IPAS Indexo (IDX1R) Q2 2025 earnings summary

Executive summary

• Strong growth in pension business assets and profitability, with commission income up 21–22% year-over-year in H1 2025.

• AUM reached €1,347m, up 17% year-over-year; pension client base grew to 145,000, an 8% increase.

• Bank client base neared 40,000, with significant increases in deposits and loan portfolios.

• Strategic acquisitions of VAIRO and DelfinGroup planned to boost assets, income, and market position.

• Group reported a consolidated loss of €4.3m–€5.05m for H1 2025, mainly due to bank development costs, offset by pension profits.

Financial highlights

• Pension business net profit for H1 2025 reached €0.90M, up from €0.54M in H1 2024.

• Group commission and other income reached €3.55m for Jan–Jun 2025, up from €2.15m year-over-year.

• Consumer loan portfolio reached ~€15M by July 2025, with active growth and new product launches.

• Group assets rose to €62.01m from €16.15m year-over-year; liabilities increased to €51.17m from €3.00m.

• Equity at period end was €10.84m, down from €13.15m a year earlier.

Outlook and guidance

• Break-even point for the group postponed to Q1 2026, with long-term targets unchanged.

• Expected net profit of €15–18M in 2028; group aims to become profitable faster after DelfinGroup acquisition.

• Bank plans to raise additional capital in H2 2025, potentially via Tier 1 or Tier 2 instruments, to support loan growth.

• Ongoing focus on expanding voluntary pension schemes and digital banking services.

• Bank's total income projected to reach €0.5–0.6M per month by March/April 2026.