Invalda INVL reported equity of EUR 256.2 million by the end of 2025, or EUR 21.25 per share. These figures were 22.1% and 21.8% higher, respectively, than a year ago, including the dividends paid out last year.
In 2025 Invalda INVL earned an audited net profit of EUR 47.1 million - 6.1% more compared to the previous year's profit of EUR 44.4 million. Following these strong results, the company's board will propose that shareholders approve a dividend distribution of nearly EUR 12.1 million, or EUR 1.0 per share. The final decision on dividends will be taken at the General Meeting of Shareholders on 30 April.
"We are living in a period when geopolitical and economic uncertainty has become a new reality. Therefore, consistent teamwork, the ability to adapt to ongoing changes and seize emerging opportunities, decision-making and execution, diversification and effective liquidity management are particularly important in achieving our goals of preserving and growing our clients' wealth, as well as increasing the value of the businesses and investments we manage," says Darius Šulnis, CEO of Invalda INVL.
According to D. Šulnis, the target return for 2025 was achieved for most client investments, although stagnation was felt in certain asset classes, such as renewable energy, forestry and agricultural land markets.
Strategic core business: asset management and family office services
The total value of client assets under management grew by 26.4% during the year, reaching 2.1 billion EUR at the end of December 2025. Invalda INVL's revenue from the management of assets entrusted by its clients totalled EUR 20.3 million in 2025, 44% more than in 2024. The profit of strategic core business of the group, including the company's own investments in managed products, amounted to EUR 8.8 million, compared with EUR 17.8 million profit in 2024.
One of the most significant events of the past year was the increased activity in the private equity sector. The INVL Private Equity Fund II was launched after raising a record amount of EUR 410 million. The fund has already completed two transactions - investing in Estonia's Eesti Keskkonnateenused and Poland's POLMED. Meanwhile, its predecessor, INVL Baltic Sea Growth Fund, was active in both directions: it completed its portfolio formation by acquiring Romania's Pehart Group and successfully exited its investments in InMedica Group in Lithuania and MBL in Denmark. Following these transactions, the fund has fully returned the capital invested and continues to increase the value of its remaining investments. The IT investment company INVL Technology, preparing to sell its portfolio of managed companies, demonstrated stable financial growth last year - its net asset value increased by 26% during the year to EUR 64.6 million, and net profit grew 1.6 times to EUR 13.3 million.
Total revenues across the Invalda INVL group's portfolio companies of private equity funds exceeded EUR 1 billion in 2025, with EBITDA totalling EUR 250 million and combined 9 thousand employees at year-end.
The infrastructure sector, in which the group plans to be active, is a relevant area in the region. In 2025, the INVL Defence Infrastructure Fund I was established to invest in the development of part of the Rudninkai training ground infrastructure to meet the needs of the German brigade and the Lithuanian Armed Forces.
INVL Bridge Finance, a private debt fund managed by the group, also ended 2025 with solid growth: its net asset value exceeded EUR 50 million, and the annual return to investors reached 9.2%.
The INVL Family Office, which operates in all three Baltic States, had a significantly increased flow of client investments in the past year. Clients invested in both local and global markets through managed funds, including feeder funds, and other investment products.
Equity Investments
Invalda INVL's other equity investments, aside from the asset management, had a EUR 35.3 million impact on earnings in 2025.
In 2025, Artea bank continued to deploy a new banking platform and continued to implement other changes to strengthen the bank and meet the growing needs of its clients. The positive impact of Artea Bank, including dividends paid, to Invalda INVL's pre-tax profit amounted to EUR 23.5 million.
Meanwhile, maib, the largest Moldova's bank, continued to demonstrate record operating results, earning MDL 1.99 billion last year (equivalent to EUR 101.8 million) - 41% more than in 2024. The positive impact of maib to Invalda INVL's pre-tax profit reached EUR 6.4 million.
Litagra, the successfully operating food-supply chain business group with plans for further expansion, had a positive impact of EUR 5.5 million on Invalda INVL's result for 2025. Having reached a stage of business maturity, Litagra began evaluating strategic alternatives and opportunities for further value creation. To assist with this process, Litagra has engaged the services of financial advisers Oaklins Lithuania. Various scenarios are being considered, including the potential sale of some or all businesses, expansion, or strategic partnerships. This is an analysis of possibilities and will not necessarily result in specific transactions.
"In 2026, we will pursue further strong organic growth of the Invalda INVL group's business, as well as technological and qualitative improvements to our operational activities. We are also prepared to expand the business by acquiring local or regional market participants," concludes Darius Šulnis.
Further information:
Darius Šulnis, CEO of Invalda INVL
Darius.Sulnis@invl.com
