Baltic Horizon Fund (NHCBHFFT) investor relations material

Opening remarks and agenda

• Meeting opened with attendance from investors and management, confirming quorum and outlining five agenda items, including financial review, strategy, and three voting items: new board member election, remuneration, and mandate extension.

• Presented the audited annual report for FY2025 and interim Q1 2026 results.

• Provided an overview of plans for Q2 and Q3 2026, focusing on operational and strategic priorities.

Financial performance review

• FY2025 revenues were EUR 20.0 million, with a net loss of EUR 20.1 million and property costs rising due to stricter bad debt allowances.

• EBITDA reached EUR 9.7 million, but a property valuation loss of nearly EUR 21 million led to a significant equity reduction.

• Q1 2026 showed total revenue of EUR 4.9 million and a net profit of EUR 0.24 million, indicating early signs of recovery.

• Debt service coverage ratio improved to above 1 by Q1 2026, but debt to EBITDA ratio remains high at 14; LTV increased to 64.0% by end-2025, and equity ratio dropped to 36.1%.

• Sale of Meraki asset and recapitalization efforts helped reduce liabilities and address covenant breaches.

Board and executive committee updates

• Mr. Priit Perens elected as a new Supervisory Board member, replacing Ms. Milda Dargužaitė, for two years from 1 June 2026.

• Remuneration for the new board member set at EUR 11,000 per year.

• Mandates of all board members extended until 1 June 2028, aligning terms.

• Ms. Milda Dargužaitė resigned from the Supervisory Board effective 1 June 2026.