Invalda INVL's equity reached EUR 254.4 million, or EUR 20.44 per share, at the end of June this year. Total equity, considering the impact of dividends, increased by 18% over the year, while the net asset value (NAV) per share grew by 14.5%. This latter figure was affected by new shares issued through the stock option programme.
In the first half of this year, Invalda INVL earned an unaudited net profit of EUR 7.9 million. For comparison, net profit for the same period last year was EUR 18 million.
'The second quarter of the year was an active one for the markets and for our operations, and it was successful for the majority of our clients' assets under management. Our core asset management business grew consistently, while profit from our other equity investments was limited, which shaped the overall six-month result,' says Darius Šulnis, the CEO of Invalda INVL.
The company announced this month that it will redeem its EUR 10 million bond issue ahead of schedule, with funds to be paid to investors on 10 September.
Strategic core business: asset management and family office services
Total client assets under management grew by 14.8% over the year to reach EUR 2.3 billion at the end of June. Invalda INVL's revenue from the management of client assets in the first half of the year amounted to EUR 11.3 million (28.8% more than in the first half of 2025). The result for the group's strategic business, including the company's investments in managed products, was a profit of EUR 6.9 million, compared to a profit of EUR 2.9 million in the same period last year. A significant positive impact came from investments in the INVL Baltic Sea Growth Fund and the INVL Private Equity Fund II, which together generated EUR 2.6 million in profit, while INVL Technology added EUR 2.3 million to the result.
The trailing 12-month revenue of the portfolio companies of the group's private equity funds increased by 19.5% compared to the same period last year, exceeding EUR 1 billion. Normalised EBITDA grew by 29.1% to more than EUR 250 million, and these companies employed over 10 thousand people.
During the first half of the year, a financing package was formed for the development of the Rudninkai military town, consisting of a EUR 27.3 million investment from the INVL Defence Infrastructure Fund I and EUR 200.75 million in loans from the European Investment Bank and Swedbank. The INVL Sustainable Timberland and Farmland Fund II, which manages forests and agricultural land, began to actively reform its portfolio of managed forest in Latvia, taking advantage of market opportunities.
After the first half-year, two new acquisitions by the INVL Private Equity Fund II were announced: agreements were signed for the acquisition of the fish processing companies Nordian Group and Norvelita, and, together with partners Tesonet, an agreement was reached to acquire the 'Šiaures licejus' network of schools and kindergartens.
Alongside these investments, the group expanded its client access to the secondary private equity market: the INVL Family Office raised USD 17.4 million for a fund that invests in Adams Street Partners funds.
Equity investments
In the equity investment portfolio, the most significant profit was generated by investments in maib, the largest bank in Moldova, (+EUR 2.6 million) and the food-supply chain group Litagra (+EUR 2.75 million). Meanwhile, the fall in the share price of Artea bank had a negative impact of EUR 2.9 million on Invalda INVL's profit. All three companies in the equity investment portfolio - maib, Litagra, and Artea - paid dividends this year, which have been included in the result.
Further information:
Darius Sulnis, CEO of Invalda INVL
Darius.Sulnis@invl.com
