Building leading local financial services group

INDEXO financial projections 2025-2028 after acquiring 65% of DelfinGroup

Disclaimer

This Presentation is for informational purposes only and shall not be construed as an offer or solicitation for the subscription or purchase or sale of any securities, or as an invitation, inducement or intermediation for the sale, subscription or purchase of securities, or for engaging in any other transaction. This Presentation does not constitute an investment advice.

Any statement contained in this Presentation that refers to estimated or anticipated future results or future activities are forward-looking statements which reflect current analysis of existing trends, information and plans. The forward-looking statements contained herein, including, without limitation, statements regarding IPAS INDEXO (the "Company") future business development, strategy, financial performance, and the expected impact of the proposed acquisition of AS DelfinGroup, are based on the current expectations, estimates, and assumptions that involve significant risks and uncertainties, many of which are beyond Company's control. The Company makes no representation, assurance or guarantee that the acquisition of AS DelfinGroup will be successfully completed on the terms described or at all.

Forward-looking statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied due to a variety of factors, including, but not limited to, the ability to complete the acquisition on the expected terms or timeline (or at all), changes in market conditions, regulatory approvals, integration risks, and other risks, and such factors could adversely affect the outcome and financial effects of the plans and events described herein. The Company undertakes no obligation to update these forward-looking statements except as required by law. As a result, the recipient is cautioned not to place undue reliance on such forward-looking statements.

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DelfinGroupshareholderswillbeofferedthefollowingoptions:

ExchangeeachDelfinGroupsharetheyownfor0.136986INDEXOshares
SelltheirDelfinGroupsharesatapriceof EUR1.30pershare

Afterthetransaction,currentINDEXOshareholderownershipoftheGroupwillbe54.3%

AcquisitionrequiresapprovalfromregulatorsandINDEXOshareholders

DelfinGroup shareholders have become a part of INDEXO's shareholders

Executive summary: Building Latvia's Financial Champion

This presentation outlines a scenario in which INDEXO acquires control of 65% of DelfinGroup. Please note that the transaction is still pending and requires regulatory approvals.

Latvia's household debt/GDP forecasted to remain below EU average – significant lending growth potential

Expanding pensions and savings market

Proven track record and growth trajectory on standalone basis for each Group member

Strategic merger with DelfinGroup unlocks scale, reach and profitability

By 2028 Group net profit projected to reach 30+MEUR and combined loan portfolio expected to exceed 770MEUR

Group synergies fuel scalable growth: 6-8MEUR of additional profits from refinancing synergies and 150+MEUR in additional loan growth

Household lending market growth potential

Household debt to GDP is low and there is room for healthy increase
Significant salary growth has driven household deleveraging
Unemployment in Latvia is slightly above EU average
Lower ECB rates set a stage for an increase in lending

Note. Lending market growth rates are based on nominal GDP and CPI, with manual adjustments for newly issued and refinanced mortgages to reflect recent market trends. Data combine household portfolio amounts from both banks and non-banks.

^*Source: Bank of Latvia, CRPC, Eurostat, internal calculations

Higher salaries lead to higher savings

Rising incomes mean a bigger opportunity to save — INDEXO's goal is to be the trusted partner for both mandatory and voluntary pension savings.

Growing and profitable INDEXO pension business, building a new bank

Third largest pensions asset manager, launched in 2017 as a challenger brand

INDEXO pension equity plans are among the best performing plans in the Latvian market

In July 2022 INDEXO went public with an IPO

Received a banking licence in May 2024 and in August 2024 launched INDEXO Bank to disrupt the Latvian banking market

*Including IPAS VAIRO

Data as of August 31st 2025

DelfinGroup – strong, growing business

Largest non-bank lender in Latvia, launched in 2009

330k+ client base with 59k active contracts

In October 2021 DelfinGroup went public with an IPO

In 2023 expanded with operations in Lithuania and in 2024 launched consumer lending in the new market

Data as of June 30th 2025

Building leading local financial services group in Latvia

INDEXO Bank plans to refinance part of DelfinGroup's existing funding, creating additional 6-8MEUR of profits from refinancing synergies across the group*
Stable dividend flow provides capital injections that support sustainable loan portfolio growth, enabling 150+MEUR million in additional loans

Reduced reliance on external capital raising for growth
Access to 330k+ clients supports servicing a broader, more diverse customer base
Larger shareholder base with more liquidity in the stock exchange

* Subject to regulatory approval

In 3 years NEW INDEXO Group estimated to reach more than 30MEUR net profit

On path to build a highly profitable publicly traded financial group
Combined loan portfolio expected to exceed 770MEUR by 2028
Well diversified customer base and business segments
INDEXO's household loan market share is expected to reach 8.4% by 2028

What drives the NEW INDEXO Group's profitability?

Growth trajectory for two profitable, high ROE businesses – Pensions and DelfinGroup

Pensions net profit, MEUR

DelfinGroup net profit, MEUR

Both businesses (INDEXO Pension and DelfinGroup) figures are shown as a stand alone without consolidation synergies 12

Growing start-up bank in an attractive market

Lending – main revenue growth driver for Bank

Aiming to have in 2028

Scaling current monthly loan originations from 6-7MEUR million toward 10MEUR, a level that will enable us to meet our growth targets
Expanding our product portfolio to meet further customer needs and to unlock new revenue opportunities
Bank's expected 2028 ratios reflect its focus on household segment with mortgage loans comprising ~59% of the total loan portfolio

The Bank is expected to reach break-even point in 2026

Banks quarterly net profit before expected loan loss provisions, MEUR

5MEUR capital is enough for Bank's break-even (before expected loan loss provisions);
We are in control of terms and timing for future capital needs

Reduced reliance on external fundraising strengthens independence

Through stable profits and dividend inflows Pension business and DelfinGroup support the Bank's development, but to execute the growth strategy presented, INDEXO will require 6MEUR in additional capital in 2026 and is considering also other capital instruments while minimizing dilution and maximizing shareholder value
Once we finish raising capital in 2025-2026, INDEXO can grow from its own earnings - no more need to dilute shareholders according to this growth plan

Forward looking dividend policy

According to our forecasts, expecting to pay out 20% of profits to shareholders starting with 2028 Net Profits

In our base case scenario, this would result in a payout of over 6 million EUR. We will seek shareholder approval for the dividend policy on 2026 AGM.

Note. Dividend amount shown assumes current financial projections are met

Additional synergies/ opportunities (not quantified)

330k + DelfinGroup customer base enabling broader reach for banking products and pensions

SME customer segment. Total private companies banking exposure – total loans ~4.7 BEUR, total deposits ~6.3 BEUR (June 2025*)

Improvements in operational efficiency and potential innovations

Better platform for geographical expansion

Preliminary timeline for the next steps

26.08	Approval from the Competition Council
11.09.	IPAS INDEXO Shareholder meeting
End of September	Regulatory approvals
Beginning of October	Start of the voluntary buyout offer period and IPAS INDEXO share issue
End of October	End of the voluntary buyout offer period and IPAS INDEXO share issue
Beginning of November	Settlement of the voluntary buyout offer and IPAS INDEXO share issue
November/ December	Mandatory buyout offer closing expected by the end of 2025