On 15 December 2025, IPAS INDEXO received a notification regarding the acquisition of major holdings. Aigars Kesenfelds’ family investment company, ALPPES Capital, by participating in the public capital raising carried out by IPAS INDEXO, which concluded on December 5, has acquired qualifying holding in INDEXO amounting to 18.13% of its shares.

Detailed information is included in the attached document.

About the family investment company AS ALPPES Capital

AS ALPPES Capital is the family investment firm (family office) of Aigars Kesenfelds, a multi-sector entrepreneur, with a long-term objective of capital growth. The firm’s primary sources of income are dividends and interest received from related and associated companies. In 2024, AS ALPPES Capital operated with a profit of 74.8 million euros, and the company’s equity at the end of 2024 was 143.9 million euros.

AS ALPPES Capital invests in private and publicly listed companies, bonds and other debt securities, as well as in long-term alternative investment funds. AS ALPPES Capital is directly or indirectly the largest shareholder and a long-term investor in several private and publicly traded companies, including Eleving Group S.A., DelfinGroup AS, Sun Finance Group AS, Longo Group AS, and Mintos Holdings AS. The companies in which AS ALPPES Capital holds a direct or indirect leading ownership stake employ more than 5,000 people, of whom approximately 1,000 are based in Latvia. These companies generate a combined annual turnover exceeding €600 million and operate across more than 30 countries worldwide. In recent years, they have contributed, on average, over €25 million annually in taxes to the Latvian state budget.

The investment portfolio of AS ALPPES Capital, through both direct and indirect investments, spans a wide range of sectors including retail, consumer goods and services, leasing and consumer finance, e-commerce, real estate, forestry, renewable energy, manufacturing, and others.

AS ALPPES Capital is a 100% owned company of Aigars Kesenfelds, a multi-sector entrepreneur.

About INDEXO financial services group         

INDEXO is a financial services group that includes pension management companies IPAS INDEXO, AS INDEXO Atklātais Pensiju Fonds, IPAS VAIRO, as well as INDEXO Bank.               

The pension management companies within the INDEXO group in Latvia offer modern 2nd and 3rd pillar pension plans. Nearly 158 thousand clients entrust the group with managing their pension savings totaling more than EUR 1.55 billion.

INDEXO Bank, a credit institution licensed by the European Central Bank, serves over 47 thousand clients, with total client deposits amounting to EUR 68 million and EUR 50,5 million in loans.                     

Founded and headquartered in Latvia, INDEXO is a Nasdaq Riga-listed company with over 7 300 shareholders. Its mission is to fight for a better financial environment in Latvia and strengthen the well-being of Latvian residents by providing modern and personalized financial services. For more information visit www.indexo.lv.    

DelfinGroup is a licenced fintech company established in 2009 and currently operating in Latvia and Lithuania. The company operates under the brand names Banknote and VIZIA. The company has been profitable every year since 2010. DelfinGroup continuously develops and offers consumer loans, pawn loans, and the sale of pre-owned goods online and at more than 80 branches across Latvia. For more information visit www.delfingroup.lv. 

      Contact information:
      Ieva Bauma
      INDEXO Head of Marketing and Communications 
      E:ieva.bauma@indexo.lv 
      P:+ 371 28 636 789