IPAS Indexo (IDX1R) Q2 2026 earnings summary

Executive summary

• Consolidated net profit for H1 2026 was €1.8M (100% basis), with €0.28M attributable to shareholders, confirming profitability in both quarters and strong segment contributions.

• Strong growth in assets (+17% QoQ), credit portfolio (+10% QoQ), and client deposits (+44% QoQ), supported by robust capital and liquidity positions.

• DelfinGroup was consolidated for the first time, now operating in pensions, banking, and consumer finance, with a 72.03% stake as of June 30, 2026.

• Pension segment achieved record AUM of €1.71B (+27% YoY), with 3rd pillar assets up 81% YoY and normalized profit up 24% YoY.

• Raised €2.65M in targeted share issue, applied for Stockholm listing, and received regulatory approval to accept deposits from Germany.

Financial highlights

• H1 2026 total consolidated revenue reached €33.9M; net profit was €1.8M (100% basis), with €0.28M attributable to shareholders.

• Net loan portfolio grew to €262.1M, total assets to €344.3M (+17% QoQ), and capital adequacy ratio at 22%.

• Bank Q2 income: €1.53M (+47% QoQ); operational loss: -€1.38M (improved 40% YoY); new loans issued: €33.5M (+31% QoQ).

• Pension business Q2 income: €1.42M (+6% QoQ); normalized net profit: €0.55M; AUM: €1.71B (+14% QoQ, +27% YoY).

• DelfinGroup H1 net profit up 52% YoY to €5.7M; net loan portfolio at €152.7M (+6% YTD); lower credit loss provisions (-13% QoQ).

Outlook and guidance

• Focus on scaling core businesses, further growth in pension assets, banking deposits, and loan portfolio.

• Plans to launch 3rd pillar pension portal, expand B2B sales, and enhance client retention in pensions.

• Targeting Nasdaq First North Growth Market listing in Stockholm by year-end and expansion into Germany via CHECK24.

• Bank expects monthly revenues to exceed €1M by year-end, aiming for break-even before expected credit losses.

• Ongoing cross-selling initiatives and product launches to drive further growth in H2 2026.