Core Viewpoint - INVL Technology has successfully extended its operational term by two years, now set to end on 14 July 2028, to enhance strategic flexibility and complete its investment cycle effectively [2][4]. Group 1: Operational Extension - The Extraordinary General Meeting of Shareholders held on 5 February 2026 approved the proposal to extend the company's operational term [1][3]. - The operational term was previously scheduled to end on 14 July 2026 and is now extended to 14 July 2028 [2][4]. Group 2: Strategic Implications - The extension of the operational term is aimed at ensuring strategic flexibility and facilitating the smooth completion of the investment cycle, focusing on long-term value creation for shareholders [2][5]. - Kazimieras Tonkūnas, Managing Partner of INVL Technology, emphasized that the decision allows for the best outcomes for investors while continuing to enhance the value of portfolio companies [5]. Group 3: Financial Performance - INVL Technology reported a net profit increase of 89% year-on-year for the first nine months of 2025, amounting to EUR 2.1 million [7]. - As of 30 September 2025, the company's equity stood at EUR 53.36 million [7].

Core Viewpoint - INVL Technology plans to hold an extraordinary general meeting to propose extending its operational term until 14 July 2028, allowing for the completion of the investment cycle and maximizing shareholder returns [1][2][5]. Group 1: Company Operations - The current Articles of Association allow INVL Technology's operations to continue until 14 July 2026, with a potential extension of up to two years [2][5]. - The company believes that some portfolio companies have significant growth potential, making the extension beneficial for optimizing the investment cycle [3][6]. Group 2: Financial Performance - As of 30 September 2025, INVL Technology's equity stood at EUR 53.36 million [7]. - The portfolio companies are experiencing a mature growth stage, expanding faster than the B2B technology market while maintaining profitability and generating positive free cash flows [7]. Group 3: Company Structure - INVL Technology is a closed-end investment company managed by INVL Asset Management, owning three businesses: NRD Cyber Security, NRD Companies, and Novian, which operate across the Baltic region [8]. - The company is set to announce its preliminary financial results for 2025 on 4 March 2026 [8].

Core Insights - 13D Management has initiated a new position in Viasat valued at approximately $7.82 million, indicating a belief that the market has not fully priced in the upcoming capacity and cash flow from new satellites [1][2]. Company Overview - Viasat, Inc. is a leading provider of broadband and communications solutions, utilizing its satellite infrastructure to deliver connectivity across various markets, including commercial and government clients [6]. - The company reported a market capitalization of $4.71 billion and a revenue of $4.58 billion for the trailing twelve months (TTM) [4]. Financial Performance - Viasat narrowed its net loss to $61 million from $138 million year-over-year and generated $69 million in free cash flow, reflecting a $58 million improvement [10]. - Operating cash flow increased to $282 million as capital intensity decreased and margins stabilized [10]. Market Position and Growth Potential - The ViaSat-3 F2 satellite is expected to enter service in early 2026, designed to deliver more bandwidth than the entire legacy fleet, indicating significant growth potential [11]. - The defense backlog reached a record $1.2 billion, up 31% year-over-year, enhancing visibility into future revenue streams [11]. Investment Context - The new position in Viasat represents 7.5% of 13D Management's reportable assets under management, highlighting the fund's strategic focus on capital-intensive businesses with long product cycles [3][12]. - Viasat's stock has increased by 271.5% over the past year, significantly outperforming the S&P 500, which rose by 15% in the same period [3].

Group 1 - The core view for the upcoming year is a continuation of the current trends, with a significant market low reached in April marking the end of an economic cycle, leading to a rolling recovery expected to strengthen the economy in 2026 [1] - The target for the market in 2026 is set at 7800, with the near-term focus on how the Federal Reserve will transition to a more dovish stance, which may depend on labor data or financial stress in funding markets [2] - The recent shift in perspective is attributed to earnings revisions, which have shown significant breadth, indicating that many are overlooking the potential for earnings to exceed expectations despite current valuation concerns [4] Group 2 - The outlook for 2026 includes a broadening of the earnings narrative, which is expected to positively influence the equity story, reflecting a disciplined approach to market analysis [5] - Various factors such as sentiment, positioning, valuation, and earnings revisions are being considered, with current conditions appearing supportive from both policy and earnings revision perspectives [6]