Announcement • Jun 22
INVL Family Office Introduces Global PE Secondaries Access Fund Investing In Private Equity Secondary Market INVL Family Office introduced a new Global PE Secondaries Access Fund, which will invest in the global private equity secondary market. The fund’s assets will be allocated to a dedicated secondary platform managed by Adams Street Partners, which builds a diversified portfolio of private equity funds through secondary market transactions. The fund’s rules were approved by the Bank of Lithuania in June 2026. The fund is a closed-end and intended for informed investors. The minimum investment amount is USD 145,000. The Global PE Secondaries Access fund was established and is managed by INVL Asset Management. The fund is distributed by the financial brokerage company INVL Financial Advisors, operating in Lithuania under the INVL Family Office brand. The fund will be available for subscription until 23 July 2026. Board Change • May 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. 1 independent director (2 non-independent directors). Independent Director Tomas Bubinas was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 30
Invalda INVL, AB Approves Dividend for the Year 2025 Invalda INVL, AB at its General Meeting of Shareholders held on April 30, 2026, passed a resolution to approve the allocation of EUR 1.00 dividends per share for the year 2025. The total amount allocated for dividends is EUR 12.058 million. The Company notes that dividends will be paid and the procedure for payment of dividends for the year 2025 will be announced within one month of the General Meeting of Shareholders approving the decision to pay dividends. Persons who will be shareholders of Invalda INVL at the end of 15 May 2026 will be entitled to receive dividends. The ex-date is 14 May 2026. From that date the shares of Invalda INVL (ISIN code LT0000102279) acquired on the stock exchange with settlement cycle T+2 do not entitle to receive dividends for the 2025. Announcement • Apr 09
Invalda INVL Proposes Dividend for the Year 2025 Invalda INVL at its Ordinary General Meeting of Shareholders to be held on 30 April 2026, proposed dividend distribution of EUR 1.00 per share for the year 2025. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €16.90, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 15x in the Diversified Financial industry in Germany. Total returns to shareholders of 74% over the past year. Reported Earnings • Sep 04
First half 2024 earnings released: EPS: €0.97 (vs €0.12 loss in 1H 2023) First half 2024 results: EPS: €0.97 (up from €0.12 loss in 1H 2023). Revenue: €19.3m (up 155% from 1H 2023). Net income: €11.7m (up €13.1m from 1H 2023). Profit margin: 61% (up from net loss in 1H 2023). New Risk • Jul 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (30% accrual ratio). Minor Risk Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Announcement • Apr 30
Invalda INVL, AB Approves Dividends for the Year 2023 Invalda INVL, AB announced the General Meeting of Shareholders of the company held on 30 April 2024 passed a resolution to approve the allocation of EUR 0.10 dividends per share for the year 2023. The total amount allocated for dividends is EUR 1.2 million. The company notes that dividends will be paid and the procedure for payment of dividends for the year 2023 will be announced within one month of the General Meeting of Shareholders approving the decision to pay dividends. Dividends will be entitled to those persons who will be shareholders of the company at the end of the tenth business day after the General Meeting of Shareholders that has decided to allocate a part of the profit for dividend payment (at the end of 15 May 2024). The ex-date is 14 May 2024. Reported Earnings • Apr 11
Full year 2023 earnings released: EPS: €3.85 (vs €1.41 in FY 2022) Full year 2023 results: EPS: €3.85 (up from €1.41 in FY 2022). Revenue: €71.1m (up 108% from FY 2022). Net income: €45.8m (up 175% from FY 2022). Profit margin: 64% (up from 49% in FY 2022). The increase in margin was driven by higher revenue. New Risk • Mar 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). New Risk • Jan 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. New Risk • Dec 31
New major risk - Revenue and earnings growth Revenue has declined by 36% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 36% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (49% net profit margin). Announcement • Dec 01
AB Siauliu Bankas (NSEL:SAB1L) completed the acquisition of Retail Businesses from Invalda INVL, AB (NSEL:IVL1L) for €41.8 million. AB Siauliu Bankas (NSEL:SAB1L) agreed to acquire Retail Businesses from Invalda INVL, AB (NSEL:IVL1L) for €40.16 million on November 22, 2022. Following completion of the transaction, the Invalda INVL group will remain active in the management of private equity and alternative investments, providing Family Office services as well as managing second-and third-pillar pension funds in Latvia. After the transaction is closed, the Siauliu Bankas Group will manage second-and third-pillar pension funds and mutual funds in Lithuania and will provide life insurance services across the Baltic countries. On completion of the merger, Paulius Žurauskas will become the CEO of INVL Asset Management, which will remain part of the INVL group. The company’s current CEO, Laura Križinauskiene, will head INVL Asset Management until completion of the transaction and, it is planned, will join the management team of the Šiauliu Bankas group. The transaction will be completed after it is approved by extraordinary meetings of the shareholders of Šiauliu Bankas and Invalda INVL respectively and after all the required regulatory permissions are obtained. As on February 1, 2023 Competition Council of the Republic of Lithuania approved the transaction. As of February 22, 2023, shareholders of Invalda INVL approved the merger of retail businesses. Completion of the merger of Šiauliu Bankas’s and Invalda INVL’s retail businesses is planned in late 2023. As of November 22,2023, necessary regulatory approvals were obtained. The transaction is expected to be completed within one year.Talisman acted as the financial advisor to Šiauliu Bankas during the transaction and Ernst & Young Baltic carried out an independent valuation of Invalda INVL’s retail business. Walless law firm advised Šiauliu Bankas on legal issues, while Sorainen advised Invalda INVL.AB Siauliu Bankas (NSEL:SAB1L) completed the acquisition of Retail Businesses from Invalda INVL, AB (NSEL:IVL1L) for €41.8 million on November 30, 2023. The final price of the Transaction is €41.8 million, which consists of (i) a fixed part of the main price equal to €40.2 million, which was determined on the date of signing the Master Agreement and which was paid by offsetting the counterclaims between AB Šiauliu bankas and Invalda INVL arising from the Master Agreement and from other documents of the Transaction and from (ii) the variable part of the price, the conditions and procedure for determining of which are provided in the Master Agreement, and which is fixed by the parties of the Transaction at €1.6 million and which is paid in cash. Announcement • Nov 22
Invalda INVL, AB Obtains the Necessary Regulatory Approvals for the Transfer of Part of Group's Businesses to AB Šiauliu Bankas Group Invalda INVL informed that on 21 November 2023 it has received a decision of the European Central Bank by which it does not object that Invalda INVL acquired from 10% to 20% of the shares of joint-stock company Šiauliu bankas (hereinafter, Šiauliu bankas) and the voting rights granted by them. This decision was the last of the regulatory decisions/permits that Invalda INVL needed for transferring the businesses under the Master Agreement, signed of 22 November 2022, regarding merger of Invalda INVL retail asset management and life insurance businesses with Šiauliu bankas group (hereinafter referred to as the Transaction). More information about the Transaction was published on 23 November 2022 in a notification on a material event and on 22 February 2023 in a notification on a shareholders’ meeting resolutions. Earlier this year, the Bank of Lithuania also adopted similar decisions regarding UAB SB Asset Management and GDUAB SB draudimas (not to object that Invalda INVL indirectly acquired from 10% to 20% of shares of these companies), as well as issued a permit to UAB INVL Asset Management to transfer the management of investment funds and the management of pension funds to UAB SB Asset Management, and issued a permit to INVL Life, UADB to transfer rights and obligations under insurance contracts to GDUAB SB draudimas, and granted other permits /decisions, which had to be obtained by Šiauliu bankas group companies for the completion of the Transaction. Taking into account the above, the parties to the Transaction intend to transfer the businesses agreed in the Transaction from Invalda INVL group to Šiauliu bankas group on 1 December 2023 at 00:00 (at midnight from 30 November 2023 to 1 December 2023), after the relevant bodies of the parties of the Transaction have made the final decisions necessary for the completion of the Transaction. As mentioned earlier, after the implementation of the Transaction, Invalda INVL will receive 9.39% of the authorized capital of Šiauliu bankas. To complete the Transaction, Šiauliu bankas will issue a new targeted issue of shares, the issuance of which, among other things, additionally requires the permission of the Bank of Lithuania to register amendments to the Articles of Association of Šiauliu Bankas, and this permission under the regulation can be obtained only after the payment for the new shares of Šiauliu bankas (transfer of the assets agreed in the Transaction from Invalda INVL group to Šiauliu bankas group). Thus, the completion of the Transaction will be carried out in two stages: (i) Transfer of the assets agreed in the Transaction from Invalda INVL group to Šiauliu bankas group, which, as indicated above, will take place on 1 December 2023 at 00:00 (at midnight from 30 November 2023 to 1 December 2023); (ii) The final closing of the Transaction, which will take place after obtaining the above-mentioned permission of the Bank of Lithuania to register the amendments to the Articles of Association of Šiauliu Bankas, registering the increase of the authorised capital of the bank in the Register of Legal Entities, registering new shares in Nasdaq CSD SE, as well as introduction thereof to trading on the regulated market of AB Nasdaq Vilnius (this is expected to happen within 1 month from the transfer of the businesses to the Šiauliu bankas group, i.e. until the end of 2023). New Risk • Oct 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (49% net profit margin). New Risk • Jul 01
New major risk - Revenue and earnings growth Revenue has declined by 23% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 23% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported June 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (43% net profit margin). Announcement • Jan 20
Invalda INVL Launches EQT feeder fund Invalda INVL, launched a new feeder fund, which will invest in the EQT X fund established by EQT. EQT X has a target size of EUR 20 billion, will mainly invest in European and US companies in the healthcare, technology, and business services sectors. The INVL Partner Private Equity Fund I, a closed-end fund for informed investors of the asset management company INVL Asset Management, is starting operations following approval of the rules of the sub-fund by the Bank of Lithuania. The private equity funds managed by EQT have a historical average annual net return of 22% since 1995. EQT’s private equity investments are managed by 145 investment professionals. EQT had assets under management of EUR 115 billion at the end of September 2022. Its Luxembourg-registered EQT X fund, which started up last year and in which the INVL Partner Private Equity Fund I will invest directly, had raised EUR 15 billion as of the end of 2022 and aims to raise that amount to EUR 20 billion. Together with the launch of INVL Partner Private Equity Fund I, the offering phase for the fund’s investment units is beginning and will continue until the end of March. In Lithuania, the fund’s units are distributed by INVL Financial Advisors. The minimum investment amount is EUR 125,000. The length of the fund is 15 years. The INVL Partner Private Equity Fund I targets an average annual net return of about 15%. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Tomas Bubinas was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 05
First half 2022 earnings released: €1.08 loss per share (vs €1.12 profit in 1H 2021) First half 2022 results: €1.08 loss per share (down from €1.12 profit in 1H 2021). Net loss: €12.7m (down 197% from profit in 1H 2021). Board Change • Jul 06
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Tomas Bubinas was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.