Delfin Group

Interim / Quarterly Report • Aug 6, 2025

Financial report

Unaudited results for 6 months

Ending 30 June 2025

Appendix

Business performance

Business highlights

Business results

Key characteristics of 6M 2025

Financial results

Data for previous periods of 2023 restated as per corrections made in the audited annual statements for 2023

Key results

• 7 L8an issuance in Q2 2025 c8ntinued t8 increase, reaching the rec8rd-high level 8f EUR 33 milli8n, facilitated by a str8ng 8nline market presence in Latvia and Lithuania.
• 7 Al8ngside l8an issuance, the net l8an p8rtf8li8, including c8nsumer and pawn l8ans, has increased by 14% since the beginning 8f 2025, reaching EUR 129 milli8n.
• 7 Quarterly revenues reached all-time high 8f EUR 19.5 milli8n, 31% gr8wth c8mpared t8 Q2 2024.
• 7 Pr8fit bef8re tax in Q2 reached EUR 2.6 milli8n, an 11% increase.

Total loans Issued

Total revenue

Profit before tax

Net loan portfolio

Appendix

Business performance

Business highlights

Key results

New Supervisory board

• , Ne- Supervisory Board of DelfinGroup -as elected on 3 July 2025.
• , From the previous composition Agris Evertovskis and Jānis Pizičs remain in the Supervisory Board.
• v Mārtiņš wzoliņš and Solvita Kurtiša joins the Supervisory Board.
• , The ne- board -as elected due to the upcoming term of authority of the existing board.

Mārtiņš wzoliņš

Solvita Kurtiša

• , Seasoned industry professional.
• , Previously served as Group CEO at Eleving Consumer Finance.
• , HUB COOÃCRO at Finko.
• , Baltic region Business controller at Marginalen Group.
• , Has received Board Member Education from the Baltic Institute of Corporate Governance.
• , Bachelor of Business Administration from Stockholm School of Economics in Riga.

, Finance professional.

• , Currently serving as Chief Financial Officer at ALPPES Capital.
• , Holds board positions at various holding companies and Entrum AS.
• , Previously served as a Member of the Management and Supervisory boards at Madara Cosmetics.
• , Masters degree from University of Latvia in Economics.

Capital markets & funding highlights

• Y In total 4 DelfinGroup bond issues are listed on the Nasdaq Baltic stock exchangeA
• Y On 11 June 2025 Shareholders' meeting 2 new bond issues were approved. Unsecured bonds for up to 25m EUB and up to 5m EUB subordinated bonds. The company is currently taking actions to organize the new bond issues.

Bonds

Banks

P2P

• DelfinGroup signed additional credit line agreement with Multitude Bank for 125 million eurost
• Total available financingufromuMultitudeuBankuhasureached 235 million euros

• Theufundinguisuusedutoufinanceufurtherugrowthuofutheucompany.

• Mintos risk score for VIZIA 9.0 and Banknote 8.7.Ô

• Bisk scores on Mintos remain as one of the best scores on the platform.Ô
• P2P exposure in Q2 2025 decreased by 2.9 million euros.

branch network

Efficiency of the branch network has been set as a focus in Latvia to secure sustainable business operations.

Renewal and relocation of existing Banknote stores:

• v Relocation of Cēsis branch to 4 Raunas street.
• v Renewal of Tukums branch according to the latest branch design.

Operations in Lithuania started at the end of 2023. At the end of Q2 2025, DelfinGroup has 7 branches in Vilnius.

Business highlights

Key results

Non-performing loan ratio**

Consumer loans

• The cnsumer lending prtfli cntinued increasing, as did the average lan amunt and term. At the end f Q2 2025, the net lan prtfli reached 119.6 millin eurs, a 15% increase since the beginning f the year.
• The cnsumer lan prtfli grwth was facilitated by the issuance grwth in bth markets - Latvia and Lithuania.

Average loan*

Consumer net loan portfolio

Weighted average term of loans issued

Consumer loans Lithuania

• % The L&thuan&an consumer lend&ng segment &n the f&rst half of the year showed better-thanexpected results.
• % The growth of consumer loan or&g&nat&on was fac&l&tated by onl&ne sales channels result&ng &n a strong or&g&nat&on and portfol&o growth.
• % Consumer &ssuance &n L&thuan&a &n 6m per&od amounted to EUR 4.4m and to EUR 2.8m &n Q2.
• % Alongs&de the strong loan &ssuance, the net loan portfol&o at the end of Q2 reached EUR 3.4 m&ll&on.

LT consumer loan issuance

m €

LT consumer net loan portfolio

m €

* Active portfolio excluding portfolio part where collateral is available for sale.

Pawn loans

• 9 Pa:n loan portfolio has sho:n stable performance over the last year. A slight decrease in Q2 due to a decrease of gold price at the end of Q2.
• 9 Pa:n loan issuance increased by 4% in 6M period.
• 9 The average pa:n loan amount has gro:n over the last years as inflation and gold price has pushed prices for items and je:elry.

Pawn net loan portfolio*

Average pawn loan amount

* Including directly purchased goods from clients and unredeemed items from pawnshop. Excluding wholesale of precious metals (scrap). ** data from previous periods restated by including the effect of bought back items.

Retail of pre-owned goods*

• ^ Stable and consistent growth has been achieved in the retail segment by promoting the circular economy principles.
• ^ Retail sales of pre-owned goods in Q2 2025 reached the historically highest quarterly amount, reaching EUR 4.8 million, a 17% increase to last year's respective period.
• ^ Online store sales increased 24% compared to Q2 2024.

Sales of pre-owned goods

Online store sales**

Sales split by product category

Sales split by product category (Q2 2025)

Clients have access to a wide range of pre-owned goods at Banknote online store and branch network. The most demanded product categories are electronics, such as smartphones, computers, TVs and jewelry.

Jewelry is professionally renewed and sold with its original appearance but for a more affordable price.

8%	8%

**excluding wholesale of precious metals (scrap) and pawn pledges *including sold pawn pledges and pledge storage commissions

Diversification

• 8 Consumer lending is the backbone o9 the company's revenue structure while pawn lending and retail also holds signi9icant role.
• 8 So 9ar the revenue is generated mainly in Latvia, but it is expected that proportion generated in Lithuania will increase.

Revenue by business segments 6M 2025

Consolidated income statement

Income statement, EUR'000	2025 Q2	2024 Q2	Change %	2025 6M	2024 6M	Change %
Total revenue	19,511	14,838	+31%	37,039	29,098	+27%
Cost of sales	-2,717	-1,166	+133%	-4,673	-2,670	+75%
Credit loss expenses	-5,324	-3,550	+50%	-9,982	-6,971	+43%
Interest and similar expenses	-3,067	-2,662	+15%	-5,933	-5,222	+14%
Gross profit	8,403	7,461	+13%	16,451	14,233	+16%
Selling expenses	-3,193	-2,575	+24%	-6,311	-5,163	+22%
Administrative expenses	-2,629	-2,482	+6%	-5,200	-4,550	+14%
Other operating income	63	38	+67%	100	62	+60%
Other operating expenses	-53	-117	-55%	-184	-219	-16%
Profit before tax	2,591	2,324	+12%	4,855	4,363	+11%
Income tax expense	-619	-482	+29%	-1,114	-902	+23%
Net profit	1,972	1,842	+7%	3,741	3,461	+8%

• ö During the first half of the year, the company focused on introduction of consumer lending product in Lithuania thus raising brand awareness and gaining mar÷et share.
• ö Meanwhile Latvian business generated revenue growth of 24% in 6M 2025. Profit before tax for Latvian business increased 28% y o y.
• ö Credit loss expenses have increased mainly due to the significant loan portfolio growth over the last year, resulting in increased provisions. Costs also partly driven by increase of LGD.
• ö Cost of sales in Q2 increased faster due to larger sale of gold scrap.

Data for previous period of 2024 restated as per corrections made in the audited annual statements for 2024

Balance sheet, EUR'000	30.06.2025	31.12.2024	Change %
Fixed and intangible assets	3,254	3,228	+1%
Right-of-use assets	2,923	2,653	+10%
Net loan portfolio	129,041	113,474	+14%
Inventory and scrap	3,639	3,990	-9%
Other assets	5,301	2,014	+163%
Cash	3,356	1,644	+104%
Total assets	147,514	127,003	+16%
Equity	26,373	24,929	+6%
Share capital and reserves	4,541	4,541	+0%
Share premium	6,891	6,891	+0%
Other capital reserves	238	223	+7%
Retained earnings	14,704	13,274	+11%
Liabilities	121,141	102,074	+19%
Interest-bearing debt	111,983	94,662	+18%
Trade payables and other liabilities	5,917	4,458	+33%
Lease liabilities for right-of-use assets	3,241	2,954	+10%
Total equity and liablities	147,514	127,003	+16%

Consolidated balance sheet

Financial ratios

Data for previous periods of Q4 2024 and 2023 restated as per corrections made in the audited annual statements for 2024 and 2023. 18

*Last 12 months figures.

**Including subordinated debt

Cost-to-income ratio*

20% 20% 0 0 40% 40% 60% 60% 80% 80% 48.0% 47.2% 47.0% 46.8% 46.9% 46.6% 46.3% 46.1% 44.9% Q2 ²⁰²³ Q3 Q4 Q1 Q2 ²⁰²⁴ Q3 Q4 Q1 Q2 2025

Cost of interest-bearing liabilities

EUR 56 million of funding currently has a floating EURIBOR rate. A potential decrease in interest rates will positively impact the company's funding costs.

Interest coverage ratio*

Q2

²⁰²³ Q3 Q4 Q1 Q2

²⁰²⁴ Q3 Q4 Q1 Q2

2025

10% 10%

0 0

20% 20%

30% 30%

40% 35.9% 36.1% 36.2% 36.2% 40% 32.8%

36.2% 35.8% 34.8% 34.0%

ROE*

Adjusted equity ratio**

Capital structure

DelfinGroup on Mintos

Since 2016 Active investors 80+ thousand Investors from 100+ countries

**Amount which has been subscribed from the initial placement on 30.06.2025. *In nominal value

In April 2025 DelfinGroup signed an additional credit line agreement with Multitude Bank for 12.5 million euros for 3.5 years. The total available Multitude Bank financing reaches 23.5 million euros.

After the shareholders approval the company is taking actions to issue new unsecured bonds of up to 25m EUR to refinance existing bonds that mature in February 2026 and to issue new subordinated bonds of up to 5m EUR.

Bond financing track record*

m €

Dividends

Unique dividend distribution proposal in Baltics

Quarterly dividends

• K At least 4 dividend payments peF yeaE
• K Up to 50% fFom pFevious Q pFofit

Dividend periLd

Q2 2025

Q1 2024

Q4 2024

Q3 2024

Q2 2024

Q1 2023

Q4 2023

Q3 2023

Q2 2023

Dividend payment date	EUR/ Share	EUR TLtal	PayLut ratiL***
Upon shareholders approval**	0.0217**	985 801**	49.99%**
30.06.2025	0.0194	880 885	49.79%
07.04.2025	0.0223	1 012 564	49.93%
30.12.2024	0.0210	953 535	49.79%
01.10.2024	0.0202	916 626	49.76%
14.06.2024	0.0178	807 720	49.89%
16.04.2024	0.0143	648 898	49.99%
28.12.2023	0.0214	969 839	49.80%
29.09.2023	0.0195	883 732	49.95%

Dividend periLd

Annual

Annual

Annual

Dividend payment date	EUR/ Share	EUR TLtal
11.07.2025	0.0092	417 739
12.07.2024	0.0088	399 322
17.05.2022, 15.07.2022	0.0552	2 501 642

***Dividend amount paid from the net profit of the respective quarter. **Proposed dividends, distribution is subject to Shareholders meeting decision.

*Based on share price of EUR 1.178 on 30 June 2025 and including management s proposed dividends from Q2 2025 net profit.

Dividend yield

7.9%*

Share performance

• \$ Share pr%ce changes s%nce Q2 2024 due to the largest shareholder's publ%c share offer%ngs %n wh%ch the shares were offered at a d%scount for a pr%ce of EUR 1.09 per share. S%nce then the share pr%ce has recovered to EUR 1.18 level.
• \$ Delf%nGroup %nvestors have rece%ved add%t%onally EUR 0.3411 per share %n d%v%dends s%nce IPO.

30.06.2025	DelfinGroup
Capitalization m €	53.5
EPS TTM €	0.169
P/E	7.0
ROE (LTM)	29.9%

Share price and turnover, €

180 000

162 000

144 000

126 000

108 000

90 000

72 000

54 000

36 000

18 000

0

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Business Performance Appendix

Business Highlights

Key Results

Consolidated income statement

Balance sheet, EUR'000	2022				2023					2024	2025
	Q1	Q2	Q3	Q4	Q1*	Q2*	Q3*	Q4	Q1	Q2	Q3	Q4	Q1	Q2
Total revenue	7,586	8,095	9,587	10,507	11,333	11,970	13,208	13,912	14,260	14,838	16,503	17,353	17,527	19,511
Cost of sales	-780	-1,080	-1,179	-1,164	-1,372	-1,096	-1,641	-1,977	-1,505	-1,166	-1,983	-2,374	-1,957	-2,717
Credit loss expenses	-1,410	-1,082	-1,628	-2,041	-2,466	-2,769	-2,843	-2,608	-3,421	-3,550	-4,072	-4,060	-4,658	-5,324
Interest expenses and similar expenses	-689	-958	-1,390	-1,632	-1,792	-2,052	-2,285	-2,450	-2,561	-2,662	-2,797	-2,891	-2,865	-3,067
Gross profit	4,707	4,975	5,390	5,670	5,702	6,052	6,439	6,878	6,773	7,461	7,651	8,028	8,048	8,403
Selling expenses	-1,279	-1,686	-1,939	-2,118	-2,062	-2,054	-2,244	-2,388	-2,588	-2,575	-2,854	-2,984	-3,118	-3,193
Administrative expenses	-1,280	-1,346	-1,477	-1,671	-1,766	-1,957	-1,942	-2,063	-2,068	-2,482	-2,369	-2,421	-2,571	-2,629
Other operating income	24	22	21	37	15	12	11	37	25	38	72	46	37	63
Other operating expenses	-116	-123	-60	-16	-64	-82	-92	-145	-103	-117	-81	-277	-132	-53
Profit before tax	1,579	1,842	1,935	1,901	1,825	1,971	2,174	2,319	2,039	2,324	2,419	2,391	2,264	2,591
Income tax expense	-188	-742	-154	-212	-212	-202	-226	-1,021	-420	-482	-504	-492	-495	-619
Net profit	1,391	1,099	1,782	1,689	1,613	1,769	1,948	1,298	1,619	1,842	1,915	1,899	1,769	1,972

Consolidated balance sheet

Balance sheet,	2022*				2023					2024	2025
EUR'000	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4*	Q1	Q2
Fixed and intangible assets	1,301	1,351	1,387	1,470	1,595	1,823	2,150	2,680	2,814	3,032	3,192	3,228	3,241	3,254
Right-of-use assets	2,915	2,733	2,783	2,636	2,698	2,712	2,655	2,887	2,701	2,804	2,736	2,653	2,618	2,923
Net loan portfolio	47,967	54,397	60,501	67,518	73,453	78,099	84,552	89,026	95,554	101,549	107,734	113,474	120,992	129,041
Inventory and scrap	1,240	1,566	1,844	2,290	3,909	4,662	3,571	3,391	3,558	3,782	3,905	3,990	4,014	3,639
Other assets	541	364	1,333	875	1,042	1,105	1,081	1,149	893	1,860	1,370	2,014	2,256	5,301
Cash	1,704	2,314	4,010	2,369	2,398	3,013	3,222	5,929	2,995	4,354	5,546	1,644	1,518	3,356
Total assets	55,667	62,765	71,858	77,158	85,095	91,415	97,232	105,061	108,515	117,381	124,483	127,003	134,638	147,514
Equity	17,989	15,885	17,059	18,106	18,915	19,917	21,016	21,322	22,332	22,972	23,996	24,929	25,709	26,373
Share capital and reserves	4,532	4,352	4,532	4,532	4,532	4,532	4,532	4,538	4,538	4,538	4,538	4,541	4,541	4,541
Share premium	6,891	6,891	6,891	6,981	6,891	6,891	6,891	6,891	6,891	6,891	6,891	6,891	6,891	6,891
Other capital reserves				93	128	163	198	170	210	215	240	223	248	238
Retained earnings	6,566	4,462	5,636	6,590	7,364	8,331	9,395	9,724	10,694	11,329	12,327	13,274	14,030	14,704
Liabilities	37,678	46,881	54,799	59,052	66,180	71,497	76,216	83,739	86,183	94,409	100,487	102,074	108,928	121,141
Interest-bearing debt	31,644	40,477	49,704	53,974	59,840	65,872	71,336	76,971	78,152	86,298	92,190	94,662	99,597	111,983
Trade payables and other liabilities	2,788	3,307	1,999	2,159	3,365	2,629	1,934	3,600	5,045	5,015	5,263	4,458	6,409	5,917
Lease liabilities for right-of-use assets	3,246	3,096	3,097	2,918	2,974	2,997	2,946	3,168	2,986	3,096	3,034	2,954	2,922	3,241
Total equity and liablities	55,667	62,765	71,858	77,158	85,095	91,415	97,232	105,061	108,515	117,381	124,483	127,003	134,638	147,514

Historic timeline

EBITDA

Earnings before interest, taxes, depreciation and amortization = (Profit before tax) + (Interest expenses and similar expenses) + (Rights of used assets depreciation) + (Depreciation of fixed assets) + (Amortization). Used as a measure of corporate performance as it shows earnings before the influence of accounting and financial deductions.

EBITDA Margin

Operating profitability as a percentage of its total revenue, calculated as EBITDA / (Interest income + Gross profit from sale of foreclosed items). Used as a profitability measure that is factoring out the effects of decisions related to financing and accounting.

Interest Coverage Ratio

Profitability and debt ratio, calculated as EBITDA / Interest expenses and similar expenses. Used to determine how easily a company can pay interest on its outstanding debt.

Cost-to-Income Ratio

((Sales expenses) + (Administrative expenses) + (Other expenses (excluding Loss from cession (debt sales) of non-performing loans)) ) / ((Net sales) – (Cost of sales) + (Interest income and similar income) + (Other operating income) – (Interest expenses and similar expenses))

Return on Equity (ROE)

Net profit for the period/months in the period*12 / ( ((Equity as at start of the period) + (Equity as at period end)) / 2)

Total Revenue

Net sales + Interest income and similar income. Represents income generated by ompany s business segments.

Interest-Bearing Debt

Liabilities that require the payment of interest, including bonds, other loans, leasing liabilities etc. Interest-Bearing Debt has a priority over other debts.

Cost of Interest-Bearing Liabilities

Weighted average nominal interest rate calculated by amount of interest bearing liabilities as at period end

Equity Ratio

Equity/Total assets

Non-Performing Loan Ratio

90+ days overdue portfolio share in consumer loan portfolio

Dividend Yield

Dividends per share paid over the last 12 months / price per share. If additional dividend payment is proposed by the companys Management Board but not yet paid, it is included in the calculation, and the last 12 months are calculated from the proposed dividend payment date.

Definitions for alternative performance measures

The goal of alternative performance measures is to provide investors with performance measures that are widely used when making investment decisions 27 and comparing the performance of different companies.

Disclaimer

This presentation is of selective nature and is made to provide an overview of the company's (AS DelfinGroup and its subsidiaries) business.

Unless stated otherwise, this presentation shows information from consolidated perspective.

Facts and information used in this presentation might be subject to revision in the future. Any forward-looking information may be subject to change as well.

This presentation is not a legally binding document, and the Company has no liability for any direct or indirect loss from the use of this presentation.

This presentation does not intend to contain all the information that investors may require in evaluating the Company. Investors should read publicly available information regarding the Company to make an investment decision.

AS DelfinGroup

Skanstes Street 50A, Riga, Latvia, LV-1013

IR@delfingroup.lv (+371) 26 18 99 88 www.delfingroup.lv