Virtual non-deal roadshows (NDRs) have become a cornerstone of modern investor relations, enabling public companies to engage investors efficiently in an increasingly global, digital marketplace. While in-person meetings have long been central to investor relations, the virtual format has gained significant traction due to its scalability, cost-effectiveness, and convenience.

This article explores the evolution and growing importance of virtual NDRs—how regulatory shifts like MiFID II and technological innovation have driven their adoption, best practices for execution, and why a hybrid approach may represent the future of investor engagement.

MiFID II: A Catalyst for the Rise of Virtual Roadshows

The implementation of MiFID II (Markets in Financial Instruments Directive II) in 2018 fundamentally reshaped how public companies connect with investors. One of the directive’s most significant changes was the unbundling of corporate access from investment research.

Before MiFID II, companies often benefited from bundled services provided by investment banks, which included both research coverage and investor access. Once unbundled, corporate access became a separate, billable service—making in-person roadshows significantly more expensive, especially for smaller issuers.

This regulatory shift accelerated the move toward virtual non-deal roadshows as companies sought cost-effective ways to maintain investor visibility and engagement. The ability to host meetings without travel or logistical costs became increasingly attractive.

The COVID-19 pandemic further accelerated this trend. With travel restrictions in place, investor engagement shifted almost entirely to digital channels. Today, virtual NDRs are not just a contingency—they’re a strategic necessity and an integral part of the investor relations toolkit.

The Key Advantages of Virtual Non-Deal Roadshows

Virtual NDRs offer a combination of efficiency, reach, and flexibility that traditional formats simply cannot match.

1. Cost Efficiency

Traditional in-person roadshows involve travel, accommodation, venue, and coordination expenses. Virtual meetings eliminate most of these costs, allowing companies—especially those in the micro- and small-cap segments—to conduct extensive investor outreach on a much smaller budget.

2. Broader Investor Access

Geographic and time zone limitations no longer apply. Virtual NDRs enable companies to engage investors across continents, providing broader access to both institutional and retail participants. This democratization of access creates opportunities for companies to attract new, previously unreachable investors.

3. Flexibility and Convenience

Scheduling becomes dramatically easier. Virtual meetings can be arranged at short notice and tailored to fit the availability of both management and investors. This convenience supports more frequent communication, building stronger relationships over time.

4. Scalability

Virtual NDRs can be expanded or contracted depending on a company’s goals. Whether targeting a select group of investors or conducting a broad outreach campaign, the virtual format offers unmatched scalability.

How to Organize a Successful Virtual Non-Deal Roadshow

Executing a virtual NDR effectively requires thoughtful planning and targeted engagement. The following best practices can help ensure a successful outcome:

Targeting

Identify investors who are most likely to have an interest in your company—those holding comparable positions or investing within your industry. Work closely with your investment bankers, IR advisors, and internal teams to curate a focused target list.

Audience Building

Once your target list is defined, develop an outreach strategy. Email invitations remain the most effective initial contact method, supplemented by follow-up calls to secure meetings. Adapt your communication to each investor’s preferences.

Scheduling

Although virtual meetings offer greater flexibility, planning remains key. Be mindful of time zones and investor availability. Schedule sessions that allow adequate preparation time between meetings for management and IR teams.

Structure

Decide whether to hold one-on-one meetings for personalized discussions or group sessions for broader engagement. Align the format with your objectives and investor expectations.

Presentation

A compelling, well-tailored presentation is essential. Emphasize your company’s investment thesis, performance metrics, and growth strategy. Customize content for each investor group and allow time for interactive Q&A to foster meaningful dialogue.

The Hybrid Approach: Combining the Best of Both Worlds

While virtual NDRs provide scale and efficiency, in-person meetings still hold unique value for building trust and rapport. Many companies now adopt a hybrid strategy, using virtual NDRs to qualify investor interest and prioritize leads before conducting selective in-person meetings.

This approach allows management to allocate time and resources more effectively—conducting initial outreach virtually, then focusing in-person efforts on the most promising, high-value relationships. The result is a balanced strategy that enhances reach, deepens engagement, and maximizes return on effort.

The Future of Investor Relations

As technology continues to advance, virtual and hybrid NDRs will play an even larger role in the evolution of investor relations. Emerging tools—such as AI-driven investor targeting, virtual event platforms, and integrated CRM systems—are making investor engagement more data-driven and efficient than ever.

However, while the digital transformation of IR is well underway, the value of personal connection remains irreplaceable. The most effective investor relations strategies will continue to blend the accessibility of virtual platforms with the relationship depth of in-person meetings.

Ready to Enhance Your Investor Engagement Strategy?

At Cyan Capital, we specialize in designing and executing targeted, effective non-deal roadshows—both virtual and in-person—to help public companies connect with the right investors.

Whether your goal is to expand institutional ownership, strengthen shareholder relationships, or improve market visibility, our team can help you develop and implement a strategy that drives lasting results.

👉 Contact us to learn how Cyan Capital can elevate your investor relations program.