Black Sea Property AS – Full agreed rent for Sunrise River Beach Resort not received

Reference is made to the 2025 annual report for Black Sea Property AS published on May 29, 2026, informing inter alia about the agreed rental income from the tenant Sunrise River Management EOOD for the calendar year 2026.

According to the rental agreement, the agreed rent for 2026 is EUR 750,000, to be paid in two instalments with the latest instalment due on August 31st. As of today, EPO Aheloy (as the owning company of the Sunrise River Beach Resort) has received a total rent of EUR 535,000 and with the tenant informing that it will not be able to pay the agreed rent for 2026 due to lack of funds with the tenant. EPO Aheloy is working together with the tenant to clarify the possibility of further rent payments, but it is currently expected that the final rent for 2026 will not exceed EUR 550,000, ie. a rent reduction of some EUR 200,000. The final rent amount is expected to be determined within mid-October 2026.

The tenant has informed that the main reasons for the reduced rent is stated to be substantial increased staffing costs, food costs, and increased electricity costs with no government subsidies available in 2026 (50 % subsidy in 2025).

As disclosed earlier, the Company is actively working towards both refinancing of existing indebtedness and for exit-processes from the Company's investment in the Resort. Updates on these matters will be provided in due course.

For further information, please contact:

Egil Melkevik, Chairman Tel: +47 90 77 09 76 E-mail: em@ms-solutions.no

About Black Sea Property AS: Black Sea Property AS is a real estate company with holdings in a real estate project on the Black Sea coast called Sunrise River Beach Resort. Sunrise River Beach Resort is a partially completed project and will upon completion comprise approximately 950 apartments as well as significant commercial space. Black Sea Property AS has indirect ownership to the project and will work to finalize Sunrise River Beach Resort, to realize the project's added value through the sale of residential units and hotel operations.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17. This stock exchange announcement was published by Egil Melkevik, Chairman, at the time and date provided.