INVL Baltic Farmland (INL1L) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 reached EUR 835 thousand, up from EUR 794 thousand in 2023, with net profit at EUR 1,836 thousand, down from EUR 2,643 thousand year-over-year.

• Investment property value increased by 9.5% to EUR 22.736 million, averaging EUR 7.38 thousand per hectare.

• The company owns 100% of 18 subsidiaries holding about 3,000 hectares of agricultural land in Lithuania, with over 99% leased to farmers.

• Dividend of EUR 0.12 per share was paid for 2023, totaling EUR 387 thousand.

Financial highlights

• Operating profit for 2024 was EUR 2,374 thousand, down from EUR 3,094 thousand in 2023.

• Net gain from fair value adjustments on investment property was EUR 1,980 thousand, compared to EUR 2,664 thousand last year.

• Deferred income tax liability increased to EUR 2,904 thousand from EUR 2,425 thousand.

• Basic and diluted EPS for 2024 was EUR 0.57, down from EUR 0.82 in 2023.

• Return on Equity (ROE) was 9.65%, and Return on Assets (ROA) was 8.36% for 2024.

Outlook and guidance

• 2024 profit exceeded initial forecast due to a 9.5% increase in land value, despite unbudgeted administration fees and higher deferred tax from a corporate tax rate increase.

• 2025 forecasts have not yet been approved; updates will be provided upon approval.