IPAS Indexo (IDX1R) Q3 2025 earnings summary

Executive summary

• Achieved strong growth in assets under management (AUM), customer base, and profitability in pension management for the first nine months of 2025, driven by organic growth and the acquisition of IPAS VAIRO.

• INDEXO Bank continued rapid expansion, increasing its customer base and loan portfolio, and received authorization to provide custodian bank services.

• Announced and advanced the acquisition of DelfinGroup, with regulatory and shareholder approvals in place, pending prospectus approval.

Financial highlights

• Pension management commission income rose to EUR 3.74 million, up 18% year-over-year; net profit reached EUR 1.21 million, a 255.9% increase.

• Group commission and other income totaled EUR 6.08 million, with administrative and other expenses at EUR 11.88 million, resulting in a group loss of EUR 5.80 million for Jan–Sep 2025.

• INDEXO Bank's net interest income for Q3 was EUR 441.5 thousand, up 110% quarter-over-quarter; total net losses for the bank in the first nine months were EUR 7.02 million.

• Group equity at period end was EUR 13.96 million, with total assets of EUR 71.80 million and liabilities of EUR 57.84 million.

Outlook and guidance

• The group is approaching break-even before expected credit losses, with the DelfinGroup acquisition expected to accelerate profitability.

• Plans to launch custodian bank services in Q1 2026, retaining revenues from servicing over EUR 1.5 billion in pension assets.