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AB INVALDA INVL, company code 121304349, Gyn\u0117j\u0173 str. 14, Vilnius, Lithuania
CONSOLIDATED AND COMPANY\u2019S FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
(all amounts are in EUR thousand unless otherwise stated)
The financial statements are presented in thousands of euro (EUR) and all values are rounded to the nearest thousand except when otherwise indicated.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "AB INVALDA INVL", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Lithuania", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "a public limited liability compan", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "Gyn\u0117j\u0173 str. 14, Vilnius,", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "Lithuania.", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "AB Invalda INVL is one of the asset management group and investing company whose primary objective is to steadily increase the investors equity value, solely for capital appreciation or investment income (in the form of dividends and interest). ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "All the shares of the Company are ordinary shares with the par value of EUR 0.29 each and were fully paid as at 31 December 2025 and 2024. Subsidiaries and associates did not hold any shares of the Company as at 31 December 2025 and 2024. 16. Share capital, share premium and own shares The total authorised number of ordinary shares is 12,299,375 (as of 31 December 2024: 12,299,375 shares) with a par value of EUR 0.29 per share. All issued shares are fully paid. Changes during 2025 On 18 June 2025 41,678 units of the Company\u2019s own shares were transferred free of charge to the Group employees exercising share options granted in 2022. The acquisition cost of the sold own shares amounted to EUR 253 thousand. The reserve for the acquisition of own shares was reduced by the loss on disposals of own shares (EUR 253 thousand). Changes during 2024 On 21 June 2024 the Register of Legal Entities has registered an increased authorised capital of the Company. Since that date the total number of issued shares is 12,299,375 with a par value of EUR 0.29 per share. Authorised share capital of the Company amounts to EUR 3,566,818.75. 65,070 ordinary registered shares with an issue price of EUR 0.29 were issued. The shares were issued in order to realise the stock options granted in 2021 to the employees of the Group. EUR 0.25 per share was paid in cash and EUR 0.04 per share was settled from reserve for the grant of shares. The share capital was increased of EUR 19 thousand and reserve to grant the shares was reduced by EUR 3 thousand. From 2 September 2024 until 6 September 2024 the Company implemented share buy-back through the tender offer market. Maximum number of shares to be acquired was 67,430. Share acquisition price established at EUR 14.83 per share on the basis of Dutch auction . During buy-back 53,043 shares were acquired for EUR 788 thousand, including brokerage fees. The acquired shares were settled on 10 September 2024. As at 31 December 2024 the Company owned 282,584 own ordinary registered shares. 17. Reserves and share-based payments The movements in legal and other reserves are as follows: Group
Reserve for the
acquisition of own
Reserve for the grant
Legal reserve
shares
of shares
Total
As at 31 December 2023
950
10,817
889
12,656
Transfer to reserves
78
-
-
78
Share-based payments
-
-
-
-
Increase of share capital (share
option exercised)
-
-
(3)
(3)
As at 31 December 2024
1,028
10,817
886
12,731
Transfer to reserves
-
-
-
-
Share-based payments
-
-
-
-
Disposals of own shares (share
option exercised)
-
(253)
-
(253)
As at 31 December 2025
1,028
10,564
886
12,478
Reserves of the Company are the same as in the Group, except the legal reserve, which amounted to EUR 473 thousand as at 31 December 2024 and 2025. Legal reserve Legal reserve is a compulsory reserve under Lithuanian legislation. Annual transfers of not less than 5 % of net profit, calculated in accordance with the statutory financial statements, are compulsory until the reserve reaches 10 % of the share capital. The reserve can be used only to cover the accumulated losses. Reserve for the acquisition of own shares Reserve for the acquisition of own shares is formed for the purpose of buying own shares in order to keep their liquidity and manage price fluctuations. It can be formed by shareholders\u2019 decision at the Annual Shareholders Meeting from the profit available for distribution. The reserve cannot be used to increase the share capital. The reserve does not change when Company acquires own shares, but is utilised when own shares are cancelled. The shareholders can decide to transfer unused amounts of the reserve back to retained earnings at the Annual Shareholders Meeting. Reserve for the grant of shares Reserve for the grant of shares is formed when shares are granted by issuing a new share emission. The amount of the reserve for the grant of shares shall not be less than the sum of the emission price of the shares issued when the shares are granted free of charge, and (or) difference between the sum of the emission price of the shares issued and the sums paid by the persons acquiring the shares, when the shares are granted partly in consideration. 17 Reserves and share-based payments (cont\u2019d) Share-based payments The share-based payment equity part is used to recognise the value of equity-settled share-based payment transactions provided to employee of the Group. Share option based on the Company\u2019s shares The Company every year offered to employees of the Group the share options transaction. With some key employees of the consolidated subsidiaries is signed formal agreement, which determined principle of bonus remuneration to them. In these agreements the employee have choice to receive fixed cash or share options. In two consolidated subsidiaries exist bonus plans, where employees could choose share options as alternative to fixed cash after issuing audited financial statements. The choice of employee is irrevocable. In all above mentioned cases, the quantity of share option is calculated as division fixed cash amount to share option value. Latter is calculated as difference between audited consolidated equity per share at year-end or share price at year-end, which is higher, and option exercise price. The main conditions of share options transactions were: - The employee has the right to acquire the shares after three years after conclusion of the share options agreements, early exercising is not allowed; - Option exercise price \u2013 EUR 1; - Some transactions have service vesting condition. The right to acquire share in the part of transactions come in to force in future in three years, if the employment contract is not terminated until mentioned dates. - When the time to exercise is matures the right to acquire the shares will be realized by selling of own shares of the Company or by offering to sign newly issued shares of the Company to employee; - The options could not be sold. The Company also entered into agreements for share options that are part of a long-term incentive program. They would entitle employees to acquire shares of the Company in 2026 if the Company\u2019s net asset value on 31 December 2025 is above EUR 15.0552 per share. The value of the share options would be determined on the basis of the value of the net assets per share at 31 December 2025 and the number of shares would be recalculated with a purchase price of EUR 1 per share, while keeping the total value of the options granted the same. Initial not recalculated quantity is of 840 thousand units. In the tables below are used forecasted recalculated quantity of share option with exercise price of EUR 1, determined by estimating of net asset value per share at 31 December 2025 and 2024. The value of share-based payments was calculated using the Black-Scholes formula. For volatility input is used historical shares volatility on exchange. Set out below are summaries of options granted by the Company:
Number of options, thousand
2025
2024
Balance as at 1 January
364
272
Granted during year
24
33
Change in estimation of quantity of long-term incentive program
76
124
Forfeited
(1)
-
Exercised
(42)
(65)
Balance as at 31 December
421
364
Vested and exercisable at 31 December
401
98
In June 2025 the Group employees exercised share options granted in May 2022 by transferring own shares of the Company free of charge. Exercise price was decreased from EUR 1 to EUR 0 to reflect approved and paid dividends of EUR 1.35 per share. In order to maintain economic logic, the number of shares transferred was increased. The share price at the date of exercise of share options was EUR 19.5. In June 2024 the Group employees exercised share options granted in May 2021 by acquiring new issued shares of the Company for EUR 0.25 per share. Exercise price was decreased from EUR 1 to EUR 0.25 to reflect approved and paid dividends of EUR 0.75 per share. The share price at the date of exercise of share options was EUR 13.5. 17 Reserves and share-based payments (cont\u2019d) Share-based payments reserve (cont\u2019d) Share option based on the Company\u2019s shares (cont\u2019d) Share options outstanding at the end of the year have following expiry dates and inputs to measure fair value: As at 31 December 2025
Share
Fair value
options,
Share
Expected Risk-free
of share
Expiry date
thousand
price
Volatility
dividend yield interest rate
option
Granted on 12 June 2023
12 June 2026
364
11.10
30.63%
0%
2.587%
10.17
Granted on 30 April 2024
30 April 2027
9
-
-
-
-
-
Granted on 28 May 2024
28 May 2027
24
12.30
29.85%
0%
2.770%
11.38
Granted on 22 May 2025
22 May 2028
24
19.30
29.43%
0%
1.910%
19.30
Total
-
421
-
-
-
-
-
As at 31 December 2024
Share
Fair value
options,
Share
Expected Risk-free
of share
Expiry date
thousand
price
Volatility
dividend yield interest rate
option
Granted on 31 May 2022
31 May 2025
41
12.10
31.26%
0%
0.657%
11.12
Granted on 12 June 2023
12 June 2026
290
11.10
30.63%
0%
2.587%
10.17
Granted on 30 April 2024*
30 April 2027
9
-
-
-
-
-
Granted on 28 May 2024
28 May 2027
24
12.30
29.85%
0%
2.770%
11.38
Total
-
364
-
-
-
-
-
*Valuation is not performed as at grant date the option was vested and all accrued cash liability was reclassified to equity In 2025 and 2024 the share-based payment expenses were recognised in the income statement of the Company and the Group within \u201dEmployee benefits expenses\u201d as the fair value of share options. In 2025 and 2024 the Group recognized EUR 1,660 thousand and EUR 1,321 thousand of expenses from equity settled share-based payment transaction, respectively. In 2025 and 2024 on the Group level liability of EUR 418 thousand and EUR 278 thousand was reclassified to the share based payment reserve, respectively, when employees choose share option instead of cash alternative. In 2025 and 2024 the Group has recognised EUR 2,988 thousand and 1,019 EUR thousand from cash alternative of share based payment transaction. In 2025 the Company has recognised EUR 1,356 thousand of expenses and EUR 722 thousand as additional investment to consolidated subsidiaries. In 2024 the Company has recognised EUR 1,067 thousand of expenses and EUR 532 thousand as additional investment to consolidated subsidiaries. The unrecognised liability from cash alternative of share-based payment arrangement for unvested service condition amounted to EUR 553 thousand (2024: EUR 177 thousand). The unrecognised expenses from equity settled share-based payment transaction for unvested service condition amounted to EUR 70 thousand (2024: EUR 897 thousand). Share option based on shares of consolidated subsidiary In December 2024 the consolidated subsidiary UAB INVL Financial advisors agreed on the terms of share acquisition options with certain employees: - - option grant date: 16 December 2024; - - option vesting date: 30 June 2028; - - The right to acquire a part of the option shares becomes effective on future dates: 31/12/2024 (16.67%); 31/12/2025 (33.34%); 31/12/2026 (50%); and 31/12/2027 (100%), provided the employee's employment contract remains in force until the respective date; - - option exercise price: EUR 0; - - number of share options granted: depends on the excess of the consolidated subsidiary\u2019s fair value over the target value as at 31 December 2027, and is awarded only if the minimum thresholds for additional performance indicators, as defined in the agreement, are met: the consolidated subsidiary\u2019s assets under supervision; annual recurring revenue; the cost-to-income (C/I) ratio; and the number of clients. Based on the most likely the consolidated subsidiary\u2019s economic growth scenario, the total number of share options estimated to be granted as at 31 December 2025 is: 222 share options, from which vested is 74 (2024: 582 share options, from which vested is 97). 17 Reserves and share-based payments (cont\u2019d) Share-based payments reserve (cont\u2019d) Share option based on shares of consolidated subsidiary (cont\u2019d) The value of a single granted share option has been calculated using the Black-Scholes valuation model. Key inputs are presented in the table below:
As at 31 December 2024 and
Share
Expected Risk-free
Fair value of
2025
Expiry date
price
Volatility
dividend yield
interest rate
share option
Granted on 16 December 2024
30 June 2028
706.32
28.79%
0%
1.946%
706.32
The unconsolidated subsidiary\u2019s share price was estimated using a multiples-based valuation approach. In line with common valuation practices for comparable companies, the EV/Revenue (enterprise value to revenue) multiple was applied. The estimated share price volatility was based on historical volatility data of the comparable companies used to determine the unconsolidated subsidiary\u2019s share price under the multiples method. In 2024 the Group recognised EUR 177 thousand of expenses from share option based on shares of consolidated subsidiary with credit entry in non-controlling interests and in 2025 the Group recognised EUR 68 thousand reversal of expenses. The unrecognised expenses from these share based payment transactions amounted to EUR 105 thousand (2024: 234 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "As at 31 December 2024 the number of employees of the Group was 149 (as at 31 December 2024 \u2013 139). As at 31 December 2025 the number of employees of the Company was 9 (as at 31 December 2024 \u2013 8).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "
The Group consists of the Company and the following consolidated directly and indirectly owned subsidiaries (hereinafter the
Group).
Country of
Effective ownership directly/indirectly
incorporation
held by the Company/Group (%)
Nature of business
and place of
As at 31
As at 31
Name
business
December 2025
December 2024
Investment management
segment:
Pension and investments funds,
UAB INVL Asset Management
Lithuania
100.00
100.00
alternative investments, clients\u2019 portfolio management
Pension and investments funds,
IPAS INVL Asset Management
Latvia
100.00
100.00
clients\u2019 portfolio management
3
rd
pillar pension funds
AS INVL Atkl\u0101tais Pensiju Fonds*
Latvia
100.00
100.00
management
UAB FM\u012e INVL Financial Advisors
Lithuania
100.00
100.00
Financial brokerage
UAB INVL Farmland Management
Lithuania
100.00
100.00
Land administration services
UAB Invalda INVL Investments
Lithuania
100.00
100.00
General partner of managed entity
Dormant
INVL LUX GP1 S.\u00e0 r.l.*
Luxembourg
100.00
100.00
-fund
,
**
*The entities were owned by the Company indirectly.
**Due to being immaterial to the financial position, performance and cash flows of the Group, the subsidiary was not
consolidated.
As at 31 December 2025 and 2024 the Group has also the following unconsolidated subsidiaries, which are measured at fair
value through profit or loss.
Country of
Effective ownership directly/indirectly
incorporation
held by the Company/Group (%)
and place of
As at 31
As at 31
Name
business
December 2024
December 2025
Nature of business
Investment into facilities
UAB IPPG
Lithuania
100.00
100.00
management entities
Own book investment and life
insurance activities until 30
INVL Life UAB
Lithuania
100.00
100.00
November 2023
V\u0161\u012e Iniciatyvos Fondas
Lithuania
100.00
100.00
Social initiatives activities
UAB Aktyvo
Lithuania
54.55
54.55
Management of bad debt
UAB Aktyvus Valdymas
Lithuania
100.00
100.00
Dormant
Investment into agriculture entity
UAB Cedus Invest
Lithuania
100.00
100.00
UAB Litagra (investment entity)
UAB MGK Invest
Lithuania
100.00
100.00
Dormant
UAB MBGK*
Lithuania
100.00
100.00
Dormant
UAB RPNG
Lithuania
100.00
100.00
Dormant
UAB Regenus
Lithuania
100.00
100.00
Dormant
UAB Consult Invalda
Lithuania
100.00
100.00
Dormant
UAB Cedus
Lithuania
100.00
100.00
Dormant
Indirectly investment into MAIB
UAB MD Partners
Lithuania
51.37
51.37
bank (investment entity)
*These entities are owned indirectly by the Company as at 31 December 2025 and/or 2024.
The Group does not have any significant restrictions on its ability to access or use its assets and settle its liabilities. The Company
does not have any significant restriction on the ability of an unconsolidated subsidiary to transfer funds to the Company.
If the unconsolidated subsidiary has liquidity difficulties, the Company grants loans to the subsidiary after analysis of its needs.
The Company does not have any contractual commitments to provide financial support to unconsolidated subsidiary. In 2025 and
2024 the Company has granted nil of loans to maintain the activity of the unconsolidated subsidiaries.
As at 31 December 2025 the Group has the following associates, which measured at fair value through profit or loss:
Country of
Effective ownership
incorporation and
directly/indirectly held by
Name
place of business
the Company/Group (%)
Nature of business
Agriculture activities:
The primary crop and
UAB Litagra*
Lithuania
48.81
livestock (milk) production,
feed production and poultry
farming
Real estate activities:
Special Closed-Ended Type Real Estate
Real estate owner and
Investment Company INVL Baltic Real
Lithuania
23.81**
lessor
Estate
As at 31 December 2024 the Group has the following associates, which measured at fair value through profit or loss:
Country of
Effective ownership
incorporation and
directly/indirectly held by
Name
place of business
the Company/Group (%)
Nature of business
Agriculture activities:
The primary crop and
UAB Litagra*
Lithuania
48.81
livestock (milk) production,
feed production and poultry
farming
Real estate activities:
Special Closed-Ended Type Real Estate
Real estate owner and
Investment Company INVL Baltic Real
Lithuania
23.75**
lessor
Estate
*The entity is owned indirectly by the Company as at 31 December 2024 and 2025.
**The determination of effective ownership is based on the existence of treasury shares in the entity as at 31 December 2024 and
2025.
Through unconsolidated subsidiary UAB MD Partners the Company/the Group has indirectly invested into the largest Moldovan
bank Moldova-Agroindbank (MAIB). Heim Partners Limited effective ownership of MAIB is 39.88% after buy back of own shares
was completed in 2024. UAB MD Partners owns 37.5% of Heim Partners Limited shares and has entered into shareholders
agreement with other shareholders: the European Bank for Reconstruction and Development (37.5% of shares) (EBRD) and
subsidiary of fund managed by Ukrainian private equity manager Horizon Capital (25% of shares). All these shareholders have
obtained permission of the Moldovan central bank to indirectly acquire shares of MAIB. The Company owns 51.37% shares of
UAB MD Partners. Therefore the Company effectively owns 19.26% of economic benefits from the indirect investments into Heim
Partners Limited and 7.68% of economic benefits from the indirect investment into MAIB.
UAB Litagra has to receive bank consent to pay dividends as at 31 December 2025 and 2024. Special Closed-Ended Type Real
Estate Investment Company INVL Baltic Real Estate (hereinafter INVL Baltic Real Estate) has the right to pay dividends without
bank consent only if the ratio of EBITDA (earnings before interest, tax, depreciation and amortization) plus inflows and outflows
from subsidiaries (dividends or repayment of granted loan and new granted loans) plus change for provision for the performance
fee minus payable performance fee divided by the sum of debt service costs (interest and principal repayments) and dividends
would be higher than 1.1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "The Group consists of the Company and the following consolidated directly and indirectly owned subsidiaries (hereinafter the Group).
Country of
Effective ownership directly/indirectly
incorporation
held by the Company/Group (%)
Nature of business
and place of
As at 31
As at 31
Name
business
December 2025
December 2024
Investment management
segment:
Pension and investments funds,
UAB INVL Asset Management
Lithuania
100.00
100.00
alternative investments, clients\u2019 portfolio management
Pension and investments funds,
IPAS INVL Asset Management
Latvia
100.00
100.00
clients\u2019 portfolio management
3
rd
pillar pension funds
AS INVL Atkl\u0101tais Pensiju Fonds*
Latvia
100.00
100.00
management
UAB FM\u012e INVL Financial Advisors
Lithuania
100.00
100.00
Financial brokerage
UAB INVL Farmland Management
Lithuania
100.00
100.00
Land administration services
UAB Invalda INVL Investments
Lithuania
100.00
100.00
General partner of managed entity
Dormant
INVL LUX GP1 S.\u00e0 r.l.*
Luxembourg
100.00
100.00
-fund
, ** *The entities were owned by the Company indirectly. **Due to being immaterial to the financial position, performance and cash flows of the Group, the subsidiary was not consolidated. As at 31 December 2025 and 2024 the Group has also the following unconsolidated subsidiaries, which are measured at fair value through profit or loss.
Country of
Effective ownership directly/indirectly
incorporation
held by the Company/Group (%)
and place of
As at 31
As at 31
Name
business
December 2024
December 2025
Nature of business
Investment into facilities
UAB IPPG
Lithuania
100.00
100.00
management entities
Own book investment and life
insurance activities until 30
INVL Life UAB
Lithuania
100.00
100.00
November 2023
V\u0161\u012e Iniciatyvos Fondas
Lithuania
100.00
100.00
Social initiatives activities
UAB Aktyvo
Lithuania
54.55
54.55
Management of bad debt
UAB Aktyvus Valdymas
Lithuania
100.00
100.00
Dormant
Investment into agriculture entity
UAB Cedus Invest
Lithuania
100.00
100.00
UAB Litagra (investment entity)
UAB MGK Invest
Lithuania
100.00
100.00
Dormant
UAB MBGK*
Lithuania
100.00
100.00
Dormant
UAB RPNG
Lithuania
100.00
100.00
Dormant
UAB Regenus
Lithuania
100.00
100.00
Dormant
UAB Consult Invalda
Lithuania
100.00
100.00
Dormant
UAB Cedus
Lithuania
100.00
100.00
Dormant
Indirectly investment into MAIB
UAB MD Partners
Lithuania
51.37
51.37
bank (investment entity)
*These entities are owned indirectly by the Company as at 31 December 2025 and/or 2024. Subsidiaries The Company has two types of subsidiaries. One type of subsidiaries are controlled subsidiary investments (hereinafter unconsolidated subsidiary). They are measured at fair value through profit or loss and not consolidated, in accordance with IFRS 10. The fair value of controlled subsidiary investments is determined on a consistent basis to all other investments measured at fair value through profit or loss, and as described in the Note 2.10 below. The other type of subsidiaries provide investment-related services (investment advisory services, investment management) to the investors and third parties (hereinafter consolidated subsidiary). They are not themselves investment entities. The Company considers whether providing services to third parties is ancillary to its core investing activities, when assesses whether it qualifies as an investment entity. These subsidiaries that provide services that are related to the entity\u2019s investment activities are consolidated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "As at 31 December 2025 the Group has the following associates, which measured at fair value through profit or loss:
Country of
Effective ownership
incorporation and
directly/indirectly held by
Name
place of business
the Company/Group (%)
Nature of business
Agriculture activities:
The primary crop and
UAB Litagra*
Lithuania
48.81
livestock (milk) production,
feed production and poultry
farming
Real estate activities:
Special Closed-Ended Type Real Estate
Real estate owner and
Investment Company INVL Baltic Real
Lithuania
23.81**
lessor
Estate
As at 31 December 2024 the Group has the following associates, which measured at fair value through profit or loss:
Country of
Effective ownership
incorporation and
directly/indirectly held by
Name
place of business
the Company/Group (%)
Nature of business
Agriculture activities:
The primary crop and
UAB Litagra*
Lithuania
48.81
livestock (milk) production,
feed production and poultry
farming
Real estate activities:
Special Closed-Ended Type Real Estate
Real estate owner and
Investment Company INVL Baltic Real
Lithuania
23.75**
lessor
Estate
*The entity is owned indirectly by the Company as at 31 December 2024 and 2025. **The determination of effective ownership is based on the existence of treasury shares in the entity as at 31 December 2024 and 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-544": { "value": "2. Summary of material accounting policies The material accounting policies applied in preparing the Group\u2019s and the Company\u2019s financial statements for the year ended 31 December 2025 are as follows: 2.1. Basis of preparation Statement of compliance The financial statements of the Company and the consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (hereinafter the EU). These financial statements have been prepared on a historical cost basis, except for financial assets and liabilities at fair value through profit or loss, investments to unconsolidated subsidiaries and associates measured at fair value through profit or loss and assets of disposals group and associated liabilities classified as held for sale measured at the lower of carrying amount and fair value less costs. The financial statements are presented in thousands of euro (EUR) and all values are rounded to the nearest thousand except when otherwise indicated. From 1 January 2015 the euro became local currency of the Republic of Lithuania. Adoption of new and/or changed IFRSs and IFRIC interpretations The Group has adopted the new and amended IFRS and IFRIC interpretations as of 1 January 2025: \u2212 Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates: Lack of exchangeability Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of exchangeability In August 2023, the IASB issued amendments to IAS 21 to specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity\u2019s financial performance, financial position and cash flows. The amendments are not relevant to the Group and the Company and had no impact on the Group\u2019s and Company\u2019s financial statements for the year ended 31 December 2025. Standards adopted by the EU but not yet effective Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments (effective for annual periods beginning on or after 1 January 2026) These amendments: (a) clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; (b) clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion; c) add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and (d) update the disclosures for equity instruments designated at fair value through other comprehensive income. The Group and the Company are currently assessing the impact of the amendments on their financial statements. It is expected that derecognition exception for financial liabilities settled through an electronic cash transfer system would be relevant for most entities, but are not expecting that impact would be material, as in practice the same approach is mostly applied already in Lithuania. IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027) IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements and the notes. In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. The Group and the Company is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. Annual Improvements Volume 11 (effective for annual periods beginning on or after 1 January 2026) In July 2024, the IASB issued nine narrow scope amendments as part of its periodic maintenance of IFRSs. The amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial instruments: Disclosure and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IAS 7 Statements of Cash Flows. The amendments are not expected to have a material impact on the Group\u2019s and the Company\u2019s financial statements. Summary of material accounting policies (cont\u2019d) 2.1 Basis of preparation (cont\u2019d) Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature dependent Electricity (effective for annual periods beginning on or after 1 January 2026) are not relevant to the Group and the Company. Standards not yet adopted by the EU IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective for annual periods beginning on or after 1 January 2027 once adopted by EU) is not eligible for the Company and the Group. Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (effective for annual periods beginning on or after 1 January 2027 once adopted by EU) are not relevant to the Group and the Company. 2.2. Investment entity and consolidated financial statements Investment entity The Company has multiple unrelated investors and holds multiple investments. Ownership interests in the Company are in the form of equity securities issued by the Company \u2013 ordinary registered shares. In the management\u2019s opinion, the Company meets the definition of an investment entity as the following conditions exist: (i) funds are obtained from investors for the purpose of providing them with investment management services; (ii) it is committed to investors that its business purpose is to invest funds solely for capital appreciation, investment income, or both; and (iii) it measures and evaluates the performance of substantially all of its investments on a fair value basis. The Board of Directors approved exit strategies for the Company\u2019s investments, which do not have definitive maturity terms. The Company and the Group also invest to the collective investment undertakings, which have limited life or are traded on exchange or are open-ended funds with right to redeem on daily basis. Each Company\u2019s investments are fair valued and such fair value information is provided both to the Company\u2019s investors on reporting date and also for internal management reporting purposes. In addition, management has assessed that the following characteristics further support investment entity categorization: Company holds several investments itself in the investment funds managed by management company owned by the Company (this management company is providing investment-related services and is consolidated), investments in the funds are held by several investors, the investors are not related parties and the investments are held mostly in form of equity. An investment entity may provide investment-related services, either directly or through a subsidiary, to third parties as well as to its investors, even if those activities are substantial to the entity, subject to the entity continuing to meet the definition of an investment entity. An investment entity may also participate in the following investment-related activities, either directly or through a subsidiary, if these activities are undertaken to maximize the investment return (capital appreciation or investment income) from its investees and do not represent a separate substantial business activity or a separate substantial source of income to the investment entity: (a) providing management services and strategic advice to an investee; and (b) providing financial support to an investee, such as a loan, capital commitment or guarantee. The management has assessed that investment-related services provided to third parties is ancillary to its core investing activities and therefore does not change its business purpose therefore the Company meets the definition of an investment entity. Subsidiaries The Company has two types of subsidiaries. One type of subsidiaries are controlled subsidiary investments (hereinafter unconsolidated subsidiary). They are measured at fair value through profit or loss and not consolidated, in accordance with IFRS 10. The fair value of controlled subsidiary investments is determined on a consistent basis to all other investments measured at fair value through profit or loss, and as described in the Note 2.10 below. The other type of subsidiaries provide investment-related services (investment advisory services, investment management) to the investors and third parties (hereinafter consolidated subsidiary). They are not themselves investment entities. The Company considers whether providing services to third parties is ancillary to its core investing activities, when assesses whether it qualifies as an investment entity. These subsidiaries that provide services that are related to the entity\u2019s investment activities are consolidated. Summary of material accounting policies (cont\u2019d) 2.2 Investment entity and consolidated financial statements (cont\u2019d) Associates An associate is an entity, over which the Company has significant influence and that is neither a subsidiary nor an interest in a joint venture. Investments that are held as part of the Company\u2019s investment portfolio are carried at fair value even though the Company may have significant influence over those companies. This treatment is permitted by IAS 28 \u2018Investments in associates and joint ventures\u2019 as exception from applying the equity method. 2.3. Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its consolidated subsidiaries that provide services that are related to the entity\u2019s investment activities. The financial statements of the consolidated subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. Consolidated subsidiaries are all entities (including structured entities) over which the group has control and that provide services that are related to the entity\u2019s investment activities. The Group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidated subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. All intra-group balances, transactions, income and expenses, unrealised gains and losses and dividends resulting from intra-group transactions that are recognised in assets, are eliminated in full. Some Group\u2019s consolidated subsidiaries managed collective investment undertakings and pension funds. The Group analyse whether it is acting primarily as a principal (therefore, controls entities or funds) or as an agent (therefore, do not control them) in exercising its power over the funds. Fund managers generally have power over the relevant activities of the funds that they manage through their exercise of delegated power, and exposure to variability of returns through incentive fees and/or co- investment. Therefore, the link between power and returns is usually key for fund managers assessing whether a fund manager has control over the fund. Aggregate economic interests and investors held rights, including kick-out rights, are assessed together to decide whether the Group have control over managed entities and funds. Non-controlling interest is the equity in a consolidated subsidiary not attributable, directly or indirectly, to a parent and is presented separately in the consolidated income statement and within equity in the consolidated statement of financial position, separately from parent shareholders\u2019 equity. The group treats transactions with non-controlling interests as transactions with equity owners of the group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the consolidated subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. Total comprehensive income (losses) within a consolidated subsidiary are attributed to the non-controlling interest even if that results in a deficit balance. When the Group ceases to have control of a consolidated subsidiary any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss or retained earnings, as appropriate. 2.4. Functional and presentation currency The financial statements are prepared in euro (EUR), which is local currency of the Republic of Lithuania, and presented in EUR thousand. Euro is also the local currency of the Republic of Latvia. Euro is the Company\u2019s functional currency and the Company\u2019s and the Group\u2019s presentation currency. The exchange rates in relation to other currencies are set daily by the European Central Bank and the Bank of Lithuania. As these financial statements are presented in euro thousand, individual amounts were rounded. Due to the rounding, totals in the tables may not add up. 2 Summary of material accounting policies (cont\u2019d) 2.5. Property, plant and equipment Property, plant and equipment is stated at cost, excluding the costs of day to day servicing, less accumulated depreciation and accumulated impairment losses. Such cost includes the cost of replacing part of the plant and equipment when the cost is incurred, if the recognition criteria are met. Replaced parts are written off. The Group and the Company have elected to present right-of- use assets as property, plant and equipment. The right-of-use assets comprise leased properties. The accounting policy of right- of-use assets is disclosed in Note 2.15. The carrying values of property, plant and equipment are reviewed for impairment when events or change in circumstances indicate that the carrying value may not be recoverable. Depreciation is calculated using the straight-line method over the following estimated useful lives.
Leased properties (right-of-use assets)
3-5.5 years
Other non-current assets
3\u20136 years
The asset residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year end to ensure that they are consistent with the expected pattern of economic benefits from items in property, plant and equipment. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement within \u201cother income\u201d in the year the asset is derecognised. 2.6. Intangible assets other than goodwill Intangible assets are measured initially at cost. Intangible assets are recognised if it is probable that future economic benefits that are attributable to the asset will flow to the enterprise and the cost of asset can be measured reliably. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. The useful lives of intangible assets other than goodwill are assessed to be finite. Intangible assets are amortised using the straight-line method over the best estimate of their useful lives. Funds\u2019 management rights Funds\u2019 management rights include investment, private debt investments, pension funds and portfolio of clients acquired during asset management entities acquisition. Funds\u2019 management rights acquired in a business combination are capitalised at the fair value at the acquisition date and treated as an intangible asset. Following initial recognition, funds\u2019 management rights are carried at cost less any accumulated impairment losses. Funds\u2019 management rights were amortised during 5 - 10 years. Software The costs of acquisition of new software are capitalised and treated as an intangible asset if these costs are not an integral part of the related hardware. Software is amortised during 1-4 years. Costs incurred in order to restore or maintain the future economic benefits that the Group and the Company expect from the originally assessed standard of performance of existing software systems are recognised as an expense when the restoration or maintenance work is carried out. 2.7. Business combinations and goodwill The Group applies the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a consolidated subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. 2 Summary of material accounting policies (cont\u2019d) 2.7 Business combinations and goodwill (cont\u2019d) Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration, which is deemed to be an asset or liability, will be recognised in accordance with IFRS 9 either in profit or loss or as a change to other comprehensive income. If the contingent consideration is classified as equity, it should not be remeasured until it is finally settled within equity. In instances where the contingent consideration does not fall within the scope of IFRS 9, it is measured in accordance with the appropriate IFRS. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognised and previously held interest measured is less than the fair value of the net assets of the consolidated subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Where goodwill forms part of a cash generating unit (group of cash generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash generating unit retained. 2.8. Investments in subsidiaries, associates (the Company) Investments in unconsolidated subsidiaries, associates are measured at fair value through profit or loss. Loans granted to unconsolidated subsidiaries and associates are considered as part of investments to subsidiaries and associates. They are measured together with equity part of investments to unconsolidated subsidiaries and associates at fair value through profit or loss. Interest on loans granted at fair value through profit or loss is recognised in the income statement within \u2018other income\u2019 based on the effective interest rate. When the fair value of investments into unconsolidated subsidiaries and associates together with loans granted to unconsolidated subsidiaries/associates is determined, the value is split into legal components, i.e. between debt and equity instruments. The amortised cost of loans granted is attributed to debt instruments. The remaining value is attributed to equity instruments of the unconsolidated subsidiary. Investments in consolidated subsidiaries are accounted for using the equity method of accounting. Under the equity method, the investment in the consolidated subsidiary is carried in the statement of financial position at cost plus post acquisition changes in the Company\u2019s share of net assets of the consolidated subsidiary. Goodwill relating to a consolidated subsidiary is included in the carrying amount of the investment and is neither amortised nor individually tested for impairment. The statement of comprehensive income reflects the share of the results of operations of the consolidated subsidiary. Where there has been a change recognised in the other comprehensive income of the consolidated subsidiary, the Company recognises its share of any changes and discloses this, when applicable, in the other comprehensive income. Company\u2019s share in the changes in the net assets of the consolidated subsidiary that are not recognised in profit or loss or other comprehensive income (OCI) of the consolidated subsidiary, are recognised in equity. Unrealised gains and losses (unless the transaction provides evidence of the impairment of asset transferred) resulting from transactions between the Company and the consolidated subsidiary are eliminated to the extent of the interest in the consolidated subsidiary. The reporting dates of the consolidated subsidiary and the Company are identical and the consolidated subsidiary\u2019s accounting policies conform to those used by the Company for like transactions and events in similar circumstances. After application of the equity method, the Company determines whether it is necessary to recognise an additional impairment loss of the Company\u2019s investment in its consolidated subsidiaries. The Company determines at each reporting date whether there is any objective evidence that the investment in consolidated subsidiary is impaired. If this is the case the Company calculates the amount of impairment as being the difference between the recoverable amount of the consolidated subsidiary and its carrying value and recognises the amount in the statement of comprehensive income. When the Company\u2019s share of losses in a consolidated subsidiary equals or exceeds its interest in the consolidated subsidiary, including any other unsecured receivables, the Company does not recognise further losses, unless it has incurred obligations or made payments on behalf of the consolidated subsidiary. 2 Summary of material accounting policies (cont\u2019d) 2.9. Financial assets Financial assets within the scope of IFRS 9 are classified as either financial assets at fair value through profit or loss (either through other comprehensive income or through profit or loss) or financial assets measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or in other comprehensive income. The Group and the Company reclassify debt instruments when and only when their business model for managing those assets changes. Financial assets are recognised when the Group and the Company become parties to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group and the Company have transferred substantially all the risks and rewards of ownership. All regular way purchases and sales of financial assets are recognised on the settlement date. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace. At initial recognition, the Group/the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. The Group and the Company classify their investments in debt and equity securities, and derivatives, as financial assets at fair value through profit or loss. Debt instruments Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is calculated using the effective interest rate method and presented as \u201cother income\u201d in the income statement. Any gain or loss arising on derecognition is recognised directly in profit or loss. Impairment losses are presented as separate line item in the income statement. The Group\u2019s and the Company\u2019s financial assets at amortised cost comprised trade and other receivables, cash and cash equivalents. Assets that do not meet the criteria for amortised cost or at fair value through other comprehensive income are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss is recognised in profit or loss and presented net within \u201cNet changes in fair value of financial instruments at fair value through profit or loss\u201d in the period in which it arises. As the Company is investment entity, which business model is to evaluate and manage investments at fair value, the debt securities, loans granted to the owned investments are measured at fair value through profit or loss. Equity instruments The Group and the Company subsequently measure all equity investments at fair value through profit or loss. Changes in the fair value of these financial assets are recognised within \u201cNet changes in fair value of financial instruments at fair value through profit loss\u201d in the income statement. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. 2.10. Fair value estimation The fair value of investments traded in active markets is based on quoted market prices at the close of trading, which is the date closest to the reporting date. The fair value of investments that are not traded in active markets is determined by using valuation techniques. Such valuation techniques may include the most recent transactions in the market, the market price for similar transactions, discounted cash flow analysis or any other valuation models. 2 Summary of material accounting policies (cont\u2019d) 2.11. Impairment of financial and contract assets The Group and the Company assess on a forward-looking basis the expected credit losses associated with their financial assets carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group\u2019s and the Company\u2019s financial assets at amortised cost comprised trade and other receivables, cash and cash equivalents. Cash and cash equivalents are considered to be low credit risk at the reporting date (Stage 1). Therefore, the Group/the Company is not relevant a three-stage model for impairment for financial assets other than trade receivables. Loans granted are measured at fair value through profit or loss as part of investments to unconsolidated subsidiaries and associates. For Stage 1 financial assets 12-month expected credit losses (\u2018ECL\u2019) are recognised and interest revenue is calculated on the gross carrying amount of the asset (that is, without deduction for credit allowance). 12-month ECL are the expected credit losses that result from default events that are possible within 12 months after the reporting date. It is not the expected cash shortfalls over the 12-month period but the entire credit loss on an asset weighted by the probability that the loss will occur in the next 12 months. The financial asset is considered as credit-impaired, if objective evidence of impairment exists at the reporting date. Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in payments, the probability that they will enter bankruptcy or other financial reorganisation. Financial assets are written off, in whole or in part, when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the probability of insolvency or significant financial difficulties of the debtor. Impaired debts are derecognised when they are assessed as uncollectible. For trade, other receivables and contract assets, the Group/the Company applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Trade receivables and contract assets are classified either to Stage 2 or Stage 3: \u2212 Stage 2 \u2013 comprises receivables for which there the simplified approach was applied to measure the expected lifetime credit losses, except for certain trade receivables classified in Stage 3; \u2212 Stage 3 \u2013 comprises trade receivables which are overdue more than 90 days (except is reasonable explanation for that) or individually identified as impaired. The Group trade receivables and contract assets mainly comprised receivables from related parties and managed funds by the subsidiaries. The Company\u2019s trade receivables and contract assets mainly comprised receivables from related parties. Trade receivables is covered within month after reporting date or settlement is deferred by the Group decision. Therefore, for Stage 2 trade receivables/contract assets the ECL are calculated and recognised if would be determined material amount for potential impairment based on settlement of trade receivables after reporting date. 2.12. Trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group and the Company hold the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s and Company\u2019s impairment policies and the calculation of the loss allowance are provided in Note 2.11. 2.13. Cash and cash equivalents Cash and cash equivalents in the statement of financial position and for purpose of the cash flow statement comprise cash at banks and short-term deposits with an original maturity of three months or less. 2 Summary of material accounting policies (cont\u2019d) 2.14. Financial liabilities The Group and the Company recognise a financial liability when they first become parties to the contractual rights and obligations in the contract. All financial liabilities are initially recognised at fair value, minus (in the case of a financial liability that is not at fair value through profit or loss) transaction costs that are directly attributable to issuing the financial liability. Financial liabilities are measured at amortised cost using the effective interest method or at fair value through profit or loss. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). Financial liabilities included in trade payables are recognised initially at fair value and subsequently at amortised cost. The fair value of a non-interest bearing liability is its discounted repayment amount. If the due date of the liability is less than one year, discounting is omitted. Borrowings Borrowings are recognised initially at fair value less directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group/Company has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. Financial liabilities at fair value through profit or loss After initial recognition, financial liabilities at fair value through profit or loss are subsequently measured at fair value through profit or loss. To this group of financial liabilities is attributable contingent consideration and derivatives that are liabilities
2 Summary of material accounting policies (cont\u2019d)
2.15. Leases
At inception of a contract, the Group and the Company assess whether a contract is, or contains, a lease. A contract is, or contains,
a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Group as a lessee
At commencement or on modification of a contract that contains a lease component, the Group and the Company allocate the
consideration in the contract to each lease component on the basis of its relative stand-alone prices. The Group and the Company
recognise a right-of-use asset and a lease liability at the lease commencement date.
Right-of-use assets
The right-of-use asset is initially measured at cost which comprises the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle
and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives
received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the
end of the lease term, unless the lease transfers ownership of the underlying asset to the Group/the Company by the end of the
lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use
asset will be depreciated over the useful life of the underlying asset which is determined on the same basis as those of property
and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain
remeasurements of the lease liability. As at 31 December 2025 and 2024 right-of-use assets of the Group/the Company relate to
leased properties and are depreciated over 3-5.5 and 0.25-4 years, respectively.
The Group/the Company presents right-of-use assets in \u2018property, plant and equipment' in the statement of financial position.
Lease liability
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or if that rate cannot be readily determined, the Group's/the Company\u2019s
incremental borrowing rate. The Group/the Company determines its incremental borrowing rate by obtaining interest rates from
various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.
Lease payments included in the measurement of the lease liability comprise the following:
- fixed payments, including in-substance fixed payments, less any lease incentives receivable;
- variable lease payments that depend on ar. index or a rate, initially measured using the index or rate as at the
commencement date;
- amounts expected to be payable under a residual value guarantee; and
- the exercise price under a purchase option that the Group/the Company is reasonably certain to exercise, lease payments
in an optional renewal period if the Group/the Company is reasonably certain to exercise an extension option, and
penalties for early termination of a lease unless the Group/the Company is reasonably certain not to terminate early.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the
lease payments made. In addition, it is remeasured when there is a change in future lease payments arising from a change in an
index or rate, if there is a change in the Group's/the Company\u2019s estimate of the amount expected to be payable under a residual
value guarantee, if the Group/the Company changes its assessment of whether it will exercise a purchase, extension or
termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a
corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying
amount of the right-of-use asset has been reduced to zero.
Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event
or condition that triggers the payment occurs.
The Group/the Company recognises lease liabilities in separate line in the statement of financial position.
2 Summary of material accounting policies (cont\u2019d)
2.15 Leases (cont\u2019d)
Short-term leases and leases of low-value assets
The Group/the Company has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and
short-term leases. The Group/the Company recognises the lease payments associated with these leases as an expense on a
straight-line basis over the lease term.
Lease modification
Lease modification is a change in the scope of a lease, or the consideration for a lease, that was not part of the original terms and
conditions of the lease. The Group/the Company accounts for a lease modification as a separate lease if the modification increases
the scope of the lease by adding the right to use one or more underlying assets and the consideration for the lease increases by
an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-
alone price to reflect the circumstances of the particular contract. For a lease modification that is not accounted for as a separate
lease, at the effective date of the lease modification the Group/the Company allocates the consideration in the modified contract
to each lease component on the basis of its relative stand-alone prices, determine the lease term of the modified lease and
remeasure the lease liability by discounting the revised lease payments using a revised discount rate. The revised discount rate
is determined as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined,
or the lessee\u2019s incremental borrowing rate at the effective date of the modification, if the interest rate implicit in the lease cannot
be readily determined. For a lease modification that is not accounted for as a separate lease, the Group/the Company accounts
for the remeasurement of the lease liability by decreasing the carrying amount of the right-of-use asset to reflect the partial or full
termination of the lease for lease modifications that decrease the scope of the lease and making a corresponding adjustment to
the right-of-use asset for all other lease modifications, the Group/the Company recognizes in profit or loss any gain or loss relating
to the partial or full termination of the lease.
2.16. Revenue recognition
Revenue from contracts with customers includes asset management, brokerage and other services revenue.
Revenue from the asset management and brokerage services
Revenue from asset management services is recognized as a percentage from asset under management or investors
commitments over the period in which the control of the asset management services is transferred to the client, i.e. when services
are provided. Asset management services are provided as long as the client has the investment in funds managed by the Group.
Revenue from brokerage services is recognized at point in time when the control of the brokerage services is transferred to the
client, i.e. when services are actually provided. It is the date when securities are recorded on the client\u2019s account (transaction
settlement date).
The Group assesses whether some asset management services are separate services provided to the customer (i.e. separate
performance obligation). If the service is a separate service provided to the customer, its income is recognized when the service
is actual provided. If it is not a separate service provided to the customer but part of the asset management service to manage
funds, the recognition of the revenue is deferred and recognized over the average period of the client's contract. The Group earns
fund distribution income from investors that invest into certain funds. The Group analysed whether distribution is a separate service
provided to the clients or part of the asset management service to manage funds and concluded that the distribution of alternative
funds for informed investors and the distribution of investment funds is separate service, as each fund is specialized, and the
Group provides a separate identification service for the person or entity investing in such a fund, which includes elements of fund
selection and application.
The Group earns variable remuneration - a success fee when the return of certain funds exceeds the expected return limit.
Depending on the fund rules, the Group earns the right to a success fee as soon as the fund's return exceeds the expected return
limit or only at the end of the fund's life when the fund's assets are distributed. The Group recognizes the success fee as revenue
when it earns the right to a calculated success fee, but only to the extent that it is highly probable that a significant reversal in the
amount of success fee recognised will not occur when the uncertainty associated with the variable consideration is subsequently
resolved.
2 Summary of material accounting policies (cont\u2019d) 2.16 Revenue recognition (cont\u2019d) Interest income Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance). Disposal of investments Gain (loss) from sale of investment is recognised when the significant risk and rewards of ownership of the investment have passed to the buyer and are recognised within operating activity, as the parent company treats the securities trading as its main activity. Dividends income Income is recognised when the Group\u2019s and the Company\u2019s right to receive the payment is established.
2 Summary of material accounting policies (cont\u2019d)
2.17. Current and deferred income tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the
extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised
in other comprehensive income or directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted by the end of the
reporting period in the countries where the Company and its consolidated subsidiaries operate and generate taxable income.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is
subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax
authorities.
The standard income tax rate in Lithuania was 15 % in 2024 and 16 % in 2025. From 2026 the standard corporate tax rate in
Lithuania is 17%. Starting from 2010, tax losses can be transferred within Lithuania at no consideration or in exchange for certain
consideration between the group companies if certain conditions are met.
Deferred income taxes are calculated using the liability method. Deferred income taxes reflect the net tax effects of temporary
differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for
income tax purposes. Deferred tax assets and liabilities are measured using the tax rates expected to apply to taxable income in
the years in which those temporary differences are expected to reverse based on tax rates enacted or substantially enacted at
the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
\u2212 Where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not
a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss;
\u2212 In respect of taxable temporary differences associated with investments in subsidiaries and associates, where the timing of the
reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the
foreseeable future.
By Lithuanian Income Tax Law shall be not taxed sale of shares of an entity, registered or otherwise organised in a state of the
European Economic Area or in a state with which a treaty for the avoidance of double taxation has been concluded and brought
into effect and which is a payer of corporate income tax or an equivalent tax, to another entity or a natural person where the entity
transferring the shares held more than 10% of voting shares in that entity for an uninterrupted period of at least two years. If
mentioned condition is met or will be met by judgement of the management of the Company, there are not recognised any deferred
tax liabilities or assets in respect of temporary differences associated with these investments. By Lithuanian Income Tax Law shall
be not also taxed income from investments into collective investment undertakings.
Deferred tax asset has been recognised in the statement of financial position to the extent the management believes it will be
realised in the foreseeable future, based on taxable profit forecasts. If it is believed that part of the deferred tax asset is not going
to be realised, this part of the deferred tax asset is not recognised in the financial statements.
Deferred tax asset are not recognised:
\u2212 Where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or
liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting
profit nor taxable profit or loss;
\u2212 In respect of deductible temporary differences associated with investments in subsidiaries and associates, deferred tax assets
are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and
taxable profit will be available against which the temporary differences can be utilised.
In Lithuania tax losses can be carried forward for indefinite period, except for the losses incurred as a result of disposal of securities
and/or derivative financial instruments. In Lithuania such carrying forward is disrupted if the Company changes its activities due
to which these losses incurred except when the Company does not continue its activities due to reasons which do not depend on
the Company itself. In Lithuania the losses from disposal of securities and/or derivative financial instruments can be carried
forward for 5 consecutive years and only be used to reduce the taxable income earned from the transactions of the same nature.
From 1 January 2014 current year taxable profit could be decreased by previous year tax losses only up to 70% in Lithuania.
2 Summary of material accounting policies (cont\u2019d)
2.17 Current and deferred income tax (cont\u2019d)
According to the new Corporate Income Tax Act of Latvia the annual profit would be not taxed. Corporate income tax would be
paid on distributed profit, including conditional distributed profit as for example: expenditure not related to economic activities,
some loans granted to related parties, some provisions for doubtful debts. The tax rate on (net) distributed profit would be 20/80.
The tax base would be reduced by the gain on sale of shares, if the shares were held for an uninterrupted period of at least 36
months. The excess gain can be transferred and utilized in the future periods. The income tax payable on dividends from Latvian
consolidated subsidiaries is recognised as the income tax expense of the period in which the dividends are declared, except for
deferred tax liability from undistributed profit earned from 1 January 2018 recognised by the Group when it expected to be
distributed in the foreseeable future.
In Estonia taxation applied only upon distribution of dividends with the tax rate on (net) distributed profit equalled to 20/80.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future
taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current
tax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on
either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
2.18. Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are
recognised in equity as a deduction, net of tax, from the retained earnings. Where any group company purchases the company\u2019s
equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income
taxes) is deducted from equity attributable to the company\u2019s equity holders until the shares are cancelled or reissued. Where such
shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and
the related income tax effects, is included in equity attributable to the company\u2019s equity holders.
2 Summary of material accounting policies (cont\u2019d)
2.19. Employee benefits
Social security contributions
The Company and the Group pay social security contributions to the state Social Security Fund (the Fund) on behalf of its
employees based on the defined contribution plan in accordance with the local legal requirements. A defined contribution plan is
a plan under which the Group pays fixed contributions into the Fund and will have no legal or constructive obligations to pay
further contributions if the Fund does not hold sufficient assets to pay all employees benefits relating to employee service in the
current and prior period. Social security contributions are recognised as expenses on an accrual basis and included in payroll
expenses.
Bonus plans
The Company and the Group recognise a liability and an expense for bonuses where contractually obliged or where there is a
past practice that has created a constructive obligation. The bonus plans that provides the employee with a choice of two
settlement alternatives that are mutually exclusive, and in which one of the alternative is equity-settled share-based payment and
other alternative is cash that is not share-based payment, accounted for as a share-based payment by applying the requirements
in IFRS 2 for compound instruments by analogy. The liability for the cash alternative that is not share-based payment are measured
and remeasured in accordance with IAS 19 for such arrangements with employees. Some part of bonuses payment is deferred
from one to five years after end of reporting period and employment contract have to be not terminated until payment date to
receive relevant part of bonus. The deferred amount of bonuses is recognised into profit or loss over the service vesting period.
Any incremental fair value of the share-based payment over the initial value of the liability component is accounted for as an equity
component. If and when the choice for a cash alternative is sacrificed, then the liability is reclassified to equity and further the
Group/the Company recognise employee services received as equity\u2011settled share\u2011based payment transactions. The bonuses
could be short-term (is awarded for current year performance) and long-term incentive programmes.
Long-term incentive programmes
The Group consolidated subsidiaries\u2019 senior management participates in a long-term incentive programmes. The programmes
provide for additional remuneration to management, depending on the long-term performance of the consolidated subsidiaries.
The basis for calculating remuneration under the long-term incentive programmes is the difference between the calculated and
the required business value, determined in accordance with the approved programmes documentation. The programmes are
established usually for a three-year period. After the first and second years, the value of the programme is calculated and 50% of
the remuneration determined based on the programme value at that time is allocated for payment (less the portion already
allocated in the previous year). After three years, 100% of the remuneration calculated based on the programme value is allocated,
less the amounts already allocated in prior periods. The liability component is accounted for in accordance with the principles for
other long-term employee benefits set out in IAS 19 until the employee makes a choice under the programme to settle the
calculated amounts in share-based instruments. As the payments under the long-term incentive programmes are also conditional
on the employee remaining in employment with the Group until the award date, in accordance with IAS 19, employee benefit
expenses under these programmes are recognised by estimating the future value of the programme and allocating it on a pro rata
basis over the employee\u2019s service period (i.e. from the start of the programme until the date when payment is due).
Pension obligations
If there is an individual arrangement with an employee the Company and the Group may make payments into defined contribution
pension plans. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity.
The group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all
employees the benefits relating to employee service in the current and prior periods.
2.20. Share-based payments
The Group operates a number of equity-settled, share-based compensation plans (including bonus plans with cash-alternative),
under which the entity receives services from employees as consideration for equity instruments (options) of the Group. The fair
value of the employee services received in exchange for the grant of the options is recognised as an employee benefits expense.
The total amount to be expensed as equity component of share based payments is determined by reference to the fair value of
the options granted:
\u2212 including any market performance conditions;
\u2212 excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth
targets and remaining an employee of the entity over a specified time period); and
\u2212 excluding the impact of any non-vesting conditions (for example, the requirement for employees to save).
Grant date is the date at which the Group/Company and the employee agree to a share-based payment arrangement, and requires
that the entity and the employee have a shared understanding of the terms and conditions of the arrangement. If the agreement
is subject to an approval process, then grant date is the date on which that approval is obtained. If the employee services is
rendered before grant date, the Group/the Company estimating the fair value of the equity instruments is by assuming that grant
date is at the reporting date. Once grant date has been established, the Group/the Company revises the earlier estimates so that
the amounts recognised for services received are based on the grant-date fair value of the equity instruments.
Summary of material accounting policies (cont\u2019d) 2.20 Share-based payments (cont\u2019d) Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognised into profit or loss over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the entity revises its estimates of the number of options that are expected to vest based on the non-marketing vesting conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity (to separate share based payments reserve). If the share-based payments are granted by the consolidated subsidiary and is settled in the equity instruments of consolidated subsidiary (by issue new shares), the credit entry to equity is to non-controlling interests. When the options are exercised, the Company issues new shares or sell own shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised by issuing of new shares. In its separate financial statements the grant by the Company of options over its equity instruments to the employees of subsidiary undertakings in the group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognised over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity. Share - based payments \u2013 modification and cancellation If the terms of an equity-settled award are modified, at a minimum an expense is recognised as if the terms had not been modified. An additional expense is recognised for any modification that increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee, as measured at the date of modification. If an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a modification of the original award, as described in the previous paragraph. If an equity award is cancelled by forfeiture, when the vesting conditions (other than market conditions) have not been met, any expense not yet recognised for that award, as at the date of forfeiture, is treated as if it had never been recognised. At the same time, any expense previously recognised on such cancelled equity awards are reversed from the accounts effective as at the date of forfeiture. The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of earnings per share. Share - based payment \u2013 settlement choice of employee If the counterparty has the right to choose whether a share\u2011based payment transaction is settled in cash or by issuing equity instruments, the Group/the Company has granted a compound financial instrument, which includes a debt component and an equity component. The fair value of the compound financial instrument is the sum of the fair values of the two components. The Group/the Company measure the fair value of the debt component as the fair value of the liability under the cash alternative. If the liability for the cash alternative that is not share-based payment are measured and remeasured in accordance with IAS 19 for such arrangements with employees. The equity component is recognised initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component, taking into account that the counterparty must forfeit the right to receive cash in order to receive the equity instrument. The Group/the Company account separately for employee services received in respect of each component of the compound financial instrument. For the debt component, the Group/the Company recognise employee services received, and a liability to pay for those services, as the counterparty renders service. For the equity component, the Group/the Company recognise employee services received, and an increase in equity, as the counterparty renders service as equity\u2011settled share\u2011based payment transactions. If and when the choice for a cash alternative is sacrificed, then the liability is reclassified to equity and further recognise employee services received as equity\u2011settled share\u2011based payment transactions. If the Group/the Company pays in cash on settlement rather than issuing equity instruments, that payment settled the liability in full. Any equity component previously recognised remains within equity.
2 Summary of material accounting policies (cont\u2019d)
2.21. Significant accounting judgements and estimates
The preparation of financial statements requires management of the Group and the Company to make judgements and estimates
that affect the reported amounts of revenues, expenses, assets and liabilities and disclosure of contingent liabilities, at the end of
reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a
material adjustment to the carrying amount of the asset or liability affected in the future periods.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances.
Judgements
In the process of applying the Group accounting policies, management has made the following judgement, which has most
significant effect on the amounts recognised in the consolidated financial statements:
Investment entity
According to the management, the Company meets all the defining criteria of an investment entity from the split-off in 2014 and
henceforth investments in unconsolidated subsidiaries and associates are measured at fair value through profit or loss. The
management is continually reviewing whether the Company meets all the defining criteria of an investment entity. In addition, the
management assesses the Company\u2019s operation objective, investment strategy, origin of income and fair value models and
whether investment-related services provided by the consolidated subsidiaries to third parties are ancillary to its core investing
activities.
Success fee
The Group does not recognize the success fee, accrued in the managed funds, as revenue until the condition for non-returnable
payment of it is not met. The Group is judged that until the condition for non-returnable payment is met, it is exist significant
uncertainty about the possible amount, timing of payment and a significant reversal in received amount of success fee, if it
applicable. As at 31 December 2024 and 2025 the Group has not received any success fee, which could be returned to managed
funds.
Control of managed entities/funds
The Group decides whether is controls managed entities and funds. The main factors that the Group assesses are aggregate
economic interests and investors held rights, including kick-out rights. A higher aggregate economic interest was identified for the
closed-ended type investment companies INVL Technology and INVL Baltic Real Estate. Unlike other managed funds, the
shareholders of these entities have full voting rights, as in any joint stock company. Investors can realize return from them first
by selling shares on the stock exchange and receiving dividends. Decisions regarding dividends can only be made by shareholders
and not by fund managers and the Group does not have sufficient power to alone decide regarding dividend. Both companies
have at least two other major shareholders holding together larger shareholdings than the Group. These shareholders also jointly
control the Group. Therefore, after assessment the Group decided that it does not have control over managed entities and funds.
2 Summary of material accounting policies (cont\u2019d) 2.21 Significant accounting judgements and estimates (cont\u2019d) Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. The significant areas of estimation used in the preparation of these financial statements are discussed below. Fair value of investments in unconsolidated subsidiaries and associates in financial statements The fair values of investments in unconsolidated subsidiaries and associates are determined by using valuation techniques, primarily earnings multiples, discounted cash flows and recent comparable transactions. The models used to determine fair values are periodically reviewed and compared against historical results to ensure their reliability. Details of the inputs and valuation models used to determine Level 3 fair value, is provided in Note 12. The fair value of the investments in unconsolidated subsidiaries and associates of the Group as at 31 December 2025 was EUR 26,503 thousand and EUR 36,190 thousand, respectively (as at 31 December 2024 - EUR 27,287 thousand and EUR 29,470 thousand, respectively). The fair value of the investments in unconsolidated subsidiaries and associates of the Company as at 31 December 2025 was EUR 26,488 thousand and EUR 36,190 thousand, respectively (as at 31 December 2024 - EUR 27,272 thousand and EUR 29,470 thousand, respectively) (described in more details in Note 12). Bonuses The Group has bonus plans, where employees have a choice of two settlement alternatives that are mutually exclusive, and in which one of the alternatives is an equity-settled share-based payment (by granting share options of the Company) and the other alternative is cash that is not a share-based payment. As described in more detail in Note 2.20, this arrangement with employees is accounted for as a compound financial instrument, which includes a debt component and an equity component. The Group uses estimates of employee service vesting period and recognises expenses proportionately over the estimated vesting period. The equity component as equity-settled share-based payment is measured at the grant date fair value of share-options. The valuation method for the fair value of share-options is a significant accounting estimate. The fair value of equity-settled share- based payment is calculated using the Black-Scholes option valuation method. All key inputs, with the exception of share price volatility, are directly observable in the market (the Company\u2019s share price and risk-free interest rate). For the volatility input the historical share price volatility on the exchange is used. More details on inputs are disclosed in Note 17. Other areas involving estimates include useful lives of property, plant and equipment, discount rate for lease liabilities and allowances for accounts receivable. According to the management, these estimates do not have significant risk of causing a material adjustment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "2.1. Basis of preparation Statement of compliance The financial statements of the Company and the consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (hereinafter the EU). These financial statements have been prepared on a historical cost basis, except for financial assets and liabilities at fair value through profit or loss, investments to unconsolidated subsidiaries and associates measured at fair value through profit or loss and assets of disposals group and associated liabilities classified as held for sale measured at the lower of carrying amount and fair value less costs. The financial statements are presented in thousands of euro (EUR) and all values are rounded to the nearest thousand except when otherwise indicated. From 1 January 2015 the euro became local currency of the Republic of Lithuania. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "
Statement of compliance
The financial statements of the Company and the consolidated financial statements of the Group have been prepared in
accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (hereinafter the EU).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "Adoption of new and/or changed IFRSs and IFRIC interpretations The Group has adopted the new and amended IFRS and IFRIC interpretations as of 1 January 2025: \u2212 Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates: Lack of exchangeability Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of exchangeability In August 2023, the IASB issued amendments to IAS 21 to specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity\u2019s financial performance, financial position and cash flows. The amendments are not relevant to the Group and the Company and had no impact on the Group\u2019s and Company\u2019s financial statements for the year ended 31 December 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "
Associates
An associate is an entity, over which the Company has significant influence and that is neither a subsidiary nor an interest in a
joint venture. Investments that are held as part of the Company\u2019s investment portfolio are carried at fair value even though the
Company may have significant influence over those companies. This treatment is permitted by IAS 28 \u2018Investments in associates
and joint ventures\u2019 as exception from applying the equity method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "Associates An associate is an entity, over which the Company has significant influence and that is neither a subsidiary nor an interest in a joint venture. Investments that are held as part of the Company\u2019s investment portfolio are carried at fair value even though the Company may have significant influence over those companies. This treatment is permitted by IAS 28 \u2018Investments in associates and joint ventures\u2019 as exception from applying the equity method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "2.3. Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its consolidated subsidiaries that provide services that are related to the entity\u2019s investment activities. The financial statements of the consolidated subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. Consolidated subsidiaries are all entities (including structured entities) over which the group has control and that provide services that are related to the entity\u2019s investment activities. The Group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidated subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. All intra-group balances, transactions, income and expenses, unrealised gains and losses and dividends resulting from intra-group transactions that are recognised in assets, are eliminated in full. Some Group\u2019s consolidated subsidiaries managed collective investment undertakings and pension funds. The Group analyse whether it is acting primarily as a principal (therefore, controls entities or funds) or as an agent (therefore, do not control them) in exercising its power over the funds. Fund managers generally have power over the relevant activities of the funds that they manage through their exercise of delegated power, and exposure to variability of returns through incentive fees and/or co- investment. Therefore, the link between power and returns is usually key for fund managers assessing whether a fund manager has control over the fund. Aggregate economic interests and investors held rights, including kick-out rights, are assessed together to decide whether the Group have control over managed entities and funds. Non-controlling interest is the equity in a consolidated subsidiary not attributable, directly or indirectly, to a parent and is presented separately in the consolidated income statement and within equity in the consolidated statement of financial position, separately from parent shareholders\u2019 equity. The group treats transactions with non-controlling interests as transactions with equity owners of the group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the consolidated subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. Total comprehensive income (losses) within a consolidated subsidiary are attributed to the non-controlling interest even if that results in a deficit balance. When the Group ceases to have control of a consolidated subsidiary any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss or retained earnings, as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "The group treats transactions with non-controlling interests as transactions with equity owners of the group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the consolidated subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "2.4. Functional and presentation currency The financial statements are prepared in euro (EUR), which is local currency of the Republic of Lithuania, and presented in EUR thousand. Euro is also the local currency of the Republic of Latvia. Euro is the Company\u2019s functional currency and the Company\u2019s and the Group\u2019s presentation currency. The exchange rates in relation to other currencies are set daily by the European Central Bank and the Bank of Lithuania. As these financial statements are presented in euro thousand, individual amounts were rounded. Due to the rounding, totals in the tables may not add up.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "2.5. Property, plant and equipment Property, plant and equipment is stated at cost, excluding the costs of day to day servicing, less accumulated depreciation and accumulated impairment losses. Such cost includes the cost of replacing part of the plant and equipment when the cost is incurred, if the recognition criteria are met. Replaced parts are written off. The Group and the Company have elected to present right-of- use assets as property, plant and equipment. The right-of-use assets comprise leased properties. The accounting policy of right- of-use assets is disclosed in Note 2.15. The carrying values of property, plant and equipment are reviewed for impairment when events or change in circumstances indicate that the carrying value may not be recoverable. Depreciation is calculated using the straight-line method over the following estimated useful lives.
Leased properties (right-of-use assets)
3-5.5 years
Other non-current assets
3\u20136 years
The asset residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each financial year end to ensure that they are consistent with the expected pattern of economic benefits from items in property, plant and equipment. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement within \u201cother income\u201d in the year the asset is derecognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "
Depreciation is calculated using the straight-line method over the following estimated useful lives.
Leased properties (right-of-use assets)
3-5.5 years
Other non-current assets
3\u20136 years
Intangible assets are amortised using the straight-line method over the best estimate of their useful lives. Funds\u2019 management rights were amortised during 5 - 10 years. Software is amortised during 1-4 years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-527": { "value": "
2.6. Intangible assets other than goodwill
Intangible assets are measured initially at cost. Intangible assets are recognised if it is probable that future economic benefits that
are attributable to the asset will flow to the enterprise and the cost of asset can be measured reliably. After initial recognition,
intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. The useful lives
of intangible assets other than goodwill are assessed to be finite. Intangible assets are amortised using the straight-line method
over the best estimate of their useful lives.
Funds\u2019 management rights
Funds\u2019 management rights include investment, private debt investments, pension funds and portfolio of clients acquired during
asset management entities acquisition. Funds\u2019 management rights acquired in a business combination are capitalised at the fair
value at the acquisition date and treated as an intangible asset. Following initial recognition, funds\u2019 management rights are carried
at cost less any accumulated impairment losses. Funds\u2019 management rights were amortised during 5 - 10 years.
Software
The costs of acquisition of new software are capitalised and treated as an intangible asset if these costs are not an integral part
of the related hardware. Software is amortised during 1-4 years.
Costs incurred in order to restore or maintain the future economic benefits that the Group and the Company expect from the
originally assessed standard of performance of existing software systems are recognised as an expense when the restoration or
maintenance work is carried out.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the group\u2019s share of the identifiable net assets acquired is recorded as goodwill.
Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Where goodwill forms part of
a cash generating unit (group of cash generating units) and part of the operation within that unit is disposed of, the goodwill
associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss
on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the
operation disposed of and the portion of the cash generating unit retained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "2.6. Intangible assets other than goodwill Intangible assets are measured initially at cost. Intangible assets are recognised if it is probable that future economic benefits that are attributable to the asset will flow to the enterprise and the cost of asset can be measured reliably. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. The useful lives of intangible assets other than goodwill are assessed to be finite. Intangible assets are amortised using the straight-line method over the best estimate of their useful lives. Funds\u2019 management rights Funds\u2019 management rights include investment, private debt investments, pension funds and portfolio of clients acquired during asset management entities acquisition. Funds\u2019 management rights acquired in a business combination are capitalised at the fair value at the acquisition date and treated as an intangible asset. Following initial recognition, funds\u2019 management rights are carried at cost less any accumulated impairment losses. Funds\u2019 management rights were amortised during 5 - 10 years. Software The costs of acquisition of new software are capitalised and treated as an intangible asset if these costs are not an integral part of the related hardware. Software is amortised during 1-4 years. Costs incurred in order to restore or maintain the future economic benefits that the Group and the Company expect from the originally assessed standard of performance of existing software systems are recognised as an expense when the restoration or maintenance work is carried out.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "2.7. Business combinations and goodwill The Group applies the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a consolidated subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. 2.7 Business combinations and goodwill (cont\u2019d) Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration, which is deemed to be an asset or liability, will be recognised in accordance with IFRS 9 either in profit or loss or as a change to other comprehensive income. If the contingent consideration is classified as equity, it should not be remeasured until it is finally settled within equity. In instances where the contingent consideration does not fall within the scope of IFRS 9, it is measured in accordance with the appropriate IFRS. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognised and previously held interest measured is less than the fair value of the net assets of the consolidated subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Where goodwill forms part of a cash generating unit (group of cash generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash generating unit retained.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "The Group applies the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a consolidated subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration, which is deemed to be an asset or liability, will be recognised in accordance with IFRS 9 either in profit or loss or as a change to other comprehensive income. If the contingent consideration is classified as equity, it should not be remeasured until it is finally settled within equity. In instances where the contingent consideration does not fall within the scope of IFRS 9, it is measured in accordance with the appropriate IFRS. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognised and previously held interest measured is less than the fair value of the net assets of the consolidated subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-542": { "value": "The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the group\u2019s share of the identifiable net assets acquired is recorded as goodwill. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Where goodwill forms part of a cash generating unit (group of cash generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash generating unit retained. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "2.9. Financial assets Financial assets within the scope of IFRS 9 are classified as either financial assets at fair value through profit or loss (either through other comprehensive income or through profit or loss) or financial assets measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or in other comprehensive income. The Group and the Company reclassify debt instruments when and only when their business model for managing those assets changes. Financial assets are recognised when the Group and the Company become parties to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group and the Company have transferred substantially all the risks and rewards of ownership. All regular way purchases and sales of financial assets are recognised on the settlement date. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace. At initial recognition, the Group/the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. The Group and the Company classify their investments in debt and equity securities, and derivatives, as financial assets at fair value through profit or loss. Debt instruments Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is calculated using the effective interest rate method and presented as \u201cother income\u201d in the income statement. Any gain or loss arising on derecognition is recognised directly in profit or loss. Impairment losses are presented as separate line item in the income statement. The Group\u2019s and the Company\u2019s financial assets at amortised cost comprised trade and other receivables, cash and cash equivalents. Assets that do not meet the criteria for amortised cost or at fair value through other comprehensive income are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss is recognised in profit or loss and presented net within \u201cNet changes in fair value of financial instruments at fair value through profit or loss\u201d in the period in which it arises. As the Company is investment entity, which business model is to evaluate and manage investments at fair value, the debt securities, loans granted to the owned investments are measured at fair value through profit or loss. Equity instruments The Group and the Company subsequently measure all equity investments at fair value through profit or loss. Changes in the fair value of these financial assets are recognised within \u201cNet changes in fair value of financial instruments at fair value through profit loss\u201d in the income statement. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "2.9. Financial assets Financial assets within the scope of IFRS 9 are classified as either financial assets at fair value through profit or loss (either through other comprehensive income or through profit or loss) or financial assets measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or in other comprehensive income. The Group and the Company reclassify debt instruments when and only when their business model for managing those assets changes. Financial assets are recognised when the Group and the Company become parties to the contractual provisions of the instrument. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group and the Company have transferred substantially all the risks and rewards of ownership. All regular way purchases and sales of financial assets are recognised on the settlement date. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace. At initial recognition, the Group/the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. The Group and the Company classify their investments in debt and equity securities, and derivatives, as financial assets at fair value through profit or loss. Debt instruments Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is calculated using the effective interest rate method and presented as \u201cother income\u201d in the income statement. Any gain or loss arising on derecognition is recognised directly in profit or loss. Impairment losses are presented as separate line item in the income statement. The Group\u2019s and the Company\u2019s financial assets at amortised cost comprised trade and other receivables, cash and cash equivalents. Assets that do not meet the criteria for amortised cost or at fair value through other comprehensive income are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss is recognised in profit or loss and presented net within \u201cNet changes in fair value of financial instruments at fair value through profit or loss\u201d in the period in which it arises. As the Company is investment entity, which business model is to evaluate and manage investments at fair value, the debt securities, loans granted to the owned investments are measured at fair value through profit or loss. Equity instruments The Group and the Company subsequently measure all equity investments at fair value through profit or loss. Changes in the fair value of these financial assets are recognised within \u201cNet changes in fair value of financial instruments at fair value through profit loss\u201d in the income statement. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. 2.14. Financial liabilities The Group and the Company recognise a financial liability when they first become parties to the contractual rights and obligations in the contract. All financial liabilities are initially recognised at fair value, minus (in the case of a financial liability that is not at fair value through profit or loss) transaction costs that are directly attributable to issuing the financial liability. Financial liabilities are measured at amortised cost using the effective interest method or at fair value through profit or loss. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). Financial liabilities included in trade payables are recognised initially at fair value and subsequently at amortised cost. The fair value of a non-interest bearing liability is its discounted repayment amount. If the due date of the liability is less than one year, discounting is omitted. Borrowings Borrowings are recognised initially at fair value less directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group/Company has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. Financial liabilities at fair value through profit or loss After initial recognition, financial liabilities at fair value through profit or loss are subsequently measured at fair value through profit or loss. To this group of financial liabilities is attributable contingent consideration and derivatives that are liabilities .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-528": { "value": "Assets that do not meet the criteria for amortised cost or at fair value through other comprehensive income are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss is recognised in profit or loss and presented net within \u201cNet changes in fair value of financial instruments at fair value through profit or loss\u201d in the period in which it arises. As the Company is investment entity, which business model is to evaluate and manage investments at fair value, the debt securities, loans granted to the owned investments are measured at fair value through profit or loss. Equity instruments The Group and the Company subsequently measure all equity investments at fair value through profit or loss. Changes in the fair value of these financial assets are recognised within \u201cNet changes in fair value of financial instruments at fair value through profit loss\u201d in the income statement.
Financial liabilities at fair value through profit or loss
After initial recognition, financial liabilities at fair value through profit or loss are subsequently measured at fair value through profit
or loss. To this group of financial liabilities is attributable contingent consideration and derivatives that are liabilities .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-529": { "value": "
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally
enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle
the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-530": { "value": "
2.10. Fair value estimation
The fair value of investments traded in active markets is based on quoted market prices at the close of trading, which is the date
closest to the reporting date. The fair value of investments that are not traded in active markets is determined by using valuation
techniques. Such valuation techniques may include the most recent transactions in the market, the market price for similar
transactions, discounted cash flow analysis or any other valuation models.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "value": "2.11. Impairment of financial and contract assets The Group and the Company assess on a forward-looking basis the expected credit losses associated with their financial assets carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group\u2019s and the Company\u2019s financial assets at amortised cost comprised trade and other receivables, cash and cash equivalents. Cash and cash equivalents are considered to be low credit risk at the reporting date (Stage 1). Therefore, the Group/the Company is not relevant a three-stage model for impairment for financial assets other than trade receivables. Loans granted are measured at fair value through profit or loss as part of investments to unconsolidated subsidiaries and associates. For Stage 1 financial assets 12-month expected credit losses (\u2018ECL\u2019) are recognised and interest revenue is calculated on the gross carrying amount of the asset (that is, without deduction for credit allowance). 12-month ECL are the expected credit losses that result from default events that are possible within 12 months after the reporting date. It is not the expected cash shortfalls over the 12-month period but the entire credit loss on an asset weighted by the probability that the loss will occur in the next 12 months. The financial asset is considered as credit-impaired, if objective evidence of impairment exists at the reporting date. Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in payments, the probability that they will enter bankruptcy or other financial reorganisation. Financial assets are written off, in whole or in part, when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the probability of insolvency or significant financial difficulties of the debtor. Impaired debts are derecognised when they are assessed as uncollectible. For trade, other receivables and contract assets, the Group/the Company applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Trade receivables and contract assets are classified either to Stage 2 or Stage 3: \u2212 Stage 2 \u2013 comprises receivables for which there the simplified approach was applied to measure the expected lifetime credit losses, except for certain trade receivables classified in Stage 3; \u2212 Stage 3 \u2013 comprises trade receivables which are overdue more than 90 days (except is reasonable explanation for that) or individually identified as impaired. The Group trade receivables and contract assets mainly comprised receivables from related parties and managed funds by the subsidiaries. The Company\u2019s trade receivables and contract assets mainly comprised receivables from related parties. Trade receivables is covered within month after reporting date or settlement is deferred by the Group decision. Therefore, for Stage 2 trade receivables/contract assets the ECL are calculated and recognised if would be determined material amount for potential impairment based on settlement of trade receivables after reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-21": { "value": "2.11. Impairment of financial and contract assets The Group and the Company assess on a forward-looking basis the expected credit losses associated with their financial assets carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group\u2019s and the Company\u2019s financial assets at amortised cost comprised trade and other receivables, cash and cash equivalents. Cash and cash equivalents are considered to be low credit risk at the reporting date (Stage 1). Therefore, the Group/the Company is not relevant a three-stage model for impairment for financial assets other than trade receivables. Loans granted are measured at fair value through profit or loss as part of investments to unconsolidated subsidiaries and associates. For Stage 1 financial assets 12-month expected credit losses (\u2018ECL\u2019) are recognised and interest revenue is calculated on the gross carrying amount of the asset (that is, without deduction for credit allowance). 12-month ECL are the expected credit losses that result from default events that are possible within 12 months after the reporting date. It is not the expected cash shortfalls over the 12-month period but the entire credit loss on an asset weighted by the probability that the loss will occur in the next 12 months. The financial asset is considered as credit-impaired, if objective evidence of impairment exists at the reporting date. Evidence of impairment may include indications that the debtors or a group of debtors is experiencing significant financial difficulty, default or delinquency in payments, the probability that they will enter bankruptcy or other financial reorganisation. Financial assets are written off, in whole or in part, when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, among others, the probability of insolvency or significant financial difficulties of the debtor. Impaired debts are derecognised when they are assessed as uncollectible. For trade, other receivables and contract assets, the Group/the Company applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Trade receivables and contract assets are classified either to Stage 2 or Stage 3: \u2212 Stage 2 \u2013 comprises receivables for which there the simplified approach was applied to measure the expected lifetime credit losses, except for certain trade receivables classified in Stage 3; \u2212 Stage 3 \u2013 comprises trade receivables which are overdue more than 90 days (except is reasonable explanation for that) or individually identified as impaired. The Group trade receivables and contract assets mainly comprised receivables from related parties and managed funds by the subsidiaries. The Company\u2019s trade receivables and contract assets mainly comprised receivables from related parties. Trade receivables is covered within month after reporting date or settlement is deferred by the Group decision. Therefore, for Stage 2 trade receivables/contract assets the ECL are calculated and recognised if would be determined material amount for potential impairment based on settlement of trade receivables after reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-531": { "value": "For trade, other receivables and contract assets, the Group/the Company applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Trade receivables and contract assets are classified either to Stage 2 or Stage 3: \u2212 Stage 2 \u2013 comprises receivables for which there the simplified approach was applied to measure the expected lifetime credit losses, except for certain trade receivables classified in Stage 3; \u2212 Stage 3 \u2013 comprises trade receivables which are overdue more than 90 days (except is reasonable explanation for that) or individually identified as impaired. The Group trade receivables and contract assets mainly comprised receivables from related parties and managed funds by the subsidiaries. The Company\u2019s trade receivables and contract assets mainly comprised receivables from related parties. Trade receivables is covered within month after reporting date or settlement is deferred by the Group decision. Therefore, for Stage 2 trade receivables/contract assets the ECL are calculated and recognised if would be determined material amount for potential impairment based on settlement of trade receivables after reporting date. 2.12. Trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group and the Company hold the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s and Company\u2019s impairment policies and the calculation of the loss allowance are provided in Note 2.11.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "
2.13. Cash and cash equivalents
Cash and cash equivalents in the statement of financial position and for purpose of the cash flow statement comprise cash at
banks and short-term deposits with an original maturity of three months or less.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "2.13. Cash and cash equivalents Cash and cash equivalents in the statement of financial position and for purpose of the cash flow statement comprise cash at banks and short-term deposits with an original maturity of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "2.14. Financial liabilities The Group and the Company recognise a financial liability when they first become parties to the contractual rights and obligations in the contract. All financial liabilities are initially recognised at fair value, minus (in the case of a financial liability that is not at fair value through profit or loss) transaction costs that are directly attributable to issuing the financial liability. Financial liabilities are measured at amortised cost using the effective interest method or at fair value through profit or loss. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). Financial liabilities included in trade payables are recognised initially at fair value and subsequently at amortised cost. The fair value of a non-interest bearing liability is its discounted repayment amount. If the due date of the liability is less than one year, discounting is omitted. Borrowings Borrowings are recognised initially at fair value less directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group/Company has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period. Financial liabilities at fair value through profit or loss After initial recognition, financial liabilities at fair value through profit or loss are subsequently measured at fair value through profit or loss. To this group of financial liabilities is attributable contingent consideration and derivatives that are liabilities . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-533": { "value": "Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). Financial liabilities included in trade payables are recognised initially at fair value and subsequently at amortised cost. The fair value of a non-interest bearing liability is its discounted repayment amount. If the due date of the liability is less than one year, discounting is omitted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-532": { "value": "
Borrowings
Borrowings are recognised initially at fair value less directly attributable transaction costs. After initial recognition, borrowings are
subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless
the Group/Company has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting
period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-23": { "value": "2.15. Leases At inception of a contract, the Group and the Company assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee At commencement or on modification of a contract that contains a lease component, the Group and the Company allocate the consideration in the contract to each lease component on the basis of its relative stand-alone prices. The Group and the Company recognise a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets The right-of-use asset is initially measured at cost which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group/the Company by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. As at 31 December 2025 and 2024 right-of-use assets of the Group/the Company relate to leased properties and are depreciated over 3-5.5 and 0.25-4 years, respectively. The Group/the Company presents right-of-use assets in \u2018property, plant and equipment' in the statement of financial position. Lease liability The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or if that rate cannot be readily determined, the Group's/the Company\u2019s incremental borrowing rate. The Group/the Company determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. Lease payments included in the measurement of the lease liability comprise the following: - fixed payments, including in-substance fixed payments, less any lease incentives receivable; - variable lease payments that depend on ar. index or a rate, initially measured using the index or rate as at the commencement date; - amounts expected to be payable under a residual value guarantee; and - the exercise price under a purchase option that the Group/the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Group/the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group/the Company is reasonably certain not to terminate early. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, it is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group's/the Company\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Group/the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs. The Group/the Company recognises lease liabilities in separate line in the statement of financial position. 2.15 Leases (cont\u2019d) Short-term leases and leases of low-value assets The Group/the Company has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases. The Group/the Company recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Lease modification Lease modification is a change in the scope of a lease, or the consideration for a lease, that was not part of the original terms and conditions of the lease. The Group/the Company accounts for a lease modification as a separate lease if the modification increases the scope of the lease by adding the right to use one or more underlying assets and the consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand- alone price to reflect the circumstances of the particular contract. For a lease modification that is not accounted for as a separate lease, at the effective date of the lease modification the Group/the Company allocates the consideration in the modified contract to each lease component on the basis of its relative stand-alone prices, determine the lease term of the modified lease and remeasure the lease liability by discounting the revised lease payments using a revised discount rate. The revised discount rate is determined as the interest rate implicit in the lease for the remainder of the lease term, if that rate can be readily determined, or the lessee\u2019s incremental borrowing rate at the effective date of the modification, if the interest rate implicit in the lease cannot be readily determined. For a lease modification that is not accounted for as a separate lease, the Group/the Company accounts for the remeasurement of the lease liability by decreasing the carrying amount of the right-of-use asset to reflect the partial or full termination of the lease for lease modifications that decrease the scope of the lease and making a corresponding adjustment to the right-of-use asset for all other lease modifications, the Group/the Company recognizes in profit or loss any gain or loss relating to the partial or full termination of the lease.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-24": { "value": "2.16. Revenue recognition Revenue from contracts with customers includes asset management, brokerage and other services revenue. Revenue from the asset management and brokerage services Revenue from asset management services is recognized as a percentage from asset under management or investors commitments over the period in which the control of the asset management services is transferred to the client, i.e. when services are provided. Asset management services are provided as long as the client has the investment in funds managed by the Group. Revenue from brokerage services is recognized at point in time when the control of the brokerage services is transferred to the client, i.e. when services are actually provided. It is the date when securities are recorded on the client\u2019s account (transaction settlement date). The Group assesses whether some asset management services are separate services provided to the customer (i.e. separate performance obligation). If the service is a separate service provided to the customer, its income is recognized when the service is actual provided. If it is not a separate service provided to the customer but part of the asset management service to manage funds, the recognition of the revenue is deferred and recognized over the average period of the client's contract. The Group earns fund distribution income from investors that invest into certain funds. The Group analysed whether distribution is a separate service provided to the clients or part of the asset management service to manage funds and concluded that the distribution of alternative funds for informed investors and the distribution of investment funds is separate service, as each fund is specialized, and the Group provides a separate identification service for the person or entity investing in such a fund, which includes elements of fund selection and application. The Group earns variable remuneration - a success fee when the return of certain funds exceeds the expected return limit. Depending on the fund rules, the Group earns the right to a success fee as soon as the fund's return exceeds the expected return limit or only at the end of the fund's life when the fund's assets are distributed. The Group recognizes the success fee as revenue when it earns the right to a calculated success fee, but only to the extent that it is highly probable that a significant reversal in the amount of success fee recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Revenue recognition (cont\u2019d) Interest income Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance). Disposal of investments Gain (loss) from sale of investment is recognised when the significant risk and rewards of ownership of the investment have passed to the buyer and are recognised within operating activity, as the parent company treats the securities trading as its main activity. Dividends income Income is recognised when the Group\u2019s and the Company\u2019s right to receive the payment is established.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "
Interest income
Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for
financial assets that subsequently become credit-impaired. For credit-impaired financial assets the effective interest rate is applied
to the net carrying amount of the financial asset (after deduction of the loss allowance).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-534": { "value": "Interest income Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-25": { "value": "2.17. Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted by the end of the reporting period in the countries where the Company and its consolidated subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. The standard income tax rate in Lithuania was 15 % in 2024 and 16 % in 2025. From 2026 the standard corporate tax rate in Lithuania is 17%. Starting from 2010, tax losses can be transferred within Lithuania at no consideration or in exchange for certain consideration between the group companies if certain conditions are met. Deferred income taxes are calculated using the liability method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse based on tax rates enacted or substantially enacted at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except: \u2212 Where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; \u2212 In respect of taxable temporary differences associated with investments in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. By Lithuanian Income Tax Law shall be not taxed sale of shares of an entity, registered or otherwise organised in a state of the European Economic Area or in a state with which a treaty for the avoidance of double taxation has been concluded and brought into effect and which is a payer of corporate income tax or an equivalent tax, to another entity or a natural person where the entity transferring the shares held more than 10% of voting shares in that entity for an uninterrupted period of at least two years. If mentioned condition is met or will be met by judgement of the management of the Company, there are not recognised any deferred tax liabilities or assets in respect of temporary differences associated with these investments. By Lithuanian Income Tax Law shall be not also taxed income from investments into collective investment undertakings. Deferred tax asset has been recognised in the statement of financial position to the extent the management believes it will be realised in the foreseeable future, based on taxable profit forecasts. If it is believed that part of the deferred tax asset is not going to be realised, this part of the deferred tax asset is not recognised in the financial statements. Deferred tax asset are not recognised: \u2212 Where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; \u2212 In respect of deductible temporary differences associated with investments in subsidiaries and associates, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. In Lithuania tax losses can be carried forward for indefinite period, except for the losses incurred as a result of disposal of securities and/or derivative financial instruments. In Lithuania such carrying forward is disrupted if the Company changes its activities due to which these losses incurred except when the Company does not continue its activities due to reasons which do not depend on the Company itself. In Lithuania the losses from disposal of securities and/or derivative financial instruments can be carried forward for 5 consecutive years and only be used to reduce the taxable income earned from the transactions of the same nature. From 1 January 2014 current year taxable profit could be decreased by previous year tax losses only up to 70% in Lithuania. 2.17 Current and deferred income tax (cont\u2019d) According to the new Corporate Income Tax Act of Latvia the annual profit would be not taxed. Corporate income tax would be paid on distributed profit, including conditional distributed profit as for example: expenditure not related to economic activities, some loans granted to related parties, some provisions for doubtful debts. The tax rate on (net) distributed profit would be 20/80. The tax base would be reduced by the gain on sale of shares, if the shares were held for an uninterrupted period of at least 36 months. The excess gain can be transferred and utilized in the future periods. The income tax payable on dividends from Latvian consolidated subsidiaries is recognised as the income tax expense of the period in which the dividends are declared, except for deferred tax liability from undistributed profit earned from 1 January 2018 recognised by the Group when it expected to be distributed in the foreseeable future. In Estonia taxation applied only upon distribution of dividends with the tax rate on (net) distributed profit equalled to 20/80. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "value": "Deferred income taxes are calculated using the liability method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse based on tax rates enacted or substantially enacted at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except: \u2212 Where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; \u2212 In respect of taxable temporary differences associated with investments in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. By Lithuanian Income Tax Law shall be not taxed sale of shares of an entity, registered or otherwise organised in a state of the European Economic Area or in a state with which a treaty for the avoidance of double taxation has been concluded and brought into effect and which is a payer of corporate income tax or an equivalent tax, to another entity or a natural person where the entity transferring the shares held more than 10% of voting shares in that entity for an uninterrupted period of at least two years. If mentioned condition is met or will be met by judgement of the management of the Company, there are not recognised any deferred tax liabilities or assets in respect of temporary differences associated with these investments. By Lithuanian Income Tax Law shall be not also taxed income from investments into collective investment undertakings. Deferred tax asset has been recognised in the statement of financial position to the extent the management believes it will be realised in the foreseeable future, based on taxable profit forecasts. If it is believed that part of the deferred tax asset is not going to be realised, this part of the deferred tax asset is not recognised in the financial statements. Deferred tax asset are not recognised: \u2212 Where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; \u2212 In respect of deductible temporary differences associated with investments in subsidiaries and associates, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. In Lithuania tax losses can be carried forward for indefinite period, except for the losses incurred as a result of disposal of securities and/or derivative financial instruments. In Lithuania such carrying forward is disrupted if the Company changes its activities due to which these losses incurred except when the Company does not continue its activities due to reasons which do not depend on the Company itself. In Lithuania the losses from disposal of securities and/or derivative financial instruments can be carried forward for 5 consecutive years and only be used to reduce the taxable income earned from the transactions of the same nature. From 1 January 2014 current year taxable profit could be decreased by previous year tax losses only up to 70% in Lithuania. 2.17 Current and deferred income tax (cont\u2019d) According to the new Corporate Income Tax Act of Latvia the annual profit would be not taxed. Corporate income tax would be paid on distributed profit, including conditional distributed profit as for example: expenditure not related to economic activities, some loans granted to related parties, some provisions for doubtful debts. The tax rate on (net) distributed profit would be 20/80. The tax base would be reduced by the gain on sale of shares, if the shares were held for an uninterrupted period of at least 36 months. The excess gain can be transferred and utilized in the future periods. The income tax payable on dividends from Latvian consolidated subsidiaries is recognised as the income tax expense of the period in which the dividends are declared, except for deferred tax liability from undistributed profit earned from 1 January 2018 recognised by the Group when it expected to be distributed in the foreseeable future. In Estonia taxation applied only upon distribution of dividends with the tax rate on (net) distributed profit equalled to 20/80. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "2.18. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are recognised in equity as a deduction, net of tax, from the retained earnings. Where any group company purchases the company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the company\u2019s equity holders until the shares are cancelled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the company\u2019s equity holders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-26": { "value": "Where any group company purchases the company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the company\u2019s equity holders until the shares are cancelled or reissued. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the company\u2019s equity holders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-28": { "value": "2.19. Employee benefits Social security contributions The Company and the Group pay social security contributions to the state Social Security Fund (the Fund) on behalf of its employees based on the defined contribution plan in accordance with the local legal requirements. A defined contribution plan is a plan under which the Group pays fixed contributions into the Fund and will have no legal or constructive obligations to pay further contributions if the Fund does not hold sufficient assets to pay all employees benefits relating to employee service in the current and prior period. Social security contributions are recognised as expenses on an accrual basis and included in payroll expenses. Bonus plans The Company and the Group recognise a liability and an expense for bonuses where contractually obliged or where there is a past practice that has created a constructive obligation. The bonus plans that provides the employee with a choice of two settlement alternatives that are mutually exclusive, and in which one of the alternative is equity-settled share-based payment and other alternative is cash that is not share-based payment, accounted for as a share-based payment by applying the requirements in IFRS 2 for compound instruments by analogy. The liability for the cash alternative that is not share-based payment are measured and remeasured in accordance with IAS 19 for such arrangements with employees. Some part of bonuses payment is deferred from one to five years after end of reporting period and employment contract have to be not terminated until payment date to receive relevant part of bonus. The deferred amount of bonuses is recognised into profit or loss over the service vesting period. Any incremental fair value of the share-based payment over the initial value of the liability component is accounted for as an equity component. If and when the choice for a cash alternative is sacrificed, then the liability is reclassified to equity and further the Group/the Company recognise employee services received as equity\u2011settled share\u2011based payment transactions. The bonuses could be short-term (is awarded for current year performance) and long-term incentive programmes. Long-term incentive programmes The Group consolidated subsidiaries\u2019 senior management participates in a long-term incentive programmes. The programmes provide for additional remuneration to management, depending on the long-term performance of the consolidated subsidiaries. The basis for calculating remuneration under the long-term incentive programmes is the difference between the calculated and the required business value, determined in accordance with the approved programmes documentation. The programmes are established usually for a three-year period. After the first and second years, the value of the programme is calculated and 50% of the remuneration determined based on the programme value at that time is allocated for payment (less the portion already allocated in the previous year). After three years, 100% of the remuneration calculated based on the programme value is allocated, less the amounts already allocated in prior periods. The liability component is accounted for in accordance with the principles for other long-term employee benefits set out in IAS 19 until the employee makes a choice under the programme to settle the calculated amounts in share-based instruments. As the payments under the long-term incentive programmes are also conditional on the employee remaining in employment with the Group until the award date, in accordance with IAS 19, employee benefit expenses under these programmes are recognised by estimating the future value of the programme and allocating it on a pro rata basis over the employee\u2019s service period (i.e. from the start of the programme until the date when payment is due). Pension obligations If there is an individual arrangement with an employee the Company and the Group may make payments into defined contribution pension plans. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. The group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-27": { "value": "2.20. Share-based payments The Group operates a number of equity-settled, share-based compensation plans (including bonus plans with cash-alternative), under which the entity receives services from employees as consideration for equity instruments (options) of the Group. The fair value of the employee services received in exchange for the grant of the options is recognised as an employee benefits expense. The total amount to be expensed as equity component of share based payments is determined by reference to the fair value of the options granted: \u2212 including any market performance conditions; \u2212 excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and \u2212 excluding the impact of any non-vesting conditions (for example, the requirement for employees to save). Grant date is the date at which the Group/Company and the employee agree to a share-based payment arrangement, and requires that the entity and the employee have a shared understanding of the terms and conditions of the arrangement. If the agreement is subject to an approval process, then grant date is the date on which that approval is obtained. If the employee services is rendered before grant date, the Group/the Company estimating the fair value of the equity instruments is by assuming that grant date is at the reporting date. Once grant date has been established, the Group/the Company revises the earlier estimates so that the amounts recognised for services received are based on the grant-date fair value of the equity instruments. Share-based payments (cont\u2019d) Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognised into profit or loss over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the entity revises its estimates of the number of options that are expected to vest based on the non-marketing vesting conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity (to separate share based payments reserve). If the share-based payments are granted by the consolidated subsidiary and is settled in the equity instruments of consolidated subsidiary (by issue new shares), the credit entry to equity is to non-controlling interests. When the options are exercised, the Company issues new shares or sell own shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised by issuing of new shares. In its separate financial statements the grant by the Company of options over its equity instruments to the employees of subsidiary undertakings in the group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognised over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity. Share - based payments \u2013 modification and cancellation If the terms of an equity-settled award are modified, at a minimum an expense is recognised as if the terms had not been modified. An additional expense is recognised for any modification that increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee, as measured at the date of modification. If an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they were a modification of the original award, as described in the previous paragraph. If an equity award is cancelled by forfeiture, when the vesting conditions (other than market conditions) have not been met, any expense not yet recognised for that award, as at the date of forfeiture, is treated as if it had never been recognised. At the same time, any expense previously recognised on such cancelled equity awards are reversed from the accounts effective as at the date of forfeiture. The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of earnings per share. Share - based payment \u2013 settlement choice of employee If the counterparty has the right to choose whether a share\u2011based payment transaction is settled in cash or by issuing equity instruments, the Group/the Company has granted a compound financial instrument, which includes a debt component and an equity component. The fair value of the compound financial instrument is the sum of the fair values of the two components. The Group/the Company measure the fair value of the debt component as the fair value of the liability under the cash alternative. If the liability for the cash alternative that is not share-based payment are measured and remeasured in accordance with IAS 19 for such arrangements with employees. The equity component is recognised initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component, taking into account that the counterparty must forfeit the right to receive cash in order to receive the equity instrument. The Group/the Company account separately for employee services received in respect of each component of the compound financial instrument. For the debt component, the Group/the Company recognise employee services received, and a liability to pay for those services, as the counterparty renders service. For the equity component, the Group/the Company recognise employee services received, and an increase in equity, as the counterparty renders service as equity\u2011settled share\u2011based payment transactions. If and when the choice for a cash alternative is sacrificed, then the liability is reclassified to equity and further recognise employee services received as equity\u2011settled share\u2011based payment transactions. If the Group/the Company pays in cash on settlement rather than issuing equity instruments, that payment settled the liability in full. Any equity component previously recognised remains within equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-29": { "value": "2.21. Significant accounting judgements and estimates The preparation of financial statements requires management of the Group and the Company to make judgements and estimates that affect the reported amounts of revenues, expenses, assets and liabilities and disclosure of contingent liabilities, at the end of reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future periods. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Judgements In the process of applying the Group accounting policies, management has made the following judgement, which has most significant effect on the amounts recognised in the consolidated financial statements: Investment entity According to the management, the Company meets all the defining criteria of an investment entity from the split-off in 2014 and henceforth investments in unconsolidated subsidiaries and associates are measured at fair value through profit or loss. The management is continually reviewing whether the Company meets all the defining criteria of an investment entity. In addition, the management assesses the Company\u2019s operation objective, investment strategy, origin of income and fair value models and whether investment-related services provided by the consolidated subsidiaries to third parties are ancillary to its core investing activities. Success fee The Group does not recognize the success fee, accrued in the managed funds, as revenue until the condition for non-returnable payment of it is not met. The Group is judged that until the condition for non-returnable payment is met, it is exist significant uncertainty about the possible amount, timing of payment and a significant reversal in received amount of success fee, if it applicable. As at 31 December 2024 and 2025 the Group has not received any success fee, which could be returned to managed funds. Control of managed entities/funds The Group decides whether is controls managed entities and funds. The main factors that the Group assesses are aggregate economic interests and investors held rights, including kick-out rights. A higher aggregate economic interest was identified for the closed-ended type investment companies INVL Technology and INVL Baltic Real Estate. Unlike other managed funds, the shareholders of these entities have full voting rights, as in any joint stock company. Investors can realize return from them first by selling shares on the stock exchange and receiving dividends. Decisions regarding dividends can only be made by shareholders and not by fund managers and the Group does not have sufficient power to alone decide regarding dividend. Both companies have at least two other major shareholders holding together larger shareholdings than the Group. These shareholders also jointly control the Group. Therefore, after assessment the Group decided that it does not have control over managed entities and funds. 2.21 Significant accounting judgements and estimates (cont\u2019d) Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are reflected in the assumptions when they occur. The significant areas of estimation used in the preparation of these financial statements are discussed below. Fair value of investments in unconsolidated subsidiaries and associates in financial statements The fair values of investments in unconsolidated subsidiaries and associates are determined by using valuation techniques, primarily earnings multiples, discounted cash flows and recent comparable transactions. The models used to determine fair values are periodically reviewed and compared against historical results to ensure their reliability. Details of the inputs and valuation models used to determine Level 3 fair value, is provided in Note 12. The fair value of the investments in unconsolidated subsidiaries and associates of the Group as at 31 December 2025 was EUR 26,503 thousand and EUR 36,190 thousand, respectively (as at 31 December 2024 - EUR 27,287 thousand and EUR 29,470 thousand, respectively). The fair value of the investments in unconsolidated subsidiaries and associates of the Company as at 31 December 2025 was EUR 26,488 thousand and EUR 36,190 thousand, respectively (as at 31 December 2024 - EUR 27,272 thousand and EUR 29,470 thousand, respectively) (described in more details in Note 12). Bonuses The Group has bonus plans, where employees have a choice of two settlement alternatives that are mutually exclusive, and in which one of the alternatives is an equity-settled share-based payment (by granting share options of the Company) and the other alternative is cash that is not a share-based payment. As described in more detail in Note 2.20, this arrangement with employees is accounted for as a compound financial instrument, which includes a debt component and an equity component. The Group uses estimates of employee service vesting period and recognises expenses proportionately over the estimated vesting period. The equity component as equity-settled share-based payment is measured at the grant date fair value of share-options. The valuation method for the fair value of share-options is a significant accounting estimate. The fair value of equity-settled share- based payment is calculated using the Black-Scholes option valuation method. All key inputs, with the exception of share price volatility, are directly observable in the market (the Company\u2019s share price and risk-free interest rate). For the volatility input the historical share price volatility on the exchange is used. More details on inputs are disclosed in Note 17. Other areas involving estimates include useful lives of property, plant and equipment, discount rate for lease liabilities and allowances for accounts receivable. According to the management, these estimates do not have significant risk of causing a material adjustment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "The significant areas of estimation used in the preparation of these financial statements are discussed below. Fair value of investments in unconsolidated subsidiaries and associates in financial statements The fair values of investments in unconsolidated subsidiaries and associates are determined by using valuation techniques, primarily earnings multiples, discounted cash flows and recent comparable transactions. The models used to determine fair values are periodically reviewed and compared against historical results to ensure their reliability. Details of the inputs and valuation models used to determine Level 3 fair value, is provided in Note 12. The fair value of the investments in unconsolidated subsidiaries and associates of the Group as at 31 December 2025 was EUR 26,503 thousand and EUR 36,190 thousand, respectively (as at 31 December 2024 - EUR 27,287 thousand and EUR 29,470 thousand, respectively). The fair value of the investments in unconsolidated subsidiaries and associates of the Company as at 31 December 2025 was EUR 26,488 thousand and EUR 36,190 thousand, respectively (as at 31 December 2024 - EUR 27,272 thousand and EUR 29,470 thousand, respectively) (described in more details in Note 12). Bonuses The Group has bonus plans, where employees have a choice of two settlement alternatives that are mutually exclusive, and in which one of the alternatives is an equity-settled share-based payment (by granting share options of the Company) and the other alternative is cash that is not a share-based payment. As described in more detail in Note 2.20, this arrangement with employees is accounted for as a compound financial instrument, which includes a debt component and an equity component. The Group uses estimates of employee service vesting period and recognises expenses proportionately over the estimated vesting period. The equity component as equity-settled share-based payment is measured at the grant date fair value of share-options. The valuation method for the fair value of share-options is a significant accounting estimate. The fair value of equity-settled share- based payment is calculated using the Black-Scholes option valuation method. All key inputs, with the exception of share price volatility, are directly observable in the market (the Company\u2019s share price and risk-free interest rate). For the volatility input the historical share price volatility on the exchange is used. More details on inputs are disclosed in Note 17. Other areas involving estimates include useful lives of property, plant and equipment, discount rate for lease liabilities and allowances for accounts receivable. According to the management, these estimates do not have significant risk of causing a material adjustment. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-535": { "value": "Fair value of investments in unconsolidated subsidiaries and associates in financial statements The fair values of investments in unconsolidated subsidiaries and associates are determined by using valuation techniques, primarily earnings multiples, discounted cash flows and recent comparable transactions. The models used to determine fair values are periodically reviewed and compared against historical results to ensure their reliability. Details of the inputs and valuation models used to determine Level 3 fair value, is provided in Note 12. The fair value of the investments in unconsolidated subsidiaries and associates of the Group as at 31 December 2025 was EUR 26,503 thousand and EUR 36,190 thousand, respectively (as at 31 December 2024 - EUR 27,287 thousand and EUR 29,470 thousand, respectively). The fair value of the investments in unconsolidated subsidiaries and associates of the Company as at 31 December 2025 was EUR 26,488 thousand and EUR 36,190 thousand, respectively (as at 31 December 2024 - EUR 27,272 thousand and EUR 29,470 thousand, respectively) (described in more details in Note 12). Bonuses The Group has bonus plans, where employees have a choice of two settlement alternatives that are mutually exclusive, and in which one of the alternatives is an equity-settled share-based payment (by granting share options of the Company) and the other alternative is cash that is not a share-based payment. As described in more detail in Note 2.20, this arrangement with employees is accounted for as a compound financial instrument, which includes a debt component and an equity component. The Group uses estimates of employee service vesting period and recognises expenses proportionately over the estimated vesting period. The equity component as equity-settled share-based payment is measured at the grant date fair value of share-options. The valuation method for the fair value of share-options is a significant accounting estimate. The fair value of equity-settled share- based payment is calculated using the Black-Scholes option valuation method. All key inputs, with the exception of share price volatility, are directly observable in the market (the Company\u2019s share price and risk-free interest rate). For the volatility input the historical share price volatility on the exchange is used. More details on inputs are disclosed in Note 17. Other areas involving estimates include useful lives of property, plant and equipment, discount rate for lease liabilities and allowances for accounts receivable. According to the management, these estimates do not have significant risk of causing a material adjustment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-30": { "value": "3. Business combinations, investments into associates, disposals The movement of investments in associates was as follows:
Group
Company
2025
2024
2025
2024
At 1 January
29,470
23,313
29,470
23,313
Acquisition of additional shares in associate
-
-
-
-
Loans granted/repaid, net value
175
290
175
290
Interest charged/paid, net value
(25)
25
(25)
25
Acquired loan to UAB Litagra from unconsolidated subsidiary INVL
Life UAB
-
1,548
-
1,548
Disposal of associate
-
-
-
-
Changes in fair value
6,570
4,294
6,570
4,294
At 31 December
36,190
29,470
36,190
29,470
At fair value \u2013 shares
34,177
27,607
34,177
27,607
At fair value \u2013 granted loans
2,013
1,863
2,013
1,863
The Group and the Company presented investments in associates in separate section of statements of financial position regardless the Company owns them directly or indirectly. Therefore, purchase of INVL Baltic Real Estate and UAB Cedus Invest (unconsolidated subsidiary who owns associate UAB Litagra) from wholly owned unconsolidated subsidiary INVL Life UAB to the Company to did not change classification of associates and did not present in the movement above. The movement of investments in subsidiaries of the Company was as follows:
Company
2025
2024
At 1 January
40,582
107,195
Share of net profit (loss) of consolidated subsidiaries accounted for using equity method
3,669
1,224
Establishment of subsidiaries and increase of share capital
-
-
Acquisition of investments from unconsolidated subsidiary INVL Life UAB*
-
48,975
Disposals
-
-
Dividends from consolidated subsidiaries
(1,583)
(29,631)
Share-based payments of consolidated subsidiaries
702
532
Changes in fair value
(784)
(13,365)
Decreased share capital (free funds returned) of INVL Life UAB
-
(47,999)
Reclassification to financial assets at fair value (acquired investments from INVL Life UAB)*
-
(26,349)
At 31 December
42,586
40,582
At equity method
16,098
13,310
At fair value \u2013 shares
26,488
27,272
*As at 31 December 2023 INVL Life UAB comprise investments to associates and financial assets at fair value through profit or loss, which are transferred from Company to subsidiary to form the capital to run life insurance activities. Investments into associates is presented in separate caption of statement of financial position of the Group and the Company. Investments into financial assets at fair value through profit or loss is presented also in separate caption of statement of financial position of the Group to better disclose information for users of financial statements (the same investments owned by the Company or consolidated subsidiary are presented in the same caption as the same investments of INVL Life , UAB). In the statements of financial position of the Company presented in separate caption only investments to associates, all remaining investments are presented within caption \u2018Investments into subsidiaries\u2019. In 2024 all investments were sold back to the Company for EUR 48,975 thousand and mainly was set-offed with payables pf INVL Life UAB for decreased share capital. The movements are presented gross \u2013 separately formation fair value of INVL Life UAB from receivables of from sold investments represent minus decreased share capital of entity and minus reclassification of acquired financial assets at fair value through profit or loss from entity to respectively caption of statements of financial position. Business combinations, investments into associates, disposals (cont\u2019d) The movement of investments in unconsolidated subsidiaries of the Group was as follows:
Group
2025
2024
At 1 January
27,287
43,120
Additional investment
-
-
Changes in fair value
(784)
(16,809)
Acquisition of investments from unconsolidated subsidiary INVL Life
-
48,975
UAB*
Decrease of share capital*
-
(47,999)
Disposals
-
-
At 31 December
26,503
27,287
Shares
26,503
27,287
* See description in page above. In 2024 the primary reason for the decline in fair value of unconsolidated subsidiaries is the allocation of dividends by INVL Life UAB, amounting to EUR 17,257 thousand. Acquisitions in 2025 and 2024 The Group did not have any acquisition of subsidiaries in 2025 and 2024, except below described establishment of entities or increased share capital in previously acquired/established entities or acquisition of non-controlling interests. Establishment of companies (increase or decrease of share capital) in 2025 and 2024 and acquisition from unconsolidated subsidiaries The Company has acquired from INVL Life UAB these financial assets in 2024: - 23.43% of INVL Baltic Real Estate for EUR 4,345 thousand; - 15.39% of UTIB INVL Technology for EUR 5,358 thousand; - 100% of shares of UAB Cedus Invest, which invests in Litagra group, for EUR 18,282 thousand; - part, equal to EUR 7,621,959.71 capital contributed, of the units of INVL Baltic Sea Growth Fund for EUR 20,990 thousand. The amounts have been offset with receivables from INVL Life UAB (dividends and decrease of share capital). Any amounts in not paid in cash in 2024 for these investments. In September 2024 the share capital of UAB INVL Life was reduced by EUR 47,999 thousand. A total of EUR 1,200 thousand was received in cash, remaining amount was offset against payable amounts to INVL Life UAB for acquired investments. Business combinations, investments into associates, disposals (cont\u2019d) Acquisition of non-controlling interests in 2025 and 2024 During 2025 and 2024 the Company/the Group did not have any acquisition of non-controlling interests. Acquisition of associates in 2025 and 2024 During 2025 and 2024 the Company/the Group did not have any acquisition of associates. Disposals of subsidiaries in 2025 and 2024 During 2025 and 2024 the Company/the Group did not have any disposals of subsidiaries. Disposals of associates in 2025 and 2024 During 2025 and 2024 the Company/the Group did not have any disposals of associates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-31": { "value": "4. Segment information The Management Board monitors the operating results of the business units of the Group separately for the purpose of making decisions about resource allocations and performance assessment. Investment results are evaluated based on changes in fair value of investments, including dividends and interest income received by the Group, regardless of whether the Company or subsidiary invested. After transfer of retail business in 2023 some changes to presenting results of segments is changed. Investments to managed funds of the Group and investments to third party funds by asset management subsidiaries are allocated to asset management segments (changes in fair value and other income included in result of segment and respective investments to assets of segments). The historically investment of the Company (directly or through unconsolidated subsidiaries are allocated to historical investments activity segment (name of segments was revised). Asset management segment\u2019s performance is evaluated based on profit (loss) before income tax, after eliminating changes in the fair value of investments of subsidiaries to historical investments, dividends and interest income received from these investments. Finance costs are allocated between segments on basis of separate legal entities, attributable to segments. Income tax, consolidation adjustments and eliminations are not allocated on a segment basis. Segment assets are measured in a manner consistent with that of the financial statements. All assets are allocated between segments, because segments are identified on a basis of separate legal entities and the Group's historical investments are attributed to the historical investment activity segment, regardless of who invested in them. The granted loans by the Company are allocated to segment\u2019s, to which entities they are granted, assets. The impairment losses of these loans are allocated to a segment to which the loan was granted initially. For management purposes, the Group is organised into following operating segments based on their products and services: Asset management The asset management segment includes alternative investments (private equity, real assets and private debt) and portfolio management, financial brokerage and land administration services. The segment also includes real estate activities, as investments is collective investment undertakings managed by asset management entity. Real estate The real estate activities are investing in investment properties held for future development and in commercial real estate and its rent. Historically investments activity The investment activity segment includes the Group investment activities to the unconsolidated subsidiaries, associates and financial assets at fair value, administrative activities of the Companies. Each investment activity is not considered as separate business segment. The main investment activities of the Company, which is presented to the management separately is disclosed below: Agriculture Agricultural activities include the primary crop and livestock (milk) production, feed production and grain processing, agricultural services and poultry farming. Bank activities Bank activities represent indirectly investment into MAIB, bank operating in Moldova and investments into AB Artea bankas, bank operating in Lithuania, held by the Company. Because both investments amounts are material and operate in different markets, they are analysed separately. All other activities All other activities comprise other investments held by the Group. Segment revenue, segment expense and segment result include transfers between business segments. Those transfers are eliminated in column \u2018Inter-segment transactions and consolidation adjustments\u2019. Capital expenditure consists of additions to property, plant and equipment, intangible assets, costs to obtain contract including assets from the acquisition of consolidated subsidiaries. 4 Segment information (cont\u2019d) The following table presents revenues, profit (loss) and certain assets and liabilities information regarding the Group\u2019s business segments for the year ended 31 December 2025:
Inter-segment
transactions and
Historically
consolidation
Year ended
Asset management
investments activity
adjustments
Total
31 December 2025
Revenue
Sales to external customers
20,268
143
-
20,411
Inter-segment sales
-
-
-
-
Total revenue
20,268
143
-
20,411
Results
Net changes in fair value of
financial assets
5,226
20,042
-
25,268
Interest income
123
276
(4)
395
Dividend income
170
15,182
-
15,352
Other income
238
1
(1)
238
Employee benefits expense
(12,209)
(1,814)
-
(14,023)
Depreciation and
amortization
(660)
(27)
-
(687)
Impairment
-
-
-
-
Interest expenses
(45)
(708)
4
(749)
Other expenses
(4,280)
(324)
1
(4,603)
Profit (loss) before income
tax
8,831
32,771
-
41,602
As at 31 December 2025
Assets and liabilities
Segment assets
83,828
190,885
(165)
274,548
Segment liabilities
7,008
11,404
(165)
18,247
Other segment
information
Capital expenditure:
\u2022 Property, plant and
equipment
1,581
124
-
1,705
\u2022 Intangible assets
28
-
-
28
4 Segment information (cont\u2019d) The following table presents revenues, profit (loss) and certain assets and liabilities information regarding the Group\u2019s business segments for the year ended 31 December 2024:
Inter-segment
transactions and
Historically
consolidation
Year ended
Asset management
investments activity
adjustments
Total
31 December 2024
Revenue
Sales to external customers
13,980
131
-
14,111
Inter-segment sales
75
6
(81)
-
Total revenue
14,055
137
(81)
14,111
Results
Net changes in fair value of
financial assets
17,673
4,270
-
21,943
Interest income
59
25
-
84
Dividend income
-
27,791
-
27,791
Other income
243
-
-
243
Employee benefits expense
(9,463)
(1,544)
-
(11,007)
Depreciation and
amortization
(826)
(27)
-
(853)
Impairment
-
-
-
-
Interest expenses
(55)
(533)
-
(588)
Other expenses
(3,840)
(444)
81
(4,203)
Profit (loss) before income
tax
17,846
29,675
-
47,521
As at 31 December 2024
Assets and liabilities
Segment assets
85,767
163,904
(2,001)
247,670
Segment liabilities
4,094
23,359
(2,001)
25,452
Other segment
information
Capital expenditure:
\u2022 Property, plant and
equipment
118
1
-
119
\u2022 Intangible assets
31
-
-
31
4 Segment information (cont\u2019d) The following tables present measurement of investment activities results on the basis of changes in fair value, including dividend and interest income:
Bank sector
Bank sector (AB
Other
Year ended
Agriculture
Real estate
(MAIB)
Artea bankas)
investments
Total
31 December 2025
Net changes in fair value
on financial assets
5,361
1,209
4,051
15,466
(819)
25,268
Dividend income
-
170
2,307
8,059
4,816
15,352
Interest income
116
84
-
-
160
360
Total income from
investments
5,477
1,463
6,358
23,525
4,157
40,980
Investments fair value as
at 31 December 2025
28,310
7,880
26,415
122,571
59,254
244,430
Bank sector
Bank sector (AB
Other
Year ended
Agriculture
Real estate
(MAIB)
Artea bankas)
investments
Total
31 December 2024
Net changes in fair value
on financial assets
3,274
1,020
125
17,806
(282)
21,943
Dividend income
-
-
4,694
5,839
17,258
27,791
Interest income
25
8
-
-
-
33
Total income from
investments
3,299
1,028
4,819
23,645
16,976
49,767
Investments fair value as
at 31 December 2024
24,483
4,987
22,364
108,865
75,270
235,969
4 Segment information (cont\u2019d) The table below presents distribution of the Group non-current assets (other than financial instruments and deferred tax assets) by geographical area as at 31 December 2025 and 2024:
Lithuania
Latvia
Total
As at 31 December 2025
1,952
181
2,133
As at 31 December 2024
890
198
1,088
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-508": { "value": "
Analysis of revenue by timing of revenue recognition:
2025
2024
Group
Company
Group
Company
Revenue recognised over time:
19,902
5
13,710
137
Management fee
17,466
-
10,607
-
Success fee
999
-
1,834
-
Other consideration
1,437
5
1,269
137
Revenue recognised at a point in time
509
-
401
-
Total revenue
20,411
5
14,111
137
The Company is domiciled in the Lithuania and the Group operates in Lithuania and Latvia. The result of Group\u2019s revenue from
external customers in the Lithuania is EUR 17,734 thousand (2024: EUR 10,465 thousand), and the total of revenue from external
customers from Latvia is EUR 2,677 thousand (2024: EUR 3,646 thousand).
In 2025 the Group has not recognised as revenue success fee of EUR 16,921 thousand, accrued in the managed entities and
funds, as the condition for non-returnable payment of it is not met (2024: EUR 12,389 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-32": { "value": "Analysis of revenue by timing of revenue recognition: 2025
2024
Group
Company
Group
Company
Revenue recognised over time:
19,902
5
13,710
137
Management fee
17,466
-
10,607
-
Success fee
999
-
1,834
-
Other consideration
1,437
5
1,269
137
Revenue recognised at a point in time
509
-
401
-
Total revenue
20,411
5
14,111
137
The Company is domiciled in the Lithuania and the Group operates in Lithuania and Latvia. The result of Group\u2019s revenue from external customers in the Lithuania is EUR 17,734 thousand (2024: EUR 10,465 thousand), and the total of revenue from external customers from Latvia is EUR 2,677 thousand (2024: EUR 3,646 thousand). In 2025 the Group has not recognised as revenue success fee of EUR 16,921 thousand, accrued in the managed entities and funds, as the condition for non-returnable payment of it is not met (2024: EUR 12,389 thousand). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "value": "
5.2. Employee benefits expenses
Group
Company
2025
2024
2025
2024
Short-term employee benefits
(9,375)
(8,667)
(344)
(476)
Share-based payments (cash alternative)
(2,988)
(1,019)
-
-
Equity-settled share-based payments
(1,660)
(1,321)
(1,356)
(1,067)
(14,023)
(11,007)
(1,700)
(1,543)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-33": { "value": "5.2. Employee benefits expenses
Group
Company
2025
2024
2025
2024
Short-term employee benefits
(9,375)
(8,667)
(344)
(476)
Share-based payments (cash alternative)
(2,988)
(1,019)
-
-
Equity-settled share-based payments
(1,660)
(1,321)
(1,356)
(1,067)
(14,023)
(11,007)
(1,700)
(1,543)
5.3. Other expenses
Group
Company
2025
2024
2025
2024
Vehicles maintenance costs
(206)
(180)
-
-
Repairs and maintenance cost of premises
(34)
(88)
(2)
(2)
Taxes
(526)
(499)
(41)
(33)
Fees for securities
(335)
(360)
(121)
(231)
Other expenses
(2,210)
(1,753)
(78)
(94)
(3,311)
(2,880)
(242)
(360)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "
5.3. Other expenses
Group
Company
2025
2024
2025
2024
Vehicles maintenance costs
(206)
(180)
-
-
Repairs and maintenance cost of premises
(34)
(88)
(2)
(2)
Taxes
(526)
(499)
(41)
(33)
Fees for securities
(335)
(360)
(121)
(231)
Other expenses
(2,210)
(1,753)
(78)
(94)
(3,311)
(2,880)
(242)
(360)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-536": { "value": "5.3. Other expenses
Group
Company
2025
2024
2025
2024
Vehicles maintenance costs
(206)
(180)
-
-
Repairs and maintenance cost of premises
(34)
(88)
(2)
(2)
Taxes
(526)
(499)
(41)
(33)
Fees for securities
(335)
(360)
(121)
(231)
Other expenses
(2,210)
(1,753)
(78)
(94)
(3,311)
(2,880)
(242)
(360)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-34": { "value": "6. Income tax
Group
Company
2025
2024
2025
2024
Components of the income tax expense
Current year income tax
(688)
(216)
-
-
Prior year current income tax correction
-
-
-
-
Deferred income tax income (expense)
6,190
(2,921)
6,294
(2,694)
Income tax income (expense) charged to the income statement \u2013
total
5,502
(3,137)
6,294
(2,694)
There is no income tax expense recognised in other comprehensive income in 2025 and 2024. Deferred tax asset and liability were estimated at 17% rate in Lithuania as at 31 December 2025. The movement in deferred tax assets and liabilities of the Group during 2025 is as follows: Recognised in
Balance as at 31
the income
Transfer of
Balance as at 31
December 2024
statement
tax losses
December 2025
Deferred tax asset
Tax loss carry forward for indefinite period of time
714
(171)
(180)
363
Receivables
-
-
-
-
Accruals
229
287
-
516
Lease liabilities
102
192
-
294
Investments at fair value through profit and loss
-
1
-
1
Recognised deferred tax asset
1,045
309
(180)
1,174
Asset netted with liability of the same legal entities
(743)
449
-
(294)
Deferred tax asset, net
302
758
(180)
880
Deferred tax liability
Property, plant and equipment (right of use assets)
(94)
(200)
-
(294)
Investments at fair value through profit or loss
(6,236)
6,236
-
-
Investments into subsidiaries
(331)
(155)
-
(486)
Deferred tax liability
(6,661)
5,881
-
(780)
Liability netted with asset of the same legal entities
743
(449)
-
294
Deferred tax liability, net
(5,918)
5,432
-
(486)
Deferred tax, net
(5,616)
6,190
(180)
394
Income tax (cont\u2019d) Deferred tax asset and liability were estimated at 16% rate in Lithuania as at 31 December 2024. The movement in deferred tax assets and liabilities of the Group during 2024 is as follows:
Balance as at 31
Recognised in the
Balance as at 31
December 2023
income statement
December 2024
Deferred tax asset
Tax loss carry forward for indefinite period of time
305
409
714
Receivables
-
-
-
Accruals
242
(13)
229
Lease liabilities
172
(70)
102
Contract liabilities
-
-
-
Recognised deferred tax asset
719
326
1,045
Asset netted with liability of the same legal entities
(605)
(138)
(743)
Deferred tax asset, net
114
188
302
Deferred tax liability
Property, plant and equipment (right of use assets)
(162)
68
(94)
Intangible assets
(6)
6
-
Investments at fair value through profit or loss
(3,246)
(2,990)
(6,236)
Investments into subsidiaries
-
(331)
(331)
Deferred tax liability
(3,414)
(3,247)
(6,661)
Liability netted with asset of the same legal entities
605
138
743
Deferred tax liability, net
(2,809)
(3,109)
(5,918)
Deferred tax, net
(2,695)
(2,921)
(5,616)
6 Income tax (cont\u2019d) The movement in deferred tax assets and liabilities of the Company during 2025 is as follows:
Transfer of
tax losses
Balance as at
Recognised in the
(including
Balance as at
31 December 2024
income statement
accruals)
31 December 2025
Deferred tax asset
Tax loss carry forward for indefinite period of time
533
174
(344)
363
Lease liabilities
6
16
-
22
Recognised deferred tax asset
539
190
(344)
385
Asset netted with liability of the same legal
entities
(539)
517
-
(22)
Deferred tax asset, net
-
707
(344)
363
Deferred tax liability
Property, plant and equipment (right of use
assets)
(5)
(17)
-
(22)
Investments at fair value through profit or loss
(6,121)
6,121
-
-
Deferred tax liability
(6,126)
6,104
-
(22)
Liability netted with asset of the same legal
entities
539
(517)
-
22
Deferred tax liability, net
(5,587)
5,587
-
-
Deferred tax, net
(5,587)
6,294
(344)
363
The movement in deferred tax assets and liabilities of the Company during 2024 is as follows:
Balance as at
Recognised in the
Transfer of
Balance as at
31 December 2023
income statement
tax losses
31 December 2024
Deferred tax asset
Tax loss carry forward for indefinite period of time
305
228
-
533
Lease liabilities
10
(4)
-
6
Recognised deferred tax asset
315
224
-
539
Asset netted with liability of the same legal
entities
(315)
(224)
-
(539)
Deferred tax asset, net
-
-
-
-
Deferred tax liability
Property, plant and equipment (right of use
assets)
(9)
4
-
(5)
Investments at fair value through profit or loss
(3,109)
(3,012)
-
(6,121)
Other liability
(90)
90
-
-
Deferred tax liability
(3,208)
(2,918)
-
(6,126)
Liability netted with asset of the same legal
entities
315
224
-
539
Deferred tax liability, net
(2,893)
(2,694)
-
(5,587)
Deferred tax, net
(2,893)
(2,694)
-
(5,587)
6 Income tax (cont\u2019d) The reconciliation of the total income tax to the theoretical amount that would arise using the tax rate of the Group and the Company is as follows:
Group
Company
2025
2024
2025
2024
Profit before income tax
41,602
47,521
40,810
47,078
Tax calculated at the tax rate of 16 %
(6,656)
(7,128)
(6,530)
(7,062)
Non-taxable income - dividend income
2,456
4,169
2,437
4,154
Non-taxable income (expenses) \u2013 changes in fair value of financial
assets
4,176
603
3,889
541
Non-taxable income (expenses) \u2013 impact of equity method
-
-
587
184
Other tax non-deductible (expenses) / non-taxable income
(572)
(416)
(220)
(162)
Deferred tax expenses arising from write-down, or reversal of a
previous write-down, of deferred tax asset due to changes in
probability to utilise it
The amount of benefit arising from previously unrecognised tax loss
-
-
-
-
of a prior period that is used to reduce current tax expense
-
-
-
-
Derecognition of deferred tax liabilities as the temporary difference
ceased to exist*
6,101
-
6,121
-
Change in tax rates
40
(330)
10
(349)
Other
(43)
(35)
-
-
Income tax credit (expenses) recorded in the income statement
5,502
(3,137)
6,294
(2,694)
* The Company has held more than 10% of the shares of AB Artea Bankas more than two years and therefore, its sale became non-taxable. This is main reason, why the temporary difference ceases to exist and deferred tax liabilities are derecognised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-511": { "value": "
Deferred tax asset and liability were estimated at 17% rate in Lithuania as at 31 December 2025.
The movement in deferred tax assets and liabilities of the Group during 2025 is as follows:
Recognised in
Balance as at 31
the income
Transfer of
Balance as at 31
December 2024
statement
tax losses
December 2025
Deferred tax asset
Tax loss carry forward for indefinite period of time
714
(171)
(180)
363
Receivables
-
-
-
-
Accruals
229
287
-
516
Lease liabilities
102
192
-
294
Investments at fair value through profit and loss
-
1
-
1
Recognised deferred tax asset
1,045
309
(180)
1,174
Asset netted with liability of the same legal entities
(743)
449
-
(294)
Deferred tax asset, net
302
758
(180)
880
Deferred tax liability
Property, plant and equipment (right of use assets)
(94)
(200)
-
(294)
Investments at fair value through profit or loss
(6,236)
6,236
-
-
Investments into subsidiaries
(331)
(155)
-
(486)
Deferred tax liability
(6,661)
5,881
-
(780)
Liability netted with asset of the same legal entities
743
(449)
-
294
Deferred tax liability, net
(5,918)
5,432
-
(486)
Deferred tax, net
(5,616)
6,190
(180)
394
Income tax (cont\u2019d) Deferred tax asset and liability were estimated at 16% rate in Lithuania as at 31 December 2024. The movement in deferred tax assets and liabilities of the Group during 2024 is as follows:
Balance as at 31
Recognised in the
Balance as at 31
December 2023
income statement
December 2024
Deferred tax asset
Tax loss carry forward for indefinite period of time
305
409
714
Receivables
-
-
-
Accruals
242
(13)
229
Lease liabilities
172
(70)
102
Contract liabilities
-
-
-
Recognised deferred tax asset
719
326
1,045
Asset netted with liability of the same legal entities
(605)
(138)
(743)
Deferred tax asset, net
114
188
302
Deferred tax liability
Property, plant and equipment (right of use assets)
(162)
68
(94)
Intangible assets
(6)
6
-
Investments at fair value through profit or loss
(3,246)
(2,990)
(6,236)
Investments into subsidiaries
-
(331)
(331)
Deferred tax liability
(3,414)
(3,247)
(6,661)
Liability netted with asset of the same legal entities
605
138
743
Deferred tax liability, net
(2,809)
(3,109)
(5,918)
Deferred tax, net
(2,695)
(2,921)
(5,616)
6 Income tax (cont\u2019d)
The movement in deferred tax assets and liabilities of the Company during 2025 is as follows:
Transfer of
tax losses
Balance as at
Recognised in the
(including
Balance as at
31 December 2024
income statement
accruals)
31 December 2025
Deferred tax asset
Tax loss carry forward for indefinite period of time
533
174
(344)
363
Lease liabilities
6
16
-
22
Recognised deferred tax asset
539
190
(344)
385
Asset netted with liability of the same legal
entities
(539)
517
-
(22)
Deferred tax asset, net
-
707
(344)
363
Deferred tax liability
Property, plant and equipment (right of use
assets)
(5)
(17)
-
(22)
Investments at fair value through profit or loss
(6,121)
6,121
-
-
Deferred tax liability
(6,126)
6,104
-
(22)
Liability netted with asset of the same legal
entities
539
(517)
-
22
Deferred tax liability, net
(5,587)
5,587
-
-
Deferred tax, net
(5,587)
6,294
(344)
363
The movement in deferred tax assets and liabilities of the Company during 2024 is as follows:
Balance as at
Recognised in the
Transfer of
Balance as at
31 December 2023
income statement
tax losses
31 December 2024
Deferred tax asset
Tax loss carry forward for indefinite period of time
305
228
-
533
Lease liabilities
10
(4)
-
6
Recognised deferred tax asset
315
224
-
539
Asset netted with liability of the same legal
entities
(315)
(224)
-
(539)
Deferred tax asset, net
-
-
-
-
Deferred tax liability
Property, plant and equipment (right of use
assets)
(9)
4
-
(5)
Investments at fair value through profit or loss
(3,109)
(3,012)
-
(6,121)
Other liability
(90)
90
-
-
Deferred tax liability
(3,208)
(2,918)
-
(6,126)
Liability netted with asset of the same legal
entities
315
224
-
539
Deferred tax liability, net
(2,893)
(2,694)
-
(5,587)
Deferred tax, net
(2,893)
(2,694)
-
(5,587)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-35": { "value": "7. Earnings per share Basic earnings per share amounts are calculated by dividing net profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year. The weighted average number of shares for 2025 and 2024 was as follows:
Calculation of weighted average for the year
Number of shares
Par value
Issued/365
Weighted average
2025
(thousand)
(EUR)
(days)
(thousand)
Shares issued as at 31 December 2024
12,017
0.29
365/365
12,017
Sale of own shares as at 18 June 2025
42
0.29
196/365
23
Shares issued as at 31 December 2025
12,059
-
-
12,040
Calculation of weighted average for the year
Number of shares
Par value
Issued/366
Weighted average
2024
(thousand)
(EUR)
(days)
(thousand)
Shares issued as at 31 December 2023
12,005
0.29
366/366
12,005
Increase of share capital as at 21 June 2024
65
0.29
193/366
34
Acquisition of own shares as at 10 September
2024
(53)
112/366
(16)
Shares issued as at 31 December 2024
12,017
-
-
12,023
The following table reflects the income and share data used in the basic earnings per share computations:
Group
Company
2025
2024
2025
2024
Net profit, attributable to the equity holders of the parent
47,104
44,384
47,104
44,384
Weighted average number of ordinary shares (thousand)
12,040
12,023
12,040
12,023
Basic earnings per share (EUR)
3.91
3.69
3.91
3.69
The following table reflects the share data used in the diluted earnings per share computations in 2025:
Number of
shares
Issued/365
Weighted average
(thousand)
(days)
(thousand)
Weighted average number of ordinary shares for basic earnings per share
-
-
12,040
Potential dilutive shares from share-based payment (granted on 31 May
2022
,in June 2025 share options exercised by transfer of own shares)
42
169/365
19
Potential dilutive shares from share-based payment (granted on 12 June
2023)
349
365/365
349
Potential dilutive shares from share-based payment (granted on 30 April
2024)
9
365/365
9
Potential dilutive shares from share-based payment (granted on 28 May
2024)
24
365/365
24
Potential dilutive shares from share-based payment (granted on 22 May
2025)
24
223/365
15
Weighted average number of ordinary shares for diluted earnings per share
-
-
12,456
7. Earnings per share (cont\u2019d) The following table reflects the share data used in the diluted earnings per share computations in 2024:
Number of
shares
Issued/366
Weighted average
(thousand)
(days)
(thousand)
Weighted average number of ordinary shares for basic earnings per share
-
-
12.023
Potential dilutive shares from share-based payment (granted on 10 May
2021,
Potential dilutive shares from share-based payment (granted on 31 May
on 21 June 2024 share options exercised by issue of new shares)
64
173/366
30
2022)
38
366/366
38
Potential dilutive shares from share-based payment (granted on 12 June
2023)
270
366/366
270
Potential dilutive shares from share-based payment (granted on 30 April
2024)
8
245/366
5
Potential dilutive shares from share-based payment (granted on 28 May
2024)
23
217/366
14
Weighted average number of ordinary shares for diluted earnings per share
-
-
12,380
The following table reflects the income data used in the diluted earnings per share computations in 2025 and 2024:
Group
Company
2025
2024
2025
2024
Net profit, attributable to the equity holders of the parent
47,104
44,384
47,104
44,384
Weighted average number of ordinary and potential shares
(thousand)
12,456
12,380
12,456
12,380
Diluted earnings per share (EUR)
3.78
3.59
3.78
3.59
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-36": { "value": "8. Dividends per share A dividend in respect of the year ended 31 December 2023 of EUR 0.10 per share, amounting to a total dividend of EUR 1,200 thousand, was approved at the annual general meeting on 30 April 2024. A dividend in respect of the year ended 31 December 2024 of EUR 1.25 per share, amounting to a total dividend of EUR 15,021 thousand, was approved at the annual general meeting on 30 April 2025. Changes in liabilities arising from financing activities (dividends) are presented in the table below:
Group/Company
Dividends payable
As at 31 December 2023
735
Dividends paid to equity holders of the parent
(1,189)
Approved dividends
1,200
As at 31 December 2024
746
Dividends paid to equity holders of the parent
(14,697)
Approved dividends
15,021
As at 31 December 2025
1,070
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-512": { "value": "0.1", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:52990001IQUJ710GHH43", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-513": { "value": "1.25", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-37": { "value": "9. Property, plant and equipment
Group
Right-of-use assets
Other property, plant and
(leased premises)
equipment
Total
Cost:
Balance as at 31 December 2023
2,294
930
3,224
Additions
32
87
119
Disposals and write-offs
-
(132)
(132)
To held for sale
-
-
-
Balance as at 31 December 2024
2,326
885
3,211
Additions
1,641
64
1,705
Disposals and write-offs
-
(5)
(5)
To held for sale
-
-
-
Balance as at 31 December 2025
3,967
944
4,911
Accumulated depreciation:
Balance as at 31 December 2023
1,053
604
1,657
Charge for the year
549
129
678
Disposals and write-offs
-
(123)
(123)
To held for sale
-
-
-
Balance as at 31 December 2024
1,602
610
2,212
Charge for the year
529
116
645
Disposals and write-offs
-
(4)
(4)
To held for sale
-
-
-
Balance as at 31 December 2025
2,131
722
2,853
Net book value as at 31 December 2024
724
275
999
Net book value as at 31 December 2025
1,836
222
2,058
Company
Right-of-use assets
Other property, plant and
(leased premises)
equipment
Total
Cost:
Balance as at 31 December 2023
161
102
263
Additions
-
1
1
Disposals and write-offs
-
-
-
Balance as at 31 December 2024
161
103
264
Additions
122
2
124
Disposals and write-offs
-
-
-
Balance as at 31 December 2025
283
105
388
Accumulated depreciation:
Balance as at 31 December 2023
102
100
202
Charge for the year
26
1
27
Disposals and write-offs
-
-
-
Balance as at 31 December 2024
128
101
229
Charge for the year
26
1
27
Disposals and write-offs
-
-
-
Balance as at 31 December 2025
154
102
256
Net book value as at 31 December 2024
33
2
35
Net book value as at 31 December 2025
129
3
132
9 Property, plant and equipment (cont\u2019d) The depreciation charge of the Group\u2019s and the Company\u2019s property, plant and equipment for the year 2025 amounts to EUR 645 thousand and EUR 27 thousand, respectively (in the year 2024 EUR 678 thousand and EUR 27 thousand, respectively). The Group\u2019s and the Company\u2019s property, plant and equipment as at 31 December 2025 and 2024 did not have any encumbrances. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-537": { "value": "The depreciation charge of the Group\u2019s and the Company\u2019s property, plant and equipment for the year 2025 amounts to EUR 645 thousand and EUR 27 thousand, respectively (in the year 2024 EUR 678 thousand and EUR 27 thousand, respectively). The Group\u2019s and the Company\u2019s property, plant and equipment as at 31 December 2025 and 2024 did not have any encumbrances. The amortisation charge of the Group\u2019s intangible assets for the year ended 31 December 2025 amounts to EUR 42 thousand (in the year 2024 EUR 175 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "
10. Intangible assets
Movement in the account of intangible assets is presented below:
Group
Funds\u2019 management
Software and other
Goodwill
rights
intangible assets
Total
Cost:
Balance as at 31 December 2023
14
1,154
309
1,477
Additions
-
-
31
31
Disposals and write-offs
-
-
-
-
Balance as at 31 December 2024
14
1,154
340
1,508
Additions
-
-
28
28
Disposals and write-offs
-
-
-
-
Balance as at 31 December 2025
14
1,154
368
1,536
Accumulated amortisation:
Balance as at 31 December 2023
-
1,039
205
1,244
Charge for the year
-
115
60
175
Impairment
-
-
-
-
Disposals and write-offs
-
-
-
-
Other
-
-
-
-
Balance as at 31 December 2024
-
1,154
265
1,419
Charge for the year
-
-
42
42
Impairment
-
-
-
-
Disposals and write-offs
-
-
-
-
Other
-
-
-
-
Balance as at 31 December 2025
-
1,154
307
1,461
Net book value as at 31 December 2024
14
-
75
89
Net book value as at 31 December 2025
14
-
61
75
The amortisation charge of the Group\u2019s intangible assets for the year ended 31 December 2025 amounts to EUR 42 thousand (in
the year 2024 EUR 175 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-38": { "value": "10. Intangible assets Movement in the account of intangible assets is presented below:
Group
Funds\u2019 management
Software and other
Goodwill
rights
intangible assets
Total
Cost:
Balance as at 31 December 2023
14
1,154
309
1,477
Additions
-
-
31
31
Disposals and write-offs
-
-
-
-
Balance as at 31 December 2024
14
1,154
340
1,508
Additions
-
-
28
28
Disposals and write-offs
-
-
-
-
Balance as at 31 December 2025
14
1,154
368
1,536
Accumulated amortisation:
Balance as at 31 December 2023
-
1,039
205
1,244
Charge for the year
-
115
60
175
Impairment
-
-
-
-
Disposals and write-offs
-
-
-
-
Other
-
-
-
-
Balance as at 31 December 2024
-
1,154
265
1,419
Charge for the year
-
-
42
42
Impairment
-
-
-
-
Disposals and write-offs
-
-
-
-
Other
-
-
-
-
Balance as at 31 December 2025
-
1,154
307
1,461
Net book value as at 31 December 2024
14
-
75
89
Net book value as at 31 December 2025
14
-
61
75
The amortisation charge of the Group\u2019s intangible assets for the year ended 31 December 2025 amounts to EUR 42 thousand (in the year 2024 EUR 175 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-538": { "value": "
Group
Funds\u2019 management
Software and other
Goodwill
rights
intangible assets
Total
Cost:
Balance as at 31 December 2023
14
1,154
309
1,477
Additions
-
-
31
31
Disposals and write-offs
-
-
-
-
Balance as at 31 December 2024
14
1,154
340
1,508
Additions
-
-
28
28
Disposals and write-offs
-
-
-
-
Balance as at 31 December 2025
14
1,154
368
1,536
Accumulated amortisation:
Balance as at 31 December 2023
-
1,039
205
1,244
Charge for the year
-
115
60
175
Impairment
-
-
-
-
Disposals and write-offs
-
-
-
-
Other
-
-
-
-
Balance as at 31 December 2024
-
1,154
265
1,419
Charge for the year
-
-
42
42
Impairment
-
-
-
-
Disposals and write-offs
-
-
-
-
Other
-
-
-
-
Balance as at 31 December 2025
-
1,154
307
1,461
Net book value as at 31 December 2024
14
-
75
89
Net book value as at 31 December 2025
14
-
61
75
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-39": { "value": "11. Financial instruments by category
Group
Financial assets at
Assets at fair value
31 December 2025
amortised cost
through the profit or loss
Total
Assets as per statement of financial position
Investments into unconsolidated subsidiaries
-
26,488
26,488
Investments into associates
-
36,190
36,190
Other non-current receivables
20
-
20
Trade and other receivables short term excluding
tax receivables
2,809
-
2,809
Financial assets at fair value through profit and
loss
-
181,752
181,752
Other financial assets at amortised cost
11,004
-
11,004
Cash and cash equivalents
11,626
-
11,626
Total
25,459
244,430
269,889
Group
Financial assets at
Assets at fair value
31 December 2024
amortised cost
through the profit or loss
Total
Assets as per statement of financial position
Investments into unconsolidated subsidiaries
-
27,272
27,272
Investments into associates
-
29,470
29,470
Other non-current receivables
18
-
18
Trade and other receivables short term excluding
tax receivables
3,395
-
3,395
Financial assets at fair value through profit and
loss
-
179,227
179,227
Cash and cash equivalents
5,421
-
5,421
Total
8,834
235,969
244,803
Group
31 December 2025
31 December 2024
Liabilities as per statement of financial
Financial
Financial
Financial
Financial
position
liabilities at
liabilities through
liabilities at
liabilities through
amortised cost
the profit or loss
amortised cost
the profit or loss
Borrowings (including issued bonds)
10,033
-
10,031
-
Trade payables
308
-
258
-
Lease liabilities
1,849
-
788
-
Other current payables excluding tax
payables and employee benefit payables
1,248
-
5,687
-
Total
13,438
-
16,764
-
11 Financial instruments by category (cont\u2019d)
Financial assets at
Assets at fair value
Company
amortised cost
through the profit or loss
Total
31 December 2025
Assets as per statement of financial position
Investments into unconsolidated subsidiaries
-
26,488
26,488
Investments into associates
-
36,190
36,190
Current trade and other receivables
166
-
166
Financial assets at fair value through profit or loss
-
175,753
175,753
Other financial assets at amortised cost
11,004
-
11,004
Cash and cash equivalents
1,082
-
1,082
Total
12,252
238,431
250,683
Financial assets at
Assets at fair value
Company
amortised cost
through the profit or loss
Total
31 December 2024
Assets as per statement of financial position
Investments into unconsolidated subsidiaries
-
27,272
27,272
Investments into associates
-
29,470
29,470
Current trade and other receivables
9
-
9
Financial assets at fair value through profit or loss
-
172,515
172,515
Cash and cash equivalents
2,467
-
2,467
Total
2,476
229,257
231,733
Company
31 December
31 December
2025
2024
Liabilities as per statement of financial position
Financial liabilities at amortised
cost
Borrowings
10,033
10,031
Lease liabilities
131
38
Trade payables
37
8
Other current payables excluding tax payables and employee benefit payables
1,094
7,528
Total
11,295
17,605
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-515": { "value": "
12. Fair value estimation
Financial instruments that are not carried at fair value
The Group\u2019s and the Company\u2019s principal financial instruments that are not carried at fair value in the statement of financial
position are cash and cash equivalents, trade and other receivables, borrowings, trade and other payables.
The fair value represents the price that would be received to sell an asset in an orderly transaction between market participants
at the measurement date.
The carrying amount of the cash and cash equivalents, trade and other receivables, trade and other payables of the Group and
the Company as at 31 December 2025 and 2024 approximated their fair value because they are short-term and the impact of
discounting is immaterial, except when discounting is recognised at current market rate.
The carrying amount of borrowings of the Group and the Company as at 31 December 2025 and 2024 approximated their fair
value. Bank borrowings had floating interest rate (3 months EURIBOR) and were negotiated recently, therefore their interest rate
represents the current market rate. The issued bonds have fixed interest rate, determined by market by issue in June of 2024
and its fair value is approximated carrying amounts. The fair values of borrowings are based on discounted cash flows using a
current interest rate. They are classified as level 3 fair values in the fair value hierarchy due to use of unobservable inputs,
including own credit risk.
Financial instruments carried at fair value
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either
directly or indirectly;
Level 3: techniques which use inputs with a significant effect on the recorded fair value not based on observable market data.
Unconsolidated subsidiaries and associates are measured at fair value through profit or loss.
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A
market is regarded as active if quoted prices are readily and regularly available from an exchange and those prices represent
actual and regularly occurring market transactions on arm\u2019s length basis. The quoted market price used for financial assets held
by the Group and Company is the measurement date exchange closing price.
The level 2 instruments are investments to collective investment undertakings and entities, where fair value is measured as fair
value of net assets value, which is based only on observable inputs. Therefore, collective investment undertakings and these
entities have invested only to securities which are measured as Level 1 instruments, and have only cash, current liabilities, which
carrying amount approximate to fair value.
The valuation of Level 3 instruments is performed by the Company\u2019s employees, analysts, every quarter. The value is estimated
as at the last day of quarter. The management of the Company review the valuations prepared by analysts.
In 2025 and 2024 the Group has determined net assets value as difference between assets and liabilities, measured using
combination of income and market approach, for valuation of investments into UAB Litagra (agriculture activity). Discounted cash
flows technique was used for income approach. Value of land was determined by using market approach. The cash flows were
adjusted by rent costs of owned land. The final value of investments was determined by combining value of subgroups, land
owned by group of UAB Litagra and other item of assets and liabilities of holding entity to determine net assets value. In 2025 and
2024 substantially all land was valued by external asset valuators.
Agricultural activities include the primary crop and livestock (milk) production, feed production and grain processing and poultry
farming. UAB Litagra is holding company which directly and indirectly owned shares of multiple entities which for valuation are
divided into two subgroups. It was prepared separate cash flows for each subgroup and used different discount rate. One subgroup
comprises the primary crop and livestock (milk) production. Second subgroup comprises feed production and grain processing
and poultry farming.
Investments to unconsolidated subsidiary INVL Life UAB measured at fair value of net assets which as at 31 December 2024
represents mainly receivables and payables to the Group, income tax payables and cash, therefore, comprise Level 2
measurement.
12 Fair value estimation (cont\u2019d)
Financial instruments carried at fair value (cont\u2019d)
Investments into UAB MD Partners are measured as fair value of net assets value of entity, where main indirectly owned assets
\u2013 investment into MAIB bank \u2013 are measured using price to earnings (P/E) and P/BV multiplier technique of comparable banks
from the Central and Eastern Europe (12 peers are selected in 2025 and 12 peers are selected in 2024) and applying discount.
Discount reflects lack of marketability and country and MAIB risk . Structure of investments into MAIB is described in Note 1. The
Company indirectly has 7.7% shares of MAIB. There were also some cash and liabilities at the level intermediate entities UAB
MD Partners and HEIM Partners Limited.
Dormant entities are measured according to its equity, because they have only cash and current liabilities.
The Group and the Company have also invested into collective investment undertakings, which main assets are Level 3 financial
instruments. These investments are valued at net assets value of collective investment undertakings, which are measured at fair
value and communicated to investor by the management entity of collective investment undertakings. Investments of collective
investment undertakings are measured EBITDA and Revenue multiplier technique or by using discounted cash flows technique.
The following table represents inputs and fair value valuation techniques of unconsolidated subsidiaries, associates and other
investments used by the Company and the Group as at 31 December 2025:
Profile of activities
Fair value
Valuation technique
Inputs
Values of inputs
Fair value of net assets
EBITDA margin
9%-18% and 14-
determined by using
21%
Agriculture (UAB Litagra)
28,310
combination of
Discount rate
9.26% and 9.58%
(Level 3)
discounted cash flows
Terminal growth rate
1%
and sales comparison
Average value of 1 ha of land,
method
7,393
EUR
P/BV
1.66
P/E
8.62
26,415
Comparable companies
Net profit, EUR million
101.8
in the market
Equity, EUR million
478.7
Investment entity (UAB MD
Discount for lack of
partners, investment into MAIB
marketability and country and
58%
(banking activities)) (Level 3)
MAIB risk*
Investment entity (UAB Cedus
7
Fair value of net assets
-
-
Invest) (Level 2)
Dormant SPEs (Level 2)
66
Fair value of net assets
-
-
Fair value of net assets
Discount rate
9.79%-13.96%
43,996
determined by using
Terminal growth rate
2%-2.5%
discounted cash flows
EBITDA margin
(4.8)%-24.8%
BSGF (Level 3)
1,308
Fair value of net
-
-
PEF II (Level 3)
assets**
INVL Sustainable Timberland
and Farmland Fund II
Fair value of net assets
Discount rate
(investment is held by
2,139
determined by using
5.8-6.5%
consolidated subsidiary)
discounted cash flows
Annual inflation rate
2%
(Level 3)
Fair value of net assets
Discount rate
7.42-9.20%
INVL Renewable Energy Fund I
1,212
determined by using
Annual inflation rate
2-2.5%
(Level 3)
discounted cash flows
*In 2025 the discount for lack of marketability and political risk of MAIB and of country has been increased to 58%. Despite
strong financial performance of MAIB and rising peer multiple, persistent political uncertainty, geopolitical risks and market
illiquidity are amongst key factors explaining the increased discount relative to EU peers, whose valuations have risen compared
to 2024.
**The investments of PEF II were acquired from independent third parties shortly before the reporting date. The purchase
consideration represents the best evidence of the investments\u2019 fair value in accordance with IFRS 13, as the transaction was an
orderly arm\u2019s\u2011length exchange between market participants. No new information has arisen that would indicate that the
acquisition\u2011date fair value differs from fair value at the reporting date. Accordingly, no separate valuation has been performed and
no valuation inputs have been applied.
12 Fair value estimation (cont\u2019d)
Financial instruments carried at fair value (cont\u2019d)
The following table represents inputs and fair value valuation techniques of unconsolidated subsidiaries, associates and other
investments used by the Company and the Group as at 31 December 2024:
Profile of activities
Fair value
Valuation technique
Inputs
Values of inputs
Fair value of net assets
EBITDA margin
10%-13% and 17-
determined by using
19%
Agriculture (UAB Litagra)
24,483
combination of
Discount rate
9.29% and 9.65%
(Level 3)
discounted cash flows
Terminal growth rate
1%
and sales comparison
Average value of 1 ha of land,
method
7,015
EUR
P/BV
1.23
P/E
6.32
22,364
Comparable companies
Net profit, EUR million
72.5
in the market
Equity, EUR million
411.9
Investment entity (UAB MD
Discount for lack of
partners, investment into MAIB
marketability and country and
38%
(banking activities))* (Level 3)
MAIB risk*
Investment entity (UAB Cedus
46
Fair value of net assets
-
-
Invest) (Level 2)
INVL Life UAB (Level 2)
4,843
Fair value of net assets
-
-
Dormant SPEs (Level 2)
19
Fair value of net assets
-
-
Fair value of net assets
Discount rate
10.47% - 12.94%
58,617
determined by using
Terminal growth rate
2% - 2.5%
BSGF (Level 3)
discounted cash flows
EBITDA margin
4.8-23.5%
INVL Sustainable Timberland
and Farmland Fund II
Fair value of net assets
Discount rate
(investment is held by
1,401
determined by using
5.5%-6.5%
consolidated subsidiary)
discounted cash flows
Annual inflation rate
2%
(Level 3)
Fair value of net assets
Discount rate
8.85%-9.38%
INVL Renewable Energy Fund I
1,335
determined by using
Annual inflation rate
2%
(Level 3)
discounted cash flows
*In 2024 the discount for lack of marketability and political risk of MAIB and the country has been not changed. Management
expects to complete a sale transaction in 2025. However, no agreements have yet been signed.
12 Fair value estimation (cont\u2019d)
Financial instruments carried at fair value (cont\u2019d)
The table below presents the effect of changing one or more those assumptions behind the valuation techniques adopted based
on reasonable possible alternative assumptions:
Profile of activities
Unobservable
Reasonable
Change in Valuation +/-
inputs
possible shift
As at 31 December 2025
As at 31 December 2024
+/- (absolute
Change in average
value/bps/%)
Agriculture (UAB
value of 1 ha of land
1%
143/(143)
136/(136)
Litagra)
Discount rate
100 bps
(2,929)/3,710
(2,555)/3,216
(Level 3)
Terminal growth rate
50 bps
1,248/(1,108)
1,063/(946)
Investment entity
P/BV
0.1
759/(759)
897/(932)
(UAB MD partners,
P/E
0.5
800/(800)
783/(818)
investment into MAIB
Net profit, EUR
(banking activities))
thousand
5%
823/(823)
582/(618)
(Level 3)
Discount for lack of
marketability and
country risk
100 bps
(621)/621
(351)/316
Discount rate
200 bps
(13,389)/19,888
(12,338)/17,418
BSGF (Level 3)
Terminal growth rate
100 bps
5,770/(10,795)
5,228/(4,568)
INVL Sustainable
EBITDA margin
100 bps
6,757/(6,913)
6,060/(6,189)
Timberland and
Farmland Fund II
Discount rate
100 bps
(941)/5,082
(146)/2,098
(investment is held by
consolidated
subsidiary) (Level 3)
Annual inflation rate
100 bps
4,806/(901)
2,162/(151)
INVL Renewable
Discount rate
100 bps
(430)/3,948
(360)/4,532
Energy Fund I
(Level 3)
Annual inflation rate
100 bps
4,810/(529)
4,700/(388)
12 Fair value estimation (cont\u2019d)
Financial instruments carried at fair value (cont\u2019d)
The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December 2025:
Level 1
Level 2
Level 3
Total balance
Assets
Unconsolidated subsidiaries
- Bank sector
-
-
26,415
26,415
- Other activities
-
73
-
73
Associates
- Agriculture (including granted loans)
-
-
28,310
28,310
- Real estate (including granted loans)
6,196
-
1,684
7,880
Financial assets at fair value
through profit or loss
- Information technology
8,093
-
-
8,093
- Bank sector
122,571
-
-
122,571
- Other ordinary shares
-
2
445
447
- Collective investment undertakings \u2013
funds
-
1,305
49,336
50,641
Total Assets
136,860
1,380
106,190
244,430
Liabilities
-
-
-
-
The following table presents the Company\u2019s assets and liabilities that are measured at fair value at 31 December 2025:
Level 1
Level 2
Level 3
Total balance
Assets
Unconsolidated subsidiaries
- Bank sector
-
-
26,415
26,415
- Other activities
-
73
-
73
Associates
- Agriculture (including granted loans)
-
-
28,310
28,310
- Real estate (including granted loans)
6,196
-
1,684
7,880
Financial assets at fair value
through profit or loss
- Information technology
7,232
-
-
7,232
- Bank sector
122,571
-
-
122,571
- Other ordinary shares
-
2
445
447
- Collective investment undertakings \u2013
funds
-
-
45,503
45,503
Total Assets
135,999
75
102,357
238,431
Liabilities
-
-
-
-
12 Fair value estimation (cont\u2019d) Financial instruments carried at fair value (cont\u2019d) The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December 2024:
Level 1
Level 2
Level 3
Total balance
Assets
Unconsolidated subsidiaries
- Bank sector
-
-
22,364
22,364
- Other activities
-
4,908
-
4,908
Associates
- Agriculture (including granted loans)
-
-
24,483
24,483
- Real estate
4,987
-
-
4,987
Financial assets at fair value
through profit or loss
- Information technology
6,752
-
-
6,752
- Bank sector
108,865
-
-
108,865
- Other ordinary shares
-
2
445
447
- Collective investment undertakings \u2013
funds
-
1,238
61,925
63,163
Total Assets
120,604
6,148
109,217
235,969
Liabilities
-
-
-
-
The following table presents the Company\u2019s assets and liabilities that are measured at fair value at 31 December 2024:
Level 1
Level 2
Level 3
Total balance
Assets
Unconsolidated subsidiaries
- Bank sector
-
-
22,364
22,364
- Other activities
-
4,908
-
4,908
Associates
- Agriculture (including granted loans)
-
-
24,483
24,483
- Real estate
4,987
-
-
4,987
Financial assets at fair value
through profit or loss
- Information technology
6,034
-
-
6,034
- Bank sector
107,217
-
-
107,217
- Other ordinary shares
-
2
445
447
- Collective investment undertakings \u2013
funds
-
-
58,817
58,817
Total Assets
118,238
4,910
106,109
229,257
Liabilities
-
-
-
-
During 2025 and 2024, there were no transfers between Level 1 and Level 2 fair value measurements.
12 Fair value estimation (cont\u2019d)
Financial instruments carried at fair value (cont\u2019d)
Financial instruments in Level 3
The Group's policy is to recognise transfers into and out of fair value hierarchy levels as of the date of the event or change in
circumstances that caused the transfer.
The following table presents the changes in Level 3 instruments of the Group for the period ended 31 December 2025:
Collective
Bank sector
Other
Real
investment
Agriculture
(MAIB)
activities
estate
undertakings
Total
Balance at 31 December 2024
24,483
22,364
445
-
61,925
109,217
Gains and losses recognised in profit or
loss (within \u2018Net changes in fair value of
financial assets at fair value through
profit or loss\u2019)
5,361
4,051
-
-
2,608
12,020
Loans granted
-
-
-
1,600
-
1,600
Interest charged
116
-
-
84
-
200
Loans repaid and interest paid
(1,650)
-
-
-
-
(1,650)
Acquisition
-
-
-
-
2,130
2,130
Disposal
-
-
-
-
(17,327)
(17,327)
Balance at 31 December 2025
28,310
26,415
445
1,684
49,336
106,190
Change in unrealised gains or losses
for the period included in profit or loss
for assets held at the end of the
reporting period
5,361
4,051
-
-
2,608
12,020
The following table presents the changes in Level 3 instruments of the Company for the period ended 31 December 2025:
Collective
Bank sector
Other
Real
investment
Agriculture
(MAIB)
activities
estate
undertakings
Total
Balance at 31 December 2024
24,483
22,364
445
-
58,817
106,109
Gains and losses recognised in profit or
loss (within \u2018Net changes in fair value of
financial assets at fair value through
profit or loss\u2019)
5,361
4,051
-
-
1,966
11,378
Loans granted
-
-
-
1,600
-
1,600
Interest charged
116
-
-
84
-
200
Loans repaid and interest paid
(1,650)
-
-
-
-
(1,650)
Acquisition
-
-
-
-
1,916
1,916
Disposal
-
-
-
-
(17,196)
(17,196)
Balance at 31 December 2025
28,310
26,415
445
1,684
45,503
102,357
Change in unrealised gains or losses
for the period included in profit or loss
for assets held at the end of the
reporting period
5,361
4,051
-
-
1,966
11,378
12 Fair value estimation (cont\u2019d)
Financial instruments carried at fair value (cont\u2019d)
Financial instruments in Level 3 (cont\u2019d)
The following table presents the changes in Level 3 instruments of the Group for the period ended 31 December 2024:
Collective
Bank sector
Other
investment
Agriculture
(MAIB)
activities
undertakings
Total
Balance at 31 December 2023
19,346
22,239
445
49,798
91,828
Gains and losses recognised in profit or loss
(within \u2018Net changes in fair value of financial
assets at fair value through profit or loss\u2019)
3,274
125
-
13,762
17,161
Loans granted
290
-
-
-
290
Interest charged
25
-
-
-
25
Loans repaid and interest paid
-
-
-
-
-
Acquired loans to UAB Litagra from INVL Life
UAB
1,548
-
-
-
1,548
Acquisition
-
-
-
2,547
2,547
Disposal
-
-
-
(4,182)
(4,182)
Balance at 31 December 2024
24,483
22,364
445
61,925
109,217
Change in unrealised gains or losses for the
period included in profit or loss for assets held
at the end of the reporting period
3,274
125
-
13,762
17,161
The following table presents the changes in Level 3 instruments of the Company for the period ended 31 December 2024:
Collective
Bank sector
Other
investment
Agriculture
(MAIB)
activities
undertakings
Total
Balance at 31 December 2023
19,346
22,239
445
43,172
85,202
Gains and losses recognised in profit or loss
(within \u2018Net changes in fair value of financial
assets at fair value through profit or loss\u2019)
3,274
125
-
13,650
17,049
Loans granted
290
-
-
-
290
Interest charged
25
-
-
-
25
Loans repaid and interest paid
Acquired loans to UAB Litagra from INVL Life
UAB
1,548
-
-
-
1,548
Acquisition
-
-
-
1,995
1,995
Disposal
-
-
-
-
-
Balance at 31 December 2024
24,483
22,364
445
58,817
106,109
Change in unrealised gains or losses for the
period included in profit or loss for assets held
at the end of the reporting period
3,274
125
-
13,650
17,049
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-40": { "value": "12. Fair value estimation Financial instruments that are not carried at fair value The Group\u2019s and the Company\u2019s principal financial instruments that are not carried at fair value in the statement of financial position are cash and cash equivalents, trade and other receivables, borrowings, trade and other payables. The fair value represents the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. The carrying amount of the cash and cash equivalents, trade and other receivables, trade and other payables of the Group and the Company as at 31 December 2025 and 2024 approximated their fair value because they are short-term and the impact of discounting is immaterial, except when discounting is recognised at current market rate. The carrying amount of borrowings of the Group and the Company as at 31 December 2025 and 2024 approximated their fair value. Bank borrowings had floating interest rate (3 months EURIBOR) and were negotiated recently, therefore their interest rate represents the current market rate. The issued bonds have fixed interest rate, determined by market by issue in June of 2024 and its fair value is approximated carrying amounts. The fair values of borrowings are based on discounted cash flows using a current interest rate. They are classified as level 3 fair values in the fair value hierarchy due to use of unobservable inputs, including own credit risk. Financial instruments carried at fair value The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; Level 3: techniques which use inputs with a significant effect on the recorded fair value not based on observable market data. Unconsolidated subsidiaries and associates are measured at fair value through profit or loss. The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange and those prices represent actual and regularly occurring market transactions on arm\u2019s length basis. The quoted market price used for financial assets held by the Group and Company is the measurement date exchange closing price. The level 2 instruments are investments to collective investment undertakings and entities, where fair value is measured as fair value of net assets value, which is based only on observable inputs. Therefore, collective investment undertakings and these entities have invested only to securities which are measured as Level 1 instruments, and have only cash, current liabilities, which carrying amount approximate to fair value. The valuation of Level 3 instruments is performed by the Company\u2019s employees, analysts, every quarter. The value is estimated as at the last day of quarter. The management of the Company review the valuations prepared by analysts. In 2025 and 2024 the Group has determined net assets value as difference between assets and liabilities, measured using combination of income and market approach, for valuation of investments into UAB Litagra (agriculture activity). Discounted cash flows technique was used for income approach. Value of land was determined by using market approach. The cash flows were adjusted by rent costs of owned land. The final value of investments was determined by combining value of subgroups, land owned by group of UAB Litagra and other item of assets and liabilities of holding entity to determine net assets value. In 2025 and 2024 substantially all land was valued by external asset valuators. Agricultural activities include the primary crop and livestock (milk) production, feed production and grain processing and poultry farming. UAB Litagra is holding company which directly and indirectly owned shares of multiple entities which for valuation are divided into two subgroups. It was prepared separate cash flows for each subgroup and used different discount rate. One subgroup comprises the primary crop and livestock (milk) production. Second subgroup comprises feed production and grain processing and poultry farming. Investments to unconsolidated subsidiary INVL Life UAB measured at fair value of net assets which as at 31 December 2024 represents mainly receivables and payables to the Group, income tax payables and cash, therefore, comprise Level 2 measurement. 12 Fair value estimation (cont\u2019d) Financial instruments carried at fair value (cont\u2019d) Investments into UAB MD Partners are measured as fair value of net assets value of entity, where main indirectly owned assets \u2013 investment into MAIB bank \u2013 are measured using price to earnings (P/E) and P/BV multiplier technique of comparable banks from the Central and Eastern Europe (12 peers are selected in 2025 and 12 peers are selected in 2024) and applying discount. Discount reflects lack of marketability and country and MAIB risk . Structure of investments into MAIB is described in Note 1. The Company indirectly has 7.7% shares of MAIB. There were also some cash and liabilities at the level intermediate entities UAB MD Partners and HEIM Partners Limited. Dormant entities are measured according to its equity, because they have only cash and current liabilities. The Group and the Company have also invested into collective investment undertakings, which main assets are Level 3 financial instruments. These investments are valued at net assets value of collective investment undertakings, which are measured at fair value and communicated to investor by the management entity of collective investment undertakings. Investments of collective investment undertakings are measured EBITDA and Revenue multiplier technique or by using discounted cash flows technique. The following table represents inputs and fair value valuation techniques of unconsolidated subsidiaries, associates and other investments used by the Company and the Group as at 31 December 2025:
Profile of activities
Fair value
Valuation technique
Inputs
Values of inputs
Fair value of net assets
EBITDA margin
9%-18% and 14-
determined by using
21%
Agriculture (UAB Litagra)
28,310
combination of
Discount rate
9.26% and 9.58%
(Level 3)
discounted cash flows
Terminal growth rate
1%
and sales comparison
Average value of 1 ha of land,
method
7,393
EUR
P/BV
1.66
P/E
8.62
26,415
Comparable companies
Net profit, EUR million
101.8
in the market
Equity, EUR million
478.7
Investment entity (UAB MD
Discount for lack of
partners, investment into MAIB
marketability and country and
58%
(banking activities)) (Level 3)
MAIB risk*
Investment entity (UAB Cedus
7
Fair value of net assets
-
-
Invest) (Level 2)
Dormant SPEs (Level 2)
66
Fair value of net assets
-
-
Fair value of net assets
Discount rate
9.79%-13.96%
43,996
determined by using
Terminal growth rate
2%-2.5%
discounted cash flows
EBITDA margin
(4.8)%-24.8%
BSGF (Level 3)
1,308
Fair value of net
-
-
PEF II (Level 3)
assets**
INVL Sustainable Timberland
and Farmland Fund II
Fair value of net assets
Discount rate
(investment is held by
2,139
determined by using
5.8-6.5%
consolidated subsidiary)
discounted cash flows
Annual inflation rate
2%
(Level 3)
Fair value of net assets
Discount rate
7.42-9.20%
INVL Renewable Energy Fund I
1,212
determined by using
Annual inflation rate
2-2.5%
(Level 3)
discounted cash flows
*In 2025 the discount for lack of marketability and political risk of MAIB and of country has been increased to 58%. Despite strong financial performance of MAIB and rising peer multiple, persistent political uncertainty, geopolitical risks and market illiquidity are amongst key factors explaining the increased discount relative to EU peers, whose valuations have risen compared to 2024. **The investments of PEF II were acquired from independent third parties shortly before the reporting date. The purchase consideration represents the best evidence of the investments\u2019 fair value in accordance with IFRS 13, as the transaction was an orderly arm\u2019s\u2011length exchange between market participants. No new information has arisen that would indicate that the acquisition\u2011date fair value differs from fair value at the reporting date. Accordingly, no separate valuation has been performed and no valuation inputs have been applied. 12 Fair value estimation (cont\u2019d) Financial instruments carried at fair value (cont\u2019d) The following table represents inputs and fair value valuation techniques of unconsolidated subsidiaries, associates and other investments used by the Company and the Group as at 31 December 2024:
Profile of activities
Fair value
Valuation technique
Inputs
Values of inputs
Fair value of net assets
EBITDA margin
10%-13% and 17-
determined by using
19%
Agriculture (UAB Litagra)
24,483
combination of
Discount rate
9.29% and 9.65%
(Level 3)
discounted cash flows
Terminal growth rate
1%
and sales comparison
Average value of 1 ha of land,
method
7,015
EUR
P/BV
1.23
P/E
6.32
22,364
Comparable companies
Net profit, EUR million
72.5
in the market
Equity, EUR million
411.9
Investment entity (UAB MD
Discount for lack of
partners, investment into MAIB
marketability and country and
38%
(banking activities))* (Level 3)
MAIB risk*
Investment entity (UAB Cedus
46
Fair value of net assets
-
-
Invest) (Level 2)
INVL Life UAB (Level 2)
4,843
Fair value of net assets
-
-
Dormant SPEs (Level 2)
19
Fair value of net assets
-
-
Fair value of net assets
Discount rate
10.47% - 12.94%
58,617
determined by using
Terminal growth rate
2% - 2.5%
BSGF (Level 3)
discounted cash flows
EBITDA margin
4.8-23.5%
INVL Sustainable Timberland
and Farmland Fund II
Fair value of net assets
Discount rate
(investment is held by
1,401
determined by using
5.5%-6.5%
consolidated subsidiary)
discounted cash flows
Annual inflation rate
2%
(Level 3)
Fair value of net assets
Discount rate
8.85%-9.38%
INVL Renewable Energy Fund I
1,335
determined by using
Annual inflation rate
2%
(Level 3)
discounted cash flows
*In 2024 the discount for lack of marketability and political risk of MAIB and the country has been not changed. Management expects to complete a sale transaction in 2025. However, no agreements have yet been signed. 12 Fair value estimation (cont\u2019d) Financial instruments carried at fair value (cont\u2019d) The table below presents the effect of changing one or more those assumptions behind the valuation techniques adopted based on reasonable possible alternative assumptions:
Profile of activities
Unobservable
Reasonable
Change in Valuation +/-
inputs
possible shift
As at 31 December 2025
As at 31 December 2024
+/- (absolute
Change in average
value/bps/%)
Agriculture (UAB
value of 1 ha of land
1%
143/(143)
136/(136)
Litagra)
Discount rate
100 bps
(2,929)/3,710
(2,555)/3,216
(Level 3)
Terminal growth rate
50 bps
1,248/(1,108)
1,063/(946)
Investment entity
P/BV
0.1
759/(759)
897/(932)
(UAB MD partners,
P/E
0.5
800/(800)
783/(818)
investment into MAIB
Net profit, EUR
(banking activities))
thousand
5%
823/(823)
582/(618)
(Level 3)
Discount for lack of
marketability and
country risk
100 bps
(621)/621
(351)/316
Discount rate
200 bps
(13,389)/19,888
(12,338)/17,418
BSGF (Level 3)
Terminal growth rate
100 bps
5,770/(10,795)
5,228/(4,568)
INVL Sustainable
EBITDA margin
100 bps
6,757/(6,913)
6,060/(6,189)
Timberland and
Farmland Fund II
Discount rate
100 bps
(941)/5,082
(146)/2,098
(investment is held by
consolidated
subsidiary) (Level 3)
Annual inflation rate
100 bps
4,806/(901)
2,162/(151)
INVL Renewable
Discount rate
100 bps
(430)/3,948
(360)/4,532
Energy Fund I
(Level 3)
Annual inflation rate
100 bps
4,810/(529)
4,700/(388)
12 Fair value estimation (cont\u2019d) Financial instruments carried at fair value (cont\u2019d) The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December 2025:
Level 1
Level 2
Level 3
Total balance
Assets
Unconsolidated subsidiaries
- Bank sector
-
-
26,415
26,415
- Other activities
-
73
-
73
Associates
- Agriculture (including granted loans)
-
-
28,310
28,310
- Real estate (including granted loans)
6,196
-
1,684
7,880
Financial assets at fair value
through profit or loss
- Information technology
8,093
-
-
8,093
- Bank sector
122,571
-
-
122,571
- Other ordinary shares
-
2
445
447
- Collective investment undertakings \u2013
funds
-
1,305
49,336
50,641
Total Assets
136,860
1,380
106,190
244,430
Liabilities
-
-
-
-
The following table presents the Company\u2019s assets and liabilities that are measured at fair value at 31 December 2025:
Level 1
Level 2
Level 3
Total balance
Assets
Unconsolidated subsidiaries
- Bank sector
-
-
26,415
26,415
- Other activities
-
73
-
73
Associates
- Agriculture (including granted loans)
-
-
28,310
28,310
- Real estate (including granted loans)
6,196
-
1,684
7,880
Financial assets at fair value
through profit or loss
- Information technology
7,232
-
-
7,232
- Bank sector
122,571
-
-
122,571
- Other ordinary shares
-
2
445
447
- Collective investment undertakings \u2013
funds
-
-
45,503
45,503
Total Assets
135,999
75
102,357
238,431
Liabilities
-
-
-
-
12 Fair value estimation (cont\u2019d) Financial instruments carried at fair value (cont\u2019d) The following table presents the Group\u2019s assets and liabilities that are measured at fair value at 31 December 2024:
Level 1
Level 2
Level 3
Total balance
Assets
Unconsolidated subsidiaries
- Bank sector
-
-
22,364
22,364
- Other activities
-
4,908
-
4,908
Associates
- Agriculture (including granted loans)
-
-
24,483
24,483
- Real estate
4,987
-
-
4,987
Financial assets at fair value
through profit or loss
- Information technology
6,752
-
-
6,752
- Bank sector
108,865
-
-
108,865
- Other ordinary shares
-
2
445
447
- Collective investment undertakings \u2013
funds
-
1,238
61,925
63,163
Total Assets
120,604
6,148
109,217
235,969
Liabilities
-
-
-
-
The following table presents the Company\u2019s assets and liabilities that are measured at fair value at 31 December 2024:
Level 1
Level 2
Level 3
Total balance
Assets
Unconsolidated subsidiaries
- Bank sector
-
-
22,364
22,364
- Other activities
-
4,908
-
4,908
Associates
- Agriculture (including granted loans)
-
-
24,483
24,483
- Real estate
4,987
-
-
4,987
Financial assets at fair value
through profit or loss
- Information technology
6,034
-
-
6,034
- Bank sector
107,217
-
-
107,217
- Other ordinary shares
-
2
445
447
- Collective investment undertakings \u2013
funds
-
-
58,817
58,817
Total Assets
118,238
4,910
106,109
229,257
Liabilities
-
-
-
-
During 2025 and 2024, there were no transfers between Level 1 and Level 2 fair value measurements. 12 Fair value estimation (cont\u2019d) Financial instruments carried at fair value (cont\u2019d) Financial instruments in Level 3 The Group's policy is to recognise transfers into and out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer. The following table presents the changes in Level 3 instruments of the Group for the period ended 31 December 2025:
Collective
Bank sector
Other
Real
investment
Agriculture
(MAIB)
activities
estate
undertakings
Total
Balance at 31 December 2024
24,483
22,364
445
-
61,925
109,217
Gains and losses recognised in profit or
loss (within \u2018Net changes in fair value of
financial assets at fair value through
profit or loss\u2019)
5,361
4,051
-
-
2,608
12,020
Loans granted
-
-
-
1,600
-
1,600
Interest charged
116
-
-
84
-
200
Loans repaid and interest paid
(1,650)
-
-
-
-
(1,650)
Acquisition
-
-
-
-
2,130
2,130
Disposal
-
-
-
-
(17,327)
(17,327)
Balance at 31 December 2025
28,310
26,415
445
1,684
49,336
106,190
Change in unrealised gains or losses
for the period included in profit or loss
for assets held at the end of the
reporting period
5,361
4,051
-
-
2,608
12,020
The following table presents the changes in Level 3 instruments of the Company for the period ended 31 December 2025:
Collective
Bank sector
Other
Real
investment
Agriculture
(MAIB)
activities
estate
undertakings
Total
Balance at 31 December 2024
24,483
22,364
445
-
58,817
106,109
Gains and losses recognised in profit or
loss (within \u2018Net changes in fair value of
financial assets at fair value through
profit or loss\u2019)
5,361
4,051
-
-
1,966
11,378
Loans granted
-
-
-
1,600
-
1,600
Interest charged
116
-
-
84
-
200
Loans repaid and interest paid
(1,650)
-
-
-
-
(1,650)
Acquisition
-
-
-
-
1,916
1,916
Disposal
-
-
-
-
(17,196)
(17,196)
Balance at 31 December 2025
28,310
26,415
445
1,684
45,503
102,357
Change in unrealised gains or losses
for the period included in profit or loss
for assets held at the end of the
reporting period
5,361
4,051
-
-
1,966
11,378
12 Fair value estimation (cont\u2019d) Financial instruments carried at fair value (cont\u2019d) Financial instruments in Level 3 (cont\u2019d) The following table presents the changes in Level 3 instruments of the Group for the period ended 31 December 2024:
Collective
Bank sector
Other
investment
Agriculture
(MAIB)
activities
undertakings
Total
Balance at 31 December 2023
19,346
22,239
445
49,798
91,828
Gains and losses recognised in profit or loss
(within \u2018Net changes in fair value of financial
assets at fair value through profit or loss\u2019)
3,274
125
-
13,762
17,161
Loans granted
290
-
-
-
290
Interest charged
25
-
-
-
25
Loans repaid and interest paid
-
-
-
-
-
Acquired loans to UAB Litagra from INVL Life
UAB
1,548
-
-
-
1,548
Acquisition
-
-
-
2,547
2,547
Disposal
-
-
-
(4,182)
(4,182)
Balance at 31 December 2024
24,483
22,364
445
61,925
109,217
Change in unrealised gains or losses for the
period included in profit or loss for assets held
at the end of the reporting period
3,274
125
-
13,762
17,161
The following table presents the changes in Level 3 instruments of the Company for the period ended 31 December 2024: Collective
Bank sector
Other
investment
Agriculture
(MAIB)
activities
undertakings
Total
Balance at 31 December 2023
19,346
22,239
445
43,172
85,202
Gains and losses recognised in profit or loss
(within \u2018Net changes in fair value of financial
assets at fair value through profit or loss\u2019)
3,274
125
-
13,650
17,049
Loans granted
290
-
-
-
290
Interest charged
25
-
-
-
25
Loans repaid and interest paid
Acquired loans to UAB Litagra from INVL Life
UAB
1,548
-
-
-
1,548
Acquisition
-
-
-
1,995
1,995
Disposal
-
-
-
-
-
Balance at 31 December 2024
24,483
22,364
445
58,817
106,109
Change in unrealised gains or losses for the
period included in profit or loss for assets held
at the end of the reporting period
3,274
125
-
13,650
17,049
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-41": { "value": "13. Financial assets at fair value through profit or loss
Group
Company
2025
2024
2025
2024
Financial assets at fair value through profit or loss (excluding held-for-
trading)
Ordinary shares \u2013 quoted
130,665
115,617
129,804
113,251
Investment funds units
50,640
63,163
45,502
58,817
Ordinary shares - unquoted
447
447
447
447
Total financial assets at fair value through profit or loss
181,752
179,227
175,753
172,515
Non-current financial assets at fair value through profit or loss
180,447
177,989
175,753
172,515
Current financial assets at fair value through profit or loss
1,305
1,238
-
-
Investing in AB Artea Bankas On 22 December 2021 the Company signed a Share Purchase-Sale Agreement with the European Bank for Reconstruction and Development (EBRD). The parties agreed that the Company will directly and/or indirectly acquire from EBRD 35,240,296 shares of AB Artea Bankas by 31 May 2024 at the latest. The shares will not be acquired all at once, but in instalments, in separate tranches. The parties have agreed that the initial price for AB Artea Bankas shares is EUR 0.633 per share and it will be recalculated during every payment considering dividends paid or other changes in capital by AB Artea Bankas, as well as 5% annual interest calculated from the date of signing the agreement. The agreement provides that if the shares acquired under this agreement within 18 months. after their acquisition, would be disposed, 50% of the earned gain must be paid to the EBRD. However, when selling the shares of AB Artea Bankas, it is primarily considered that the shares held by the Group prior to the agreement are being sold. No profit-sharing is foreseen from them. On 31 May 2024 the Company completed third (last) tranche by acquiring 11,733,728 shares for the total amount of EUR 7,025 thousand. In 2024 the Group through consolidated subsidiary sold 0.29% shares of AB Artea bankas for EUR 1,367 thousand. In 2025 the Group through consolidated subsidiary sold 0.3% shares of AB Artea bankas for EUR 1,760 thousand. At 31 December 2025 the Group owned 19.94% of the shares of AB Artea Bankas. As at 31 December 2024 5,886,420 shares of AB Artea Bankas, owned by the Company was pledged to EBRD to secure obligation of mentioned above agreement (as at 31 December 2024 carrying amount \u2013 EUR 4,850 thousand). In 2025 the pledge is released. Investing into a closed-end private equity fund INVL Baltic Sea Growth Fund The Management Board of the Company on 5 February 2019 approved entering into INVL Baltic Sea Growth Fund Partnership Agreement and a Subscription Agreement related to investment in the closed-end private equity fund INVL Baltic Sea Growth Fund (hereinafter \u2013 BSGF), which is managed by consolidated subsidiary UAB INVL Asset Management. The Company has committed to invest EUR 20,124 thousand in BSGF. It is provided that the capital committed to the fund will be called in stages, for the execution of specific transactions. After the investment in BSGF is made, the Company undertakes not to invest in private equity assets that comply with the fund\u2019s strategy and to conduct its main investment activity through this fund. After final closing the Company has owned 12.2% of fund units. During 2024 the Company has transferred EUR 1,915 thousand of cash into BSGF. In 2025 the Company received in cash EUR 17,196 thousand from redemption of fund units of BSGF. BSGF closed two sale deals of its investments and distributed free funds to its investors. All initial investment amount was returned to the investors. As at 31 December 2025 the outstanding capital commitment to BSGF is EUR 4,172 thousand. Investing into a closed-end private equity fund INVL Private Equity Fund II In 2025 the Company has signed a Subscription agreement relating to INVL Private Equity Fund II (hereinafter PEFII), a closed- end private equity investment fund for informed investors managed by consolidated subsidiary UAB INVL Asset Management. Invalda INVL has committed to invest EUR 34.155 thousand in PEFII INVL Private Equity Fund II, This represents 8.3 percent of the total fund size (410 million). It is expected that funds will be called to the aforementioned fund in stages for the execution of specific transactions. PEFII is the second-generation private equity fund the Group, which will build on the strategy of BSGF, which has been successfully operating since 2019. By signing the Partnership Agreement and investing in INVL Private Equity Fund II, as in the case of investing in BSGF, the Company INVL committed not to invest in private equity assets that are in line with the funds\u2019 strategy and will execute its main investment activities through these funds. During 2025 the Company has transferred EUR 1,916 thousand of cash into PEFII. Financial assets at fair value through profit or loss (cont\u2019d) In 2024 the Group and the Company have additionally invested EUR 632 thousand and EUR 81 thousand by cash into other financial assets at fair value through profit or loss, respectively. In 2025 the Group and the Company have additionally invested EUR 214 thousand and EUR nil thousand by cash into other financial assets at fair value through profit or loss, respectively. In 2024 the Group has received EUR 4,089 thousand from redemption of participating unit of INVL Sustainable Timberland and Farmland Fund II and EUR 213 thousand from redemption of other funds units. In 2025 the Group has received EUR 31 thousand from redemption of funds units (excluded PEFII mentioned above). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-42": { "value": "14. Trade, other receivables and contract assets
Group
Company
2025
2024
2025
2024
Trade and other receivables, gross
2,809
3,395
166
9
Dividends receivable (including receivable form share capital
decrease)
-
-
-
-
Taxes receivable, gross
125
30
-
-
Contract assets
972
832
-
-
Less: allowance for doubtful trade and other receivables
-
-
-
-
3,906
4,257
166
9
Changes in allowance for doubtful trade and other receivables for the year 2025 and 2024 have been included within \u2018Provision for impairment of financial and contract assets\u2019 expenses in the income statement. Trade and other receivables are non-interest bearing and are generally on 10\u201330 days terms. Receivables from related parties are disclosed in more details in Note 24. There any movements in the allowance for accounts receivable of the Group and the Company. 14 Trade, other receivables and contract assets (cont\u2019d) The credit risk exposure of trade and other receivables and contract assets of the Group can be assessed on the ageing analysis disclosed below:
Less than 30 More than 180
Current
days
30\u201390 days
90\u2013180 days
days
Total
As at 31 December 2025
Trade and other receivables, gross
2,623
22
80
28
56
2,809
Contract assets
972
-
-
-
-
972
Expected credit losses
-
-
-
-
-
-
Trade and other receivable and
contract assets net of expected credit
losses
3,595
22
80
28
56
3,781
As at 31 December 2024
Trade and other receivables, gross
3,202
3
142
47
1
3,395
Contract assets
832
-
-
-
-
832
Expected credit losses
-
-
-
-
-
-
Trade and other receivable and
contract assets net of expected credit
losses
4,034
3
142
47
1
4,227
The credit quality of trade and other receivables of the Company can be assessed on the ageing analysis disclosed below:
Less than 30 More than 180
Current
days
30\u201390 days
90\u2013180 days
days
Total
As at 31 December 2025
Trade and other receivables, gross
166
-
-
-
-
166
Expected credit losses
-
-
-
-
-
-
Trade and other receivable net of
expected credit losses
166
-
-
-
-
166
As at 31 December 2024
Trade and other receivables, gross
9
-
-
-
-
9
Expected credit losses
-
-
-
-
-
-
Trade and other receivable net of
expected credit losses
9
-
-
-
-
9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-516": { "value": "
There any movements in the allowance for accounts receivable of the Group and the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-43": { "value": "15. Cash and cash equivalents and term deposits
Group
Company
2025
2024
2025
2024
Cash at bank
11,626
5,421
1,082
2,467
11,626
5,421
1,082
2,467
Cash at bank earns interest at floating rates based on daily bank deposit rates. The Group\u2019s and the Company\u2019s cash and cash equivalents did not have any encumbrance. As at 31 December 2025 and 2024, the Group and the Company held former term deposits with the bankrupt AB bank Snoras with original maturities of more than 3 months, for which impairment was recognized in full. As a result of the application of IFRS 9, they were written off as at 1 January 2018; however, enforcement activities continue to be pursued in respect of these balances (gross amount: EUR 3,122 thousand). As at 31 December 2025 the Group has EUR 11,004 thousand term deposits at bank (EUR 6,004 thousand in Prime-1 rating bank and EUR 5,000 in Prime-2 rating bank). All cash balances and term deposits at the reporting date have a low credit risk, and the impairment loss determined based on 12-month expected credit losses is immaterial. The credit quality of cash can be assessed by reference to external credit ratings of the banks:
Group
Company
2025
2024
2025
2024
Moody\u2019s ratings
Prime-1
9,703
4,080
417
1,253
Prime-2
1,923
1,341
665
1,214
Prime-3
-
-
-
-
11,626
5,421
1,082
2,467
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-517": { "value": "The total authorised number of ordinary shares is 12,299,375 (as of 31 December 2024: 12,299,375 shares) with a par value of EUR 0.29 per share. All issued shares are fully paid.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-518": { "value": "
On 18 June 2025 41,678 units of the Company\u2019s own shares were transferred free of charge to the Group employees exercising
share options granted in 2022. The acquisition cost of the sold own shares amounted to EUR 253 thousand. The reserve for the
acquisition of own shares was reduced by the loss on disposals of own shares (EUR 253 thousand).
From 2 September 2024 until 6 September 2024 the Company implemented share buy-back through the tender offer market.
Maximum number of shares to be acquired was 67,430. Share acquisition price established at EUR 14.83 per share on the basis
of Dutch auction . During buy-back 53,043 shares were acquired for EUR 788 thousand, including brokerage fees. The acquired
shares were settled on 10 September 2024. As at 31 December 2024 the Company owned 282,584 own ordinary registered
shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-519": { "value": "
17. Reserves and share-based payments
The movements in legal and other reserves are as follows:
Group
Reserve for the
acquisition of own
Reserve for the grant
Legal reserve
shares
of shares
Total
As at 31 December 2023
950
10,817
889
12,656
Transfer to reserves
78
-
-
78
Share-based payments
-
-
-
-
Increase of share capital (share
option exercised)
-
-
(3)
(3)
As at 31 December 2024
1,028
10,817
886
12,731
Transfer to reserves
-
-
-
-
Share-based payments
-
-
-
-
Disposals of own shares (share
option exercised)
-
(253)
-
(253)
As at 31 December 2025
1,028
10,564
886
12,478
Reserves of the Company are the same as in the Group, except the legal reserve, which amounted to EUR 473 thousand as at
31 December 2024 and 2025.
Legal reserve
Legal reserve is a compulsory reserve under Lithuanian legislation. Annual transfers of not less than 5 % of net profit, calculated
in accordance with the statutory financial statements, are compulsory until the reserve reaches 10 % of the share capital. The
reserve can be used only to cover the accumulated losses.
Reserve for the acquisition of own shares
Reserve for the acquisition of own shares is formed for the purpose of buying own shares in order to keep their liquidity and
manage price fluctuations. It can be formed by shareholders\u2019 decision at the Annual Shareholders Meeting from the profit available
for distribution. The reserve cannot be used to increase the share capital. The reserve does not change when Company acquires
own shares, but is utilised when own shares are cancelled. The shareholders can decide to transfer unused amounts of the
reserve back to retained earnings at the Annual Shareholders Meeting.
Reserve for the grant of shares
Reserve for the grant of shares is formed when shares are granted by issuing a new share emission. The amount of the reserve
for the grant of shares shall not be less than the sum of the emission price of the shares issued when the shares are granted free
of charge, and (or) difference between the sum of the emission price of the shares issued and the sums paid by the persons
acquiring the shares, when the shares are granted partly in consideration.
17 Reserves and share-based payments (cont\u2019d)
Share-based payments
The share-based payment equity part is used to recognise the value of equity-settled share-based payment transactions provided
to employee of the Group.
Share option based on the Company\u2019s shares
The Company every year offered to employees of the Group the share options transaction. With some key employees of the
consolidated subsidiaries is signed formal agreement, which determined principle of bonus remuneration to them. In these
agreements the employee have choice to receive fixed cash or share options. In two consolidated subsidiaries exist bonus plans,
where employees could choose share options as alternative to fixed cash after issuing audited financial statements. The choice
of employee is irrevocable. In all above mentioned cases, the quantity of share option is calculated as division fixed cash amount
to share option value. Latter is calculated as difference between audited consolidated equity per share at year-end or share price
at year-end, which is higher, and option exercise price. The main conditions of share options transactions were:
- The employee has the right to acquire the shares after three years after conclusion of the share options agreements,
early exercising is not allowed;
- Option exercise price \u2013 EUR 1;
- Some transactions have service vesting condition. The right to acquire share in the part of transactions come in to force
in future in three years, if the employment contract is not terminated until mentioned dates.
- When the time to exercise is matures the right to acquire the shares will be realized by selling of own shares of the
Company or by offering to sign newly issued shares of the Company to employee;
- The options could not be sold.
The Company also entered into agreements for share options that are part of a long-term incentive program. They would entitle
employees to acquire shares of the Company in 2026 if the Company\u2019s net asset value on 31 December 2025 is above EUR
15.0552 per share. The value of the share options would be determined on the basis of the value of the net assets per share at
31 December 2025 and the number of shares would be recalculated with a purchase price of EUR 1 per share, while keeping the
total value of the options granted the same. Initial not recalculated quantity is of 840 thousand units. In the tables below are used
forecasted recalculated quantity of share option with exercise price of EUR 1, determined by estimating of net asset value per
share at 31 December 2025 and 2024.
The value of share-based payments was calculated using the Black-Scholes formula. For volatility input is used historical shares
volatility on exchange.
Set out below are summaries of options granted by the Company:
Number of options, thousand
2025
2024
Balance as at 1 January
364
272
Granted during year
24
33
Change in estimation of quantity of long-term incentive program
76
124
Forfeited
(1)
-
Exercised
(42)
(65)
Balance as at 31 December
421
364
Vested and exercisable at 31 December
401
98
In June 2025 the Group employees exercised share options granted in May 2022 by transferring own shares of the Company free
of charge. Exercise price was decreased from EUR 1 to EUR 0 to reflect approved and paid dividends of EUR 1.35 per share. In
order to maintain economic logic, the number of shares transferred was increased. The share price at the date of exercise of
share options was EUR 19.5.
In June 2024 the Group employees exercised share options granted in May 2021 by acquiring new issued shares of the Company
for EUR 0.25 per share. Exercise price was decreased from EUR 1 to EUR 0.25 to reflect approved and paid dividends of EUR
0.75 per share. The share price at the date of exercise of share options was EUR 13.5.
17 Reserves and share-based payments (cont\u2019d) Share-based payments reserve (cont\u2019d) Share option based on the Company\u2019s shares (cont\u2019d) Share options outstanding at the end of the year have following expiry dates and inputs to measure fair value: As at 31 December 2025
Share
Fair value
options,
Share
Expected Risk-free
of share
Expiry date
thousand
price
Volatility
dividend yield interest rate
option
Granted on 12 June 2023
12 June 2026
364
11.10
30.63%
0%
2.587%
10.17
Granted on 30 April 2024
30 April 2027
9
-
-
-
-
-
Granted on 28 May 2024
28 May 2027
24
12.30
29.85%
0%
2.770%
11.38
Granted on 22 May 2025
22 May 2028
24
19.30
29.43%
0%
1.910%
19.30
Total
-
421
-
-
-
-
-
As at 31 December 2024
Share
Fair value
options,
Share
Expected Risk-free
of share
Expiry date
thousand
price
Volatility
dividend yield interest rate
option
Granted on 31 May 2022
31 May 2025
41
12.10
31.26%
0%
0.657%
11.12
Granted on 12 June 2023
12 June 2026
290
11.10
30.63%
0%
2.587%
10.17
Granted on 30 April 2024*
30 April 2027
9
-
-
-
-
-
Granted on 28 May 2024
28 May 2027
24
12.30
29.85%
0%
2.770%
11.38
Total
-
364
-
-
-
-
-
*Valuation is not performed as at grant date the option was vested and all accrued cash liability was reclassified to equity In 2025 and 2024 the share-based payment expenses were recognised in the income statement of the Company and the Group within \u201dEmployee benefits expenses\u201d as the fair value of share options. In 2025 and 2024 the Group recognized EUR 1,660 thousand and EUR 1,321 thousand of expenses from equity settled share-based payment transaction, respectively. In 2025 and 2024 on the Group level liability of EUR 418 thousand and EUR 278 thousand was reclassified to the share based payment reserve, respectively, when employees choose share option instead of cash alternative. In 2025 and 2024 the Group has recognised EUR 2,988 thousand and 1,019 EUR thousand from cash alternative of share based payment transaction. In 2025 the Company has recognised EUR 1,356 thousand of expenses and EUR 722 thousand as additional investment to consolidated subsidiaries. In 2024 the Company has recognised EUR 1,067 thousand of expenses and EUR 532 thousand as additional investment to consolidated subsidiaries. The unrecognised liability from cash alternative of share-based payment arrangement for unvested service condition amounted to EUR 553 thousand (2024: EUR 177 thousand). The unrecognised expenses from equity settled share-based payment transaction for unvested service condition amounted to EUR 70 thousand (2024: EUR 897 thousand). Share option based on shares of consolidated subsidiary In December 2024 the consolidated subsidiary UAB INVL Financial advisors agreed on the terms of share acquisition options with certain employees: - - option grant date: 16 December 2024; - - option vesting date: 30 June 2028; - - The right to acquire a part of the option shares becomes effective on future dates: 31/12/2024 (16.67%); 31/12/2025 (33.34%); 31/12/2026 (50%); and 31/12/2027 (100%), provided the employee's employment contract remains in force until the respective date; - - option exercise price: EUR 0; - - number of share options granted: depends on the excess of the consolidated subsidiary\u2019s fair value over the target value as at 31 December 2027, and is awarded only if the minimum thresholds for additional performance indicators, as defined in the agreement, are met: the consolidated subsidiary\u2019s assets under supervision; annual recurring revenue; the cost-to-income (C/I) ratio; and the number of clients. Based on the most likely the consolidated subsidiary\u2019s economic growth scenario, the total number of share options estimated to be granted as at 31 December 2025 is: 222 share options, from which vested is 74 (2024: 582 share options, from which vested is 97).
17 Reserves and share-based payments (cont\u2019d)
Share-based payments reserve (cont\u2019d)
Share option based on shares of consolidated subsidiary (cont\u2019d)
The value of a single granted share option has been calculated using the Black-Scholes valuation model. Key inputs are presented
in the table below:
As at 31 December 2024 and
Share
Expected Risk-free
Fair value of
2025
Expiry date
price
Volatility
dividend yield
interest rate
share option
Granted on 16 December 2024
30 June 2028
706.32
28.79%
0%
1.946%
706.32
The unconsolidated subsidiary\u2019s share price was estimated using a multiples-based valuation approach. In line with common
valuation practices for comparable companies, the EV/Revenue (enterprise value to revenue) multiple was applied. The estimated
share price volatility was based on historical volatility data of the comparable companies used to determine the unconsolidated
subsidiary\u2019s share price under the multiples method. In 2024 the Group recognised EUR 177 thousand of expenses from share
option based on shares of consolidated subsidiary with credit entry in non-controlling interests and in 2025 the Group recognised
EUR 68 thousand reversal of expenses. The unrecognised expenses from these share based payment transactions amounted to
EUR 105 thousand (2024: 234 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-539": { "value": "Share-based payments The share-based payment equity part is used to recognise the value of equity-settled share-based payment transactions provided to employee of the Group. Share option based on the Company\u2019s shares The Company every year offered to employees of the Group the share options transaction. With some key employees of the consolidated subsidiaries is signed formal agreement, which determined principle of bonus remuneration to them. In these agreements the employee have choice to receive fixed cash or share options. In two consolidated subsidiaries exist bonus plans, where employees could choose share options as alternative to fixed cash after issuing audited financial statements. The choice of employee is irrevocable. In all above mentioned cases, the quantity of share option is calculated as division fixed cash amount to share option value. Latter is calculated as difference between audited consolidated equity per share at year-end or share price at year-end, which is higher, and option exercise price. The main conditions of share options transactions were: - The employee has the right to acquire the shares after three years after conclusion of the share options agreements, early exercising is not allowed; - Option exercise price \u2013 EUR 1; - Some transactions have service vesting condition. The right to acquire share in the part of transactions come in to force in future in three years, if the employment contract is not terminated until mentioned dates. - When the time to exercise is matures the right to acquire the shares will be realized by selling of own shares of the Company or by offering to sign newly issued shares of the Company to employee; - The options could not be sold. The Company also entered into agreements for share options that are part of a long-term incentive program. They would entitle employees to acquire shares of the Company in 2026 if the Company\u2019s net asset value on 31 December 2025 is above EUR 15.0552 per share. The value of the share options would be determined on the basis of the value of the net assets per share at 31 December 2025 and the number of shares would be recalculated with a purchase price of EUR 1 per share, while keeping the total value of the options granted the same. Initial not recalculated quantity is of 840 thousand units. In the tables below are used forecasted recalculated quantity of share option with exercise price of EUR 1, determined by estimating of net asset value per share at 31 December 2025 and 2024. The value of share-based payments was calculated using the Black-Scholes formula. For volatility input is used historical shares volatility on exchange. Set out below are summaries of options granted by the Company:
Number of options, thousand
2025
2024
Balance as at 1 January
364
272
Granted during year
24
33
Change in estimation of quantity of long-term incentive program
76
124
Forfeited
(1)
-
Exercised
(42)
(65)
Balance as at 31 December
421
364
Vested and exercisable at 31 December
401
98
In June 2025 the Group employees exercised share options granted in May 2022 by transferring own shares of the Company free of charge. Exercise price was decreased from EUR 1 to EUR 0 to reflect approved and paid dividends of EUR 1.35 per share. In order to maintain economic logic, the number of shares transferred was increased. The share price at the date of exercise of share options was EUR 19.5. In June 2024 the Group employees exercised share options granted in May 2021 by acquiring new issued shares of the Company for EUR 0.25 per share. Exercise price was decreased from EUR 1 to EUR 0.25 to reflect approved and paid dividends of EUR 0.75 per share. The share price at the date of exercise of share options was EUR 13.5.
Share-based payments reserve (cont\u2019d)
Share option based on the Company\u2019s shares (cont\u2019d)
Share options outstanding at the end of the year have following expiry dates and inputs to measure fair value:
As at 31 December 2025
Share
Fair value
options,
Share
Expected Risk-free
of share
Expiry date
thousand
price
Volatility
dividend yield interest rate
option
Granted on 12 June 2023
12 June 2026
364
11.10
30.63%
0%
2.587%
10.17
Granted on 30 April 2024
30 April 2027
9
-
-
-
-
-
Granted on 28 May 2024
28 May 2027
24
12.30
29.85%
0%
2.770%
11.38
Granted on 22 May 2025
22 May 2028
24
19.30
29.43%
0%
1.910%
19.30
Total
-
421
-
-
-
-
-
As at 31 December 2024
Share
Fair value
options,
Share
Expected Risk-free
of share
Expiry date
thousand
price
Volatility
dividend yield interest rate
option
Granted on 31 May 2022
31 May 2025
41
12.10
31.26%
0%
0.657%
11.12
Granted on 12 June 2023
12 June 2026
290
11.10
30.63%
0%
2.587%
10.17
Granted on 30 April 2024*
30 April 2027
9
-
-
-
-
-
Granted on 28 May 2024
28 May 2027
24
12.30
29.85%
0%
2.770%
11.38
Total
-
364
-
-
-
-
-
*Valuation is not performed as at grant date the option was vested and all accrued cash liability was reclassified to equity
In 2025 and 2024 the share-based payment expenses were recognised in the income statement of the Company and the Group
within \u201dEmployee benefits expenses\u201d as the fair value of share options. In 2025 and 2024 the Group recognized EUR 1,660
thousand and EUR 1,321 thousand of expenses from equity settled share-based payment transaction, respectively. In 2025 and
2024 on the Group level liability of EUR 418 thousand and EUR 278 thousand was reclassified to the share based payment
reserve, respectively, when employees choose share option instead of cash alternative. In 2025 and 2024 the Group has
recognised EUR 2,988 thousand and 1,019 EUR thousand from cash alternative of share based payment transaction. In 2025 the
Company has recognised EUR 1,356 thousand of expenses and EUR 722 thousand as additional investment to consolidated
subsidiaries. In 2024 the Company has recognised EUR 1,067 thousand of expenses and EUR 532 thousand as additional
investment to consolidated subsidiaries. The unrecognised liability from cash alternative of share-based payment arrangement
for unvested service condition amounted to EUR 553 thousand (2024: EUR 177 thousand). The unrecognised expenses from
equity settled share-based payment transaction for unvested service condition amounted to EUR 70 thousand (2024: EUR 897
thousand).
Share option based on shares of consolidated subsidiary
In December 2024 the consolidated subsidiary UAB INVL Financial advisors agreed on the terms of share acquisition options with
certain employees:
- - option grant date: 16 December 2024;
- - option vesting date: 30 June 2028;
- - The right to acquire a part of the option shares becomes effective on future dates: 31/12/2024 (16.67%); 31/12/2025
(33.34%); 31/12/2026 (50%); and 31/12/2027 (100%), provided the employee's employment contract remains in force
until the respective date;
- - option exercise price: EUR 0;
- - number of share options granted: depends on the excess of the consolidated subsidiary\u2019s fair value over the target
value as at 31 December 2027, and is awarded only if the minimum thresholds for additional performance indicators, as
defined in the agreement, are met: the consolidated subsidiary\u2019s assets under supervision; annual recurring revenue;
the cost-to-income (C/I) ratio; and the number of clients.
Based on the most likely the consolidated subsidiary\u2019s economic growth scenario, the total number of share options estimated to
be granted as at 31 December 2025 is: 222 share options, from which vested is 74 (2024: 582 share options, from which vested
is 97).
Share-based payments reserve (cont\u2019d) Share option based on shares of consolidated subsidiary (cont\u2019d) The value of a single granted share option has been calculated using the Black-Scholes valuation model. Key inputs are presented in the table below:
As at 31 December 2024 and
Share
Expected Risk-free
Fair value of
2025
Expiry date
price
Volatility
dividend yield
interest rate
share option
Granted on 16 December 2024
30 June 2028
706.32
28.79%
0%
1.946%
706.32
The unconsolidated subsidiary\u2019s share price was estimated using a multiples-based valuation approach. In line with common valuation practices for comparable companies, the EV/Revenue (enterprise value to revenue) multiple was applied. The estimated share price volatility was based on historical volatility data of the comparable companies used to determine the unconsolidated subsidiary\u2019s share price under the multiples method. In 2024 the Group recognised EUR 177 thousand of expenses from share option based on shares of consolidated subsidiary with credit entry in non-controlling interests and in 2025 the Group recognised EUR 68 thousand reversal of expenses. The unrecognised expenses from these share based payment transactions amounted to EUR 105 thousand (2024: 234 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-44": { "value": "18. Borrowings The borrowings are presented in the table below:
Group
Company
Non-current:
2025
2024
2025
2024
Issued bonds
10,000
10,000
10,000
10,000
Non-current bank borrowings
-
-
-
-
Current:
10,000
10,000
10,000
10,000
Bonds interest
33
31
33
31
Current bank borrowings
-
-
-
-
33
31
33
31
Total borrowings
10,033
10,031
10,033
10,031
All borrowings are expressed in EUR. The carrying amounts of assets pledged to the banks to secure the repayment of borrowings and issued bonds are as follows:
Group
Company
2025
2024
2025
2024
Financial assets at fair value through profit or loss
27,318
41,076
27,318
41,076
Cash
-
-
-
-
Weighted average effective interest rates of borrowings during the year:
Group
Company
2025
2024
2025
2024
Borrowings
7%
7.11%
7%
7.11%
On 14 June 2024 the Company issued its first public issue of EUR 10,000 thousand bond. The debt securities, which were 2.9 times oversubscribed, were acquired by 216 retail and institutional investors in the Baltics. Orders for EUR 29,035 thousand were received from a total of 481 investors. The size, quality and diversity of the orders enabled the Company to set the fixed annual interest rate on the bonds at 7% \u2013 the lower limit of the specified range. The fixed rate of interest was determined by auction in the range of 7%-8%. The bonds\u2019 maturity is three years (maturity date 14 June 2027). Interest will be paid to investors semi-annually. First payment was on 14 December 2024. The received funds were used to cover the Group's liabilities. From 1 July 2024 bonds are listed on Nasdaq Baltic Bond list. The bonds are secured by pledging as collateral a portion of the shares held by the Company in AB Artea Bankas, targeting to keep the value of the collateral at a loan-to-value ratio (the ratio of the bonds\u2019 issue size to the value of the pledged assets) not exceeding 50%. The valuation of the collateral is based on the average weighted market price of the shares on a semi-annual basis. Currently, 29,000,000 units of shares of AB Artea Bankas are pledged. The offering of bonds was organized by AB Artea Bankas and FM\u012e INVL Financial Advisors. 18 Borrowings (cont\u2019d) Changes in liabilities arising from financing activities (borrowings) are presented in the table below (changes in lease liabilities is presented in Note 23): Borrowings
Group
2025
2024
As at 1 January
10,031
4,900
Proceeds from borrowings
-
6,750
Repayment of borrowings
-
(11,650)
Issue of bonds
-
10,000
Interest paid
(700)
(500)
Total changes from financing cash flows
(700)
4,600
Interest expenses
702
531
As at 31 December
10,033
10,031
Company
Borrowings
2025
2024
As at 1 January
10,031
4,900
Proceeds from borrowings
1,900
6,750
Repayment of borrowings
(1,900)
(11,650)
Issue of bonds
-
10,000
Interest paid
(704)
(500)
Total changes from financing cash flows
(704)
4,600
Interest expenses
706
531
As at 31 December
10,033
10,031
In October 2022 the Company signed a EUR 6.3 million credit line agreement with Luminor Bank AS Lithuanian branch. The funds from the credit line will be available on demand until maturity of agreement. As at 31 December 2024 credit line agreement is matured. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-45": { "value": "19. Trade payables Trade payables are non-interest bearing and are normally settled on 14\u201360 day terms. For terms and conditions relating to related parties please refer to Note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-520": { "value": "
20. Other liabilities
The other current and non-current liabilities are presented in the table below:
Group
Company
Financial liabilities
2025
2024
2025
2024
Dividends payable
1,070
746
1,070
746
Other amounts payable
178
4,941
24
6,782
Non \u2013 financial liabilities
1,248
5,687
1,094
7,528
Salaries, bonus plans (excluding cash alternative of share-based
payment arrangement) and social security payable
1,050
1,059
109
167
Cash alternative of share-based payment arrangement and social
security payable
3,109
1,538
-
-
Tax payable
48
55
1
1
4,207
2,652
110
168
Total other current and non-current liabilities
5,455
8,339
1,204
7,696
Non-current liabilities
1,013
178
-
-
Current liabilities
4,442
8,161
1,204
7,696
As 31 December 2024 the Company's and the Group's 'other amounts payables' primarily consist of EUR 4,757 thousand and
st
EUR 6,742 thousand of remaining liabilities to its subsidiaries. Part of liabilities was paid in cash in 1
quarter of 2025, remaining
part were set off against distributed dividends for year of 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-46": { "value": "20. Other liabilities The other current and non-current liabilities are presented in the table below:
Group
Company
Financial liabilities
2025
2024
2025
2024
Dividends payable
1,070
746
1,070
746
Other amounts payable
178
4,941
24
6,782
Non \u2013 financial liabilities
1,248
5,687
1,094
7,528
Salaries, bonus plans (excluding cash alternative of share-based
payment arrangement) and social security payable
1,050
1,059
109
167
Cash alternative of share-based payment arrangement and social
security payable
3,109
1,538
-
-
Tax payable
48
55
1
1
4,207
2,652
110
168
Total other current and non-current liabilities
5,455
8,339
1,204
7,696
Non-current liabilities
1,013
178
-
-
Current liabilities
4,442
8,161
1,204
7,696
As 31 December 2024 the Company's and the Group's 'other amounts payables' primarily consist of EUR 4,757 thousand and st EUR 6,742 thousand of remaining liabilities to its subsidiaries. Part of liabilities was paid in cash in 1 quarter of 2025, remaining part were set off against distributed dividends for year of 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-543": { "value": "20. Other liabilities The other current and non-current liabilities are presented in the table below:
Group
Company
Financial liabilities
2025
2024
2025
2024
Dividends payable
1,070
746
1,070
746
Other amounts payable
178
4,941
24
6,782
Non \u2013 financial liabilities
1,248
5,687
1,094
7,528
Salaries, bonus plans (excluding cash alternative of share-based
payment arrangement) and social security payable
1,050
1,059
109
167
Cash alternative of share-based payment arrangement and social
security payable
3,109
1,538
-
-
Tax payable
48
55
1
1
4,207
2,652
110
168
Total other current and non-current liabilities
5,455
8,339
1,204
7,696
Non-current liabilities
1,013
178
-
-
Current liabilities
4,442
8,161
1,204
7,696
As 31 December 2024 the Company's and the Group's 'other amounts payables' primarily consist of EUR 4,757 thousand and st EUR 6,742 thousand of remaining liabilities to its subsidiaries. Part of liabilities was paid in cash in 1 quarter of 2025, remaining part were set off against distributed dividends for year of 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-540": { "value": "20. Other liabilities The other current and non-current liabilities are presented in the table below:
Group
Company
Financial liabilities
2025
2024
2025
2024
Dividends payable
1,070
746
1,070
746
Other amounts payable
178
4,941
24
6,782
Non \u2013 financial liabilities
1,248
5,687
1,094
7,528
Salaries, bonus plans (excluding cash alternative of share-based
payment arrangement) and social security payable
1,050
1,059
109
167
Cash alternative of share-based payment arrangement and social
security payable
3,109
1,538
-
-
Tax payable
48
55
1
1
4,207
2,652
110
168
Total other current and non-current liabilities
5,455
8,339
1,204
7,696
Non-current liabilities
1,013
178
-
-
Current liabilities
4,442
8,161
1,204
7,696
As 31 December 2024 the Company's and the Group's 'other amounts payables' primarily consist of EUR 4,757 thousand and st EUR 6,742 thousand of remaining liabilities to its subsidiaries. Part of liabilities was paid in cash in 1 quarter of 2025, remaining part were set off against distributed dividends for year of 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-47": { "value": "21. Financial risk management 21.1. Financial risk factors The risk management function within the Group is carried out in respect of financial risks (credit, market and liquidity), operational risks and legal risks. On an overall Group level strategical risk management is executed by the Board of Directors. Operational risk management is carried out at each entity level by directors. The primary objectives of the financial risk management function are to establish risk limits, and then ensure that exposure to risks stays within these limits. The operational and legal risk management functions are intended to ensure proper functioning of internal policies and procedures to minimise operational and legal risks. The Group\u2019s and the Company\u2019s principal financial liabilities comprise trade and other payables and borrowings. The main purpose of these financial liabilities is to raise finance for the Group\u2019s and the Company\u2019s operations. The Group and the Company have various financial assets such as trade and other receivables, loans granted, investments in equity and debt securities, deposits held in banks and cash which arise directly from its operations. The Group and Company have not used any of derivative instruments for hedging so far, as management considered that there is no necessity for them. The Group is being managed the way so its main businesses would be separated from each other. Each entity managed its risk separately. This is to diversify the operational risk and create conditions for selling any business avoiding any risk to the Company and the Group. The Company\u2019s policy is to not provide any guarantee or surety for the Group\u2018s companies. The Group\u2018s companies do not provide any guarantees one against another usually. The main risks arising from the financial instruments are market risk (including currency risk, cash flow and fair value interest rate risk and price risk), liquidity risk and credit risk. The risks are identified and disclosed below. Credit risk Credit risk is the risk one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to outstanding trade receivables, loans granted and debt securities. The Group estimates the credit risk separately by the segments. The maximum exposure to credit risk and impairment of trade and other receivables and loans granted is disclosed in Note 14. The maximum exposure to credit risk for loans granted classified as \u2018financial assets at fair value through profit or loss\u2019 in 2025 and as \u2018financial assets at fair value through profit or loss\u2019 in 2024 are their carrying amounts (EUR 2,013 thousand as at 31 December 2025 and EUR 1,863 thousand as at 31 December 2024). In Note 14 is also disclosed credit risk exposure of trade receivable. There are no significant transactions of the Group or the Company that occur outside Lithuania and Latvia. With respect to credit risk arising from other financial assets of the Group and the Company, which comprise deposits at banks and cash and cash equivalents, the Group\u2019s and the Company\u2019s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. The maximum exposure to credit risk from financial assets are:
Group
Company
2025
2024
2025
2024
Trade and other receivables
2,809
3,395
166
9
Loans granted
2,013
1,863
2,013
1,863
Cash at bank
11,626
5,421
1,082
2,467
16,448
10,679
3,261
4,339
21 Financial risk management (cont\u2019d) 21.1 Financial risk factors (cont\u2019d) Cash flow and fair value interest rate risk The Group\u2019s and the Company\u2019s exposure to the risk of changes in market interest rates relates primarily to the debt obligations with floating interest rates and to the owned bonds. As 31 December 2024 and 2025 the Group and the Company did not have debt obligation with floating interest rates and the owned bonds. The Company and the Group have loans granted to their unconsolidated subsidiaries and to associates with fixed interest rates for one year. The Group and the Company have issued bonds with fixed interest rate. Therefore, the Group and the Company are not exposed to cash flow interest rate risk from loans granted and issued bonds. Share price risk The Group and the Company are exposed to equity securities price risk because of investments held by the Group and the Company and classified on the statement of financial position at fair value through profit or loss. The Group and the Company are not exposed to commodity price risk. To manage their price risk arising from investments in equity securities, the Group and the Company diversify their portfolio. The Group\u2019s and the Company\u2019s investments in equity of other entities that are publicly traded are included in the equity index: OMX Baltic Benchmark Gross Index (OMXBBGI). The table below summarises the impact of increases/decreases of the equity index on the Group\u2019s and the Company\u2019s profit before tax for the year. The analysis is based on the assumption that the equity index had increased/decreased by 20% with all other variables held constant and all the Group\u2019s and Company\u2019s equity instruments moved according to the historical correlation with the index: Index
Group
Company
2025
2024
2025
2024
OMXBBGI
28,807
26,274
28,737
25,825
Profit before tax for the year would increase/decrease as a result of gains/losses on equity securities classified at fair value through profit or loss. Foreign exchange risk As a result of operations the statement of financial position of the Group can be affected by movements in the reporting currencies\u2019 exchange rates. The Group\u2019s and the Company\u2019s policy is related to matching of money inflows from the most probable potential sales with purchases by each foreign currency. The Group and the Company do not apply any financial instruments allowing to hedge foreign currency risks, because these risks are considered insignificant. The foreign currency risk at the Group and the Company is not large, taking into consideration that most monetary assets and obligations are denominated in euro. As at 31 December 2025 and 2024 the Group and Company have insignificant assets denominated in foreign currency. 21 Financial risk management (cont\u2019d) 21.1 Financial risk factors (cont\u2019d) Liquidity risk The Group\u2019s and the Company\u2019s policy is to maintain sufficient cash and cash equivalents or have available funding through an adequate amount of committed credit facilities to meet their commitments at a given date in accordance with strategic plans. The liquidity risk of the Group and the Company is controlled on a level of consolidated subsidiaries. The Group\u2019s and the Company\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of borrowings. The liquidity risk management is divided into long-term and short-term risk management. The aim of the short-term liquidity management is to meet daily needs for funds. Each operating segment is independently planning its internal cash flows. Short-term liquidity for the Group and the Company is controlled through monthly monitoring of the liquidity status and needs of funds according to the Group\u2019s operating segments. Long-term liquidity risk is managed by analysing the predicted future cash flows taking into account the possible financing sources. Before approving the new investment projects the Group and the Company evaluate the possibilities to attract needed funds. The general rule is applied in the Group to finance the Group companies or to take loans from them through the parent company in order to minimise the presence of direct borrowings between the companies of different operating segments. The table below summarises the maturity profile of the Group\u2019s financial liabilities as at 31 December 2025 and 2024 based on contractual undiscounted payments.
Less than
4 to 12
2 to 5
More than
On demand
3 months
months
years
5 years
Total
Borrowings
-
-
700
10,350
-
11,050
Lease liabilities
-
156
301
1,510
96
2,063
Trade and other payables
-
308
-
-
-
308
Other liabilities
1,070
174
-
-
-
1,244
Balance as at 31 December 2025
1,070
638
1,001
11,860
96
14,665
Borrowings
-
-
700
11,050
-
11,750
Lease liabilities
-
153
420
255
-
828
Trade and other payables
-
258
-
-
-
258
Other liabilities
746
3,379
1,548
14
-
5,687
Balance as at 31 December 2024
746
3,790
2,668
11,319
-
18,523
The table below summarises the maturity profile of the Company\u2019s financial liabilities as at 31 December 2025 and 2024 based on contractual undiscounted payments.
Less than
4 to 12
2 to 5
More than
On demand
3 months
months
years
5 years
Total
Borrowings
-
-
700
10,350
-
11,050
Financial lease liabilities
-
8
21
111
7
147
Trade and other payables
-
37
-
-
-
37
Other current liabilities
1,070
24
-
-
-
1,094
Balance as at 31 December 2025
1,070
69
721
10,461
7
12,328
Borrowings
-
-
700
11,050
-
11,750
Financial lease liabilities
-
8
23
8
-
39
Trade and other payables
-
8
-
-
-
8
Other current liabilities
746
5,234
1,548
-
-
7,528
Balance as at 31 December 2024
746
5,250
2,271
11,058
-
19,325
21 Financial risk management (cont\u2019d) 21.1 Financial risk factors (cont\u2019d) Liquidity risk (cont\u2019d) The Group\u2019s liquidity ratio (total current assets / total current liabilities) as at 31 December 2025 was approximately 5.37 (1.26 as at 31 December 2024). The Company\u2019s liquidity ratio as at 31 December 2025 was approximately 9.69 (0.36 as at 31 December 2024). As at 31 December 2024 the current assets were higher than current liabilities by EUR 2,402 thousand in the Group and the current assets were lower than current liabilities by EUR 4,966 thousand in the Company. The Company main current liabilities st are to its subsidiaries \u2013 EUR 6,742 thousand. Part of liabilities (EUR 1,985 thousand) was paid in cash in 1 quarter of 2025 after receiving cash from redemption of funds units (Note 26), remaining part were set off against distributed dividends for year of 2024 from INVL Life UAB (EUR 4,757 thousand). 21.2. Capital management The primary objective of the capital management is to ensure that the Group and the Company maintain a strong credit health and healthy capital ratios in order to support their business and maximise shareholder value. The Company\u2018s management supervises the investments so that they are in compliance with requirements applied to the capital, specified in the appropriate legal acts and credit agreements, as well as provide the Group\u2019s management with necessary information. The Group\u2018s and the Company\u2018s capital comprises share capital, share premium, reserves and retained earnings. The Group and the Company manage their capital structure and make adjustments to it, in light of changes in economic conditions and specific risks of their activity. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the year 2025 and 2024. The Company is obliged to keep its equity ratio at not less than 50 % of its share capital, as imposed by the Law on Companies of Republic of Lithuania. As at 31 December 2025 and 2024 all the Group consolidated subsidiaries, except one dormant subsidiary, comply with above mentioned requirement. Pursuant to the Law on State Funded Pensions of Republic of Latvia the authorised share capital of an investment management entity must be not less than EUR 2,000,000, if it managed pension funds of total assets more than 100 million, but up to EUR 200 million, and must be not less than EUR 3,000,000, if it managed pension funds of total assets more than EUR 200 million. As of 31 December 2025 and 2024 IPAS INVL Asset Management complied with this requirement. The Company\u2019s consolidated subsidiaries UAB INVL Asset Management and UAB FM\u012e INVL Financial Advisors are managing their capital and all relevant risks in accordance with requirements set by the Bank of Lithuania. The Company\u2019s consolidated subsidiary IPAS INVL Asset Management is managing their capital and all relevant risks in accordance with requirements set by the Financial and Capital Market Commission of Latvia. Internally there was approved a common risk level \u2013 to which extent the minimal capital adequacy requirement would not be violated and there would not be a real threat of its violation. UAB INVL Asset Management ensure that the capital adequacy ratio which is calculated dividing the entity\u2019s own funds by the required amount of capital according to the Bank of Lithuania requirements would be at least 1.0. Following the EU Regulation 2019/2033 on Prudential Requirements of Investment Firms, UAB FM\u012e INVL Financial Advisors ensures that the capital adequacy ratio which is calculated dividing the entity\u2019s own funds by the total risk exposure amount according to the Bank of Lithuania requirements would be at least 100%. IPAS INVL Asset Management own funds may never be lower than: 1) the sum total of the minimum initial capital and additional total own funds or 2) 25 per cent of the sum total amount of the fixed costs or fixed overheads of the previous full reporting year. As at 31 December 2025 and 2024 the above mentioned consolidated subsidiaries complied with these requirements. Following the EU Regulation 2019/2033 on Prudential Requirements of Investment Firms the Company is a union parent investment holding company and has to ensure that capital adequacy ratio on the Group level is at least 100%. The requirements are applied on the Group level from 2024. As at 31 December 2025 and 2024 the Company complied with these requirements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-521": { "value": "
Credit risk
Credit risk is the risk one party to a financial instrument will cause a financial loss for the other party by failing to discharge an
obligation. Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit
exposures to outstanding trade receivables, loans granted and debt securities.
The Group estimates the credit risk separately by the segments.
The maximum exposure to credit risk and impairment of trade and other receivables and loans granted is disclosed in Note 14.
The maximum exposure to credit risk for loans granted classified as \u2018financial assets at fair value through profit or loss\u2019 in 2025
and as \u2018financial assets at fair value through profit or loss\u2019 in 2024 are their carrying amounts (EUR 2,013 thousand as at 31
December 2025 and EUR 1,863 thousand as at 31 December 2024). In Note 14 is also disclosed credit risk exposure of trade
receivable. There are no significant transactions of the Group or the Company that occur outside Lithuania and Latvia.
With respect to credit risk arising from other financial assets of the Group and the Company, which comprise deposits at banks
and cash and cash equivalents, the Group\u2019s and the Company\u2019s exposure to credit risk arises from default of the counterparty,
with a maximum exposure equal to the carrying amount of these instruments.
The maximum exposure to credit risk from financial assets are:
Group
Company
2025
2024
2025
2024
Trade and other receivables
2,809
3,395
166
9
Loans granted
2,013
1,863
2,013
1,863
Cash at bank
11,626
5,421
1,082
2,467
16,448
10,679
3,261
4,339
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-522": { "value": "
Cash flow and fair value interest rate risk
The Group\u2019s and the Company\u2019s exposure to the risk of changes in market interest rates relates primarily to the debt obligations
with floating interest rates and to the owned bonds. As 31 December 2024 and 2025 the Group and the Company did not have
debt obligation with floating interest rates and the owned bonds.
The Company and the Group have loans granted to their unconsolidated subsidiaries and to associates with fixed interest rates
for one year. The Group and the Company have issued bonds with fixed interest rate. Therefore, the Group and the Company are
not exposed to cash flow interest rate risk from loans granted and issued bonds.
Share price risk
The Group and the Company are exposed to equity securities price risk because of investments held by the Group and the
Company and classified on the statement of financial position at fair value through profit or loss. The Group and the Company are
not exposed to commodity price risk. To manage their price risk arising from investments in equity securities, the Group and the
Company diversify their portfolio.
The Group\u2019s and the Company\u2019s investments in equity of other entities that are publicly traded are included in the equity index:
OMX Baltic Benchmark Gross Index (OMXBBGI).
The table below summarises the impact of increases/decreases of the equity index on the Group\u2019s and the Company\u2019s profit
before tax for the year. The analysis is based on the assumption that the equity index had increased/decreased by 20% with all
other variables held constant and all the Group\u2019s and Company\u2019s equity instruments moved according to the historical correlation
with the index:
Index
Group
Company
2025
2024
2025
2024
OMXBBGI
28,807
26,274
28,737
25,825
Profit before tax for the year would increase/decrease as a result of gains/losses on equity securities classified at fair value through
profit or loss.
Foreign exchange risk
As a result of operations the statement of financial position of the Group can be affected by movements in the reporting currencies\u2019
exchange rates. The Group\u2019s and the Company\u2019s policy is related to matching of money inflows from the most probable potential
sales with purchases by each foreign currency. The Group and the Company do not apply any financial instruments allowing to
hedge foreign currency risks, because these risks are considered insignificant.
The foreign currency risk at the Group and the Company is not large, taking into consideration that most monetary assets and
obligations are denominated in euro. As at 31 December 2025 and 2024 the Group and Company have insignificant assets
denominated in foreign currency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-523": { "value": "
Liquidity risk
The Group\u2019s and the Company\u2019s policy is to maintain sufficient cash and cash equivalents or have available funding through an
adequate amount of committed credit facilities to meet their commitments at a given date in accordance with strategic plans. The
liquidity risk of the Group and the Company is controlled on a level of consolidated subsidiaries. The Group\u2019s and the Company\u2019s
objective is to maintain a balance between continuity of funding and flexibility through the use of borrowings. The liquidity risk
management is divided into long-term and short-term risk management.
The aim of the short-term liquidity management is to meet daily needs for funds. Each operating segment is independently
planning its internal cash flows. Short-term liquidity for the Group and the Company is controlled through monthly monitoring of
the liquidity status and needs of funds according to the Group\u2019s operating segments.
Long-term liquidity risk is managed by analysing the predicted future cash flows taking into account the possible financing sources.
Before approving the new investment projects the Group and the Company evaluate the possibilities to attract needed funds. The
general rule is applied in the Group to finance the Group companies or to take loans from them through the parent company in
order to minimise the presence of direct borrowings between the companies of different operating segments.
The table below summarises the maturity profile of the Group\u2019s financial liabilities as at 31 December 2025 and 2024 based on
contractual undiscounted payments.
Less than
4 to 12
2 to 5
More than
On demand
3 months
months
years
5 years
Total
Borrowings
-
-
700
10,350
-
11,050
Lease liabilities
-
156
301
1,510
96
2,063
Trade and other payables
-
308
-
-
-
308
Other liabilities
1,070
174
-
-
-
1,244
Balance as at 31 December 2025
1,070
638
1,001
11,860
96
14,665
Borrowings
-
-
700
11,050
-
11,750
Lease liabilities
-
153
420
255
-
828
Trade and other payables
-
258
-
-
-
258
Other liabilities
746
3,379
1,548
14
-
5,687
Balance as at 31 December 2024
746
3,790
2,668
11,319
-
18,523
The table below summarises the maturity profile of the Company\u2019s financial liabilities as at 31 December 2025 and 2024 based
on contractual undiscounted payments.
Less than
4 to 12
2 to 5
More than
On demand
3 months
months
years
5 years
Total
Borrowings
-
-
700
10,350
-
11,050
Financial lease liabilities
-
8
21
111
7
147
Trade and other payables
-
37
-
-
-
37
Other current liabilities
1,070
24
-
-
-
1,094
Balance as at 31 December 2025
1,070
69
721
10,461
7
12,328
Borrowings
-
-
700
11,050
-
11,750
Financial lease liabilities
-
8
23
8
-
39
Trade and other payables
-
8
-
-
-
8
Other current liabilities
746
5,234
1,548
-
-
7,528
Balance as at 31 December 2024
746
5,250
2,271
11,058
-
19,325
Liquidity risk (cont\u2019d)
The Group\u2019s liquidity ratio (total current assets / total current liabilities) as at 31 December 2025 was approximately 5.37 (1.26 as
at 31 December 2024). The Company\u2019s liquidity ratio as at 31 December 2025 was approximately 9.69 (0.36 as at 31 December
2024). As at 31 December 2024 the current assets were higher than current liabilities by EUR 2,402 thousand in the Group and
the current assets were lower than current liabilities by EUR 4,966 thousand in the Company. The Company main current liabilities
st
are to its subsidiaries \u2013 EUR 6,742 thousand. Part of liabilities (EUR 1,985 thousand) was paid in cash in 1
quarter of 2025 after
receiving cash from redemption of funds units (Note 26), remaining part were set off against distributed dividends for year of 2024
from INVL Life UAB (EUR 4,757 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-524": { "value": "
21.2. Capital management
The primary objective of the capital management is to ensure that the Group and the Company maintain a strong credit health
and healthy capital ratios in order to support their business and maximise shareholder value. The Company\u2018s management
supervises the investments so that they are in compliance with requirements applied to the capital, specified in the appropriate
legal acts and credit agreements, as well as provide the Group\u2019s management with necessary information.
The Group\u2018s and the Company\u2018s capital comprises share capital, share premium, reserves and retained earnings.
The Group and the Company manage their capital structure and make adjustments to it, in light of changes in economic conditions
and specific risks of their activity. To maintain or adjust the capital structure, the Company may adjust the dividend payment to
shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes
during the year 2025 and 2024.
The Company is obliged to keep its equity ratio at not less than 50 % of its share capital, as imposed by the Law on Companies
of Republic of Lithuania. As at 31 December 2025 and 2024 all the Group consolidated subsidiaries, except one dormant
subsidiary, comply with above mentioned requirement. Pursuant to the Law on State Funded Pensions of Republic of Latvia the
authorised share capital of an investment management entity must be not less than EUR 2,000,000, if it managed pension funds
of total assets more than 100 million, but up to EUR 200 million, and must be not less than EUR 3,000,000, if it managed pension
funds of total assets more than EUR 200 million. As of 31 December 2025 and 2024 IPAS INVL Asset Management complied
with this requirement.
The Company\u2019s consolidated subsidiaries UAB INVL Asset Management and UAB FM\u012e INVL Financial Advisors are managing
their capital and all relevant risks in accordance with requirements set by the Bank of Lithuania. The Company\u2019s consolidated
subsidiary IPAS INVL Asset Management is managing their capital and all relevant risks in accordance with requirements set by
the Financial and Capital Market Commission of Latvia. Internally there was approved a common risk level \u2013 to which extent the
minimal capital adequacy requirement would not be violated and there would not be a real threat of its violation. UAB INVL Asset
Management ensure that the capital adequacy ratio which is calculated dividing the entity\u2019s own funds by the required amount of
capital according to the Bank of Lithuania requirements would be at least 1.0. Following the EU Regulation 2019/2033 on
Prudential Requirements of Investment Firms, UAB FM\u012e INVL Financial Advisors ensures that the capital adequacy ratio which is
calculated dividing the entity\u2019s own funds by the total risk exposure amount according to the Bank of Lithuania requirements would
be at least 100%. IPAS INVL Asset Management own funds may never be lower than: 1) the sum total of the minimum initial
capital and additional total own funds or 2) 25 per cent of the sum total amount of the fixed costs or fixed overheads of the previous
full reporting year. As at 31 December 2025 and 2024 the above mentioned consolidated subsidiaries complied with these
requirements.
Following the EU Regulation 2019/2033 on Prudential Requirements of Investment Firms the Company is a union parent
investment holding company and has to ensure that capital adequacy ratio on the Group level is at least 100%. The requirements
are applied on the Group level from 2024. As at 31 December 2025 and 2024 the Company complied with these requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-525": { "value": "
22. Commitments and contingencies
Commitments to invest
As at 31 December 2025 the outstanding commitment of the Company to invest to BSGF amounted to EUR 4,172 thousand and
to PEFII is amounted to EUR 32,239 thousand.
As at 31 December 2024 the outstanding commitment of the Company to invest to BSGF amounted to EUR 3,391 thousand.
As at 31 December 2025 the outstanding commitment of the Group to invest to funds amounted to EUR 36,811 thousand.
As at 31 December 2024 the outstanding commitment of the Group to invest to funds amounted to EUR 3,650 thousand.
Tax legislation
Tax authorities have right to examine accounting records of the Company and its consolidated subsidiaries in Lithuania at any
time during the current period and for 3 previous years before the reporting period, in some cases 5 or 10 years before the
reporting period, and account for additional taxes and fines. In the opinion of the Company\u2019s management, currently there are no
circumstances which would raise substantial tax liability in this respect to the Company and to the Group. Activity in the Republic
of Latvia is not subject to corporate income tax. Instead of taxation on the profit of the current year, the tax is applied only upon
profit distribution, i.e. upon payment of dividends.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-48": { "value": "22. Commitments and contingencies Commitments to invest As at 31 December 2025 the outstanding commitment of the Company to invest to BSGF amounted to EUR 4,172 thousand and to PEFII is amounted to EUR 32,239 thousand. As at 31 December 2024 the outstanding commitment of the Company to invest to BSGF amounted to EUR 3,391 thousand. As at 31 December 2025 the outstanding commitment of the Group to invest to funds amounted to EUR 36,811 thousand. As at 31 December 2024 the outstanding commitment of the Group to invest to funds amounted to EUR 3,650 thousand. Tax legislation Tax authorities have right to examine accounting records of the Company and its consolidated subsidiaries in Lithuania at any time during the current period and for 3 previous years before the reporting period, in some cases 5 or 10 years before the reporting period, and account for additional taxes and fines. In the opinion of the Company\u2019s management, currently there are no circumstances which would raise substantial tax liability in this respect to the Company and to the Group. Activity in the Republic of Latvia is not subject to corporate income tax. Instead of taxation on the profit of the current year, the tax is applied only upon profit distribution, i.e. upon payment of dividends.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-541": { "value": "Tax legislation Tax authorities have right to examine accounting records of the Company and its consolidated subsidiaries in Lithuania at any time during the current period and for 3 previous years before the reporting period, in some cases 5 or 10 years before the reporting period, and account for additional taxes and fines. In the opinion of the Company\u2019s management, currently there are no circumstances which would raise substantial tax liability in this respect to the Company and to the Group. Activity in the Republic of Latvia is not subject to corporate income tax. Instead of taxation on the profit of the current year, the tax is applied only upon profit distribution, i.e. upon payment of dividends.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-49": { "value": "23. Lease The Company has lease contract for premises and parking spaces. The lease term was extended from 31 March 2026 until 31 March 2031. The lease contract has not any termination and extension option. The Company could only sub-lease premises to the Group companies, but has not entered in any sublease agreements. The Group has several lease contracts for premises and parking spaces. The lease terms were until 2028 and 2031, except leases, which are less than 12 months and for which Group applies the \u2018short-term lease\u2019 recognition exemption. The Group\u2019s lease agreements have not unilaterally extension options. Some agreements have termination options, but the Group does expect to use them. Generally, the Group is restricted from assigning and subleasing the leased assets, excluding that in some contracts is determined right to sub-lease premises. The Group has entered in sublease agreement with AB Artea Bankas group for premises in Vilnius before used by employees of transferred retail businesses. Most of leases has lease indexation clause based on customer price index change. The terms of lease do not include restrictions on the activities of the Group and the Company in connection with the dividends, additional borrowings or additional lease agreements. Right- of-use assets are presented as property, plant and equipment and are disclosed in Note 9. The maturity analysis of leases liabilities is disclosed in Note 21.1 (section liquidity risk). The following is the amounts recognised in profit or loss in 2025:
Group
Company
Depreciation charge for right-of-use assets
(529)
(26)
Interest expenses (included in finance cost)
(47)
(2)
Expense relating to short-term lease
(4)
-
The following is the amounts recognised in profit or loss in 2024:
Group
Company
Depreciation charge for right-of-use assets
(549)
(26)
Interest expenses (included in finance cost)
(54)
(2)
Expense relating to short-term lease
(24)
-
Changes in liabilities arising from financing activities (lease liabilities) are presented in the table below:
Group
Company
As at 1 January 2024
1,312
67
Lease payments
(556)
(29)
Interest paid
(54)
(2)
Interest expenses
54
2
Addition
32
-
Derecognition
-
-
As at 31 December 2024
788
38
Lease payments
(580)
(29)
Interest paid
(47)
(2)
Interest expenses
47
2
Addition
1,641
122
Derecognition
-
-
As at 31 December 2025
1,849
131
The Group does not have any lease contracts that have not yet commenced at 31 December 2024 and 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-50": { "value": "24. Related party transactions The parties are considered related when one party has the possibility to control the other one or have significant influence over the other party in making financial and operating decisions. The related parties of the Group in 2025 and 2024 were unconsolidated subsidiaries, associates, the shareholders of the Company, who have joint control or significant influence (Note 1) and key management personnel, including companies under control or joint control of key management and shareholders having significant influence or joint control and including companies, where shareholders having joint control over the Company are key management personnel or having significant influence. To the other related parties are attributed entities left the Group during split-off occurred in 2014, because shareholders having joint control over the Company are key management personnel of these entities or having significant influence. Receivables from related parties are presented in carrying amount. They include loans granted to unconsolidated subsidiaries and associates, that are considered as part of investments to unconsolidated subsidiaries and associates. Interest income and expenses are presented in the \u2018revenue and other income\u2019 and \u2018purchases\u2019 columns, respectively. Transactions of the Group with unconsolidated subsidiaries in 2025 and balances as at 31 December 2025 were as follows: 2025
Purchases
Receivables from related
Group
Revenue and
from
parties (including presented
other income from
related
in carrying value of
Payables to
related parties
parties
investments)
related parties
Loans and borrowings
-
-
-
-
Dividends
7,123
-
-
-
Accounting services
8
-
-
-
Acquisition or disposals of investments
-
-
-
-
Transfer of tax losses
-
-
-
-
Other
-
-
-
-
7,131
-
-
-
Transactions of the Group with associates in 2025 and balances as at 31 December 2025 were as follows: 2025
Revenue and
Group
other income from
Purchases from
Receivables from
Payables to
related parties
related parties
related parties
related parties
Loans and borrowings
200
-
2,013
-
Dividends
170
-
-
-
Management and success fees
618
-
20
-
Accounting services
41
-
-
-
Other services
6
-
-
-
1,035
-
2,033
-
Transactions of the Group with other related parties in 2025 and balances as at 31 December 2025 were as follows:
2025 Revenue and
Group other income from
Purchases from
Receivables from
Payables to
related parties
related parties
related parties
related parties
Accounting services
73
-
-
-
The group of UTIB INVL Technology
(information technology maintenance
services)
-
257
-
17
The group of AB INVL Baltic Farmland (land
administration services)
108
-
62
30
Management fee
844
-
221
-
Other services or compensation
20
-
-
-
1,045
257
283
47
24 Related party transactions (cont\u2019d) Transactions of the Group with unconsolidated subsidiaries in 2024 and balances as at 31 December 2024 were as follows: 2024
Purchases
Receivables from related
Group
Revenue and
from
parties (including presented
other income from
related
in carrying value of
Payables to
related parties
parties
investments)
related parties
Loans and borrowings
-
-
-
-
Dividends
21,951
-
-
-
Accounting services
5
-
1
-
Acquisition or disposals of investments
-
50,523
-
4,757
Transfer of tax losses
2
-
-
-
Other
1
-
-
-
21,959
50,523
1
4,757
Transactions of the Group with associates in 2024 and balances as at 31 December 2024 were as follows: 2024
Revenue and
Group
other income from
Purchases from
Receivables from
Payables to
related parties
related parties
related parties
related parties
Loans and borrowings
33
-
1,863
-
Dividends
-
-
-
-
Management and success fees
173
-
17
-
Accounting services
41
-
4
-
Other services
5
-
-
-
252
-
1,884
-
Transactions of the Group with other related parties in 2024 and balances as at 31 December 2024 were as follows: 2024
Revenue and
Group
other income from
Purchases from
Receivables from
Payables to
related parties
related parties
related parties
related parties
Accounting services
74
-
7
-
The group of UTIB INVL Technology
(information technology maintenance
services)
-
215
-
25
The group of AB INVL Baltic Farmland (land
administration services)
268
-
150
-
Management fee
641
-
205
-
Other services or compensation
21
-
-
-
1,004
215
362
25
24 Related party transactions (cont\u2019d) The Company\u2019s related parties were the subsidiaries, associates, joint ventures, shareholders, who have joint control or significant influence (Note 1), key management personnel, companies under control or joint control of key management and shareholders with significant influence or joint control and companies, where shareholders having joint control over the Company are key management personnel or having significant influence. To the other related parties are also attributed entities left the Group during split-off occurred in 2014, because shareholders having joint control over the Company are key management personnel of these entities or having significant influence. Transactions of the Company with subsidiaries in 2025 and balances as at 31 December 2025 were as follows: 2025
Revenue and
Company
other income from
Purchases from
Receivables from
Payables to
related parties
related parties
related parties
related parties
Loans and borrowings
-
4
-
-
Dividends
8,706
-
-
-
Transfer of tax losses
179
-
-
-
Other services
28
-
-
-
8,913
4
-
-
Transactions of the Company with associates in 2025 and balances as at 31 December 2025 were as follows: 2025
Revenue and
Company
other income from
related
Purchases from
Receivables from
Payables to
Parties
related parties
related parties
related parties
Loans and borrowings
200
-
2,013
-
Dividends
170
-
-
-
Accounting services
3
-
-
-
Other services or compensation
3
-
-
-
376
-
2,013
-
Transactions of the Company with other related parties in 2025 and balances as at 31 December 2025 were as follows: 2025
Revenue and
Company
other income from
Purchases from
Receivables from
Payables to
related parties
related parties
related parties
related parties
The group of UTIB INVL Technology
(information technology maintenance
services)
-
9
-
1
Accounting services
3
-
-
-
Other services (insurance costs
compensation)
20
-
-
-
23
9
-
1
24 Related party transactions (cont\u2019d) Transactions of the Company with subsidiaries in 2024 and balances as at 31 December 2024 were as follows: 2024
Revenue and
Company
other income from
Purchases from
Receivables from
Payables to
related parties
related parties
related parties
related parties
Loans and borrowings
-
-
-
-
Dividends
51,582
-
-
-
Transfer of tax losses
131
-
-
-
Accounting services
11
-
-
-
Acquisition or disposals of investments
-
50,523
-
6,742
Discounting effect
-
598
-
-
Bond distribution fee
-
75
-
-
Other services
-
9
9
7
51,724
51,205
9
6,749
Transactions of the Company with associates in 2024 and balances as at 31 December 2024 were as follows: 2024
Revenue and
Company
other income from
related
Purchases from
Receivables from
Payables to
Parties
related parties
related parties
related parties
Loans and borrowings
33
-
1,863
-
Dividends
-
-
-
-
Accounting services
38
-
-
-
Other services or compensation
3
-
-
-
74
-
1,863
-
Transactions of the Company with other related parties in 2024 and balances as at 31 December 2024 were as follows: 2024
Revenue and
Company
other income from
Purchases from
Receivables from
Payables to
related parties
related parties
related parties
related parties
The group of UTIB INVL Technology
(information technology maintenance
services)
-
9
-
1
Accounting services
69
-
-
-
Other services (insurance costs
compensation)
21
-
-
-
90
9
-
1
The movements of loans granted to associates were:
Group
Company
2025
2024
2025
2024
At 1 January
1,863
-
1,863
-
Loans granted during year
1,600
1,090
1,600
1,090
Loans repayment received
(1,425)
(800)
(1,425)
(800)
Loans granted, acquired from INVL Life UAB (offsetting)
-
1,548
-
1,548
Interest charged
200
33
200
33
Interest received
(225)
(8)
(225)
(8)
At 31 December
2,013
1,863
2,013
1,863
24 Related party transactions (cont\u2019d) Key management compensation and other payments The management remuneration contains short-term employees\u2019 benefits and share-based payments. In 2025 and 2024 key management of the Company and Group includes CEO, Board members and Chief financial officer of the Company.
Group
Company
2025
2024
2025
2024
Wages, salaries and bonuses
331
330
280
279
Social security contributions
5
5
4
4
Share-based payments
1,309
1,031
1,309
1,031
Transfers to pension funds
20
25
20
25
Total key management compensation
1,665
1,391
1,613
1,339
There were no loans granted during the reporting period or outstanding at the end of the reporting period. In 2025 to the Board members, which are shareholders of the Company, were paid EUR 1,219 thousand of dividends, net of tax. To the entities, which are controlled by the Board members or CEO, were paid EUR 6,875 thousand of dividends, net of tax. To the natural persons related to the Board members the Company paid EUR 3,446 thousand of dividends, net of tax. In 2024 to the Board members, which are shareholders of the Company, were paid EUR 98 thousand of dividends, net of tax. To the entities, which are controlled by the Board members or CEO, were paid EUR 628 thousand of dividends, net of tax. To the natural persons related to the Board members the Company paid EUR 279 thousand of dividends, net of tax. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-526": { "value": "
Key management compensation and other payments
The management remuneration contains short-term employees\u2019 benefits and share-based payments. In 2025 and 2024 key
management of the Company and Group includes CEO, Board members and Chief financial officer of the Company.
Group
Company
2025
2024
2025
2024
Wages, salaries and bonuses
331
330
280
279
Social security contributions
5
5
4
4
Share-based payments
1,309
1,031
1,309
1,031
Transfers to pension funds
20
25
20
25
Total key management compensation
1,665
1,391
1,613
1,339
There were no loans granted during the reporting period or outstanding at the end of the reporting period.
In 2025 to the Board members, which are shareholders of the Company, were paid EUR 1,219 thousand of dividends, net of tax.
To the entities, which are controlled by the Board members or CEO, were paid EUR 6,875 thousand of dividends, net of tax. To
the natural persons related to the Board members the Company paid EUR 3,446 thousand of dividends, net of tax.
In 2024 to the Board members, which are shareholders of the Company, were paid EUR 98 thousand of dividends, net of tax. To
the entities, which are controlled by the Board members or CEO, were paid EUR 628 thousand of dividends, net of tax. To the
natural persons related to the Board members the Company paid EUR 279 thousand of dividends, net of tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-51": { "value": "25. Remuneration to Auditor
Group
Company
2025
2024
2025
2024
The Group\u2019s and the Company\u2019s statutory audit fee
97
109
60
49
Audit fee for managed funds of the Group
190
119
-
-
Other assurance services
-
-
-
-
Tax advisory services
-
-
-
-
Translation services to the Group
2
4
-
-
Translation services to the managed funds of the Group
11
4
-
-
300
236
60
49
From 2019 the Group\u2019s and the Company\u2019s statutory audit was performed by KPMG Baltics, UAB (Auditor). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-52": { "value": "26. Events after the reporting period On 12 March 2026 the Company entered into an agreement with Tesonet Global under which it sells 7,987,158 shares of AB Artea Bankas, representing 1.22% of the bank\u2019s share capital. On the closing date, the sale price will be calculated by taking bank\u2018s share book value, determined according to the last publicly disclosed information as at the end of the reporting period, multiplying it by the number of shares sold and a coefficient of 1.2x agreed by the parties, and adjusting for corporate actions that occurred from the end of the reporting period until the closing date. The transaction will only be completed if Tesonet Global receives regulatory and other necessary approvals (European Central Bank, Bank of Lithuania, etc.). The transaction is expected to be completed until the end of the first quarter of 2027. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:52990001IQUJ710GHH43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }