Invalda INVL had equity of EUR 225.9 million at the end of June this year, or EUR 18.73 per share. Those figures were 27.4% and 27.5% larger, respectively, than a year earlier, including the dividends that have been paid out.
In January-June 2025, Invalda INVL earned an unaudited net profit of EUR 18 million, or 53.8% more than in the same period last year, when the net profit was EUR 11.7 million.
This year the company paid dividends of EUR 1.25 per share from its 2024 profit, the largest in its history. Since the beginning of listing on the stock exchange, Invalda INVL has paid out a total of EUR 87.4 million to shareholders in dividends and share buybacks.
"The business climate in the world and our region remains uncertain and subject to rapid change. We have accepted this as a new reality that demands the adaptability and offers opportunities to those who possess it. We are ready for this and are actively engaging in this environment," says Darius Šulnis, the CEO of Invalda INVL.
Newly attracted investor capital and the growing value of investments raised the assets under management of the group's companies to EUR 2 billion at the end of June, an increase of 26.9% over a year and 18.5% since the start of 2025. Gains of EUR 9.9 million were earned for the group's clients in the first half of the year.
Strategic core business: asset management and family office activities
Invalda INVL's revenue from the management of assets entrusted by clients totalled EUR 8.7 million in the first half of 2025, 46.6% more than in January-June 2024.
The profit of the strategic core business, which also includes the company's own investments in the products the group manages, was EUR 2.9 million, compared with a profit of EUR 5.3 million in the same period last year.
"We have more than EUR 400 million of free cash for investments across the Baltic countries, Poland, Romania and other nearby markets, so we are actively seeking acquisition opportunities in the private equity, forest and land, private debt and other areas," Darius Šulnis notes.
In mid-July this year, the INVL Baltic Sea Growth Fund completed an equity investment in the Pehart Group, a leading producer of household and industrial paper products in Romania. With that transaction, the private equity fund finished its formation of a value creation portfolio comprising 10 companies in the Baltics, Poland and Romania, one of which has already been successfully exited. The strategy of investing in ambitious, growing businesses in the Baltic countries and Central and Eastern Europe will now be continued by the INVL Private Equity Fund II.
The INVL Renewable Energy Fund I, which invests in renewable energy projects, secured EUR 29.3 million of new financing from Kommunalkredit for the construction of solar power plants. In August, REFI Sun, a company that fund owns, raised EUR 15 million through a public bond offering.
"A major part of our business is managing our portfolio companies and other investments and, when the time comes, selling them and paying out the proceeds to investors. We did so successfully in the first half of this year, and the processes that are underway suggest that this will continue in the coming quarters too," Invalda INVL's CEO says.
Equity investments
Invalda INVL's other equity investments, aside from the asset management, had a EUR 16.9 million impact on earnings in the first half of 2025.
This result was positively influenced by the strong performance and growth in value of the banks in which the company holds stakes. Invalda INVL has investments in Artea Bank and in maib, Moldova's largest bank. Maib, continuing sustainable growth in all business segments, earned a record net profit of EUR 42.5 million in the first half of the year. That had a EUR 2.5 million impact on Invalda INVL's pretax profit. The Artea Bank group had a net profit of EUR 31.9 million in the first half of 2025, with a EUR 12.2 million impact on Invalda INVL's result.
Targeted investments in production capacity as well as favourable economic cycle in the poultry and dairy industries boosted Litagra group's profits, contributing EUR 2.3 million to Invalda INVL's first-half results.
The person authorized to provide additional information is:
Darius Sulnis, CEO of Invalda INVL
Darius.Sulnis@invl.com
