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Baltic Sea Properties (BALT) investor relations material

Baltic Sea Properties Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary29 Aug, 2025

Executive summary

  • Rental income increased 11% year-over-year to €4.60m in H1 2025, driven by CPI indexation and new developments.

  • EBITDA rose 11% to €3.29m, and income from property management grew 57% to €1.66m, reflecting strong operational leverage.

  • Annualised return on equity reached 5.7%, with profit after tax of €1.34m.

  • Dividend of NOK 2.00 per share distributed in May, marking the fifth consecutive year of payouts.

  • Portfolio expansion and long-term lease agreements support future growth.

Financial highlights

  • Net rental income rose to €4.40m from €4.01m year-over-year.

  • Administration costs increased to €0.77m, while other operating expenses decreased to €0.42m.

  • Fair value of portfolio at 30 June 2025: NOK 1,358m (€114.7m), up from NOK 1,184m (€103.9m) a year earlier.

  • Net income from property management (IFPM) for H1 2025: €1.7m, up from €1.1m in H1 2024.

  • Occupancy rate remains at 100% with a WAULT of 8.3 years.

Outlook and guidance

  • Focus remains on long-term value creation, completing developments, and maintaining dividend capacity.

  • Ongoing construction at Liepų Parkas, with new handovers and pre-leasing activity.

  • Stable Lithuanian market and strong balance sheet position the company to navigate uncertainties.

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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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