IPAS Indexo (IDX1R) Q1 2025 earnings summary

Executive summary

• INDEXO Group reported stable AUM at EUR 1,299 million in Q1 2025, up 23% year-over-year, with 2,424 new pension customers and a total of 144,284 clients, despite a slight AUM decline due to negative market returns.

• Commission income rose 33% year-over-year to EUR 1.2 million, and the pension business generated a net profit of EUR 386 thousand in Q1 2025.

• INDEXO Bank, launched in August 2024, grew its customer base by 10,500 to 31,600 and expanded its loan portfolio by EUR 5.69 million to EUR 6.67 million, but posted a net loss of EUR 2.42 million due to ongoing IT investments and early-stage operations.

• Group-wide, total assets reached EUR 58.88 million, equity stood at EUR 10.16 million, and group net loss was EUR 2.03 million, mainly due to bank development costs.

Financial highlights

• Commission income for Q1 2025 was EUR 1.22 million, up from EUR 0.92 million in Q1 2024 (32.6% increase).

• Operating income from pension management was EUR 0.83 million, up 117.6% year-over-year.

• Net income from pension management reached EUR 0.39 million, compared to a EUR 0.12 million loss in Q1 2024.

• INDEXO Bank's revenue was EUR 62.8 thousand, up 183% sequentially, but net loss was EUR 2.42 million.

• Group assets increased to EUR 58.88 million from EUR 17.33 million year-over-year; liabilities rose to EUR 48.73 million from EUR 3.34 million.

Outlook and guidance

• INDEXO Bank aims to reach group-level break-even (before credit loss provisions) in 2025 and start issuing mortgage loans in the next month.

• Additional capital increases and a potential closed share issue are planned to support growth and product launches.