IPAS Indexo (IDX1R) Q2 2026 earnings summary

Executive summary

• H1 2026 consolidated net profit was €1.8 million, including €0.28 million attributable to shareholders; profitability continued in both quarters.

• Total assets reached €344.3 million and the loan portfolio €262.1 million; Latvian consumer-loan market share was ~12%.

• Pensions and lending supported bank growth, with monthly operational break-even targeted by December 2026.

• Strategic plans include a Stockholm listing, German deposit-taking and expanded cross-selling.

Financial highlights

• H1 revenue was €33.4 million and consolidated net profit €1.8 million; €0.28 million was attributable to shareholders.

• Net interest income was almost €30 million, representing 90% of H1 revenue.

• H1 cost-to-income ratio was 51.97%; Q2 ratio was 54.2%, up from 49.7% in Q1, mainly on higher marketing and administration expenses.

• Q2 total expenses increased €0.9 million, reflecting lending businesses and investment in product innovation and IT.

• Group capital adequacy was 22.0% at period-end.

Outlook and guidance

• Monthly bank operational break-even before expected loan losses is targeted for December 2026.

• German resident deposits are expected to launch via CHECK24 in Q4 2026, diversifying funding sources.

• A Stockholm Nasdaq First North Growth Market listing is planned by year-end 2026, subject to market conditions.

• Pension service investments are expected to become visible in H2; custody-service commission revenue started in July.

• Dividends are planned from 2028 consolidated profits, with capital prioritized for lending growth until then.