INDEXO — Interim / Quarterly Report 2025

Aug 7, 2025

xfa

Table of contents IPAS INDEXO

Unaudited Consolidated Interim Report

Table of contents January – June 2025

Table of Contents

Information on the group	3
Management report	4 - 13
Statement of responsibility of the management board of the investment management company	14
Financial statements:
Consolidated Statement of Comprehensive Income	15
Consolidated Statements of Financial Position	16
Consolidated Statement of Changes in Equity	17
Consolidated Statements of Cash Flows	18
Notes to the Consolidated Financial Statements	19

Information on the group

Name of the Company Legal status of the Company Registered and office address Number, place, and date of registration in the Register of Enterprises Licence number Date of issue of the licence Shareholders	IPAS INDEXO Investment management joint-stock company Roberta Hirsa 1, Riga, LV-1045, Latvia 40203042988 Riga, 10 January, 2017 06.03.07.567/478 16.05.2017., reregistered on 31.05.2017. Qualifying holding (shareholding of 5% and more):
	Henrik Karmo (direct and indirect with PERFECT MATCH SIA (Latvia) and BEACON PROPERTIES OU (Estonia)) – 8.06% Valdis Siksnis (direct and indirect with VSCAP SIA (Latvia)) – 5.44% BAROLO FINANTS OU (Estonia) – 5.09%
	And other natural persons and legal entities with a shareholding of under 5%
Investments in subsidiaries	INDEXO Atklātais Pensiju Fonds, AS	AS INDEXO Banka
Shareholding (%) Registered and office address Registration number Date of foundation Licence number Licence issue date	100% Roberta Hirsa 1, Riga, LV-1045, Latvia 40203248944 13.06.2020. 06.04.04.705/531 20.01.2021.	100% Roberta Hirsa 1, Riga, LV-1045, Latvia 40203448611 19.12.2022. 27-55/2024/2 16.05.2024
Investments in associates and other securities Shareholding (%) Registered and office address Registration number Date of foundation	SIA Provendi asset management AIFP 49% Elizabetes 13-1, Rīga, LV-1010, Latvija 40203438204 02.11.2022.	Goindex UAB 3.97% Lvivo g. 25-701, LT-09320 Vilnius, Lithuania 305706496 13.06.2020.
Members of the Supervisory Valdis Vancovičs – Chairman of the Supervisory Board Board and their position Svens Dinsdorfs – Deputy Chairman of the Supervisory Board Renāts Lokomets – Member of the Supervisory Board Ramona Miglāne – Member of the Supervisory Board Mārtiņš Jaunarājs - Member of the Supervisory Board
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 2025 – 30 June 2025
Auditors	ERNST & YOUNG BALTIC SIA Riga, Muitas street 1A, LV-1010, Licence No. 17

Management report

The mission of the investment management company IPAS INDEXO (hereinafter the Company or INDEXO) is to offer modern, transparent and simple investment products at low cost and to improve competition and transparency in the Latvian financial services industry.

In August 2024, INDEXO Bank commenced operations (hereinafter the Bank or INDEXO Bank). Our objective is to establish a financial services group owned by Latvian residents, operating in the interest of the local population, making strategic decisions domestically, and contributing to meaningful improvements in Latvia's financial sector.

We are pleased to report another solid quarter for INDEXO. While Assets Under Management (AUM) were affected by recent market developments and remained broadly stable, with a little increase over Q1, other core business areas continued to grow in line with expectations. The first half of 2025 has been transformational for our pension business, with a strategic shift toward growing the voluntary pension product, while INDEXO Bank has continued to roll out new product updates nearly every month.

We are one of the largest pension savings managers in Latvia. Our customer base has risen by 3.2 thousand this year, bringing the total to 145 thousand customers as of Q2 2025 (8% y-o-y). OurAssets Under Management (AUM) have grown to EUR 1 347 million (17% y-o-y) and our commission income has risen to EUR 2.46 million in Q2 2025 (22% y-o-y). Our smaller customer growth represents our process of recalibrating our efforts to attracting higher quality customers, alongside continued elevated churn in the 2nd pension pillar segment. In Q2 2025, INDEXO's pension business remained profitable even after investing in client acquisition, generating a profit of EUR 357.5 thousand bringing our 1H net profit to EUR 743.6 thousand.

The first half of the year for INDEXO Bank was marked by following main highlights: continuous growth in the customer base, increase in the consumer loan portfolio and significant additions to the range of services offered by the Bank. During the quarter, INDEXO Bank's customer base increased by 5.7 thousand, reaching 37.3 thousand customers by the end of June. Simultaneously, the loan portfolio before expected credit losses and accrued interest grew by EUR 5.60 million, reaching EUR 12.38 million. The Bank continues to make significant IT investments to enhance its product offering, therefore, the net loss for Q2 before allowances for expected credit losses was EUR 2.29 million, which is 7.5% more than in the previous quarter.

During the second quarter of 2025, IPAS INDEXO raised 2.76 million euros in its new share offering. Out of this new share issue 2.735 million euros were invested into the Bank's

capital in 7th of May 2025. The new capital will help INDEXO Bank to continue its growth.

Main highlights of INDEXO Group during Q2 2025:

• 1) Our AUM has increased from the start of the year to EUR 1 347 million, in comparison with Q2 2024, it has grown 17% (from 1 150 million in Q2 2024). The primary drivers of growth have been fund transfers from clients joining INDEXO and monthly contributions.
• 2) At the end of Q2 2025, our 2nd pillar customers had the highest average Assets Under Management per customer in the 2nd pension pillar market, amounting to EUR 10 312. Our flagship Jauda customers have had an annualized return of 9.12% since the inception of the fund.
• 3) While our customer contributions keep growing, starting from April 2025, the 2nd pillar contributions were affected by the decrease of the contribution rate from 6% to 5%.
• 4) Legislation that capped 2nd pension pillar fees was finally implemented and starting from August, our clients will have an 11.08% weighted average decrease in their fees. While this lowers our 2nd pillar revenue, it does not significantly impact the long-term outlook for INDEXO's pension business.
• 5) Our 2nd pillar customer retention figure has declined from 89.85% in the first 6 months of 2024 to 86.25% in Q2 2025. This was mostly driven by several competitors resorting to active sales tactics, attracting clients into funds that have underperformed compared to INDEXO's equivalents since their inception. With lower contributions and the impact of reduced marginal fees, we are prioritizing the quality of client relationships.
• 6) INDEXO Bank grew its customer base by 5.7 thousand during Q2, reaching a total of 37.3 thousand customers by the end of June.
• 7) INDEXO Bank's loan portfolio before expected credit losses and accrued interest grew significantly in Q2, increasing by EUR 5.60 million to reach EUR 12.38 million. We are beginning to deliver on our promise to support the Latvian economy through lending.
• 8) During the second quarter, extensive work and IT investments were done by the Bank and we were able to launch Apple Pay and Google Pay in April and a mortgage refinancing product in May. During the second quarter, work also continued on the implementation of the custody service, which the Bank plans to offer to IPAS INDEXO in the fourth quarter of this year.

General description

IPAS INDEXO was founded on 10 January 2017. The registered office of the Company is Roberta Hirsa Street 1, Riga, LV-1045, Latvia. The uniform registration number in the Commercial Register of the Republic of Latvia is 40203042988. On 16 May 2017, the Financial and Capital Market Commission (hereinafter "FCMC") issued the Company with a licence to provide investment management services, which was re-registered on 31 May 2017 under the number 06.03.07.567/478.

Pension Savings Management

Our aim is to help Latvians save enough for retirement to avoid a significant drop in their quality of life upon reaching that age. When INDEXO was founded, we focused on the 2nd pillar product, as there was a clear market opportunity to bring a low-cost, passive index solution with greater fee transparency to the market. We have been very successful and grown to become the 3rd largest pensions manager in Latvia. Our success has also made other managers launch similar index products and the returns across the industry have improved. 2nd pillar has been a good product for Latvians due to its automated saving mechanism.

Nevertheless, regular and sufficient contributions to voluntary pension funds remain rare. Global estimates suggest that maintaining one's standard of living in retirement requires saving around 10–15% of income, yet few people in Latvia follow this rule of thumb. Furthermore, although the decision to reduce the 2nd pillar contribution rate by 1% was made in autumn 2024, it came into effect in January 2025, meaning that people on average started to save even less.

Considering a difficult demographic outlook and a lower contribution rate in 2nd pillar, we have decided that our goal is to help more people understand why saving in 3rd pillar is good and how to make it as simple as possible.

This means that our team is initiating more customer conversations about voluntary savings and focusing less on the 2nd pillar product. Our bank application allows people to have their retirement savings at their fingertips and enables us to offer an easy solution for setting up automated regular contributions to save more.

We will therefore, going forward, report the aggregate number of people saving with us across both retirement saving products, as well as the total AUM of these customers. Our main goal will be to grow the inflows into our funds at an appropriate cost that delivers a strong long-term IRR.

INDEXO Jauda pension plan

The graph shows the cumulative returns of INDEXO Jauda 16-55 pension plan on 30.06.2025 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.

Our largest pension plan, Jauda (constituting approximately 75% of INDEXO AUM), has performed well in the long term, beating both the competition and, most importantly, significantly outperforming CPI over a 5-year period leading to real, inflation-adjusted wealth growth. Jauda's NAV has returned 9.12% per annum since inception.

Over the past six months, our flagship 100% equity plan, Jauda, has returned -3.59%. This performance reflects broader market dynamics, as global equity indices expressed in euro terms have experienced a downward correction during the same period.

Pension Savings Management key operating results

Millions, EUR Jan - Jun 2025 Jan - Jun 2024 Change Net new money inflows 64.0 57.7 10.9% Commission income, 6 months 2.46 2.02 21.8% Operating income, 6 months 1.59 1.17 36.6% Net income, 6 months 0.74 0.16 380.9% 2nd pension pillar churn, end of period, annualized % 13.75 10.15 3.60pp

Over the last six months, INDEXO AUM increased 0.56% from EUR 1 340 million to EUR

1 346 million. In Q2 2025, INDEXO added 3 161 customers (1 061 being 2nd pillar customers and 2 100 being 3rd pillar customers) and over the rolling 12-month period, INDEXO added 10 280 customers.

Monthly contributions over last 12 months have been EUR 131 million and grown due to increase in salary and new clients joining INDEXO. Inflows from new clients grew to EUR 194 million. Our growth would be even faster if not for the worsened 2nd pension pillar customer retention rate during the period. It dropped to 13.75%, down from approximately 10.15% in Q2 2024.

Furthermore, our AUM growth is affected by market performance. As of 30th of June 2025, our 2nd pillar pension plan returns are as follows:

2nd Pillar Pension plan	Risk Profile	YTD return	3-year return (per annum)	5-year return (per annum)	Return since inception (per annum)
INDEXO Izaugsme 55-62	50% Equity	-1.82%	6.75%	5.23%	4.89%
INDEXO Jauda 16- 55	100% Equity	-3.59%	13.10%	10.99%	9.12%
INDEXO Konservativais 62+	100% Bonds	1.06%	2.34%	-1.00%	-0.23%

The results of our plans using passive investment strategy can be accessed on www.manapensija.lv.

		As of 30th of June 2025, our 3rd pillar pension plan returns are as follows:
--	--	------------------------------------------------------------------------------

3rd Pillar Pension plan	Risk Profile	YTD return	1-year return (per annum)	2-year return (per annum)	3-year return (per annum)	Return since inception (per annum)
INDEXO Akciju plāns	100% Equity	-3.60%	4.38%	13.04%	12.55%	8.91%
INDEXO Obligāciju plāns	100% Bonds	1.01%	4.19%	4.14%	2.02%	-1.22%

Real Estate Fund Management

At the end of Q2 2025, the fund had more than EUR 117 million of gross investments into residential and retail properties, which have doubled in only 12 months. At the end of June 30, 2025, INDEXO's pension plan Izaugsme's investment stood at EUR 13.4 million or

5.30% of the plan assets into the real estate fund and Jauda - EUR 14.7 million or 1.45% of the plan's assets.

Even though the fund fees are the lowest compared to other real estate funds in the region, it will always be a slightly more expensive component of our investment portfolio compared to stock market ETFs. To mitigate this impact on Izaugsme and Jauda performance, we have committed to reimbursing our portion of profits generated by SIA Provendi asset management AIFP to Izaugsme and Jauda until the OCF of this fund reaches 0.50% in our pension fund portfolios. We anticipate the first reimbursements to occur in 2025, when SIA Provendi asset management AIFP is expected to reach stable profitability.

Bank Development

The second quarter of 2025 was marked by significant additions to the range of services offered by INDEXO Bank.

In April 2025, the Bank introduced the ability to use INDEXO-issued payment cards with Google Pay and Apple Pay. This reflects our commitment to providing modern and convenient services for our clients. With the integration of these digital wallets, clients can now make secure, fast, and convenient transactions using their mobile devices in stores, online, and within applications.

The mortgage refinancing service was launched at the end of May 2025. It is the first fully digital financial service of its kind in Latvia. This solution allows clients not only to obtain more suitable loan repayment terms but also to access additional financing for a variety of purposes. Within the first few weeks, the service gained significant popularity, and by the end of the reporting period, INDEXO Bank had issued refinancing offers to more than 1 000 clients, totaling EUR 86.6 million.

While we will continue to expand our range of services, we believe that INDEXO Bank already provides all the essential banking services required by individual clients.

During the second quarter, work continued on the implementation of the custodian bank service, which the Bank plans to offer to IPAS INDEXO in the fourth quarter of this year and later potentially also to other asset managers.

During the first half of 2025, INDEXO Bank's customer base increased by 5.7 thousand, reaching 37.3 thousand customers by the end of June.

Simultaneously, the loan portfolio before expected credit losses and accrued interest grew by EUR 5.60 million, reaching EUR 12.38 million. Thanks to the growth of the consumer loan portfolio and the decrease in deposit interest rates following the ECB rate cuts, the bank significantly increased its net interest income, which reached EUR 210.7 thousand in the second quarter. With the increase in the volume of loans issued, we expect a continued strong growth in net interest income in the upcoming quarters.

However, revenue growth was suppressed reduced average customer activity than planned. Compared to the enthusiastic supporters who joined INDEXO Bank during the initial months of operations, newly acquired customers take more time to redirect more of their business to INDEXO Bank. Increasing the share of active customers and their share of wallet will be one of our top priorities going forward.

In second quarter 2025, INDEXO Bank earned EUR 206.2 thousand in revenue, which is a 228.3% increase from the previous quarter. In a Q2 net interest income accounted for EUR 210.7 thousand. Net fee income was still negative at EUR (52.2) thousand, as INDEXO Bank needs a larger active customer base to cover fixed costs mainly related to the issuance of payment cards. Other operating income was EUR 47.7 thousand.

Although the Bank managed to significantly increase net interest income during the second quarter, the overall revenue growth has been slower than expected. Therefore, in the upcoming quarters of this year, to drive revenue growth and achieve breakeven at the Group level before provisions for expected credit losses, the Bank will reassess its product development priorities and reduce overall IT spent.

To support INDEXO Bank's strategic objectives and continue the growth of its loan portfolio, INDEXO Bank will raise additional capital in the second half of 2025, potentially also considering issuance of Tier 2 capital or Additional Tier 1 capital instruments.

As of the end of June, the total assets of INDEXO Bank stood at EUR 58.5 million, reflecting a 5% increase over the quarter. The loan portfolio before expected credit losses and accrued interest grew by EUR 5.60 million to EUR 12.38 million, and deposits increased by EUR 2.48 million to EUR 48.31 million.

More detailed information on INDEXO Bank's results during Q2 2025 can be found in INDEXO Bank's quarterly report. You can find the report here: https://indexo.lv/en/forinvestors/reports/

Financials

Results of IPAS "Indexo" 2nd pillar and 3rd pillar pension management

EUR	Jan - Jun 2025	Jan - Jun 2024
	Unaudited	Unaudited
Commission income	2 433 329	2 015 460
Interest income	21 440	28 986
Interest expense*	(1 860)	(239 534)
Administrative and other expenses for pension management	(787 692)	(637 653)
Operating income before client acquisition and other business project expenses	1 665 217	1 167 259
Client acquisition costs	(850 852)	(863 266)
Pension management operating result	814 365	303 993
Non-cash personnel option expenses	(69 397)	(146 399)
Corporate income tax	(1 373)	(2 962)
Comprehensive profit for the reporting period	743 595	154 632

*- In 2024, interest payments of EUR 238.2 thousand were paid for commitment letters.

Increases in the client base and AUM have contributed to commission income growth in pension fund management, reaching EUR 2.43 million (compared to EUR 2.02 million in the corresponding reporting period in 2024). Profit before client acquisition costs reached EUR 1.67 million (compared to EUR 1.17 million in the corresponding reporting period in 2024). Total net profit during the reporting period was EUR 0.74 million (compared to EUR 0.15 million in the corresponding reporting period in 2024).

Results of subsidiary INDEXO Banka, AS

	Jan – Jun 2025	Jan – Jun 2024*
	Unaudited	Unaudited
Commission, Interest and other income/expense	1 033 173	30 655
Administrative and other expenses	(5 451 958)	(2 141 279)
Impairments for loans	(632 829)	-
Operating result	(5 051 614)	(2 110 624)
Corporate income tax	(2 027)	(373)
Comprehensive losses for the reporting period	(5 053 641)	(2 110 997)

* - These are bank development expenses incurred by AS IDX1R during Q2 2024, not INDEXO Bank, due to it not technically being yet a bank.

In the second quarter of 2025, INDEXO Bank's total revenue reached EUR 206.2 thousand, an increase of 228.3% compared to the previous quarter. During the second quarter, net interest income amounted to EUR 210.7 thousand, while net commission income remained negative at EUR (52.2) thousand. Other core operating income totalled EUR 47.7 thousand.

During the second quarter, total expenses increased by 14% compared to the previous quarter, totaling EUR 2.50 million. The rapid growth of the loan portfolio also contributed to an increase in provisions for expected credit losses, which rose by EUR 336.6 thousand in the second quarter. The quality of the bank's loan portfolio remains high, with model-based provisions for expected credit losses accounting for just 5.8% of the total portfolio. Total net losses before provisions for expected credit losses in Q2 2025 amounted to EUR 2.29 million, representing a 7.5% increase compared to the first quarter. The total net losses for Q2 2025 reached EUR 2.63 million, while the total losses for the first half of 2025 amounted to EUR 5.05 million.

At the end of reporting period, INDEXO Bank complies with all regulatory requirements regarding liquidity and capital adequacy.

More detailed information on INDEXO Bank's operational results during Q2 2025 can be found in INDEXO Bank's quarterly report. You can find the report here: https://indexo.lv/en/for-investors/reports/

INDEXO Group results:

	Jan - Jun 2025	Jan - Jun 2024
	EUR	EUR
Commission and other income	3 552 005	2 150 101
Administrative and other expenses	(7 851 749)	(4 106 466)
Comprehensive losses for the reporting period	(4 299 744)	(1 956 365)
	Jun 2025 EUR	Jun 2024 EUR
Assets	62 011 354
Liabilities	51 172 944	16 148 271 2 999 607

The total group losses during the reporting period amounted to EUR 4.30 million of which EUR 5.05 million are attributable to the bank development and a profit of EUR 0.74 million to the pension management business.

The INDEXO group's equity at the end of the reporting period amounted to EUR 10.84 million (compared to EUR 13.15 million in the corresponding reporting period in 2024). During the first six months of 2025, group's share capital was increased by EUR 300 676 (compared to EUR 794 072 in the corresponding reporting period in 2024). The Group has total assets on the balance sheet of EUR 62.01 million (compared to EUR 16.15 million in the corresponding reporting period in 2024), of which EUR 28.20 million is held in placements with credit institutions and central banks (compared to EUR 8.19 million in the corresponding reporting period in 2024). The Group has total liabilities on the balance sheet of EUR 51.17 million (compared to EUR 3.00 million in the same period in 2024), of which EUR 47.73 million are deposits from retail customers.

Events after the reporting period

Following the end of the period, the following important events have taken place:

• On July 11, IPAS INDEXO signed an agreement to acquire 100% of IPAS VAIRO. This strategic acquisition will further strengthen INDEXO's position in the Latvian pension market by expanding our client base and assets under management. The transaction is expected to close following the necessary regulatory approvals.
• As of the end of July 2025, INDEXO Bank's number of clients has grown to 39.9 thousand, deposit volumes increased to EUR 49.9 million, while the loan portfolio has reached EUR 18.8 million.
• On August 6, IPAS INDEXO announced a voluntary share buyback offer to DelfinGroup shareholders. To proceed, we will seek approval from our own shareholders at a general meeting to issue new INDEXO shares, which will be offered to existing DelfinGroup shareholders in exchange for their shares. You can find the announcement here: INDEXO | Market News — Nasdaq Baltic

Signed on behalf of the Company by:

Henrik Karmo, Chairman of the Management Board Marija Černoštana, Member of the Management Board Artūrs Roze, Member of the Management Board

Statement of responsibility of the management board of the investment management 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 2025, as well as its performance and cash flows for January - June 2025, in accordance with IAS 34 as adopted by the European Union.

In preparing the interim financial statements for the period ended 30 June 2025, as set out on pages 14 to 29, 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'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

Consolidated Statement of Comprehensive Income

	Notes		Q1	Q2	Jan - Jun	Jan - Jun
			2025	2025	2025	2024
			Unaudited	Unaudited	Unaudited	Unaudited
			EUR	EUR	EUR	EUR
Commission income		2	1 281 380	1 304 159	2 585 539	2 015 469
Commission expense		3	(113 269)	(145 158)	(258 427)	(10 370)
Interest income		4	371 168	520 867	892 035	134 632
Interest expense		5	(314 495)	(333 128)	(647 623)	(314 534)
Administrative expenses		6	(2 968 639)	(3 240 460)	(6 209 099)	(3 731 381)
Other operating income			55 725	18 706	74 431	-
Other operating expenses		7	(45 112)	(55 570)	(101 682)	(45 441)
Credit losses			(296 117)	(335 401)	(631 518)	(1 405)
Profit/(loss) before corporate income
tax				(2 029 359) (2 266 985) (4 296 344) (1 953 030)
Corporate income tax			(1 086)	(2 314)	(3 400)	(3 335)
Profit/(loss) for the period				(2 030 445) (2 269 299) (4 299 744) (1 956 365)
Total comprehensive profit/(loss) for
the period, attributable to				(2 030 445) (2 269 299) (4 299 744) (1 956 365)
shareholders for the period

Earnings per share	(0.43)	(0.45)	(0.87)	(0.22)
Diluted earnings per share	(0.43)	(0.45)	(0.87)	(0.22)

The notes on pages 19 to 30 form an integral part of these financial statements.

The financial statements have been authorised for issue on 6 August 2025 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

Consolidated Statements of Financial Position

		Jun	Jun	Dec
	Notes	2025	2024	2024
		Unaudited	Unaudited	Audited
		EUR	EUR	EUR
ASSETS
Cash and cash equivalents	8,9	28 203 251	8 189 291	36 647 025
Investments in equity securities	10	61 583	61 583	61 583
Loans and advances due from customers	11	11 602 619	-	987 306
Loans to associates and subsidiaries	12	65 496	99 076	73 843
Securities	13	10 342 354	-	-
Trade receivables	14	439 636	336 982	460 869
Investment in associates	15	208 250	159 250	198 450
Prepayments	16	830 736	277 740	751 524
Current tax prepayment		-	-	4 433
Other assets	17	571 635	211 197	534 963
PPE; Intangible assets & Right-of-use assets	18	8 114 011	5 348 567	7 153 067
Contract acquisition costs	19	1 571 783	1 464 585	1 566 969
Total assets:		62 011 354	16 148 271	48 440 032
EQUITY AND LIABILITIES
Deposits from customers	20	47 726 543	-	32 423 162
Accrued liabilities	21	866 525	469 626	2 041 690
Trade payables	22	39 741	215 317	514 932
Taxes and national social insurance mandatory contributions	23	225 150	120 500	197 003
Lease liabilities	18	1 859 375	2 063 401	581 148
Other liabilities	24	455 610	130 763	557 402
Total liabilities:		51 172 944	2 999 607	36 315 337
Equity
Share capital	25	5 061 225	4 589 479	4 760 549
Share options		338 601	525 453	269 224
Share issue premium		20 168 493	15 386 712	17 525 087
Retained losses		(10 430 165)	(5 396 615)	(5 047 835)
Profit/(loss) for the period		(4 299 744)	(1 956 365)	(5 382 330)
Total equity and reserves:		10 838 410	13 148 664	12 124 695
TOTAL EQUITY AND LIABILITIES		62 011 354	16 148 271	48 440 032
Off-balance sheet items		2 286 194	-	-

The notes on pages 19 to 30 form an integral part of these financial statements.

The financial statements have been authorised for issue on 6 August 2025 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

Consolidated Statement of Changes in Equity

	Notes	Share capital	Share options	Share issue premium	Retained losses	Profit/(loss) for the period	Total
		EUR	EUR	EUR	EUR	EUR	EUR
At 31.12.2023					3 795 407 379 055 7 094 334 (5 396 615)	-	5 872 181
Increase in Share		-	146 398	-	-	-	146 398
option reserves
Increase in Share
capital after public		794 072	-	8 292 378	-	-	9 086 450
listing
Comprehensive
income for the		-	-	-	-	(1 956 365)	(1 956 365)
reporting period
At 30.06.2024					4 589 479 466 028 15 354 487 (5 396 615)	(1 006 044)	13 983 186
	Notes	Share capital	Share options	Share issue premium	Retained losses	Profit/(loss) for the period	Total
At 31.12.2024					4 760 549 269 224 17 525 087 (10 430 165)	-	12 124 695
Increase in Share
capital after public
		272 108	-	2 489 788	-	-	2 761 896
listing
Increase in Share
capital after		15 000	-	137 250	-	-	152 250
private listing
Increase in Share
option reserves		13 568	69 377	16 368	-	-	99 313
Comprehensive
income for the		-	-	-	-		(4 299 744) (4 299 744)
reporting period

The notes on pages 19 to 30 form an integral part of these financial statements.

The financial statements have been authorised for issue on 6 August 2025 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

Consolidated Statements of Cash Flows

	Notes	Jan-Jun 2025	Jan-Jun 2024
		Unaudited	Unaudited
		EUR	EUR
Cash flow from operating activities
Profit/(loss) before corporate income tax		(4 296 344)	(1 953 030)
Depreciation of PPE and amortisation of right-of-use assets and intangible assets	18	921 909	119 821
Amortisation of contract acquisition costs	19	185 337	(75 537)
Amortization of Share option reserves		69 377	146 399
Interest income	4	(892 035)	(134 632)
Interest expense	5	647 623	-
(Decrease)/increase in cash and cash equivalents from operating activities before changes in assets and liabilities		(3 364 133)	(1 896 979)
Increase in receivables, prepayments, and other assets	14,16, 17	(435 750)	125 566
Loans and advances due from customers	11	(10 615 313)	-
Increase/(decrease) in accrued liabilities	21	285 377	92 080
Increase/(decrease) in trade payables and other liabilities	22,24	(576 983)	1 332 839
Increase/(decrease) in tax liabilities	23	28 147	-
Clients' deposits and current accounts	20	15 303 381	-
Corporate income tax		(3 400)	(3 335)
Increase/(decrease) in cash and cash equivalents from operating activities		621 326	(349 829)
Cash flow from investing activities
PPE & intangible asset purchases	18	(1 841 302)	(3 443 722)
Accrued salesperson wage		124 780	131 346
Investment in the share capital of associated companies		(9 800)	(31 850)
Loans issued	12	8 347	(45 132)
Interest received		307 063	134 632
Other securities and investments	13	(10 342 354)	-
Decrease in cash and cash equivalents from investing activities		(11 753 267)	(3 254 726)
Cash flow from financing activities
Share issue	25	300 676	794 072
Share issue premium		2 643 406	8 292 378
Payments for the right-of-use of assets	18	(193 265)	-
Interest on the right-of-use asset	5	(62 651)	-
(Decrease)/increase in cash and cash equivalents from financing activities		2 688 166	9 086 450
Increase / (Decrease) in cash and cash equivalents		(8 443 774)	5 481 895
Cash and cash equivalents at the beginning of the		36 647 025	2 707 396
reporting period Cash and cash equivalents at the end of the reporting

The notes on pages 19 to 30 form an integral part of these financial statements.

The financial statements have been authorised for issue on 6 August 2025 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

Notes to the Consolidated Financial Statements

1. Accounting policies

Investment management joint-stock company INDEXO was registered on 10 January 2017. The Company received a license for management of the state-funded pension scheme plans and license for investment management services on 16 May 2017. In 2020 the Company established a subsidiary "INDEXO Atklātais Pensiju Fonds" AS (hereinafter – "APF"), Financial and Capital Market Commission issued license on management of private pension funds on 21 January 2021. On 19 December 2022 the Company established a subsidiary AS INDEXO Banka (till May 2024 AS "IDX1R"), AS with the purpose to receive a banking license to begin bank operations in Latvia, which it successfully achieved May 15th, 2024, and changed its name to AS INDEXO Banka. INDEXO, INDEXO Bank and INDEXO APF comprises the Group.

INDEXO and INDEXO APF is providing asset management services to the state-funded pension scheme plans and private pension plans.

Regulatory framework

The Company's activities are regulated by Investment management companies (hereinafter "IPS") law, Commercial law, and other legislative acts. The Company's activities are supervised by the Bank of Latvia (hereinafter "LB").

APF activities are regulated by Private pensions' law and other legislative acts.

The Bank's operations are governed by the law "On Credit Institutions", "Commercial Law" and regulations issued by the EU and Bank of Latvia. The above regulations govern capital adequacy, minimum equity, liquidity, foreign exchange positions, risk transaction restrictions with respect to one counterparty, group of related customers and related parties of the Bank, as well as other applicable requirements.

Basis of preparation

The Group's and the Company's Financial statements are prepared in accordance with the IFRS Accounting Standards as adopted by European Union (IFRS). Separate disclosures are prepared in accordance with the requirements of Bank of Latvia's Regulations. The Group's and the Company's financial statements are prepared under a historical cost convention, except equity investments. The financial year of the Group and the Company coincides with the calendar year.

Information on accounting policy is provided in the 2024 Annual Report of IPAS "INDEXO", in the section "Material accounting policy information", pages 24–41 (IPAS-INDEXOconsolidated-and-separate-annual-report-2024-with-auditor-report.pdf).

Risk Management

Information on risk management is provided in the 2024 Annual Report of IPAS "INDEXO", in the section "Risk Management", pages 41–50, 88-91 (IPAS-INDEXO-consolidated-andseparate-annual-report-2024-with-auditor-report.pdf).

2. Commission and fee income

	Jan – Mar	Jan – Jun	Jan – Jun
	2025	2025	2024
	Unaudited	Unaudited	Unaudited
	EUR	EUR	EUR
Commission fee for the management of the assets
of the State Funded Pension Scheme Investment	234 332	464 628	421 580
Plan "INDEXO Izaugsme 55-62"
Commission fee for the management of the assets
of the State Funded Pension Scheme Investment	906 863	1 804 471	1 472 351
Plan "INDEXO Jauda 16-55"
Commission fee for the management of the assets
of the State Funded Pension Scheme Investment	30 769	63 754	58 346
Plan "INDEXO Konservatīvais 62+"
Commission fee for the management of the assets
of the private pension scheme investment plan	45 677	93 183	58 740
"INDEXO AKCIJU PLĀNS"
Commission fee for managing the assets of the
private pension scheme investment plan	3 780	8 210	4 452
"INDEXO OBLIGĀCIJU PLĀNS"
Commission income from AS INDEXO Bank	59 959
Clients		151 293	-
Total	1 281 380	2 585 539	2 015 469

3. Commission and fee expense

	Jan – Mar 2025	Jan – Jun 2025	Jan – Jun 2024
	Unaudited	Unaudited	Unaudited
	EUR	EUR	EUR
Loans	13 386	51 344	-
Payments	16 562	33 614	-
Cards	64 174	142 808	-
Other	8 915	13 501	-
Custodian Bank	1 027	1 914	-
Client acquisition	9 205	15 246	-
Total	113 269	258 427	-

4. Interest income

	Jan – Jun	Jan –Jun
	2025	2024
	Unaudited	Unaudited
	EUR	EUR
Interest on short-term deposits in credit institutions	10 155	134 632
Overnight interest Income from Bank of Latvia	423 866	-
Interest income from held-to-maturity government debt securities	76 449	-
Interest income on consumer loans	381 565	-
Total	892 035	134 632

5. Interest expense

	Jan – Jun	Jan – Jun
	2025	2024
	Unaudited	Unaudited
	EUR	EUR
Interest on lease liabilities	62 651	1 303
Interest on purchase of shares	-	238 231
Deposit guarantee payment	42 646	75 000
Interest on customers' current account balances	50 175	-
Interest on term deposits	233 334	-
Interest on savings vaults	258 817	-
Total	647 623	314 534

6. Administrative expenses

	Jan – Mar	Jan – Jun	Jan – Jun
	2025	2025	2024
	Unaudited	Unaudited	Unaudited
	EUR	EUR	EUR
Sales and marketing expenses	340 188	559 535	414 133
Remuneration to the Management Board and
Supervisory Board	195 849	404 894	69 059
Remuneration to other staff	757 319	1 669 599	1 517 477
National social insurance mandatory contributions to
the Management Board and Supervisory Board	46 201	93 723	13 580
National social insurance mandatory contributions to
other staff	164 121	405 882	234 734
IT costs	771 758	1 633 010	801 440
Employee stock option expenses	34 698	69 397	146 399
Professional fees	112 891	227 447	212 063
Other staff costs	71 201	129 943	119 851
Office maintenance costs	62 492	124 097	36 218
Amortisation of the right-of-use an asset	96 632	193 265	-
Depreciation of property, plant and equipment	258 045	565 413	120 809
Other Depreciation	35 440	102 196	-
Other	21 804	30 698	45 618
Total	2 968 639	6 209 099	3 731 381

	Mar 2025	Jun 2025	Mar 2024
	Unaudited	Unaudited	Unaudited
Number of employees	133	129	115

To ensure a high long-term employee performance culture, the Group and the Company determine remuneration that is competitive, differentiated, follows business logic, market practices, employee competence, and long-term performance. The total remuneration paid for a certain period of time must not jeopardize the Group's and the Company's ability to produce positive results over the relevant business cycle.

The Company's Remuneration policy in its current version was approved on 24 March 2022 in the Company's shareholders' meeting. Various experts, including risk management and compliance experts, responsible members of the legal function and external experts, were involved in the development of this policy. The principles of the Remuneration policy are reviewed on a regular basis to ensure that they are consistent with the Company's business plan or the strategy of the investment portfolio under its management, the results of the remuneration policy and its compliance with the approved remuneration policy and the relevant internal and external regulatory provisions. The Group and the Company have developed and updated the Group's Remuneration policy, which was approved in the Company's shareholders' meeting during the 1st quarter of 2025.

The internal audit function regularly checks compliance with the core principles on remuneration. Based on the audit results, action plans are prepared to address the identified weaknesses in the internal control system and to implement improvements.

The remuneration structure of the Group and the Company consists of three components:

• base salary;
• variable part of remuneration (only in monetary form);
• other additional benefits.

The fixed part of the remuneration consists of a part of the salary that is independent of the employee's individual performance, the conditions for granting of which do not depend on the individual performance. The fixed part of the remuneration is determined by considering the employee's level of education, professional experience, position, duties and responsibilities. This is usually the salary. For the members of the Management Board and Supervisory Council, it also includes a fixed remuneration.

Other additional benefits in monetary and non-monetary form that are included in the standard remuneration package for employees and members of the Management Board and the Supervisory Council are considered by the Management Board to be part of the fixed remuneration and include, for example, contributions for employees to a private pension fund, health insurance, material benefits in exceptional circumstances, use of mobile phones purchased by the Group and the Company and/or payment of mobilerelated expenses, additional holidays, paid participation in seminars, training sessions and other benefits.

The variable part of remuneration consists of the part of remuneration depending on the individual performance of the employee, the structure of which consists of bonuses and allowances. The variable part of the remuneration is awarded based on the employee's individual performance.

7. Other operating expenses

	Jan – Jun	Jan – Jun
	2025	2024
	Unaudited	Unaudited
	EUR	EUR
Bank of Latvia financing fee	60 279	42 775
Nasdaq fee	40 922	-
ECB supervision fee	481	-
Costs compensated to pension plans	-	2 666
Total	101 682	45 441

8. Demand deposits with the central banks

	Jun 2025	Jun 2024
	Unaudited	Unaudited
	EUR	EUR
Placements with Bank of Latvia	679 154	7 049 499
Overnight with Bank of Latvia	26 583 637	-
Allowances for expected credit losses	(947)	-
Total, net	27 261 844	7 049 499

9. Due from financial institutions

	Jun	Jun
	2025	2024
	Unaudited	Unaudited
	EUR	EUR
Placements with Swedbank AS	65 636	53 196
Placements with SEB bank AS	13 322	14 152
Placements with Citadele Banka AS	2 960	-
Short-term deposits with Swedbank AS	859 489	1 072 444
Total	941 407	1 139 792

According to IFRS 9 "Financial Instruments", the Group has assessed allowances for expected credit losses on placements with credit institutions. The Group holds most of its cash in the Bank of Latvia. The Group holds the rest of its cash in AS Swedbank, AS SEB bank, and AS Citadele Banka. AS Swedbank and AS SEB bank have an S&P rating of A+, Moody's has an Aa3 rating and Fitch has an AA- rating. AS Citadele Banka's Moody's rating is a Baa1. 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.

10. Investments in equity securities

	Shareholding 30.06.2025	30.06.2025	Shareholding 30.06.2024	30.06.2024
		Unaudited		Unaudited
		EUR		EUR
GoIndex UAB (Lithuania)	3.97%	61 583	4.36%	61 583
Total		61 583		61 583

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.

11. Loans and advances due from customers

	Jun	Jun
	2025	2024
	Unaudited	Unaudited
	EUR	EUR
Consumer Loans	11 933 523	-
Mortgage Loans	443 706	-
Unauthorized overdrafts	18 220	-
Accrued interest	64 130	-
Next period commission income	(142 423)
Total before allowances for expected credit losses	12 317 156	-
Allowances for expected credit losses	(714 538)	-
Total, net	11 602 619	-

12. Loans to associates and subsidiaries

	Jun	Jun
	2025	2024
	Unaudited	Unaudited
	EUR	EUR
Loan to SIA Provendi asset management AIFP	68 464	98 464
Accrued interest	338	612
Total before allowances for expected credit losses	68 802	99 076
Allowances for expected credit losses	(3 306)	-
Total , net	65 496	99 076

13. Securities

	Jun	Jun
	2025	2024
	Unaudited	Unaudited
	EUR	EUR
Securities	10 342 354	-
Total	10 342 354	-

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. Investments are made in debt securities issued by central governments of the European Union. The credit rating of the securities included in the portfolio, based on Moody's assessment, is not lower than A.

14. Trade receivables

	Jun	Jun
	2025	2024
	Unaudited	Unaudited
	EUR	EUR
Commission fee for the management of the assets of the state-funded pension scheme investment plan "INDEXO Jauda 16-55"	334 352	247 532
Commission fee for the management of the assets of the state-funded pension scheme investment plan "INDEXO Izaugsme 55-62"	83 578	64 277
Commission fee for the management of the assets of the state-funded pension scheme investment plan "INDEXO Konservatīvais 62+"	11 877	9 093
Commission fee for the management of the assets of the private pension scheme investment plan "INDEXO AKCIJU PLĀNS"	634	10 259
Commission fee for managing the assets of the private pension scheme investment plan "INDEXO OBLIGĀCIJU PLĀNS"	6 963	759
Other debtors	2 232	-
Total	439 636	336 982

Receivables are received shortly after the end of the period, therefore provisions for impairment are assessed as insignificant.

15. Investment in associates

	Shareholding	30.06.2025	Shareholding	30.06.2024
	30.06.2025		30.06.2024
		Unaudited		Unaudited
		EUR		EUR
SIA Provendi asset
management AIFP	49%	208 250	49%	159 250
Total		208 250		159 250

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.

16. Prepayments

	Jun	Jun
	2025	2024
	Unaudited	Unaudited
	EUR	EUR
Maintenance costs, IT	289 407	223 010
Software license expenses	150 915	29 319
Health insurance	12 113	11 100
Marketing expenses	-	9 018
Rent and utilities expenses	327	-
Subscription fees	37 623	3 781
Nasdaq fees	-	1 512
Loan origination fee	326 803	-
Other fees	13 548	-
Total	830 736	277 740

17. Other assets

	Jun	Jun
	2025	2024
	Unaudited	Unaudited
	EUR	EUR
Financial assets
Guarantee deposits	500 595	108 553
Inventory of plastic cards	61 801	76 838
Accrued commission income	-	23 794
Non-financial assets
Prepayments	401	-
Other assets	12 393	2 062
Total before allowances for expected credit losses	575 190	211 197
Allowances for expected credit losses on other assets	(3 555)	-
Total, net	571 635	211 197

18. Intangible assets, property, plant and equipment and right-of-use assets

	Intangible assets		Other PPE
	EUR		EUR
Cost		Historical cost
At 31.12.2023	2 075 133	At 31.12.2023	48 075
Additions	1 372 034	Additions	33 844
At 30.06.2024	3 447 167	At 30.06.2024	81 919
At 31.12.2024	5 055 328	At 31.12.2024	668 891
Additions	1 573 681	Additions	215 207
		Leasehold Improvements	62 411
Advance payment	41 551	Advance payment	(9 997)
At 30.06.2025	6 670 560	At 30.06.2025	936 513

Accumulated amortisation		Accumulated deprecation
At 31.12.2023	109 965	At 31.12.2023	26 388
Additions	94 240	Additions	7 909
At 30.06.2024	204 205	At 30.06.2024	34 297
At 31.12.2024	492 973	At 31.12.2024	51 007
Additions	621 406	Additions	82 354
At 30.06.2025	1 114 379	At 30.06.2025	133 361
Net book value at 31.12.2024	6 177 587	Net book value at 31.12.2024	617 884
Net book value at 30.06.2025	5 556 182	Net book value at 30.06.2025	803 151

The Group applies IFRS 16 to leases. The Group leases multiple office spaces.

The lease on Roberta Hirša 1 is valid from 15 July 2024 until the 15 July 2029 and lease liabilities are calculated using a discount rate of 6.4%, which is used by the Group. The sales office lease is valid until July 31, 2026, and lease liabilities are calculated using a discount rate of 6.36%, which is used by the Company, therefore also the Group. For discount rate calculations, the Group and the Company used the Bank of Latvia intercompany lending rate at the exact day when calculations were made. Lease contract does not provide for indexation or a variable payment component. The Group and the Company has assessed lease contract terms and at the end of reporting period does not consider that the lease contracts will need to be extended. In determining the lease term, management of the Bank considered all facts and circumstances that create an economic incentive to exercise an extension option or not exercise a termination option. Extension options will be only included in the lease term if the lease is reasonably certain to be extended. Potential future cash outflows have not been included in the lease liability because it is not reasonably certain that the leases will be extended.

All fixed assets are used for the core business needs of the Group and the Company. Property, Plant & Equipment consists of furniture and technical equipment.

Right-of-use assets	EUR	Lease liability	EUR
At 31.12.2023	37 811	At 31.12.2023	46 665
Impact of lease changes	2 037 811	Changes during the reporting period	2 016 736
Amortisation	(17 453)		-
At 30.06.2024	2 058 201	At 30.06.2024	2 063 401
At 31.12.2024	1 972 827	At 31.12.2024	2 041 690
Amortisation	(214 077)	Changes during the reporting period	(176 993)
Adjustment	(4 073)	Adjustment	(5 322)
At 30.06.2025	1 754 678	At 30.06.2025	1 859 375

	Jun	Jun
	2025	2024 Unaudited
	Unaudited
Right-of-use assets	EUR	EUR
Right-of-use assets	1 754 678	2 058 201
Lease liability	1 859 375	2 063 401
19. Contract acquisition costs
	Jun	Jun
	2025	2024
	Unaudited	Unaudited
	EUR	EUR

Customer acquisition costs	1 571 783	1 464 585
Total	1 571 783	1 464 585

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 14% of participants in the investment plans managed by the Group opted for other investment plans registered in Latvia, while 86% of participants remained in the plans managed by INDEXO. This means that if this indicator remains unchanged in the coming years, a participant of the investment plans managed by the Group will remain a client of INDEXO for about 12-14 years on average. 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
At 31.12.2023	1 389 048
Capitalised salary costs, including national social insurance mandatory
contributions	223 123
Amortisation of capitalised salary costs, including national social insurance
mandatory contributions	(147 586)
At 30.06.2024	1 464 585
At 31.12.2024	1 566 969
Capitalised salary costs, including national social insurance mandatory
contributions	190 151
Amortisation of capitalised salary costs, including national social insurance
mandatory contributions	(185 337)
At 30.06.2025	1 571 783

20. Deposits from customers

Jun	Jun
	2024
Unaudited	Unaudited
EUR	EUR
8 826 656	-
13 818 391	-
25 081 496	-
47 726 543	-
	2025

21. Accrued liabilities

	Jun	Jun
	2025	2024
	Unaudited	Unaudited
	EUR	EUR
Financial liabilities
Accrued liabilities to suppliers	417 776	136 311
Non-financial liabilities
Accrued liabilities for unused annual leave	251 475	174 568
Accrued liabilities for IFRS 9	-	4 902
Accruals for employee contributions to the 3rd Pillar pension plans	38 580	22 500
Provisions for variable remuneration of employees and related tax	124 780	131 346
payments
Provisions for payment of fees	33 806	-
Provisions for off-balance sheet commitments	108	-
Total financial and non-financial liabilities	866 525	469 627

22. Trade payables

	Jun	Jun
	2025	2024
	Unaudited	Unaudited
	EUR	EUR
Financial liabilities
Payables for purchased goods and received services	39 741	215 317
Total	39 741	215 317

23. Tax liabilities

	Jun	Jun
	2025	2024
	Unaudited	Unaudited
	EUR	EUR
Non-financial liabilities
Tax liabilities	225 150	120 500
Total	225 150	120 500

24. Other liabilities

	Jun 2025	Jun2024
	Unaudited	Unaudited
	EUR	EUR
Non-financial liabilities
Salary liability	180 247	101 431
Liabilities to 3 Pillar pension plans	60 471	28 824
Money in transit	181 201	-
Other	33 691	508
Total	455 610	130 763

25. Share capital

	Share capital
	EUR
At 31.12.2023	3 795 407
Increase in Share capital	794 072
At 30.06.2024	4 589 479
At 31.12.2024	4 760 549
Increase in Share capital	300 676
At 30.06.2025	5 061 225

The registered and fully paid-in share capital of INDEXO as of 30 June 2025 amounts to EUR 5 061 225 (30 June 2024: EUR 4 589 479) and consists of bearer shares. The share capital of the Company consists of 5 061 225 bearer shares with a nominal value of EUR 1 (one euro) per share. During the reporting period the Company's share capital was increased by EUR 300 676.

26. State funded and private pension plans established and managed by the Group by net asset value

	Jun 2025	Jun 2024
	Unaudited	Unaudited
	EUR	EUR
State-funded pension scheme investment plan "INDEXO Jauda 16-55"	1 013 860 899	849 990 046
State-funded pension scheme investment plan "INDEXO Izaugsme 55-62"	251 970 211	236 391 269
State-funded pension scheme investment plan "INDEXO Konservatīvais 62+"	37 459 131	34 910 958
Private pension scheme pension plan "INDEXO AKCIJU PLĀNS"	39 720 319	27 044 727
Private pension scheme pension plan "INDEXO OBLIGĀCIJU PLĀNS"	3 670 941	1 980 990
Total	1 343 010 560	1 150 317 990

The financial statements have been authorised for issue on 6 August 2025 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