The Indexo financial services group closed the year 2025 as a year of growth in all major areas of activity. IPAS Indexo, the parent company of the Indexo financial services group, reported a profit of €2.18 million in the pension management segment, continuing to increase the number of clients and assets under management.
Indexo Bank, on the other hand, significantly increased its operations by investing in IT infrastructure, product development and customer attraction. Indexo Group’s consolidated result in the reporting year was EUR 7.74 million in losses, reflecting targeted investments to accelerate the bank’s growth.
“Last year was a year of significant changes and dynamic development, during which we both strengthened the development of the pension administration and more than doubled the operations of Indexo Banka, established in 2024. In addition to organic growth, last year Indexo also acquired another pension fund manager, IPAS VAIRO, but at the end of the year we realized an unprecedented transaction on the Latvian capital market, making a voluntary share buyback offer and gaining a decisive influence on JSC DelfinGroup. At the same time, we continued to invest large amounts of money in the bank’s technologies and attracting customers. As a result of all these events and the simultaneous development of many directions, we have laid the necessary foundations for Indexo to become one of the leading local capital financial services groups in Latvia,” says Henrik Karmo, Chairman of the Board of IPAS Indexo and one of the founders of Indexo.
In 2025, the number of Indexo pension management clients increased by 17,610 clients and reached 159,470 at the end of the year, which is a 12% increase compared to the end of 2024. The total assets under management of Indexo pension plans increased by 17% during the last 12 months and reached EUR 1,566 million at the end of the year, while the total level 2 pension market of Latvia grew from EUR 8.78 billion to EUR 9.97 billion in the same period (an increase of 14%). Indexo’s pension management group also has the highest average savings per 1 client among investment plans – 10,993 euros. Indexo significantly increased its focus on growth in the pension level 3 market, which resulted in an increase in the number of clients during the year by 5,857 clients, from 16,539 to 22,396, or by 35.4%. On the other hand, assets under management increased from 37.6 million during the last year. EUR to 59.2 million EUR – an increase of 21.6 million euro, or 57.3%.
The increase in the number of clients and the amount of managed assets of the pension management direction contributed to the increase in commission revenues, which reached 5.11 million euros, compared to 4.44 million euros in 2024. During 2025, IPAS Indexo also received dividends from DelfinGroup of 0.78 million. in the amount of euros. INDEXO pension division’s profit before customer acquisition costs reached 3.88 million euros, compared to 3.03 million euros in 2024, while the total net profit in the reporting period was 2.18 million euros, an increase of 169% compared to 2024.
“Indexo Bank started operating on August 28, 2024, and by the end of last year, in the 16 months of the bank’s operation, we were able to attract almost 50,000 customers, created a loan portfolio of more than 55 million euros and have attracted almost 74 million euros in deposits. In addition, the results of the bank for the second half of last year clearly show that the demand for new, innovative lending services in Latvia is very high. In the second half of the year we rapidly increased the loan portfolio and the amount of revenues. Of Indexo Bank’s 1.81 million euros in 2025, 1.54 million euros were earned during the second half of the year. Despite the positive growth dynamics of the bank, they still did not cover all the costs of the bank’s growth and infrastructure. Therefore, during the reporting period, Indexo Banka still made a loss of 9.25 million euros,” says Valdis Siksnis, chairman of the board of Indexo Banka. from the founders of INIndexo EXO. The biggest investments related to the creation of a bank are IT investments. In 2025, the total IT investment in the bank’s IT infrastructure reached 2.65 million euros. Since the beginning of Indexo Bank’s development, total investments in intangible assets for the bank’s IT infrastructure have reached 7.5 million euros.
During the past year, Indexo Bank gradually introduced a series of important new services and products. For example, in May 2025, Indexo Banka started offering a home loan refinancing service and has already gained a large (60-70%) market share in this market segment, helping many Latvian families to improve their home loan conditions. Indexo Bank’s consumer credit products and deposit attraction offers were also actively improved during the year.
Also, in February of last year, Indexo Bank was the first in Latvia to provide customers with the opportunity to view their pension level 2 savings, contributions and profits in their mobile app, regardless of whether they are clients of Indexo or any other Latvian pension manager. In order to support the development of Indexo Banka’s operations, the group’s parent company IPAS Indexo strengthened the bank’s capital by 10 million euros during the reporting period, while Indexo Banka raised subordinated loans in the amount of 1.8 million euros. This year, the bank will continue various initiatives to promote the growth of the credit portfolio through responsible lending, offering a consumer credit refinancing service and expanding cooperation with new distribution partners.
Also, one of the bank’s priorities this year will be the attraction of deposits, and in order to promote this, the bank will offer its customers daily banking services free of charge from the beginning of 2026, if the customer uses an Indexo Bank account to receive regular income. Also, this year the bank plans to provide an opportunity for parents to open accounts for their minor children, as well as to make improvements to several other daily services. 2026. In January 2015, IPAS Indexo successfully completed the acquisition of AS DelfinGroup shares, obtaining a total of 71.52% of the company’s share. Considering that AS DelfinGroup operates with stable and high profitability, as a result of the transaction, Indexo Group becomes profitable from the first day of the merger. Indexo expects that the most profitable companies of the Indexo Group will help cover the development expenses of Indexo Bank in 2026, until positive profitability is achieved for Indexo Bank as well.
