INVL Baltic Farmland

Annual Report • Feb 29, 2024

INVL Baltic Farmland, AB was established on 29 April 2014 on the basis of a part of assets split-off from one of the leading asset management groups in the Baltic region Invalda INVL.

INVL Baltic Farmland manages shares of companies investing into agricultural land. INVL Baltic Farmland has 100% in 18 companies owning approximately 3 thousand hectares of agricultural land in Lithuania.

Companies - land owners and joint-stock company INVL Baltic Farmland, on 30 June 2015 have signed a Basic Property Administration Agreement with INVL Farmland Management which administrates agricultural land owned by the companies in order to ensure steady growth of income for the shareholders and the value of the land. On 28 December 2020 the Agreement's Amendment was concluded, based on which the term of the Basic Property Administration Agreement was extended until 31 December 2025.

Shares of INVL Baltic Farmland are listed on Nasdaq Vilnius stock exchange Secondary list since 4 June 2014.

Key information of 2023

The land plots which the company owns are in the most productive regions of Lithuania. They're indicated in blue

Main characteristics of INVL Baltic Farmland shares admitted to trading
Shares issued and total voting rights granted by the issued shares, units	3,291,549
Number of votes for the quorum of the General Shareholders Meeting, units	3,228,510
Nominal value for one share, EUR	0.29
Total nominal value, EUR	954,549.21
ISIN code	LT0000128753
Exchange, List	AB Nasdaq Vilnius, Secondary list

The Board of INVL Baltic Farmland (term of office 2022-2026) and the Manager (director)

25+

years in the Baltic private equity and asset management market

10+ Alvydas Banys Indrė Mišeikytė Tomas Bubinas Eglė Surplienė

years direct experience in the Baltic private equity market

25+ years experience in the

Baltic finance and audit

market

25+

experience in the Baltic securities market

INVL Baltic Farmland shareholders with over 5% of the authorized capital and / or votes and votes held by the Company's managers as of 31 December 2023

EUR 7.20 Share price as of 31 December 2023.

EUR 23.2 mln. Capitalisation as of 31 December 2023.

For more information please visit: https://invlbalticfarmland.com/en/

31-12-2021 31-12-2022 31-12-2023 Book value of land, EUR thousand 16,620 18,092 20,756 Cash, EUR thousand 144 199 59 Other assets, EUR thousand 171 128 132 Consolidated equity, EUR thousand 14,942 16,135 18,294 Deferred income tax liabilities, EUR thousand 1,798 2,023 2,425 Other liabilities, EUR thousand 195 261 228 Controlled cultivated cropland area, thousand ha 3 3 3 Average rental income per hectare, EUR 215 239 256 Book value of one share (BV), EUR 4.63 5.0 5.67 Dividend yield, % 1.9 3.0 2.1 Profit (loss), EUR thousand 2021 2022 2023 Revenue 665 722 794 Revaluation of investment property 1,256 1,922 2,644 (Allowance for) reversal of impairment of trade receivables 1 - (16) Profit before tax 1,655 2,310 3,094 Net profit 1,411 1,968 2,643 *The Company publishes Alternative performance measures (AVR), that are in use of the Company, provides indicators definitions and calculation formulas. All the information is disclosed in the Company's web site section "Investor relations" → "Financial information and reports" → "Indicator formulas". The link is provided: https://invlbalticfarmland.com/en/investor relations/financial-information-and-reports/ Share price Premium/discount vs BV, Historical relation between share price and BV, % % 9,50 30000 30 June 2021 103.5 9,00 30 September 2021 47.2 8,50 25000 8,00 31 December 2021 66.3 7,50 20000 7,00 31 March 2022 43.2 6,50 30 June 2022 80.6 6,00 15000 5,50 30 September 2022 57.5 5,00 10000 4,50 31 December 2022 62.0 4,00				Key information of 2023

0

5000

INVL Baltic Farmland, AB schedule of dividends allocated per share since the beginning of the Company's operations

2,50 3,00 3,50

02.01.2019 13.03.2019 2019.05.27 2019.08.07 2019.10.16 2019.12.30 2020.03.11 2020.05.26 2020.08.05 2020.10.14 2020.12.23 2021.03.09 2021.05.21 2021.08.02 2021.10.11 2021.12.20 2022.03.02 2022.05.13 2022.07.25 2022.10.03 2022.12.12 2023.02.21 2023.05.05 2023.07.17 2023.09.25 2023.12.04

In 2018 the General Shareholders Meeting of the Company approved the new Dividend Payment Policy. According to the Policy, it is decided to allocate EUR 0.10 dividend per share.

31 March 2023 54.7 30 June 2023 42.3 30 September 2023 50.5 31 December 2023 27.0

The Annual General Shareholders Meeting of the Company held on 29 March 2023 approved to allocate a dividend of EUR 0.15 per share for the year 2022. The dividends for the year 2022 were paid from 27 April 2023.

For more information please visit: https://invlbalticfarmland.com/en/