INVL Baltic Farmland (INL1L) Q2 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 reached EUR 402 thousand, up from EUR 379 thousand in the same period of 2023, with net profit rising to EUR 226 thousand from EUR 218 thousand year-over-year.

• The company owns 100% of 18 subsidiaries holding about 3,000 hectares of agricultural land in Lithuania, with over 98% rented to farmers and agricultural companies.

• No acquisitions or disposals of investment properties occurred during the reporting period; land value increased by 14.7% year-over-year to EUR 20.76 million as of June 2024.

Financial highlights

• Operating profit for H1 2024 was EUR 266 thousand, up from EUR 238 thousand in H1 2023.

• Basic and diluted earnings per share remained stable at EUR 0.07 for both H1 2024 and H1 2023.

• Consolidated equity increased to EUR 18,132 thousand as of 30 June 2024, compared to EUR 15,869 thousand a year earlier.

• Dividends of EUR 0.12 per share (EUR 388 thousand total) were approved and paid in May 2024 for the 2023 financial year.

Outlook and guidance

• Full-year 2024 revenue is forecast at EUR 835 thousand, with net profit expected to reach EUR 420 thousand, assuming no changes in land value or portfolio.

• H1 2024 revenue and net profit represent 48.1% and 53.8% of the full-year forecasts, respectively.