Audited results of Invalda INVL Group for 2024

Invalda INVL reported equity of EUR 222 million at the end of December 2024, or EUR 18.48 per share. These figures were 25.4% and 25.3% higher, respectively, than a year earlier, including the dividends paid last year.

In 2024, Invalda INVL earned an audited net profit of EUR 44.4 million, compared with EUR 45.8 million in 2023, when a strategically important merger of Invalda INVL group's retail businesses with Šiaulių bankas was completed. From last year’s profit, the company proposes a dividend payout of EUR 15 million, or EUR 1.25 per share. The proposal will be put to a vote at the general meeting of shareholders on 30 April.

“2024 was a successful and profitable year for our clients and for the Invalda INVL group. In a rapidly changing geopolitical and economic environment, we consistently focus our work on creating long-term value by investing, ensuring asset diversification and liquidity for our clients, and growing and strengthening the managed businesses to enhance their competitiveness,” says Darius Šulnis, the CEO of Invalda INVL.

The group generated gains of EUR 157 million for its clients last year. Client assets under management grew by 17% during the year, reaching EUR 1.68 billion at the end of December 2024.

Strategic core business: asset management and family office activities

Invalda INVL’s revenue from the management of assets entrusted by its clients totalled EUR 14.1 million in 2024, 16.5% less than in 2023. The decline in the period of comparison reflects the exclusion of revenue from the retail business, which was transferred to Šiaulių Bankas in early December 2023.

The 2024 profit of strategic core business of the group, which also includes the company’s own investments in the products it manages, amounted to EUR 17.8 million, compared with EUR 39.4 million in 2023.

The activities of the INVL Baltic Sea Growth Fund (INVL BSGF) were among last year’s most significant events. In February 2024, the fund acquired the buckwheat producer and grain trader company Galinta, and near the end of the year the fund signed an agreement to acquire shares in Pehart Group, a leading producer of household and industrial paper products in Romania. The completion of that transaction will make Pehart Group the INVL BSGF’s 10th and the last investment. Also, a new milestone for the fund was launched: in March 2025, the INVL BSGF completed the sale of InMedica Group, private healthcare network, demonstrating the success of the fund's strategy to build sector leaders. During the 6 years of the fund’s investment in InMedica Group, the company increased its revenues more than 15 times, and the group grew from 18 clinics to a network of 89 medical clinics, hospitals and laboratories.

“The remaining portfolio companies of INVL Baltic Sea Growth Fund are also being successfully strengthened, and some are already being prepared for the sale. In 2025, we will focus on generating cash flows from the fund’s portfolio along with a solid return for our investors,” Darius Šulnis says.

Last year the preparatory work was carried out for a second-generation private equity fund, which has begun operations in 2025. Having raised EUR 305 million, INVL Private Equity Fund II,  the largest private equity fund in the Baltics, has started operations, exceeding its target size in the first closing.

Total revenues across the Invalda INVL group’s portfolio companies of private equity funds amounted to EUR 854 million in 2024, with EBITDA totalling EUR 207 million and combined 12,500 employees at year-end.

The investment opportunities offered by Invalda INVL Group in global third country funds have also been well received by investors in the Baltic region. The INVL Partner Global Real Estate Fund I, established early last year, attracted USD 13.25 million from investors, while the INVL Partner Power Opportunities Fund, launched in September 2024, raised USD 24.71 million.

The INVL Renewable Energy Fund I is due to complete its investment phase this year and prepare to manage power generation projects that will begin producing revenue. The fund’s team will also focus on realizing value, which may include the potential sale of projects. In 2025, work began on analyzing possible scenarios for the establishment of a second renewable energy fund with a broader infrastructure strategy.

The INVL Sustainable Timberland and Farmland Fund II entered a new geographic market in 2024 with its acquisition of forests in Romania as the fund’s total portfolio of land and forest exceeded 20,000 hectares. This year the fund will focus on improving the quality of its portfolio, undertaking value-creating transactions and seeking to ensure a steady revenue generation and achieve the targeted return for investors.

INVL Technology earned a net profit of EUR 8.1 million in 2024, 56.6 more than in 2023. The price of the company’s shares on the stock exchange rose nearly 70% last year. In mid-March 2024, INVL Technology announced that it had signed an agreement with an investment advisor and M&A intermediary for the sale of the company’s portfolio of businesses.

INVL Baltic Real Estate, the real estate investment company, had a consolidated net profit of EUR 2.74 million last year, which is 3.9 times the figure for 2023.  INVL Baltic Real Estate completed the sale of a property holding in Latvia last year in a transaction valued at EUR 7.45 million.

As of late 2024, INVL Asset Management became the manager of INVL Bridge Finance, a fund that is successfully operating in the private debt market.

The INVL Family Office continued its successful activities in Lithuania and expanded operations in the other Baltic countries. The first clients are already being served in the Family Office representative offices in Latvia and Estonia.

Equity investments

Invalda INVL’s other equity investments, aside from the asset management, had a EUR 32.1 million impact on earnings in 2024.

This result was positively influenced by the strong performance of the banks in which the company holds stakes, along with their growth in value and dividend payouts. Invalda INVL has investments in Šiaulių Bankas and in maib, Moldova’s largest bank.

The positive impact of Šiaulių Bankas on Invalda INVL’s pretax profit, including dividend payments, was EUR 23.6 million. In 2024, the bank has successfully integrated the INVL retail business, moved forward with a business transformation to strengthen the bank, and, in April this year, announced plans to change its name to Artea. Šiaulių Bankas last year earned a record EUR 79.3 million net profit and half of it has allocated to dividends. The bank’s share price on the stock exchange rose 19% during 2024. 

During the last year, maib once again delivered solid financial results in 2024, reflecting both resilience and sustainable growth in all business segments. The bank had an unaudited net profit of EUR 73.4 million last year and paid EUR 39.4 million in dividends. Maib made the positive influence of EUR 4.8 million on Invalda INVL’s pretax profit.

Litagra, one of the largest agribusiness groups in Lithuania, has benefited from favourable market trends.  Since the second half of 2024, the company’s revenue, EBITDA and profit have recovered and increased. Litagra had a positive influence of EUR 3.3 million on Invalda INVL’s result for 2024.

The person authorized to provide additional information is:

Darius Šulnis, CEO of Invalda INVL

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