IPAS Indexo (IDX1R) Q1 2026 earnings summary

Executive summary

• Consolidated net profit reached EUR 142.5 thousand in Q1 2026, marking the first profitable quarter at the group level after DelfinGroup inclusion.

• Total consolidated income was EUR 12.7 million, with a net loan portfolio of EUR 248 million and 546 thousand client accounts across banking and pension segments.

• Total quarterly income rose 30% sequentially, reaching €1.04 million, driven by record €25.5 million in new loans and a 38% increase in the loan portfolio to €76.7 million before expected credit losses.

• Customer base grew by 15% to 57,100, with deposits exceeding €90 million, supported by competitive deposit rates and free daily banking for regular income recipients.

• Strong capital and liquidity positions maintained, with significant growth in both banking and pension businesses.

Financial highlights

• Consolidated net profit: EUR 142.5 thousand for Q1 2026.

• Total income: EUR 12.7 million; net interest income: EUR 10.8 million.

• Cost/income ratio: 61.11%; ROE: 0.24%; ROA: 0.05%; EPS: 0.01.

• Consolidated loan portfolio grew by 11% QoQ to EUR 248 million.

• Net interest income increased 47% sequentially to €1 million; net interest margin rose from 4.24% to 4.79%.

Outlook and guidance

• Bank expects to reach monthly break-even by December 2026, with continued growth in deposits and lending.

• Management expects to reach break-even by the end of 2026, with annual net interest income projected to exceed €10 million as the loan portfolio grows.

• Strategic focus on expanding product offerings, including new services for institutional and business clients.

• Additional external capital will be required to support further loan growth and new product launches in 2026.