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Baltic Horizon Fund
Baltic Horizon Fund (NHCBHFFT) investor relations material
Baltic Horizon Fund Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Q4 2025 saw occupancy rise to 86.5% quarter average and 86.2% at quarter end, mainly driven by leasing activity at Europa Shopping Center, with average rent at €12.90/sqm.
Net operating income (NOI) for Q4 2025 was €2.95 million, up 8.6% year-over-year, with full-year NOI at €11.66 million.
Net loss for 2025 deepened to EUR 20.1 million, mainly due to property revaluations and financing costs.
Liquidity remains challenging, with cash and equivalents at EUR 5.4 million, of which EUR 4 million is restricted.
Equity offering of up to EUR 25 million targeted at existing investors to address liquidity, covenant compliance, and upcoming loan maturities.
Financial highlights
Rental income for 2025 was EUR 15.1 million, nearly flat year-over-year.
Administrative expenses reduced to EUR 1.92 million in 2025.
Loss of roughly EUR 19.12 million for the year, mainly due to property revaluations.
Total assets at year-end 2025 were €216.6 million, with equity at €78.25 million.
LTV increased to 64.0% at year-end 2025, with total debt outstanding at €133.3 million.
Outlook and guidance
Gradual operational improvement expected in 2026, contingent on successful capital raise and refinancing.
Fit-out investments planned to support rent recovery, especially at Vainodes I.
Ongoing focus on cost-cutting, administrative efficiency, and property management insourcing.
No specific financial or distribution guidance provided; improvement depends on execution of turnaround and market stability.
Management confident minimum equity raise will address liquidity and covenant needs.
Equity ratio breach: how will it be cured?
Vacant property strategy and disposals
Maturing loans and refinancing strategy
Bond repayment and Latvian loan conditions
Address cash flow negative and landlord costs
Valuation write-down reversal strategy
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Next Baltic Horizon Fund earnings date
Q1 20267 May, 2026
Baltic Horizon Fund
Next Baltic Horizon Fund earnings date
Q1 20267 May, 2026
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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.
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