Kesenfelds' Family Investment Firm Posts €25.98 Million Profit in 2025, Down Sharply

Alppes Capital, the family office of Latvian entrepreneur Aigars Kesenfelds, recorded a profit of €25.98 million in 2025, a significant decline from the €74.8 million profit in 2024. The decrease was primarily due to lower dividend income.

The company received over €25 million in dividends or equivalent payments from ten portfolio companies, plus €0.3 million in interest income. Despite the lower profit, the return on equity remained high at 17.55%. At year-end, Alppes Capital had equity of €152.15 million and total assets of €173.81 million. Management expressed satisfaction with the results, citing effective capital allocation and a well-structured portfolio.

Portfolio expansion and key deals

Alppes Capital continued to diversify its investments. It made an additional investment in asset manager Indexo and, shortly after the reporting period, completed a share swap involving its stake in DelfinGroup. The transaction, approved by the central banks of Latvia, Lithuania, and the ECB, made Alppes Capital the largest shareholder of Indexo and its bank. The firm also increased its stake in Lithuanian pension fund manager Goindex.

By the end of 2025, the portfolio of publicly listed equities totaled €104.1 million. New investments included a fintech company providing payment and consumer financing solutions across the EU, and a portfolio company acquired a non-bank mortgage lender.

Alppes Capital continued to invest in alternative funds managed by Merito Partners, covering growth capital, sustainable energy, and real estate, while maintaining bond holdings for regular interest income.

Broader impact and reach

Founded in 2019 with a share capital of €49.37 million, Alppes Capital is the family investment vehicle of Kesenfelds. It holds majority stakes in companies such as Indexo, Eleving Group, Sun Finance Group, Longo Group, and Mintos. These companies employ over 6,600 people globally, including more than 1,000 in Latvia. Their combined annual revenue exceeds €750 million, and they operate in over 30 countries. On average, they contribute more than €25 million in taxes to the Latvian budget each year.

The investment portfolio spans retail, consumer goods and services, leasing, consumer lending, mortgage lending, e-commerce, real estate, forestry, renewable energy, and manufacturing.