Slide 1: Results for 6 Months of 2024
RESULTS FOR 6 MONTHS OF 2024 27/08/2024
Slide 2: INVL Technology overview
2 „INVL Technology“ overview INVL Technology operates as a closed- On 14 July 2016, the Bank of Lithuania end fund (CEF) which invests in and INVL Technology owns 3 company granted INVL Technology a permit to develops European IT businesses. The groups: Novian (a Baltic IT company), NRD operate as a
Slide 3: Structure of the portfolio companies of INVL Technology (30 June 2024)
3 Structure of the portfolio companies of INVL Technology (30 June 2024)
Slide 4: Members of INVL Technology Investment Committee
Members of INVL Technology Investment Committee Kazimieras Tonkūnas Vytautas Plunksnis Vida Tonkūnė Nerijus Drobavičius Co-founder & managing Member of the Board and Head Partner of INVL Technology, Member of the Investment partner of INVL Technology of the Private Equity Unit of Member of the Inves
Slide 5: INVL Technology shareholder structure
5 INVL Technology shareholder structure 30 June 2024, a total of 3,761 shareholders owned shares of INVL Technology. Shareholders who held title to more than 5% of INVL Technology’s authorized capital and/or votes as of 30 June 2024 Own shares 1.53% LJB investments, UAB Share of the (300822575) Name
Slide 6: INVL Technology timeline
6 INVL Technology timeline Period of investment Period of value creation Period of exit 2016-2021 2021-2024 2024-2026 2015 2016 2019-2021 2024 2026 • INVL Technology AB was merged into • On 14 July 2016, • Completed the Start of exit INVL Technology BAIP Group UAB and continued INVL Technology forma
Slide 7: Net asset value and stock information of INVL Technology
7 Net asset value and stock information of INVL Technology 31-12-2015 14-07-2016 31-12-2016 Title 08-07-2015* ** *** *** 31-12-2017 31-12-2018 31-12-2019 31-12-2020 31-12-2021 31-12-2022 31-12-2023 30-06-2024 Net asset value of the company 20,089 24,243 23,906 19,728 23,812 28,025 28,958 33,725 36,1
Slide 8: History of shares trading
History of shares trading Share price, Eur 6 months of 2022 6 months of 2023 6 months of 2024 Open price, EUR 2.50 2.16 1.90 High price, EUR 2.80 2.24 2.90 Low price, EUR 2.30 1.97 1.80 Average price, EUR 2.59 2.04 2.19 Last price, EUR 2.76 1.99 2.60 Turnover, units 111,197 154,417 135,178 Turnover,
Slide 9: Key financial figures of INVL Technology
9 Key financial figures of INVL Technology NAV, EUR 31-12-2022 31-12-2023 30-06-2024 NAV 38,270,309 43,528,832 43,951,275 NAV per share 3.1711 3.6052 3.6658 Key figures, thous. EUR 6 months of 2022 6 months of 2023 6 months of 2024 Change in the fair value of financial assets (1,504) (719) (446) Div
Slide 10: Financial assets of managed companies
10 Financial assets of managed companies Financial asset, thous. Eur Company 31-12-2023 30-06-2024 NRD Cyber Security (includes NRD Bangladesh) 14,104 13,211* NRD Companies (includes Norway Registers Development AS, NRD Systems, 10,986 11,295 ETRONIKA, Infobank Uganda) Novian (includes Novian Techno
Slide 11: Dynamics of financial assets, thous. EUR
11 Dynamics of financial assets, thous. EUR Dividends(-)/ Bendrovė 31-12-2016* 30-06-2024 Internal rate of return** Investments (+) NRD CS 1,908 (3,300) 13,211 36.3% NRD Companies 2,870 - 11,295 20.0% Novian 11,665 (2,020) 19,815 9.3% Of which Technology and digitization area 6,691 (2,909) 15,594 15
Slide 12: Aggregated financial indicators of INVL Technology portfolio companies
12 Aggregated financial indicators of INVL Technology portfolio companies, thous. EUR Aggregated revenue Aggregated EBITDA 80 000 4 000 70 000 3 500 60 000 3 000 50 000 2 500 40 000 2 000 30 000 1 500 20 000 1 000 10 000 500 0 0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 H1 H2 H1 H2 Thous. Eu
Slide 13: INVL Technology companies' activities geography
13 INVL Technology companies‘ activities geography In first half of 2024 INVL Technology companies carried out projects in 53 countries around the world
Slide 14: Revenue by country of INVL Technology
14 Revenue by country of INVL Technology 6 months of 2023 6 months of 2024 1% 1% 2% Lithuania 2% Lithuania 1% 1% Norway 2% Norway 1% 6% 11% Estonia 2% Zimbabwe 2% 2% Botswana Rwanda 2% 2% Belize Rwanda 2% 3% 2% Sint Maarten Estonia 3% Moldova 2% Austria 58% Malta Zimbabwe 4% 2% 64% Germany Brazil 3%
Slide 15: Revenue of managed companies: in Lithuania and abroad
Revenue of managed companies: in Lithuania and abroad, thous. EUR 45 000 2024 H1 40 000 9,865 36% 17,474 35 000 39 181 2022 2023 64% 16,689 23,386 30 000 33 523 39,181 33 % 33,523 37 % 63% 25 000 67% 20 000 25 579 22 615 23 386 21 455 20 185 15 000 15 827 16 584 16 689 10 000 14 445 14 344 14 019 14
Slide 16: Financial results of managed companies for 6 months of 24
16 Financial results of managed companies for 6 months of 2024
Slide 17: NRD Companies Group
in| TECHNOLOGY Norway Lithuania ($) NRD Companies ° NRD Companies Group Bangladesh «.
Slide 18: Key profit (loss) items, thous. Eur
Key profit (loss) items, thous. Eur NRD Companies* NRD AS** NRD Systems** Etronika** 6 months 6 months 6 months 6 months 6 months 6 months 6 months 6 months of 2023 of 2024 of 2023 of 2024 of 2023 of 2024 of 2023 of 2024 Revenue 6,222 5,015 4,039 3,297 1,610 1,776 1,839 1,825 Gross profit 2,482 2,49
Slide 19: Key balance sheet items, thous. Eur
19 Key balance sheet items, thous. Eur NRD Companies* NRD AS** NRD Systems** Etronika** 31-12-2023 30-06-2024 31-12-2023 30-06-2024 31-12-2023 30-06-2024 31-12-2023 30-06-2024 Tangible assets 643 619 3 8 283 305 357 307 Intangible assets 280 234 17 15 263 219 - - Other non-current assets 337 401 296
Slide 20: NRD Companies key financial results
20 NRD Companies key financial results, thous. Eur Consolidated revenue Consolidated EBITDA 14 000 1 600 12 000 1 200 10 000 800 8 000 400 6 000 4 000 0 2020 2021 2022 2023 2024 2 000 -400 0 2020 2021 2022 2023 2024 -800 H1 H2 H1 H2 Thous. EUR 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 Revenue 3,847 3,
Slide 21: NRD Companies revenue by country
21 NRD Companies revenue by country 6 MONTHS OF 2024 6 MONTHS OF 2023 11% 2% 7% 4% Lithuania 2% Lithuania 2% Belize Zimbabwe 4% 2% Zimbabwe Sint Maarten 4% 6% Trinidar and Tobago Belize 28% 5% 35% Sint Maarten Estonia 7% Laos 6% North Macedonia 10% Lesotho Norway 7% Estonia 7% 28% Moldova Mauritius
Slide 22: NRD Companies revenue by sector
22 NRD Companies revenue by sector 2022 2023 2024 H1 7% 4% 8% Registers Registers Registers 15% 17% Government 28% Government 18% Government 30% 34% Tax administration Tax administration Tax administration 14% 33% 20% 22% 32% 18% Finance Finance Finance Retail Retail Retail
Slide 23: NOVIAN Group
Offices operate in 6 countries Norway Estonia Latvia Lithuania Moldova NOVIAN Group Rwanda
Slide 24: Key profit (loss) items, thous. EUR
Key profit (loss) items, thous. EUR Technologies Software development Novian Novian Eesti OU Andmevara SRL Zissor Novian Systems** Novian Pro * Technologies Novian 6 months of 6 months of 6 months of 6 months of 6 months of 6 months of 6 months of 6 months of 6 months of 6 months of 6 months of 6 mo
Slide 25: Key balance sheet items, thous. EUR
25 Key balance sheet items, thous. EUR Technologies Software development Novian Novian* Novian Eesti OU Andmevara SRL Zissor Novian Systems Novian Pro Technologies 31-12- 30-06- 31-12- 30-06- 31-12- 30-06- 31-12- 30-06- 31-12- 30-06- 31-12- 30-06- 31-12- 30-06- 2023 2024 2023 2024 2023 2024 2023 202
Slide 26: Novian group main financial figures
26 Novian group main financial figures, thous. EUR Aggregated revenue Aggregated EBITDA 50 000 2 000 45 000 40 000 1 600 35 000 30 000 1 200 25 000 20 000 800 15 000 10 000 400 5 000 0 0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 H1 H2 H1 H2 Thous. EUR 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1
Slide 27: Novian group revenue by country
27 Novian group revenue by country 6 months of 2023 6 months of 2024 2% 2% 1% 1% 3% 3% 1% 6% Lithuania 2% Lithuania 3% 3% 3% Botswana Rwanda Norway 3% Austria 5% Rwanda Estonia 3% 6% Moldova Brazil 3% 67% Germany Moldova 77% 6% Austria Germany Estonia Luxembourg Bangladesh Sweden Ohers (23 countries
Slide 28: Novian group revenue by sector
28 Novian group revenue by sector 2022 2023 2024 H1 4% 4% 4% 6% 5% 5% Public* Public* Public* Private* Private* Private* 14% 11% 10% Finance 40% Finance Finance 39% 42% Aviation, Aeronautics Aviation, Aeronautics Aviation, Aeronautics 39% 39% 38% Other Other Other * Excluding revenue from the financ
Slide 29: Key financial figures of Novian group technologies area
29 Key financial figures of Novian group technologies area, thous. EUR* Aggregated revenue Aggregated EBITDA 35 000 2 000 30 000 1 600 25 000 20 000 1 200 15 000 800 10 000 400 5 000 0 0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 H1 H2 H1 H2 Thous. EUR 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1
Slide 30: Revenue by country of Novian group technologies area
30 Revenue by country of Novian group technologies area* 6 months of 2023 3% 6 months of 2024 2% 7% 1% 3% Lithuania 1% 3% Lithuania 1% 4% Botswana 2% Rwanda Norway 3% 6% Estonia Rwanda 4% Moldova Moldova 5% 8% Luxembourg 63% Estonia Sweden 8% Bangladesh 76% Norway Germany Sint Maarten Others (21 cou
Slide 31: Revenue by sector of Novian group technologies area
31 Revenue by sector of Novian group technologies area* 2022 2023 2024 H1 2% 3% 5% Public** Public** Public** 18% 17% 14% Private** Private** Private** 32% 35% 33% Finance Finance Finance 48% Other 45% 48% Other Other * The data is presented based on the group structure at that time (Zissor AS was a
Slide 32: Key financial figures of Novian group software development area
32 Key financial figures of Novian group software development area, thous. EUR Aggregated revenue Aggregated EBITDA 12 000 800 10 000 600 8 000 400 6 000 200 4 000 0 2 000 2020 2021 2022 2023 2024 -200 0 2020 2021 2022 2023 2024 -400 H1 H2 H1 H2 Thous. EUR 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 Rev
Slide 33: Revenue by country of Novian group software development area
33 Revenue by country of Novian group software development area 6 MONTHS OF 2023 6 MONTHS OF 2024 1% 1% 1% 1% 1% 2% 1% 3% 4% Lithuania 8% Lithuania Austria 10% Austria 9% Germany Brazil Belgium Germany France 81% 77% Estonia Belgium Denmark Others (7 countries) Others (2 countries) Number of countri
Slide 34: Revenue by sector of Novian group software development area
34 Revenue by sector of Novian group software development area 2022 2023 2024 H1 8% 12% 3% Public* Public* Public* Private* Private* 17% Private* 18% 18% Finance 46% Finance Finance 56% 1% 4% 18% 61% 14% Aviation, Aeronautics 3% Aviation, Aeronautics Aviation, Aeronautics 21% Other Other Other * Exc
Slide 35: NRD Cyber Security
in| TECHNOLOGY ($) NRD Cyber Security NRD Cyber Security et ot So i7=-: e < Ele a —
Slide 36: Key profit (loss) and key balance sheet items
36 Key profit (loss) and key balance sheet items, thous. EUR NRD CS* Key profit (loss) item, thous. Eur 6 months of 2023 6 months of 2024 Revenue 2,752 3,643 Gross profit 1,676 1,909 EBITDA 397 565 EBIT 329 490 Net profit (loss) 321 507 NRD CS* Key balance sheet item, thous. Eur 31-12-2023 30-06-202
Slide 37: Key financial figures of NRD Cyber Security
37 Key financial figures of NRD Cyber Security, thous. EUR Consolidated revenue Consolidated EBITDA 10000 1400 9000 1200 8000 7000 1000 6000 800 5000 4000 600 3000 400 2000 200 1000 0 0 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 H1 H2 H1 H2 Thous. EUR 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 R
Slide 38: Revenue by country of NRD Cyber Security
38 Revenue by country of NRD Cyber Security 1% 6 months of 2023 1% 6 months of 2024 7% 1% 3% 1% 1% 2% 1% 3% Lithuania Lithuania 2% 3% Malta 4% USA 5% USA Egypt 10% Egypt Saint Lucia 57% Belgium Guinea-Bissau 21% Bangladesh Luxembourg 77% Kyrgystan Switzerland Germany Nigeria Others (14 countries) Ot
Slide 39: Revenue by sector of NRD Cyber Security
39 Revenue by sector of NRD Cyber Security 2022 2023 2024 H1 13% Public* 13% Public* 14% Public* 22% Private* 23% Private* 19% Private* 65% 64% 67% Finance Finance Finance * Excluding revenue from the finance and academic sectors.
Slide 40: Important information for closed-end investment company (CEF) INVL Technology
40 Important information for closed-end investment company (CEF) INVL Technology Investments in the shares of closed-end investment companies (hereinafter You should also carefully read closed-end investment company‘s ’s may be referred as “CEF“) are associated with investment risk and others Prospe
Slide 41: Thank you for your attention
THANK YOU FOR YOUR ATTENTION INVL TECHNOLOGY Gynėjų Str. 14, 01109 Vilnius, Lithuania www.invltechnology.lt info@invltechnology.lt