INVL Technology

Investor Presentation • Aug 27, 2024

RESULTS FOR 6 MONTHS OF 2024

27/08/2024

"INVL Technology" overview

INVL Technology operates as a closed-

end fund (CEF) which invests in and develops European IT businesses. The company is headquartered in Vilnius and is listed on the Nasdaq Vilnius stock exchange.

INVL Technology owns 3 company

groups: Novian (a Baltic IT company), NRD Companies (a GovTech company), and NRD Cyber Security (a cybersecurity company).

On 14 July 2016, the Bank of Lithuania granted INVL Technology a permit to operate as a CEF for 10 years with a possible extension for 2 more years. The company is managed by INVL Asset Management.

Structure of the portfolio companies of INVL Technology (30 June 2024)

Members of INVL Technology Investment Committee

Kazimieras Tonkūnas Vida Tonkūnė

Co-founder & managing partner of INVL Technology

Chairman of the Investment Committee

Vytautas Plunksnis

Member of the Board and Head of the Private Equity Unit of INVL Asset Management

Member of the Investment Committee of INVL Technology

Partner of INVL Technology, Member of the Investment Committee of INVL Technology

Nerijus Drobavičius

Member of the Investment Committee of INVL Technology

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

Name of the shareholder or company	Number of shares held by the right of ownership, units	Share of the authorized capital held, %
LJB investments, UAB
Code 300822575,	2,424,152	19.91
A. Juozapavičiaus Str. 9A, Vilnius
INVL Life, UADB
Code 305859887	1,873,678	15.39
Gynėjų Str. 14, Vilnius
Irena Ona Mišeikienė	1,466,421	12.04
Lietuvos draudimas, UAB
Code 110051834,	909,090	7.47
Basanavičiaus Str. 12, Vilnius
Kazimieras Tonkūnas	675,452	5.55
Alvydas Banys	618,745	5.08

INVL Technology timeline

	Period of investment 2016-2021	Period of value creation 2021-2024				Period of exit 2024-2026
	2015		2016		2019-2021	2024		2026
•	INVL Technology AB was merged into BAIP Group UAB and continued operations under the new name INVL Technology AB.	•	On 14 July 2016, INVL Technology obtained a CEF license.	•	Completed the formation of the NRD Companies and Novian group.	Start of exit		INVL Technology ends its operation
• • •	On 3 July 2015, INVL Technology placed a new issue of 6 060 607 shares at a price of 1.65 euros per share and raised 10 million euros. On 8 June 2015, the net asset value was EUR 20,089 thousand. Norway Registers Development AS acquired 80 per cent of the shares of ETRONIKA. NRD Cyber Security was formed	• •	Inventio acquired Algoritmų Sistemos. INVL Technology acquired Andmevara AS with its subsidiary Andmevara SRL	• •	2019 Novian acquired Zissor AS. 2021 Novian group company Novian Systems acquired Elsis PRO.

Net asset value and stock information of INVL Technology

Title	08-07-2015*	31-12-2015 **	14-07-2016 ***	31-12-2016 ***	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 (thous. EUR)	20,089	24,243	23,906	19,728	23,812	28,025	28,958	33,725	36,125	38,270	43,529	43,951
Net asset value per share, EUR	1.65	1,99	1.96	1.62	1.96	2.30	2.38	2.77	2.99	3.17	3.61	3.67

* During the secondary public offering (SPO), finalized on 8 July 2015, the Company has issued 6,060,607 new Shares with the final offer price of EUR 1.65 each, the Company has raised over EUR 10 million. Net asset value as of 2015-07-08 equals offer price times shares outstanding as at 2015-07-08.

** The total equity of the Company of 31 December 2015 was EUR 24,243 thousand.

*** Start of CEF activities. The total equity of the Company of 14 July 2016 was EUR 23,906 thousand. Net asset value is equals to the total equity of the Company.

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, EUR	288,128.78	314,955.28	295,408.42
Total number of trades	637	718	784

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)
Dividends, interest and other incomes	841	632	1,576
Operating expenses	1,9401	(353)2	(495)3
Finance cost	-	-	(11)
Net profit (loss)	1,2771	(440)2	6243
Thous. EUR	2022-12-31	2023-12-31	30-06-2024
Financial assets value	34,941	44,890	44,444
Cash and Cash equivalents	733	749	878
Loans	2,773	3,249	3,823
TOTAL ASSETS	38,447	48,888	49,145
Other liabilities	177	5,059	5,194
Borrowings	-	300	-
Equity	38,270	43,529	43,951

¹ Decrease of success fee provision had an impact of 2,339 thousand EUR for 6 months of 2022 results.

² The result for the first 6 months of 2023 was not affected by provisions for success and accrued management fees.

³ Increase of success fee provision had an impact of 106 thousand EUR for 6 months of 2024 results.

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, ETRONIKA, Infobank Uganda)	10,986	11,295
Novian (includes Novian Technologies, Novian Systems, Novian Eesti OU, Andmevara SRL, Zissor AS, Novian Pro, NRD Rwanda)	19,679	19,815
FINtime	121	123
Total	44,890	44,444

Change in fair value of financial, thous. Eur

Opening balance (01-01-2024)	44,890
Revaluation, excluding dividends	954
Dividends awarded*	(1,400)
Closing balance (30-06-2024)	44,444

* NRD CS declared and paid a dividends of EUR 1,400 thousand in 2024.

Dynamics of financial assets, thous. EUR

Bendrovė	31-12-2016*	Dividends(-)/ Investments (+)	30-06-2024	Internal rate of return**
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	15.5%
Software services area	3,955	(724)	5,044	5.8%
FINtime	253	(39)	123	-6.8%
Total	16,696	(5,359)	44,444	16.5%

* The companies managed by INVL Technology are grouped according to the current structure, including the companies that were in the portfolio at that time.

** Initial investment value – evaluation result of 31-12-2016 (INVL Technology as a closed-end investment company started operating on 14-07-2016); dividends paid during the period and additional investments made are evaluated.

Aggregated financial indicators of INVL Technology portfolio companies, thous. EUR

Aggregated revenue

H1 H2

H1 H2

Thous. Eur	2020 H1	2021 H1	2022 H1	2023 H1	2024 H1
Revenue	16,514	18,142	21,681	29,097	27,338
Gross profit	4,604	5,919	5,723	8,149	8,737
EBITDA	1,333	1,701	113	1,036	2,282
EBIT	674	1,008	(601)	308	1,490
Net profit (loss)*	475	698	(718)	(209)	979

* Net profit (loss) is presented without including dividend income and elimination of one-off and atypical impairments of investments in subsidiaries and the results of intercompany shares transactions recognized in standalone company reports.

INVL Technology companies' activities geography

In first half of 2024 INVL Technology companies carried out projects in 53 countries around the world

Revenue by country of INVL Technology

Thous. EUR	6 months of 2023	6 months of 2024	Change
Lithuania	16,775 (58%)	17,474 (64%)	699
Other countries	12,322 (42%)	9,864 (36%)	(2,458)
Total	29,097	27,338	(1,759)

Revenue of managed companies: in Lithuania and abroad, thous. EUR

Financial results of managed companies for 6 months of 2024

NRD Companies Group

Key profit (loss) items, thous. Eur

* Unaudited consolidated results of NRD Companies are presented, which includes the results of the companies submitted and the results of NRD Companies.

** The standalone financial statements for 2023 of NRD Systems UAB, Etronika UAB are audited. The audit of standalone financial statements for 2023 of NRD Companies, NRD AS are in progress.

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	358	25	25	17	17
Current assets	5,273	5,760	3,911	4,007	1,809	1,488	1,790	1,418
of which cash	1,303	1,132	151	226	247	283	898	592
Total assets	6,533	7,014	4,227	4,388	2,380	2,037	2,164	1,742
Equity	2,017	2,391	826	889	279	281	1,083	888
Non-current liabilities	496	546	18	1	200	267	278	278
Of which financial debt	464	531	1	1	200	267	263	263
Current liabilities	4,020	4,077	3,383	3,498	1,901	1,489	803	576
of which financial debt	199	98	2	1	636	458	91	46
Total liabilities and equity	6,533	7,014	4,227	4,388	2,380	2,037	2,164	1,742

*Unaudited consolidated results of NRD Companies are presented, which includes the results of the companies submitted and the results of NRD Companies.

**The standalone financial statements for 2023 of NRD Systems UAB, Etronika UAB are audited. The audit of standalone financial statements for 2023 of NRD Companies, NRD AS are in progress.

NRD Companies key financial results, thous. Eur

Consolidated revenue

Thous. EUR	2020 H1	2021 H1	2022 H1	2023 H1	2024 H1
Revenue	3,847	3,342	3,139	6,222	5,015
EBITDA	420	204	(359)	567	589

Consolidated EBITDA

NRD Companies revenue by country

6 MONTHS OF 2023

6 MONTHS OF 2024

Thous. Eur	2023 H1	2024 H1	Change
Lithuania	2,151 (35%)	1,421 (28%)	(730)
Other countries	4,071 (65%)	3,594 (72%)	(477)
Total	6,222	5,015	(1,207)

NRD Companies revenue by sector

NOVIAN Group

Offices operate in 6 countries

Key profit (loss) items, thous. EUR

				Novian	Novian	Eesti OU	Technologies	Novian Systems** Andmevara SRL Zissor				Software	development Novian Pro
Novian*	6 months of 2023	6 months of 2024	6 months of 2023	Technologies 6 months of 2024	6 months of 2023	6 months of 2024	6 months of 2023	6 months of 2024	6 months of 2023	6 months of 2024	6 months of 2023	6 months of 2024	6 months of 2023	6 months of 2024
Revenue	18,494	16,434	12,975	9,910	409	545	378	293	337	348	2,379	2,420	1,898	2,803
Gross profit	3,368	3,749	1,824	1,543	266	394	320	246	316	300	122	717	416	434
EBITDA	204	1,121	686	517	(85)	15	(12)	6	(24)	67	(413)	100	171	447
EBIT	(336)	563	396	197	(114)	(28)	(15)	(3)	(26)	65	(493)	15	35	349
Net profit (loss)*	(782)	136	156	61	(121)	(33)	(64)	(54)	(24)	65	(632)	(112)	17	339

*Unaudited aggregated operating results of the Novian group are presented, which include the results of the presented companies and the results of UAB Novian, Andmevara AS and NRD Rwanda. The aggregation of profit (loss) statement data eliminates dividend income and the results of intercompany shares transactions. The standalone financial statements of Novian Technologies, Novian systems, Novian PRO and Zissor AS are audited.

Key balance sheet items, thous. EUR

			Technologies								Software development
Novian*			Novian Technologies		Novian	Eesti OU		Andmevara SRL		Zissor		Novian Systems		Novian Pro
	31-12- 2023	30-06- 2024	31-12- 2023	30-06- 2024	31-12- 2023	30-06- 2024	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	2,242	1,923	1,388	1,170	125	93	42	33	2	-	398	328	287	298
Intangible assets	2,027	2,020	33	20	24	21	-	-	-	-	1,883	1,935	87	44
Other non-current assts	2,328	1,744	1,605	739	60	60	-	-	64	121	339	625	157	157
Current assets	16,372	16,170	9,221	7,113	179	248	611	555	138	290	3,250	3,304	2,153	3,479
Of which cash	3,428	1,498	1,746	425	9	57	251	196	21	61	798	368	533	374
Total assets	22,969	21,857	12,247	9,042	388	422	653	588	204	411	5,870	6,192	2,684	3,978
Equity	3,780	3,933	2,978	2,537	(204)	( 237)	281	230	33	156	1,572	1,452	391	730
Non-current liabilities	3,228	3,257	739	737	1	1	-	-	-	31	416	416	177	177
Of which financial debt	3,007	3,036	688	686	1	1	-	-	-	31	246	246	177	177
Current liabilities	15,961	14,667	8,530	5,768	591	658	372	358	171	224	3,882	4,324	2,116	3,071
Of which financial debt	3,045	3,660	528	537	78	78	-	-	-	-	2,261	2,671	92	330
Total liabilities and equity	22,969	21,857	12,247	9,042	388	422	653	588	204	411	5,870	6,192	2,684	3,978

*Unaudited aggregated operating results of the Novian group are presented, which include the results of the presented companies and the results of UAB Novian, Andmevara AS and NRD Rwanda. The aggregation of balance sheet items eliminates the value of investments in subsidiaries. The standalone financial statements of Novian Technologies, Novian systems, Novian PRO and Zissor AS are audited.

Novian group main financial figures, thous. EUR

Thous. EUR	2020 H1	2021 H1	2022 H1	2023 H1	2024 H1
Revenue	10,547	11,553	14,497	18,494	16,434
EBITDA	808	885	162	204	1,121

Novian group revenue by country

Thous. EUR	2023 H1	2024 H1	Change
Lithuania	12,313 (67%)	12,573 (77%)	260
Other countries	6,181 (33%)	3,861 (23%)	(2,320)
Total	18,494	16,434	(2,060)

Novian group revenue by sector

* Excluding revenue from the finance and aviation, aeronautics sectors.

Key financial figures of Novian group technologies area, thous. EUR*

Thous. EUR	2020 H1	2021 H1	2022 H1	2023 H1	2024 H1
Revenue	8,118	7,492	10,481	13,762	11,115
EBITDA	783	723	498	584	612

* The data is presented based on the group structure at that time (Zissor AS was assigned to the technology sector in the second half of 2023).

Revenue by country of Novian group technologies area*

* The data is presented based on the group structure at that time (Zissor AS was assigned to the technology sector in the second half of 2023).

Revenue by sector of Novian group technologies area*

* The data is presented based on the group structure at that time (Zissor AS was assigned to the technology sector in the second half of 2023).

** Excluding revenue from the finance sector.

Key financial figures of Novian group software development area, thous. EUR

Thous. EUR	2020 H1	2021 H1	2022 H1	2023 H1	2024 H1
Revenue	2,135	3,578	3,599	4,312	5,223
EBITDA	53	236	(166)	(305)	547

Revenue by country of Novian group software development area

Number of countries

Revenue by sector of Novian group software development area

* Excluding revenue from the finance and aviation, aeronautics sectors.

NRD Cyber Security

Key profit (loss) and key balance sheet items, thous. EUR

Key profit (loss) item, thous. Eur	NRD CS*
	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	30-06-2024
Tangible assets	350	287
Intangible assets	19	15
Other non-current assets	49	49
Current assets	5,748	3,210
Of which cash	3,640	2,047
Total assets	6,166	3,561
Equity	1,824	931
Non-current liabilities	924	924
Of which financial debt	149	149
Current liabilities	3,418	1,706
Of which financial debt	60	30
Total liabilities and equity	6,166	3,561

* The unaudited consolidated results of the NRD Cyber Security group are presented. The results of NRD CS and NRD Bangladesh are included in the results of the NRD Cyber Security group. The companies' standalone annual financial statements for 2023 are audited.

Key financial figures of NRD Cyber Security, thous. EUR

Consolidated revenue

Thous. EUR	2020 H1	2021 H1	2022 H1	2023 H1	2024 H1
Revenue	962	1,979	2,421	2,752	3,643
EBITDA	39	534	260	397	565

Revenue by country of NRD Cyber Security

Thous. Eur	6 months of 2023	6 months of 2024	Change
Lithuania	1,566 (57%)	2,810 (77%)	1,244
Other countries	1,186 (43%)	833 (23%)	(353)
Total	2,752	3,643	891

Number of countries

38

Revenue by sector of NRD Cyber Security

* Excluding revenue from the finance and academic sectors.

Important information for closed-end investment company (CEF) INVL Technology

Investments in the shares of closed-end investment companies (hereinafter may be referred as "CEF") are associated with investment risk and others risks specified in the Articles of Association and Prospectus of the closed-end investment company. The value of a company's shares can both rise and fall, and you may recover less than you invested or even lose the entire invested amount. Past results only show the changes in the value of a company's shares over a past period. Past results do not guarantee future performance.

The information provided does not encompass all the information disclosed by the company and should be read together with the company's publicly announced financial and other information. The financial data provided should be evaluated together with the financial statements. The data presented reflect the situation for a past period of time and results for a past period are not a reliable indicator of future performance.

The closed-end investment company and (or) the Management Company of the closed-end investment company does not guarantee the profitability of investments. The latest values of the shares of the closed-end investment company are available on the website www.invltechnology.com.

Before making a decision to invest, you should personally or with the help of investment advisors assess the selected closed-end investment company's investment strategy, applicable fees and all investment-related risks.

You should also carefully read closed-end investment company's 's Prospectus, Rules and Key Investor Information Document and other share distribution documents. These documents are available for review on the website www.invltechnology.com.

All the information presented is of a promotional-informative nature and cannot be construed as a recommendation, offer or invitation to invest in the shares of the closed-end investment company. The closed-end investment company and (or) the Management Company of the closed-end investment company is not responsible for any decisions taken by third parties on the basis of information provided in this website alone and assumes no responsibility for expenses or direct or indirect losses experienced when using only this information.

The information provided cannot be the basis for any subsequently concluded agreement. Although the content of this information of a promotional nature is based on sources considered to be reliable, the closed-end investment company and (or) the Management Company of the closed-end investment company is not responsible for inaccuracies or changes in the information, or for losses that may arise when investments are based on this information.

The right of investors in the closed-end investment company to demand redemption of shares which they hold is restricted.

THANK YOU FOR YOUR ATTENTION INVL TECHNOLOGY Gynėjų Str. 14, 01109 Vilnius, Lithuania www.invltechnology.lt info@invltechnology.lt