Quarterly (Q4) Report 2025 – Baltic Sea Properties (BALT)

Oslo, 27 Feb 2026, 08:00 CET

We are pleased to present our Quarterly (Q4) 2025 report, concluding a year of solid operational progress and improved financial performance across the group.

Total income increased by 10%, driven by new cash flows from recently completed developments and CPI-indexed rental increases across the portfolio. Income from Property Management increased by more than 34% year-on-year, supported by active asset management and lower financing costs. Together, these factors have significantly improved our underlying cash flow generation and financial resilience, providing a strong base for further expanding our portfolio.

Net Asset Value increased to EUR 56.7 million, representing a total annual return of 9.1% (EUR) including dividends distributed.

We are expanding our portfolio in line with our investment strategy, backed by a solid balance sheet and disciplined capital allocation. Our focus remains on completing key developments, securing lease-up across the portfolio, sourcing new acquisitions, and pursuing M&A opportunities, while maintaining long-term value creation and dividend capacity in a region that continues to demonstrate economic resilience and growth. In addition, the Board has resolved to initiate a share buyback programme, as further detailed in a separate announcement published today.

For further information, please contact: Lars Christian Berger, CEO Phone: +47 930 94 319 Email: Lcb@balticsea.no

The information in this announcement is subject to disclosure requirements under the EU Market Abuse Regulation (MAR) and listing rules for Euronext Growth Oslo.

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.Content