Ipas Indexo · OMXRSE:IDX1R
Ipas Indexo — Indexo — Investor Presentation (October 2026)
20 slides from Ipas Indexo's investor presentation, Oct 14, 2026
Slide 1: Accelerating Growth
Accelerating Growth Strategy update and 3-year forecast 14 October 2026
Slide 2: INDEXO success so far
INDEXO success Bank’s loan book has grown Nearly 70,000 clients have said YES to INDEXO Bank and accumulated EUR 150m+ in deposits so far 3.7 x YoY to EUR 131m Fastest growing Bank in Latvia 1 INDEXO Banka · established 2024 2 One of the largest non -bank lenders in Latvia DelfinGroup · established
Slide 3: Profitable Financial Group with three growing business segments
Profitable Financial Group with three growing business segments INDEXO Group net loan portfolio EUR m, end of period The Bank is a significant contributor to Group's growth Bank ’s revenue: 9.5 x YoY to EUR 2.6 m in H1 2026 280 Group ’s loan book: 1.8x YoY June 2026 , with the Bank driving 75 %+ of
Slide 4: Lending business
Lending business DelfinGroup and INDEXO Bank
Slide 5: Latvian lending: the door is open for a challenger bank
Latvian lending: the door is open for a challenger bank Latvia is underleveraged And the market is growing Loans are only 30 % of GDP , against 73 % in the euro area1 + 12% YoY , supported by nominal GDP and income growth 2 Consumer lending All loans in Latvia Non -secured Bank and non -bank 55 % 38
Slide 6: INDEXO Bank: The Group's main growth driver
Bank ’s monthly revenue Jun 2025 – Dec 2026 INDEXO Bank: The Group ’s main EUR m 1.0 Target growth driver 0.5 0.4 0.2 0.3 0.1 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Dec-26 2025 2026 Estimate Launched in August 2024 Nearly 70,000 customers in two years Bank ’s net loan book 3.7 x EUR m loan book in a yea
Slide 7: Consumer lending is main revenue driver, other products scaling slower
Consumer lending is main revenue driver, other products scaling slower Bank ’s gross interest income from loans EUR m 7.5 x in 12 months of net loan portfolio are mortgages and home 42 % equity in June 2026 2.1 of all mortgages refinanced to another bank come to 1.4 ~ 64 % INDEXO Bank in Q 2 2026 1.
Slide 8: Latvian consumer lending: right segment for a new bank to start
Latvian consumer lending: right segment for a new bank to start High automatization Room to Pays for and scalability grow the risk Credit bureaus with good data €1.9bn market and growing 1 €0.8 bn of non-bank loans 3 depth More than doubled in last 5 years Priced at ~ 25 -42 % 3 . Full positive and
Slide 9: How we will accelerate the Bank's loan portfolio growth
How we will accelerate the Bank ’s loan portfolio growth By doubling the net loan And keeping consumer By improving our offering portfolio monthly increase lending in focus EUR 20 m Corporate segment New products Loans and deposits for corporates – Credit line, loan consolidation, car loans starting
Slide 10: DelfinGroup: stable and predictable growth and profits
DelfinGroup : stable and 2023 2024 2025 H1 2026 predictable growth and Revenue, EUR m 50.4 63.0 78.2 39.8 Net profit, EUR m 6.6 7.3 9.6 5.7 profits Return on equity 33.6 % 31.5% 34.9 % 38.0 % 1 Growing loan portfolio 2026 targets 2 : profit before tax EUR 14.6m. About 30 % CAGR since 2022 . Net loan
Slide 11: Lending growth needs funding
Lending growth needs funding Today Q 4 2026 Q 4 2026 Ongoing New daily banking Retail funding Corporate funding Deposit platform services Already in place and we keep Launching corporate deposits, Germany first, more EU Accounts, payments and cards growing it through marketing daily transaction acco
Slide 12: Growth needs capital, which we will mostly generate internally
Equity capital in the Bank EUR m + 10–13 69 –74 + 23 –25 Growth needs capital, 36 which we will mostly generate Already invested (until Sep 2026 ) To be invested: internal resources To be invested: new capital raise Total equity internally New capital raise planned in Stockholm (Q4 2026 ) Private pl
Slide 13: Pension savings
Pension savings
Slide 14: Asset Management: already at scale and profitable
Asset Management : 2023 2024 2025 2026 H1 already at scale and profitable Revenue, EUR m 3.12 4.44 5.11 2.76 Normalised net profit 3 , EUR m -0.33 1.34 2.12 1.12 Clients, thousand 127 142 159 161 A EUR 12bn addressable market, and growing 1 Latvian pension assets have grown 23 % YoY in H 1 2026 . 20
Slide 15: The 3-year forecast
The 3-year forecast pa
Slide 16: Loan book: accelerating growth
Loan book: accelerating growth Group ’s net loan book Group ’s loan book split 2029 EUR m Approximate share of the forecasted net loan portfolio Previous public forecast 1 New forecast range 1,000 –1,200 55 % Consumer loans 770 –900 771 32 % Mortgages and home equity 520 –600 532 346 340 13% Busines
Slide 17: Net profit driven by long-term growth
Net profit driven by long -term growth Net profit attributable to INDEXO shareholders EUR m We have accelerated consumer Previous forecast range (Apr 2026 ) New forecast range lending Provisions come first, so there is impact on growth phase profits 37 –42 Intra Group funding synergies 30 –34 Synerg
Slide 18: Forecasted net profit for the Group
Forecasted The Bank has proven its case net profit * for the Group We focus on consumer lending EUR 40 m in 2029 (*attributable to INDEXO Shareholders) We know how to accelerate the growth even further
Slide 19: Jānis Pizičs
Jānis Pizičs 20 years in finance, 10+ years in lending and fintech 2013 –2017 GSK Nordic Finance Partner 2017 –2020 Finko Group Group CEO 5 new markets in one year from 4 to 1,000 + employees in 3 years since 2021 DelfinGroup Supervisory Board Member 2022 –2026 Merito Partners Partner €150m+ portfol
Slide 20: For a better financial environment in Latvia!
IND=xO. For a better financial environment in Latvia!