IPAS Indexo (IDX1R) Status update summary

Key accomplishments and growth

• Achieved steady profitability in the pension business with a 79% CAGR in assets under management since 2017.

• Surpassed 1 billion EUR in 2nd pension pillar client assets and 144,388 customers as of April 2025.

• Became the 3rd largest 2nd pension pillar manager in Latvia and launched INDEXO Bank in August 2024.

• Raised over 16.5 million EUR publicly and invested ~13 million EUR in bank development.

Market opportunities and strategy

• Latvian banking sector is dominated by four foreign-owned banks, with weak competition and high costs.

• Latvia has the lowest credit-to-GDP ratio in the Eurozone, indicating a lending gap of over 5 billion EUR.

• 85% of Latvian depositors' money is held in foreign banks, which do not pay proper interest or lend sufficiently to the local economy.

• INDEXO aims to break dependence on foreign banks and increase local lending.

Product and service expansion

• Offers free and competitively priced banking packages (Sudrabs and Zelts), with unique features like interest on checking accounts and free transfers.

• Launched innovative digital services, including a mobile app, API for pension tracking, and consumer loans.

• Plans to introduce Junior accounts, mortgage loans, and custodian bank services in 2025.