ALPPES Capital, the family investment company of Aigars Kesenfelds, ended 2025 with a profit of EUR 25.98 million. During the reporting period, ALPPES Capital received more than EUR 25 million in dividends or equivalent payments from ten companies in which it had previously invested, as well as EUR 0.3 million in interest income.
At the end of the reporting period, ALPPES Capital’s equity amounted to EUR 152.15 million, while its total assets stood at EUR 173.81 million. In 2025, ALPPES Capital achieved strong returns on capital, with return on equity reaching 17.55%.
The management of ALPPES Capital states that it is generally satisfied with the results achieved during the past year. The strong returns on capital demonstrate the strategically sound and efficient use of capital in building a carefully considered investment portfolio. At the same time, ALPPES Capital continued actively expanding and diversifying its investment portfolio during the year in order to increase the long-term value of its investments.
During the reporting period, ALPPES Capital continued to expand and diversify its investment portfolio. An additional investment was made in IPAS INDEXO, while shortly after the end of the reporting period, a share exchange transaction involving the AS DelfinGroup shares owned by ALPPES Capital and IPAS INDEXO was completed. As a result, ALPPES Capital became the largest shareholder of IPAS INDEXO and, indirectly, of the locally owned AS INDEXO Banka. The transaction received approval from Latvijas Banka, the Bank of Lithuania and the European Central Bank, significantly strengthening ALPPES Capital’s ability to actively support the INDEXO Group’s continued growth and long-term value creation. ALPPES Capital also increased its stake in Goindex UAB, a Lithuanian pension fund management company. At the end of 2025, ALPPES Capital’s total investment portfolio in publicly listed shares was valued at EUR 104.1 million.
During the reporting period, ALPPES Capital also made several new investments, including an investment in an international financial technology company providing payment and consumer finance solutions in several European Union countries. At the same time, one of ALPPES Capital’s portfolio companies acquired a non-bank lender specialising in mortgage lending.
ALPPES Capital also continued making long-term investments in alternative investment funds managed by Merito Partners, covering growth capital, sustainable energy and real estate investment strategies. In addition, ALPPES Capital maintained and made new investments in bonds issued by various issuers, generating regular interest income and further diversifying its portfolio.