Very good morning, everyone who has joined to INDEXO Group second quarter results. I am here joined by Ivita, who is our CFO, and Valdis, who is the bank CEO, and also Artūrs, our pension business head, who is moderating the Q&A session that we will have at the end of this presentation. We have obviously a very interesting story. I hope you all are ready to go through this presentation and also ready to ask questions about our results at the end of this presentation. You do have an opportunity to submit those questions using the QR code that is on the screen. We are very happy to receive questions, so please do use this opportunity. Just as an intro, which we like to think is that INDEXO is a company that tries to deliver positive changes to the financial environment in Latvia. We don't only measure our own impact in terms of to our shareholders, what is the result to the shareholders, which is very important to us, but also actually the impact to the wider society. Here we have, I think, a continuously good story that confirms our mission. We have had a great result for pension clients who have received the products at a better rate and also have had very good long-term profits from the investments into the pension products. We have very good rates on our bank accounts, which means that our savers get nice interest income. We have paid out EUR 1.15 million interest on deposits in the first half year of 2026. We have refinanced mortgages at lower rates, so those people have more money to save with us or invest into the pension products. This, let's say, virtuous circle will hopefully continue as we scale, as more customers join us, as we extend more credits and more depositors leave their money with INDEXO Bank. This is really our aim, why we come to work every day to improve the financial situation for people and we are on the right track there. Before we go into the financial report, we also wanted to highlight that in the last three months and over the last half a year, we have actually improved significantly the competence that we have in the group. We have new council members that have joined as of the beginning of July. These are Madis Toomsalu, Druvis Mūrmanis, and Jānis Pizičs, who all bring their unique experience and also knowledge about banking and financial services, and we hope that this is a very good sort of screening board, and they are excellent representatives of shareholders that help to guide us in the development of our financial group. Then a quick glance at the financial results of the group. The group consists of, as you remember, three different business lines. It is the banking business, pensions business, savings business, long-term savings business, and also the non-bank lending business, which is a separate unit that is listed on Riga Stock Exchange DelfinGroup. All in all, the most important message for us is that we are continuing our profitable growth. We achieve the excellent results in loan portfolio growth, where we have actually increased our net loan portfolio to EUR 262 million credits extended, and the growth has been 10% quarter-on-quarter. At the same time, we have done it profitably, so the group itself is profitable. As you remember, when we did the DelfinGroup acquisition, the idea was that we will be able to use the more mature business cash flow to drive growth in the bank, to scale it, and to also become profitable there over the next period. The important part here is also to remember that although the group profit is EUR 0.9 million, then because there is minority shareholders in DelfinGroup, the profit that is attributable to the INDEXO shareholders is EUR 140,000, which is in line with the first quarter results. Over this quarter, we also increased our stake in DelfinGroup. Right now we own 72.03% of DelfinGroup. Overall, driven by this loan portfolio growth, we now account for 12% market share in consumer loans in Latvia, which is a significant already proportion for a young company like us. From other point of view, also our story is now very predictable because we have two strong legs and then one growing company. I will hand over the word to Ivita, and you can say a few words about our financial results. Thank you, Henrik. Let's look at what has happened to the total assets for a group. As Henrik mentioned, during the Q2, the nice development in the business volume has continued, and we can see this in the increase in total assets. Assets have increased by 17% compared to Q1, and now are more than EUR 340 million, out of which the loan book is at EUR 262 million, which is close to 76% of the total assets. The proportion of the loans from total assets has slightly decreased since we have had very good net inflows on deposit side. Some of the extra liquidity has been held in the central bank. The proportion of liquid assets has slightly increased. In addition to that, we can, on the liability structure, clearly see the benefit of having a banking license and a nice inflow of customer deposits, which has reached the total of EUR 129 million at the end of June, which has been the increase by more than 40% comparing to the end of March. Of course, the customer deposits on a group scale is the most preferred funding source to grow the loan portfolio. Definitely that remains the focus to increase that. The other part of the funding is the market financing, which totals around EUR 150 million, which is mostly at the moment, used by the DelfinGroup to fund their portfolio. As we have highlighted already during Q1 presentation, that presents a potential for further improving the group's net interest income. The DelfinGroup has, during the first half of the year, concentrated on optimizing both the funding cost on their funding part and also working on diversifying the funding sources and looking for alternative funding partners. If we now look at the group's capital ratios and the liquidity, we can also see here that we keep up the strong positions that we have been having at the end of the year and also in Q1. We have been able to maintain the total group capital adequacy at around 22%. The bank's issued subordinated bonds have helped to ensure that, because we can see that the loan growth has impacted the CET1 ratio, which has slightly decreased, which is mainly because of the aggressive loan portfolio growth. At the same time, we can say that, in terms of the liquidity, the group is very strong. The liquidity coverage ratio basically has remained around flat, around 500%, while the regulatory requirement is only 100. Also, we can be very happy about the NSFR ratio, which has only slightly decreased from end of the year, taking into account that most of the loans or most of the asset side is actually with the longer maturities than the funding side. Which indicates that we have been able very good at managing the term structure and keeping the ratios at the comfortable levels. If we summarize the financials for the group, we can see that, as Henrik mentioned, that we are delivering on our idea that the pension business and the DelfinGroup can support the bank's development and this has been happening during the first half of the year, during which also the IPAS has contributed additional capital to the bank to support its growth. But definitely the loan portfolio and the net interest income is the income engine, which then supports this group profitability. The first half net interest income has been almost EUR 30 million, which represents 90% of the total revenue. We have been able to keep also the nice dynamics that the net interest income has been growing from quarter to quarter, and also net commission income has been growing quarter to quarter. We also have to recognize that in terms of total expenses, we see that there has been increase in the total expenses over the quarter, and the expense increase has been actually quite evenly distributed between the companies. The total increase has been around EUR 0.9 million with around third attributable to DG and to the bank. The rest has been accounted on the different investments into product innovations and IT. The group wise, of course, since our loan portfolio is the main driver of the income, then of course the one cost item what comes with that is the provisions for expected credit losses. Despite the aggressive growth in the portfolio, we see that the provisions actually in Q2 have been lower by 10% comparing to Q1, which confirms that while doing the aggressive lending, we have been able to keep up the quality of the portfolio. As we already commented, the end result for the first half of the year is that the net profit for the total group is EUR 1.8 million, but out of that, INDEXO shareholders have gained EUR 280,000. Then we'll move on to the pension business, and talk a little bit more about what we have achieved on this business line. Pensions business generally, as we said, is more mature already, is still growing very nicely. If we look at the total revenue, it has grown 16% year-on-year. Partially it's driven by the acquisition we did last year, but also we have to remember that at the beginning of the year, we went through quite a significant decrease also in the fees. It is a profitable business that delivered almost half a million of profits to the group. The difference between the normalized profit, which is higher, and the net profit, comes from the fact that some of the group cost items are booked with the pension fund manager that until now is the group holding company. We are also relatively happy with the customer account growth. It hasn't been significant in terms of quarter-on-quarter growth, but year-on-year it shows a nice positive direction. That is mostly, as you remember from our previous webinars, we are really focusing right now more on the voluntary savings business. That is our real kind of focus. It doesn't mean that we have somehow forgotten about the pension customers in the second pillar. We still constantly work to provide them the best possible product, lower the fees of the third parties that provide services and make sure that they get their fair share of the market performance. Market performance has been one of the main drivers that has also increased our assets under management. Shortly, we'll talk in more detail about that, but our assets stand today at EUR 1.7 billion, which is a very nice volume of assets to have on which we can earn fees, and most of those fees are turned into a nice profit for our shareholders and for our group. As I said, the third pillar is our focus. There we see very high growth rates, where the AUM grows and the client number grows way above the second pillar. Without further ado, let's move on to what contributes to the growth of our assets under management. As we can see, there is several pillars that help to grow this business. This is inflows from the new customers, so those who have joined our pension plans, monthly contributions by existing customers, then the market returns, which have been extremely strong this year. Last year in the third quarter, we acquired a company called Vairo, which was a small asset manager, so that contributed to the asset growth. The negative effect for us is when the customers decide to leave to other fund managers, and that all gives us the net result of the growth on year-on-year, which has been strong. As I said, 1.7 billion is very much where we also expect it to be around this time of the year in our financial plans. We especially highlight the churn, just so that everybody and all our investors know that we are constantly following it. Because of the system of the Latvian bank second pillar client relationship, it is a little bit more difficult to manage because we do not have direct contact with the customers. Where we really see the opportunity is that we understand that as the group grows, as the services that we provide within the different financial companies that we have in our group, our possibility to convert those people into INDEXO Group fans and loyal customers comes from using those different products to also highlight the importance of long-term saving. That is where we follow up constantly with different initiatives to see how we can improve customer loyalty. As always, we want to highlight that saving in long term is extremely important and a valuable activity. So, over five years, the returns of the stock market and the investment plans has been way above the inflation. It means that in real terms, customers' wealth grows and allows them to fund the time when customers will not be working anymore and can draw down from different pension saving products. We will keep constantly exploring how to improve those returns. Our focus is on the third pillar or voluntary savings. It is a more flexible system where there are tax incentives in place for people to start saving tomorrow. They can do significant contributions while getting back money for the income tax that they have paid during the year. We see more and more people who are interested in this service, which also then correlates with the growing income of the population and awareness of the need to save. Here we really are extremely proud of our team's work that has grown the customer numbers significantly. It is a difficult product for people to take this decision to, "Yes, I am a saver, and I start saving today." But we are good at persuading them, and that really means that every month we see more customers joining. They are making bigger contributions, and that drives our asset growth. We are happy with where we are with our asset growth in this product line. From the financial performance perspective, we have said that pension business is a scalable business where revenues transform in a predictable way into a profit for our shareholders. The last quarter, the second quarter of 2026, was a quarter where we decided to invest a little bit more into developing our service offer. Many of these initiatives will be visible in the second half of this year. Hence, despite the revenue growth, the net profit did not increase that significantly because some of the costs went up. But again, this is something that we are very much controlling and understand how we spend the money. Overall, the first half-year result for the pensions in a normalized manner was EUR 1.12 million. So normalized again, because while we are doing investments in different capital raises or other group investments, some of those costs land in the pension business as this is still today the holding company. With that, I would like to give the microphone over to Valdis and he will talk a little bit more about INDEXO Bank's achievements. Yeah. Good morning. Thank you, Henrik. Bank is in such early development stage, so the growth is the key objective. We have to grow our volumes, customer numbers, and most importantly, revenue. Group support here is very important. Thanks to that, we have been able to invest in new customer acquisition, in marketing and drive that growth. So we are adding new customers, we are expanding our deposit base, and that enables growth of the loan portfolio. We are growing actually that fast that year-on-year comparison almost doesn't make any sense. Even quarter-on-quarter comparison, we have impressive 30%, 40% growth figures. I also would like to highlight that the second quarter was symbolic in that sense that both in the beginning of the quarter, our deposit volumes and towards the end of the quarter also, loan portfolio crossed the EUR 100 million milestone. I'd like to say that this has been a record quarter almost in any major indicator we follow. So it should be as it should be, that we should break those records basically every quarter for quite some time going forward. When it comes to loan portfolio, actually, the bar has been increased quite a bit during this quarter. In our growth in our loan portfolio dominates consumer loans because that is a product that ensures the best return on equity and that is our fastest way to profitability to the break even. As a result of that, we are already significant player in consumer lending market. That has been mentioned before today. We are even more dominant in mortgage refinancing segment, where we have over 60% market share, but that is, to be fair, rather small segment. However, quite steady because we were expecting to somehow decrease, but it remains quite steady at least for some time. The net interest margin has decreased during the last quarter. The main reason for that is successfully issued EUR 5 million subordinated bonds with relatively high interest rate, but that affects this calculation. However, subordinated bonds is not really a funding source. It's more a cheaper replacement for a capital. But nevertheless, net interest margin has been affected, though it is lower than the previous quarter. However, still, there is a growth compared to the quarters before. To lend, we need customer funding. We need more deposits. We are proud that our customer acquisition continues at quite steady pace. It's not slowing down. It has been mentioned also that actually the average customer acquisition costs somewhat goes down. We still have quite large proportion of passive customers, but that is decreasing. However, absolute number remains high. That is both a challenge and opportunity for us. So far, we have managed not only to increase the number of customers but also increase the average deposit volumes per customer. That trend must continue and needs to continue. We will do all we can to ensure that. We launched the custody bank services towards our pension manager. We took over that function from another bank at the end of June. So it is mainly fee-generating business, but nice side effect has been also that we, along with that, got also this EUR 6.4 million deposit highlighted in a bar there column. We want to highlight it separately so it is not from ordinary customers, it is from the related company and basically concentrated deposit from one client essentially. We have also obtained all permissions to start attracting deposits in Germany through the deposit platform. That will enable us to play an even more active role in the lending market going forward. Not only that, it is also a diversification of our funding sources. So it is also a risk mitigator as we see it. So record deposit growth and loan growth has resulted naturally also in record revenue growth. Main driver, as you see, has been net interest income, which is, of course, driven by loan portfolio growth. Net commission income also has increased, however, it still remains relatively small relative to total revenues, but that is a result of maybe one deliberate choice that we are not charging our loyal regular customers any monthly fees anymore. Also custody service, which I mentioned, was started only at the end of June, so it had not had any impact yet in Q2 on our fee income, but we will see that in the next months and quarters. Also active lending growth generates some fee income, but also quite significant fee expense because we are paying for customer acquisition, we are paying also fees for credit risk assessment and buying information from different external sources. Yeah. Oh, sorry. One thing which I also want to highlight is product development. To keep reaching our record quarters, we not only need to sell well our existing products, but we are in an early development stage, so we still have many products missing. We need to regularly add new products, roll new products out, and that will also enable further growth. To do that, we have established now during Q2 a dedicated product development unit, which we didn't have before. Maybe in the early days of the bank, we had different ways of working, which is not anymore suitable once the bank becomes more complicated mechanism, so to say. Now we have a dedicated unit which has taken over the responsibility for further product development and acceleration of that is one of the top priorities going forward. Now I'd like to give word to Ivita to tell more about the financial results. Thank you, Valdis. As you have heard, this has been a quarter of different records for the bank. Of course, as the bank has been scaling the volume growth, then cost increase to support that growth is inevitable. We have seen now for the four consecutive quarters before that we have been pretty flat in terms of our costs, keeping them at EUR 2.6 million. Now this is the first quarter when the costs actually have increased. They increased quarter-on-quarter by 12% and were at EUR 2.9 million. But at the same time, the total income has increased by 47% during that period, which indicates that the business model is generating the required acceleration and we are approaching our operational breakeven. In terms of the cost increases, there are, let's say, two distinct functions where the cost increase is landing. As we have already informed during Q1, one is the IT function and IT capacity. We have been evaluating our relationships with service providers and have decided to insource part of the services that we have been buying from external counterparts. We are now building the teams internally to build on that and drive our competitive advantage on that. The second area is, of course, the business growth to continue to scale our operations and number of customers, and also in relation to building the corporate segment that we are starting to build, then also there some of the cost increase has landed. But overall, we see that we are keeping costs under control, and we can also see that by the cost item other costs, which to the largest extent includes customer acquisition and marketing costs. We have seen that overall, by the quarters, this cost item has been pretty stable, around EUR 500,000 a quarter. At the same time, our investments have been very well-planned and targeted, and this has allowed to increase our ambition in terms of customer growth by 70% over the year. The total customer number is now more than 63,000 customers at the end of the second quarter. Following the story about the income growth and the costs, we see that we are also on our path to reach the expected operational break-even before the expected loan losses at the end of the year. We can see that one year ago in June, our total income was covering only 8% of our total monthly expenses. But now in June, we are already covering 56% of our monthly costs, and we expect this development actually to intensify. With each month, we will be more and more covering of our operational costs, and we aim to reach the operational break-even at the end of the year, more closely, specifically in December. To summarize financial performance for the bank, I think that we have been already pretty detailed commenting about the income and expenses and all that is very good seen and highlighted in our P&L with very nice quarter-on-quarter growth numbers in the income positions. As I mentioned, in this quarter, we also have experienced the cost growth, which has been very targeted and well thought over where exactly we are investing. We definitely see this as investment for the future income growth that will accelerate. Then, of course, with such a high loan portfolio growth, expected loan loss provisions is also one of the items which impacts our result. We can see this, that our operational profit has been improving much faster than the net profit. This is basically due to the expected loan losses, which have been increasing quarter on quarter as we have been increasing also our quarterly loan issuances and specifically, in relation to consumer loans, which have been also increasing faster from quarter on quarter and to some extent also driving the increased loan loss provisions. Continuing with our loan portfolio quality, we are happy to see that our disciplined and high-quality underwriting is continuing and our stage one loan share is stable at around 96%. We can see that also our total portfolio coverage remains at 2.5%, which is indication of solid loan quality. Also, we have to say that why maybe we can see slight increase in stage three loans that our, let's say, non-performing loan portfolio has not yet been maybe having. We have not been having yet so many transactions actually on a good side in that portfolio. We have not been yet really offloading any of the non-performing loans. That's why also we see some increase there. But this is also one of the now priorities that by the end of the year, we will definitely also do the first sale of non-performing loan transactions. As you have been seeing on the product development slides, we have been also talking about that in Q1, that the proprietary credit scoring model actually now has been launched. We are slightly but surely or slowly but surely moving in terms of scoring our customers using our own model, and that will be followed and also in future with the PD model as well developed in-house. Moving to the capital situation. We can see that our continuous efforts in managing the capital ratios, given the such aggressive loan portfolio growth, also has been very successful. Our total capital ratios have been very stable and above our internal target of 20%. We have been able to ensure that by successful subordinated bond issue that we already mentioned. The decrease in CET ratio is exactly because of the very high risk-weighted assets growth. It has been more than 30% in Q2 and more than 60% if evaluating from end of 2025. That has been the main reason why the CET1 ratio has decreased. But at the same time, we have been publicly saying that the bank throughout this year will require additional capital. During first half of the year, IPAS INDEXO, our mother company, has invested EUR 4.2 million in the bank's core equity capital to support the bank and to be able that we can continue our loan portfolio growth. In terms of liquidity, also the bank's position remains very strong. We can see that even so, there is a decrease in the liquidity coverage ratio. It's more of a, let's say, technical and mechanical feature, so to say, which is just due to the calculation of how the custody-related transactional accounts are treated in this calculation. Because as we mentioned, exactly at the end of the quarter, we took over the custody function for our mother company. In terms of NSFR, we are very happy to see the development that despite our balance sheet structure where assets have longer maturities on the liability side, we have been actually able to slightly increase the NSFR and mainly that has been on the account of our subordinated bond issue and also increasing term deposit proportion in our customer funding balances. Our loan-to-deposit ratio gives us some extra room now to continue the lending growth as in the Q2. Thanks to the very good net deposit inflows, the ratio has slightly decreased, giving more extra liquidity to deploy in the loan portfolio. Now we will speak about the DelfinGroup results. Thank you, Ivita, for all those exciting news about the bank and good growth results. Before we go into the DelfinGroup discussion, I just wanted to remind that DelfinGroup is a separate entity that is listed in Riga Stock Exchange. They have a very detailed reporting available on their investor relations site, so please do look there for a much more detailed analysis of their financial performance and their business. But we will highlight some of the important figures in our presentation. Overall, DelfinGroup has been performing very well. It has grown its loan book, so that means that the revenues are stable. There has been a slight decrease on quarter-on-quarter in the revenues because of the scrap sales. That is, let's say, not a significant part of DelfinGroup day-to-day business. Regular interest income the growth has been subdued due to the fact that the structure of the loans has slightly changed and the overall interest rates that DelfinGroup has been charging from the customers has slightly decreased. The net profit, the really strong part of DelfinGroup and also something that a lot of DelfinGroup shareholders are really appreciative of because of the 50% payout of the net profit has increased slightly quarter-on-quarter, and continues to be a very great source of also capital for our investment into INDEXO Bank growth. What is extremely nice to see is DelfinGroup's ECL provisions decreasing, which is both terms of indicating the risk that the group is taking and also the better risk handling that happens within the group company. That, all in all, has led to a very nice result, especially, of course, compared to the last year, the net profit is significantly higher, just because the management did an extremely good job at the end of last year to decrease the costs and to really become a very efficient operating company. Partially due to the INDEXO activities, because we have increased our holding in DelfinGroup and also the phenomenally good financial performance for the shareholders, the share price has increased to over EUR 1.5 at the end of June, which is also, let's say, nice and positive from INDEXO Group perspective because the acquisition cost at which we acquired DelfinGroup was lower than the company's share price at this given moment. But that doesn't really matter because we really see this as a long-term investment and the daily fluctuations of the share price are not relevant for us achieving our objectives as a group. What is a very important part of DelfinGroup's business, because they do not have access to the deposits like the INDEXO Bank has, is the management of the cost of funding. As a non-bank lender, DelfinGroup has to rely on bond issuance and on different bank arrangements that they have in place and also sometimes getting money in also from peer-to-peer platforms. Here we see a nice positive tendency where over the year, the funding cost has decreased. We believe there is a further improvement possibilities there, which the bank management and the group management are working on. It is really the final result of the DelfinGroup or the bottom line of DelfinGroup is extremely sensitive to any decrease in the interest rates. Every 100 basis points of funding costs decrease actually means savings of EUR 1.2 million. The management is doing a great job in managing that, and hopefully, we will be able to continue the trend going forward. Also, there has been further capital raises by DelfinGroup in form of subordinated bonds, which also belong to the mix, and DelfinGroup is well capitalized and managing all its, let's say, capital and funding in an adequate manner for the shareholders and for the development of the company. One important part, of course, DelfinGroup being in the group is the, let's say, overlap of DelfinGroup customers and INDEXO Group customers. When we acquired DelfinGroup, we talked about their amazing scale in terms of client relationships that they have. Over 300,000 people had, at one point or another, taken a loan from DelfinGroup or had some business interactions with DelfinGroup, although the active customer number is lower. We used that opportunity to reach out to DelfinGroup customers. That actually helps us to grow also INDEXO Group customers. INDEXO has very good products as we know. Like in banking terms, we are paying very good deposit rates, and we also are a very good provider of pension services. There has been a natural migration of DelfinGroup customers into INDEXO Banka customers. We have specifically started to do work with Banknote branches, which is the physical retail part of DelfinGroup, to up their product offers, and to help people also that are maybe not in the central locations in Latvia to get access to better financial products. We started with a pilot case of three branches where we sent our people to train the Banknote people there to promote our products and to tell the customers about our products. Now we already have scaled it further up, and hopefully, that will derive also further results in terms of our growth for bank and for the pension funds. Financial performance. This is a great picture, again, from a shareholder's perspective in terms of the profitability of the group. This was really the extremely well-managed company in terms of cost and revenue, and that bottom line is very important for the group for its development. As I mentioned earlier, the group revenue is dependent mostly on net interest income, which has been stable because of the sort of product mix that the DelfinGroup has sold in second quarter of 2026. Some of the, let's say, lesser important business volumes like scrap sales meant that the total revenue was slightly decreasing. The expenses have been a little bit growing because of the investment into Banknote's marketing, which is a very important channel for DelfinGroup business. They used Banknote as a, let's say, customer touchpoint where they can extend loans, and that's a very unique position in terms of non-bank lenders because many of the other non-bank lenders actually mostly rely on brokers, credit brokers to drive customer traffic. That's a unique really proposition that DelfinGroup has and a valuable one, and marketing that channel also, of course, works very well for the group, as we told before, because we are using now Banknote also to promote our great deposits and other credits and pension products. That means overall that as a result of the second quarter results, DelfinGroup will announce likely dividends as its dividends policy, and also the group will be receiving dividends to further support the bank scaling story that Ivita and Valdis were telling about, which due to its very fast growth needs capital until it becomes self-sustainable. We wanted to highlight certain important matters that concern all of us as shareholders after the reporting period. So, one of the things maybe which Valdis already highlighted, on the 30th of June, custody services of INDEXO pension business were brought over to the bank, INDEXO Banka, which means that although it was sort of highlighted as an action that happened at the end of second quarter, the actual revenue and the net commission income that bank will be earning will start from July. That is kind of just like reminder as a very happy event for all of us who have been actually working for this and expecting that to be a sort of significant and high margin product from the group perspective that we now can keep within the group. Then very important notice also in July was that we have started upgrading also the way how we sell our long-term savings products. INDEXO website now has a sort of special section that helps to do better financial planning, put yourself onto the trajectory of achieving your goals. That is the first part of the improvements that we wanted to do in the savings bit and more will follow over the next quarters. DelfinGroup did issue new notes, subordinated notes at an adequate price, helping to drive the return on equity, which is very important for us as shareholders. Then in July, towards the end of it, we made a public announcement that to improve shareholder liquidity and also give INDEXO Group a sort of a better access to a capital markets, we have decided to explore and list our shares in Stockholm. We are already have started workflow towards that. We hope to be on track to try to do that, market conditions, of course, allowing, at the end of the year. To prepare for that shareholders issue, we also brought on new international and Swedish investors that would help us to really also tell the story and build trust with the retail base that we are predominantly targeting in Stockholm for our subsequent listing at the end of the year. Part of that proceeds that have been gotten already from that planned share issue, and the second half will arrive in August. A very important part for our growth story as a financial group, and then also extremely important for the bank to drive the growth of the lending book, because we fundamentally believe that this is really our main opportunity, is the under-levered Latin economy. We got the access to the deposit platforms. It means that the German regulator, looking through our business case and our financials, decided to give us the opportunity to attract also deposits from Germany. That not only then drives our growth, but also diversifies our funding source and is a risk mitigative factor. Extremely nice to see the business volumes on the bank side growing significantly. We had a record month in terms of net deposit flow. We had a record month in gross loans issued. The customer number is continuing to grow, and obviously, as we know also, the custody income will increase significantly also, the net commission income. Here we are today, 12th of August, our first half-year webinar. Before we continue to the Q&A, there is also a very important part that Ivita will talk about, the financial restatement, and I will hand over the microphone to her. Thank you, Henrik. It seems that July has been very busy with positive news, hopefully, to improve the group's further development. Now coming to a slightly more accounting issue, what we have been also busy with during the Q2 is that we have been already disclosing in Q1 report that the initial accounting of DelfinGroup acquisition has not yet been finalized. During second quarter, this work has been continuing. We can say that this can be split in two, let's say, distinct issues. One is that we evaluated the accounting acquisition and the statements that we did at the end of the year, and if we did everything according to IFRS. The second issue is that by now having more information during the Q2 on the DelfinGroup business operations and getting the contract level data on the portfolio and cetera, we are reviewing our initial purchase price allocations and reviewing, once again, the fair values of the assets and liabilities that we acquired to ensure that we correctly assess the value of each asset and liability that we acquired within this business acquisition. What we now have done during this reporting is that we have acknowledged that according to the IFRS 9, we have not recognized this loan loss allowance, or basically the expected loan losses on this acquired portfolio that we acquired from the DelfinGroup. Because according to the IFRS, immediately after the acquisition on the loans which are not credit-impaired, we have to recognize this initial loan loss allowance. This is what we are now doing, and we are restating the group's 2025 result because the acquisition happened in the middle of December, so the reporting period it impacts is the full year result for the 2025. What does this mean? This does not change in any way the DelfinGroup's own business, the accounting that they do, the profitability they expect, the expected credit losses, how they account. It does not affect any cash flows. It does not affect the price that has been paid for the DelfinGroup acquisition. It does not impact any group's cash flows, so it does not impact the DelfinGroup customers, the loan terms, the servicing. All the business operations and everything on the DelfinGroup stays as it is. This only concerns the consolidated financial reporting so that everything is done according to the international accounting standards. The DelfinGroup remains a strong acquisition that we truly believe. As Henrik indicated, this is our long-term investment, and we are happy to see the solid performance of the DelfinGroup, both in the Q1 and in the Q2. What does this restatement now to the 2025 mean? At the end of the year, we have now recorded the fair value adjustment on the DelfinGroup's portfolio of EUR 24.8 million, and the total fair value of the loan portfolio was more than EUR 150 million. What we have now done is that according to IFRS 9, we had to book this initial loan loss allowance on that credit portfolio, which we calculated at around EUR 10.8 million. That is why you see on the slide increase in allowances for expected credit losses. Reported 1.1 restated 11.8. Which means that the total net loss for the group for 2025, instead of EUR 7.7 million reported, now increases to EUR 18.4, which is a total for the group, but attributable to INDEXO shareholders is only EUR 14.9 million. This restatement and the calculation is still also subject to external auditors' review. The final amount will be confirmed together with the auditors. What does it also mean in terms of capital adequacy ratio, which is also the table on the slide. You can see that we reported the group's capital at the end of the year, the capital adequacy ratio at 25. After this restatement, the capital ratio is at 21, which is still above this, our internal target of 20% that I mentioned when presenting this year's capital situation. That is the one part which we have restated. The work which will now still continue, is regarding this evaluation of the acquired assets and liabilities. Meaning that we have now obtained better understanding of the DelfinGroup's models. We have acquired DelfinGroup contract level data on the acquired portfolio. The work which is continuing is that we are double-checking and evaluating this measurement of the acquired portfolio, both the assets and liabilities. We expect that as a result of this review, it could be so that this fair value adjustment, which was mostly now done on the loan portfolio, that part of it could be allocated to the goodwill. We, at the moment, estimate that this could be in the range of EUR 7 million to EUR 10 million. There is very detailed disclosure note in relation to this process in our interim report. Please read that note. There are full details around this process and what exactly we are doing. We are planning to finalize this during September, both the restatement in relation to the last year, so in terms of this fair value adjustment, and also by the time to review also this expected loss number and finalize that. To stress, once again, this current restatement does not impact the consideration that we paid for DelfinGroup acquisition. It does not change the DelfinGroup's individual accounts. It only impacts the consolidated INDEXO Group financial statements. We are ensuring by this that all the statements and financials are according to accounting standards, in relation to such business acquisitions as we have done in relation to the DelfinGroup. Now I'm giving over to Henrik to conclude with the concluding remarks. Thank you, Ivita. Indeed, a very complicated matter, getting the accounting right, several different standards. I think we have consulted with a lot of different accountants and auditors to get it right, so hope to close this issue very soon. As you mentioned, the most important thing is that our actually day-to-day activity and actually the financial results of 2026 are not impacted by that in real cash terms. The main key takeaways from this presentation, I hope that our investors heard, is that we are still profitable. With that profitability still in mind, we are managing to scale extremely well. Our loan book growth has increased significantly quarter-on-quarter. We are getting into a place where we are able to launch new products with the funding that we have from the profitable businesses that we have in our group. The operating leverage of the bank is now demonstrated. We are on the path to getting to the operational break-even by the end of the year. The credit quality, despite as a group, we are very much in this consumer lending market with different risk groups and different APRs, the credit quality remains strong and the business is scalable. The most significant parts of the news that you will hear further in the following quarters is that the deposit platform, the Stockholm listing, and also the different activities that we have in terms of cross-selling that hopefully allow us to report even better quarter in October, sorry, in November. With that covered all, I think we should hand over the microphone to Artūrs Roze, who will help us to go through the questions that we have received during this presentation. We can probably squeeze it all together. Sure. Yeah, no worries. I do not need to be on camera, but I need to be closer to the mic. Based on the questions we have, we have quite a few, actually. Let us start the first one. Please elaborate on a retrospective credit loss adjustment and how much headwind do you still see from PPA allocation later in the year? Ivita spent, I think, quite a lot of time and detail on this. I do not know if there are any things to clarify afterwards. I think one thing before Ivita maybe still clarifies, please do check out our reporting. There is a very detailed description of that in, actually, our management letter. There is a lot of detail. We just try to cover, let's say, the basic issues here, but please, Ivita. Yeah. First of all, once again, yes, that according to IFRS, whenever then you do the accounting for the business acquisition, as I tried to explain, from our point of view, we evaluate the loan portfolio that we are acquiring. In consolidated financial reporting, irrespective of what the DelfinGroup reports, for consolidated reporting, this fair value is the new carrying value that we report. Then immediately, like on the next day, IFRS 9 clicks in and requires you to recognize this initial loss allowance for the credit portfolio, which is not credit impaired. We do not expect any deviations from that because, as I indicated, we did know this allowance on the PPA values that were recognized at the end of the last year. Which means that, as I said, at the moment, all the fair value we recognized was put on the portfolio, and we recognized that initial allowance on that fair value. As I indicated in my presentation, we are still now reviewing our assessment of the fair value of all the assets that we acquired, and the preliminary judgment now shows that this fair value on the loan portfolio could decrease. Instead, we could classify some of that as a goodwill. Which means that, actually, this initial loss allowance then would have to be applied to a lower value. Which means that we expect that there will be no negative, let's say, impact on the 2025 year after we finalize the PPA. All right. Thank you. Moving forward. Does INDEXO plan to pay dividends, and if so, when? We have stated that in our plan that we are going to be in a position to start paying out dividends on the basis of 2028 group profits. Until that time, we see the opportunity in the market to really deploy the capital as much as possible in growing our loan book and at least our own financial plan that also has been published, sort of sees that then we are already generating, as a group, enough capital to sustain high growth with also starting to give back some money to the shareholders. How do you expect to restore the CET1 ratio level what is currently required by a regulator? I think Ivita. Yeah. We are actually currently in the process of our first supervisory review and evaluation process, known as SREP in financial world. We are in the process there, and until it is finished, I don't want to speculate about what kind of the specific regulatory ratios or regulatory requirements then could come out from that discussion with the regulator. Thank you. At INDEXO Bank, are you competing for the same customers with DelfinGroup within consumer loan products? I think there is a, let's say, slight overlap, but it is different. Because of our lower funding cost, we obviously can give out credits to very good customers, prime customers, call them credit rating A customers, and then move all the way down to the ladder to lower risk or higher risk and higher APR customers. Then there is a certain point of overlap, and then there is maybe the DelfinGroup business, which traditionally has been in the sort of a higher APR customers and high credit risk. There is somewhat an overlap. I think there is an opportunity that we have to help some of those customers that are in the DelfinGroup business portfolios that, by their risk, let's say, standards, would be able to actually benefit from better pricing. Given that DelfinGroup is constrained by its cost of funding, then at some point in time, INDEXO becomes more appropriate for these people to look for this credit relationship and overall. That is how we see it. There is some overlap, but it is not significant. Could you comment a bit on synergies with DelfinGroup? Meaning anything tangible so far and/or how are you collaborating operationally? It is operational collaboration. First of all, I want to say that this is an arm's length way how we operate with DelfinGroup. They are an independent company that is listed in Riga. It means that they have minority shareholders, so we do everything in terms of keeping in mind that this is an independent entity. There are, as we mentioned also in the slides, so please refer to that slide in DelfinGroup where we talk about the Banknote initiatives. That is one way how we do it. We are training their employees to sell INDEXO Bank products and INDEXO pension products. We are not yet fully scaled there. That is going to be a project that we will carry on through to 2026. We do have also, of course, incentives in place for people who take consumer loans to use INDEXO as the main bank. DelfinGroup is talking to their customers also through email marketing about INDEXO products. There are operational synergies that have been started, the initiatives. There are tangible results where we see in terms of how our new customers tend to also be from DelfinGroup customers. There is an overlap, and most probably they found the path to INDEXO through DelfinGroup. There are further things that we actually promised in our takeover, let us say presentation, to our shareholders, which is the financial synergies that come from being in the financial group that also has access to deposits. That is something that is highly regulated. We need to also bear in mind that this, again, touches also minority shareholders. We are working actively on looking at those to materialize those synergies and working. I think by the end of the year, we will hopefully be able to also talk in more detail about those. Right. For now, the last question, will you continue purchasing the minorities in DelfinGroup irrespective of the share price? No. I think that's a pretty clear answer. We have competition for capital in terms of in our group. Bank needs capital, so every euro that we would spend buying DelfinGroup means that maybe our group would be able to invest less into the growing bank business, which is on a unit basis also producing very good return on equity, and we want to scale it to get to the sort of position where we really also are generating real profits in the bank. On the other hand, we do understand that DelfinGroup is an attractive company. We see it as one fundamental part of our INDEXO future in terms of being a significant player in Latvian financial services sector. If the price is right, we are opportunistically looking at purchase opportunities. Okay. Thank you. For now, that's it. If there are any more questions, then please feel free to write them up, but if not, then maybe some pending remarks. Yeah, no. I think first of all, thank you everybody who has been presenting this, and especially for the bank team for very good progress on scaling the business. I am sure we will have a very active communication period ahead of us, especially if we are going further down the path of our listing project. So you will be hearing from us soon. So tune in, subscribe to our newsletters, and write to us and ask questions, and we are always happily engaging with our shareholders. So thank you very much for this time, and see you next time.