The INDEXO financial services group concluded 2025 as a year of strong growth across all key areas of operation. IPAS INDEXO, the parent company of the INDEXO financial services group, generated a profit of EUR 2.18 million in its pension management business, continuing to grow both its client base and assets under management. Meanwhile, INDEXO Bank significantly expanded its operations by investing in IT infrastructure, product development, and customer acquisition. The consolidated result of the INDEXO Group for the reporting year was a loss of EUR 7.74 million, reflecting targeted investments to accelerate the bank's growth.
"Last year was a period of significant change and dynamic development. Our pension management business continued to grow with our focus on the voluntary saving market. We more than doubled the business volume of INDEXO Bank, which was established in 2024. A significant development for our Group was the acquisition of a controlling share in publicly listed DelfinGroup. This transaction will lead to long term synergies and also allow our Group to finance a significant part of our future growth from our own cashflows. On the savings management side, we also acquired IPAS Vairo. We continued to make substantial investments in the bank's IT and customer acquisition. As a result of these developments and the simultaneous growth across multiple business lines, we have laid a solid foundation for INDEXO to become one of Latvia's leading locally owned financial services groups in the coming years," says Henrik Karmo, Chairman of the Management Board of IPAS INDEXO and one of INDEXO's founders.
INDEXO Pension management increases client numbers, assets and profitability
In 2025, the number of clients in INDEXO's pension management business increased by 17,610, reaching 159,470 clients at year-end, representing a 12% increase compared to the end of 2024. Over the past 12 months, total assets under management in INDEXO pension plans grew by 17% to EUR 1,566 million. During the same period, Latvia's total second-pillar pension market expanded from EUR 8.78 billion to EUR 9.97 billion, representing a 14% increase. INDEXO also holds the highest average savings per client among investment plans, amounting to EUR 10,993.
INDEXO significantly increased its focus on growth in the third-pillar pension market, resulting in an increase in the number of clients by 5,857 during the year, from 16,539 to 22,396, or 35.4%. Assets under management in the third pillar grew from EUR 37.6 million to EUR 59.2 million over the year, an increase of EUR 21.6 million or 57.3%.
The growth in client numbers and assets under management drove an increase in commission income, which reached EUR 5.11 million, compared to EUR 4.44 million in 2024. In 2025, IPAS INDEXO also received dividends from DelfinGroup amounting to EUR 0.78 million. Profit from the pension management business before customer acquisition costs reached EUR 3.88 million, compared to EUR 3.03 million in 2024, while net profit for the reporting period amounted to EUR 2.18 million - a 169% increase compared to 2024.
INDEXO Bank continues to invest in technology, product development and customer acquisition
"INDEXO Bank commenced operations on 28 August 2024, and by the end of last year, during 16 months of operation, we had attracted nearly 50,000 customers, built a loan portfolio exceeding EUR 55 million, and attracted almost EUR 74 million in client deposits. Moreover, the bank's results in the second half of last year clearly demonstrate strong demand in Latvia for new and innovative lending services. It was during the second half of the year that we significantly increased both the loan portfolio and revenue. Of INDEXO Bank's total revenue of EUR 1.81 million in 2025, EUR 1.54 million was generated in the second half of the year alone. Despite the positive revenue growth dynamics, income has not yet fully covered the bank's growth and infrastructure maintenance costs. As a result, during the reporting period INDEXO Bank recorded a loss of EUR 9.25 million," says Valdis Siksnis, Chairman of the Management Board of AS INDEXO Bank and one of INDEXO's founders.
The largest investments related to the establishment of the bank have been in IT. In 2025, total investments in the bank's IT infrastructure amounted to EUR 2.65 million. Since the launch of INDEXO Bank's development, total investments in intangible assets for the bank's IT infrastructure have reached EUR 7.5 million.
During the past year, INDEXO Bank gradually introduced a number of significant new services and products. For example, in May 2025, INDEXO Bank began offering mortgage refinancing services and has already gained a significant market share (60-70%) in this segment, helping many Latvian families improve their mortgage terms. Throughout the year, the bank also actively enhanced its consumer lending products and deposit offerings. In February last year, INDEXO Bank became the first bank in Latvia to allow customers to view their second-pillar pension savings, contributions and returns directly in its mobile app, regardless of whether they are clients of INDEXO or any other Latvian pension fund manager.
To support the Bank's development, the Group's parent company IPAS INDEXO strengthened the bank's capital by EUR 10 million during the reporting period, while INDEXO Bank also attracted subordinated loans totaling EUR 1.8 million.
This year, the bank will continue implementing initiatives aimed at responsibly expanding its loan portfolio, including offering consumer loan refinancing services and broadening cooperation with new distribution partners. Deposit attraction will also be one of the bank's key priorities in 2026. To support this, from the beginning of 2026 the bank has started offering free everyday banking services to customers who use an INDEXO Bank account to receive regular income. Additionally, the bank plans to enable parents to open accounts for their underage children and to implement several other improvements to everyday banking services.
In January 2026, IPAS INDEXO successfully completed the mandatory offer for AS DelfinGroup shares, reaching a total ownership stake of 71.52% in the company. Given that AS DelfinGroup operates with stable and high profitability, as a result of the transaction the INDEXO Group becomes profitable from the first day of consolidation. INDEXO expects that the Group's profitable companies will help cover INDEXO Bank's development expenses in 2026 until the Bank itself reaches positive profitability.
About INDEXO financial services group
INDEXO is a financial services group that includes pension management companies IPAS INDEXO, AS INDEXO Atklatais Pensiju Fonds, IPAS VAIRO, as well as INDEXO Bank and AS DelfinGroup.
The pension management companies within the INDEXO group in Latvia offer modern 2nd and 3rd pillar pension plans. More than 159 thousand clients entrust the group with managing their pension savings totaling more than EUR 1.56 billion.
INDEXO Bank, a credit institution licensed by the European Central Bank, serves more than 54 thousand clients, with total client deposits amounting to EUR 83.6 million and EUR 66.7 million in loans.
Founded and headquartered in Latvia, INDEXO is a Nasdaq Riga-listed company with almost 7 800 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 636789
