INDEXO

M&A Activity • Jan 5, 2026

Bank of Latvia approves INDEXO's mandatory buyback offer for DelfinGroup shares - starting January 6

Today, 5 January, Bank of Latvia has approved the prospectus for the mandatory share buyout offer of AS DelfinGroup by IPAS INDEXO, the parent company of the INDEXO financial services group. The offer period will begin on Tuesday, January 6, and will run until January 19. The obligation to make a mandatory buyback offer arose after acquiring 67.42% of DelfinGroup shares in the voluntary share buyback offer carried out at the end of last year.

This step marks the next stage in INDEXO’s strategy toward becoming a leading local financial services group.

The mandatory share buyback offer is being made under the same conditions as the voluntary offer, giving DelfinGroup shareholders three options:

1. Sell their DelfinGroup shares at a price of EUR 1.30 per share, in accordance with the terms of the prospectus.
2. Exchange 7.3 AS DelfinGroup shares for one IPAS INDEXO share.
3. Keep their existing DelfinGroup shares and continue participating in DelfinGroup’s development.

AS DelfinGroup shareholders can exchange their DelfinGroup shares for IPAS INDEXO shares only in an amount that precisely corresponds to the exchange ratio and results in whole numbers. Applying this principle means that the minimum number of DelfinGroup shares that can be exchanged is 73 shares. 

The prospectus of the mandatory share buyout offer is published on the INDEXO website (https://indexo.lv/en/for-investors/) and is attached to this announcement.

To issue the shares that IPAS INDEXO offers in exchange for DelfinGroup shares, an Exemption Document from the obligation to publish a prospectus has been prepared, describing the planned transaction and its impact. The Exemption Document is published on INDEXO’s website (https://indexo.lv/en/for-investors/) and attached to this announcement.

About INDEXO financial services group            

INDEXO is a financial services group that includes pension management companies IPAS INDEXO, AS INDEXO Atklātais Pensiju Fonds, IPAS VAIRO, as well as INDEXO Bank and AS DelfinGroup.          

The pension management companies within the INDEXO group in Latvia offer modern 2nd and 3rd pillar pension plans. Nearly 158 thousand clients entrust the group with managing their pension savings totaling more than EUR 1.55 billion.    INDEXO Bank, a credit institution licensed by the European Central Bank, serves over 47 thousand clients, with total client deposits amounting to EUR 68 million and EUR 50,5 million in loans.                      

Founded and headquartered in Latvia, INDEXO is a Nasdaq Riga-listed company with over 7 300 shareholders. Its mission is to fight for a better financial environment in Latvia and strengthen the well-being of Latvian residents by providing modern and personalized financial services. For more information visit www.indexo.lv.     

DelfinGroup is a licenced fintech company established in 2009 and currently operating in Latvia and Lithuania. The company operates under the brand names Banknote and VIZIA. The company has been profitable every year since 2010. DelfinGroup continuously develops and offers consumer loans, pawn loans, and the sale of pre-owned goods online and at more than 80 branches across Latvia. For more information visit www.delfingroup.lv.  

Contact information:

Ieva Bauma

INDEXO Head of Marketing and Communications 

E:ieva.bauma@indexo.lv

P:+ 371 28 636 789