Group 1: Financial Performance - NRD Cyber Security's consolidated revenue for the first half of this year increased by 45.3% to EUR 5.3 million compared to the same period in 2024 [1] - Gross profit for the comparable period increased by 30.5% to EUR 2.5 million [1] - EBITDA increased by 58.2% to EUR 0.9 million [1] Group 2: Market Trends and Opportunities - The market is shifting towards a holistic approach to cybersecurity services, moving away from individual services [2] - There is an increasing expectation for cybersecurity-as-a-service, which includes procedures, processes, technology security configurations, and threat detection and prevention [2] - The growth of Security Operations Centres (SOCs) worldwide is expected to create new opportunities for specialized monitoring tools like Natrix, a cybersecurity threat monitoring platform developed by the company's R&D team [2] Group 3: Company Overview - NRD Cyber Security offers cybersecurity solutions, consulting, and services aimed at creating secure digital environments for countries, governments, and businesses [3] - The company is managed by INVL Technology, which is a Nasdaq Vilnius-listed IT investment company [3]

Core Insights - Novian generated consolidated revenue of EUR 12.5 million in H1 2025, down from EUR 15.9 million in H1 2024, but maintained stable profitability with normalized EBITDA of EUR 1.05 million and gross profit of EUR 3.89 million [1] - The group is focused on high value-added solutions, efficiency, and international expansion, indicating a strategic shift towards sustainable profitability [2][3] - The majority of revenue (69%) was generated in Lithuania, with 20% from other European countries and 11% from outside Europe, reflecting a growing export of services [4] Financial Performance - The group recorded a one-off loss impact of EUR 1.659 million on H1 2025 EBITDA due to atypical factors that do not affect normal operations [1] - CEO Tomas Vitkus stated that the revenue decline was a planned outcome due to the discontinuation of low value-added projects, positioning the company for future growth [3] Strategic Projects - Significant projects include a flight controller worktime planning system for the Brazilian Air Force and an AI-based optical systems design platform for the European Space Agency [5] - In Lithuania, a VAT registration system was developed for the State Tax Inspectorate to enhance efficiency [5] Technological Focus - The company emphasizes its capabilities in complex, innovative areas such as artificial intelligence and plans to expand its client base in the defense and space sectors [6] - Flagship projects include a high-security backup domain storage system for Vilnius City Municipality and comprehensive database services for the Bank of Lithuania [7] Educational Initiatives - The national computer supply project aims to equip over 530 schools with 16,169 laptops, enhancing educational infrastructure [8] - The Cyber Competence Center at Kaunas University of Technology features advanced AI and cybersecurity infrastructure built on the NVIDIA AI Enterprise platform [8] Future Outlook - Novian plans to further develop advanced technological solutions, strengthen foreign market positions, and focus on long-term value projects, particularly in AI and operational efficiency [10]

Core Insights - INVL Technology reported a net profit of EUR 0.766 million for the first half of 2025, representing a 22.8% increase from EUR 0.624 million in the same period of 2024 [2] - The company's equity and net asset value reached EUR 52.03 million and EUR 4.35 per share as of June 30, 2025, reflecting increases of 1.2% and 1.4% respectively since the beginning of the year [2] - The company anticipates significant revenue and profit growth in 2025 due to strong performance from managed companies and new contracts [3] Financial Performance - The aggregate revenue of companies managed by INVL Technology for January–June 2025 was EUR 28.7 million, a 2.8% increase year-on-year [5] - Gross profit for the same period increased by 11.4% to EUR 10.4 million, while aggregate EBITDA rose by 10.7% to EUR 2.5 million [5] - In Q2 2025, revenue increased by 14.3% year-on-year, gross profit rose by 22.4%, and EBITDA surged by 44.5% [5] Company-Specific Performance - NRD Cyber Security, managed by INVL Technology, saw its consolidated revenue increase by 45.3% to EUR 5.3 million in the first half of 2025 [6] - NRD Companies reported consolidated revenue of EUR 5.6 million, an 11.3% increase from the previous year, although gross profit decreased by 1.4% to EUR 2.5 million [7] - Novian's consolidated revenue was EUR 12.5 million, down 21.4% from the first half of 2024, with gross profit decreasing by 6.3% to EUR 3.9 million [8] Strategic Initiatives - INVL Technology is actively pursuing divestment processes for its portfolio companies and plans to enter a new phase after hiring new investment advisors [4]

Core Points - The net asset value of INVL Technology as of June 30, 2025, is reported to be EUR 52,026,456, which translates to EUR 4.3484 per share [1] Summary by Category Financial Performance - The net asset value indicates the overall financial health of INVL Technology, providing a per-share valuation that can be used for investment analysis [1] Company Information - Kazimieras Tonkūnas is the authorized person for providing additional information regarding INVL Technology, indicating a point of contact for stakeholders [1]

Core Viewpoint - INVL Technology has terminated its agreement with Corum Group to enhance flexibility in exploring alternative strategic options for divesting its portfolio companies while continuing ongoing negotiations with potential buyers [3][5]. Group 1: Termination of Agreement - The company terminated the contract with the Zurich branch of Corum Group International on 17 July 2025, with certain terms remaining in force for a 12-month tail period [4]. - The decision was made to provide greater flexibility in exploring other divestment possibilities [3][5]. Group 2: Ongoing Sales Process - Despite the challenging economic conditions affecting B2B technology companies in Europe, the US, and Canada, the company continues to pursue the sale of its portfolio companies and has interested parties [5]. - Negotiations with potential buyers are ongoing, and the company is not halting the divestment process [2][5]. Group 3: Portfolio Performance - The portfolio companies are performing well, and their results will be reflected in the report for the first half of the year, which is expected to be published at the end of August [5]. Group 4: Company Overview - INVL Technology invests in IT businesses and is managed by INVL Asset Management, a leading alternative asset manager in the Baltics [5][6]. - The company owns and manages cybersecurity company NRD Cyber Security, GovTech company NRD Companies, and Baltic IT company Novian [6].

Financial Performance - The Novian IT group's consolidated revenue in 2024 was EUR 38.9 million, reflecting a growth of 2.4% compared to 2023 [1] - The group's EBITDA for the year was EUR 2.57 million, which is 2.1 times the previous year's figure [1] - The operating profit for 2024 was EUR 1.5 million, representing a significant increase of 14.3 times compared to 2023 [1] Revenue Sources - In 2024, 59% of Novian's revenue came from IT solutions, 24% from software development, and 17% from IT services [2] - The company operated in 37 countries, with 77% of revenue generated in Lithuania, 12% in other European countries, and 11% in the rest of the world [2] Strategic Focus - The CEO of Novian emphasized the importance of collaboration with clients to drive innovation and success in the IT sector [3] - Future priorities for Novian include projects for national institutions, defense projects, artificial intelligence, high-performance computing solutions, and quantum technologies [4][5] Defense Projects - Novian has been involved in defense projects since 2004, participating in seven projects funded by the European Commission in 2024 [7] - Ongoing projects include PEONEER, SESIOP, FIRES 2, and ODINS' EYE 2, focusing on various defense and military enhancements [7] Innovation and Technology - The company is developing the HIPSTER project, which aims to identify and counter hybrid threats using advanced technologies [8] - Novian is also expanding its cloud computing architecture and IT infrastructure services in African countries [9] - The company is actively contributing to the development of a quantum technology ecosystem in Lithuania [9] Valuation - An independent valuation by Deloitte indicated that the fair value of the Novian group at the end of 2024 was nearly EUR 22 million, a rise of 11.7% from the end of 2023 [11]

Core Insights - NRD Cyber Security experienced significant growth in 2024, with consolidated revenue reaching EUR 10,194 million, a 37.6% increase from 2023, and net profit rising by 23.3% to EUR 1,012 million [1][2] Group 1: Financial Performance - The company generated consolidated revenue of EUR 10,194 million in 2024, marking a 37.6% increase compared to the previous year [1] - Net profit for the year was EUR 1,012 million, reflecting a 23.3% growth from 2023 [1] Group 2: Market Demand and Project Implementation - The results indicate a growing global demand for cybersecurity services, with the company's team successfully implementing complex projects in both Lithuania and international markets [2] - There is an increasing need for organizations to enhance their cyber resilience at operational and IT infrastructure levels [2] Group 3: International Projects and Collaborations - NRD Cyber Security has developed internationally recognized security solutions, including the Natrix platform, which has been deployed in the Egyptian financial sector [3] - The company completed a major project with the European Union Agency for Cybersecurity (ENISA) to assess and enhance the cyber resilience of EU countries [4] - Other notable projects include the development of a postal ISAC for the Universal Postal Union and the design of a cybersecurity incident response team for the Eastern Caribbean Region [4] Group 4: Innovation and Strategic Development - The company actively invests in innovative solutions that align with national and EU strategic priorities, enhancing the capabilities of Security Operations Centres (SOCs) to exchange critical information in real time [5] - NRD Cyber Security aims to create secure digital environments for various stakeholders, including countries, governments, and businesses [6]

Company Overview - INVL Technology is an investment company focused on IT businesses, managing companies such as NRD Cyber Security, NRD Companies, and Novian [2] - The company is managed by INVL Asset Management, a leading alternative asset manager in the Baltics [4] Financial Performance - As of December 2024, INVL Technology reported an equity and net asset value of EUR 51.43 million, representing an 18.2% increase year-over-year [2] - The value per share of its equity and NAV was EUR 4.2896, reflecting a growth of 19% [2] - The audited net profit for 2024 was EUR 8.09 million, which is 56.6% higher than in 2023 [2] Valuation Update - Enlight Research has updated its valuation of INVL Technology, raising the target price for its shares to EUR 4.12 from EUR 4.01 [1] - Prior to this update, INVL Technology's share price was EUR 3.4 on the Nasdaq Vilnius stock exchange [1] M&A Activity - In March of the previous year, INVL Technology entered into an agreement with Corum Group International for M&A advisory services related to the sale of its portfolio of businesses [3] Investment Strategy - INVL Technology is a closed-end investment company that is required to exit its investments by mid-July 2026 and distribute the proceeds to shareholders [4]

Core Points - The net asset value of INVL Technology as of 31 March 2025 is reported to be EUR 51,361,570, which translates to EUR 4.2767 per share [1] Summary by Category - **Net Asset Value**: The net asset value of the company is EUR 51,361,570 as of 31 March 2025 [1] - **Per Share Value**: The value per share is calculated at EUR 4.2767 [1] - **Contact Information**: Kazimieras Tonkūnas is the authorized person for additional information, reachable via email [1]

Core Insights - INVL Technology's equity and net asset value as of March 31, 2025, were EUR 51.36 million and EUR 4.2767 per share, reflecting a decrease of 0.1% and 0.3% respectively from the start of the year [1][3] - The company reported a net loss of EUR 0.079 million for the first quarter of 2025, compared to a net profit of EUR 0.279 million in the same period of 2024 [2][3] Financial Performance - The company's investments in managed companies reached EUR 54.16 million at the end of March 2025, up from EUR 45.35 million at the end of March 2024 [1] - INVL Technology's portfolio companies generated aggregated revenues of EUR 12.9 million in January-March 2025, an 8.1% decline year-on-year, while gross profit increased by 0.6% to EUR 4.3 million [5] - The aggregated EBITDA for the portfolio companies decreased by 26.4% to EUR 0.8 million [5] Individual Company Performance - NRD Cyber Security's consolidated revenue increased by 28.2% year-on-year to EUR 1.97 million, with gross profit growing by 25.2% to EUR 1.09 million and EBITDA rising by 26.3% to EUR 0.33 million [6] - NRD Companies reported consolidated revenue of EUR 2.73 million, a 5.7% increase from the previous year, but its gross profit decreased by 0.5% to EUR 1.24 million, with EBITDA falling by 36.1% to EUR 0.18 million [7] - Novian's consolidated revenue was EUR 5.99 million, down 27.0% year-on-year, with gross profit decreasing by 17.5% to EUR 1.43 million and EBITDA dropping by 51.0% to EUR 0.26 million [8] Strategic Outlook - The Managing Partner of INVL Technology, Kazimieras Tonkūnas, expressed optimism for growth in 2025 despite negative impacts from currency exchange rate fluctuations, citing contracts signed by the businesses [4] - INVL Technology is a closed-end investment company managed by INVL Asset Management, with a mandate to exit investments by mid-July 2026 and distribute proceeds to shareholders [10]