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INDEXO Interim / Quarterly Report 2026
2240_rns_2026-05-13_1e57e9c9-98ee-43b1-9f60-66ed0368ca43.pdf
Interim / Quarterly Report
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Inalitvitis enterocutus parakata
HENRIK KARMO
2020.05.12 23:47:36 GM/Vd
México Parakata
Inalitvitis enterocutus parakata
MARLIA CERNOSTANA
2020.05.12 23:47:36 GM/Vd
México Parakata
ARTÚRS ROZE
2020.05.13 06:47:30 GM/Vd
INDEXO
Unaudited Consolidated Interim Report
January - March 2026
IPAS INDEXO
INTERIM REPORT 1ST QUARTER 2026
Information on the group
| Name of the Company | IPAS INDEXO |
|---|---|
| Legal status of the Company | Investment management joint-stock company |
| Registered and office address | Roberta Hirsa 1, Riga, LV-1045, Latvia |
| Number, place, and date of registration in the Register of Enterprises | 40203042988 |
| Riga, 10 January, 2017 | |
| ISIN Code | LV0000101863 |
| Licence number | 06.03.07.567/478 |
| Date of issue of the licence | 16.05.2017., reregistered on 31.05.2017. |
| Shareholders | 31.03.2026: |
| Qualifying holding | |
| (5% and more): | ALPPES CAPITAL AS (Latvia) – 29.50% |
| SIA EC finance - 6.55% | |
| Natural persons and legal entities | |
| with a shareholding of under 5% | |
| Members of the Supervisory Board and their position | Valdis Vancovičs – Chairman (from 19.04.2023) |
| Svens Dinsdorfs – Deputy Chairman (from 19.04.2023) | |
| Renāts Lokomotēs – Member (from 19.04.2023) | |
| Mārtiņš Jaunarājs – Member (from 15.04.2025) | |
| Ramona Miglāne – Member (19.04.2023 till 17.02.2026) | |
| --- | --- |
| Members of the Management Board and their position | Henrik Karmo – Chairman of the Management Board |
| Artūrs Roze – Member of the Management Board | |
| Marija Cernoštana – Member of the Management Board | |
| Reporting period | 1 January 2026 – 31 March 2026 |
| Comparative period | 1 January 2025 – 31 March 2025 |
| Auditors | "BDO ASSURANCE" SIA |
| Riga, Mihaila Tāla 1, Licence No. 182 | |
| LV-1045, Latvia | |
| Certified auditor in charge | Raivis Jānis Jaunkalns |
| Sworn auditor certificate No. 237 |
INDEXO
INTERIM REPORT 1ST QUARTER 2026
Subsidiary information
| Investments in subsidiaries | |||||||
|---|---|---|---|---|---|---|---|
| Name of the subsidiary | Indexo Atklātais | ||||||
| Pensiju Fonds, AS | AS | ||||||
| INDEXO Banka | AS | ||||||
| DelfinGroup | UAB | ||||||
| DelfinGroup LT | DELFINGROUP | ||||||
| RO IFN S.A. | SIA | ||||||
| VIZIAFINANCE | IPAS | ||||||
| VAIRO | |||||||
| Ownership interest | 100% | 100% | 71.52% | 71.52% (indirect via DelfinGroup AS) | 71.52% (indirect via DelfinGroup AS) | 71.52% (indirect via DelfinGroup AS) | 100% |
| Registered and office address | Roberta Hirša 1, Riga, LV-1045, Latvia | Roberta Hirša 1, Riga, LV-1045, Latvia | Skanstes 50A, Riga, LV-1013, Latvia | 25-701 Lvivo g, Vilnius, Lithuania | București Sect. 1, Str. GRIGORE MORA, Nr. 16, Etaj 1, Romania | Skanstes 50A, Riga, LV-1013, Latvia | Roberta Hirša 1, Riga, LV-1045, Latvia |
| Registration number | 40203248944 | 40203448611 | 40103252854 | 306462155 | J2025052412007 | 40003040217 | 40203474347 |
| Date of foundation / acquisition | 13.06.2020. | 19.12.2022. | 12.10.2009. | 15.12.2025. | 15.12.2025 | 15.12.2025 | 19.09.2025 |
| Licence number | 06.04.04.705/531 | 27-55/2024/2 | – | – | – | – | – |
| Licence issue date | 20.01.2021. | 16.05.2024. | – | – | – | – | – |
| Nature of operations | Administration of private pension scheme assets | Credit institution | Other lending services, mail order, e-commerce, retail sales | Other lending services | Other lending services | Other lending services | leguldijumu pārvaldnieks |
| Investment in associated company share capital | |||||||
| --- | --- | --- | |||||
| Name of the associated company | SIA Provendi asset management AIFP | Goindex UAB | |||||
| Ownership interest | 49% | 3.97% | |||||
| Registered and office address | Elizabetes 13-1, Riga, LV-1010, Latvia | Lvivo g. 25-701, LT-09320 Vilnius, Lithuania | |||||
| Registration number | 40203438204 | 305706496 | |||||
| Acquisition date | 02.11.2022. | 13.06.2020. | |||||
| Nature of operations | Real Estate Fund management | Pension fund management |
INDEXO
Table of Contents
| 01 | Management Report | 05 |
|---|---|---|
| Overview of the Group, strategy, and key developments during the quarter | ||
| 02 | Main Group Highlights | 08 |
| Consolidated financial and operating highlights for Q1 2026 | ||
| 03 | Pensions | 10 |
| Pension business—operating results, flagship plan performance, real estate fund | ||
| 04 | Bank | 13 |
| INDEXO Bank—operating results, lending and deposit growth, customer metrics | ||
| 05 | DelfinGroup | 18 |
| DelfinGroup segment—financial results and key business drivers | ||
| 06 | Consolidated Financial Statements | 22 |
| Income statement, balance sheet, cash flow, equity changes, and appendices | ||
| 07 | Notes to the Financial Statements | 27 |
| Notes 1–31 — accounting policies and detailed disclosures supporting the consolidated statements |
INDEXO
INDEXO
Management report
MANAGEMENT REPORT
66
The mission of INDEXO Group is to offer modern, transparent and simple financial products and to improve competition and transparency in the Latvian financial services industry.
Q1 2026 has been a turning point in INDEXO Group pursuit of growth and scale. For the first time, INDEXO Group closed a quarter with a consolidated net profit, which for January-March 2026 reached EUR 142.5 thousand. This reflects the strategy we set out when launching the Bank: build the franchise, scale the lending operation, and let the profitable parts of the Group fund that growth until the Bank moves to profitability on its own. The first quarter of 2026 as a fully consolidated three-pillar group shows that the model is starting to work as intended.
INDEXO
MANAGEMENT REPORT
The mission of INDEXO Group (hereinafter the Group) is to offer modern, transparent and simple financial products and to improve competition and transparency in the Latvian financial services industry. We are building a financial services group operating in the interest of the local population, making strategic decisions domestically, and contributing to meaningful improvements in Latvia's financial sector.
The first quarter of 2026 is the first reporting period in which the Group's financial statements consolidate AS DelfinGroup. INDEXO completed the mandatory takeover offer for DelfinGroup shareholders in January 2026, and has taken its ownership to 71.52% as of 31 March 2026. Together with the integration of IPAS VAIRO during 2025, INDEXO Group now operates across three core business lines: pension fund management (IPAS INDEXO, including the consolidated IPAS VAIRO, and INDEXO Atklatais Pensiju Fonds (pension 3rd pillar)), banking (AS INDEXO Banka), and non-bank consumer finance (AS DelfinGroup). This is complemented by the real estate investment activity of INDEXO Real Estate Fund, managed by SIA Provendi Asset Management AIFP, in which IPAS INDEXO holds a 49% stake.
Q1 2026 result reflects three distinct trajectories across the segments. The pension business delivered EUR 0.49 million in net profit, with normalised net profit up 24% year on year, standing at EUR 0.57 million and revenue up 9%. INDEXO Banka's loan portfolio expanded by EUR 21.2 million driving total quarterly revenue increase up to EUR 1.045 million for the first time. While the Bank's total quarterly costs remained almost unchanged, Bank's operating loss decreased to EUR 1.55 million which is an improvement by 13% compared to previous quarter. Large increase in new lending volumes increased the quarterly loan loss provisions by EUR 0.26 million, compared to last quarter, therefore INDEXO Banka's net loss came in at EUR 2.25 million - in line with the prior quarter. DelfinGroup contributed EUR 1.90 million to the Group's result (attributable to INDEXO's 71.52% holding), with strong consumer lending volumes and stable portfolio quality. Revenues remained stable compared to exceptional Q4 2025 while up 15% from Q1 2025. Cost optimisation activities resulted in decrease of selling and administrative expenses, both 11% less than in Q1 2025. DelfinGroup brings greater predictability to INDEXO Group's financial results, allowing us to keep growing and improving the financial environment for our customers.
Zooming out: the Group issued over EUR 58 million in new loans this quarter, resulting in EUR 24 million increase in the net loan portfolio, - enough to put us at close to 11% of monthly consumer lending in Latvia. Across pensions, banking and consumer finance, INDEXO Group now reaches a meaningful share of Latvia's adult population, making us one of the most widely used financial services providers in the country.
The first quarter of 2026 shows what the new Group means in practice: stronger savings outcomes for pension customers, growing deposit and lending activity at the Bank, and a stable, dividend-paying consumer-finance business in DelfinGroup. Together, they give us the scale to keep improving the financial environment in Latvia — for our customers and for the country.
INDEXO
Main Group highlights
| ASSETS UNDER MANAGEMENT, EUR
1,506m
★ +16% YvY
▼ -6% QoQ | PENSION CUSTOMER ACCOUNTS
159.8t
★ +11% YvY
▲ +0.2% QoQ | TOTAL GROUP REVENUE, EUR
12.7m | TOTAL GROUP NET PROFIT, EUR
142.5t |
| --- | --- | --- | --- |
| INDEXO BANK DEPOSITS, EUR
90.5m
★ +97% YvY
▲ +22% from QoQ | BANK CUSTOMERS
57.1t
★ +81% YvY
▲ +15% from QoQ | GROUP LOAN PORTFOLIO (NET), EUR
248m | GROUP CAPITAL ADEQUACY RATIO
24.5%
RATIO |
| Note: Q1 2026 represents the first period of consolidated Group reporting following the inclusion of DelfinGroup. Therefore, DelfinGroup prior-period figures are not presented. DelfinGroup figures have been reclassified, where necessary, to align with the Group’s financial results presentation format and line-item classification in the consolidated statement of profit or loss. | | | |
INDEXO Group results
| Q1 2026 | |
|---|---|
| Financial results, EURm | |
| Net interest income | 10.8 |
| Net commission income | 1.2 |
| Other operating income | 0.7 |
| Total revenue | 12.7 |
| Total expenses | (7.1) |
| Provisions for expected credit losses | (5.0) |
| Corporate tax | (0.5) |
| Consolidated Net profit / loss | 0.14 |
| Business volumes, EURm | |
| New loans | 58.1 |
| Net deposit growth | 16.9 |
| Balance, EURm | |
| Total loan portfolio (net) | 248.1 |
| Total assets | 304.1 |
| Total equity (incl. Minority) | 74.0 |
| Financial indicators | |
| C/I | 61.11% |
| ROE | 0.24% |
| ROA | 0.05% |
| EPS | 0.01 |
Group profit for the quarter came in at EUR 142.5 thousand - the pension business and DelfinGroup's contribution (EUR 0.49m and EUR 1.90m respectively) more than covered the EUR 2.25m we're investing to build the Bank. This is the first quarter of consolidated reporting after DelfinGroup joined the Group, so no comparative figures are shown.
The Q1 2026 results demonstrate that INDEXO Group is successfully executing its strategy: with DelfinGroup now consolidated and contributing EUR 1.90 million to the quarterly profit, and the pension business continuing to grow, the Group is well positioned to absorb the Bank's near-term losses as it approaches break-even before expected credit losses.
Pension Savings Management
We want our customers to retire with meaningful savings to sustain a good quality of life. The rule of thumb globally is to save 10–15% of income for retirement - most people in Latvia don't. We help close that gap through two products: the mandatory 2nd pillar and the voluntary 3rd pillar. Positive real returns in the 2nd and 3rd pension pillars have allowed customers in our 100% equity plans to grow their long-term savings.
Pension Savings Management key operating results
Pension business total AUM growth drivers Q1 2025 – Q1 2026
Millions EUR, based on management estimates
Assets under management reached EUR 1.5 billion, up 16% year-on-year. Growth was constrained by a sharp decline in global market indices late in the quarter and by reduced 2nd pillar retention, mainly concentrated in VAIRO's plans. The retention pressure reflects intensified competitor marketing activity, in some cases supported by claims that do not accurately reflect comparative long-term performance; our strategy remains focused on long-term investment results.
TOTAL PENSION ASSETS UNDER MANAGEMENT
EURm
TOTAL PENSION ACCOUNTS
thousand
- 3rd Pension Pillar
- 2nd Pension Pillar
Voluntary savings (3rd pillar) has been our priority since the start of 2025, and the focus is paying off - customer numbers are up 42% year-on-year, reaching 24.7 thousand at the end of Q1 2026, and Assets Under Management (AUM) at 63.0 million, up 63% year-on-year. Most importantly, a healthy share of our 3rd pillar savers are making regular contributions and raising their contribution amounts over time, building the kind of long-term savings discipline this product is designed to support.
INDEXO Jauda pension plan
The graph shows the cumulative returns of INDEXO Jauda 16-55 pension plan on 31.03.2026 relative to the average returns of 100% equity plans in the Latvian 2nd pillar pension market (excluding INDEXO Jauda 16-55), and the consumer price index in Latvia. Sources: manapensija.lv, Central Statistical Bureau of Latvia.
Our customers have the highest average savings per person in the 2nd pillar market. Jauda - our flagship plan and 80% of IPAS INDEXO's 2nd pillar assets - has returned 9.21% per year since inception, comfortably beating both the market average and Latvian inflation. That's real wealth growth after CPI, which is the only number that ultimately matters for a pension saver.
2nd pillar plan returns as of 31 March 2026:
| 2nd Pillar Pension plan | Risk Profile | YTD return | 3-year return (per annum) | 5-year return (per annum) | Return since inception (per annum) |
|---|---|---|---|---|---|
| INDEXO Jauda 16-55 | 100% Equity | -3.24% | 13.80% | 9.25% | 9.21% |
| INDEXO Izaugsme 55-62 | 50% Equity | -1.79% | 7.55% | 3.99% | 4.87% |
| INDEXO Konservativais 62+ | 100% Bonds | -0.72% | 3.08% | -1.31% | -0.20% |
The results of our plans using passive investment strategy can be accessed on www.manapensija.lv.
As of 31st of March 2026, our 3rd pillar pension plan returns are as follows:
| 3rd Pillar Pension plan | Risk Profile | YTD return | 3-year return (per annum) | 5-year return (per annum) | Return since inception (per annum) |
|---|---|---|---|---|---|
| INDEXO Akciju plans | 100% Equity | -3.68% | 13.48% | 9.03% | 8.98% |
| INDEXO Obligāciju plans | 100% Bonds | -0.79% | 2.73% | -1.08% | -1.08% |
More assets mean more revenue, and the operating numbers reflect that:
Results of IPAS "Indexo" 2nd pillar and 3rd pillar pension management
| EUR*000 | Q1 2026 | Q4 2025 | %Δ QoQ | Q1 2025 | %Δ YoY |
|---|---|---|---|---|---|
| Total revenue* | 1 341 | 1 389 | -3.4% | 1 234 | 8.7% |
| Pensions Administrative expenses | 411 | 410 | 0.2% | 330 | 24.5% |
| Non-pension Administrative expenses* | 85 | 423 | -79.9% | 77 | 10.0% |
| Operating income | 845 | 556 | 52.0% | 827 | 2.2% |
| Sales & marketing expenses | 356 | 370 | -3.6% | 441 | -19.1% |
| Net profit/ loss | 489 | 186 | 162.6% | 386 | 26.6% |
| Normalised Net profit/ loss** | 574 | 609 | -5.8% | 463 | 23.8% |
- Normalized results show pure pension business results excluding expenses which are not attributed to the pension business. Like costs from the AS DelfinGroup deal, public capital raises for the Bank, Bank's employees' options and other costs that have been incurred due to the development of INDEXO Bank.
*- Reflects IPAS INDEXO's 2nd and 3rd pillar pension business only; dividends received from DelfinGroup are excluded.
Total revenue reached EUR 1,341 thousand in Q1 2026, up 8.7% YoY but down 3.4% QoQ. Despite a fee reduction effective from the start of the year, net profit grew nearly three times faster than the top line, reaching EUR 489 thousand — up 26.6% YoY and +162.6% QoQ, with the prior quarter impacted by one-off expenses. Normalised pension profit declined modestly on lower management fees, partially reflecting the Q1 market correction. Sales and marketing spend was refocused on voluntary pension savings, down 3.6% QoQ and 19.1% YoY, with the strategic focus continuing to deliver results.
Real Estate Fund Management
First quarter of 2026 was a stable quarter for the INDEXO Real Estate Fund, managed by Provendi Asset Management AIFP. At the end of Q1 2026, the fund had more than EUR 175 million of gross investments into residential and retail properties, generating EUR 3.3 million of net operating income (NOI) for the quarter. The annualised NOI to AUM ratio of 7.7% reflects strong underlying performance of the portfolio.
At the end of March 31, 2026, INDEXO's pension plan Izaugsme's investment stood at EUR 15.4 million or 6.45% of the plan assets into the real estate fund and Jauda - EUR 21.7 million or 1.99% of the plan's assets.
6.1 Bank Development
The first quarter of 2026 confirmed that INDEXO Banka’s chosen strategy - to be the most efficient bank in Latvia with a digitally driven business model and strict cost discipline - continues to deliver results. This is evidenced by the sustained high pace of customer acquisition, growth in deposit volumes, and in particular the rapidly expanding loan portfolio and total revenues.
New loans issued during the quarter reached EUR 25.5 million, of which consumer loans accounted for 65%. Growth in lending was supported by continuous product improvements and the onboarding of new partners - work that will continue in the coming quarters. INDEXO Banka now accounts for approximately 10% of newly issued consumer loans in the market (excluding non-bank lenders).
Bank Development (cont.)
Although the total number of refinancing transactions in the market declined by more than 20% in the first quarter, INDEXO Banka strengthened its position in this segment, retaining more than 70% market share of transactions refinanced from another bank. Growth in new mortgage loan volumes was supported by the Home Equity product launched in February, which is attracting a growing number of customers who value our digital experience and competitive rates. This product has not previously been widely used in Latvia; INDEXO has now made it easily and quickly accessible through the INDEXO Banka mobile app, offering the simplest and most convenient way to unlock the value of one's home.
INDEXO's unique proposition - free everyday banking services for customers who regularly receive income into their INDEXO account - drove 15% growth in the customer base during the first quarter of 2026. As customer numbers and activity increased, with higher payment and card transaction volumes, the customer deposit portfolio grew by 23% in Q1, 2026, exceeding EUR 90 million.
During the first quarter the Bank made significant investments in new product development and in strengthening its technology platform. The Home Equity loan was launched, the consumer-loan distribution network was expanded through new brokers, and new payment card features were introduced, including a virtual payment card for customers on the Bank's Silver plan. Work continues on the custodian service and on improvements to the payment infrastructure that will, in time, enable faster and broader settlement services.
In parallel, the Bank systematically strengthened cybersecurity, monitoring systems and fraud-prevention tools to ensure customer funds and data are protected to the highest standard.
Overall, the first-quarter IT deliveries demonstrate the Bank's ability to advance customer-visible product innovation while reinforcing the security, capacity and stability of the infrastructure platform on which those innovations rely.
Financial Review
The growth in INDEXO Banka's loan portfolio and total revenues that began in the second half of 2025 continued in the first quarter of 2026. At the end of the first quarter, the Bank's loan portfolio before expected credit losses reached EUR 76.7 million (up 38% during the quarter) and total quarterly revenues increased by 30% to more than EUR 1 million. Net interest income grew by 47% compared with Q4 2025, reaching EUR 1 million. The net interest margin rose to 4.79% (Q4 2025: 4.24%), supported by the higher share of consumer loans in the portfolio and the launch of the Home Equity product.
In Q1 2026, net fee and commission income reached EUR 22.3 thousand, recording a positive result at the core operating level for the first time. For comparison, Q4 2025 net fee and commission income of EUR 50 thousand was positively influenced by several one-off items totalling EUR 87.3 thousand, which did not recur in the reporting period. The growth in net fee and commission income was driven by two factors: increasing commission income from lending transactions and growing client transaction activity, supported by the Bank's unique proposition - free everyday banking for customers who regularly receive income into their INDEXO account. At the same time, this same proposition partially limits monthly fee income from everyday banking services, while customer acquisition and activation investments generate additional commission expenses. The Bank views this trade-off as a deliberate strategic choice - building a long-term customer base takes priority over maximising short-term fee income.
Financial Review (cont.)
TOTAL REVENUE
* Excluding one-off VAT tax reverse for the period 2023-2025 (EUR 262.5t, recognised in Q3 2025)
** Includes positive impact from one-off items total EUR 87.3t
The Bank's revenue growth is anchored in the expansion of the loan portfolio - a sustainable and predictable revenue source, since each loan issued generates an interest income stream over multiple years. This dynamic is clearly visible in the trajectory of total revenue: monthly total revenue has increased from EUR 0.05 million in March 2025 to EUR 0.42 million in March 2026 - a more than eight time increase year-on-year. Once the planned loan portfolio size is reached at the end of 2026, the Bank expects monthly total revenue to exceed EUR 1 million, underlining the scalability of the business model and the Bank's ability to build a sustainable revenue base and reach monthly break-even before expected credit losses.
The Bank's core operational infrastructure is in place to support all services currently offered to customers. Controlled cost growth is unavoidable for a rapidly expanding bank, as we continue to invest deliberately in product development and customer acquisition. Cost growth is concentrated in these business-development functions. During the first quarter of 2026, total INDEXO Banka costs increased by $0.4\%$ versus the previous quarter, totalling EUR 2.60 million.
IT costs have stabilised following the major product launches of 2025. INDEXO Banka continues to review IT costs, bringing several functions in-house from external providers and consolidating the remaining outsourced services. The steps taken will improve the efficiency of future IT investments.
Quarter-on-quarter cost growth was immaterial, while total revenues over the same period increased by approximately EUR 250 thousand. IT remains the largest component of the cost base (46%), and the share of personnel costs rose by only 1.4 percentage points, confirming improving operational efficiency and the sustainability of our growth strategy
BANK'S EXPENSES
M EUR
* - IT expenses include IT maintenance and support costs, amortisation of intangible assets, and IT personnel costs.
Driven by the rapid increase in total revenues and the controlled growth in total expenses, the Bank continued to improve its operating result: the first-quarter operating loss before expected credit-loss provisions decreased by 13% versus the previous quarter, to EUR 1.56 million (Q4 2025: operating loss of EUR 1.80 million).
Despite the rapid expansion of the loan portfolio, asset quality remains strong. Provisions for expected credit losses reached EUR 0.69 million. This was driven primarily by record-high new consumer-loan issuance (up 38% versus Q4 2025) rather than by deterioration in portfolio quality. Under IFRS 9 the Bank recognises provisions at the moment a loan is issued, so a higher origination pace mechanically increases provisions. Model-based expected-credit-loss provisions in the first quarter represent 2.49% of the total loan portfolio, reflecting a conservative and prudent risk appetite.
As a result, despite the lower operating loss in the first quarter, the Bank's total Q1 2026 net loss reached EUR 2.25 million — 1% higher than in Q4 2025.
Capital position and liquidity
At the end of March 2026, INDEXO Banka's total assets were EUR 108.7 million, up 21.4% during the quarter. In line with the growth in total assets, risk-weighted assets also rose, reaching EUR 55 million at the end of the first quarter (Q4 2025: EUR 43.5 million).
During the first quarter, the parent company IPAS INDEXO increased the Bank's capital by EUR 2.95 million, and the Bank raised an additional EUR 0.75 million in subordinated deposits. The total capital adequacy ratio at quarter-end was 20%, with a CET1 ratio of 15.1%. The Liquidity Coverage Ratio (LCR) exceeded 400% - one of the highest among banks operating in Latvia - demonstrating the Bank's ability to withstand significant liquidity stress. The Bank's Net Stable Funding Ratio (NSFR) at the end of March was 151%.
At the same time, to deliver the Bank's strategic objectives for 2026 - including continued growth of the loan portfolio and total revenues, and the successful launch of further planned products such as the consumer loan consolidation product and family accounts - the Bank's management recognises that additional external capital will be required to execute these plans.
First-quarter results show that INDEXO Banka is successfully executing its strategy and is steadily approaching its planned business volumes and break-even point at the end of 2026.
Results of subsidiary INDEXO Banka, AS
| Financial results, million | Q1 2026 | Q4 2025 | %Δ QoQ | Q1 2025 | %Δ YoY |
|---|---|---|---|---|---|
| Net interest income | 1.00 | 0.68 | +47% | 0.06 | +1567% |
| Net commission income | 0.02 | 0.05 | -60% | -0.05 | 140% |
| Other operating income | 0.02 | 0.07 | -71% | 0.05 | -60% |
| Total revenue | 1.04 | 0.80 | +30% | 0.06 | +1633% |
| Administrative expenses | -1.23 | -1.24 | -1% | -0.94 | -31% |
| Total expenses | -2.60 | -2.59 | 0% | -2.19 | -19% |
| Provisions for expected credit losses | -0.69 | -0.43 | -60% | -0.30 | -130% |
| Net profit/ loss | -2.25 | -2.23 | -1% | -2.42 | +7% |
| Business volumes | |||||
| New loans, million | 25.5 | 23.2 | +10% | 6.2 | +311% |
| Net deposit growth, million | 16.9 | 18.1 | -7% | 12.8 | +32% |
| Clients, thousand | 57.1 | 49.7 | +15% | 31.6 | +81% |
At the end of reporting period, INDEXO Bank complies with all regulatory requirements regarding liquidity and capital adequacy.
More detailed information on INDEXO Bank's operations and results during Q1 2026 can be found in INDEXO Bank's quarterly report. You can find the report here: https://indexo.lv/en/for-investors/reports/
delfin group
custom finance solutions
DelfinGroup
DelfinGroup had a strong start to the year. Revenue grew 15% year on year, but profits grew much faster - net profit was up 59% - because the team kept costs down even as the loan book and revenue grew. In short: more business, less spend, much better margins.
Demand for DelfinGroup’s consumer and pawn loans remained stable in Q1 2026. Total loan issuance reached EUR 32.7 million, 9% higher than a year earlier. Consumer loan issuance grew 13% year-on-year to EUR 26.4 million. Pawn loan issuance declined slightly to EUR 6.2 million (-8% YoY), reflecting both the discontinuation of pawn lending in Lithuania mid-2025 and a strategic focus on operational efficiency rather than rapid portfolio growth in this segment, given DelfinGroup’s already significant share of the Latvian pawn-lending market. The net loan portfolio grew 2% since the start of the year, reaching EUR 147.7 million. Goods sales, including the realisation of pledged collateral, amounted to EUR 4.5 million for the quarter (-4% YoY).
Lithuania remains a key growth market, focused entirely on online consumer lending. The Lithuanian loan book grew 13% in the quarter - small in absolute terms, but the right kind of growth: digital, scalable, and outside DelfinGroup’s home market.
In March, DelfinGroup launched a new product: home equity. Customers can borrow more, for longer, and at lower rates than on a standard consumer loan - because the property backs the loan. It’s a deliberate move to broaden the lending mix beyond unsecured credit.
Corporate events
DelfinGroup’s shareholder meeting on 31 March approved the 2025 financial statements and refreshed the Supervisory Board. Mārtiņš Ozoliņš and Jānis Pīzičs stayed on; Valdis Siksnis, Henrik Karmo and Jānis Mūrnieks joined from INDEXO’s side. Founder Agris Evertovskis and Solvita Kurtiša stepped down.
The same meeting approved a quarterly dividend equal to 50% of Q4 2025 net profit - around EUR 1.78 million, or EUR 0.0391 per share - paid on 17 April. The change of majority shareholder triggered a change-of-control put on two DelfinGroup bond series. Three investors exercised the option for a combined EUR 1.16 million; settlement closed on 6 March, 2026.
On the funding side, three things happened in Q1 2026. The EUR 25 million bond placed privately last September listed on Nasdaq Riga First North in February. A EUR 11 million bond series was redeemed at maturity later that month. And a new EUR 17.25 million three-year facility from Multitude Bank was drawn down - partly to refinance an older facility (EUR 11 million), partly to fund growth - bringing total Multitude funding to around EUR 30 million.
Key financial indicators
| EUR, million | 2026 Q1 | 2025 Q1 | YoY change |
|---|---|---|---|
| Revenue | 20.1 | 17.5 | +15% |
| EBITDA | 7.4 | 5.6 | +32% |
| EBITDA margin, % | 36% | 34% | +2 pp |
| Profit before tax | 3.6 | 2.3 | +57% |
| Net profit | 2.8 | 1.8 | +59% |
| Net profit margin, % | 13% | 11% | +2 pp |
| ROE (LTM), % | 37% | 30% | +7 pp |
| ROA (LTM), % | 7% | 6% | +1 pp |
| Net loan portfolio | 147.7 | 135.0 | +9% |
DelfinGroup is listed on the Nasdaq Riga Baltic Main List. At quarter-end the share price closed at EUR 1.39, giving a market cap of around EUR 63 million. The Group operated 88 branches in Latvia, unchanged from year-end 2025.
Events after the reporting period
Following the end of the period, the following important events have taken place:
- As of the end of April 2026, INDEXO Banka’s customer base had grown to 59.6 thousand, deposit volumes had risen to EUR 100.7 million, and the loan portfolio had reached EUR 87 million.
- A subscription period for INDEXO Banka’s subordinated bonds ran from 17 to 24 April 2026; as a result, on 29 April 2026 the Bank issued subordinated bonds in the amount of EUR 5 million.
- The INDEXO Real Estate Fund, managed by Provendi Asset Management AIFP, signed an agreement with Eastnine to acquire three commercial properties in Riga - the office buildings at Zalā iela 1 and Krišjāņa Valdemāra iela 62/62A, together with the adjacent retail property. The acquired properties have a combined gross lettable area of 13,750 square metres and host more than 20 tenants, located in strategically attractive areas of Riga. The total transaction value exceeds EUR 38 million; on completion, the fund’s assets under management will rise to approximately EUR 215 million. You can read more about the deal here.
- IPAS INDEXO increased its stake in AS DelfinGroup by acquiring an additional 250,000 DelfinGroup shares (+0.55%); INDEXO’s holding rises to 72.07% at EUR 1.40 per share.
- On 21 April 2026, INDEXO Banka announced that it plans to begin offering core banking services to corporate customers by the end of this year.
- On 21 April 2026, IPAS INDEXO, as the Bank’s sole shareholder, publicly confirmed its commitment - to the extent possible and in line with IPAS INDEXO’s strategic objectives, available financial resources and applicable regulatory requirements - to provide the Bank with the financial support necessary to safeguard the Bank’s continuity of operations and ensure compliance with regulatory requirements.
Events after the reporting period (cont.)
- On 30 April 2026, DelfinGroup’s Head of Risk and Analytics, Mārtiņš Sandars, was appointed to the DelfinGroup Management Board. Administrative Director Laima Eižvertiņa stepped down from the Management Board.
- From 13 to 24 April 2026, DelfinGroup ran an exchange offer for its subordinated bonds ISIN LV0000802700, offering to exchange them for the Company’s subordinated bonds ISIN LV0000106631. As a result of the exchange offer, the issue size of bonds ISIN LV0000802700 was reduced to EUR 2 155 000.
- On 6 May 2026, a new DelfinGroup unsecured bond issue ISIN LV0000111441 was registered with the Nasdaq CSD depository, with a total size of up to EUR 35 million, a fixed coupon of 9.5% per annum and a 3-year maturity. The nominal value per bond is EUR 1,000. Existing holders of bonds ISIN LV0000860146 are offered the opportunity to exchange them for the new bonds ISIN LV0000111441 from 7 to 20 May 2026.
Signed on behalf of the Company by:
Henrik Karmo,
Chairman of IPAS INDEXO
Management Board
Marija Cernoštana,
Member of IPAS INDEXO
Management Board
Artūrs Roze,
Member of IPAS INDEXO
Management Board
THIS DOCUMENT IS SIGNED WITH A SECURE DIGITAL SIGNATURE AND CONTAINS A TIMESTAMP
Statement of responsibility of the management board of the investment management company
The Management Board of IPAS INDEXO is responsible for the Group's financial statements, which provides true and fair view of the Group's financial position as of 31 March 2026, as well as its performance and cash flows for January - March 2026, in accordance with IAS 34 as adopted by the European Union.
In preparing the interim financial statements for the period ended 31 March 2026, as set out on pages 23 to 39, management has consistently applied IAS 34, as adopted by the European Union, based on the going concern principle, management's judgments and assumptions in the preparation of these financial statements have been prudent and reasonable.
The Company's management is responsible for maintaining proper accounting records, safeguarding the Company's assets, and detecting and preventing fraud and other irregularities within the Group. The Management Board of the Company is responsible for compliance with the requirements of the legislation of the Republic of Latvia and the regulations of the Financial and Capital Market Commission applicable to the Company.
Signed on behalf of the Company by:
Henrik Karmo,
Chairman of IPAS INDEXO
Management Board
Marija Cernoštana,
Member of IPAS INDEXO
Management Board
Arturs Roze,
Member of IPAS INDEXO
Management Board
THIS DOCUMENT IS SIGNED WITH A SECURE DIGITAL SIGNATURE AND CONTAINS A TIMESTAMP
Financial Statements
FINANCIAL STATEMENTS
Consolidated Statement of Comprehensive Income
| | Notes | 01.01.2026 - 31.03.2026
Unaudited
EUR'000 | 01.01.2025 - 31.03.2025
Unaudited
EUR'000 |
| --- | --- | --- | --- |
| Commission income | 2 | 1780 | 1281 |
| Commission expense | 3 | (582) | (113) |
| Interest income | 4 | 13667 | 371 |
| Interest expense | 5 | (2877) | (314) |
| Administrative expenses | 6 | (6821) | (2969) |
| Other operating income | 7 | 2167 | 56 |
| Other operating expenses | 8 | (1684) | (45) |
| Credit losses | | (4960) | (296) |
| Profit/(loss) before corporate income tax | | 690 | (2029) |
| Corporate income tax | 9 | (548) | (1) |
| Profit/(loss) for the period | | 142 | (2030) |
| Total comprehensive profit/(loss) for the period, attributable to shareholders for the period | | 142 | (2030) |
| Earnings per share | | 0,01 | (0,43) |
| Diluted earnings per share | | 0,01 | (0,43) |
The notes on pages 27 to 39 form an integral part of these financial statements.
The financial statements have been authorised for issue on 12 May 2026 and signed on behalf of the Company's Management Board by:
Henrik Karmo,
Chairman of IPAS INDEXO Management Board
Marija Cernoštana,
Member of the IPAS INDEXO Board
Artūrs Roze,
Member of IPAS INDEXO Management Board
FINANCIAL STATEMENTS
Consolidated Statements of Financial Position
| Notes | 31.03.2026 | 31.03.2025 | 31.12.2025 | |
|---|---|---|---|---|
| Unaudited | Unaudited | Audited | ||
| EUR'000 | EUR'000 | EUR'000 | ||
| ASSETS | ||||
| Cash and cash equivalents | 10,11 | 20 999 | 31 852 | 25 990 |
| Investments in equity securities | 12 | 62 | 62 | 62 |
| Loans and advances due from customers | 13 | 239 778 | 6 442 | 216 115 |
| Loans to associates and subsidiaries | 14 | 67 | 64 | 66 |
| Debt securities measured at amortised cost | 15 | 7 503 | 9 315 | 5 898 |
| Financial assets at fair value through profit or loss | 16 | 8 320 | - | 8 026 |
| Goodwill | 128 | - | 128 | |
| Intangible contract assets | 1 234 | - | 1 234 | |
| Finished goods, inventories and goods held for sale | 3 066 | 65 | 3 002 | |
| Investment in associates | 17 | 223 | 208 | 223 |
| Prepayments | 18 | 1 272 | 715 | 1 443 |
| Deferred tax assets | 334 | - | 346 | |
| Current tax prepayment | 4 | - | 4 | |
| Other assets | 19 | 3 014 | 786 | 2 747 |
| PPE; Intangible assets & Right-of-use assets | 20 | 16 609 | 7 784 | 17 036 |
| Contract acquisition costs | 21 | 1 523 | 1 591 | 1 526 |
| Total assets: | 304 136 | 58 884 | 283 846 | |
| Notes | 31.03.2026 | 31.03.2025 | 31.12.2025 | |
| --- | --- | --- | --- | --- |
| Unaudited | Unaudited | Audited | ||
| EUR'000 | EUR'000 | EUR'000 | ||
| EQUITY AND LIABILITIES | ||||
| Bonds issued | 22 | 63 021 | - | 70 865 |
| Loans from credit institutions | 23 | 32 535 | - | 23 500 |
| Other borrowings | 24 | 27 872 | - | 28 824 |
| Deposits from customers | 25 | 89 784 | 45 262 | 72 606 |
| Subordinated borrowings | 26 | 2 603 | - | 1 802 |
| Current tax liabilities | 3 398 | 190 | 2 957 | |
| Lease liabilities | 4 642 | 1 948 | 4 887 | |
| Other liabilities | 27 | 6 254 | 1 325 | 5 373 |
| Total liabilities: | 230 109 | 48 725 | 210 814 | |
| EQUITY | ||||
| --- | --- | --- | --- | --- |
| Share capital | 28 | 10 337 | 4 774 | 9 997 |
| Share options | 448 | 304 | 390 | |
| Share issue premium | 64 981 | 17 541 | 61 888 | |
| Accumulated deficit | (17 379) | (10 430) | (10 406) | |
| Profit/(loss) for the period | 142 | (2 030) | (7 735) | |
| Total equity attributable to shareholders | 58 529 | 10 159 | 54 134 | |
| Non-controlling interest | 15 498 | - | 18 898 | |
| Total equity: | 74 027 | 10 159 | 73 032 | |
| TOTAL EQUITY AND LIABILITIES | 304 136 | 58 884 | 283 846 | |
| Off-balance sheet items | 3 447 | - | 2 400 |
The notes on pages 27 to 39 form an integral part of these financial statements.
The financial statements have been authorised for issue on 12 May 2026 and signed on behalf of the Company's Management Board by:
Henrik Karmo, Chairman of IPAS INDEXO Management Board
Marija Cernoštana, Member of IPAS INDEXO Management Board
Arturs Roze, Member of IPAS INDEXO Management Board
Consolidated Statement of Changes in Equity
| | Notes | Share capital
EUR'000 | Share issue premium
EUR'000 | Share options
EUR'000 | Non-controlling interest
EUR'000 | Accumulated deficit
EUR'000 | Profit/(loss) for the period
EUR'000 | Total
EUR'000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| At 31.12.2024 | | 4 760 | 17 525 | 269 | - | (10 430) | - | 12 124 |
| Share issuance | 29 | - | - | - | - | - | - | - |
| Increase in Share option reserves | 29 | 14 | 16 | 35 | - | - | - | 64 |
| Non-controlling interest in the acquisition transaction | | - | - | - | - | - | - | - |
| Total comprehensive loss for the period | | - | - | - | - | - | (2 030) | (2 030) |
| At 31.03.2025 | | 4 773 | 17 541 | 304 | - | (10 430) | (2 030) | 10 159 |
| At 31.12.2025 | | 9 997 | 61 888 | 390 | 18 898 | (18 141) | - | 73 032 |
| Share issuance | 29 | 340 | 3 093 | - | - | - | - | 3 433 |
| Increase in Share option reserves | 29 | - | - | 58 | - | - | - | 58 |
| Non-controlling interest in the acquisition transaction | | - | - | - | (3 400) | 762 | - | (2 638) |
| Total comprehensive income for the period | | - | - | - | - | - | 142 | 142 |
| At 31.03.2026 | | 10 337 | 64 981 | 448 | 15 498 | (17 379) | 142 | 74 027 |
Henrik Karmo,
Chairman of IPAS INDEXO Management Board
Marija Cernoštana,
Member of IPAS INDEXO Management Board
Artūrs Roze,
Member of IPAS INDEXO Management Board
Consolidated Statement of Cash Flows
| Q1 2026 (EUR'000) | Q1 2025 (EUR'000) | |
|---|---|---|
| CASH FLOW FROM OPERATING ACTIVITIES | ||
| Profit / (Loss) before corporate income tax | 690 | (2 029) |
| Depreciation of PPE and amortisation of ROU and intangible assets | 20 | 1 022 |
| Amortisation of contract acquisition costs | 21 | 103 |
| Expense recognition of share option reserves | 34 | 35 |
| Allowances for expected credit losses | 4 960 | - |
| Interest income calculated using the effective interest rate | 4 | (13 667) |
| Interest expense | 5 | 2 768 |
| Cash flow from operating activities before changes in operating assets and liabilities | (4 090) | (1 519) |
| (Increase) / decrease in receivables, prepayments and other assets | 18,19 | (508) |
| Net financial assets at amortised cost (including loans to customers) | 13,15,16 | (28 623) |
| (Increase) / decrease in inventories and finished goods | (64) | - |
| Increase / (decrease) in accrued liabilities | - | 206 |
| Increase / (decrease) in trade payables and other liabilities | 27 | 881 |
| Financial liabilities at amortised cost including deposits | 25 | 17 178 |
| Corporate income tax paid | 9 | (548) |
| Interest received | 13 667 | 371 |
| Interest paid | (2 768) | (314) |
| Cash flow from operating activities | (4 875) | 5 528 |
| Notes | Q1 2026 (EUR'000) | |
| --- | --- | --- |
| CASH FLOW FROM INVESTING ACTIVITIES | ||
| Intangible asset and PPE purchases | 20 | (870) |
| Purchase of non-controlling interests | (3400) | |
| Investments in associated company share capital | - | |
| Issued loans (to associates/subsidiaries) | 14 | (1) |
| Accrued salesperson wage | - | |
| Other securities and investments | - | |
| Cash flow from investing activities | (4271) | |
| Notes | Q1 2026 (EUR'000) | |
| --- | --- | --- |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Share capital increase (incl. share issue premium) | 3 433 | |
| Issued / (repaid) bonds | 22 | (7 844) |
| Loans from credit institutions received / (repaid) | 23 | 9 035 |
| Other borrowings received / (repaid) | 24 | (952) |
| Subordinated loans | 26 | 801 |
| Payment of principal of lease liabilities | 20 | (245) |
| Interest paid on lease liabilities | (73) | |
| Cash flow from financing activities | 4 155 | |
| Notes | Q1 2026 (EUR'000) | |
| --- | --- | --- |
| (Decrease) / Increase in cash and cash equivalents | (4991) | |
| Cash and cash equivalents at the beginning of the period | 10,11 | 25990 |
| Cash and cash equivalents at the end of the period | 10,11 | 20999 |
Marija Cernoštana,
Member of IPAS INDEXO Management Board
Arturs Roze,
Member of IPAS INDEXO Management Board
Notes to the Consolidated Financial Statements
1. Accounting policies
Basis of preparation
These financial statements have been prepared based on the accounting policies and measurement principles as set out below.
The interim reports for the 3 months ending March 31, 2026, have been prepared in accordance with IAS 34 Interim Financial Reporting.
The interim reports do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual consolidated financial statements as at 31 December 2025.
These interim reports are prepared and disclosed on a consolidated basis.
The following subsidiaries are included in the consolidation: IPAS INDEXO (100%), INDEXO Banka (100%), INDEXO APF (100%), IPAS VAIRO (100%), AS DelfinGroup (71,52%), SIA ViziaFinance (71,52%), UAB DelfinGroup LT (71,52%), DELFINGROUP RO IFN S.A. (71,52%) for the period ending March 31, 2026.
Business combination -- AS DelfinGroup
Following the settlement of the voluntary share buyback offer on 15 December 2025, IPAS INDEXO acquired 67.42% of the total voting share capital of AS DelfinGroup. AS DelfinGroup and its subsidiaries were consolidated for financial reporting purposes from 31 December 2025.
At the acquisition date, the fair value of AS DelfinGroup's identifiable net assets was assessed and fair value adjustments were recognised in respect of loans and receivables from customers and intangible assets.
Interest income from the acquired loan portfolio is recognised in accordance with the effective interest rate (EIR) method under IFRS 9. As the purchase price allocation process under the IFRS 3 measurement period is still being finalised, interest income is temporarily recognised based on contractual cash interest received until the EIR calculation has been fully completed.
Recognised fair value adjustment related to intangible assets has been amortised over a 5‐year period. The impact recognised in the Q1 2026 consolidated result is an increase in amortization expense of EUR 152 thousand.
IPAS INDEXO continues to assess the amounts recognised at the acquisition date in accordance with IFRS 3 measurement period, therefore in Q1 interim report interest income on acquired DelfinGroup loan portfolio is reported using contractual cash interest received and preliminary recognized loan portfolio premium has not been amortised over the remaining life of the loans.
The measurement period may continue no later than 15 December 2026. If, during this period, new information is obtained about facts and circumstances that existed as of the acquisition date, the amounts initially recognised may be adjusted retrospectively, with corresponding adjustments to comparative information presented in the financial statements, including any related effects on depreciation, amortisation or other items in profit or loss.
2. Commission and fee income
| 01.01.2026 - 31.03.2026 | 01.01.2025 - 31.03.2025 | |
|---|---|---|
| Unaudited EUR'000 | Unaudited EUR'000 | |
| Commission fee for the management of the assets of the State Funded Pension Scheme Investment Plan "INDEXO Izaugsme 55-62" | 208 | 234 |
| Commission fee for the management of the assets of the State Funded Pension Scheme Investment Plan "INDEXO Jauda 16-55" | 927 | 907 |
| Commission fee for the management of the assets of the State Funded Pension Scheme Investment Plan "INDEXO Konservativais 62+" | 28 | 31 |
| Commission fee for the management of the assets of the private pension scheme investment plan "INDEXO AKC | JU PLANS" | 78 |
| Commission fee for managing the assets of the private pension scheme investment plan "INDEXO OBLIGAC | JU PLANS" | 7 |
| Commission fee for the management of the assets of the State Funded Pension Scheme Investment Plan "V75" | 22 | - |
| Commission fee for the management of the assets of the State Funded Pension Scheme Investment Plan "V80" | 30 | - |
| Commission fee for the management of the assets of the State Funded Pension Scheme Investment Plan "V90" | 29 | - |
| Commission fee for the management of the assets of the State Funded Pension Scheme Investment Plan "V60" | 2 | - |
| Commission income, loan and collateral realisation and storage commission | 148 | - |
| Loan origination fees | 172 | - |
| Account maintenance fees | 54 | 39 |
| Card service fees | 52 | 20 |
| Other commission income | 23 | - |
| Total commission income | 1 780 | 1 281 |
3. Commission and fee expense
| 01.01.2026 - 31.03.2026 | 01.01.2025 - 31.03.2025 | |
|---|---|---|
| Unaudited EUR'000 | Unaudited EUR'000 | |
| Payment card issuance and servicing fees | 91 | 64 |
| Loan brokers commissions | 85 | - |
| Loan origination fees | 57 | 13 |
| Settlement fees | 20 | 17 |
| Custodian bank fees | 10 | 1 |
| Client acquisition commissions | 7 | 9 |
| Securities portfolio management fees | 143 | - |
| Commission expenses with credit institutions | 169 | - |
| Other fees | - | 9 |
| Total commission and fee expense | 582 | 113 |
4. Interest income
| 01.01.2026 - 31.03.2026 | 01.01.2025 - 31.03.2025 | |
|---|---|---|
| Unaudited | Unaudited | |
| EUR'000 | EUR'000 | |
| Interest income from financial assets measured at amortised cost | ||
| Interest income from loans and advances to customers | 11 957 | 99 |
| Interest income from balances with the Bank of Latvia | 98 | 254 |
| Interest income from debt securities | 68 | 11 |
| Interest income from short term deposits with credit institutions | 6 | 7 |
| Total interest income from financial assets measured at amortised cost | 12 129 | 371 |
| Interest income from financial assets measured at fair value | ||
| Interest income from pawn loans | 1 537 | - |
| Total interest income from financial assets measured at fair value | 1 537 | - |
| Total interest income | 13 667 | 371 |
5. Interest expense
| 01.01.2026 - 31.03.2026 | 01.01.2025 - 31.03.2025 | |
|---|---|---|
| Unaudited | Unaudited | |
| EUR'000 | EUR'000 |
Interest expense on financial liabilities measured at amortised cost
| Interest expense on lease liabilities | 73 | 32 |
|---|---|---|
| Interest expense on debt securities | 1 327 | - |
| Interest expense on other borrowings | 444 | - |
| Interest expense with credit institutions | 478 | - |
| Contributions to the deposit guarantee scheme and other payments | 35 | 12 |
| Interest paid on customer deposits | 458 | 270 |
| Interest expense on subordinated borrowings | 62 | - |
| Total interest expense | 2 877 | 314 |
6. Administrative expenses
7. Other operating income
8. Other operating expenses
9. Corporate income tax expense
10. Cash and demand deposits with the central bank
11. Due from financial institutions
According to IFRS 9 "Financial Instruments", the Group has assessed allowances for expected credit losses on placements with credit institutions. The Group holds the rest of its cash in AS Swedbank, AS SEB bank, and AS Citadele Banka. In assessing the amount of allowances for expected credit losses, it was determined that it was insignificant and no provision for allowances for expected credit losses was recorded.
12. Investments in equity securities
| Shareholding 31.03.2026 | 31.03.2026 | Shareholding 31.03.2025 | 31.03.2025 | |
|---|---|---|---|---|
| Unaudited EUR'000 | Unaudited EUR'000 | |||
| Golndex UAB (Lithuania) | 3.97% | 62 | 3.97% | 62 |
| Total | 62 | 62 |
Golndex UAB was established to improve the pension market in Lithuania, which is in line with the Company's mission and values. The investment will support positive changes in the Lithuanian pension market.
-
Loans and advances due from customers
-
Loans to associates and subsidiaries
| 31.03.2026 | 31.03.2025 | |
|---|---|---|
| Unaudited EUR'000 | Unaudited EUR'000 | |
| Loan to SIA Provendi asset management AIFP | 68 | 68 |
| Accrued interest | - | - |
| Total before allowances for expected credit losses | 68 | 68 |
| Allowances for expected credit losses | (5) | (5) |
| Total loans to associates and subsidiaries, net | 62 | 63 |
- Debt securities measured at amortised cost
| 31.03.2026 | 31.03.2025 | |
|---|---|---|
| Unaudited EUR'000 | Unaudited EUR'000 | |
| Debt securities measured at amortised cost | ||
| Debt securities | 7 503 | 9 315 |
| Total debt securities, gross | 7 503 | 9 315 |
| Allowance for expected credit losses | - | - |
| Total government and municipal securities, net | 7 503 | 9 315 |
The group entity AS "INDEXO Banka" makes investments in financial instruments, specifically debt securities. In accordance with IFRS 9 requirements, these debt securities are classified and measured at amortised cost.
All financial instruments issued by the Group's counterparties, with a total carrying value, were classified in Stage 1 in accordance with the requirements of IFRS 9.
- Financial assets measured at fair value
| 31.03.2026 | 31.03.2025 | |
|---|---|---|
| Unaudited EUR'000 | Unaudited EUR'000 | |
| Pawn loans measured at fair value | ||
| Non-current pawn loans | 200 | - |
| Current pawn loans | 7 656 | - |
| Accrued interest on pawn loans | 464 | - |
| Total pawn loans measured at fair value | 8 320 | - |
- Investment in associates
| Shareholding 31.03.2026 | 31.03.2026 | Shareholding 31.03.2025 | 31.03.2025 | |
|---|---|---|---|---|
| Unaudited EUR'000 | Unaudited EUR'000 | |||
| SIA Provendi asset management AIFP | 49% | 223 | 49% | 208 |
| Total | 223 | 208 |
SIA Provendi asset management AIFP was established with the purpose of creating a modern low-cost real estate management fund in Latvia which aligns with the mission statement and values of the Group. The investment will support positive change in the Latvian investment market.
- Prepayments
| 31.03.2026 | 31.03.2025 | |
|---|---|---|
| Unaudited EUR'000 | Unaudited EUR'000 | |
| Maintenance costs, IT | 277 | 460 |
| Software license expenses | 144 | 56 |
| Health insurance | 33 | 24 |
| Marketing expenses | 84 | 13 |
| Insurance for the Management Board | 44 | - |
| Card system access fee for the reporting year | 64 | - |
| Subscription fees | 24 | 65 |
| Nasdaq fees | 2 | 2 |
| Testing, IT, systems | 233 | - |
| Customer acquisition and product growth activities | 1 351 | 95 |
| Commercial property insurance | 10 | - |
| Other fees | 42 | - |
| Cash handling expenses | 103 | - |
| Licence fee | 75 | |
| Total | 2 486 | 715 |
- Other assets
| 31.03.2026 | 31.03.2025 | |
|---|---|---|
| Unaudited EUR'000 | Unaudited EUR'000 | |
| Guarantee deposits | 745 | 378 |
| Receivables | 587 | 401 |
| Money in transit assets | 1 689 | - |
| Other assets | - | 11 |
| Other assets, gross | 3 021 | 790 |
| Allowance for expected credit losses | (7) | (4) |
| Other assets, net | 3 014 | 786 |
Receivables are received shortly after the end of the period, therefore provisions for impairment are assessed as insignificant.
- Intangible assets, property, plant and equipment and right-of-use assets
| Intangible assets | EUR'000 |
|---|---|
| Cost | |
| At 31.12.2023 | 2 075 |
| Additions | 2 975 |
| Advance payment | 5 |
| At 31.12.2024 | 5 055 |
| At 31.12.2024 | 5 055 |
| Additions | 2 819 |
| Increase related to acquisition of new Group entities in 2025 | 4 476 |
| Advance payment | 13 |
| At 31.12.2025 | 12 363 |
| At 31.12.2025 | 12 363 |
| Additions | 664 |
| Advance payment | (66) |
| At 31.03.2026 | 12 961 |
| Intangible assets | EUR'000 |
| --- | --- |
| Accumulated amortisation | |
| At 31.12.2023 | 110 |
| Additions | 421 |
| At 31.12.2024 | 531 |
| At 31.12.2024 | 531 |
| Additions | 1 328 |
| Increase related to acquisition of new Group entities in 2025 | 2 340 |
| At 31.12.2025 | 4 199 |
| At 31.12.2025 | 4 199 |
| Additions | 605 |
| At 31.03.2026 | 4 804 |
| Net book value at 31.12.2025 | 8 164 |
| Net book value at 31.03.2026 | 8 157 |
| Other PPE | EUR'000 |
| --- | --- |
| Historical cost | |
| At 31.12.2023 | 48 |
| Additions | 246 |
| Written off | (1) |
| Leasehold Improvements | 366 |
| Advance payment | 10 |
| At 31.12.2024 | 669 |
| At 31.12.2024 | 669 |
| Additions | 254 |
| Leasehold Improvements | 62 |
| Written off | (2) |
| Increase related to acquisition of new Group entities in 2025 | 2 885 |
| Advance payment | (10) |
| At 31.12.2025 | 3 858 |
| At 31.12.2025 | 3 858 |
| Additions | 75 |
| Leasehold Improvements | 5 |
| Advance payment | 41 |
| Written off | (7) |
| At 31.03.2026 | 3 972 |
| Other PPE | EUR'000 |
| --- | --- |
| Accumulated depreciation | |
| At 31.12.2023 | 26 |
| Additions | 26 |
| Depreciation of written off fixed assets | (1) |
| At 31.12.2024 | 51 |
| At 31.12.2024 | 51 |
| Additions | 135 |
| Leasehold Improvements | 63 |
| Increase related to acquisition of new Group entities in 2025 | 2 078 |
| Depreciation of written off fixed assets | (1) |
| At 31.12.2025 | 2 326 |
| At 31.12.2025 | 2 326 |
| Additions | 101 |
| Leasehold Improvements | 23 |
| Depreciation of written off fixed assets | (3) |
| At 31.03.2026 | 2 447 |
| Net book value at 31.12.2025 | 1 532 |
| Net book value at 31.03.2026 | 1 525 |
All fixed assets are used for the core business needs of the Group.
- Intangible assets, property, plant and equipment and right-of-use assets
| Right-of-use assets | EUR | Lease liability | EUR |
|---|---|---|---|
| At 31.12.2023 | 38 | At 31.12.2023 | 47 |
| Impact of lease changes | 2 128 | Changes during the reporting period | 1 968 |
| Amortisation | (224) | - | |
| Adjustment | 31 | Adjustment | 27 |
| At 31.12.2024 | 1 973 | At 31.12.2024 | 2 042 |
| Increase related to acquisition of new Group entities in 2025 | 2 938 | Increase related to acquisition of new Group entities in 2025 | 3 261 |
| Amortisation | (412) | Changes during the reporting period | (348) |
| Adjustment | (61) | Adjustment | (68) |
| At 31.12.2025 | 4 438 | At 31.12.2025 | 4 887 |
| Amortization | (266) | Changes during the reporting period | (242) |
| Adjustment | (2) | Adjustment | (3) |
| At 31.03.2026 | 4 170 | At 31.03.2026 | 4 642 |
| 31.03.2026 | |||
| Unaudited | |||
| EUR'000 | 31.03.2025 | ||
| Unaudited | |||
| EUR'000 | |||
| --- | --- | --- | |
| Right-of-use assets | 4 170 | 1 862 | |
| Lease liability | 4 642 | 1 948 |
- Contract acquisition costs
| | 31.03.2026
Unaudited
EUR'000 | 31.03.2025
Unaudited
EUR'000 |
| --- | --- | --- |
| Customer acquisition costs | 1 523 | 1 591 |
| Total | 1 523 | 1 591 |
The Group capitalises the variable compensation (including employer's social security contributions) of specialists involved in customer acquisition. The capitalised expenses are amortised over a period of seven years.
According to the data of the State Social Insurance Agency, in the reporting period, on average 15% of participants in the investment plans managed by the Group opted for other investment plans registered in Latvia, while 85% of participants remained in the plans managed by INDEXO. This indicates that, based on observed retention patterns, a participant of the investment plans managed by the Group remains a client of INDEXO for a period that materially exceeds the seven-year amortisation horizon applied to customer acquisition costs. Therefore, the Group believes that the amortisation of the variable compensation of customer acquisition specialists related to customer acquisition over a period of seven years is appropriate.
| Customer acquisition costs | EUR'000 |
|---|---|
| At 31.12.2024 | 1 567 |
| Capitalised salary costs, including national social insurance mandatory contributions | 115 |
| Amortisation of capitalised salary costs, including national social insurance mandatory contributions | (91) |
| At 31.03.2025 | 1 591 |
| At 31.12.2024 | 1 526 |
| Capitalised salary costs, including national social insurance mandatory contributions | 100 |
| Amortisation of capitalised salary costs, including national social insurance mandatory contributions | (103) |
| At 31.03.2025 | 1 523 |
22. Bonds issued
| 31.03.2026 | 31.03.2025 | |
|---|---|---|
| EUR'000 | EUR'000 | |
| Total long-term part of bonds issued | 49 638 | |
| Bonds issued | 13 277 | - |
| Interest accrued | 106 | - |
| Total short-term part of bonds issued | 13 384 | - |
| Bonds issued, total | 62 914 | - |
| Interest accrued, total | 106 | - |
| Bonds issued, net | 63 021 | - |
As at 31 March 2026, AS DelfinGroup has bonds in issue (ISIN LV0000106649) in the nominal amount of EUR 25,000,000, registered with the Latvian Central Depository, issued by way of a private placement on 25 September 2025 on the following terms – number of financial instruments: 25,000, with a nominal value of EUR 1,000 each. The coupon rate is 9.50%, with the coupon payable monthly on the 25th day of each month. The final maturity date for redemption of the principal amount (EUR 1,000 per bond) is 25 September 2027. On 17 February 2026, trading in the bonds commenced on the Nasdaq Baltic First North Alternative Market debt securities list. The bonds are unsecured.
As at 31 March 2026, AS DelfinGroup has bonds in issue (ISIN LV0000803914) in the nominal amount of EUR 15,000,000, registered with the Latvian Central Depository, issued by way of a public offering on 25 September 2024 on the following terms – number of financial instruments: 150,000, with a nominal value of EUR 100 each. The coupon rate is 10.00%, with the coupon payable monthly on the 25th day of each month. The final maturity date for redemption of the principal amount (EUR 100 per bond) is 25 September 2028. On 25 September 2024, trading in the bonds commenced on the Nasdaq Baltic Regulated Market debt securities list. The bonds are unsecured.
As at 31 March 2026, AS DelfinGroup has subordinated bonds in issue (ISIN LV0000802700) in the nominal amount of EUR 5,000,000, registered with the Latvian Central Depository, issued by way of a private placement on 24 July 2023 on the following terms – number of financial instruments: 5,000, with a nominal value of EUR 1,000 each. The coupon rate is 3M EURIBOR + 11.50%, with the coupon payable monthly on the 25th day of each month. The final maturity date for redemption of the principal amount (EUR 1,000 per bond) is 25 July 2028. On 7 November 2024, trading in the bonds commenced on the Nasdaq Baltic First North Alternative Market debt securities list. The bonds are unsecured.
As at 31 March 2026, AS DelfinGroup has subordinated bonds in issue (ISIN LV0000870145) in the nominal amount of EUR 5,000,000, registered with the Latvian Central Depository, issued by way of a private placement on 29 May 2024 on the following terms – number of financial instruments: 5,000, with a nominal value of EUR 1,000 each. The coupon rate is 3M EURIBOR + 11.00%, with the coupon payable monthly on the 25th day of each month. The final maturity date for redemption of the principal amount (EUR 1,000 per bond) is 25 May 2029. The bonds are unsecured.
As at 31 March 2026, AS DelfinGroup has subordinated bonds in issue (ISIN LV0000106631) in the nominal amount of EUR 0, registered with the Latvian Central Depository, issued by way of a private placement on 25 September 2025 on the following terms – number of financial instruments: 5,000, with a nominal value of EUR 1,000 each. The coupon rate is 11.50%, with the coupon payable monthly on the 25th day of each month. The final maturity date for redemption of the principal amount (EUR 1,000 per bond) is 25 September 2030. The bonds are unsecured.
As at 31 March 2026, the Group has complied with all covenants included in the terms and conditions of the bond issues.
23. Loans from credit institutions
| | 31.03.2026
EUR'000 | 31.03.2025
EUR'000 |
| --- | --- | --- |
| Long-term loans from credit institutions | 29 746 | - |
| Total long-term loans from credit institutions | 29 746 | - |
| Short-term loans from credit institutions | 2 789 | - |
| Total short-term loans from credit institutions | 2 789 | - |
| Loans from credit institutions, total | 32 535 | - |
As of 31 March 2026, DelfinGroup had received loans from credit institutions with fixed interest rates maturing in 2028 and a variable interest rate (3M EURIBOR plus a fixed rate), maturing in 2027.
As of 31 March 2026, the Group has complied with the terms of the loan agreements.
24. Other borrowings
| | 31.03.2026
EUR'000 | 31.03.2025
EUR'000 |
| --- | --- | --- |
| Other long-term loans | 16 419 | - |
| Total other long-term loans | 16 419 | - |
| Other short-term loans | 11 453 | - |
| Total other short-term loans | 11 453 | - |
| Other loans, total | 27 872 | - |
Amount of other borrowings is represented by loans received from investment platform Mintos, a platform registered in the European Union. The weighted average annual interest rate as of 31 March 2026 is 8.6% (31.12.2025: 8.7%). According to the loan agreement with SIA Mintos Finance the loans mature according to the particular loan agreement terms concluded by the Group with its customers.
To ensure fulfilment of liabilities the Group has registered commercial pledge, see note 15. As at 31 March 2026 the Group is in compliance with covenants.
25. Deposits from customers
| | 31.03.2026
Unaudited
EUR'000 | 31.03.2025
Unaudited
EUR'000 |
| --- | --- | --- |
| Current accounts | 16 320 | 7 076 |
| Term deposits | 32 736 | 13 450 |
| Savings accounts | 40 728 | 24 736 |
| Total deposits from customers | 89 784 | 45 262 |
26. Subordinated borrowings
| | 31.03.2026
Unaudited
EUR'000 | 31.03.2025
Unaudited
EUR'000 |
| --- | --- | --- |
| Private individuals | 627 | - |
| Legal entities | 1 976 | - |
| Subordinated borrowings, total | 2 603 | - |
Subordinated borrowings include loans with a maturity at initial recognition of not less than five years and whose early repayment is possible only in the event of the Bank's liquidation or upon receiving permission from the Bank of Latvia. If the Bank's operations are discontinued, subordinated borrowings are subordinated to the claims of the Bank's depositors and other creditors.
- Other liabilities
| 31.03.2026 | 31.03.2025 | |
|---|---|---|
| Unaudited | Unaudited | |
| EUR'000 | EUR'000 | |
| Other financial liabilities | ||
| Settlements for financial services | 1 910 | 174 |
| Lease liabilities | 4 642 | 1 948 |
| Obligations related to pension plans | 55 | 70 |
| Other financial liabilities, total | 6 607 | 2 192 |
| Other non-financial liabilities | ||
| Accrued expenses | 1 412 | 565 |
| Temporary liabilities and cash in transit | 1 951 | 275 |
| Accrued liabilities for unused vacations | 740 | 222 |
| Other liabilities | 186 | 19 |
| Other non-financial liabilities, total | 4 289 | 1 081 |
| Other liabilities, total | 10 896 | 3 273 |
- Share capital
| Unaudited EUR'000 | |
|---|---|
| At 31.12.2024 | 4 761 |
| Increase in Share capital | 13 |
| At 31.03.2025 | 4 774 |
| At 31.12.2025 | 9 997 |
| Increase in Share capital | 340 |
| At 31.03.2026 | 10 337 |
The registered and fully paid-in share capital of IPAS INDEXO as of 31 March 2026 amounts to EUR 10 336 531 and consists of bearer shares with a nominal value of EUR 1 (one euro).
- Guarantees issued, pledges and contingent liabilities
The Group has registered commercial pledges by pledging its assets and claim rights for a maximum amount of EUR 47 million as collateral registered to SIA Mintos Finance No.20 and AS Mintos Marketplace to provide collateral for loans placed on the Mintos P2P platform.
On 24 October 2024, DelfinGroup registered a commercial pledge, pledging its claims as collateral to AS "Citadele banka" for a maximum amount of EUR 6.37 million. On 16 October 2024, INDEXO Group's subsidiary SIA ViziaFinance signed a guarantee agreement, undertaking to be liable to AS "Citadele banka" for DelfinGroup's obligations.
On 16 April 2025, DelfinGroup and SIA ViziaFinance registered a commercial pledge, pledging their assets as collateral to Multitude Bank p.l.c. for a maximum amount of EUR 17 million. On 7 April 2025, SIA ViziaFinance signed a guarantee agreement, undertaking to be liable to Multitude Bank p.l.c. for DelfinGroup's obligations. On 4 December 2025, the Company pledged its Multitude Capital Oyj bonds (ISIN NO0013259747) in the amount of EUR 2,500,000 in favor of Multitude Bank p.l.c.
On 29 December 2025, DelfinGroup and SIA ViziaFinance signed a commercial pledge agreement with the aim of pledging their assets as collateral to Multitude Bank p.l.c. for a maximum amount of EUR 17.25 million. On 29 December 2025, SIA ViziaFinance and UAB DelfinGroup LT signed a guarantee agreement, undertaking to be liable to Multitude Bank p.l.c. for DelfinGroup's obligations. On 10 February 2026, UAB DelfinGroup LT signed a commercial pledge agreement with the aim of pledging its assets as collateral to Multitude Bank p.l.c. up to a maximum amount of EUR 17.25 million. On 3 March 2026, DelfinGroup pledged its Multitude Capital Oyj bonds (ISIN NO0013259747) in the amount of EUR 2,587,000 in favor of Multitude Bank p.l.c.
AS INDEXO Banka has undertaken commitments to issue loans. Such commitments represent loans that have already been approved but not yet disbursed.
| 31.03.2026 | 31.03.2025 | |
|---|---|---|
| Unaudited EUR'000 | Unaudited EUR'000 | |
| Contractual amount | ||
| Mortgage loans | 3 447 | - |
| Off-balance sheet commitments, total | 3 447 | - |
| Allowances for off-balance sheet commitments | - | - |
30. Earnings Per Share
| 01.01.2026 - 31.03.2026 Group EUR | 01.01.2025 - 31.03.2025 Group EUR | |
|---|---|---|
| Basic earnings per share | ||
| Profit/(loss) from continuing operations attributable to the ordinary equity holders of the Company | 143 | -2 030 |
| Total basic earnings per share attributable to the ordinary equity holders of the Company | 0.01 | (0.43) |
| Diluted earnings per share | ||
| Profit/(loss) from continuing operations attributable to the ordinary equity holders of the Company | 143 | -2 030 |
| Total basic earnings per share attributable to the ordinary equity holders of the Company | 0.01 | (0.42) |
| Weighted average number of shares used as denominator | ||
| Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share | 10 291 | 4 774 |
| Adjustments for calculation of diluted earnings per share: | ||
| Options | - | 14 |
| Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share | 10 291 | 4 788 |
Options granted to employees under the option schemes are considered to be potential ordinary shares. They have been included in the determination of diluted earnings per share, if the required share price hurdles would have been met based on the Company's performance up to the reporting date, and to the extent to which they are dilutive.
31. State funded and private pension plans established and managed by the Group by net asset value
| 31.03.2026 Unaudited EUR'000 | 31.03.2025 Unaudited EUR'000 | |
|---|---|---|
| State-funded pension scheme investment plan "INDEXO Jauda 16-55" | 1 090 658 | 973 495 |
| State-funded pension scheme investment plan "INDEXO Izaugsme 55-62" | 238 274 | 250 891 |
| State-funded pension scheme investment plan "INDEXO Konservativais 62+" | 33 798 | 36 371 |
| Private pension scheme pension plan "INDEXO AKCIJU PLANS" | 57 631 | 35 383 |
| Private pension scheme pension plan "INDEXO OBLIGACIJU PLANS" | 5 322 | 3 270 |
| State-funded pension scheme investment plan "VAIRO 1960-1969" | 1 742 | - |
| State-funded pension scheme investment plan "VAIRO 1970-1979" | 21 507 | - |
| State-funded pension scheme investment plan "VAIRO 1980-1989" | 28 777 | - |
| State-funded pension scheme investment plan "VAIRO 1990+" | 28 683 | - |
| Total | 1 506 392 | 1 299 410 |
Henrik Karmo, Chairman of the Management Board
Marija Cernoštana, Member of the Management Board
Artūrs Roze, Member of the Management Board