Audited results of INVL Baltic Farmland group of 2024

INVL Baltic Farmland AB

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The audited consolidated net profit of INVL Baltic Farmland, AB amounted to EUR 1,836 thousand, the revenue was EUR 835 thousand for the period of 2024 (for 2023 – consolidated net profit was EUR 2,643 thousand, revenue was EUR 794 thousand).

The initial forecast of INVL Baltic Farmland for year 2024 was income of EUR 835 thousand and net profit of EUR 420 thousand.

INVL Baltic Farmland had revenue of EUR 835 thousand in 2024 and earned audited net profit of EUR 1,836 thousand for the year. Profit was forecasted under the assumption that the value of agricultural land holdings in the balance sheet would not change and the change in the value of trade receivables by the buyers was not assessed, but a valuation conducted by the company Matininkai showed that land holding value had increased by 9.5% to EUR 22.736 million compared to previous year, or EUR 7.38 thousand per hectare. In 2024 the group also incurred an unbudgeted expense of EUR 107 thousand for the property administration fee (its success fee component) triggered when minimum return requirements set out in the administration agreement were met and exceeded. The increase in the corporate income tax rate (from 15% to 16%) in Lithuania from 2025 resulted in a decrease in net profit of EUR 182 thousand after recalculation of the deferred income tax liability according to the new rate, which was also not foreseen. Excluding these non-estimated factors and the related income tax expense, INVL Baltic Farmland's profit would be EUR 436 thousand. Therefore, after assessing the favourable market trends that allowed to increase the value of assets, it can be stated that INVL Baltic Farmland has accomplished and exceeded the calculated profit forecasts for 2024.

The annual information is published in the European Single Electronic Format (ESEF) in compliance with the requirements of Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 (zip file attached). This is the official format for the annual information that will be approved by the Ordinary General Shareholders‘ Meeting. The annual information is additionally provided in pdf format as a copy of the published ESEF information.

Additional information:

INVL Baltic Farmland, a company that invests in agricultural land, had a net profit of EUR 1.836 million in 2024, which is 30.5% less than in 2023. The company’s revenue last year increased 5.2% to EUR 835,000.

"INVL Baltic Farmland reached and exceeded its financial targets for 2024 as favourable market trends allowed it to increase the value of its property, though there were also some unforeseen factors,” says Juste Gumovskiene, the director of INVL Farmland Management, which administers INVL Baltic Farmland’s land.

On the basis of the lease agreements in place, INVL Baltic Farmland projected consolidated revenue of EUR 835,000 in 2024 and a net profit of EUR 420,000. The forecasts assume that during 2024 the value of the company’s land holdings will not change and its assets will not be revalued, no new agreements on the purchase or sale of land will be signed, and there will be no change in the impairment of trade receivables and no impact of trade receivables on the size of the administration fee.

However, according to a valuation by Korporacija Matininkai, the value of INVL Baltic Farmland’s land holdings increased by 9.5% during the year to EUR 22.736 million, or EUR 7,380 per hectare. The company’s expected result for 2024 was also impacted by an unanticipated success fee triggered when minimum return requirements set out in the administration agreement were met and exceeded, and by an increase in corporate income tax expenses due to Lithuania's corporate income tax rate rising to 16% as of 2025. Excluding the factors not considered in the forecasts and related corporate income tax expenses, INVL Baltic Farmland’s profit would be EUR 436,000.

"In agriculture, there are no easy years and in 2024 we also faced challenges. Yields were greatly affected by changing climatic conditions, but we can take satisfaction that, despite the obstacles, the farmers who rent land from us were able to produce a good harvest. We see that sustainability is becoming an increasingly important issue in agriculture, so we are actively working with farmers on that issue too. We also hope that focused cooperation with Lithuanian farmers will continue to help us increase the value of our assets and achieve the goals which have been set,” the director of INVL Farmland Management notes.

INVL Baltic Farmland’s equity at the end of December 2024 was EUR 19.743 million, or EUR 6.12 per share. Equity per share grew 10% during the year, including the effects of dividends.

INVL Baltic Farmland is listed on the Nasdaq Vilnius stock exchange. Its subsidiaries own approximately 3,000 hectares of agricultural land in Lithuania which is rented out to agriculture companies and farmers.

The person authorized to provide additional information:
Director Egle Surpliene
E-mail: egle.surpliene@invaldainvl.com 

Attachments

• abinvlbalticfarmland-2024-12-31-0-en
• INVL Baltic Farmland_Auditor's report_2024
• INVL_Baltic_Farmland_Annual_Information_2024
• INVL_BF_factsheet_2024