IPAS Indexo (IDX1R) Q3 2026 earnings summary

Executive summary

• Consolidated 9M net profit was €2.85m, including €0.49m attributable to shareholders; all three quarters were profitable.

• Net loan portfolio grew 14% QoQ to €285.3m, while 9M consolidated revenue reached €50.3m.

• Pensions, the Bank and DelfinGroup advanced; pension AUM reached €1.75bn and DelfinGroup earned €8.67m in 9M.

Financial highlights

• Q3 revenue was €18.06m, up 10% QoQ; net profit was €1.09m, including €0.24m attributable to shareholders.

• Q3 net interest income was €15.75m, up 8% QoQ; net commission income rose 21% to €1.57m.

• 9M net interest income was €44.35m and net commission income €4.02m; 9M net profit was €2.85m, with €0.49m attributable to shareholders.

• Q3 expenses were €10.28m, up 13% QoQ; expected credit loss provisions were €5.77m, up 3% QoQ.

Outlook and guidance

• Bank monthly revenue is expected to reach €1m in November; operational break-even is targeted for December 2026 before credit-loss allowances, with profitability targeted in Q4 2027.

• Additional Q4 2026 consumer-loan allowances of €0.8–1.3m are estimated following model recalibration.

• Updated 2026–2029 plan targets consolidated shareholder-attributable net profit of €0.5–1m in 2026 and €37–42m in 2029.

• Up to €25.4m is planned to be raised in Sweden, the Baltics and a private placement to fund Bank growth and increase the DelfinGroup stake to 89.99%, subject to filings and approvals.