IPAS Indexo (IDX1R) Q4 2025 earnings summary

Executive summary

• Achieved strong growth across all main business segments, in line with published financial forecasts.

• Completed strategic acquisitions of majority stakes in DelfinGroup and VAIRO, expanding group structure and capabilities.

• Group consolidated revenues reached €6.7M, up 60% year-over-year; consolidated loss for 2025 was €7.74M, slightly better than forecast.

• Integration of new acquisitions positions the group for profitability from January 2026.

Financial highlights

• Group consolidated revenues: €6.7M in 2025, +60% vs. 2024.

• Consolidated loss: €7.74M in 2025, improved from €7.9M forecast.

• Total assets exceeded €280M at year-end 2025.

• Equity: €73M, with €54M attributable to the group.

• EPS (excluding DG profit): -1.39 for 2025.

Outlook and guidance

• Group expects to achieve profitability in 2026, driven by synergies from pension and lending businesses.

• Anticipates more than €10M net profit annually from pension and DelfinGroup segments starting 2026.

• Additional external capital will be required to meet strategic banking goals in 2026.