Indexa Capital Group , parent company of Indexa Capital AV, Indexa Caravel and Bewater Asset Management SGEIC, which began trading on BME Growth on July 12, 2023, today presents its 2025 annual results.
Indexa Capital Group has increased its revenue by 43% year-on-year and its net profit by 210% (2025 vs. 2024). Consolidated revenue for 2025 amounted to €9.44 million (+36% vs. 2024) and consolidated net profit reached €2.37 million (vs. €0.76 million in 2024). Net margin stood at 25%, compared to 12% the previous year.
Indexa Capital AV
Indexa Capital AV accounts for 97% of the group’s revenue and is the leading independent portfolio manager in Spain. It ranks as the 7th largest discretionary portfolio manager in Spain, including commercial banks.
By year-end, assets under management or advisory increased by 45%, reaching €4.411 billion. The company also surpassed €10 million in annualized recurring revenue in March 2026, reinforcing visibility into its growth.
Indexa maintains a steady growth dynamic supported by client contributions, with positive net inflows every month since inception. In December 2025, it recorded an all-time high, with more than €170 million in net inflows in a single month.
Clients who started in 2016 have invested an average of €100,000 (as of 31/12/2025) with Indexa Capital, excluding investment returns.
The cumulative return of Indexa’s average portfolio (portfolio 8 out of 10, between €10,000 and €100,000) reached +106.1% from the start of its activity in 2015 to December 2025, equivalent to an annualized return of +7.5%. This figure is 76.5 percentage points higher than the average return of comparable investment funds in Spain over the same period.
“The group’s revenue growth is becoming increasingly predictable, as it is supported by client contributions and referrals to other clients. As of the end of 2025, these annualized revenues reached €10.8 million, putting us on track to achieve our goal of reaching €30 million by 2030,” highlights Unai Ansejo, co-founder and co-CEO of Indexa Capital.About Indexa Capital Group
Indexa Capital Group is the parent company of Indexa Capital AV, which accounts for 97% of the group’s revenue, as well as Indexa Caravel and Bewater Asset Management SGEIC.
Indexa Capital Group was founded in 2015 by Unai Ansejo, François Derbaix and Ramón Blanco, experts with recognized experience in markets, investments and internet businesses, and has top-level advisors such as Luis Martín Cabiedes, Manuel Conthe, Pedro Luis Uriarte and Yves Perrier.
Indexa Capital AV is the leading independent portfolio manager in Spain, with more than €4.8 billion in assets under management or advisory and over 147,000 clients. It offers discretionary portfolio management services for investment funds, pension plans, EPSV plans (pension plans for residents in the Basque Country), occupational pension plans, and life-risk insurance.
Indexa Caravel ( (https://indexacapital.com/fr/fra/ and https://www.getcaravel.fr/) is a French insurance broker specializing in savings insurance products in France (life savings insurance and PER, Plan d’Épargne Retraite).
Bewater Asset Management SGEIC is the leading single-investment fund manager in Spain
Image: From left to right: Unai Ansejo, Ramón Blanco and François Derbaix, board members and co-founders of Indexa Capital Group
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