IPAS INDEXO (hereinafter – INDEXO) has updated the purchase price allocation for its acquisition of AS DelfinGroup and today publishes a restated unaudited consolidated interim report for the first half of 2026 to reflect this. The changes affect the Group’s consolidated balance sheet as at 30 June 2026 and the comparative 2025 balance sheet, the result reported for the first half of 2026 and the consolidated capital adequacy ratio. The changes do not affect the consideration paid for DelfinGroup, DelfinGroup’s own reported figures, the Group’s shareholding or its cash flows.
What has been completed
The acquisition of 67.42% of AS DelfinGroup completed on 15 December 2025 was accounted for provisionally in the INDEXO 2025 annual report, as IFRS 3 permits where the measurement of the assets and liabilities acquired is not complete at the reporting date. In particular the fair value of the loans acquired in the acquisition has now been updated.
The amended measurement values the acquired loan portfolio EUR 13 million lower than the provisional amount previously recognised. As a result INDEXO recognises in its consolidated balance sheet goodwill of EUR 8.7 million on the acquisition and reverses the provisional gain from a bargain purchase of EUR 117 thousand.
Correction of previously reported ECL on the acquired loan portfolio and the effect on the 2025 comparative figures
The Group’s Q1 and Q2 2026 interim reports already disclosed that the 2025 comparative results would be restated to recognise a “day 1” credit loss allowance on the acquired portfolio. That allowance has now been re-measured on the amended fair value and is EUR 0.3 million lower than previously reported in the Q2 interim report. The restated 2025 net loss is therefore EUR 0.16 million smaller than the figure published in August.
| EUR, million | As reported in the 2025 annual report | As previously restated | Updated |
| Net loss for the year | 7.7 | 18.4 | 18.3 |
| Attributable to INDEXO shareholders | 7.7 | 14.9 | 14.9 |
| Credit loss allowance on the acquired portfolio | – | 10.7 | 10.4 |
| Loan portfolio fair value adjustment | 24.8 | 24.8 | 11.8 |
| Goodwill | – | – | 8.7 |
Consolidated capital adequacy
Recognising goodwill in place of a higher value on the loan portfolio reduces the consolidated capital adequacy ratio.
| Consolidated capital adequacy ratio | 31.12.2025 | 31.03.2026 | 30.06.2026 |
| As originally reported | 25.3% | 24.5% | 24.3% |
| Corrected | 18.0% | 19.3% | 19.5% |
The Q2 2026 interim report published in August stated that the Group expected the consolidated capital adequacy ratio to remain above its regulatory guideline recommendation of 20%. The recalculated ratio is close to 20% and has improved through the first half of 2026 as the own funds have grown and the Group has been strengthening its capital position through the year. The Group remains compliant with its minimum capital requirements at each of the above three dates.
Effect on the first half of 2026
The consolidated figures previously published for the first and second quarters of 2026 used amounts measured by AS DelfinGroup on its own accounting basis. The calculation model has now produced the equivalent amounts on the Group measurement basis for every contract in the acquired portfolio, and the restated report presents those.
| EUR, thousand | Q1 2026 | Q2 2026 | First half |
| Interest income, lower | (695) | (458) | (1 153) |
| Credit loss expense, lower | 736 | 378 | 1 114 |
| Net effect on the result | 41 | (80) | (39) |
The adjustments largely offset one another. The net effect on the consolidated result for the first half of 2026 is a reduction in the result of EUR 39 thousand. The net profit attributable to INDEXO shareholders for the first half of 2026 is therefore approximately EUR 251 thousand, against the EUR 280 thousand previously reported.
The adjustments do not affect the underlying operating performance of the Group’s businesses. They arise from the basis on which the acquired loan portfolio is measured in the consolidated accounts, not from the loans themselves, the interest paid by borrowers or the amounts collected.
The purchase price allocation remains provisional under IFRS 3 until 15 December 2026, however the Management does not expect any further material adjustments in relation to this matter in the third or fourth quarter of 2026.
About the INDEXO financial services group
INDEXO is a financial services group comprising pension management companies IPAS INDEXO, INDEXO Atklātais Pensiju Fonds AS, and INDEXO Asset Management IPAS, as well as INDEXO Bank AS and DelfinGroup AS.
The Group's pension companies manage EUR 1.7 billion for more than 162 thousand customers in Latvia. INDEXO Banka, a bank licensed by the European Central Bank, serves more than 70 thousand customers with deposits exceeding EUR 160 million and a loan portfolio exceeding EUR 135 million. The Group reached profitability in the first quarter of 2026.
More information: https://indexo.lv/en/