nominal amount of EUR 16,005,000 registered with the Latvian Central Depository, issued by way of a private placement on 25 May 2026 on the following terms – number of financial instruments: 35,000, with a nominal value of EUR 1,000 each. The coupon rate is 9.50%, with the coupon payable monthly on the 25th day of e ach month. The final maturity date for redemption of the principal amount (EUR 1,000 per bond) is 25 May 2029. The bonds are unsecured. As at 30 June 2026, the Group has complied with all covenants included in the terms and conditions of the bond issues. Please refer to the covenants described in the Management Report. (10) Loans from credit institutions Group Group 30 June 2026 31 December 2025 EUR’000 EUR’000 Long-term loans from credit institutions 29 747 12 500 Total long-term loans from credit institutions 29 747 12 500 Short-term loans from credit institutions 3 216 11 000 Total short-term loans from credit institutions 3 216 11 000 Loans from credit institutions, total 32 963 23 500 As of 30 June 2026, the Group’s parent company had loans from credit institutions comprising fixed-rate loans maturing in 2028 and a variable-rate loan bearing interest at three-month EURIBOR plus a fixed margin and maturing in 2027. However, with effect from 16 October 2026, the lender is entitled to terminate the agreement unilaterally and require repayment of the outstanding amount upon giving at least 30 days’ notice. To secure the fulfilment of these obligations, the Group has registered commercial pledges; see Note 15. As of 30 June 2026, the Group has complied with the terms of the loan agreements. (11) Other borrowings Group Group 30 June 2026 31 December 2025 EUR’000 EUR’000 Other long-term loans 17 585 17 490 Total other long-term loans 17 585 17 490 Other short-term loans 11 895 11 279 Total other short-term loans 11 895 11 279 Other loans, total 29 480 28 769
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 22 / 23 Notes (continued) (11) Other borrowings (continued) Amount of other borrowings is represented by loans received from investment platform Mintos, a platform registered in the European Union. The weighted average annual interest rate as of 30 June 2026 is 8.8% (31.12.2025: 8.7%). According to the loan agreement with SIA Mintos Finance the loans matures according to the particular loan agreement terms concluded by the Group with its customers. To ensure fulfilment of liabilities the Group has registered commercial pledge, see note 15. As at 3 0 June 2026 the Group is in compliance with covenants. (12) Related party transactions The consolidated interim report discloses related parties with whom transactions took place during the reporting period or the comparative period. Group’s transactions Transactions for 6 months 2026 Transactions in 2025 EUR’000 EUR’000 Shareholders Interest paid 59 94 Key management personnel Interest paid 13 11 Other related companies Services received - 3 Bonds issued to the related companies Group Group 30 June 2026 31 December 2025 EUR’000 EUR’000 Key management personnel 150 400 Shareholders 100 2 183 Long-term part of bonds issued to the related companies, total 250 2 583 Bonds issued to the related companies, total 250 2 583 (13) Segment information For management purposes, the Group is organized into three operating segments based on products and services as follows: Consumer loan segment Issuance of consumer loans to customers, debt collection activities and assignment of loan receivables to external debt collection companies. Pawn loan segment Issuance of pawn loans. Retail of pre-owned goods Sale of pre-owned goods acquired from customers through branches and online channels. Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Information on the loan portfolios of the pawn loan and consumer loan segments is presented in Note 8. The real estate- secured loan segment is currently not assessed separately due to its low materiality.
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AS DelfinGroup Unaudited Consolidated Interim Report January – June 2026 (translation from Latvian) 23 / 23 Notes (continued) The following table presents revenue and gross profit by operating segment, in EUR’000. Consumer loans Pawn loans Retail of pre-owned goods Total For 6 months period ended 30 June For 6 months period ended 30 June For 6 months period ended 30 June For 6 months period ended 30 June 2026 2025 2026 2025 2026 2025 2026 2025 Net sales - - 434 461 5 621 6 232 6 055 6 693 Interest income and similar income 29 442 26 043 4 268 4 301 - - 33 710 30 344 Revenue 29 442 26 043 4 702 4 762 5 621 6 232 39 765 37 037 Cost of goods sold - - - - (3 958) (4 672) (3 958) (4 672) Credit loss expenses (11 133) (9 981) - - - - (11 133) (9 981) Gross profit* 18 309 16 062 4 702 4 762 1 663 1 560 24 674 22 384 *Excluding interest expenses and similar expenses. (14) Guarantees issued, pledges The Group has registered commercial pledges by pledging its assets and claim rights for a maximum amount of EUR 47 million as collateral registered to SIA Mintos Finance No.20 and AS Mintos Marketplace to provide collateral for loans placed on the Mintos P2P platform. On 24 October 2024, the Company registered a commercial pledge, pledging its claims as collateral to AS “Citadele banka” for a maximum amount of EUR 6.37 million. On 16 October 2024, the Company’s subsidiary SIA ViziaFinance signed a guarantee agreement, undertaking to be liable to AS “Citadele banka” for the Company’s obligations. On 16 April 2025, the Company and SIA ViziaFinance registered a commercial pledge, pledging their assets as collateral to Multitude Bank p.l.c. for a maximum amount of EUR 17 million. On 7 April 2025, SIA ViziaFinance signed a guarantee agreement, undertaking to be liable to Multitude Bank p.l.c. for the Company’s obligations. On 4 December 2025, the Company pledged its Multitude Capital Oyj bonds (ISIN NO0013259747) in the amount of EUR 2,500,000 in favor of Multitude Bank p.l.c. On 29 December 2025, the Company and SIA ViziaFinance signed a commercial pledge agreement with the aim of pledging their assets as collateral to Multitude Bank p.l.c. for a maximum amount of EUR 17.25 million. On 29 December 2025, SIA ViziaFinance and UAB DelfinGroup LT signed a guarantee agreement, undertaking to be liable to Multitude Bank p.l.c. for the Company’s obligations. On 10 February 2026, UAB DelfinGroup LT signed a commercial pledge agreement with the aim of pledging its assets as collateral to Multitude Bank p.l.c. up to a maximum amount of EUR 17.25 million. On 3 March 2026, the Company pledged its Multitude Capital Oyj bonds (ISIN NO0013259747) in the amount of EUR 2,587,000 in favor of Multitude Bank p.l.c. As of 30 June 2026, the amount of secured liabilities is EUR 62.4 million (31 December 2025: EUR 52.3 million). (15) Subsequent events On 30 July 2026, AS DelfinGroup issued new subordinated bonds, ISIN LV0000112134, by way of a private placement. The aggregat e principal amount of the bond issue is up to EUR 5 million, with a fixed annual coupon rate of 11.5%, a nominal value of EUR 1,000 per bond and a maturity date of 25 July 2031. From 15 July to 28 July 2026, DelfinGroup conducted a subordinated bond exchange offer. Under the offer, existing holders of bonds ISIN LV0000870145 with holdings of at least EUR 100,000 were entitled to exchange them for the new bonds ISIN LV0000112134. A s a result of the exchange offer, existing investors subscribed for the new bonds ISIN LV0000112134 in an aggregate amount of EUR 3,940,000. Co nsequently, the outstanding amount of the bond issue ISIN LV0000870145 was reduced to EUR 1,060,000. Didzis Ādmīdiņš Chairman of the Board Andrejs Aleksandrovičs Board Member Mārtiņš Sandars Board Member This document is electronically signed with safe electronical signature and contains time stamp.