Inbank unaudited financial results for Q4 and 12 months of 2025
Inbank
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
