Building together a great bank for strong Latvia

Webinar "INDEXO 2025 H1 results and future plans"

7.08.2025.

Important information

This presentation is considered advertising for IPAS "Indexo" new share issue. This presentation is intended for informational purposes only and should not be regarded as an offer, request, or investment advice to subscribe to INDEXO shares.

The approved prospectus has been published at: https://indexo.lv/en/for-investors/

The approval of the prospectus should not be considered as an invitation to purchase shares. Before investing in the offered shares, carefully read the prospectus to learn about potential risks and benefits, and consult with an expert if necessary.

Webinar "INDEXO 2025 H1 results and future plans"

Valdis Siksnis AS INDEXO Banka ChairmanoftheBoard

IvitaAsare AS INDEXO Banka Board Member

Henrik Karmo IPAS INDEXO ChairmanoftheBoard

Today's agenda:

INDEXO Results for the H1 2025

Planned acquisitions Plan for the capital increase

INDEXO Results for the H1 2025 1

INDEXO pension business

Thepension business is growing andprofitable

Total assets under management Million EUR

Pensionbusiness commission

income ThousandEUR

Pensionbusiness netprofit ThousandEUR

Pension business asset growth is driven by both contributions and new clients

Pension business total AUM growth drivers Q2 2024 – Q2 2025

Million EUR, based on management estimates

The churn rate of clients in the year-on-year comparison reached 13.75% in June 2025, compared to 10.15% in June 2024.

Source: internal data 9

INDEXO has the largest 2nd pension accounts

The index-based approach introduced by INDEXO is now the standard for the most successful pension plans

Increase in the client base and AUM have contributed to 21% y-o-y growth in commission income
Normalized net profit** in 2025 H1 for the pension business was EUR 0.90 million (compared to 0.54 million in 2024 H1)

INDEXO Pension business results, EUR	Jan-Jun 2025 Unaudited, EUR	Jan-Jun 2024 Unaudited, EUR
Commission & interest income	2 433 329	2 015 460
Interest income/(expense)	19 580	(210 548)*
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/(losses) for the reporting period	743 595	154 632

Source: internal data

* - Interest expense for Commitment letters

**-Normalized net profit = Net profit without Bank-related pension costs (like capital raise and capital management costs)

INDEXO Bank

INDEXO Bank has almost 40 000 customers

We have delivered the promised product additions

Introduced Apple Pay / Google Pay

Introduced mortgage refinancing

Improved consumer loan offer

Custody – regulatory approval received

Consumer loan portfolio has reached ~15M EUR

Consumer loan portfolio,

Maximum available term up to 7 years; - Active selling

+5M EUR Q4 2025

We are improving credit assessment criteria;
Opportunity for existing clients to receive an additional loan on top of their current credit;
Introduction of a refinancing product We have provided Latvian families with the opportunity to save at least EUR 400* thousand per year in interest payments on mortgage loans
Overall, it is a time consuming process during which the client needs a reliable partner - A home equity product is coming soon

*Based on internal calculations, assuming an average reduction of 0.65 percentage points in the additional interest rate as a result of refinancing

driver

revenue growth

Loan portfolio (MEUR) and net interest margin (%)

1 0

1 2

1 4

1 6

1 8

2 0

0 ,0 %

0 ,50 %

1 ,0 %

1 ,50 %

2 ,0 %

2 ,50 %

3 ,0 %

Acknowledging short-term challenges while adhering to the long-term development vision

Q2 2025 is marked by significant additions to the range of services offered by INDEXO Bank
The bank significantly increased its net interest income, reaching EUR 210.7 thousand in the second quarter
Focus on profitability by driving revenue growth

INDEXO Bank Profit and Loss Statement, EUR	Jan – Jun 2025 Unaudited, EUR*
Interest income	881 880
Interest expense	(611 166)
Commission and fee income	151 293
Commission and fee expense	(254 841)
Other operating income	101 577
Other operating expenses	(333 481)
Administrative expenses	(3 516 822)
of which IT expenses	(1 518 549)
Depreciation	(837 225)
Operating profit	(4 418 785)
Provisions for expected credit losses	(632 829)
Loss before corporate income tax	(5 051 614)
Corporate income tax	(2 027)
Loss for the period	(5 053 641)

Navigating the transformation: from investment to impact

We will continue active lending
One of our main priorities remains increasing the share of active clients and their incoming cash flows
Strengthening capital by attracting additional funding for faster growth

Jun 2025 unaudited, EUR*

ASSETS

Cash and cash equivalents	27 266 661
Securities	10 342 354
Financial assets measured at amortized cost (loans)	11 985 916
Prepayments	821 839
Property, plant and equipment and right-of-use of assets	2 484 329
Intangible assets	5 437 836
Other assets	186 674
Total assets	58 525 609

EQUITY AND LIABILITIES

Financial liabilities measured at amortized cost (deposits)	48 399 513
Trade payables	398 976
Accruals	193 582
Tax liabilities	221 625
Lease liabilities	1 808 204
Other liabilities	272 060
Total liabilities	51 293 960

EQUITY

Share capital and retained earnings	7 231 649
Total equity	7 231 649
TOTAL EQUITY AND LIABILITIES	58 525 609

Plannedacquisitions

Acquisition of VAIRO

VAIRO shareholders have become a part of INDEXO's shareholders

Acquisition of DelfinGroup

INDEXO is issuing shares that will be used in a swap transaction with the aim of acquiring a majority (50+%) stake in DelfinGroup

DelfinGroupshareholderswillbeofferedthefollowingoptions:

-ExchangeeachDelfinGroupsharetheyownfor0.136986INDEXOshares
-SelltheirDelfinGroupsharesatapriceof EUR1.30pershare

Acquisition requires approval from regulators, the Competition Council, and INDEXOshareholders

DelfinGroup shareholders have become a part of INDEXO's shareholders

Favorabledeal for INDEXO shareholders

*- The calculations are based on DelfinGroup's future forecast estimates : Enlight Research DelfinGroup

Three attractive	options
to theDelfinGroup
shareholders
	Option 1	An opportunity to exchange DelfinGroup shares for INDEXO shares and participate in INDEXO's future growth

	Option 2	Remain a DelfinGroup shareholder as before and continue receiving dividends

	Option 3	Apply for the cash offer (the offer is available in a limited amount)

Preliminary timeline for the DelfinGroup acquisition

Plan forthe capital increase

IPAS INDEXO attracts additional capital for the bank's development to continue loan growth and ensure compliance with regulatory requirements

Issue volume: 345 000 shares Price per share: EUR 10.15

After the DelfinGroup acquisition

Dividends for bank development ~ EUR 10 million* in dividends over 3 years, enabling the issuance of EUR 100 to 200 million in additional new loans
INDEXO group will become profitable much faster
-Reducedrelianceonexternalcapitalraising
Potential synergies DelfinGroup

Approval from regulators, the Competition Council, and INDEXO shareholders is required

-Wewillannouncethefinancialprojectionsforthenext3 yearspriorto the launchoftheDelfinGrouptransactionbuyoutoffer

The focus remains on the Bank's profitability and overcoming short-term challenges

~0.98

IT investments*, million EUR

Q4 2025 Forecast

1.48

Q2 2025

Lower than expected customer activity Product development required more time and resources In the first half of the year, revenue growth was slower than we had projected We are making adjustments and continuing to move towards our set goals

As the volume of loan issuance increases, the focus is on attracting deposits

We are reviewing product development priorities and expenses, while reducing IT investments

* IT investments – combined IT expenses and investments

We expect the bank's total revenues to reach EUR ~0.5-0.6 million by March/April 2026, with the bank starting to become a significant market player even without DelfinGroup

The breakeven point*has been shifted by one quarter to Q1 2026, but the long-term goals remain unchanged