IPAS Indexo (IDX1R) investor relations material

Executive summary

• Achieved significant milestones in 2025, including acquiring controlling stakes in DelfinGroup (71.52%) and VAIRO (100%), and launching a bank that accelerated growth in the second half of the year.

• Achieved strong growth across all key operations, with financial results in line with public guidance.

• Pension business continued to grow in revenue, profits, and assets under management, with a focus shifting toward voluntary pension savings.

• Group consolidated loss for 2025 was EUR 7.74 million, slightly better than guidance, but the group is already profitable as of January 2026.

• Group structure now includes asset management, banking, and non-bank lending, with synergies expected to materialize in 2026 and 2027.

Financial highlights

• Group total revenues reached EUR 6.7 million, up 60% year-over-year.

• Consolidated loan portfolio at EUR 224 million; total assets exceed EUR 280 million; total equity at year-end was EUR 73 million.

• Bank's net loss for 2025 was EUR 9.25 million, with significant revenue growth in H2.

• DelfinGroup posted record net profit of EUR 9.62 million, up 32% year-over-year, and issued EUR 135 million in new loans (up 30% YoY).

• Pension business profitability exceeded EUR 2 million, with positive real returns for customers.

Outlook and guidance

• Group expects synergies from acquisitions to drive profitability in 2026 and 2027, with pensions and DelfinGroup estimated to generate over EUR 10 million in net profits annually.

• SME banking services are in development, with timing dependent on IT investments.

• Additional external capital will be required to achieve bank's strategic targets in 2026.