Interim report
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Unaudited Consolidated Interim Report January - June 2026 IPAS INDEXO
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Name of the Company IPAS INDEXO Legal status of the Company Investment management joint-stock company Registered and office address Roberta Hirsa 1, Riga, LV-1045, Latvia Number, place, and date of registration in the Register of Enterprises 40203042988 Riga, 10 January, 2017 ISIN Code LV0000101863 Licence number 06.03.07.567/478 Date of issue of the licence 16.05.2017., reregistered on 31.05.2017. Shareholders 30.06.2026: Qualifying holding ALPPES CAPITAL AS (Latvia) – 29.62% (5% and more): SIA EC finance - 6.55 % Natural persons and legal entities with a shareholding of under 5% Members of the Supervisory Board and their position Valdis Vancovičs – Chairman (from 19.04.2023) Svens Dinsdorfs – Deputy Chairman (from 19.04.2023) Renāts Lokomets – Member (from 19.04.2023) Mārtiņš Jaunarājs - Member (from 15.04.2025) Members of the Management Board and their position Henrik Karmo – Chairman of the Management Board Artūrs Roze – Member of the Management Board Marija Černoštana – Member of the Management Board Reporting period 1 January 2026 – 30 June 2026 Comparative period 1 January 2025 – 30 June 2025 Auditors "BDO ASSURANCE" SIA Riga, Mihaila Tāla 1, Licence No. 182 Certified auditor in charge LV-1045, Latvia Raivis Jānis Jaunkalns Sworn auditor certificate No. 237 Information on the group 2 I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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Subsidiary information 3 Investments in subsidiaries Name of the subsidiary Indexo Atklātais Pensiju Fonds, AS AS INDEXO Banka AS DelfinGroup UAB DelfinGroup LT DELFINGROUP RO IFN S.A. SIA VIZIAFINANCE INDEXO Asset Management IPAS (prev. IPAS VAIRO) Ownership interest 100% 100% 72.03% 72.03% (indirect via DelfinGroup AS) 72.03% (indirect via DelfinGroup AS) 72.03% (indirect via DelfinGroup AS) 100% Registered and office address Roberta Hirša 1, Rīga, LV- 1045, Latvia Roberta Hirša 1, Rīga, LV- 1045, Latvia Skanstes 50A, Rīga, LV- 1013, Latvia 25-701 Lvivo g, Vilnius, Lithuania București Sect. 1, Str. GRIGORE MORA, Nr. 16, Etaj 1, Romania Skanstes 50A, Rīga, LV- 1013, Latvia Roberta Hirša 1, Rīga, LV- 1045, Latvia Registration number 40203248944 40203448611 40103252854 306462155 J2025052412007 40003040217 40203474347 Date of foundation / acquisition 13.06.2020. 19.12.2022. 12.10.2009. 15.12.2025. 15.12.2025 15.12.2025 19.09.2025 Licence number 06.04.04.705/531 27-55/2024/2 – – – – – Licence issue date 20.01.2021. 16.05.2024. – – – – – Nature of operations Administration of private pension scheme assets Credit institution Other lending services, mail order, e-commerce, retail sales Other lending services Other lending services Other lending services Pension fund management Name of the associated company SIA Provendi asset management AIFP Goindex UAB Ownership interest 49% 3.97% Registered and office address Elizabetes 13-1, Rīga, LV-1010, Latvia Lvivo g. 25-701, LT-09320 Vilnius, Lithuania Registration number 40203438204 305706496 Acquisition date 02.11.2022. 13.06.2020. Nature of operations Real Estate Fund management Pension fund management Investment in associated company share capital I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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4 Table of Contents 01 Management Report Overview of the Group, strategy, and key developments during the quarter 05 02 Main Group Highlights Consolidated financial and operating highlights for Q1 2026 08 03 Pensions Pension business — operating results, flagship plan performance, real estate fund 10 04 Bank INDEXO Bank — operating results, lending and deposit growth, customer metrics 14 05 DelfinGroup DelfinGroup segment — financial results and key business drivers 19 06 Consolidated Financial Statements Income statement, balance sheet, cash flow, equity changes, and appendices 22 07 Notes to the Financial Statements Notes 1–31 — accounting policies and detailed disclosures supporting the consolidated statements 36 I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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M ana g e m ent rep o rt
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The first half of 2026 confirms that the Q1 was not a one- off. INDEXO Group was profitable in both quarters and closed the half-year with a consolidated net profit of EUR 280 thousand attributable to INDEXO. Every part of the Group contributed to the net result. The pension business reached a record EUR 1.71 billion in AUM and half-year net profit grew by 31% YoY . The Bank delivered its strongest quarter since launch, passed EUR 100 million in lending, reached EUR 130 million in deposits and narrowed its operating loss by a third. DelfinGroup contributed EUR 5.7 million of net profit while continuing to reduce its funding costs. In July we took three further steps to support the next stage of INDEXO Group growth: to raise EUR 2.65 million in targeted share issue from Swedish and international investors, a decision to apply for a second listing in Stockholm and received a regulatory approval received to raise deposits in Germany. Henrik Karmo, CEO and co-founder of INDEXO 6 M A N A G E M E N T R E P O R T I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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The mission of INDEXO Group (hereinafter the Group) is to offer modern, transparent and simple financial products and to improve competition and transparency in the Latvian financial services industry. We are building a financial services group operating in the interest of the local population, making strategic decisions domestically, and contributing to meaningful improvements in Latvia's financial sector. The first half of 2026 is the first reporting period in which the Group's financial statements consolidate AS DelfinGroup. INDEXO completed the mandatory takeover offer for DelfinGroup shareholders in January 2026, and its ownership stands at 72.03% as of 30 June 2026. Together with the integration of IPAS VAIRO during 2025, INDEXO Group now operates across three core business lines: pension fund management (IPAS INDEXO, including the consolidated IPAS VAIRO, and INDEXO Atklatais Pensiju Fonds (pension 3rd pillar)), banking (AS INDEXO Banka), and non-bank consumer finance (AS DelfinGroup). This is complemented by the real estate asset management activity of the Provendi Real Estate Fund, managed by SIA Provendi Asset Management AIFP, in which IPAS INDEXO holds a 49% stake. Q2 2026 result reflects three distinct trajectories across the segments. The pension business delivered EUR 0.48 million in net profit for the quarter and EUR 0.97 million for the first half, with normalised* net profit for the half year up 24% year on year at EUR 1.12 million and revenue up 12%. In addition to that operating result, the IPAS INDEXO received EUR 2.29 million in dividends from AS DelfinGroup. That is return on our investment in the company and rather than distribute it we are contributing it to the capital of INDEXO Banka to support the bank’s overall development and growth of its loan portfolio. 7 M A N A G E M E N T R E P O R T I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O INDEXO Banka’s Q2 2026 total revenue rose 47% quarter on quarter to EUR 1.53 million, while the operating loss narrowed by 12% to EUR 1.38 million. Higher new consumer lending volumes lifted quarterly loan loss provisions to EUR 0.83 million, and INDEXO Banka's net loss for Q2 2026 came in at EUR 2.22 million – 2% improvement quarter on quarter. In Q2 2026 DelfinGroup contributed EUR 2.89 million to the Group's result (shown at 100%; INDEXO Group holds 72.03%), with strong consumer lending volumes and stable portfolio quality. Cost optimisation efforts and an improvement in credit loss expenses further supported the result. DelfinGroup brings greater predictability to INDEXO Group's financial results, allowing us to keep growing and improving the financial environment for our customers. Zooming out: Strong lending momentum across the Group took the net loan portfolio to EUR 262.1 million out of which consumer loan portfolio is around EUR 205 million, giving INDEXO Group a market share of around 12% in consumer loans in Latvia. Across pensions, banking and consumer finance, INDEXO Group now reaches a meaningful share of Latvia's adult population, making us one of the most widely used financial services providers in the country. For the first half of 2026, the Group delivered a total net profit of EUR 1.80 million, of which EUR 0.28 million is attributable to INDEXO shareholders. The first half of 2026 shows what the new Group means in practice: stronger savings outcomes for pension customers, growing deposit and lending activity at the Bank, and a stable, dividend-paying consumer-finance business in DelfinGroup. Together, they give us the scale to keep improving the financial environment in Latvia — for our customers and for the country. *Normalised results reflect the performance of pension management activities, excluding expenses and income that are not directly related to the pension business. These adjustments mainly include costs related to capital raising for INDEXO Group, interest expenses on commitment letters, costs associated with the bank’s employee share option programme, various expenditures tied to the AS DelfinGroup transaction, as well as other expenses incurred during the establishment and development of INDEXO Bank.
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8 Main Group highlights ASSETS UNDER MANAGEMENT, EUR 1,711m PENSION CUSTOMER ACCOUNTS 161.3t H1 TOTAL GROUP REVENUE, EUR 33.9m INDEXO BANK DEPOSITS, EUR 130.0m BANK CUSTOMERS 63.3t GROUP LOAN PORTFOLIO (NET) , EUR 262.1m GROUP CAPITAL ADEQUACY RATIO H1 TOTAL GROUP NET PROFIT (100%) , EUR 1.8m 22.0% ▲ + 27% YoY ▲ + 169% YoY Note: 2026 is the first year of consolidated Group reporting following the inclusion of DelfinGroup. Therefore, prior-year figures are not presented. DelfinGroup figures have been reclassified, where necessary, to align with the Group’s financial results presentation format and line-item classification in the consolidated statement of profit or loss. ▲ + 14% QoQ ▲ + 11% YoY ▲ + 0.2% QoQ ▲ + 44% QoQ ▲ + 70% YoY ▲ + 11% QoQ I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O M A N A G E M E N T R E P O R T
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M A N A G E M E N T R E P O R T The first half of 2026 confirms the profitable fast growth trajectory of the Group. INDEXO Group was profitable in both quarters and closed the half-year with a consolidated net profit of EUR 280 thousand attributable to INDEXO, while the consolidated loan portfolio grew 6% during the second quarter to EUR 262.1 million and total assets reached EUR 344 million up 13% from Q1. Group profit for the Q2 2026 came in at EUR 136.5 thousand - the pension business and DelfinGroup's contribution (EUR 0.48m and EUR 2.89m respectively) more than covered the EUR 2.22m we’re investing to build the Bank. This is the structure we set out to build: mature businesses that fund the young one, and volume growth today that becomes contracted income for years ahead. The 2026 half-year results demonstrate that INDEXO Group is successfully executing its strategy. With DelfinGroup now consolidated and contributing meaningfully to quarterly profit, and the pension business continuing to grow, the Group has the earnings base to carry the Bank’s remaining losses while it moves towards break-even before expected credit losses. At INDEXO we are focused on scaling our core business. To support this next stage of development, we are bringing new, relevant experience to our Supervisory Boards. These professionals will provide the depth of competence and strong, transparent governance to support our growth ambitions. 9 INDEXO Group results* I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O *This is the first financial year of consolidated reporting after DelfinGroup joined the Group, so no comparative figures are shown. DelfinGroup figures have been reclassified, where necessary, to align with the Group’s financial results presentation format and line-item classification in the consolidated statement of profit or loss. Financial results, EURm Q2 2026 Q1 2026 %Δ QoQ H1 2026 Net interest income 15.05 14.70 2.4% 29.75 Net commission income 1.30 1.15 13.4% 2.44 Other operating income 0.50 0.70 -29.2% 1.20 Total revenue 16.85 16.55 1.8% 33.39 Total expenses (9.13) (8.22) 11.0% (17.35) Provisions for expected credit losses (6.00) (6.66) -9.8% (12.66) Corporate tax (0.81) (0.76) 6.3% (1.58) Net profit for the period (100%) 0.90 0.90 0% 1.80 of which attributable to shareholders 0.14 0.14 0% 0.28 of which non-controlling interests 0.76 0.76 0% 1.52 Balance, EURm Q2 2026 Q1 2026 %Δ QoQ H1 2026 Total loan porfolio (net) 262.1 248.1 5.6% 262.1 Total assets 344.3 304.1 13.2% 344.3 Total equity (incl. Minority) 64.8 74.0 -12.4% 64.8 Financial indicators Q2 2026 Q1 2026 Δ QoQ H1 2026 Cost to Income 54.19% 49.70% +4.49 p.p. 51.97% ROE 0.23% 0.24% -0.01 p.p. 0.48% ROA 0.04% 0.05% -0.01 p.p. 0.08% EPS 0.013 0.014 -0.001 EUR 0.027
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10 Pension Savings Management key operating results M A N A G E M E N T R E P O R T TOTAL PENSION ASSETS UNDER MANAGEMENT EURm I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 TOTAL PENSION ACCOUNTS tht I N D E X O We want our customers to retire with meaningful savings to sustain a good quality of life. The rule of thumb globally is to save 10–15% of income for retirement - most people in Latvia don't. We help close that gap through two products: the mandatory 2nd pillar and the voluntary 3rd pillar. Positive real returns in the 2nd and 3rd pension pillars have allowed customers in our 100% equity plans to grow their long-term savings. The first half of 2026 was another period of strong growth for pension management business. Assets under management reached EUR 1.7 billion at the end of Q2 2026, up 27% year-on- year and 13.6% quarter-on-quarter. Second pillar assets grew 18.4% over the year to EUR 1,543 million, driven by contributions and investment returns rather than by client growth. Second pillar client numbers declined by 2.5% over the twelve months, and the annualised churn rate increased through the period, reaching 17.2% in June 2026 against 13.8% a year earlier mainly due to Vairo acquistion (now renamed to INDEXO Asset Management). Voluntary savings (3rd pillar) has been our priority since the start of 2025, and the focus continues to pay off - Assets Under Management reached EUR 78.6 million at the end of Q2 2026, up 81% year-on-year, while customer numbers grew to 27.3 thousand, up 46% year- on-year. Most importantly, a healthy share of our 3rd pillar savers are making regular contributions and raising their contribution amounts over time, building the kind of long-term savings discipline this product is designed to support. 1347 1514 1566 1506 1711 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2nd Pension Pillar 3rd Pension Pillar 145 158 159 160 161 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2nd Pension Pillar 3rd Pension Pillar
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11 Pension Savings Management key operating results Further growth in assets under management has been constrained by reduced second pillar retention. This is the clearest operational challenge in the pension business. Churn is driven by competitor activities and we have reduced the second pillar investment due to low customer loyalty in this product. Our focus remains on long term good performance and lower ongoing cost to customer. We work on bringing customers onto INDEXO app, where they can complement their saving needs by having access to the best daily saving products in the market. Alongside that, we are testing whether deeper product relationships reduce attrition — customers who use both the pension and the Bank churn less — and work on that link continued through the first half. To continue to grow the assets under management following priorities have been set for the second half of 2026 in pension savings management: Third pillar growth: launch of the new third pillar portal with a combined onboarding flow and scaling of business-to-business sales. Second pillar retention: alongside direct channels such as SMS and physical mail we are approaching clients whose pension strategies are not age appropriate. Lifting average contribution levels in the third pillar. In the second half of 2026 IPAS INDEXO will step up the work required to submit the Stockholm listing application, targeting the start of trading on Nasdaq First North Growth Market before year- end, and will continue to sequence further capital support to INDEXO Banka alongside it. Assets under management growth was driven by continued net contributions across both pillars and by positive investment returns during the period. VAIRO plans adding a further EUR 89 million of assets. More assets mean more revenue, and the operating numbers reflect that. Our clients' individual savings are growing alongside the business. Average assets per client account rose to EUR 11,994, an increase of 21.2% over the twelve months (second pillar EUR 12,187 (+22.8%), third pillar EUR 2,880 (+23.7%)), largely driven by contributions and market returns. M A N A G E M E N T R E P O R T I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O Pension business total AUM growth drivers Q2 2025 – Q2 2026* EURm, based on management estimates *Period from 1 July 2025 to 30 June 2026. Source: internal data 1 347 124 125 286 89 -260 1 711 Q2 2025 Inflows from new clients Monthly Contributions Market Returns INDEXO Asset Management IPAS Churn Q2 2026
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12 IPAS INDEXO Jauda - our flagship plan and 77.1% of IPAS INDEXO’s 2nd pillar assets - has returned 10.79% per year since inception, comfortably beating both the market average and Latvian inflation. That's real wealth growth after CPI, which is the only number that ultimately matters for a pension saver. The graph shows the cumulative returns of INDEXO Jauda 16-55 pension plan on 30.06.2026 relative to the average returns of 100% equity plans in the Latvian 2nd pillar pension market (excluding INDEXO Jauda 16-55), and the consumer price index in Latvia. Sources: manapensija.lv, Central Statistical Bureau of Latvia. INDEXO Jaudapension plan 2nd Pillar Pension plan Risk Profile YTD 3-year p.a. 5-year p.a. Since inception p.a. INDEXO plāns Jauda 16-55 100% Equity 11.60% 16.71% 11.45% 10.79% INDEXO plāns Izaugsme 55-62 50% Equity 6.03% 9.20% 5.00% 5.62% INDEXO plāns Konservativais 62+ 100% Bonds 1.04% 3.58% -0.92% 0.01% 2nd Pillar Pension plan* Risk Profile YTD 1-year 2-year p.a. Since inception p.a. INDEXO dzīves cikla plāns 1960-1969 30% Equity 3.01% 6.59% – 4.00% INDEXO dzīves cikla plāns 1970-1979 100% Equity 11.15% 23.11% 12.08% 16.06% INDEXO dzīves cikla plāns 1980-1989 100% Equity 12.17% 24.22% 12.62% 16.54% INDEXO dzīves cikla plāns 1990+ 100% Equity 12.00% 23.96% 12.38% 16.44% 3rd Pillar Pension plan Risk Profile YTD 3-year p.a. 5-year p.a. Since inception p.a. INDEXO pensiju plāns AKCIJAS 100% Equity 11.37% 16.48% 11.45% 11.56% INDEXO pensiju plāns OBLIGĀCIJAS 100% Bonds 0.86% 3.23% 0.74% -0.72% Pension plan returns as of 30 June 2026: The results of our plans using passive investment strategy can be accessed on www.manapensija.lv. M A N A G E M E N T R E P O R T I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O 23.94% 58.97% 71.93% 25.21% 55.16% 62.38% 3.40% 8.83% 40.09% 1 year 3 years 5 years INDEXO Jauda 16-55 Latvian pension market average CPI *INDEXO dzīves cikla plāni (formerly the VAIRO plans) were renamed and launched more recently, so their returns cover shorter periods.
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13 Results of IPAS “Indexo” 2nd pillar and 3rd pillar pension management EUR’000 Q2 2026 Q1 2026 %Δ QoQ H1 2026 H1 2025 %Δ YoY Total revenue* 1 418 1 341 5.8% 2 759 2 456 12.3% Pensions Administrative expenses 488 411 18.8% 899 699 28.6% Non-pension Administrative expenses 66 85 -22.8% 151 162 -6.8% Operating income 864 845 2.3% 1 709 1 595 7.1% Sales & marketing expenses 381 356 7.0% 737 851 -13.4% Net profit/ loss 483 489 -1.2% 972 744 30.6% Normalised Net profit/ loss** 549 574 -4.4% 1 123 906 24.0% Dividends received from DelfinGroup (excluded above) 2 290 - - 2 290 - - Business volumes AUM, million 1 711 1 506 13.6% 1 711 1 347 27.0% Total customers, thousand 161.3 159.8 0.9% 161.3 145.0 11.2% *- Excluding dividends received from DelfinGroup. **- Normalised results reflect the performance of pension management activities, excluding expenses and income that are not directly related to the pension business, such as interest expenses on commitment letters, costs associated with the bank’s employee share option programme, various expenditures tied to the AS DelfinGroup transaction and INDEXO Bank. Real Estate Fund Management Q2 2026 was a quarter of growth for the Provendi Real Estate Fund (formerly INDEXO Real Estate Fund), managed by Provendi Asset Management AIFP. During the quarter, the Fund completed the acquisition of three commercial properties in Riga, increasing assets under management to 214.5 mEUR across a portfolio of 13 properties. Net operating income (NOI) for H1 2026 increased to 7.0 mEUR, with annualised NOI representing approximately 7.5% of assets under management, underpinned by the portfolio’s solid leasing performance. As at 30 June 2026, the INDEXO pension plan Izaugsme had invested EUR 15.7 million or 6.28% of the plan’s assets in the Provendi Real Estate Fund, while the INDEXO pension plan Jauda’s investment was EUR 25.9 million or 2.05% of the plan’s assets. M A N A G E M E N T R E P O R T Total revenue reached EUR 1,418 thousand in Q2 2026, up 5.8% QoQ, taking half-year revenue to EUR 2,759 thousand, up 12.3% YoY. Growth was driven AUM, which rose 13.6% during the quarter and 27.0% year-on-year to EUR 1,711 million on market performance and net inflows, with customer accounts reaching 161.3 thousand, up 11.2% YoY. Total expenses attributable to the pension business rose 5.6% YoY to EUR 1 636 thousand on additional headcount and IT investment, while sales and marketing spend refocused on voluntary pension savings and decreased 13% YoY. Despite the management fee reduction effective from the start of the year, half-year net profit reached EUR 972 thousand, up 30.6% YoY and growing two and a half times faster than revenue, while normalised net profit rose 24.0% to EUR 1,123 thousand. Q2 net profit of EUR 483 thousand was broadly level with Q1. In addition to the operating result, IPAS INDEXO received in Q2 2026 EUR 2.29 million in dividends from AS DelfinGroup I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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During the first half of 2026 we continued implementation of the INDEXO Banka's chosen strategy - focusing on scaling our core business and developing new products that support our growth. Total revenue grew more than nine times year-on-year to EUR 2.57 million, and the second quarter was our strongest since launch at EUR 1.53 million, up 47% on the first quarter. New loans issued during the first half reached almost EUR 60 million, of which EUR 33.5 million in the second quarter alone, with consumer loans accounting for approximately 65%. The loan portfolio passed EUR 100 million and reached EUR 104 million. Deposits reached EUR 130 million and the customer base grew 70% over the year, confirming that free everyday banking for customers receiving regular income into their INDEXO account continues to attract and activate clients. And on 30 June we became the custodian bank for the IPAS INDEXO 2nd pillar pension plans, a capability few banks of our size build in their second year. Valdis Siksnis, INDEXO Banka Chairman of the Board 14 M A N A G E M E N T R E P O R T Bank Development I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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15 The first half of the year showed the Bank able to advance customer-facing product innovation while reinforcing the security, capacity and stability of the platform beneath it. Delivering both at once means neither always moves as quickly as we would like, and some planned developments have shifted into the second half of the year. Financial Review In the first half of 2026 the growth in INDEXO Bank's loan portfolio and total revenue that began in the second half of 2025 continued. At the end of the first half of the year the Bank's loan portfolio before expected credit losses reached EUR 104 million (an increase of 36% during the quarter and of 88% against the end of 2025), and its total revenue for the first half of the year increased more than nine times compared with the first half of 2025, reaching EUR 2.57 million. Net interest income grew almost eight times compared with the first half of 2025, reaching EUR 2.39 million. The net interest margin decreased in the second quarter of 2026 to 4.50%, compared with 4.79% in the first quarter, but remained above the 4.24% recorded in the fourth quarter of 2025. The movement in the margin was driven by the increase in funding costs. In the first half of 2026 net commission income reached EUR 130.8 thousand, of which EUR 108.6 thousand was earned in the second quarter of this year. By comparison, net commission income in the second half of 2025 was EUR 34.3 thousand. The growth in net fee and commission income was driven by two factors: increasing commission income from lending transactions and growing client transaction activity, supported by the Bank's unique proposition - free everyday banking for customers who regularly receive income into their INDEXO account. INDEXO Bank remains the most active mortgage refinancer, with an approximately 65% market share of transactions refinanced to another bank. The increase in total new mortgage lending volumes was supported by the Home Equity product introduced in February. INDEXO's unique proposition - free everyday banking services for customers who regularly receive income into their INDEXO account alongside with our lending and deposit offer drove 27.4% growth in the customer base during the first half of the year. As customer numbers and activity increased, with higher payment and card transaction volumes, the customer deposit portfolio grew by 76.4% during the first half of the year, reaching EUR 130 million. On 30 June INDEXO Bank became the custodian bank for the IPAS INDEXO 2nd pillar pension plans, taking assets of EUR 1.53 billion into custody. The impact on revenue for the reporting period is immaterial; however, in future periods this will generate additional net commission income of around EUR 60 thousand per month. During the first half of 2026 the Bank made significant investments in new product development and in strengthening its technology platform. The Home Equity loan was launched, the consumer-loan distribution network was expanded through new brokers, and new payment card features were introduced, including a virtual payment card for customers on the Bank's Silver plan. Work was completed on the implementation of the custodian bank service and on improvements to the payment infrastructure. On 21 April 2026 the Bank announced that it plans to begin offering core services to companies by the end of this year and accordingly began feasibility work and analysis during the second quarter on the IT infrastructure required for the service. Bank Development (cont.) M A N A G E M E N T R E P O R T I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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16 The Bank's revenue growth is driven by the increase in the loan portfolio, a sustainable and predictable source of income, as each loan issued secures a stream of interest income over several years. This dynamic is clearly reflected in the trajectory of net interest income. Once the planned loan portfolio size is reached at the end of 2026, the Bank expects monthly total revenue to exceed EUR 1 million, underlining the scalability of the business model and the Bank's ability to build a sustainable revenue base and reach monthly break-even before expected credit losses. Controlled cost growth is unavoidable for a rapidly expanding bank, as we continue to invest deliberately in product development and customer acquisition. During the first half of the year INDEXO Bank's total costs reached EUR 5.51 million, an increase of 17% year-on-year. Cost growth accelerated during the second quarter, when costs increased by EUR 300 thousand, or 12%, compared with the first quarter of this year, while total revenue increased by almost EUR 500 thousand, or 47%. M A N A G E M E N T R E P O R T Financial Review (cont.) I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O * Excluding one-off VAT tax reverse for the period 2023-2025 (EUR 262.5t, recognised in Q3 2025) ** Includes positive impact from one-off items total EUR 87.3t 0.06 0.21 0.44 0.68 1.00 1.39 -0.05 -0.05 -0.02 0.05** 0.02 0.11 0.05 0.05 0.06 0.07 0.02 0.03 0.26 0.06 0.21 0.74 0.80 1.04 1.53 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 TOTAL REVENUE, EURm NII NCI Other income one-off*
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17 IT costs have stabilised following the major product launches of 2025. INDEXO Banka continues to review IT costs, bringing several functions in-house from external providers and consolidating the remaining outsourced services. The steps taken will improve the efficiency of future IT investments. The largest contributor to cost growth in the second quarter was staff remuneration, reflecting both the increase in headcount from 75 full-time employees at the end of 2025 to 107 at the end of June and increases in remuneration levels to ensure competitive pay for the Bank's employees. *- IT costs includes IT running costs, amortization part of IT investments. Change in cost allocation: starting from Q2 2026, personnel costs related to IT functions are presented under Staff costs instead of IT expenses. Comparative figures for prior periods have been restated accordingly to ensure comparability. This reclassification has no impact on total operating expenses. As at the end of June 2026, Bank's total assets were EUR 149.9 million, an increase of 71% during the first half of the year compared with the end of 2025. The Bank's total risk-weighted assets also increased, rising to EUR 72.1 million at the end of June (end of 2025: EUR 43.5 million). In the first half of 2026 the parent company IPAS INDEXO increased the Bank's share capital by EUR 4.23 million. In addition, the Bank raised EUR 5 million through the subordinated bond issue. The total capital adequacy ratio at the end of the second quarter was 20% and the CET1 ratio reached 10%. The liquidity coverage ratio (LCR) was 244% and the net stable funding ratio (NSFR) was 158%. At the same time, in order to implement the Bank's strategic objectives for 2026, including continuing to grow the Bank's loan portfolio and total revenue and successfully introducing the remaining planned products, the Bank's management recognises that additional external capital will be required to deliver these plans M A N A G E M E N T R E P O R T I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O 1.0 1.1 1.1 1.1 1.3 1.1 1.2 1.1 1.0 1.1 0.4 0.4 0.4 0.5 0.52.5 2.6 2.6 2.6 2.9 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 BANK’S EXPENSES, EURm Staff costs IT spent* Other costs Capital position and liquidity CAPITAL RATIOS and RWA, EURm 21 34 43 54 71 27.4% 20.6% 17.1% 15.4% 10.0% 27.4% 20.6% 21.3% 20.1% 20.6% 0% 5% 10% 15% 20% 25% 30% 0 10 20 30 40 50 60 70 80 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Ratio RWA, EURm RWA, EURm CET1 ratio Total capital ratio
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18 Results of subsidiary INDEXO Banka, AS More detailed information on INDEXO Bank’s operations and results during H1 2026 can be found in INDEXO Bank’s quarterly report. You can find the report here: https://indexo.lv/en/for-investors/reports/ M A N A G E M E N T R E P O R T I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O Financial results, EURm Q2 2026 Q1 2026 %Δ QoQ H1 2026 H1 2025 %Δ YoY Net interest income 1.39 1.00 39% 2.39 0.27 785% Net commission income 0.11 0.02 435% 0.13 -0.10 n/m Total revenue 1.53 1.04 47% 2.57 0.27 852% Administrative expenses -1.41 -1.23 15% -2.64 -2.00 33% Total expenses -2.91 -2.60 12% -5.51 -4.69 17% Operating profit -1.38 -1.56 12% -2.94 -4.42 33% Provisions for expected credit losses -0.83 -0.69 20% -1.52 -0.64 138% Net profit/ loss -2.22 -2.25 2% -4.47 -5.05 11% Business volumes New loans, EURm 33.5 25.5 31% 59.0 12.5 372% Net deposit growth, EURm 39.5 16.9 134% 56.4 15.3 269% Customers, t 63.3 57.1 11% 63.3 37.3 70% Owing to the rapid increase in total revenue and the controlled growth in total expenses, the Bank continues to improve its operating result. Operating losses before provisions for expected credit losses in the first half of the year decreased by 33% and amounted to EUR 2.94 million comparing to first half of 2025 were operating losses amounted EUR 4.42 million. The Bank's operating result improves every quarter, and in the second quarter of this year the Bank's operating losses before provisions for expected credit losses decreased to EUR 1.38 million, which was 12% less than in the first quarter of this year were operating losses was EUR 1.56 million. Despite the rapid growth of the loan portfolio, its quality remains high. Provisions for expected credit losses in the first half of the year reached EUR 1.52 million. This was driven primarily by the record volume of new consumer loans issued (three times more than in the first half of 2025 and an increase of 25% against the first quarter of this year), rather than by any deterioration in portfolio quality. In accordance with the requirements of IFRS 9, the Bank recognises provisions at the moment a loan is issued, and a higher rate of issuance therefore directly increases the level of provisions. Model-based provisions for expected credit losses in the first half of the year represent 2.5% of the total loan portfolio, which demonstrates a conservative and prudent risk appetite. Accordingly, despite the 33% year-on-year reduction in operating losses in the first half of the year, total net losses for the first half of 2026 reached EUR 4.47 million, a decrease of only 11% compared with the first half of 2025.
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19 In Q2 2026 DelfinGroup contributed EUR 2.89 million to the Group's result (shown at 100%; INDEXO Group holds 72.03% as at the end of June 2026), with strong consumer lending volumes and stable portfolio quality. Cost optimisation efforts and an improvement in credit loss expenses further supported the result. 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. Lithuania remains a key growth market, focused entirely on online consumer lending. The Lithuanian loan book grew 13% in the quarter - small in absolute terms, but the right kind of growth: digital, scalable, and outside DelfinGroup’s home market. 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. In March, DelfinGroup launched a new product: home equity. Customers can borrow more, for longer, and at lower rates than on a standard consumer loan - because the property backs the loan. It's a deliberate move to broaden the lending mix beyond unsecured credit. 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. 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 19 DelfinGroup I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6M A N A G E M E N T R E P O R T I N D E X O
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20 Key financial indicators* I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6M A N A G E M E N T R E P O R T I N D E X O In the first half of 2026, AS DelfinGroup generated total revenue of EUR 28.7 million and net profit increased by 52% YoY to EUR 5.7 million. DelfinGroup also reported solid results for the second quarter of 2026. Total revenue amounted to EUR 14.2 million and net profit for the period reached EUR 2.9 million, representing an increase of 3% QoQ. Revenue drop in Q2 caused by a 49% fall in scrap income. While loan portfolio has grown 5.8% since end of 2025, net interest income remained flat QoQ at EUR 13.7 million and totaled EUR 27.4 million in the first half of 2026. Thanks to funding cost optimisation initiatives average interest rate of interest bearing liabilities has decreased from 10.1% at the end of year to 9.6% at the end of June 2026, but bond exchange transactions slightly increased commission expenses which resulted higher net commission expenses by 11% QoQ. Higher costs pushed expenses 7% up to EUR 5.3m, totaling EUR 10.3m in first half of the year. Broad media campaign started in Latvia in Q2 to promote Banknote brand. Provisioning improved notably, down 13% QoQ to EUR 5.2m in Q2 and EUR 11.1m in first half of 2026. DelfinGroup is listed on the Nasdaq Riga Baltic Main List. At the end of June 2026 share price closed at EUR 1.525, giving a market cap of around EUR 69 million. The Group operated 88 branches in Latvia, unchanged from year-end 2025. EURm Q2 2026 Q1 2026 %Δ QoQ H1 2026 Net interest income 13.69 13.73 0% 27.42 Net commission income -0.21 -0.19 11% -0.40 Other operating income 0.71 0.98 -28% 1.69 Total revenue 14.19 14.52 -2% 28.71 Total expenses -5.33 -4.98 7% -10.31 Provisions for expected credit losses -5.17 -5.94 -13% -11.11 Corporate tax -0.81 -0.76 7% -1.57 Net profit/ loss 2.89 2.81 3% 5.70 *DelfinGroup figures have been reclassified, where necessary, to align with the Group’s presentation format and line item classification in the consolidated statement of profit or loss. Financial Review
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21 Statementof responsibilityof the managementboardof the investmentmanagement company The Management Board of IPAS INDEXO is responsible for the Group’s financial statements, which provides true and fair view of the Group's financial position as of 30 June 2026, as well as its performance and cash flows for January - June 2026, in accordance with IAS 34 as adopted by the European Union. In preparing the interim financial statements for the period ended 30 June 2026, as set out on pages 23 to 49, management has consistently applied IAS 34, as adopted by the European Union, based on the going concern principle, management's judgments and assumptions in the preparation of these financial statements have been prudent and reasonable. The Company’s management is responsible for maintaining proper accounting records, safeguarding the Company’s assets, and detecting and preventing fraud and other irregularities within the Group. The Management Board of the Company is responsible for compliance with the requirements of the legislation of the Republic of Latvia and the regulations of the Financial and Capital Market Commission applicable to the Company. Signed on behalf of the Company by: Henrik Karmo, Chairman of IPAS INDEXO Management Board Marija Černoštana, Member of IPAS INDEXO Management Board THIS DOCUMENT IS SIGNED WITH A SECURE DIGITAL SIGNATURE AND CONTAINS A TIMESTAMP Artūrs Roze, Member of IPAS INDEXO Management Board I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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Financial S tatements
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23 ConsolidatedStatementof ComprehensiveIncome F I N A N C I A L S T A T E M E N T S The notes on pages 36 to 49 form an integral part of these financial statements. The financial statements have been authorised for issue on 12 August 2026 and signed on behalf of the Company’s Management Board by: Henrik Karmo, Chairman of IPAS INDEXO Management Board Marija Černoštana, Member of the IPAS INDEXO Board Artūrs Roze, Member of IPAS INDEXO Management Board THIS DOCUMENT IS SIGNED WITH A SECURE DIGITAL SIGNATURE AND CONTAINS A TIMESTAMP Notes Q2 2026 Unaudited EUR`000 Q1 2026 Unaudited EUR`000 Jan - Jun 2026 Unaudited EUR`000 Jan - Jun 2025 Unaudited EUR`000 Commission income 2 2 130 1 847 3 977 2 586 Commission expense 3 (831) (702) (1 533) (258) Interest income 4 19 168 18 490 37 660 892 Interest expense 5 (4 116) (3 790) (7 907) (648) Foreign exchange rate fluctuation 4 - 4 - Administrative expenses 6 (9 131) (8 223) (17 353) (6 209) Other operating income 7 2 628 3 021 5 649 74 Other operating expenses 8 (2 136) (2 320) (4 457) (102) Credit losses 13, 15 (6 003) (6 658) (12 661) (632) Profit/(loss) before corporate income tax 1 714 1 665 3 379 (4 296) Corporate income tax 9 (813) (765) (1 577) (3) Profit/(loss) for the period 901 900 1 802 (4 300) of which attributable to shareholders 136 142 280 (4 300) of which non-controlling interests 765 757 1 522 - Earnings per share 30 0.013 0.014 0.027 (0.87) Diluted earnings per share 30 0.013 0.014 0.027 (0.87) I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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24 ConsolidatedStatementsof FinancialPosition F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 Notes 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Restated unaudited* EUR'000 EUR'000 EUR’000 ASSETS Cash and cash equivalents 10,11 38 637 28 203 25 990 Investments in equity securities 12 62 62 62 Loans and advances measured at amortised cost 13 262 119 11 603 205 431 Loans to associates and subsidiaries 14 63 65 66 Debt securities measured at amortised cost 15 7 508 10 342 5 898 Financial assets at fair value through profit or loss 16 8 112 - 8 026 Goodwill 128 - 128 Intangible contract assets 1 154 - 1 234 Finished goods, inventories and goods held for sale 3 220 - 3 001 Investment in associates 17 223 208 223 Prepayments 18 1 176 831 1 443 Deferred tax assets 329 - 346 Current tax prepayment 3 - 4 Other assets 19 3 579 1 011 2 747 PPE; Intangible assets & Right-of-use assets 20 16 460 8 114 17 036 Contract acquisition costs 21 1 517 1 572 1 526 Total assets: 344 290 62 011 273 161 Notes 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Restated unaudited* EUR'000 EUR'000 EUR’000 EQUITY AND LIABILITIES Bonds issued 22 71 442 - 70 865 Loans from credit institutions 23 32 963 - 23 500 Other borrowings 24 29 480 - 28 824 Deposits from customers 25 129 410 47 727 72 606 Subordinated borrowings 26 2 631 - 1 802 Current tax liabilities 3 903 225 2 956 Lease liabilities 27 4 422 1 859 4 887 Other liabilities 27 5 203 1 362 5 373 Total liabilities: 279 454 51 173 210 813 EQUITY Share capital 28 10 337 5 061 9 997 Share options 458 339 390 Share issue premium 64 981 20 168 61 888 Accumulated deficit (24 556) (10 430) (10 406) Profit/(loss) for the period 280 (4 300) (14 938) Total equity attributable to shareholders 51 500 10 838 46 931 Non-controlling interest 13 336 - 15 417 Total equity: 64 836 10 838 62 348 TOTAL EQUITY AND LIABILITIES 344 290 62 011 273 161 Off-balance sheet items 29 2 541 2 286 2 400 The notes on pages 36 to 49 form an integral part of these financial statements. The financial statements have been authorised for issue on 12 August 2026 and signed on behalf of the Company’s Management Board by: Henrik Karmo, Chairman of IPAS INDEXO Management Board Marija Černoštana, Member of IPAS INDEXO Management Board Artūrs Roze, Member of IPAS INDEXO Management Board THIS DOCUMENT IS SIGNED WITH A SECURE DIGITAL SIGNATURE AND CONTAINS A TIMESTAMP I N D E X O * Restated figures, used as comparatives for the financial notes to this report. For details, see the section “Acquisition of AS DelfinGroup: provisional accounting and basis of preparation of the Q2 2026 consolidated figures”.
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25 ConsolidatedStatementof CashFlows F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O The notes on pages 36 to 49 form an integral part of these financial statements. The financial statements have been authorised for issue on 12 August 2026 and signed on behalf of the Company’s Management Board by: Henrik Karmo, Chairman of IPAS INDEXO Management Board Marija Černoštana, Member of IPAS INDEXO Management Board Artūrs Roze, Member of IPAS INDEXO Management Board THIS DOCUMENT IS SIGNED WITH A SECURE DIGITAL SIGNATURE AND CONTAINS A TIMESTAMP Notes Jan - Jun 2026 (EUR’000) Jan - Jun 2025 (EUR’000) CASH FLOW FROM OPERATING ACTIVITIES Profit / (Loss) before corporate income tax 3 379 (4 296) Depreciation of PPE and amortisation of ROU and intangible assets 20 2 526 922 Amortisation of contract acquisition costs 21 209 185 Expense recognition of share option reserves 68 69 Allowances for expected credit losses 12 661 - Interest income calculated using the effective interest rate 4 (37 660) (892) Interest expense 5 7 907 648 Cash flow from operating activities before changes in operating assets and liabilities (10 910) (3 364) (Increase) / decrease in receivables, prepayments and other assets 18,19 (6 448) (436) Net financial assets at amortised cost (including loans to customers) 13,15,16 (58 384) (10 615) (Increase) / decrease in inventories and finished goods (218) - Increase / (decrease) in accrued liabilities (110) 285 Increase / (decrease) in trade payables and other liabilities 27 (5 278) (577) Financial liabilities at amortised cost including deposits 25 (1 577) 15 303 Corporate income tax paid 9 37 660 (3) Interest received Interest paid (7 907) - Cash flow from operating activities 3 632 621 Notes Jan - Jun 2026 (EUR’000) Jan - Jun 2025 (EUR’000) CASH FLOW FROM INVESTING ACTIVITIES Intangible asset and PPE purchases 20 (1 636) (1 841) Purchase of non-controlling interests (2 770) - Investments in associated company share capital - (10) Issued loans (to associates/subsidiaries) 14 3 8 Interest received - 307 Other securities and investments - (10 342) Cash flow from investing activities (4 403) (11 753) Notes Jan - Jun 2026 (EUR’000) Jan - Jun 2025 (EUR’000) CASH FLOW FROM FINANCING ACTIVITIES Share capital increase (incl. share issue premium) 3 433 2 944 Issued / (repaid) bonds 22 577 Loans from credit institutions received / (repaid) 23 9 463 - Other borrowings received / (repaid) 24 656 - Subordinated loans 26 829 - Payment of principal of lease liabilities 20 (465) - Interest paid on lease liabilities (174) (193) Dividends paid to non-controlling interests (901) (63) Cash flow from financing activities 13 418 2 688 Notes Jan - Jun 2026 (EUR’000) Jan - Jun 2025 (EUR’000) (Decrease) / Increase in cash and cash equivalents 12 647 (8 444) Cash and cash equivalents at the beginning of the period 10,11 25 990 36 647 Cash and cash equivalents at the end of the period 10,11 38 637 28 203
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26 ConsolidatedStatementof Changesin Equity Notes Share capital Share issue premium Share options Non-controlling interest Accumulated deficit Profit/(loss) for the period Total EUR`000 EUR`000 EUR`000 EUR`000 EUR`000 EUR`000 EUR`000 At 31.12.2024 4 760 17 525 269 - (10 430) - 12 124 Share issuance 28 287 2 627 - - - - 2 914 Increase in Share option reserves 28 14 16 69 - - - 99 Non-controlling interest in the acquisition transaction - - - - - - - Total comprehensive loss for the period - - - - - (4 300) (4 300) At 30.06.2025 5 061 20 168 339 - (10 430) (4 300) 10 838 At 31.12.2025 9 997 61 888 390 18 898 (18 141) - 73 032 Changes during Q2 - - - (3 481) (7 203) - (10 684) At 31.12.2025 after restatement 9 997 61 888 390 15 417 (25 344) - 62 348 Share issuance 28 340 3 093 68 - - - 3 501 Increase in Share option reserves 28 - - - - - - - Non-controlling interest in the acquisition transaction - - - (3 603) 788 - (2 815) Total comprehensive income for the period - - - 1 522 - 280 1 802 At 30.06.2026 10 337 64 981 458 13 336 (24 556) 280 64 836 The notes on pages 36 to 49 form an integral part of these financial statements. The financial statements have been authorised for issue on 12 August 2026 and signed on behalf of the Company’s Management Board by: Henrik Karmo, Chairman of IPAS INDEXO Management Board Marija Černoštana, Member of IPAS INDEXO Management Board Artūrs Roze, Member of IPAS INDEXO Management Board THIS DOCUMENT IS SIGNED WITH A SECURE DIGITAL SIGNATURE AND CONTAINS A TIMESTAMP F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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Acquisition of AS DelfinGroup: provisional accounting and basis of preparation of the Q2 2026 consolidated figures 27 F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O 1. Provisional nature of the acquisition accounting On 15 December 2025 IPAS INDEXO (together with its subsidiaries, the Group) obtained control of AS DelfinGroup by acquiring 67.42% of its shares. The transaction is accounted for as a business combination under IFRS 3. At the acquisition date the Group determined the fair value of the identifiable assets acquired and liabilities assumed, and recognised fair value adjustments in respect of loans and receivables from customers and intangible assets. As disclosed in the Q1 2026 interim report, the initial accounting for the acquisition is not complete. The amounts recognised in respect of the acquired loan portfolio, intangible assets, and the resulting gain from a bargain purchase are provisional and have been determined on a preliminary basis in accordance with IFRS 3.45. During Q2 2026 the Group continued to obtain and analyse acquisition date information necessary to complete the valuation of the acquired portfolio and the other provisional purchase price allocation items. 2. Why this acquisition is complex to account for The Group is required to measure the acquired consumer loan portfolio in its consolidated financial statements on a different basis from the one DelfinGroup applies to the same portfolio in its own financial statements. DelfinGroup's reported interest income and credit loss expense cannot simply be carried into the consolidation. Four factors drive the complexity. New carrying amount at the acquisition date. Under IFRS 3 the acquired loans enter the consolidated statement of financial position at their acquisition-date fair value. That fair value becomes the new deemed cost for Group purposes and replaces DelfinGroup's amortised cost carrying amount. The loss allowance recognised by DelfinGroup at the acquisition date is not carried forward, because expected credit losses are already reflected in the fair value of the portfolio. Recalculated effective interest rate. Because the carrying amount could change, the effective interest rate has to be recalculated at the acquisition date, so that the expected cash flows discounted at the revised rate equal the acquisition-date fair value. The difference between fair value and the amounts contractually receivable is then recognised in interest income over the remaining life of the loans. Consolidated interest income on the portfolio therefore could differ from the interest income DelfinGroup reports on the same loans. Expected credit losses immediately after acquisition. For loans that are not credit-impaired at the acquisition date, a loss allowance has to be recognised again on the first day after acquisition, measured under IFRS 9 on the Group's basis. This creates a charge in the consolidated income statement in the first reporting period after the acquisition, even though those same expected losses are already reflected in the acquisition-date fair value of the portfolio. For loans that are credit-impaired at the acquisition date, a credit-adjusted effective interest rate applies and no loss allowance is recognised on initial recognition; only subsequent changes in lifetime expected credit losses go through profit or loss. Each contract has to be classified into one of these two populations as at the acquisition date. Volume and granularity. The acquired portfolio consists of more than 70 000 small consumer loans with short contractual maturities and frequent early repayments, refinancings and restructurings. The steps above have to be performed at contract level as at the acquisition date and then rolled forward for every subsequent reporting period.
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28 F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O 3. Work performed during Q2 2026 In June 2026 the Group signed an agreement with external consultant for the development of a calculation engine for the acquired DelfinGroup consumer lending portfolio. The estimated execution time is approximately 12 weeks. The scope of the engagement covers: definition of the detailed calculation logic and processing scenarios; structuring of the required data fields and business rules; development of the scenario classification logic; preparation of the calculation specifications and supporting documentation; mapping of the applicable accounting and regulatory requirements to the implementation. DelfinGroup has provided contract level data for the acquired portfolio. That data will be mapped to the output of the calculation engine so that, on consolidation, the interest income and credit loss expense reported by DelfinGroup can be replaced with amounts measured on the Group basis. The Group also completed the measurement of expected credit losses on the acquired portfolio as at the acquisition date. The outcome is set out in section 5.1. During the second quarter the Group also developed a more complete understanding of DelfinGroup's business model and, on that basis, continued to revisit the fair value initially attributed to the acquired loan portfolio. A substantial part of the portfolio is repaid, refinanced or replaced within a year of origination, and the balance outstanding at the acquisition date is a snapshot of a continuous lending process rather than a static asset. The economic value the Group acquired is the capacity to keep lending: the origination and underwriting platform, the established customer base and its repeat borrowing behaviour, the DelfinGroup brand and its distribution network, the operating processes, and the assembled workforce that runs them. The Group is assessing which of those elements meet the criteria in IFRS 3 and IAS 38 for recognition as identifiable intangible assets separately from goodwill. That assessment is not yet complete. Where an element meets the recognition criteria it will be recognised as an intangible asset and measured at its acquisition-date fair value. Elements that do not meet the criteria form part of goodwill: an assembled workforce is expressly excluded from separate recognition, and the going concern value of an established lending operation, being the benefit of the business as a whole rather than of any separable asset, cannot be identified apart from the business itself. Based on the acquisition-date information currently available, the Group expects the completed purchase price allocation to result in the recognition of goodwill within an estimated range of EUR 7 million to EUR 10 million and the reversal of the provisional gain from a bargain purchase of EUR 117 thousand. Goodwill is not amortised and will be tested for impairment at least annually in accordance with IAS 36. This revised assessment affects the allocation of the consideration between the identifiable assets acquired and goodwill. It does not affect the consideration paid for AS DelfinGroup, the shareholding acquired, or the Group's cash flows.
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29 F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O 4. Additional accounting estimates used in 2026 interim financial statements Further to the accounting estimates disclosed in the notes to the financial statements for 2025, section 2.1. "Estimates and Judgements", the following have been applied for the interim financial statements of 2026. The acquired loan portfolio of DelfinGroup and related income statement items have been stated in the consolidated financial statements for the first and second quarters of 2026 using the amounts measured and reported by AS DelfinGroup which reports under IFRS. definition of the detailed calculation logic and processing scenarios; In summary: Interest income on the acquired portfolio is recognised using the effective interest rate method. For loans that are not credit-impaired, interest income is recognised by applying the effective interest rate to the gross carrying amount of the loans; for credit-impaired loans, it is recognised by applying the credit- adjusted effective interest rate to their amortised cost. As the acquisition accounting is provisional, the effective interest rates and gross carrying amounts applied are similar to determined by AS DelfinGroup in its own financial statements; these will be revised on completion of the fair value measurement of the acquired portfolio; expected credit losses on the acquired portfolio are measured using DelfinGroup's IFRS 9 models, in which probability of default, loss given default, exposure at default and forward-looking information parameters are combined by segment into a coefficient applied to the active loan portfolio; no amortisation of the provisional fair value adjustment to the acquired loan portfolio at the acquisition date has been charged to the result for the reporting period . That fair value adjustment remains recognised in the consolidated statement of financial position at its provisional amount; the fair value adjustment to the acquired intangible assets is amortised over five years. The charge recognised in the six months ended 30 June 2026 is EUR 304 thousand (Q2 2026: EUR 152 thousand; Q1 2026: EUR 152 thousand). The amortisation of the intangible asset fair value adjustment is the only amortisation of an acquisition- date fair value adjustment charged to the result of the reporting period. The contract level calculation engine described in section 3 is not yet available, and the amount of the acquisition-date fair value adjustment that will ultimately be attributed to the acquired loan portfolio is still provisional. Therefore, the final effective interest rate that will apply to the portfolio on the Group basis is not yet determinable. The Group expects that the final effective interest rate applicable for the loan portfolio part that is not credit impaired on the Group level will approximate the rate already applied by DelfinGroup, thus the difference between the two measurements will not be material. Applying IAS 34.41, which permits interim measurements to rely on estimates to a greater extent than annual measurements, the Group considers this basis appropriate for the interim figures. 5. Expected effect of completing the acquisition accounting No measurement period adjustments to the provisional acquisition-date amounts have been recognised in these Q2 2026 interim consolidated financial statements. The adjustments described below will be applied retrospectively as at the acquisition date once complete. Their effect falls into two distinct reporting periods, and its nature is different in each.
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30 F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O 5.1. Effect on the 2025 financial statements The comparative information for the year ended 31 December 2025 will be restated to recognise the loss allowance required by IFRS 9 on the loans that were not credit-impaired at the acquisition date. As explained in section 2, that allowance is recognised on the first day after the acquisition date even though the expected losses concerned are already reflected in the acquisition-date fair value of the portfolio. Because the acquisition date falls within the 2025 reporting period, the charge falls into the 2025 consolidated income statement. The Group has measured that allowance at EUR 10,683,191, of which EUR 7,202,608 is attributable to the shareholders of IPAS INDEXO and EUR 3,480,583 to non-controlling interests. The allowance is measured on the acquisition-date fair value of the acquired portfolio as currently recognised, being the carrying amount of the portfolio increased by the fair value adjustment of EUR 24,818,002. The final amount remains subject to completion of management's valuation and IFRS 9 modelling procedures and the auditor's review of the resulting accounting treatment and disclosures. As reported Restated* Net interest income 1,122 1,122 Net commission income 5,041 5,041 Total other income 445 445 Gain from a bargain purchase 117 117 Total income 6,725 6,725 Total expenses (13,306) (13,306) Operating profit (6,581) (6,581) Allowances for expected credit losses (1,146) (11,829) Earnings before tax (7,727) (18,410) Corporate income tax (8) (8) Net loss for the year (7,735) (18,418) Attributable to shareholders of IPAS INDEXO (7,735) (14,938) Attributable to non-controlling interests 0 (3,481) Basic earnings per share (attributable to shareholders of IPAS INDEXO (1.39) (2.69) Effect on the consolidated statement of profit or loss for the year ended 31 December 2025, EUR ‘000 *Provisional before PPA is finalised
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31 F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O Consolidated capital adequacy as at 31 December 2025, EUR ‘000 Recognition of goodwill. As set out in section 3, the completed purchase price allocation is expected to recognise goodwill within an estimated range of EUR 7 million to EUR 10 million and to reverse the provisional gain from a bargain purchase of EUR 117 thousand. That reallocation reduces the fair value attributed to the identifiable assets acquired, including the acquired loan portfolio, and the loss allowance above will be re-measured accordingly on completion. The charge does not affect the consideration paid for AS DelfinGroup, the shareholding acquired, or the Group's cash flows. It reduces consolidated equity and consolidated own funds as at 31 December 2025. The effect of the loss allowance alone on consolidated capital adequacy is set out below. As reported Restated Consolidated equity, excluding non-controlling interests 54,073 46,870 Deductions from own funds, other than acquisition goodwill (4,495) (7,533) Goodwill on the DelfinGroup acquisition - - Common equity Tier 1, being also Tier 1 49,579 39,338 Tier 2 1,790 1,790 Total own funds 51,369 41,128 Total risk exposure 203,248 195,235 Capital adequacy ratio 25.27% 21.07% The table reflects the restated consolidated capital adequacy impacted by recognition of the loss allowance and deduction from own funds which include also the fair value uplift recognised on DelfinGroup intangible assets. Goodwill is deducted in full from common equity Tier 1, so the recognition of goodwill on completion of the purchase price allocation will reduce the ratio further. The reduction depends on the amount of goodwill ultimately recognised, and is partly offset by the corresponding reduction in the fair value attributed to the identifiable assets acquired and in risk exposure. The Group expects the consolidated capital adequacy ratio to remain above its regulatory guidance of 20%. The final effect on Group consolidated capital adequacy depends on the amount of goodwill ultimately recognised. Item Status Amount Loss allowance at the acquisition date Provisional, subject to audit EUR 10,683,191 Fair value adjustment, loan portfolio (Stage 1) Provisional, under review EUR 24,818,002 Fair value adjustment, intangible assets Provisional, under review EUR 3,038,209 Goodwill Estimated range EUR 7m to EUR 10m Reversal of the bargain purchase gain Provisional, under review EUR 117 thousand Effective interest rate, contract level Provisional, under review Not yet quantified Credit-impaired loans, POCI population Provisional, under review Not yet quantified Status of the individual items 5.2 Effect on the 2026 financial statements The completed measurement will replace the estimates described in section 4 for all 2026 reporting periods. The figures presented for the first and second quarters of 2026 will be revised retrospectively for qualifying measurement period adjustments and for the related consequential effects on interest income, credit loss expense, amortisation, non- controlling interests and earnings per share.
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32 F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O 5.2 Effect on the 2026 financial statements (cont.) Interest income. The fair value adjustment recognised on the acquired loan portfolio is amortised to interest income over the remaining life of the loans. The completed allocation is expected to reduce that adjustment and to recognise goodwill instead, and goodwill is not amortised. The acquisition-date fair value of the portfolio for loans which are not credit impaired is therefore expected to be close to its gross carrying amount, so the amount amortised to interest income in 2026 and later periods is expected to be limited, and consolidated interest income on that acquired portfolio is expected to be close both to the amounts recognised by DelfinGroup on the same loans and to the amounts presented in this report. Refinement of the effective interest rate from a portfolio estimate to a contract level calculation is expected to change the periods in which the amortisation is recognised rather than its total amount. Amortisation of intangible assets. On the allocation currently worked by management, the fair value adjustment recognised on intangible assets is retained and continues to be amortised over five years on the same basis. Goodwill. Goodwill is not amortised, so no recurring amortisation charge will arise in respect of the amounts allocated to it. Expected credit losses. The credit loss expense on the acquired portfolio will be measured on the Group's basis, in place of the amounts reported by DelfinGroup that are consolidated in these interim figures. The classification of loans that were credit-impaired at the acquisition date, and the credit-adjusted effective interest rate applicable to them, remain to be finalised at contract level. On the basis of the current fair value calculations, the Group does not expect the completed acquisition accounting to have a material effect on the consolidated result for the year ending 31 December 2026. The amount reallocated from the acquired loan portfolio to goodwill is not amortised, and on the fair value expected to be confirmed the effective interest rate applicable for loan portfolio part that are not credit impaired on the Group level approximates the rate already applied by DelfinGroup in the amounts consolidated, so the completed measurement is not expected to change the interest income and credit loss expense recognised on the acquired portfolio to a material extent. 6. Impairment testing of goodwill Approach for a listed cash generating unit. The shares of AS DelfinGroup are admitted to trading on the Nasdaq Riga regulated market. Where the equity instruments of a cash generating unit are quoted in an active market, the quoted price provides the most reliable evidence of the amount obtainable from the disposal of the unit. The Group therefore determines the recoverable amount of the DelfinGroup cash generating unit as its fair value less costs of disposal, measured by reference to the quoted market capitalisation of AS DelfinGroup, which is a Level 1 input in the fair value hierarchy in IFRS 13, rather than by a value in use calculation. Costs of disposal are estimated at 1% of market capitalisation. Because goodwill arising on the acquisition is recognised only to the extent of the Group's interest in AS DelfinGroup, the carrying amount of the cash generating unit is grossed up to include the goodwill attributable to the non-controlling interest in accordance with IAS 36 Appendix C, so that the carrying amount and the recoverable amount are compared on a consistent basis. Test as at 31 December 2025. The test used the closing share price of EUR 1.288 and 45,472,511 shares in issue, giving a market capitalisation of EUR 58,568,594 and a recoverable amount after costs of disposal of EUR 57,982,908. The carrying amount of the cash generating unit, grossed up as described above, was estimated at around EUR 49,381,570 as at the end of 2025. The recoverable amount exceeded the carrying amount and no impairment was identified. This calculation will be re-performed on completion of the purchase price allocation, because the carrying amount of the unit depends on the amount of goodwill recognised, on the fair value attributed to the acquired loan portfolio and on the loss allowance described in section 5.1. Management also assessed whether the information obtained during the second quarter, the revised forecasts for the acquired business and the movement in the quoted share price constitute an indication of impairment under IAS 36. No indication of impairment was identified.
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33 F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O 7. Measurement period and restatement of comparatives Under IFRS 3.45 the measurement period ends as soon as the Group obtains the information it was seeking about facts and circumstances that existed at the acquisition date, or determines that further information cannot be obtained, and in any event no later than one year from the acquisition date, being 15 December 2026. If, within that period, new information is obtained about facts and circumstances that existed at the acquisition date, the provisional amounts will be adjusted retrospectively as at the acquisition date and the comparative information presented in the financial statements will be revised, including the related consequential effects on interest income, credit loss expense, amortisation, non-controlling interests and earnings per share. Adjustments that result from events occurring after the acquisition date are not measurement period adjustments and are recognised in profit or loss in the period in which they arise. 7. Expected timetable The Group expects to complete the measurement of the acquired DelfinGroup loan portfolio on the Group basis by the middle of September 2026 and to communicate the outcome, together with restated comparative information, during September 2026. Completion depends on the delivery of the loan calculation engine, the quality and completeness of the contract level data, and the review procedures performed by the Group's auditor. 8. Matters not affected The provisional nature of the acquisition accounting does not affect the consideration paid for AS DelfinGroup, the shareholding acquired, or the Group's cash flows. It affects the pattern in which interest income and credit loss expense on the acquired portfolio are recognised in the consolidated income statement. AS DelfinGroup continues to prepare and publish its own financial statements on its own measurement basis. The interest income and credit loss expense reported by AS DelfinGroup on a standalone basis will continue to differ from the amounts consolidated by the Group for the same portfolio, and the two sets of figures are not directly comparable.
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34 F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O Notes 31.12.2025 31.12.2025 Audited Restated unaudited EUR'000 EUR’000 ASSETS Cash and cash equivalents 10,11 25 990 25 990 Investments in equity securities 12 62 62 Loans and advances measured at amortised cost 13 216 115 205 431 Loans to associates and subsidiaries 14 66 66 Debt securities measured at amortised cost 15 5 898 5 898 Financial assets at fair value through profit or loss 16 8 026 8 026 Goodwill 128 128 Intangible contract assets 1 234 1 234 Finished goods, inventories and goods held for sale 3 001 3 001 Investment in associates 17 223 223 Prepayments 18 1 443 1 443 Deferred tax assets 346 346 Current tax prepayment 4 4 Other assets 19 2 747 2 747 PPE; Intangible assets & Right-of-use assets 20 17 036 17 036 Contract acquisition costs 21 1 526 1 526 Total assets: 283 845 273 161 Notes 31.12.2025 31.12.2025 Audited Restated unaudited EUR'000 EUR’000 EQUITY AND LIABILITIES Bonds issued 22 70 865 70 865 Loans from credit institutions 23 23 500 23 500 Other borrowings 24 28 824 28 824 Deposits from customers 25 72 606 72 606 Subordinated borrowings 26 1 802 1 802 Current tax liabilities 2 956 2 956 Lease liabilities 27 4 887 4 887 Other liabilities 27 5 373 5 373 Total liabilities: 210 813 210 813 EQUITY Share capital 28 9 997 9 997 Share options 390 390 Share issue premium 61 888 61 888 Accumulated deficit (10 406) (10 406) Profit/(loss) for the period (7 735) (14 938) Total equity attributable to shareholders 54 134 46 931 Non-controlling interest 18 898 15 417 Total equity: 73 032 62 348 TOTAL EQUITY AND LIABILITIES 283 845 273 161 Off-balance sheet items 29 2 400 2 400 10. Restatement of 2025 FY Comparative Information
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Correction of prior period (Q1 2026) Comparative Information In the interim report for the first quarter of 2026, the results of AS DelfinGroup were presented in the consolidated statement of profit or loss in proportion to INDEXO's ownership interest, i.e. reflecting only the portion attributable to the shareholders of the parent company. In this report, the comparative information has been restated by consolidating AS DelfinGroup in full and presenting the allocation of profit between the shareholders of the parent company and the non-controlling interests separately. The restatement has no impact on the profit attributable to the shareholders of the parent company (EUR 142 thousand), earnings per share, or the equity attributable to the shareholders — it affects only the gross presentation of income and expense line items and the separate presentation of the non-controlling interests' share. Notes Q1 2026 as previously reported EUR'000 Q1 2026 as restated EUR'000 Commission income 2 1 780 1 847 Commission expense 3 (582) (702) Interest income 4 13 667 18 490 Interest expense 5 (2 877) (3 790) Foreign exchange rate fluctuation - - Administrative expenses 6 (6 821) (8 268) Other operating income 7 2 167 3 021 Other operating expenses 8 (1 684) (2 320) Credit losses 13, 15 (4 960) (6 658) Profit/(loss) before corporate income tax 690 1 620 Corporate income tax 9 (548) (765) Profit/(loss) for the period 142 855 of which attributable to shareholders 142 142 of which non-controlling interests - 713 35 F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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36 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 6 months ending June 30, 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 following subsidiaries are included in the consolidation: IPAS INDEXO (100%), INDEXO Banka (100%), INDEXO APF (100%), INDEXO Asset Management IPAS (previously IPAS VAIRO) (100%), AS DelfinGroup (72.03%), SIA ViziaFinance (72.03%), UAB DelfinGroup LT (72.03%), DELFINGROUP RO IFN S.A. (72.03%) for the period ending June 30, 2026. Business combination – AS DelfinGroup Following the settlement of the voluntary share buyback offer on 15 December 2025, IPAS INDEXO acquired 67.42% of the total voting share capital of AS DelfinGroup. AS DelfinGroup and its subsidiaries have been consolidated with effect from 31 December 2025. Accordingly, all figures in this report include AS DelfinGroup only from 31 December 2025 onwards. Comparative figures for periods ended before that date reflect INDEXO Group without AS DelfinGroup. This applies to the six months ended 30 June 2025 presented in this report. At the acquisition date, the fair value of AS DelfinGroup's identifiable net assets was assessed and fair value adjustments were recognised in respect of loans and receivables from customers and intangible assets. Notes to the Consolidated Financial Statements 1. Accounting policies F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O Interest income from the acquired loan portfolio is recognised in accordance with the effective interest rate (EIR) method under IFRS 9. As the purchase price allocation process under the IFRS 3 measurement period is still being finalised, interest income is temporarily recognised based on contractual cash interest received until the EIR calculation has been fully completed. Recognised fair value adjustment related to intangible assets has been amortised over a 5-year period. The impact recognised in the H1 2026 consolidated result is an increase in amortization expense of EUR 304 thousand. Recognised fair value adjustment related to intangible contract assets has been amortised over a 7-year period. The impact recognised in the H1 2026 consolidated result is an increase in amortization expense of EUR 89 thousand. IPAS INDEXO continues to assess the amounts recognised at the acquisition date in accordance with IFRS 3 measurement period, therefore in Q2 interim report interest income on acquired DelfinGroup loan portfolio is reported using contractual cash interest received and preliminary recognized loan portfolio premium has not been amortised over the remaining life of the loans. The measurement period may continue no later than 15 December 2026. If, during this period, new information is obtained about facts and circumstances that existed as of the acquisition date, the amounts initially recognised may be adjusted retrospectively, with corresponding adjustments to comparative information presented in the financial statements, including any related effects on depreciation, amortisation or other items in profit or loss.
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Notes to the Consolidated Financial Statements New and amended standards The Group has applied the same accounting policies as in its 2025 annual consolidated financial statements, together with the new and amended IFRS Accounting Standards effective from 1 January 2026. These have had no material impact on the Group’s financial statements. No standard, amendment or interpretation that has been issued but is not yet effective has been early adopted. The Group has assessed IFRS 18 “Presentation and Disclosure in Financial Statements” (effective 1 January 2027) and, based on its initial assessment, expects no material impact on measurement, although the presentation of the statement of profit or loss will change. Estimates and judgements The critical accounting estimates and judgements are those described in the Group’s 2025 annual consolidated financial statements. In the reporting period, the most significant sources of estimation uncertainty are the provisional purchase price allocation for AS DelfinGroup — including the fair values assigned to the acquired loan portfolio and to intangible assets, and their amortisation periods — and the measurement of expected credit losses on loans and receivables from customers. Risk management The Group is exposed to credit, liquidity, market and operational risk. Risk management objectives and policies are described in the Group’s 2025 annual consolidated financial statements. 37 F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O 1. Accounting policies (cont.)
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38 2. Commission income F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 Jan - Jun 2026 Jan - Jun 2025 Unaudited Unaudited EUR'000 EUR'000 Commission fee for the management of the assets of the State Funded Pension Scheme Investment Plan “INDEXO Izaugsme 55- 62” 417 465 Commission fee for the management of the assets of the State Funded Pension Scheme Investment Plan “INDEXO Jauda 16-55” 1 923 1 804 Commission fee for the management of the assets of the State Funded Pension Scheme Investment Plan “INDEXO Konservatīvais 62+” 55 64 Commission fee for the management of the assets of the private pension scheme investment plan “INDEXO AKCIJU PLĀNS” 168 93 Commission fee for managing the assets of the private pension scheme investment plan “INDEXO OBLIGĀCIJU PLĀNS” 15 8 Commission fee for the management of the assets of the State Funded Pension Scheme Investment Plan “V75” 44 - Commission fee for the management of the assets of the State Funded Pension Scheme Investment Plan “V80” 59 - Commission fee for the management of the assets of the State Funded Pension Scheme Investment Plan “V90” 59 - Commission fee for the management of the assets of the State Funded Pension Scheme Investment Plan “V60” 4 - Commission income, loan and collateral realisation and storage commission 434 - Loan origination fees 503 9 Account maintenance fees 110 104 Card service fees 124 35 Other commission income 62 2 Total commission income 3 977 2 586 3. Commission expense Jan - Jun 2026 Jan - Jun 2025 Unaudited Unaudited EUR'000 EUR'000 Commission expenses with credit institutions 475 - Fees related to debt securities issued 417 - Loan brokers commissions 218 - Payment card issuance and servicing fees 201 143 Loan origination fees 141 51 Settlement fees 37 34 Custodian bank fees 18 2 Client acquisition commissions 17 15 Securities servicing fees 9 - Other fees - 14 Total commission and fee expense 1 533 258 I N D E X O
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39 4. Interest income 5. Interest expense Jan - Jun 2026 Jan - Jun 2025 Unaudited Unaudited EUR'000 EUR'000 Interest income from financial assets measured at amortised cost Interest income from loans and advances to customers 32 992 382 Interest income from balances with the Bank of Latvia 224 424 Interest income from debt securities 221 76 Interest income from short term deposits with credit institutions 10 10 Total interest income from financial assets measured at amortised cost 33 447 892 Interest income from financial assets measured at fair value Interest income from pawn loans 4 213 - Total interest income from financial assets measured at fair value 4 213 - Total interest income 37 660 892 Jan - Jun 2026 Jan - Jun 2025 Unaudited Unaudited EUR'000 EUR'000 Interest expense on financial liabilities measured at amortised cost Interest expense on debt securities 3 575 - Interest expense with credit institutions 1 482 - Interest expense on other borrowings 1 246 - Interest paid on customer deposits 1 137 542 Interest expense on lease liabilities 174 63 Interest expense on subordinated borrowings 134 Interest expense on subordinated debt securities 88 Contributions to the deposit guarantee scheme and other payments 71 43 Total interest expense 7 907 648 F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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40 6. Administrative expenses 7. Other operating income Jan - Jun 2026 Jan - Jun 2025 Unaudited Unaudited EUR'000 EUR'000 Sales and marketing expenses 3 236 560 Remuneration to the Management Board and Supervisory Board 528 405 Remuneration to other staff 6 452 1 670 National social insurance mandatory contributions to the Management Board and Supervisory Board 123 94 National social insurance mandatory contributions to other staff 1 521 406 IT costs 1 874 1 633 Professional fees 332 227 Other staff costs 302 130 Office maintenance costs 266 124 Amortisation of the right-of-use an asset 639 193 Depreciation of property, plant and equipment 1 887 565 Share option reserves 101 69 Other 92 31 Total 17 353 6 209 Jun 2026 Jun 2025 Unaudited Unaudited Number of employees, average 466 129 Jan - Jun 2026 Jan - Jun 2025 Unaudited Unaudited EUR'000 EUR'000 Income from sales of goods 4 259 - Income from sales of precious metals 1 361 - Other operating income 25 74 Income from CFLA project 4 - Total other operating income 5 649 74 8. Other operating expenses Jan - Jun 2026 Jan - Jun 2025 Unaudited Unaudited EUR'000 EUR'000 Cost of sales of goods 3 959 - Bank of Latvia financing fee 77 60 Licence fee 55 - Nasdaq fee 61 41 Other operating expense 286 - Membership fee 19 - Total other operating expenses 4 457 102 F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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41 9. Corporate income tax 11. Due from financial institutions Jan - Jun 2026 Jan - Jun 2025 Unaudited Unaudited EUR'000 EUR'000 Corporate income tax expense 1 577 3 Total corporate income tax expense 1 577 3 10. Cash and demand deposits with the central bank 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Unaudited EUR'000 EUR'000 EUR'000 Cash 600 - 557 Placements with Bank of Latvia 7 797 679 2 125 Overnight with Bank of Latvia 26 626 26 584 17 610 Total before impairment loss from financial instruments allowance 35 023 - - Allowances for expected credit losses (1) (1) (1) Total, net 35 022 27 262 20 291 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Unaudited EUR'000 EUR'000 EUR'000 Term deposits with credit institutions 1 728 82 1 892 Due from credit institutions 1 887 859 3 807 Total before impairment loss from financial instruments allowance 3 615 941 5 699 Allowances for expected credit losses - - - Total 3 615 941 5 699 According to IFRS 9 “Financial Instruments”, the Group has assessed allowances for expected credit losses on placements with credit institutions. In assessing the amount of allowances for expected credit losses, it was determined that it was insignificant and no provision for allowances for expected credit losses was recorded. 12. Investments in equity securities Shareholding 30.06.2026 30.06.2026 Shareholding 30.06.2025 30.06.2025 Shareholding 31.12.2025 31.12.2025 Unaudited Unaudited Unaudited EUR`000 EUR`000 EUR`000 GoIndex UAB (Lithuania) 3.97% 62 3.97% 62 3.97% 62 Total 62 62 62 GoIndex UAB was established to improve the pension market in Lithuania, which is in line with the Company's mission and values. The investment will support positive changes in the Lithuanian pension market. F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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42 13. Loans and advances measured at amortisedcost 15. Debt securities measured at amortisedcost 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Unaudited EUR'000 EUR'000 EUR'000 Consumer Loans 253 453 11 933 212 383 Mortgage Loans 43 188 444 23 599 Unauthorized overdrafts 80 18 - Accrued interest - 64 - Next period commission income - (142) - Total before allowances for expected credit losses 296 721 12 317 235 982 Allowances for expected credit losses (34 602) (715) (30 551) Total loans and advances due from customers, net 262 119 11 603 205 431 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Unaudited EUR`000 EUR`000 EUR`000 Loan to SIA Provendi asset management AIFP 68 68 68 Accrued interest - - - Total before allowances for expected credit losses 68 69 68 Allowances for expected credit losses (5) (3) (2) Total loans to associates and subsidiaries, net 63 65 66 14. Loans to associates and subsidiaries 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Unaudited EUR`000 EUR`000 EUR`000 Debt securities measured at amortised cost Debt securities 7 508 10 342 5 898 Total debt securities, gross 7 508 10 342 5 898 Allowance for expected credit losses - - - Total government and municipal securities, net 7 508 10 342 5 898 The group entity AS "INDEXO Banka" makes investments in financial instruments, specifically debt securities. In accordance with IFRS 9 requirements, these debt securities are classified and measured at amortised cost. All financial instruments issued by the Group’s counterparties, with a total carrying value, were classified in Stage 1 in accordance with the requirements of IFRS 9. F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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43 16. Financial assets measured at fair value F I N A N C I A L S T A T E M E N T S 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Unaudited EUR`000 EUR`000 EUR`000 Pawn loans measured at fair value Non-current pawn loans 190 - 190 Current pawn loans 7 500 - 7 399 Accrued interest on pawn loans 422 - 437 Total pawn loans measured at fair value 8 112 - 8 026 I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 17. Investment in associates 18. Prepayments Shareholding 30.06.2026 30.06.2026 Shareholding 30.06.2025 30.06.2025 Shareholding 31.12.2025 31.12.2025 Unaudited Unaudited Unaudited EUR`000 EUR`000 EUR`000 SIA Provendi asset management AIFP 49% 223 49% 208 49% 223 Total 223 208 223 SIA Provendi asset management AIFP was established with the purpose of creating a modern low-cost real estate management fund in Latvia which aligns with the mission statement and values of the Group. The investment will support positive change in the Latvian investment market. 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Unaudited EUR`000 EUR`000 EUR`000 Maintenance costs, IT 173 289 770 Software license expenses 130 151 - Health insurance 120 12 45 Marketing expenses 104 - - Insurance for the Management Board - - - Card system access fee for the reporting year 72 - 95 Subscription fees - 38 - Nasdaq fees 94 - - Testing, IT, systems 277 - - Customer acquisition and product growth activities - - 97 Commercial property insurance - - - Other fees 206 14 436 Cash handling expenses - - - Licence fee - - Total 1 176 831 1 443 19. Other assets 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Unaudited EUR`000 EUR`000 EUR`000 Guarantee deposits 989 501 - Receivables 635 440 2 658 Money in transit assets 1 967 - - Other assets - 74 93 Other assets, gross 3 591 - - Allowance for expected credit losses (12) (4) - Other assets, net 3 579 1 011 2 751 Receivables are received shortly after the end of the period, therefore provisions for impairment are assessed as insignificant. I N D E X O
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44 Intangible assets EUR`000 Cost At 31.12.2023 2 075 Additions 2 975 Advance payment 5 At 31.12.2024 5 055 At 31.12.2024 5 055 Additions 2 819 Increase related to acquisition of new Group entities in 2025 4 476 Advance payment 13 At 31.12.2025 12 363 At 31.12.2025 12 363 Additions 1 423 Advance payment (66) At 30.06.2026 13 719 Intangible assets EUR`000 Accumulated amortisation At 31.12.2023 110 Additions 421 At 31.12.2024 531 At 31.12.2024 531 Additions 1 328 Increase related to acquisition of new Group entities in 2025 2 340 At 31.12.2025 4 199 At 31.12.2025 4 199 Additions 1 174 At 30.06.2026 5 372 Net book value at 31.12.2025 8 164 Net book value at 30.06.2026 8 347 Other PPE EUR`000 Historical cost At 31.12.2023 48 Additions 246 Written off (1) Leasehold Improvements 366 Advance payment 10 At 31.12.2024 669 At 31.12.2024 669 Additions 254 Leasehold Improvements 62 Written off (2) Increase related to acquisition of new Group entities in 2025 2 885 Advance payment (10) At 31.12.2025 3 858 At 31.12.2025 3 858 Additions 234 Leasehold Improvements 5 Advance payment 74 Written off (60) At 30.06.2026 4 112 Other PPE EUR`000 Accumulated deprecation At 31.12.2023 26 Additions 26 Depreciation of written off fixed assets (1) At 31.12.2024 51 At 31.12.2024 51 Additions 135 Leasehold Improvements 63 Increase related to acquisition of new Group entities in 2025 2 078 Depreciation of written off fixed assets (1) At 31.12.2025 2 326 At 31.12.2025 2 326 Additions 206 Leasehold Improvements 47 Depreciation of written off fixed assets (56) At 30.06.2026 Net book value at 31.12.2025 2 523 Net book value at 30.06.2026 1 589 All fixed assets are used for the core business needs of the Group. F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O 20. Intangible assets, property, plant and equipment and right-of-use assets
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45 Right-of-use assets EUR`000 Lease liability EUR`000 At 31.12.2023 38 At 31.12.2023 47 Impact of lease changes 2 128 Changes during the reporting period 1 968 Amortisation (224) - Adjustment 31 Adjustment 27 At 31.12.2024 1 973 At 31.12.2024 2 042 Increase related to acquisition of new Group entities in 2025 2 938 Increase related to acquisition of new Group entities in 2025 3 261 Amortisation (412) Changes during the reporting period (348) Adjustment (61) Adjustment (68) At 31.12.2025 4 438 At 31.12.2025 4 887 Impact of lease changes (288) Changes during the reporting period (463) Amortization (208) Adjustment (2) Adjustment (2) At 30.06.2026 3 940 At 30.06.2026 4 442 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Unaudited EUR`000 EUR`000 EUR'000 Right-of-use assets 3 940 1 755 4 438 Lease liability 4 422 1 859 4 887 21. Contract acquisition costs 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Unaudited EUR'000 EUR'000 EUR'000 Customer acquisition costs 1 517 1 572 1 526 Total 1 517 1 572 1 526 The Group capitalises the variable compensation (including employer's social security contributions) of specialists involved in customer acquisition. The capitalised expenses are amortised over a period of seven years. According to the data of the State Social Insurance Agency, in the reporting period, on average 17% of participants in the investment plans managed by the Group opted for other investment plans registered in Latvia, while 83% of participants remained in the plans managed by INDEXO. This indicates that, based on observed retention patterns, a participant of the investment plans managed by the Group remains a client of INDEXO for a period that materially exceeds the seven-year amortisation horizon applied to customer acquisition costs. Therefore, the Group believes that the amortisation of the variable compensation of customer acquisition specialists related to customer acquisition over a period of seven years is appropriate. Customer acquisition costs EUR'000 At 31.12.2024 1 567 Capitalised salary costs, including national social insurance mandatory contributions 190 Amortisation of capitalised salary costs, including national social insurance mandatory contributions (185) At 30.06.2025 1 572 At 31.12.2025 1 526 Capitalised salary costs, including national social insurance mandatory contributions 200 Amortisation of capitalised salary costs, including national social insurance mandatory contributions (209) At 30.06.2026 1 517 F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 20. Intangible assets, property, plant and equipment and right- of-use assets I N D E X O
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46 22. Bonds issued 30.06.2026 Unaudited 30.06.2025 Unaudited 31.12.2025 Unaudited EUR’000 EUR’000 EUR’000 Total long-term part of bonds issued 65 668 46 674 Bonds issued 5 592 - 24 071 Interest accrued 182 - 120 Total short-term part of bonds issued 5 774 - 24 191 Bonds issued, total 71 260 - 70 745 Interest accrued, total 182 - 120 Bonds issued, net 71 442 - 70 865 As at 30 June 2026, AS DelfinGroup 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 in the bonds commenced on the Nasdaq Baltic First North Alternative Market debt securities list. The bonds are unsecured. As at 30 June 2026, AS DelfinGroup 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 2028. On 25 September 2024, trading in the bonds commenced on the Nasdaq Baltic Regulated Market debt securities list. The bonds are unsecured. As at 30 June 2026, AS DelfinGroup 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. The bonds are unsecured. As at 30 June 2026, AS DelfinGroup 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 September 2030. The bonds are unsecured. As at 30 June 2026, AS DelfinGroup 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 each 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, AS INDEXO Banka has Tier 2 subordinated bonds in issue (ISIN LV0000111078) in the nominal amount of EUR 5,000,000, registered with the Latvian Central Depository, issued by way of a public offering closed on 24 April 2026 on the following terms – number of financial instruments: 5,000, with a nominal value of EUR 1,000 each. The coupon rate is 10.00% per annum, with interest payable semi-annually on 29 April and 29 October. The final maturity date for redemption of the principal amount (EUR 1,000 per bond) is 29 April 2036. The bonds are unsecured and unguaranteed. As at 30 June 2026, the Group has complied with all covenants included in the terms and conditions of the bond issues. F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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47 23. Loans from credit institutions As of 30 June 2026, DelfinGroup had received loans from credit institutions with fixed interest rates maturing in 2028 and a variable interest rate (3M EURIBOR plus a fixed rate), maturing in 2027. As of 30 June 2026, the Group has complied with the terms of the loan agreements. 30.06.2026 Unaudited 30.06.2025 Unaudited 31.12.2025 Unaudited EUR’000 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 30.06.2026 Unaudited 30.06.2025 Unaudited 31.12.2025 Unaudited EUR’000 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 - 11 334 Total other short-term loans 11 895 - 11 334 Other loans, total 29 480 - 28 824 24. Other borrowings 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 mature 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 30 June 2026 the Group is in compliance with covenants. 25. Deposits from customers 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Audited EUR`000 EUR`000 EUR`000 Current accounts 24 323 8 827 13 666 Term deposits 56 474 13 818 25 817 Savings accounts 48 613 25 081 33 123 Total deposits from customers 129 410 47 727 72 606 26. Subordinated borrowings 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Audited EUR`000 EUR`000 EUR`000 Private individuals 1 990 - 611 Legal entities 641 - 1 191 Subordinated borrowings, total 2 631 - 1 802 Subordinated borrowings include loans with a maturity at initial recognition of not less than five years and whose early repayment is possible only in the event of the Bank’s liquidation or upon receiving permission from the Bank of Latvia. If the Bank’s operations are discontinued, subordinated borrowings are subordinated to the claims of the Bank’s depositors and other creditors. F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 I N D E X O
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48 27. Other liabilities 28. Share capital Unaudited EUR’000 At 31.12.2024 4 761 Increase in Share capital 300 At 30.06.2025 5 061 At 31.12.2025 9 997 Increase in Share capital 340 At 30.06.2026 10 337 The registered and fully paid-in share capital of IPAS INDEXO as of 30 June 2026 amounts to EUR 10 336 531 and consists of bearer shares with a nominal value of EUR 1 (one euro). 29. Guarantees issued, pledges and contingent liabilities 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, DelfinGroup 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, INDEXO Group’s subsidiary SIA ViziaFinance signed a guarantee agreement, undertaking to be liable to AS “Citadele banka” for DelfinGroup’s obligations. On 16 April 2025, DelfinGroup 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 DelfinGroup’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, DelfinGroup 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 DelfinGroup’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, DelfinGroup 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 at 30 June 2026, the amount of secured liabilities was EUR 62.4 million (31 December 2025: EUR 52.3 million). AS INDEXO Banka has undertaken commitments to issue loans. Such commitments represent loans that have already been approved but not yet disbursed. 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Audited EUR`000 EUR`000 EUR`000 Contractual amount Mortgage loans 2 541 - 2 400 Off-balance sheet commitments, total 2 541 2 286 2 400 Allowances for off-balance sheet commitments - - F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Audited EUR'000 EUR'000 EUR`000 Other financial liabilities Settlements for financial services 464 180 324 Lease liabilities 4 422 1 859 4 904 Obligations related to pension plans 127 61 505 Other financial liabilities, total 5 013 2 100 6 149 Other non-financial liabilities Accrued expenses 1 690 655 1 583 Temporary liabilities and cash in transit 1 950 181 1 566 Accrued liabilities for unused vacations 789 251 705 Other liabilities 183 34 249 Other non-financial liabilities, total 4 612 1 121 4 103 Other liabilities, total 9 625 3 221 10 252 I N D E X O
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49 30. Earnings Per Share Jan - Jun 2026 Jan - Jun 2025 Group Group EUR EUR Basic earnings per share Profit/(loss) from continuing operations attributable to the ordinary equity holders of the Company 279 018 (4 299 744) Total basic earnings per share attributable to the ordinary equity holders of the Company 0.027 (0.87) Diluted earnings per share Profit/(loss) from continuing operations attributable to the ordinary equity holders of the Company 279 018 (4 299 744) Total basic earnings per share attributable to the ordinary equity holders of the Company 0.027 (0.87) Weighted average number of shares used as denominator 10 313 597 5 056 225 Adjustments for calculation of ordinary earnings per share: Options - - Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share 10 313 597 5 056 225 Adjustments for calculation of diluted earnings per share: Options - - Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share - - Options granted to employees under the option schemes are considered to be potential ordinary shares. They have been included in the determination of diluted earnings per share, if the required share price hurdles would have been met based on the Company’s performance up to the reporting date, and to the extent to which they are dilutive. 30.06.2026 30.06.2025 31.12.2025 Unaudited Unaudited Unaudited EUR`000 EUR`000 EUR`000 State-funded pension scheme investment plan “INDEXO Jauda 16- 55” 1 259 592 1 013 861 1 129 507 State-funded pension scheme investment plan “INDEXO Izaugsme 55-62” 250 291 251 970 251 005 State-funded pension scheme investment plan “INDEXO Konservatīvais 62+” 33 313 37 459 35 305 Private pension scheme pension plan “INDEXO AKCIJU PLĀNS” 72 578 39 720 54 320 Private pension scheme pension plan “INDEXO OBLIGĀCIJU PLĀNS” 6 013 3 671 4 889 State-funded pension scheme investment plan “VAIRO 1960-1969” 2 294 - 1 922 State-funded pension scheme investment plan “VAIRO 1970-1979” 23 728 - 24 495 State-funded pension scheme investment plan “VAIRO 1980-1989” 31 661 - 32 875 State-funded pension scheme investment plan “VAIRO 1990+” 31 977 - 31 810 Total 1 711 448 1 343 011 1 566 128 The financial statements have been authorised for issue on 12 August 2026 and signed on behalf of the Company’s Management Board by: Henrik Karmo, Chairman of the Management Board Marija Černoštana, Member of the Management Board Artūrs Roze, Member of the Management Board THIS DOCUMENT IS SIGNED WITH A SECURE DIGITAL SIGNATURE AND CONTAINS A TIMESTAMP F I N A N C I A L S T A T E M E N T S I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6 31. State funded and private pension plans established and managed by the Group by net asset value I N D E X O
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50 In July 2026, DelfinGroup refinanced its subordinated notes LV0000870145 by issuing new notes LV0000112134 (up to EUR 5 million, 11.5% coupon, maturing July 2031); through an exchange offer, existing holders subscribed for EUR 3.94 million of the new notes, reducing the old issue to EUR 1.06 million. Signed on behalf of the Company by: Henrik Karmo, Chairman of IPAS INDEXO Management Board Marija Černoštana, Member of IPAS INDEXO Management Board THIS DOCUMENT IS SIGNED WITH A SECURE DIGITAL SIGNATURE AND CONTAINS A TIMESTAMP Artūrs Roze, Member of IPAS INDEXO Management Board I N T E R I M R E P O R T 2 N D Q U A R T E R 2 0 2 6M A N A G E M E N T R E P O R T I N D E X O Events after the reporting period Following the end of the period, the following important events have taken place: In light of the growth of the INDEXO financial services group across its various business lines, the shareholders' meeting of the Bank's parent company, IPAS INDEXO, held on 1 July this year, elected new members to the IPAS INDEXO Supervisory Board to strengthen the company's governance: Svens Dinsdorfs, Druvis Mūrmanis, Mārtiņš Jaunarājs, Jānis Pizičs and Madis Toomsalu. In turn, Henrik Karmo, Zlata Elksniņa-Zaščirinska, Druvis Mūrmanis, Mārtiņš Jaunarājs, Jānis Pizičs and Madis Toomsalu were elected to the Supervisory Board of INDEXO Banka. The decision on the election of the INDEXO Banka Supervisory Board was adopted at the INDEXO Banka shareholders' meeting on 1 July 2026. To strengthen the relationship with its customers in the beginning of July the Company launched new homepage Future salary | Indexo to engage with its customers and to give the tools for the current and potential pension business customers to explore, learn and make informed decisions about their pension. On 21 July, the Company agreed to apply for admission to trading on Nasdaq First North Growth Market in Stockholm, with the listing targeted for the fourth quarter of 2026. This would make INDEXO the first Baltic financial services group seeking a Stockholm listing. The listing is intended to provide access to the significantly larger Nordic capital market and support more active trading in the Company’s shares. IPAS INDEXO announced a private share placement targeting up to EUR 2.65 million, in the first tranche of the offering attracting EUR 1.85 million from well-known Swedish and international investors. As a result, on 29 July 2026, IPAS INDEXO increased the share capital of INDEXO Banka by EUR 1.85 million. Following the increase, the total share capital of INDEXO Banka is EUR 33.4 million. Both Latvijas Banka and the German supervisory authority BaFin have confirmed that INDEXO Banka may begin accepting deposits from German residents. Deposit-taking is planned to start once the technical integration is complete and all necessary preparatory work has been carried out. Tentatively in October this year, INDEXO Banka will begin attracting retail deposits in Germany through the deposit platform CHECK24. This step will allow the Bank to diversify its funding sources and secure resources for the continued growth of its rapidly expanding loan portfolio in Latvia. At the end of July 2026, the number of INDEXO Banka clients had grown to 65.3 thousand, deposits had increased to EUR 143.1 million, and the loan portfolio before expected credit losses had reached EUR 114.7 million.