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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Baltic Horizon Fund
Baltic Horizon Fund (NHCBHFFT) investor relations material
Baltic Horizon Fund Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 net rental income rose to EUR 3.478m from EUR 2.631m YoY; nine-month net profit was EUR 6.903m, including EUR 4.752m in net property revaluation gains. Excluding revaluations, nine-month net profit was EUR 2.151m.
Like-for-like nine-month NOI, excluding Meraki, increased 12% to EUR 9.564m; lower financing costs and operating expenses supported the improvement.
Financial highlights
Q3 rental income was EUR 3.836m versus EUR 3.833m YoY; nine-month rental income was EUR 11.382m versus EUR 11.361m.
Nine-month operating profit was EUR 12.904m versus EUR 5.866m; net financial expenses fell to EUR 5.897m from EUR 7.061m.
Q3 net profit was EUR 6.205m versus a EUR 68k loss; Q3 result excluding revaluations was EUR 1.1m, excluding a one-off result from a past property disposal.
Nine-month generated net cash flow was EUR 778k versus a EUR 665k outflow; period-end cash was EUR 8.310m.
Outlook and guidance
Management expects the benefits of the new property management set-up to continue after Q3, the first quarter reflecting its full effect.
EUR 11.5m of bonds remain outstanding; the stated aim is redemption before May 2028 maturity, with liquidity timing aligned to expiry of early redemption fees by May 2027.
October refinancing tenders cover loans secured on Postimaja and Apollo Plaza, Pirita SC and Galerija Centrs; acceptable loan top-ups and selected non-core disposals may fund bond redemption.
The North Star block sale is expected to close in H1 2027; net proceeds after partial bank-loan repayment are intended for bond redemption.
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Latest events from Baltic Horizon Fund
- €21.876m in valuation losses drove a €22.973m loss; refinancing is a 2024 priority.NHCBHFFT
Q4 2023 - Quorum failure delayed proposed board appointments, fees and recalls to a 21 Dec meeting.NHCBHFFTEGM 2023
- Three board appointments and three recalls passed with at least 99.4% support.NHCBHFFTEGM 2023
- Profitability restored in H1 2026 with improved cash flow and reduced leverage, despite occupancy challenges.NHCBHFFTQ2 2026
- Board changes, mandate extensions, and asset sales prioritized for financial turnaround.NHCBHFFTAGM 2026
- Resolution to issue up to 169 million new units at EUR 0.1478 each passed with 93% approval.NHCBHFFTEGM 2025
- Discounted new unit offering aims to raise €25M for bond repayment; vote postponed for quorum.NHCBHFFTEGM 2025
- Occupancy reached 84.2% as net loss narrowed and asset disposals and cost controls continued.NHCBHFFTQ2 2025
- Net loss narrowed to EUR 16.8m as focus shifts to occupancy, disposals, and leverage reduction.NHCBHFFTQ4 2024
Next Baltic Horizon Fund earnings date
Q4 202617 Feb, 2027
Baltic Horizon Fund
Next Baltic Horizon Fund earnings date
Q4 202617 Feb, 2027
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Frequently asked questions
Baltic Horizon Fund is a regulated, closed-end contractual real estate investment fund based in Estonia. Managed by Northern Horizon Capital AS, the fund primarily invests in commercial real estate within the Baltic region, specifically focusing on the capital cities of Estonia, Latvia, and Lithuania. The fund's portfolio includes a mix of office, retail, and leisure properties strategically located in these urban centers. It follows a Real Estate Investment Trust (REIT) model, distributing the majority of its earnings to investors while reinvesting a smaller portion. The company is headquartered in Tallinn, Estonia, and its shares are listed on the Nasdaq Tallinn.