Good morning, and thank you very much for joining Indexo webinar and those who are interested in following our journey how to build a leading local financial services group, hopefully you'll find a lot of interesting topics we cover here, including our 2025 financial results. Before we get to the presentation itself, let me just remind you that this is a presentation for informational purpose only and shall not be constituted as an offer or solicitation for the subscription or purchase or sale of any securities, or an invitation or inducement or intermediation for the sales, subscription, purchases of securities or engaging in any other transaction.

This presentation does not constitute an investment advice. Basically, what we're trying to say is that you should study our financial information very carefully before you take any decisions about owning, buying, or selling our shares, and this presentation constitutes only a part of our information dissemination, you should also look at our annual report for further detail.

Formalities aside, let's go down to our slide deck about the results. Today, we'll be presenting from our side in a team including myself, Ivita Asare, who is our CFO, and Valdis Siksnis, who is the CEO of our bank.

Please do ask questions. We will leave ample time for answering those.

We want to be as open and interactive as possible. Please scan the code, submit your questions.

We will return to this slide also later on, after the webinar, you can still add further questions. Basically, we'd like to think about ourselves and about Indexo as a company with a mission.

The mission of our company is to improve the financial services industry in Latvia and improve the financial opportunities of Latvian people. We are glad to report that with the launch of our bank, we can already make a significant impact to our customers' lives.

We have paid €1.2 million in deposits of interest on our depositors' accounts. That is indeed very good.

We have one of the highest rates for current account balances and deposits, people really can save money with us and earn money on their money. We have also refinanced 400 mortgages, means 400 families have received better financial terms on the credits that they have taken to purchase their homes.

Our impact in the general society is even larger, because even further, 6,000 people have been able to reduce their interest payments by getting an offer from us. We invite everybody to check with us our mortgage rates before going and refinancing in their own home banks.

Our pension business has also provided real returns to our investors or unit holders, which means that their long-term holdings have been growing above the inflation rate, which is good news, and that is one of the really central parts of our story here at Indexo, where we started 8 years ago as a pension fund manager. Due to the scaling of our pension business and growth in our pension business, it also means that we can give something back to our customers.

That means that we have reduced our fees, and we really strongly believe that lower fees means that our customers over long term will benefit from higher returns. Very important part of our journey and where really we transformed in 2025 was that we acquired a controlling stake in another listed entity called DelfinGroup, which allows us to build our further journey on much more stable financial foundation and allow us to achieve our goals to give back more to the society through our other services.

The slide basically depicts a little bit the key moments of our 2025 journey. We generally want to highlight that we have been able to deliver our financial results according to the financial plan.

We did acquire DelfinGroup and Vairo during 2025. Our pension business continues to grow revenue and profits.

Our focus has shifted towards the voluntary pension savings. The bank has gone through a transformational year by accelerating growth, especially in the second half of the year, and already, as told before, is leaving an impact on the market.

DelfinGroup financial performance has been really amazing, and we will cover their financial results also briefly in our presentation further down. Because we are evolving as a group, we wanted to also draw our investors' attention to the group structure.

In general, we have three business lines: one is asset management, or long-term saving management; bank; and then non-bank lending. Under asset management, we have the traditional pension fund business, which is then two companies: Indexo IPAS and also now as of September, Vairo IPAS.

Then we have also a stake in a real estate fund management company called Provendi, and also smaller stake in a similar to us asset manager in Lithuania called Goindex. Provendi and Goindex are not consolidated into our group, but they appear in our P&L through dividend payments when they do such payments.

Then bank is quite clear: the Indexo Bank, which belongs 100% to our holding company, IPAS Indexo. Then as of 2025 end, and actually finalized in January 2026, we own 71.52% of DelfinGroup.

This company will remain listed in the foreseeable future, and we handle the management of the company on arms-length basis. Then on the sort of a key sort of view on the business lines: our banking business has been growing very nicely in 2025, with attracting almost 50,000 customers.

We have given out almost €55 million worth of loans, and the deposit volume grew to €73.7 million. The pension business has almost 160,000 customers and over €1.5 billion assets under management.

It is stably growing and it is also profitable. DelfinGroup has a customer base, or customer database, of 330,000 customers and a loan portfolio of almost or over €140 million.

That all basically binds together into a nice, large financial corporation that can handle different needs that our customers have, is well geographically dispersed, has a large shareholder base, profitable across several of those business lines, and we also have in the future several synergies that we will deliver in the 2026 and 2027 by building this group together. Then further, we'd like to cover, in a couple of slides, our pension business, from where we started and which right now is the mother company or the holding company of the whole group.

The most important message, I think, from our slides here is that regardless of the challenging environment in the second pillar pension fund management, where there was a reduction of contributions from 6% to 5%, and also there was introduced a marginal fee cap, which also affected our asset management business, we managed to grow revenues, our customer amount grew, and also the assets under management continued to grow. As mentioned already several times, our focus is basically helping our customers to save, and that means that we really pay more attention to the voluntary savings business to help our clients.

Here is the chart we always show, what are the sort of drivers of our assets under management growth, and which also then in the further sort of translates into a revenue growth. We have inflows from new clients that comes from contributions.

We have inflows from new clients. We have monthly contributions.

We have market returns that contribute to the growth. In 2025, we also grew because we acquired another asset manager.

Then, unfortunately, there are customers who still don't believe in our long-term growth promise of the markets and tend to leave to other asset managers for various reasons, and that sort of all together gives us the net growth of our assets under management during the year. In this particular case, our assets under management grew over €200 million.

Then going forward, as we said that we're focusing right now much more on the voluntary pension savings, the most important thing obviously is what did we achieve for our customers? The customers did have a positive real return in our voluntary pension savings.

It follows the same strategy as our second pillar fund, so that is one sort of a strategy. Then our product in the third pillar really truly is unique in a Baltic context, where we actually do have individual lifecycle management possibility for people, they can come in, put their data in, and actually choose to have an automated risk allocation.

When they get older, their risk will start decreasing unless they manually override it or also consulting with our retirement planner decide that actually what is the right risk level for them going forward. In 2025, we have done some improvements also in the UX, how you can see these pension savings in our mobile app, and also as a recognition to our customers' commitment to us and growing our business, we have also decided to reduce the fee, which stepped into force as of February 2026.

We are very, very happy with how we have pivoted from second pillar to third pillar. Our client numbers are growing, our assets under management are growing, and our inflows to the third pillar funds are growing.

As we said, we are always gospeling about the benefits of index investing. I think this is really, in our view, this is the best way how to handle long-term investments for most of the population.

Our results speak for themselves. If you look here what has been the five-year return to our customers, then you can see that it has been over inflation, which is super important for real wealth growth.

We believe that with the volatility that always happens in the markets every once in a while, the long-term saving only can happen while taking equity risks. Indexo customer loyalty generally remains high, but due to challenges of people not always evaluating long-term returns or finding some other provider who manages to persuade them to bring the business over, we do lose some of the customers to our competition.

That also has a little bit accelerated because of the takeover of another asset manager. Always in these shaky moments, some clients who appreciated their approach or the brand value do not always appreciate the brand value of our company.

The challenge and really, let's say, the opportunity and what we are really excited and working everyday with is how to improve the client engagement, how to help our clients to save more money. One of the ways how we have decided to improve our clients', let's say, visibility about the future savings is to launch a long-term future planner, retirement planner, that helps people to put the data in and actually see what are the kind of real returns that they can achieve over long term, how does that impact the payouts that they can get from the savings.

We launched such a product at the end of 2025. It is still in the early stage.

We will definitely go through several iterations to improve it, but that's really our commitment to understand our client needs better. Obviously, there are other further improvements that we want to do on the way how we actually give information to our customers, and that will help us to provide more value to the customers that we are managing.

A quick update also on our profitability and revenues: so Ivita will cover the financials in more detail later on, but just from a business perspective, pensions business, normalized business has been great. Our profitability is about one two over €2 million.

This year, in 2025, what was maybe a little bit different from the normal years was that we also got first payment in from DelfinGroup, so that actually increased generally the profitability. There were quite a few capital raises and corporate finance transactions which meant that we also had quite a few costs which were holding company costs that were related to these activities.

As I said, normalized business result on the pensions is what we look on the pensions business line in relation to pension business line. With that, I think we will hand over the word to Valdis, who is going to tell the exciting story about bank development.

Thank you, Henriks. About the bank: since we started from a very low base, we needed to grow, and we did.

I think the last year growth has been impressive, looking at all key indicators: number of clients, we increased deposit base, and most importantly, loan portfolio, and as a consequence of that, also our revenues. Here, I would like to emphasize that both loan portfolio and the revenues grew particularly in the second half of the year.

Out of €1.8 million of revenues out of 1.8, 1.5 were generated during second half of the year. Loan portfolio, as I mentioned, started to grow faster during the second half of the year, and that was after the launch of our mortgage refinancing solution.

We are very proud that we have impressive 60%, 70% market share in that segment. That is surprising.

That is actually not normal. That shouldn't be like this for a bank who just launched that service.

I think it's a very, very clear evidence about the large opportunities in the Latvian lending market and about limited competition in the Latvian banking market. Also, in a consumer lending business, we do have already significant impact on the market.

If you look at the newly issued loans, we already capture a large part of the market. As I mentioned, loan portfolio growth has a direct impact on the revenue growth.

Revenues have increased, have increased net interest income, and so have increased net interest margin. When the loan portfolio grows so fast, the natural question is, what about the loan quality?

We don't have any indicators that would suggest that we need to worry about that. Of course, portfolio still is quite new, young, of course we need to monitor, and we can draw final conclusions later.

We already have accumulated statistical base to be able to start to work on our own credit scoring model and our own kind of more nuanced risk assessment models, because currently, we depend on external service provider. Of course, starting from zero, that was for us the only way to go, where the scoring is based on the market average indicators, not specifically on our client base, on our client cohort, which usually is not a perfect match with the market averages.

To lend, of course, we need to increase our deposit base, and we managed to do that last year. We are good payers for the money clients keep with us.

Also, that probably have attracted also financially more literate, or more educated clients who, compared to the averages in the market, we have a higher penetration of higher interest yielding savings product as term deposits and vaults. Of course, also current account balances are growing in connection to that.

To build the bank, we have made from the beginning significant investments in our IT infrastructure, totally it adds up to €7.5 million. Last year alone, we have had 18 updates, or 18 new versions of our mobile app.

Those new versions have included different things, many under hood, some performance improvements and bug fixes, but most visible for our clients have been introduction of Apple Pay and Google Pay service; already mentioned mortgage refinancing solution, which is fully automated, fully in mobile app; then we have made some improvements in a consumer lending products; and Henriks already mentioned retirement planner. On parallel to that, we are technically ready to launch the custody services, we have to fulfill all the regulatory requirements to start provide that service, and we are very close to stepping over that hurdle as well.

Technically, we are ready already. From this moment on, I will ask to take over Ivita, our CFO, to tell more about our financials.

Thank you, Valdis. The bank's core operational infrastructure has been established to support all the services that we currently offer to our customers, as just explained by Valdis.

We have experienced a controlled increase in the costs over the last year, with the growth from quarter to quarter decreasing, which in general for the bank, which is growing so fastly, of course, is a normal, because we continue purposefully investments in product development and customer acquisition. We see that also the increase in the costs is specifically concentrated in the business development function and in the customer sales function.

We can also see that the cost increase, for example, from Q4 to Q1 has been around €500,000, while the revenues in the same period increased by more than €700,000. Also, we see that the IT expenses account for the majority of our costs, approximately 50%.

Over the year, you can see also in the slide that our proportion of staff costs has been gradually decreasing, which all together demonstrates that we have achieved operating efficiency and in the long term, sustainable growth strategy. If we look at the financial metrics for the bank, then as we have communicated previously, then even though the bank has ended the year with a net loss, the last year clearly demonstrates our strong revenue growth, and which means that we have established a scalable business base.

Rapid expansion currently of both loan portfolio and deposits, and especially during the second half of the year, indicates that we are on the right path. Actually, I want to stress that exactly during the second half of the last year, this is the time when we have been on board with all of our products, with last one, mortgage refinance, coming in the May.

In the second half of the year, thus, we have been able to decrease the net loss by €0.9 million. As Valdis has been stressing this, lending is the bank's main revenue driver, and thus net interest income totals almost 80% of our total revenue.

We are also really happy to see that in the second half of the year, our net commission income turned positive, which indicates that our activities to activate the customers and get our larger share of wallet from their deposits to Indexo has been finally yielding the results. We also see that our investments are starting to normalize, as really a large part of the product development has been done, but of course, we will continue to add to our product base.

More about that, you can also then read in our annual report. We are also very happy about the deposit growth, as Valdis commented.

We see that almost 36% of total deposits is term deposits, which indicates that customers are really trusting our services, trusting our operations, and want to be part of our journey. Also, we are very happy to see that customer balances in current accounts, we have been able to double it, which is, of course, the most precious customer funding that the banks can have.

Speaking about the capital management, I would like to say that since the launch of the bank, IPAS has invested more than €27 million already in the bank, and out of this amount, €10 million has been invested during last year. We can see in capital management the same developments that we have been discussing previously, that it's specifically the second half of the year when the lending volumes accelerated, which also then increased the risk exposure.

Then during the second half of the year, most of the capital increases were done. During the second half of the year, €6 million were invested by IPAS, and then also during that period, the bank raised additionally €1.8 million in subordinated debt.

As at the end of the year, the bank is meeting all regulatory requirements and recommendations. Now very briefly, I will shortly also introduce you with DelfinGroup results, but I really would like to invite you all to the DelfinGroup annual result webinar, which they will hold on 3rd of March, where the company will explain in more detail what has been the last year.

They have really achieved fantastic results, and being now a new majority shareholder of the group, we are really proud of the results that they have achieved. During last year, they have managed to issue €135 million in new loans, which is almost 30% increase from the previous year.

They also exceed the financial guidance which they published in terms of the loan portfolio. Also, we can see that the quality of the loan portfolio is also really really good.

Of course, as we mentioned it in the bank's part, that when you grow the loan portfolio so fast, and this is the obvious matter to look upon. We also see that their quarter four has been really exceptional, and quarterly revenues reached all-time high with €20.9 million, which is more than 20% growth compared to quarter four in 2024.

If we look at the DelfinGroup's P&L, then also here we can see that their net profit reached €9.6 million last year, which is more than 30% growth comparing to the previous year. Also, I would like to highlight that the company has demonstrated very solid cost discipline, which basically allows the revenue growth to translate directly into the profit.

Operations are becoming really, really profitable, with the return on equity through the year being steady at around 30%, but with the Q4 really standing out, and return equity in that quarter reached already 35%. Once again, please join the DelfinGroup's webinar on 3rd of March to learn more about all the great things that they did last year.

Now I'm giving floor to Henriks to talk about Provendi.

Yeah. We jump back into the asset management part of our group business briefly, but just because we are also extremely happy what has been happening there, we wanted to share that good news also with our investors.

We established Provendi a while back with an idea that understanding that we were quite successful in growing our pension management business, we wanted to also invest locally. Obviously for pension funds, as really long-term investors, we figured that real estate is one of the kind of most natural places where we can hold assets for a very long time, and this absorbs some of those risks that maybe other investors are not able to absorb, like liquidity risks, etc.

In a almost serendipitous way, this coincided also with a geopolitical situation where actually large foreign investors maybe have been pulling a little bit back from the real estate market in the Baltics. That has given us really great opportunities to look at and source deals in the real estate sector, which has led basically into a great growth of the assets under management in that business line.

Over the last 2 years, the assets of the fund have grown from €50 million to almost €180 million, and most importantly, obviously, for us as investors and for our unit holders and other real estate fund unit holders, the investments have been of good quality and at great prices, which means that we can really report also a nice growth in the net asset value of that real estate fund unit. Also, generally the return on equity is very, very good for the real estate investments.

The net operating income of the fund is already at €10 million, which means also that this is a sort of a more self-sustainable business model. The fund can make investments already from its own cash flow.

It also has committed to pay out dividends to investors, we have already received, as a pension fund, some dividends from our real estate fund. We really like where the business is going.

Us, as let's say Indexo shareholders, then we will benefit from the dividends that Provendi, when they become significantly profitable, start pay out. That helps us, our shareholders and also our unit holders, to achieve better results in their investments.

Then I will briefly hand back the floor to Ivita, who will talk about consolidated financial results as well. Thanks, Ivita.

Thank you. Now that we have reviewed all the individual company results, then let's briefly look at what is the total financial result for the Indexo Group.

I would like to start by mentioning that DelfinGroup net profits are not included into the consolidated group result because of the convenience date that was applied to the transaction, which means that for the consolidated results point of view, we are consolidating the DelfinGroup as from the 31st of December 2025. We made this decision taking into account the practical considerations in accounting for the transaction, as well as the need to ensure that our financial information is complete and comparable.

We believe that the net impact of that is not material to our last year result. Now if we look at the group's result, our total revenues have reached €6.7 million, which is an increase of 60% compared to 2024.

As we have already commented, both the pension business and the bank's income generation in the second half of the year has been really good. Of course, as we are doing the targeted investments to accelerate the bank's growth, and we continue the investments into the product development and customer acquisition, then yes, the net profit for the group ended as a loss of €7.7 million, but we still managed to do it better than we published in the financial guidance, which even if it's loss, but it was a good thing that we managed to slightly improve the result.

Then following the DelfinGroup transaction, we also noted acquisition result positive, a bargain purchase gain, which was €117,000. This gain reflects the difference between the consideration paid by the IPAS and the fair value of identifiable net assets of the DelfinGroup.

Then we'd like to mention once again that since January, the Indexo Group is already profitable, and we look forward to profits increasing from month to month. If we look at the new group's balance sheet, then as I said, since the consolidation is happening as from the 31st of December, then we can see the increased balance sheet including DelfinGroup assets, our total assets exceed €280 million.

Of course, largest part of that is the lending portfolio, which together with the DelfinGroup's portfolio is already more than €220 million. We have been doing internal estimates that in consumer lending market, the new Indexo Group holds around 10% market share.

Total equity of the new group is already more than €70 million, with the Indexo share at €54 million. Now I give the floor back to Henriks.

Thank you, Ivita. Let me just also cover a little bit what has been happening with our capital from shareholders' point of view in terms of the share numbers, because last year obviously was quite transformational, we want to bring your attention to that.

We issued new equity in the market to finance bank development. We understand that that has been quite a long journey, but as Ivita and Valdis have been telling, we see the real kind of acceleration of the scaling of that business, so that capital, we believe, has been well invested.

We also had issued new shares because of the takeover bid that we made for DelfinGroup, both in mandatory and voluntary parts of that takeover bid, and also a little bit to finance our acquisition of IPAS Vairo, which was the smaller pension fund manager that we bought in 2025. Basically, all of that has meant that we all, as many of us are also shareholders in Indexo, own a little bit of a more smaller share in the total pie, but on the other hand, we really believe that many of those transactions have been long-term value-creating transactions, and that means that that pie at the end of the day is going to be more valuable.

We will, of course, see this transformation really play out much more over 2026 and 2027, where the synergies of many of those transactions start kicking in and we can really start reporting also the more scaled financial results of the bank, which has been really the sort of a major investment target for our group. I think all of the shareholders at least can be in a sense okay with our effort that we always manage to place the shares above the market price, whatever the prevailing market price was.

In a sense, we really found investors who saw the long-term opportunity in this business and have been supporting us ever since. With that said, I think we can start wrapping up our presentation, just reiterating some of the most important things that we think are right now the sort of things that you need to know about Indexo after DelfinGroup transaction and after 2025 business development.

We are now as a group profitable. That means that we are able to self-sustain our growth, the defensive capital-raisings that maybe were a topic for us at the beginning of 2024 are not anymore the case in 2026 and onwards.

That is basically because of we have two profitable business lines: DelfinGroup and pension business, and these can actually cover most of the investment needs that the bank needs going forward. The group synergies that we start implementing and we are already working on in this year will start to show, hopefully, in the second half of the year, and also in 2027, when we are able to start refinancing part of the DelfinGroup loan portfolio and find other opportunities to create joint business.

We also are very happy that we have an extended shareholder base. I hope that when our story becomes more clear, when people can see that those investments that we have been making over the last couple of years are really bearing fruit, that sort of larger shareholder base will also improve the liquidity in the market and also price discovery for our investors, which means that we really hope that that will have a positive impact on the valuation of our company, but obviously the market will tell.

We need to strive to reach our targets that we have set out to us, which are ambitious, but doable. Then thank you very much for your attention.

There is a chance to ask us questions. We very much welcome that.

Here is a QR code with which you can submit your questions. Maybe we already have some.

If I could then ask Artūrs, please, who is our valuable asset in managing our pensions, to submit those or ask those questions.

Hello, everyone. Currently, we have only one question.

Sorry, lost the connection. All good.

There's one question, and it is: is there still a plan in place to start serving SMEs during 2026?

We are working on, a very ambitious development plan for ourselves. Basically, the most important, let's say, guiding light of our thinking has been that we need to manage, our investments and also our profitability, because clearly, right now, a lot of investors invest us or expect us also to show like a sort of financial improvement to our group.

The SME definitely will come. It can come in several different product development stages.

We are working on exactly putting that sort of development and deployment plan in place. We haven't abandoned that idea.

It's it's been worked on, and and yeah, we will have a lot of different IT investments in the pipeline, and sometimes, let's say, the exact timing of those things is a bit hard to tell exactly. Yeah.

Regardless of that, we definitely feel that for a for a for a universal bank in Latvia to service the customers, to find opportunities to to lend and generate returns for our investors, this is a integral part of the business that we that we will build. If that is all, then great.

If anyone has any questions watching those slides afterwards on YouTube or or finding them on our investor website, please always we have a email to which where you can reach out and ask those questions. We try to engage with our investors always openly.

Thank you very much for your attention, and wish you a good day and weekend.