INDEXO — Management Reports 2026

Mar 3, 2026

Kvalifiobis elektronicisiuip parakots VALDIS VANCOVICS 2024-02-25 16:04:08 GMT+2 Mitex Parakots

INDEXO

IPAS INDEXO

Reg.Nr.:40203042988, Roberta Hirša iela 1, Riga, LV-1045, e-mail: info@indexo.lv

REPORT OF SUPERVISORY BOARD

IPAS "Indexo" for the shareholders' meeting

The Supervisory Board of IPAS "INDEXO" (hereinafter – INDEXO) prepared this report after evaluating the financial situation of INDEXO and the work of the Management Board, as well as after reviewing the report for the financial year 2025 submitted by the Management Board and the financial statements with annexes and familiarizing themselves with the report of the sworn auditors on the financial statements and additional information included in the financial statements.

In 2025, the Supervisory Board carried out regular and systematic monitoring of the activities of INDEXO, reviewing and discussing the reports prepared by the Management Board on the activities, financial results, risks and strategic development proposals of INDEXO at the Supervisory Board meetings, as well as monitoring the operation of the internal audit function and performing other duties of the Supervisory Board provided for in regulatory enactments. During 2025, 30 Supervisory Board meetings were held. The Supervisory Board consisted of an Audit Committee, which held 6 meetings in 2025.

In the view of the Supervisory Board, 2025 is a year of continued growth and further strengthening of INDEXO's position in the pension management sector. This is evidenced by the increase in the assets under management of the INDEXO Group in the 2nd and 3rd pension pillars to over EUR 1.56 billion, as well as by the growth in the number of clients to more than 159 thousand. The Supervisory Board commends the Management Board's work in ensuring stable growth of INDEXO's core business and strengthening INDEXO's market position.

The Supervisory Board also positively assesses the Management Board's focused and consistent actions in 2025 in implementing the strategic development of the INDEXO Group and executing two complex capital markets transactions.

In September 2025, the Management Board successfully completed the acquisition of shares in IPAS VAIRO, as a result of which INDEXO acquired 100% of the shares in IPAS VAIRO and fully integrated this management company into the INDEXO Group. In turn, in December 2025, based on the resolutions adopted by the shareholders, the Management Board of INDEXO implemented a voluntary share buyback offer to the shareholders of AS DelfinGroup, which formed part of a broader transaction process aimed at building one of the strongest domestically owned financial services groups in Latvia. As a result of the voluntary share buyback offer, IPAS INDEXO acquired 30,643,883 shares in AS DelfinGroup, representing 67.42% of the voting share capital of AS DelfinGroup.

The Supervisory Board also positively evaluates the performance of the Management Board of INDEXO's subsidiary, JSC INDEXO Bank (hereinafter – INDEXO Bank), in 2025, ensuring rapid and

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balanced growth of the Bank's business volumes. During the year, the number of INDEXO Bank's customers more than doubled, reaching nearly 50 thousand customers, while the loan portfolio increased to EUR 55.5 million by the end of 2025, with new loans totalling EUR 61.5 million issued during the year. The volume of deposits reached EUR 73.7 million at year-end, compared to EUR 33 million at the end of 2024. In the opinion of the Supervisory Board, the growth in deposits confirms the strengthening of customer confidence in the Bank, while the EUR 1.19 million paid to customers in interest in 2025 indicates the formation of an active customer base and the competitiveness of the Bank's deposit products.

In the assessment of the Supervisory Board, INDEXO's financial position as at the end of 2025 is stable, and INDEXO has ensured sufficient financial resilience to maintain the continuity of its day-to-day operations and to meet its obligations. At the same time, the Supervisory Board commends the Management Board's work in ensuring INDEXO's well-considered and balanced development, as well as the growth in results achieved in 2025.

Changes to the composition of the Supervisory Board took place in 2025 – in March 2025, Märtin's Jaunaräjs joined the Supervisory Board. The Supervisory Board expresses its gratitude to INDEXO's shareholders for their support, and to the Management Board, employees and cooperation partners for their contribution to the results achieved in 2025.

President of the Supervisory Board
Valdis Vancovičs

THIS DOCUMENT IS SIGNED WITH A SECURE ELECTRONIC SIGNATURE AND CONTAINS A TIME STAMP