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Baltic Sea Properties (BALT) investor relations material

Baltic Sea Properties Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary14 Nov, 2025

Executive summary

  • Rental income rose significantly year-over-year, supported by new cash flows from completed developments and portfolio expansion.

  • EBITDA increased by nearly 8% and Income From Property Management (IFPM) grew over 40% year-over-year, aided by lower financing costs.

  • The company remains focused on completing developments, sourcing acquisitions, and pursuing M&A, while maintaining strong dividend capacity.

Financial highlights

  • Rental income for Jan–Sep 2025 was NOK 80,549k, up from NOK 72,009k in the same period last year.

  • EBITDA for Jan–Sep 2025 reached NOK 57,626k, compared to NOK 53,001k for Jan–Sep 2024.

  • IFPM for Jan–Sep 2025 was NOK 29,955k, up from NOK 20,677k year-over-year.

  • Profit for Jan–Sep 2025 was NOK 22,199k, compared to NOK 24,099k in Jan–Sep 2024.

  • Net Asset Value (NAV) per share as of 30 Sep 2025 was NOK 73.42, up from NOK 68.35 a year earlier.

Outlook and guidance

  • The company targets 10–15% average annual IRR and €100m equity by end of 2028.

  • Focus remains on high-quality portfolio growth, risk management, and strategic M&A.

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Frequently asked questions

Baltic Sea Properties AS is a Norway-based real estate company with a strategic focus on the Baltic countries. This company operates through fully-owned subsidiaries, all registered in Lithuania, indicating a specialized regional focus. It stands out as one of Lithuania's notable real estate investors, engaging in the ownership, development, and management of a diverse portfolio that includes retail, logistics, and industrial properties. The company is committed to providing sustainable investment returns through premises leasing, real estate services, joint venture partnerships, and focusing on sustainability and flexibility to meet client and investor needs. It's recognized for its strengths in developing logistics, industrial, and commercial real estate, underscoring its position in the market. The company is headquartered in Oslo, Norway, and its shares are listed on the Euronext Growth Oslo.

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