INDEXO Group closed the first nine months of 2026 with a consolidated net profit of EUR 2.85 million, of which EUR 0.49 million is attributable to INDEXO shareholders. The Group's loan portfolio has grown 48% since the start of the year to EUR 285.3 million, pension assets reached a record EUR 1.75 billion, INDEXO Bank posted record quarterly revenue of EUR 2.3 million and DelfinGroup earned EUR 8.7 million in nine months.
INDEXO Bank is replacing the external credit risk model it has used since launch with its own model and expects to recognise approximately EUR 0.8-1.3 million of additional provisions for expected credit losses in the fourth quarter as a result. INDEXO now expects 2026 net profit attributable to shareholders of between a loss of EUR 0.8 million and a profit of EUR 0.2 million (previously EUR 0.5-1.0 million), reflecting only the one-off recalibration of provisions for expected credit losses at INDEXO Bank.
Key figures, nine months 2026 (unaudited)
- Revenue EUR 50.3 million, of which net interest income EUR 44.4 million
- Net profit EUR 2.85 million, of which EUR 0.49 million attributable to INDEXO shareholders (Q3: EUR 1.09 million and EUR 0.24 million)
- Net loan portfolio EUR 285.3 million, +48% since year-end and +14% in the quarter
- Pension assets under management EUR 1.75 billion; 162.2 thousand customer accounts
- INDEXO Bank: net loans EUR 134.0 million, deposits EUR 159.9 million, 69.8 thousand customers
- INDEXO Bank: total capital ratio 18.3%, CET1 ratio 9.9%
Henrik Karmo, CEO and co-founder of INDEXO:
"Every business line moved forward. The Bank delivered record revenue, grew net loans by 30% in the quarter and cut its operating loss before provisions by 28%. Pensions reached a record EUR 1.75 billion and grew profit by 16%, and DelfinGroup earned EUR 8.7 million in nine months while lowering its funding costs. Together, these results show what the new Group means in practice: stronger savings outcomes for pension customers, growing deposit and lending activity at the Bank, and a stable, dividend-paying consumer-finance business in DelfinGroup. That gives us the scale to keep improving financial services in Latvia. We are also moving the Bank to its own credit model, built on more than two years of our own data. It means a one-off provision of EUR 0.8-1.3 million in the fourth quarter, and we have revised our 2026 outlook accordingly. It does not change our direction: consumer lending remains profitable after credit losses and funding costs, and our targets for 2029 are unchanged."
Move to a financial holding company
In August IPAS INDEXO agreed to transfer its pension business, valued by an independent certified valuer at EUR 27.5 million, to its wholly owned subsidiary INDEXO Asset Management. Bank of Latvia approved the change of manager for the 2nd pillar plans in October, and the application for the 3rd pillar plans is under review. The plans are scheduled to move on 1 December, after which IPAS INDEXO will act solely as the Group's parent company. The transfer takes place within the Group and has no impact on the consolidated financial statements.
Pension business
Pension assets under management reached a record of EUR 1.75 billion at the end of September. The average client now has EUR 10,816 saved, 12.5% more than a year ago, helped by strong performance in world equity markets. The flagship plan INDEXO Jauda 16-55 has returned 15.07% in the first nine months of 2026 and 10.86% per year since inception. Past performance is no guarantee of future returns.
Voluntary savings remain the growth priority. As of 30 September, third-pillar assets reached EUR 87.8 million, up 73% year on year, helped by EUR 20.3 million of gross inflows over nine months. INDEXO now has 29.3 thousand voluntary savers. By assets under management, INDEXO is the third-largest third-pillar manager in Latvia.
Second-pillar retention remains an operational challenge. Twelve-month churn peaked at 17.1% in June and eased to 16.0% in September. Total customer accounts stood at 162.2 thousand at the end of September, 0.5% more than at the end of June, and 3.0% more than a year earlier.
The pension business earned EUR 4.28 million in revenue in nine months, 13.6% more than a year ago despite the lower management fee in force since January, and a net profit of EUR 1.41 million (+16.4% over the same period a year ago). IPAS INDEXO also received EUR 3.33 million in dividends from DelfinGroup, which was used to strengthen INDEXO Bank's capital.
INDEXO Bank
INDEXO Bank's revenue reached a record EUR 2.33 million in the third quarter, up 52% compared to the second quarter and more than three times a year earlier, and for the first time net interest income covered more than half (59%) of expenses. Most of this revenue is recurring core income: net interest income and custody fees. New loans issued in the quarter reached EUR 38.3 million, as much as in the whole first nine months of 2025, and the net loan portfolio grew 30% to EUR 134.0 million. INDEXO Bank remains the most active refinancer of mortgages between banks in Latvia, according to its own estimates.
Strong demand for the Bank's services drove 58% growth in the customer base over the year, to 69.8 thousand. With higher customer activity and payment and card volumes, customer deposits grew to EUR 159.9 million, more than double the level at the start of the year. Since 1 October, all pension assets managed by the Group have been held in custody at INDEXO Bank. After the quarter end the Bank issued its first corporate loan, launched the Junior Account for children aged 6 to 17 and began accepting deposits in Germany via the CHECK24 platform.
The operating loss before provisions narrowed to EUR 1.00 million in the quarter, 28% less than in the second quarter. Provisions for expected credit losses rose to EUR 1.32 million, mainly because of the record volume of new lending: under IFRS 9 a provision is recognised as soon as a loan is issued. The Bank's net loss was EUR 2.32 million in the third quarter and EUR 6.79 million in nine months, 3% lower than a year earlier. IPAS INDEXO increased the Bank's share capital by EUR 8.59 million in nine months; at the end of September the total capital ratio was 18.3% and the CET1 ratio 9.9%.
New consumer loans have been scored with the Bank's own model since August, and the new PD calibration for provisioning will be introduced by year-end after testing and independent validation. The estimated EUR 0.8-1.3 million of additional provisions relates to the Bank's consumer loan portfolio of EUR 81.3 million (gross) on 30 September 2026; mortgage loans, which carry low credit risk, are not affected. The recalibration brings a one-off increase in provisions in the fourth quarter but gives the Bank a credit model based on how its own customers behave. According to the Bank's internal analysis, the return on consumer loan products exceeds credit risk and funding costs, and consumer lending remains the foundation of the Bank's growth.
DelfinGroup
DelfinGroup, in which INDEXO held 72.03% on 30 September, earned a net profit of EUR 2.97 million in the third quarter (+27% year on year) and EUR 8.67 million in nine months (+43%). Three things drove it: more lending, with issuance up 7% compared to the second quarter, and reaching EUR 36.9 million; fewer credit losses, with provisions down for the second quarter in a row; and lower funding costs. DelfinGroup redeemed EUR 12.1 million of floating-rate bonds early and refinanced them at fixed rates, bringing its average borrowing cost down to 9.5% at the end of September (end-June: 9.6%). Lithuania, where DelfinGroup lends fully online, grew its portfolio by 27% in the quarter to EUR 13.8 million.
Priorities for the rest of the year
For the Group, the priorities are to move the pension business to INDEXO Asset Management on 1 December, complete the public capital raise, and bring INDEXO's shares to trading on Nasdaq First North Growth Market in Stockholm subject to approval by Nasdaq Stockholm. In pensions, INDEXO will keep growing the third pillar through the new web portal and the corporate segment. At INDEXO Bank, the focus remains the one set out in the financial plan for 2026-2029 published in October: growing the consumer loan portfolio, which is the main driver of the Bank's income and its path to profitability. To fund that growth, the Bank will make the new deposit platform a reliable funding channel in Germany alongside deposits from Latvian customers, and it will keep attracting more people to use INDEXO for their everyday banking, supported by its competitive Vault savings accounts and the new Junior Account. The Bank will also continue to expand its services for companies. IPAS INDEXO will continue to support INDEXO Bank's capital as its loan book grows.
Presentation at Nasdaq Stockholm
INDEXO presents the results at Nasdaq Stockholm on 10 November at 11:00 CET. The presentation is streamed live and the recording is available afterwards at https://youtube.com/live/ZqALvKZPfU8?feature=share. The INDEXO Group, INDEXO Bank and IPAS INDEXO interim reports for the first nine months of 2026 are available at https://indexo.lv/en/for-investors/reports/.
This information is information that IPAS INDEXO is obliged to make public pursuant to Article 17 of the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out below, at 7:30 CET on 10 November 2026.
About the INDEXO financial services group
INDEXO is a financial services group comprising the pension management companies IPAS INDEXO, INDEXO Atklatais Pensiju Fonds AS and INDEXO Asset Management IPAS, as well as AS INDEXO Banka (INDEXO Bank) and DelfinGroup AS.
The Group's pension companies manage EUR 1.75 billion for 162.2 thousand customer accounts in Latvia. INDEXO Bank, a bank licensed by the European Central Bank, serves 69.8 thousand customers with deposits of EUR 159.9 million and a net loan portfolio of EUR 134.0 million. Data as of 30 September 2026. The Group reached profitability in the first quarter of this year.
More information: https://indexo.lv/en/
Contact information:
Marija Cernoštana
INDEXO Head of Legal
E: marija.cernostana@indexo.lv
P: +371 20 006?088
