Half-Year Report 2026 – Baltic Sea Properties (BALT)
The Board of Directors of Baltic Sea Properties AS («BSP» or the "Company", and together with its subsidiaries, the "Group") has approved the Company's Half-Year Report 2026.
The first half of 2026 delivered solid underlying operations despite temporary vacancy at BSP Park Vilnius East, while positive valuation changes contributed to a significant increase in reported profit. Contracted rents point to a stronger second half of the year.
Key financial highlights for the first half of 2026:
* Profit of mEUR 3.42 (H1 2025: mEUR 1.34), including a positive unrealised valuation change of mEUR 2.87 on the investment property portfolio
* Rental income of mEUR 4.37 (H1 2025: mEUR 4.60), with the decrease primarily reflecting temporary vacancy and sale-related one-offs
* EBITDA of mEUR 3.08, corresponding to an EBITDA margin of 68.4 per cent
* Loan-to-value of 51.1 per cent, down from 52.5 per cent at year-end, with comfortable covenant headroom
* BSP NAV of NOK 76.79 per share and EPRA NRV of NOK 83.79 per share at 30 June 2026
* Dividend of NOK 2.00 per share distributed during the period
* Return first six months stood at 6.8% (EUR)
* 54,784 own shares acquired at an average price of NOK 47.7 per share, representing a 38 per cent discount to BSP NAV at 30 June 2026
* Continued leasing progress, with approximately 85 per cent of BSP Park Vilnius East now let and pre-letting at the new Liepų Parkas development above 60 per cent
From this report onwards, BSP presents EPRA performance measures alongside its IFRS figures. At 30 June 2026, EPRA NRV was NOK 83.79 per share, EPRA NTA NOK 82.25 per share and EPRA NDV NOK 73.62 per share. Definitions, calculations and reconciliations are set out in Appendix A to the report.
The Half-Year Report 2026, covering the period from 1 January to 30 June 2026, is attached. The report is unaudited.
For further information, please contact:
Lars Christian Berger CEO Phone: +47 930 94 319
Email: Lcb@balticsea.no
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and the Euronext Growth Oslo Rule Book.
Baltic Sea Properties is an open-ended and fully integrated real estate investment company. The company is among the Baltics' leading real estate investors and developers - owning a diversified cash flow generating portfolio of modern real estate in the logistics, industrial and commercial segments.