Baltic Market: Which companies' results are deceptive?
During the quarterly earnings season, it is easy to be blinded by big numbers, but they do not always reflect the true health of a company. In this analysis, we take a closer look at the Q2 2026 results of the Baltic market and highlight companies whose numbers are distorted by extraordinary events. Since a few weeks have passed since the latest reports, it is a good time for investors to look behind the numbers before the market starts anticipating the next quarter's announcements.
IDX1RINDEXO (IDX1R)
INDEXO's second-quarter numbers look exceptionally strong on paper. The company's operating profit grew by a staggering 175.6% compared to the previous year, turning a previous loss into a profit, and net profit increased by 139.7%. Although these numbers suggest very rapid organic growth, the actual picture is slightly different and heavily influenced by one major event.
Behind this impressive growth is the acquisition of the loan and pawnshop business DelfinGroup, which led to a surge in interest income by 36.8 million euros. Without this major transaction, the company's growth would have been much more modest; additionally, due to the new portfolio, 12.7 million euros had to be allocated to cover potential loan losses. For investors, this is still a positive message: the integration of DelfinGroup is successful and the company has reached profitability, but one should not expect growth to continue at a similar pace in the future, as this was a one-off base increase.
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The information provided is not investment advice. RYTM analyses are generated with AI assistance and are intended for informational purposes only. Always do your own research before making investment decisions.