According to the Unaudited Consolidated Interim Report for the first nine months of 2025, IPAS Indexo (hereinafter – INDEXO) pension management business generated a comprehensive profit of EUR 1,207 million, more than three times the profit of the first nine months of 2024, which was EUR 336 thousand.
The INDEXO banking business produced a net loss of EUR 7,024 million in the first nine months of 2025 with the third quarter loss being 25% smaller than in the second quarter of this year. The bank and the entire Group continue its strategic path of fast growth, which provides considerable investments in operational expansion, IT, new talent and new products. The net loss of the consolidated INDEXO Group was EUR 5,803 million in the first nine months of 2025.
INDEXO pension business posts double-digit growth across all key indicators
The customer base of INDEXO pension business at the end of the first nine months of 2025 has risen to 157,5 thousand, which is 14,6% more year-on-year, while the Assets under Management (AUM) have grown by 24,7% in comparison with the end of September of 2024 and were EUR 1,515 billion at the end of the third quarter of 2025. The pension business commission income grew by 18% year-on-year and reached EUR 3,74 million.
At the end of the third quarter of 2025, the 2nd pillar pension plan INDEXO customers had the highest average Assets under Management per customer in the 2nd pension pillar market, amounting to EUR 11 086. The INDEXO flagship plan – Jauda – has delivered an annualized return of 9.76% since the inception of the fund, beating both the Latvian market average and significantly outperforming consumer price index over a 5-year period leading to real, inflation-adjusted wealth growth.
“Overall, the third quarter and nine-month results demonstrate that INDEXO Group is successfully executing its strategy with solid strengthening of its pension business and rapidly approaching break-even in its banking operations before expected credit losses. The pension business continues to grow organically, but in the third quarter we also received a strong boost from the acquisition of the pension management company VAIRO, which resulted in an addition of considerable volume of new customers and assets under management. The planned acquisition of DelfinGroup via a voluntary share offer has the potential to accelerate this process and serve as an additional catalyst for the further Group’s development,” says Henrik Karmo, Chairman of the Management Board of IPAS INDEXO and one of the founders.
Since the beginning of 2025, the main focus of INDEXO in the pension business has been voluntary savings for retirement in the 3rd pension pillar funds and strong early results of this pivot are evident – the customer number in this business direction has grown from 15 593 to 20 430 (31% increase year on year) and Assets under Management from EUR 31.7 million to EUR 50.7 million (60% year on year).
INDEXO Bank expands lending and continues progress towards profitability
In the third quarter of 2025, INDEXO Bank recorded a substantial increase in its loan portfolio and overall revenue.
During the third quarter, INDEXO Bank issued more than EUR 13 million in housing loan refinancing transactions. Based on information provided by the Bank of Latvia, it is estimated that approximately 70% of clients who refinanced their housing loans chose INDEXO Bank.
This clearly demonstrates our role in fostering competition in the Latvian banking sector and reaffirms our commitment to driving the development of the lending market.
The third quarter was also the most successful to date in consumer lending. During the quarter, INDEXO Bank issued over EUR 12 million in new consumer loans, accounting for approximately 7% of all newly issued consumer loans in Latvia. INDEXO Bank’s customer base grew by 7,000 during the third quarter, exceeding 44,000 clients in total. Total deposits increased by EUR 7.3 million during the quarter, reaching EUR 55.65 million by the end of September.
“We can see that our fast expansion strategy is working as every month brings lending portfolio growth and with it – increase in interest income, which strengthens our financial results and puts us on solid future projection towards profitability. In the third quarter, the Bank’s total revenues reached EUR 743.3 thousand. While a significant portion of this increase was driven by a one-time VAT refund for previous years, net interest income also grew rapidly, reaching EUR 441.5 thousand. Although net fee and commission income still remained negative at minus EUR 16.9 thousand, a positive trend is evident,” says Valdis Siksnis, Chairman of the Management Board of INDEXO Bank and one of the founders.
Total net losses before provisions for expected credit losses in Q3 2025 amounted to EUR 1.89 million, representing a 17.5% decrease compared to the second quarter. The total net losses for Q3 2025 reached EUR 1.97 million, while the total losses for the first nine months of 2025 amounted to EUR 7.02 million.
10-month results show strong further growth
After the quarterly reporting period, INDEXO continued strong growth across its business directions. As of the end of October 2025, INDEXO Bank's number of clients has grown to 46.3 thousand, deposit volumes increased to EUR 63.1 million, while the amount of loan portfolio has reached EUR 45.1 million. The bank has again issued more than EUR 10 million in new loans with the majority being mortgage refinancing deals. The bank also paid out EUR 108,7 thousand in interest to its growing pool of clients.
The pension business Assets Under Management reached EUR 1,56 billion at the end of October and the number of clients was almost 158 thousand.
About INDEXO Financial Services Group
INDEXO is a financial services group that includes pension management companies and INDEXO Bank.
INDEXO, an investment management company licensed by the Bank of Latvia, offers modern 2nd and 3rd pillar pension plans in Latvia. It is one of the fastest-growing pension managers in the Baltics, with almost 158 thousand customers and more than EUR 1.56 billion assets under management.
INDEXO Bank, a credit institution licensed by the European Central Bank, serves over 46 thousand clients, with total client deposits amounting to EUR 63 million and EUR 45 million in loans.
Founded and headquartered in Latvia, INDEXO is a Nasdaq Riga-listed company with over 7,100 shareholders. Its mission is to fight for a better financial environment in Latvia and strengthen the well-being of Latvian residents by providing modern and personalized financial services. For more information visit www.indexo.lv.
Contact information:
Ieva Bauma
INDEXO Head of Marketing and Communications
E: ieva.bauma@indexo.lv
P: + 371 28 636 789