Latvia · Delayed Price · Currency is EUR IPAS Indexo AS Earnings Call Transcripts
Fiscal Year 2026
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Group achieved consolidated profitability in Q1, driven by strong loan growth, robust net interest income, and contributions from DelfinGroup. Capital position remains solid, with continued focus on scaling, product launches, and reaching bank break-even by year-end.
Fiscal Year 2025
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2025 saw strong revenue growth, major acquisitions, and expansion across banking, pensions, and lending. Despite a group net loss, profitability improved, and synergies from DelfinGroup and VAIRO are set to drive future gains.
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Indexo is acquiring a majority stake in DelfinGroup to form a leading Latvian financial group, targeting profitability from closing and €30 million profit by 2028. Shareholders can swap, retain, or sell DelfinGroup shares, with new capital supporting bank growth and future dividends.
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Profitable pension operations and rapid bank customer growth drove strong H1 results, despite ongoing bank losses. Strategic acquisitions of VIRO and DelfinGroup aim to accelerate profitability, expand scale, and unlock synergies.
Fiscal Year 2024
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Transformational year with strong pension growth, bank launch, and rapid customer acquisition. Pension business turned profitable; bank aims for break-even in Q4 2024, with new products and capital raise planned.
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Nine-month results show 43% revenue growth in pensions and a record-setting bank launch with over 10,000 customers in the first month. The group remains profitable, but the bank segment posted a EUR 3.9 million loss due to early investments. Regulatory changes and delayed launch present challenges.
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AUM grew 53% year-over-year to €1.15 billion, with strong revenue and profit in the pension segment. The bank launches August 28, 2024, targeting Latvian individuals, with mortgages and business banking to follow. High IT investment and a robust capital position support future growth.