IPAS Indexo (IDX1R) Investor presentation summary

Proposed transaction

• Proposed share-swap transaction targets control of 65% of DelfinGroup; completion is subject to regulatory and shareholder approvals.

• DelfinGroup shareholders may exchange each share for 0.136986 shares or sell for €1.30 per share; existing shareholders would hold 54.3% after the transaction.

Market opportunity

• Latvian household debt remains below the EU average as a share of GDP; wage growth and lower ECB rates are presented as supportive of lending growth.

• Pension assets under management are forecast to rise from €9.8bn in 2025 to €13.8bn in 2028.

Business profiles and forecasts

• Pension business had 158,000+ client accounts and €1.49bn in assets under management; INDEXO Banka had 42,000+ clients, €52.4m of deposits and a €26.0m loan portfolio at Aug. 31, 2025.

• DelfinGroup had 330,000+ clients, 59,000 active contracts and a €129m loan portfolio; TTM revenue was €70.9m and net profit €7.6m at June 30, 2025.

• 2025–2028 net profit forecasts rise from €1.8m to €4.4m for the pension business and from €9.2m to €17.9m for DelfinGroup.

• INDEXO Banka’s loan portfolio is forecast to grow from €60m in 2025 to €562m in 2028, with revenue rising from €1.5m to €28.7m.