INDEXO financial services group, which includes the pension management company IPAS INDEXO, AS INDEXO Atklātais Pensiju Fonds, and AS INDEXO Bank, is currently preparing to make a voluntary share buyback offer to the shareholders of AS DelfinGroup. To provide insight into the potential benefits of the transaction, INDEXO has prepared a financial projections and strategic goals for the combined group through 2028, assuming the acquisition of 65% of DelfinGroup shares. Based on a gradual reduction in external financing costs, the combined group’s net profit could exceed €30 million in 2028. Upon reaching the set targets, the group plans to start paying dividends from 2028 profits.
According to these projections, the INDEXO group — comprising a bank, pension management companies, and the consumer lender DelfinGroup — is expected to reach revenues of €94.9 million and a net profit of €33 million in 2028.
The revenue and profit forecast is based on the individual growth projections of the group’s companies and assumes a gradual decrease in external financing costs. Other potential synergies are not included in the financial forecasts, and their successful realization would provide additional financial benefits. Additionally, INDEXO Bank’s financial projections are based solely on servicing private individuals, entering new customer segments and/or significantly expanding the range of services offered could further improve the bank’s and the group’s overall financial results.
“The merger with DelfinGroup offers clear benefits to all companies within the group. These benefits will arise from reduced external financing costs and cross-selling of services among group companies. The newly formed group will soon become a major player in Latvia’s financial sector, with a customer base in the hundreds of thousands, a loan portfolio exceeding €700 million, and over €2 billion in managed pension assets. I encourage INDEXO shareholders to support the offer to DelfinGroup shareholders on September 11, and I invite DelfinGroup shareholders to take advantage of the share exchange opportunity once the offer is made and benefit from all the synergies of the new group,” says Henrik Karmo, Chairman of the Management board of IPAS INDEXO and one of INDEXO’s founders.
INDEXO group financial projections summary for the coming years:
| Forecast (€ millions) | 2025 | 2026 | 2027 | 2028 |
| Revenue | 34.3 | 54.1 | 74.9 | 94.9 |
| Net Profit | - 5.7 | 5.5 | 18.8 | 33 |
| Loan Portfolio | 198 | 346 | 532 | 771 |
| Pension Assets Under Management | 1 508 | 1 810 | 2 201 | 2 681 |
Please note that this is a forecast based on forward-looking assumptions, and actual performance may differ from the projections. The forecast may also be updated and revised depending on market conditions or changes in company strategy.
Detailed information is included in the attached document.
About INDEXO
INDEXO is a financial services group that includes pension management companies and INDEXO Bank.
INDEXO, an investment management company licensed by the Bank of Latvia, offers modern 2nd and 3rd pillar pension plans in Latvia. It is one of the fastest-growing pension managers in the Baltics, with almost 145 thousand customers and more than EUR 1.4 billion assets under management.
INDEXO Bank, a credit institution licensed by the European Central Bank, serves over 42 thousand clients, with total client funds amounting to EUR 52.4 million and EUR 26 million in issued consumer loans.
Founded and headquartered in Latvia, INDEXO is a Nasdaq Riga-listed company with around 7,000 shareholders. Its mission is to fight for a better financial environment in Latvia and strengthen the well-being of Latvian residents by providing modern and personalized financial services.
For more information visit www.indexo.lv.