Preliminary “INVL Technology” 2025 operating results
As of 31 December 2025, according to preliminary data, the equity and net asset value of “INVL Technology” amounted to EUR 64.6 million – 26% more than a year ago – and their value per share was EUR 5.4.
The unaudited net profit of the company for 2025 amounted to EUR 13.3 million.
Reported financial indicators of the company are preliminary and unaudited. Audited net asset value of the company will be reported under the terms set in the Articles of Association of the company. If audited net asset value is different from the value calculated based on preliminary financial indicators, provisions on error reporting set by Articles of Association of the company shall not be applied.
Additional information:
INVL Technology, a company that invests in information technology businesses, recorded a 26% annual increase in its unaudited net asset value (NAV), reaching EUR 64.6 million as of 31 December 2025.
The company’s NAV per share stood at EUR 5.40, while the last recorded share price on the Nasdaq Vilnius exchange before the valuation announcement was EUR 3.94.
According to INVL Technology managing partner Kazimieras Tonkūnas, over the past several years, the company has developed three mature IT business groups operating across international markets. These businesses are well positioned to continue their activities and growth as independent, profitable entities under new ownership.
NRD Cyber Security: rising importance of cyber resilience
The cyber‑security group NRD Cyber Security was valued at EUR 23.7 million as of 31 December 2025 — 2.6 times higher than at the end of 2021. The company’s revenue reached EUR 14.2 million, an increase of 24% year on year and 2.3 times higher compared to 2021. Normalised EBITDA amounted to EUR 2 million, up 65% year on year and 2.6 times higher than four years ago.
The company’s growth is primarily driven by the expanding demand across Europe for cyber‑security solutions and by new EU digital‑resilience standards such as the Digital Operational Resilience Regulation (DORA) and the Network and Information Systems Directive (NIS2). In line with rising demand, NRD Cyber Security aims for recurring services to exceed 25% of revenue over the next five years, with growth mainly coming from European markets offering the highest potential.
Novian: progress in Deep Tech and artificial intelligence
Independent valuer Deloitte has assessed the IT services group Novian at EUR 29.4 million, representing a 34% increase compared to year‑end 2024 and 50% growth since 2021. Unaudited consolidated revenue in 2025 totalled EUR 40.1 million, roughly flat year on year but 56% higher than four years earlier. Normalised EBITDA grew by 23% compared to 2024 and doubled versus 2021. The group’s growing value is supported by its successful development in high value‑added technology segments.
A strategic focus on Deep Tech and artificial intelligence continues to open paths to profitable markets. The company anticipates its strongest growth over the next three years in the Nordic region as well as in Germany, Austria, and Switzerland, all of which remain key hubs for advanced IT development.
NRD Companies: expansion in the public governance and tax‑technology segment
The NRD Companies group, specialising in GovTech and financial‑technology solutions, recorded a steady value increase over the past four years, reaching EUR 16.9 million at the end of 2025 — up 20% year on year. The group’s unaudited consolidated revenue amounted to EUR 11.9 million, while normalised EBITDA was EUR 1.9 million, up 20% and 67%, respectively, compared with 2024, and 1.9‑times and 6.2‑times higher than in 2021.
NRD Companies has secured a strong presence in complex international projects, particularly in public‑sector digitalisation (GovTech) and tax‑administration technologies. A rising share of revenue from European markets demonstrates the group’s maturity and ability to compete internationally, providing a solid foundation for sustained value creation and operational efficiency.
Aggregate results
The combined unaudited revenue of companies managed by INVL Technology reached EUR 77.4 million in 2025, up 12% compared with 2024. Aggregate gross profit increased by 15% year on year to EUR 22.4 million, while normalised aggregate EBITDA grew by 42% to EUR 7.5 million.
INVL Technology’s unaudited net profit for 2025 totalled EUR 13.3 million, 1.6 times higher than in 2024 (EUR 8.1 million).
The valuation of INVL Technology’s portfolio companies was conducted by the independent valuer Deloitte verslo konsultacijos.
In January, INVL Technology announced the signing of a cooperation agreement with ICON Corporate Finance, an investment bank specialising in the technology sector, which will advise on the divestment of the company’s portfolio businesses. INVL Technology is managed by INVL Asset Management, the leading alternative‑asset manager in the Baltic region.
The person authorized to provide additional information:
Kazimieras Tonkūnas
INVL Technology Managing Partner
E-mail
Attachment
