INVL Technology Reports 1.6x Growth in Audited Net Profit; Audited Value Reaches EUR 64.6 Million
INVL Technology, an investment company focused on IT businesses, generated EUR 13.3 million in audited net profit last year — a 1.6-fold increase compared to 2024. The company's audited net asset value (NAV) stood at EUR 64.6 million as of December 31, 2025, marking a 26% increase year over year.
The audited net asset value per share was EUR 5.4 as of December 31, 2025, while the last recorded share price on the Nasdaq Vilnius exchange prior to the valuation announcement was EUR 4.10.
"Over the past three years, the value, profitability, and cash flows of our portfolio companies have grown significantly. This enhances the attractiveness of INVL Technology's companies to investors and will enable us to accelerate capital returns to shareholders through share buybacks," Kazimieras Tonkūnas, Managing Partner of INVL Technology, says.
According to K. Tonkūnas, the foundation for continued growth lies in Europe's increasing focus on digital sovereignty, the transformation of the cybersecurity and regulatory landscape, and the integration of artificial intelligence.
"These shifts are creating a favorable environment for our companies to deliver high-value-added solutions across the cybersecurity, digital assets, space, defense, and aviation sectors. Healthy, dynamic companies specializing in fast-growing domains will remain attractive to both new investors and existing shareholders," Tonkūnas summarizes.
In January 2026, the company announced that ICON Corporate Finance has been appointed to broker the sale of the entire INVL Technology portfolio of managed companies.
INVL Technology Portfolio Company Results
According to audited data, the Novian Group — the largest holding in the INVL Technology portfolio — was valued at EUR 29.4 million, a 34% increase compared to 2024. While audited consolidated revenues remained stable at EUR 40.2 million, the group successfully improved its profitability — normalized EBITDA grew 23%, reaching EUR 3.5 million. The key growth drivers were artificial intelligence solutions and active expansion into the Scandinavian and German-speaking (DACH) markets.
The cybersecurity group NRD Cyber Security was valued at EUR 23.7 million at the end of 2025, based on audited data, compared to EUR 17.7 million a year earlier — representing a 33% increase in value. The group's revenues rose 24%, reaching EUR 14.2 million, while normalized EBITDA — reflecting operational efficiency — surged 53% to EUR 2 million. Growth was fueled by rising demand for cyber resilience solutions in the European market and new EU regulations, including DORA and NIS2.
The value of NRD Companies increased by 20% over 2025, reaching EUR 16.9 million. The group's revenues grew by one-fifth to EUR 11.9 million, and profitability saw a sharp leap — normalized EBITDA rose 65% to EUR 1.9 million. The group is strengthening its position by delivering complex projects and expanding revenue streams from European markets.
INVL Technology is managed by INVL Asset Management, a leading alternative asset manager in the Baltic states.
Important information
This is a marketing communication of an information nature, which is not and shall not be construed as an offer to purchase investment shares of a collective investment undertaking, an investment recommendation, or investment research, as it is not designed to take into account the investment objectives, financial situation, or needs any individual investor.
When investing, the investors assume the risk associated with the investment. The value of investments can both rise and fall, and an investor may recover less than he/she/it has invested. Past investment results do not guarantee the same results or profitability in the future. Past performance is not a reliable indicator of future performance. Before making a decision to invest, potential investors should, on their own or with the help of investment advisers, assess the suitability of the investment for them along with the taxes and fees related to the investment, consider all the risks related to the investment, and carefully read the articles of association, prospectus and other documents of the respective collective investment undertaking.
For more information, please contact:
Kazimieras Tonkūnas
Managing partner of INVL Technology UTIB
E-mail k.tonkunas@invltechnology.lt
