INDEXO Group Reports Strong Growth in 2025, Driven by Pension Management and Banking Expansion
The INDEXO financial services group reported a year of strong growth across all key areas of operation in 2025. While the consolidated result for the group was a loss of EUR 7.74 million due to strategic investments in its banking operations, both its pension management and banking divisions demonstrated significant progress.
Pension Management Performance
IPAS INDEXO, the parent company, generated a profit of EUR 2.18 million in its pension management business, continuing to expand its client base and assets under management. The number of clients in INDEXO’s pension management business increased by 17,610, reaching 159,470 clients at year-end, a 12% increase compared to the end of 2024.
Total assets under management of INDEXO pension plans increased by 17% over the last 12 months, reaching EUR 1,566 million at the end of the year. This growth outpaced the overall Latvian level 2 pension market, which grew from EUR 8.78 billion to EUR 9.97 billion (a 14% increase) during the same period. Nasdaq
INDEXO also boasts the highest average savings per client among investment plans, with EUR 10,993 per client.
Expansion in the Voluntary Savings Market
The group significantly increased its focus on the level 3 pension market, increasing the number of clients by 5,857 to 22,396, a 35.4% increase. Assets under management in this segment grew from EUR 37.6 million to EUR 59.2 million, a 57.3% increase.
Commission revenues increased to EUR 5.11 million, compared to EUR 4.44 million in 2024. IPAS INDEXO also received dividends of EUR 0.78 million from DelfinGroup during 2025.
INDEXO Bank’s Growth and Investment
INDEXO Bank, established in 2024, significantly expanded its operations through investments in IT infrastructure, product development, and customer acquisition. The bank attracted almost 50,000 customers and created a loan portfolio exceeding EUR 55 million, while attracting nearly EUR 74 million in deposits within its first 16 months of operation.
The bank generated EUR 1.54 million of its total EUR 1.81 million revenue in 2025 during the second half of the year. Despite revenue growth, the bank reported a loss of EUR 9.25 million, primarily due to substantial investments in IT infrastructure, totaling EUR 2.65 million in 2025 and EUR 7.5 million since its inception. Nasdaq
INDEXO Bank launched a home loan refinancing service in May 2025, quickly gaining a 60-70% market share. It also improved its consumer credit products and deposit offers and was the first in Latvia to allow customers to view their level 2 pension savings within its mobile app.
Strategic Acquisitions and Future Outlook
In January 2026, IPAS INDEXO completed the acquisition of a 71.52% shareholding in AS DelfinGroup. This acquisition is expected to contribute to the profitability of the INDEXO Group and help finance future growth. Nasdaq
To support INDEXO Bank’s development, IPAS INDEXO increased the bank’s capital by EUR 10 million, and the bank raised subordinated loans of EUR 1.8 million.
Looking ahead, INDEXO Bank plans to focus on credit portfolio growth through responsible lending, consumer credit refinancing, and expanding distribution partnerships. It will also offer free daily banking services to customers who receive regular income through an INDEXO Bank account starting in 2026, and plans to introduce accounts for minor children.
“Last year was a period of significant change and dynamic development,” said Henrik Karmo, Chairman of the Management Board of IPAS INDEXO and one of INDEXO’s founders. “We have laid a solid foundation for INDEXO to become one of Latvia’s leading locally owned financial services groups in the coming years.” Nasdaq