Baltic Sea Properties
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Baltic Sea Properties (BALT) investor relations material

Baltic Sea Properties Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary28 Aug, 2026

Executive summary

  • Achieved solid operational performance in H1 2026, with profit rising to €3.42m from €1.34m year-over-year, despite a temporary vacancy at BSP Park Vilnius East and sale-related one-offs.

  • Portfolio value increased to €126.1m, reflecting a valuation uplift driven by CPI-linked rental growth and modest yield compression.

  • Maintained high customer satisfaction and low vacancy, with NOI margin at 93.4% across the standing portfolio.

  • Distributed a NOK 2.00 per share dividend and executed share buybacks at a significant discount to NAV.

Financial highlights

  • Rental income was €4.37m, down from €4.60m in H1 2025 due to temporary vacancy and asset sales.

  • EBITDA reached €3.08m (margin 68.4%), while income from property management was €1.57m.

  • EPRA earnings amounted to €1.28m, or NOK 1.65 per share.

  • Net LTV stood at 46.8%, with interest coverage ratio at 2.18x (including mezzanine interest).

  • Portfolio value rose to €126.1m from €114.7m year-over-year.

Outlook and guidance

  • Contracted rents indicate a stronger H2 2026, with income from property management now ahead of budget.

  • Priorities include letting remaining space at Liepų Parkas and Vilnius East, progressing asset sales, and maintaining stable dividends.

  • Lithuania's economy is forecast to grow 3.1% in 2026, supporting property market fundamentals.

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