Delivering on its long-term strategy, the financial services group INDEXO, which comprises the pension management business, INDEXO Banka and the financial technology company DelfinGroup, reached a net profit of EUR 143 thousand in the first quarter of this year. According to the Group's unaudited consolidated interim report for Q1, INDEXO's Pension Savings Management business posted a net profit of EUR 489 thousand, up 26.6% compared with the first three months of last year. Meanwhile, INDEXO Banka posted a loss of EUR 2.25 million in the first quarter of this year, while INDEXO subsidiary DelfinGroup posted a profit of EUR 2.81 million, of which 71.52% is attributable to INDEXO Group in line with its shareholding.
Q1 2026 is the first reporting period in which INDEXO Group consolidates DelfinGroup's results in its report.
"This is the first quarter which INDEXO Group has closed with a consolidated net profit. It is a turning point in INDEXO Group's growth journey, and we are seeing that earlier investments in our development are starting to pay off. These results reflect the strategy we set out when we launched the Bank: we are building a balanced, diversified financial services group in which the more profitable business lines fund the Bank's growth until the Bank itself reaches profitability. The Bank's development, in turn, is built on ambitious expansion of lending volumes. The consolidated result for the first three months of this year shows that our multi-pillar, mutually complementary model is starting to work as intended," says Henrik Karmo, Chairman of the Management Board of IPAS INDEXO and co-founder of the Group.
INDEXO's Pension Savings Management business delivers both growth and profit
At the end of the first quarter of this year, INDEXO's pension management customer base reached 160 thousand, up 11% from the end of March last year. Total assets under management in INDEXO's pension plans reached EUR 1,506 million at the end of the quarter, up 16% year-on-year.
INDEXO significantly increased its focus on growth in the 3rd pillar pension market, which translated into customer growth: at the end of the first quarter, customer numbers reached 24.7 thousand, up 42% from the end of the first three months of 2025. Assets under management in 3rd pillar pension investments stood at EUR 63.0 million, up EUR 24.3 million, or 63%, from the end of the first quarter of last year.
Growth in the pension savings management business's customer base and assets under management drove an increase in commission income in the first three months of the year, which reached EUR 1.34 million compared with EUR 1.23 million in the first quarter of 2025. Overall, INDEXO's pension business profit before sales and marketing expenses reached EUR 0.85 million in the first quarter, compared with EUR 0.83 million in the first three months of 2025, while total net profit for the reporting period was EUR 0.49 million, an increase of 26.6% compared with the same period in 2025.
INDEXO Banka rapidly expands lending
AS INDEXO Banka's loan portfolio before expected credit losses reached EUR 76.7 million at the end of the first quarter, up EUR 21.2 million from the start of the year and EUR 70.3 million higher than at the end of the first quarter of 2025. The Bank's deposit volume at the end of the first quarter stood at EUR 90.5 million, up 23% from the start of the year and up 98% compared with the end of March 2025. During the last quarter, EUR 463 thousand was paid to the Bank's customers in interest.
"This has been the Bank's best quarter for lending development - in just the last three months we have grown the loan portfolio by more than a third, and we see that demand for financing materially exceeds what we can currently serve. That is why we continue to raise new capital, which, in addition to the Group's profitability, strengthens our ability to lend more and more. Looking at the financial results, we also see that the Bank's revenues are growing rapidly while the cost base remains stable, which means the Bank is executing its strategy and is gradually becoming profitable. Strong customer growth and rising lending volumes are putting INDEXO Banka on a path to operational breakeven by the end of 2026, in line with our published financial forecast," says Valdis Siksnis, Chairman of the Management Board of AS INDEXO Banka and co-founder of the Group.
The Bank's customer base grew to 57 thousand at the end of the first quarter, up 15% from the start of the year.
DelfinGroup continues steady growth and builds synergies with INDEXO Banka
Financial technology company DelfinGroup, which joined the INDEXO Group at the end of last year, ended the first quarter of this year with a loan portfolio of EUR 147.7 million, up 2% from the start of the year and 9% higher than at the end of the first quarter of last year. DelfinGroup's team is also actively working to deliver collaboration synergies with INDEXO Banka, offering customers new and attractive financial services.
About the INDEXO Financial Services Group
INDEXO is a financial services group comprising the pension management companies IPAS INDEXO, AS INDEXO Atklatais Pensiju Fonds, IPAS VAIRO, as well as INDEXO Banka and DelfinGroup.
The INDEXO Group's pension management companies offer modern 2nd and 3rd pillar pension plans in Latvia. More than 160 thousand customers entrust the Group with the management of their pension savings, totalling more than EUR 1.6 billion.
INDEXO Banka, a credit institution licensed by the European Central Bank, currently serves 60 thousand customers, with total deposits of EUR 106 million and a loan portfolio of EUR 88 million.
Founded and based in Latvia, INDEXO is listed on the Nasdaq Riga stock exchange with more than 8,000 shareholders and bondholders. The company's mission is to fight for a better financial environment in Latvia and to strengthen the well-being of Latvian residents by providing modern and personalised financial services. Further information is available at www.indexo.lv.
DelfinGroup is a licensed Latvian fintech company founded in 2009 and currently operating in Latvia and Lithuania. The company operates under the Banknote and VIZIA brands. DelfinGroup has been profitable every year since 2010. DelfinGroup continuously develops and offers consumer loans, pawn loans, and the sale of used, pre-owned and new goods in more than 80 branches across Latvia and online. Further information is available at www.delfingroup.lv.
Contact information:Ieva Bauma
Head of Marketing and Communications at INDEXO
E: ieva.bauma@indexo.lv
T:+ 371 28 636 789
