Indexa Capital Group, S.a. · BME:INDXA
Indexa Capital — FY2025 Earnings Presentation
20 slides from Indexa Capital's earnings presentation, Mar 26, 2026
Slide 1: Indexa Capital Group Financial results 2025
Indexa Capital Group Financial results 2025 March 26th, 2026
Slide 2: Contents
Contents 1. Executive summary 2. Key performance indicators (KPIs) 3. Financial results 2025 4. Main achievements 5. Next steps Indexa Capital Group | Financial results 2025 1
Slide 3: Executive summary: revenue growth accelerating, net profit takes off
1. Executive summary Revenue growth is accelerating (+43%) Financial and net profitresults takes off (+210%) presentation Revenues (fees) of 2025 grow +43% vs. 2024 (9.44 vs. 6.61 million, M€). Accelerating from +36% in 2024. Net profit takes off showing the scalability of the model, +210% in 2025 v
Slide 4: Indexa Capital Group accelerates its revenue and net profit growth
1. Executive summary Indexa Capital Group accelerates its revenue and net profit growth KPIs and main financials: Main achievements: Indexa Capital AV: Indexa Capital AV: Assets under management or advisory have grown 1378 M€ in the last 12 months, +45% (4411 M€ • Savings account launched, indexed t
Slide 5: +43% in consolidated revenues and +210% in net profit
2. KPIs +43% in consolidated revenues and +210% in net profit Revenues, fees (M€) Net profit (M€) Net profit / revenues (%) 9,44 25,2% +43% 6,61 2,37 +117% + 210% 11,6% 0,76 2024 2025 2024 2025 2024 2025 Indexa Capital Group | Financial results 2025 4
Slide 6: 2021 to 2025: +234% in revenues and +766% in net profit
2. KPIs 2021 to 2025: +234% in consolidated revenues (35% CAGR) and +766% in net profit (72% CAGR) Revenues, fees (M€) Net profit (M€) Net profit / revenues (%) 9,44 25,2% + 234% 2,37 + 159% + 766% 9,7% 2,81 0,27 2021 2025 2021 2025 2021 2025 Indexa Capital Group | Financial results 2025 5
Slide 7: Indexa Capital AV increased 45% its AUMs in the last 12 months
2. KPIs Indexa Capital AV increased 45% its AUMs in the last 12 months Indexa Capital AV 2024 2025 2025 vs. 2024 Asset under management (M€) 3033 M€ 4411 M€ +45% 4411 M€ Number of clients 96 k 134 k +40% 332 M€ INDEXA CAPITAL AV Client acquisition cost 50 € 41 € -19% 1046 M€ 3033 M€ Payback period (
Slide 8: Portfolio returns 4.9 percentage points per annum above active mutual funds
2. KPIs Portfolio returns are 4.9 percentage points per annum above the average return of active mutual funds Accumulated return of +106.1% (+7.5% per annum) INDEXA CAPITAL AV for the average Indexa portfolio (portfolio 8 of 10 with 10 to 100 k€), since December 31, 2015, until December 31, 2025. 76
Slide 9: Very stable, always positive, net inflows
2. KPIs Very stable, always positive, net inflows The company has had positive net inflows Monthly net inflows (inflows - outflows, M€) (inflows minus withdrawals) every month since 200 its creation. 180 Even during the months of greatest stock 160 INDEXA CAPITAL AV market falls, such as March 2020
Slide 10: After 10 years, clients invested an average of 100 k€
2. KPIs After 10 years, clients invested an average of 100 k€ Average net inflows per client by cohort (months) As for cohorts, new clients start on average 120.000 € with an investment of 9.36 k€ and contribute 2016 INDEXA CAPITAL AV 2017 on average 426 € per month (new clients from 100.000 € 2018
Slide 11: Indexa Capital is the 7th biggest discretionary portfolio manager in Spain
2. KPIs Indexa Capital is the 7th biggest discretionary portfolio manager in Spain Closing the gap with number 6. Spanish discretionary portfolio management by financial group (AUMs in million euros, logarithmic scale) 100.000 INDEXA CAPITAL AV Caixabank Santander BBVA Kutxabank Sabadell 10.000 Iber
Slide 12: Bewater AM, +40% Revenues
2. KPIs Bewater AM, +40% Revenues Bewater Asset Management 2024 2025 2025 vs. 2024 Assets under management (M€) (1) 19.4 20,7 +7% Revenues (M€) 0.14 0.20 +40% BEWATR ASSET MANAGEMENT Net loss (M€) -0.21 -0.17 -19% Regulatory capital (M€) 0.17 0.17 +10% Number of managed funds 23 23 +0 Number of inve
Slide 13: Indexa Caravel (French subsidiary), +61% AUMs
2. KPIs Indexa Caravel (French subsidiary), +61% AUMs Indexa Courtier + Caravel 2024 2025 2025 vs. 2024 Assets under management (M€) 12.56 20.19 +61% Revenues (M€) 0.05 0.09 +54% INDEXA CARAVEL Net loss (M€) -0.79 -0.89 +13% Number of clients (k) 2.33 2.66 +14% Reinforcing our business integration b
Slide 14: Consolidated P&L of Indexa Capital Group
3. Financial results 2025 Consolidated P&L of Indexa Capital Group Indexa Capital Group (M€) 2024 2025 2025 vs. 2024 Revenues, fees 6.61 9.42 +43% Gross margin 6.60 9.26 +40% Personnel cost -2.40 -2.75 +15% General costs -2.89 -3.18 +10% Amortization -0.07 -0.06 -6% Consolidated net profit 0.76 2.37
Slide 15: Consolidated assets, liabilities and equity 2025
3. Financial results 2025 Consolidated assets, liabilities and equity 2025 Indexa Capital Group (M€) 2024 2025 2025 vs. 2024 Total assets 5.29 8.22 +55% Portfolio valued at fair value with changes in net equity 0.78 1.09 +39% Portfolio valued at amortized cost: credit investments 3.63 6.15 +69% Tang
Slide 16: Main achievements
4. Main achievements Main achievements Indexa Capital Group Bewater AM SGEIC • Launch of share buyback program (up to 200 k€), 02/2026 • Investment in Inversiva, Okify, • Continuous trading Pekata and PoolComet • Share price +60,5% in 2025 • Sale of Datos 101 (Tech B2B) Indexa Capital AV Indexa Cara
Slide 17: The snowball effect
5. Next steps Revenue from current assets The snowball effect Fees are based on managed assets (0,247%) The five revenue growth drivers Clients add more funds Indexa clients invest regularly (80%) Happy clients bring referrals Good technology and long-term returns attract new clients (50% funds acco
Slide 18: On track to 30 M€ annual recurring revenues by 2030
5. Next steps On track to 30 M€ annual recurring revenues (ARR) by 2030 Very predictable expected revenue growth On track to 30 M€ ARR by 2030 30 +25% current clients +10% new clients 25 +-15% market impact 20 = 20 to 50% growth rate 15 Yearly data for 2026 – 2029 not to be considered 10 as a foreca
Slide 19: Indexa Capital Group revenue growth accelerates
5. Next steps Indexa Capital Group revenue growth accelerates 1. We grow and we accelerate our growth. 2. We are consolidating our leadership position in Spain 3. We are positioned to act a sector consolidator in Europe Indexa Capital Group | Financial results 2025 18
Slide 20: Any questions?
Any questions? Information for investors: https://group.indexacapital.com/en/ Investor relations: investors@indexacapital.com Press: com@indexacapital.com Madrid, Spain | Paris, France