The financial services group INDEXO, which comprises the pension management business, INDEXO Bank and the financial technology company DelfinGroup, reached a consolidated net profit attributable to shareholders of EUR 280 thousand in the first half of this year. According to the Group's unaudited consolidated interim report for the first half of 2026, INDEXO's pension management business reached its all-time high volume of assets under management at EUR 1.7 billion, a 14% increase against the first quarter of 2026, while INDEXO Bank's loan portfolio reached record EUR 104.2 million, a 36% increase against the first quarter of 2026.
In July INDEXO also made further strategic decisions aimed at expanding the capital base of the company to strengthen its growth. The Group announced a private share placement targeting up to EUR 2.65 million. In the first tranche of the offering, INDEXO attracted EUR 1.85 million from well-known Swedish and international investors. INDEXO also announced plans to apply for the quotation of INDEXO shares on Nasdaq Stockholm.
"This is a year of strategic growth for us in all our business directions, that complement each other with strong market positions and modern, valuable services and products for our customers. This growth is now also resulting in solid financial performance with net profitability for the Group. We see increasing demand in our core banking, pensions and consumer finance operations, and this demand is generating stronger revenue quarter-on-quarter for every company of the Group. We see significant untapped potential in the Latvian financial services market, particularly in lending, which has been underserved for years," says Henrik Karmo, CEO and co-founder of INDEXO.
Pension business reaches its highest ever assets under management volume
INDEXO pension business continued to deliver strong growth in the second quarter, with assets under management reaching a record of EUR 1.7 billion, an increase of 14% compared with the previous quarter and 27% year-on-year. Revenue amounted to EUR 1.4 million in the second quarter, up 6% quarter-on-quarter and 16% year-on-year, bringing revenue for the first half of the year to EUR 2.8 million, 12% higher than in the corresponding period last year.
Profitability also improved significantly. Net profit for the first half of 2026 for the INDEXO pension business company, which also serves as the mother company of the entire INDEXO Group, excluding dividend income from DelfinGroup, reached EUR 972 thousand, representing a 31% increase year-on-year, while normalised net profit rose by 24% to EUR 1.1 million. The company's pension business customer base continued to expand with the number of customer accounts overreaching 161 thousand, up 11% compared with a year earlier.
Growth was particularly strong in the 3rd pension pillar segment, which continued to gain momentum. The number of 3rd pension pillar clients increased by 46% year-on-year to 27.3 thousand, while assets under management in the segment surged by 81% to EUR 78.6 million.
INDEXO Bank posts its strongest quarter since launch
INDEXO Bank continued its strong growth trajectory in the second quarter of 2026, recording quarterly total revenue of EUR 1.5 million, the highest since its launch and an increase of 47% compared with the previous quarter. Revenue for the first half of the year reached EUR 2.6 million, approximately nine times the level recorded in the corresponding period last year.
Lending activity also reached new highs, with the Bank's loan portfolio exceeding EUR 100 million for the first time and reaching EUR 104.2 million at the end of the second quarter, up 36% quarter-on-quarter. Loan issuance amounted to a record close to EUR 60 million in the first half of the year, almost as much as during the whole of 2025.
Consumer lending remained the main driver of growth, with EUR 37.6 million issued during the first half, while the newly launched Home Equity product scaled to EUR 6.6 million. In the second quarter, the Bank accounted for approximately 64% of the Latvian inter-bank mortgage refinancing market.
Client deposits reached EUR 130 million, supported by the strongest quarterly inflow since the Bank's launch. The customer base expanded to 63.3 thousand, representing a 70% increase year-on-year, with close to 8,000 new clients joining the Bank during the second quarter.
At the same time, the Bank continued to make progress towards profitability, with the first-half operating loss narrowing by one-third year-on-year to EUR 2.9 million. The Bank remains on track to achieve monthly operational break-even before expected loan losses around year-end.
As another important milestone in the Bank's development, on 30 June it assumed custodian bank functions for the IPAS INDEXO 2nd pillar pension plans.
DelfinGroup records steady growth and achieves lower funding costs
Financial technology company DelfinGroup, in which INDEXO holds 72.03% stake as at the end of June 2026, delivered continued profit growth in the second quarter, with net profit reaching EUR 2.9 million, up 3% compared with the previous quarter and 46% year-on-year, supported by ongoing cost optimization efforts and improvement in credit loss expenses. The loan portfolio expanded to EUR 152.7 million, representing growth of 3.4% quarter-on-quarter and 6% from the end of 2025.
Second-quarter total revenue amounted to EUR 14.2 million, down 2% from the previous quarter. For the first half of the year, revenue reached EUR 28.7 million.
Growth in Lithuania continued, with the Lithuanian loan portfolio exceeding EUR 10 million and increasing by 24% during the quarter. At the same time, the average cost of interest-bearing liabilities continued to decline as bonds and platform funding were refinanced on more favorable terms, supporting the company's funding efficiency.
During the preparation of the interim report, INDEXO continued the provisional accounting assessment of the DelfinGroup acquisition. As previously disclosed in the Group's Q1 2026 interim report, certain 2025 comparative figures are subject to restatement under IFRS requirements. This includes recognising an additional credit loss allowance related to the acquired loan portfolio, resulting in the Group's reported 2025 net loss increasing from EUR 7.7 million to EUR 18.4 million (EUR 14.9 million attributable to INDEXO shareholders). The adjustment relates to acquisition accounting and does not affect the consideration paid for DelfinGroup, the Group's ownership interest, cash flows, or the expected 2026 financial result.
All interested parties are invited to join the online webinar "INDEXO H1 2026 Financial Results" on August 12 at 9:00 (EEST) in Latvian and at 11:00 (EEST) in English. During the webinar, the INDEXO team will present the company's financial results for the first half of 2026, discuss its future development plans, and answer questions submitted during the webinar.
Link to the webinar in Latvian:
https://youtube.com/live/vHVa-B_UPXc
Link to the webinar in English:
https://youtube.com/live/MJD4PFiV0_w
About the?INDEXO?Financial services group
INDEXO is a financial services group comprising the pension management companies IPAS INDEXO, AS INDEXO Atklatais Pensiju Fonds and INDEXO Asset Management IPAS, as well as INDEXO Banka and AS DelfinGroup.
The Group's pension companies manage EUR 1.7 billion for more than 161 thousand customers in Latvia. INDEXO Banka, a bank licensed by the European Central Bank, serves more than 65 thousand customers with deposits exceeding EUR 143 million and a loan portfolio exceeding EUR 114 million. The Group reached profitability at group level in the first quarter of 2026.
More information: https://indexo.lv/
Contact information:Ieva Bauma
Head of Marketing and Communications at INDEXO
E: ieva.bauma@indexo.lv
T: +371 28 636?789
