Inbank unaudited financial results for Q4 and 12 months of 2025
In 2025, Inbank’s consolidated net profit increased to €19.2 million, up 57% year-on-year. Return on equity (ROE) improved to 12.3% for the full year. In Q4 2025, Inbank earned a net profit of €6.1 million, increasing 339% year-on-year, and ROE for Q4 reached 14.7%.
- In 2025, total net income reached €85.1 million, increasing 13% year-on-year, while operating expenses remained broadly flat at €46.3 million. As a result, net profit increased 57% to €19.2 million and return on equity improved to 12.3%. The cost-income ratio improved to 54.4%.
- In 2025, Inbank’s originated volume grew by 10% year-on-year to a record €770 million. Growth was driven by strong performance in Central and Eastern Europe, where originated volume increased 23% to €309 million, while Baltics volumes grew 3% to €462 million.
- Merchant solutions remained the largest segment, reaching €272 million in originated volume, increasing 7% year-on-year, driven mainly by strong Buy Now, Pay Later demand across the Baltics. Green financing was the strongest contributor to growth, increasing 65% to €146 million, supported by demand in Poland. Direct lending increased 33% to €119 million. Car financing originated volume declined 15% to €178 million, while rental services remained stable at €54 million. Both car financing and rental volumes were significantly impacted by the introduction of Estonia’s car tax at the beginning of 2025.
- By year-end, Inbank’s loan and rental portfolio grew 11% year-on-year to €1.28 billion, while customer deposits increased 11% year-on-year to €1.3 billion. Total assets reached €1.58 billion at the end of 2025.
- Credit quality remained within target throughout the year, with annual credit costs at 1.59% of the average loan and rental portfolio.
- Inbank’s capital position remained strong. As of 31 December 2025, the total capital ratio stood at 18.81% and the CET1 ratio at 14.13%.
- By the end of 2025, Inbank had 900,000 active customer contracts and over 6,000 active retail merchants.
Results for Q4 2025
- In the fourth quarter, results were impacted by a one-off positive effect from the reassessment of Polish tax assets and a low comparison base from the prior year. Excluding the positive tax effect in Poland, Q4 2025 net profit would have been €4.6 million and ROE 11.0%.
- In Q4 2025, Inbank’s total net income amounted to €21.8 million, up 5% year-on-year. Operating expenses increased to €12.2 million, reflecting continued investments in growth and platform development. Expenses were up 7% from the previous quarter and down 14% year-on-year.
- In Q4 2025, originated volume reached €203 million, representing an 8% year-on-year increase. Merchant solutions remained Inbank’s largest sales segment in Q4, reaching €77 million in originated volume, representing a 22% year-on-year increase, driven by Buy Now, Pay Later demand across the Baltics.
- Green financing grew 48% year-on-year and reached €37 million, supported by sustained demand in Poland. Direct lending reached €30 million, increasing 29% year-on-year. Auto marketplaces and dealer financing totalled €42 million, decreasing 25% year-on-year, and rental services generated €17 million, decreasing 18% year-on-year. Both segments were significantly impacted by the introduction of Estonia’s car tax at the beginning of 2025 and a higher comparative base in Q4 2024.
- Credit impairment losses were 1.64% of the average loan and rental portfolio in Q4.
- In October, Inbank issued €8 million of new Tier 2 bonds at an interest rate of 6.25%. In December, Inbank issued €5.3 million in new shares through a direct offering, strengthening the Group’s capital base.
- In December, Inbank increased its stake in Mobire Group to 100%, becoming the sole owner of the Baltics’ leading full-service car rental company.
Priit Põldoja, CEO of Inbank, comments:
“Inbank closed 2025 with solid underlying momentum. The year was, in many respects, one of two halves. In the first quarter, we were still recovering from the higher interest rates and slower growth of 2024. In the spring, we decided to accelerate our growth ambitions and increased sales across most markets and product groups. As a result, originated volume grew by 10% to a record €770 million, and we increased net profit by 57% year-on-year, marking our 14th consecutive year of profitability.
Against the backdrop of accelerating business volumes in Central and Eastern Europe and declining market interest rates, we improved margins and kept operating expenses under control, while credit costs remained within our target range. The fourth quarter results were impacted by a one-off positive tax effect in Poland and a low comparison base. Strong sales across core products, improved profitability, and continued progress in product development and new partnerships position Inbank well for 2026.”
Key financial indicators as of 31.12.2025
Total assets €1.58 billion
Loan and rental portfolio €1.28 billion
Customer deposits €1.3 billion
Total equity €171 million
Net profit €19.2 million
Return on equity 12.3%
Consolidated income statement (in thousands of euros)
| Q4 2025 | Q4 2024 | 12 months 2025 | 12 months 2024 | |
| Interest income calculated using effective interest method | 32,604 | 32,495 | 127,646 | 121,441 |
| Interest expense | -13,618 | -13,662 | -53,404 | -53,949 |
| Net interest income | 18,986 | 18,833 | 74,242 | 67,492 |
| Fee and commission income | 161 | 51 | 216 | 366 |
| Fee and commission expenses | -1,178 | -1,053 | -4,586 | -4,690 |
| Net fee and commission income/expenses | -1,017 | -1,002 | -4,370 | -4,324 |
| Rental income | 10,706 | 9,004 | 39,418 | 32,478 |
| Sale of assets previously rented to customers | 3,542 | 3,735 | 16,015 | 15,849 |
| Other operating income | -77 | -762 | 0 | 0 |
| Depreciation of rental assets | -4,927 | -4,076 | -18,438 | -14,471 |
| Other operating expenses | -2,130 | -1,653 | -7 | -7 |
| Cost of assets sold previously rented to customers | -3,352 | -3,558 | -15,045 | -15,243 |
| Net rental income/expenses | 3,762 | 2,690 | 14,737 | 11,977 |
| Net gains/losses from financial assets measured at fair value | 31 | 186 | 337 | 9 |
| Foreign exchange rate gain/losses | 54 | -17 | 193 | 365 |
| Net gain/losses from financial items | 85 | 169 | 530 | 374 |
| Total net income | 21,816 | 20,690 | 85,139 | 75,519 |
| Personnel expenses | -5,609 | -5,260 | -22,472 | -19,986 |
| Marketing expenses | -1,041 | -885 | -3,983 | -3,071 |
| Administrative expenses | -3,602 | -5,263 | -12,670 | -14,547 |
| Depreciation, amortization | -1,966 | -2,807 | -7,202 | -8,513 |
| Total operating expenses | -12,218 | -14,215 | -46,327 | -46,117 |
| Share of profit from associates | 0 | 0 | 0 | 663 |
| Impairment losses on loans and receivables | -5,253 | -5,197 | -19,338 | -16,355 |
| Profit before income tax | 4,345 | 1,278 | 19,474 | 13,710 |
| Income tax expense | 1,709 | 100 | -317 | -1,497 |
| Profit for the period | 6,054 | 1,378 | 19,157 | 12,213 |
| Other comprehensive income that may be reclassified subsequently to profit or loss | ||||
| Currency translation differences | 55 | -16 | -180 | -288 |
| Total comprehensive income for the period | 6,109 | 1,362 | 18,977 | 11,925 |
Consolidated statement of financial position (in thousands of euros)
| 12/31/25 | 12/31/24 | |
| Assets | ||
| Cash and cash equivalents | 144,541 | 153,191 |
| Mandatory reserves at central banks | 28,859 | 25,156 |
| Due from other banks | 10,004 | 0 |
| Investments in debt securities | 59,393 | 46,724 |
| Financial assets measured at fair value through profit or loss | 94 | 27 |
| Loans and receivables | 1,152,136 | 1,041,542 |
| Other financial assets | 3,610 | 4,569 |
| Tangible fixed assets | 113,835 | 98,069 |
| Right of use assets | 20,469 | 20,551 |
| Intangible assets | 33,492 | 31,560 |
| Other assets | 6,300 | 9,718 |
| Deferred tax assets | 7,299 | 4,707 |
| Total assets | 1,580,032 | 1,435,814 |
| Liabilities | ||
| Customer deposits | 1,301,052 | 1,171,359 |
| Financial liabilities measured at fair value through profit or loss | 265 | 503 |
| Other financial liabilities | 51,601 | 58,137 |
| Current tax liability | 193 | 62 |
| Deferred tax liability | 1,350 | 533 |
| Other liabilities | 5,735 | 5,618 |
| Subordinated debt securities | 48,866 | 52,046 |
| Total liabilities | 1,409,062 | 1,288,258 |
| Equity | ||
| Share capital | 1,178 | 1,152 |
| Share premium | 60,166 | 54,849 |
| Statutory reserve | 115 | 109 |
| Other reserves | 1,153 | 1,329 |
| Retained earnings | 108,358 | 90,117 |
| Total equity | 170,970 | 147,556 |
| Total liabilities and equity | 1,580,032 | 1,435,814 |
Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with more than 6,000 merchants, Inbank has 900,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.
Additional information:
Styv Solovjov
AS Inbank
Head of Investor Relations
+372 5645 9738
styv.solovjov@inbank.ee
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