Modus Group

In 2023, Modus Group's consolidated sales revenues were EUR 392 million, which was similar to 2022 (EUR 404 million). The EBITDA amounted to EUR 45 million, while investments in Lithuania and abroad almost doubled to EUR 262 million. Moreover, Modus Group successfully issued a EUR 8 million bond last year, with a 2.5-fold increase in investor demand for the public offering.

"2023 was another challenging year: concerns about the war in Ukraine continued, high operating and borrowing costs slowed consumption and investment, and uncertainty remained about the economic outlook. In this context, Modus Group's ability to maintain similar revenues as in 2022 is considered a good result and proof that our business is resilient and well diversified both geographically and by sector," says Aine Martinkenaite-Martyniuk, Chairman of the Board at Modus Group.

📍Follow the business overview in the comments to find out more

Last week, UAB Modus Grupė completed its public EUR 8 million bond issue. The bond was scheduled to be distributed on November 17–29. Still, due to strong investor interest, this amount was reached a week earlier, bringing the total value of investment applications to almost EUR 20 million. More than 400 investors from Lithuania have purchased the bonds.

Aine Martinkenaite-Martyniuk, Chairman of the Board, notes that investor trust is also a result of the foundations built in previous bond issues. "Investor interest in the bonds shows that the market values and has confidence in the strategy and resilience of our Group's businesses in different economic phases. The work done in the previous two bond issues has contributed to this successful outcome, building investor confidence," says Ainė Martinkėnaitė-Martyniuk.

Eglė Džiugytė, Head of the Financial Markets Department at Šiaulių Bankas, highlighted the record level of investor interest as a reflection of Modus Grupė's effective approach to capital markets and sustainable financial management practices.

"The distribution of Modus Grupė bonds attracted a record level of investor interest, a rare achievement for an issuer in the Lithuanian market. The company is a good example of how a systematic approach to capital markets and a sustainable approach to financial management can successfully and quickly provide an alternative means of financing," says Eglė Džiugytė.

Viešame obligacijų siūlyme „Modus grupė“ sulaukė 2,5 karto didesnės investuotojų paklausos Mobilumo paslaugų, automobilių prekybos, investicijų valdymo ir kitų verslų savininkė „Modus grupė“ viešame obligacijų siūlyme 8 mln. Eur pasiskolino sulaukusi investuotojų paraiškų už beveik 20 mln. Eur.

In a recent discussion with Verslo Žinios, the Chairman of the Board of Modus Group, Ainė Martinkėnaitė-Martyniuk discussed the diverse range of businesses under the Modus Group umbrella and the impact of a particularly challenging year. "The eclectic group of businesses is creating dynamic, and this mix helps to create a better balance in a year like this, which is not the most business-friendly," says Ainė Martinkėnaitė-Martyniuk.

Ainė shared that the challenging economic climate has variably affected different sectors within the group. The groups’ renewable energy and automotive sectors have had a comparatively easier year and are demonstrating stability between economic challenges. Conversely, the mobility business is under more pressure but remains stable and is positioned for adaptation and growth in the coming years.

We invite you to read the full interview for a more detailed understanding of Modus Group's perspectives and directions. If you choose to listen, the podcast is available too.
https://www.vz.lt/rinkos/2023/11/24/a-martinkenaite-martyniuk-aei-finansavimo-standartai-atejo-ir-i-lietuvos-banku-sektoriu

The Modus Group had consolidated sales revenue of EUR 203 million in the first half of 2023 and remained almost the same as in the same period in 2022 (EUR 203.8 million). Meanwhile, EBITDA decreased by 9 percent to EUR 20.1 million.

"Global economic challenges - inflation, rising interest rates, uncertainty - indicated a difficult period ahead as early as last year. While our results in the first half of the year remained almost the same as a year ago, Modus Group, like many organizations, faces challenges in its day-to-day operations, ranging from increased costs to a slight slowdown in demand for high-value purchases. However, we do not doubt that the Group's broad business diversification and timely strategic decisions will ensure stability", says Ainė Martinkėnaitė-Martyniuk, Chairman of the Board of Modus Group.

To read more, follow the link in the comments.

Green Genius confirms €179 million investments in solar power plants in the Baltic States! 🌱

Green Genius has obtained permits to build solar power plants in Lithuania and Latvia. The company will install a 78 MW solar power plant near Seduva, Central-North of Lithuania. Meanwhile, in Latvia, the construction will amount to 120.8 MW of solar.

“The markets in the Baltic countries have reached a certain new stage of maturity when new opportunities to develop large-scale projects arise alongside the development of usual smaller-scale solar parks,” said Simonas Šileikis, EMBA, Head of Solar Business at Green Genius. “Each of the large-scale projects will be of great importance in decentralizing the energy sources and strengthening the energy independence of the entire region.”

Both solar power plants in Lithuania and Latvia are planned to start operating in 2025.

Green Genius wins permits for 200 MW of solar in Baltic states Lithuanian renewables developer Green Genius, part of Modus Group, has obtained permits for the construction of roughly 200 MW of solar photovoltaic (PV) p

A remarkable stride towards a greener future! 🌳

Green Genius signed a 92 million EUR loan with Swedbank Lietuvoje to construct an 80 MW wind farm in Jurbarkas district, Western Lithuania. The project will be the largest wind farm in the Jurbarkas area and one of the largest in Lithuania. As Rokas Bancevičius, Green Genius CFO, says, it will enhance the company's portfolio diversification regarding geography and technology and contribute to the region's efforts in achieving decarbonization and energy independence.

The wind park will start operations in 2025, providing green electricity to Lithuanian businesses.

„Green Genius“ iš „Swedbank“ skolinasi 92 mln. Eur vėjo parkui Jurbarko rajone Atsinaujinančios energetikos bendrovė „Green Genius“ 80 MW galios vėjo elektrinių parko statybas Jurbarko rajone finansuos „Swedbank“ suteikta paskola. Iš viso bendrovė iš banko skolinasi 92 mln. Eur.

The overarching strategy of Modus Group revolves around creating a better quality of life through deliberate and sustainable choices. This commitment is manifested through Modus Group’s central directions: the cultivation of a shared economy, the advancement of renewable energy initiatives, and the facilitation of circularity, all of which seamlessly and directly contribute to the mitigation of environmental impact.

Follow the business overview in the comments to find out more.

In 2022, Modus Group’s revenue amounted to almost EUR 404 million, although, compared to 2021, it decreased by 12%. However, the Group’s EBITDA grew by 82% to EUR 78.1 million. Modus Group's investment rose by 68% to almost EUR 138 million last year. These funds were primarily allocated to the growth of mobility and renewable energy businesses, aligning with long-term strategy to invest in the most sustainable areas with significant potential for further development.

"The war in Ukraine, the economic slowdown, and high inflation predicted a challenging year, but the Group's companies showed resilience. Although revenues declined, EBITDA in each business grew strongly. Today, the Group has three independent business lines operating in different geographic regions - renewable energy, mobility, and automotive. We are also steadily growing a fourth business line, Modus Asset Management, which manages investment funds. This provides Modus Group with a strong and balanced business foundation, allowing it to operate stably in various economic conditions and withstand external crises confidently," says Ainė Martinkėnaitė-Martyniuk, Chairman of the Board of Directors of Modus Group.

To read more follow the link in the comments.

We are glad that our company MyBee Lietuva, launched in 2021, is growing. Today the service was launched in Latvia, and this is the third country so far! 👏

More and more people are realizing that a car can be a mobility service you subscribe to instead of an asset you have to own. At times of increased inflation and rising prices, people are evaluating all car-related expenses and are looking for alternatives to replace their old cars. 🚙

Car-sharing and car subscription services complement the mobility ecosystem and make city life more comfortable for each of us.

The year has been another journey – full of meaningful experiences, achievements, and adventures that have grown us. The holiday season reminds us to look through the past year and share gratitude with our colleagues, partners, and clients. Thank you all for the partnership and experience we gained together.

Modus Group team wishes you a warm and cozy Christmas season with your beloved ones. May the New Year bring you the courage to dream big and think positively – it is always worth it! ✨

Best wishes! 🎄

Our renewable energy company Green Genius achieved another significant milestone by signing the first solar development contract in Romania! It begins the implementation of its total 500 MW solar portfolio that will take effect in the following three years.

Green Genius will invest over 8 mEUR in the first 10 MW solar park in Romania, where the company already manages nearly 180 MW early-stage solar projects. Romania is one of eight countries in Europe where Green Genius operates. 🌍

To read more, follow the link in the comments.

The Modus Group had consolidated sales revenue of EUR 203.8 million in the first half of 2022. The turnover was 25% lower than in the same period of 2021 as it was negatively affected by disruptions of global supply chains. Meanwhile, EBITDA grew by 11 percent to EUR 22 million and investments in expansion amounted to more than EUR 52 million.

According to Aine Martinkenaite-Martyniuk, the Chair of the Board at the Modus Group, despite challenges, the majority of the group’s businesses managed to maintain profitability. The group’s companies have demonstrated resilience to the uncertainty prevailing in the markets the past few years due to the pandemic, the war in Ukraine, supply disruptions and inflation. The positive results provide cautious optimism even in the current challenging economic context.

To read more follow the link in the comments.

We are proud to announce that our renewable energy company GREEN GENIUS signed a 10.3 mEUR deal with Luminor Lietuva. The loan is to be used to fund construction of remote solar parks in Lithuania – a total capacity will be 15.7 MW.

“We thank Luminor Bank for their reliable partnership. In a constantly changing market, the role of financial institutions that prioritize green energy projects is most definitely an essential one,” says Rokas Bancevičius, CFO of Green Genius.

It is already the second loan of this type in 2022, as Luminor and Green Genius signed a 20 mEUR value transaction back in February.

Follow the link in the comments to read more.

The synergy between business growth and value creation for all stakeholders is what defines the strive for sustainability for us. In our business operations we focus on shared economy, renewable energy and circular economy solutions – all of this is directly linked to reducing carbon footprint and enabling everyone to join the fight against the climate crisis.

By joining the United Nations Global Compact in 2020 we aligned our strategy with SDGs 3, 7, 11, 12 and 13. In fact, these five goals were the reason why certain businesses (Green Genius, CityBee - imu ir važiuoju, MyBee, Modus Asset Management) in Modus Group were initially created.

Follow the business overview in the comments to find out the initiatives contributing to our SDGs goals.

The mobility business line is one of the main Modus Group investment fields as the demand for mobility services is growing globally so fast. The Group's investment in the development of mobility projects, CityBee - imu ir važiuoju and MyBee, grew by more than a quarter last year but strong partners are essential for ambitious future plans as well.

That‘s why we are delighted that more and more partners are contributing to modern and convenient mobility solutions for society. MyBee with Luminor Lietuva agreed on 11 mEUR financing, CityBee signed 4 mEUR funding agreement with MUNDUS Asset Management last week. Recently, Citadele bankas Lietuvoje provided 4,5 mEUR financing for MyBee as well.

“Additional funding and the trust of our partners will be an even greater incentive for the breakthrough of mobility services in Lithuania and other markets”, – says Erika Huhtala, CEO and Board member of Modus Group.

Follow the links in the comments to read more about our partnerships.

We are going to a significant milestone with our mobility business line! Modus Mobility, which provides car sharing (CityBee - imu ir važiuoju) and car subscription (MyBee) services, is ready to attract large investments for expansion outside the Baltics.

“Shared business model has been successful and profitable for ten years in the Baltics and it is constantly growing fast there but has enormous potential to expand even faster and wider. We see the growing demand for urban mobility solutions and favorable conditions to expand our mobility businesses in other European countries as well. Rapid business growth needs a significant amount of investment“, – says Aine Martinkenaite-Martyniuk, Chairwoman and Director of the Board of Modus Group and Modus Mobility.

Nine-digit investments for geographical expansion are planned for two years.

For more information, follow the link in the comment.

We are glad that our company MyBee, the first car subscription provider in the Baltic States launched last summer, is rapidly growing. More and more people realize that cars can be subscribed to – owning them is unnecessary. As demand grows, MyBee plans to expand its fleet to more than 1 000 cars by the end of the year.

For this expansion, Citadele Bank has provided 4.5 mEur funding. Moreover, with an expanded fleet MyBee will soon start operations in Estonia and plans to enter Latvia's market by the end of the year.

Our car-sharing company CityBee - imu ir važiuoju counted its ten-millionth trip in Lithuania. It shows that:
1. The demand for car-sharing services has been growing particularly fast in recent years.
2. With each trip, we are moving towards cleaner cities, as one car-sharing vehicle replaces on average 12 vehicles.

Seeking to contribute to as many cleaner cities as possible, our mobility business CityBee is preparing to expand its operations outside the Baltics in 2023.

Our renewable energy business, Green Genius, continues expansion in the key strategic market – Poland. It has just signed its first 38.5 mEur financing agreement with Sequoia Investment Management Company Limited (Sequoia) to construct 66 MW solar power plants in Poland.

As Rokas Bancevičius, CFO at Green Genius, says, "The combination of Green Genius track record and Sequoia funding will increase green and independent energy generation in the region".

The construction is scheduled to finish in early 2023. Since 2019, Green Genius has already completed three solar power plant projects in Poland, with a total combined capacity of 128.1 MW.

We are consistently working to ensure that as many people as possible would have the opportunity to use renewable energy sources. Seeking this, our renewable energy business Green Genius will develop solar and wind power projects in Lithuania by 2025, with a total capacity of up to 700 MW. It will include 500 MW of solar and 200 MW of wind farms and will produce even about 10% of Lithuania's electricity needs. EUR 700 million will be invested in these projects.

„Until now, renewable energy has largely addressed the issue of sustainability. However, today it also addresses the challenges of energy independence and socio-economic well-being”, as Ruslanas Sklepowicz, CEO of Green Genius, says.

For more information, follow the links in the comment.

We are taking another important step towards energy independence. This week our renewable energy team – Green Genius – has signed a cooperation agreement with Poland's largest private energy company, POLENERGIA. Together, they will seek to win a tender by the Lithuanian state for the offshore wind farm in the Baltic Sea.

This partnership may offer efficiency and advantage to the whole electricity market in the Baltic Sea region, as Ruslanas Jósef Sklepowicz says.

For more information read the article by following the link in the comments.

Unjustifiable war against Ukraine has left us all shocked and deeply saddened. We’ve also witnessed how international community – governments, people, businesses – can unite in the face of aggression to defend democratic values and freedom. In this situation many companies have to make difficult values based choices. As a group we were faced with one as well: seeing that Belarus is contributing to the aggression against Ukraine and allows to use its territory for criminal actions, we cannot stand aside.

Modus Group has decided to leave Belarus market. This includes our automotive business (BMW and MINI representation in Minsk) and renewable energy projects developed by Green Genius. We will focus instead on business development in other European markets with even more energy and determination.

Business community has a great responsibility to show solidarity and provide support for Ukrainian people who became an example of true heroism and strength to the whole world. Last week our companies joined their forces to help those in need:

- Our mobility and automotive businesses are closely cooperating with main NGOs providing support for Ukraine and its people – we help with logistics so that as many people as possible would be safe.

- First refugees from Ukraine have been hosted already last weekend in our ibis Styles Hotel in Vilnius free of charge and we will take in as many people as we can.

- Our companies supported Red Cross with the financial aid of 40’000 euros.

In the end, we want to share a short story about Petro, Ukrainian who works and lives in Lithuania and his family. He spent 3 nights in CityBee car near Ukraine / Poland border in order to unite with the loved ones fleeing from devastating war in Ukraine. At the moment they are finally safe in Vilnius. Our modest contribution to Petro’s story is that CityBee has provided the car from Ukraine to Lithuania free of charge.

It is only one small story and yet, every such story, every family or person matters. There are already hundreds of thousands of people with heartbreaking stories. By working together, we can help them.