IPAS Indexo (IDX1R) Q2 2025 earnings summary

Executive summary

• Pension business achieved 17% year-over-year AUM growth to EUR 1,347 million, remaining profitable with commission income up over 20% and H1 net profit of EUR 743.6 thousand.

• Bank operations expanded rapidly, reaching over 40,000 customers and significant growth in consumer and mortgage lending portfolios.

• Strategic acquisitions of VIRO/VAIRO and a voluntary offer for DelfinGroup are underway, aiming to expand scale, income, and cross-selling opportunities.

• Capital increases and public share offerings are in progress to support loan growth, regulatory compliance, and product development.

• Group reported a consolidated net loss of EUR 4.3 million for H1 2025, mainly due to bank development costs.

Financial highlights

• Pension business commission income grew 22% year-over-year to EUR 2.46 million in H1 2025; net profit reached EUR 0.74 million, up from EUR 0.15 million in H1 2024.

• Bank's net interest income in Q2 2025 was EUR 210.7 thousand, up over 200% from Q1; total assets at end-June 2025 were EUR 58.5 million.

• Consumer loan portfolio reached EUR 15 million by July 2025, with mortgage loans issued totaling EUR 3.99 million.

• Group assets increased to EUR 62.01 million, with liabilities at EUR 51.17 million at end-June 2025.

• Group net loss for H1 2025 was EUR 4.3 million, with bank segment posting a net loss of EUR 5.05 million.

Outlook and guidance

• Lending growth is the main driver for future profitability, with break-even now projected for early 2026 instead of year-end 2025.

• Strategic acquisitions (VIRO/VAIRO, DelfinGroup) are expected to accelerate profitability, increase market capitalization, and reduce reliance on external capital.

• Additional capital raising planned for H2 2025, including possible Tier 2 or AT1 instruments.

• Focus remains on growing voluntary pension product and improving client quality amid lower 2nd pillar contributions.

• Bank to reassess product development and reduce IT spend to accelerate revenue growth and target breakeven before credit loss provisions.