INVL Technology, a company that invests in IT businesses, earned an unaudited net profit of EUR 2.1 million in three quarters of 2025, 89% more than in the same period last year, when its profit was EUR 1.109 million.

The company’s equity and net asset value at the end of September this year were EUR 53.36 million, or EUR 4.4603 per share. The figures were up 3.8% and 4%, respectively, from the start of the year.

“Our portfolio companies’ results give us reason to expect double-digit growth in 2025 and a higher sale prices for the assets under management,” says Kazimieras Tonkūnas, INVL Technology’s managing partner.

INVL Technology is continuing processes started with investors regarding the divestment of its portfolio companies and will begin an active new phase after hiring new investment advisors.

Performance of INVL Technology’s portfolio companies 

INVL Technology’s portfolio companies had aggregated revenues of EUR 52.27 million in the January-September of 2025, which is 7.9% more than in the same period last year. Their gross profit increased 22.6% in the same period of comparison to EUR 17.20 million, while their aggregated EBITDA grew 69.9% to EUR 3.84 million.

INVL Technology owns and manages the cybersecurity company NRD Cyber Security, the GovTech company NRD Companies, and the Baltic IT company Novian.

NRD Cyber Security in January-September of 2025 increased its consolidated revenue by 69.4% from the same period last year to EUR 9.92 million. The company’s gross profit grew 44.3% in the period of comparison to EUR 4.33 million, while its EBITDA doubled to EUR 1.86 million.

NRD Companies had consolidated revenue of EUR 8.40 million in the first nine months of this year, which is 22.1% more than in the same period last year. The company earned a gross profit of EUR 3.89 million, or 18.3% more than in January-September of 2024, while the group’s EBITDA grew by 62.8% to EUR 1.12 million. Norway-based NRD Companies has the subsidiaries Norway Registers Development in Norway, with a branch in Lithuania, and NRD Systems and Etronika in Lithuania.

Novian had EUR 25.79 million of consolidated revenue in January-September this year and a gross profit of EUR 6.23 million for the period, 16% and 6% less, respectively, than in three quarters last year. The Novian group’s normalized EBITDA increased by 9.3% in the period of comparison to EUR 1.95 million. The group consists of Novian in Lithuania with the technology-area businesses Novian Technologies, Zissor in Norway, Novian Eesti in Estonia, Andmevara in Moldova, and Novian Rwanda in Rwanda, and the software services businesses Novian Systems and Novian Pro in Lithuania.

INVL Technology, which is managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is a closed-end investment company.

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.