IPAS Indexo (IDX1R) Q4 2025 earnings summary

Executive summary

• Achieved strong growth across all key operations, with financial results in line with public guidance.

• Acquired controlling stakes in DelfinGroup and VAIRO, expanding group structure and market reach.

• Group consolidated loss for 2025 was €7.74M, slightly better than the €7.9M loss in guidance; profitability achieved from January 2026.

• Total assets exceeded €280M at year-end, with a consolidated loan portfolio of €224M and ~10% market share in consumer loans.

Financial highlights

• Group total revenue reached €6.7M, up 60% year-over-year.

• Bank segment issued over €60M in new loans, with deposits growing 66% in H2 vs H1 2025.

• DelfinGroup annual revenue was €78.2M (+24% YoY), with net profit of €9.62M (+32% YoY).

• Pension business commission income rose to €5.1M in 2025, with AUM at €1.566B.

Outlook and guidance

• From 2026, Pensions and DelfinGroup expected to generate €10M+ in net profits annually, supporting internal bank development.

• Additional external capital will be required to achieve bank's strategic targets in 2026.