Slides
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14 October 2026 Accelerating Growth Strategy update and 3 - year forecast
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INDEXO success so far 161,000 + clients have trusted us with EUR 1.7 9 bn of pension savings Bank ’ s loan book has grown 3.7 x YoY to EUR 131 m INDEXO Group holds 11 % of consumer lending market 4 Nearly 70,000 clients have said YES to INDEXO Bank and accumulated EUR 150 m+ in deposits 3 rd largest pension manager in Latvia 3 IPAS INDEXO and INDEXO Asset Management IPAS · established 2017 Fastest growing Bank in Latvia 1 INDEXO Banka · established 2024 One of the largest non - bank lenders in Latvia 2 DelfinGroup · established 2009 · 72.03 % owned by INDEXO in 2026 1 Total asset growth H 1 2026 ( 30.06.2026 vs 31.12.2025 ): INDEXO Banka + 71 %, Latvian banking sector + 3.2 %. Highest among all banks licensed in Latvia. Sources: INDEXO Banka 6 M 2026 interim report; Latvijas Banka. 2 DelfinGroup net loan portfolio € 144.4 m vs. € 0.80 bn of non - bank consumer loans (online, consumer and pledge loans) across 38 licensed lenders, 31.12.2025 (~ 18 %). Sources: DelfinGroup FY 2025 results; PTAC. 3 Ranking by assets under management ( 2 nd and 3 rd pillar combined), calculated as the sum of each manager ’ s plans. Source: manapensija.lv , data as of 08 – 09.10.2026 . 4 INDEXO Banka and DelfinGroup consumer loan portfolios, 30.06.2026 , vs. EUR 1.9 bn Latvian consumer lending market (see slide 6 ). Sources: company reports, Latvijas Banka, PTAC.
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Profitable Financial Group with three growing business segments 127 141 174 193 216 249 280 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 INDEXO Group net loan portfolio EUR m, end of period Pro - forma consolidation 1 Steady growth at DelfinGroup and in Pensions business DelfinGroup : revenue + 7 % YoY to EUR 39.8 m in H 1 2026 Pensions: revenue + 12 % YoY to EUR 2.8 m in H 1 2026 The Group is profitable EUR 0.3 m of consolidated net profit in H 1 2026 attributable to INDEXO shareholders The Bank is a significant contributor to Group's growth Bank ’ s revenue: 9.5 x YoY to EUR 2.6 m in H 1 2026 Group ’ s loan book: 1.8 x YoY June 2026 , with the B ank driving 75 %+ of the increase 1 Pro - forma consolidation: sum of net loan portfolios of DelfinGroup and INDEXO Bank; compiled for illustrative purposes; financials before acquisition have not been consolidated in accordance with financial reporting standards. Q 3 2026 has been adjusted with an estimate of fair value. Estimate 2025 2026
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Lending business DelfinGroup and INDEXO Bank
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Latvian lending: the door is open for a challenger bank And the market is growing + 12 % YoY , supported by nominal GDP and income growth 2 Latvia is underleveraged Loans are only 30 % of GDP , against 73 % in the euro area 1 All loans in Latvia Bank and non - bank 12 % 38 % 44 % 6 % EUR 15.3 bn 3 all loans 8 % 3 % 55 % 34 % EUR 1.9 bn 3 consumer loans Consumer lending EUR 1.9 bn Housing loans EUR 5.8 bn Company loans EUR 6.7 bn Other household loans EUR 0.9 bn DelfinGroup EUR 153 m INDEXO Banka EUR 59 m Other banks EUR 1.01 bn Other non - bank lenders EUR 0.63 bn 1 Loans to non - financial corporations and households, % of GDP, 2025 Q 2 . Source: Latvijas Banka, Finanšu pieejamības pārskats 2025 (ECB BSI, Eurostat) 2 Bank loans to households and non - financial corporations, annual growth May 2026 , excluding one - off effects of structural changes in the banking sector. Source: Latvijas Banka, cyclical risk assessment Q 2 2026 . 3 Latest available actual data. Banks: Latvijas Banka monetary statistics, 30.06.2026 . Non - banks: PTAC, 31.12.2025 . INDEXO Banka and DelfinGroup : company reports, 30.06.2026 . Consumer lending Non - secured
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INDEXO Bank: The Group ’ s main growth driver Bank ’ s net l oan book EUR m 6 12 35 54 74 101 131 Q 1 - 25 Q 2 - 25 Q 3 - 25 Q 4 - 25 Q 1 - 26 Q 2 - 26 Q 3 - 26 3.7 x loan book in a year Launched in August 2024 Nearly 70,000 customers in two years On track to EUR 1 m revenue a month H 1 2026 revenue EUR 2.6 m , 9 .5 x year on year. Bank ’ s monthly revenue Jun 2025 – Dec 2026 EUR m 2025 2026 2026 2025 Estimate 0.1 0.2 0.3 0.4 0.5 1.0 Target Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Dec-26
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Consumer lending is main revenue driver, other products scaling slower 42 % of net loan portfolio are mortgages and home equity in June 2026 ~ 64 % of all mortgages refinanced to another bank come to INDEXO Bank in Q 2 2026 However, consumer lending is leading 82 % of gross interest income comes from consumer loans in Q 2 2026 5.3 x net consumer loan book growth in 12 months in June 2026 Bank ’ s gross interest income from loans EUR m 7.5 x in 12 months 0.1 0.3 0.6 1.1 1.4 2.1 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2025 Consumer loans Mortgages and home equity 2025 2026
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Latvian consumer lending: right segment for a new bank to start High automatization and scalability Credit bureaus with good data depth Full positive and negative history. A fully digital economy eID , e - signature, instant payments. No branches. Room to grow € 1.9 bn market and growing 1 More than doubled in last 5 years Low market leverage Loans are only at 30 % of GDP vs 73 % in the euro area. Fast growing average income 2 Average salary has increased by about 10 % p.a. in the last 5 years Pays for the risk € 0.8 bn of non - bank loans 3 Priced at ~ 25 - 42 % 3 . An active market for Non - Performing Loan sales Good price for selling forward flow with several buyers All of it leads to a good risk - adjusted return 1 Bank consumer loans ( Latvijas Banka) and non - bank online and consumer loans (PTAC): EUR 0.74 bn at 31.12.2020 → EUR 1.86 bn at 30.06.2026 (banks) and 31.12.2025 . (non - banks). Sources: Latvijas Banka monetary statistics; PTAC. 2 Average gross monthly wage, full - time equivalent, 2020 – 2025 , nominal. Source: Central Statistical Bureau of Latvia (CSP) 3 Non - bank online, consumer and pledge loans, 31.12.2025 ; market weighted average APR on new instalment loans, Dec 2025 . Source: PTAC.
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How we will accelerate the Bank ’ s loan portfolio growth EUR 10 m EUR 20 m today by mid - 2028 2 x New products Credit line, loan consolidation, car loans and more Refinancing Our own customer base has EUR 35 m of expensive debt for us to refinance Other markets The consumer offer has potential beyond Latvia Corporate segment Loans and deposits for corporates – starting in Q 4 2026 Mortgages Additional opportunities with lower - cost funding Consumer lending The big opportunity in the upcoming years Operational focus Faster product roll - out, data management and capacity increase By doubling the net loan portfolio monthly increase By improving our offering And keeping consumer lending in focus
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DelfinGroup : stable and predictable growth and profits 2023 2024 2025 H 1 2026 Revenue, EUR m 50.4 63.0 78.2 39.8 Net profit, EUR m 6.6 7.3 9.6 5.7 Return on equity 33.6 % 31.5 % 34.9 % 38.0 % 1 Growing loan portfolio About 30 % CAGR since 2022 . Stable customer base Approximately 60 thousand active borrowers. Predictable capital stream Up to 5 0 % dividend pay - out policy. 2026 targets 2 : profit before tax EUR 14.6 m. Net loan portfolio, EUR m 171 67.5 89 113.5 144.4 2022 2023 2024 2025 2026 Target 2 1 Last 12 months in June 2026 . 2 In accordance with DelfinGroup ’ s 3 - year guidance published in FY 2025 financial report.
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L ending growth needs funding Today Retail funding Already in place and we keep growing it through marketing Q 4 2026 Corporate funding Launching corporate deposits, daily transaction accounts to follow Q 4 2026 Deposit platform Germany first, more EU markets to follow Ongoing New daily banking services Accounts, payments and cards bring account balances, that improve the funding mix
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Equity capital in the Bank EUR m 36 + 23 – 25 + 10 – 13 69 – 74 Already invested (until Sep 2026 ) To be invested: internal resources To be invested: new capital raise Total equity New capital raise planned in Stockholm (Q 4 2026 ) Private placements Other non - dilutive capital instruments subject to capital needs Growth needs capital, which we will mostly generate internally
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Pension savings
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Asset Management : already at scale and profitable 2023 2024 2025 2026 H 1 Revenue, EUR m 3.1 2 4.44 5.11 2.76 Normalised net profit 3 , EUR m - 0.33 1 . 34 2.1 2 1.12 Clients, thousand 127 142 159 161 A EUR 12 bn addressable market, and growing 1 Latvian pension assets have grown 23 % YoY in H 1 2026 . Focus on voluntary savings INDEXO 3 rd pillar assets + 81 % YoY in H 1 2026 . The market is growing too: 3 rd pillar assets + 25 % YoY in H 1 2026. 1 Started in 2017 , now top 3 in Latvia by assets under management EUR 1.79 bn under management and 161 + thousand clients today. 2 2026 forecast 4 : revenue EUR 5.4 m, normalised net profit EUR 2.4 m 1 Latvijas Banka pension statistics: 2 nd pillar EUR 11.1 bn, 3 rd pillar EUR 1.3 bn at 30.06.2026 ; YoY growth vs 30.06.2025 . 2 AUM EUR 1.79 bn ( 2 nd + 3 rd pillar): manapensija.lv , 08 – 09.10.2026 . Clients 161.3 thousand at 30.06.2026 . 3 Normalised net profit excludes Group and one - off costs. 4 2026 forecast: management forecast. Assets under management, EUR bn 0.5 0.6 0.9 1.3 1.6 1.8 2021 2022 2023 2024 2025 2026 H 1 Forecast 4
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The 3 - year forecast
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346 340 532 520 – 600 771 770 – 900 1,000 – 1,200 Loan book: accelerating growth Group ’ s loan book split 2029 Approximate share of the forecasted net loan portfolio 55 % Consumer loans 32 % Mortgages and home equity 13 % Business loans Previous public forecast 1 New forecast range 2026 E 2027 F 2028 F 2029 F Group ’ s net loan book EUR m 1 Previous public forecast included only private segment loans.
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Net profit attributable to INDEXO shareholders EUR m 5 – 6 0.5 – 1.0 17 – 19 9 – 11 30 – 34 24 – 27 37 – 42 Previous forecast range (Apr 2026 ) New forecast range 2026 E 2027 F 2028 F 2029 F Net profit driven by long - term growth We have accelerated consumer lending Provisions come first, so there is impact on growth phase profits Intra Group funding synergies Synergies take slightly longer to materialize and have been spread out over a longer period Bank to contribute 50 %+ in 2029 Bank ’ s forecasted profits contribute more than half of the Group ’ s net profit attributable to INDEXO shareholders in 2029 INDEXO shareholders are attributed 72.03 % of DelfinGroup's profits.
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We know how to accelerate the growth even further The Bank has proven its case We focus on consumer lending Forecasted net profit * for the Group EUR 40 m in 2029 ( * attributable to INDEXO Shareholders)
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Jānis Pizičs 20 years in finance, 10 + years in lending and fintech 2013 – 2017 2017 – 2020 since 2021 2022 – 2026 2026 GSK Nordic Finance Partner Finko Group Group CEO DelfinGroup Supervisory Board Member Merito Partners Partner IPAS INDEXO · INDEXO Bank Supervisory Board Member 5 new markets in one year from 4 to 1,000 + employees in 3 years € 150 m+ portfolio · € 100 m+ financing raised Involved in developing INDEXO Bank ’ s lending since early 2026 Earlier: EY · Latvijas Energoceltnieks · SPI Group (Luxembourg) Education: SSE Riga · RBS MBA in Finance · ACCA · BICG Fintech mindset, bank strength and every product with its own math