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

Baltic Sea Properties Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary27 Feb, 2026

Executive summary

  • Achieved 10% total income growth in 2025, driven by new developments and CPI-indexed rental increases.

  • Income from Property Management rose over 34% year-over-year, supported by active asset management and lower financing costs.

  • Portfolio optimization included transitioning BSP Park Vilnius East to a multi-tenant park and delivering new buildings in Liepų Parkas, Klaipėda.

  • Net Asset Value (NAV) increased to EUR 56.7 million, with a total annual return of 9.1% (EUR), including dividends.

  • Share buybacks approved, reflecting confidence in underlying asset value and long-term value creation.

Financial highlights

  • Rental income for 2025 was NOK 105.6 million, up from NOK 96.4 million in 2024.

  • EBITDA reached NOK 74.4 million, compared to NOK 70.5 million in 2024.

  • Net income from property management (IFPM) was NOK 38.2 million, up from NOK 28.3 million year-over-year.

  • Profit for the period was NOK 45.8 million, down from NOK 55.3 million in 2024, mainly due to conservative valuations and higher tax rates.

  • Dividend yield on NAV was 2.60%, with a payout of NOK 17.4 million.

Outlook and guidance

  • Focus remains on development and acquisition pipeline, prudent asset management, and selective M&A.

  • Market stabilization observed, with improved financing conditions and increased transaction activity.

  • Lithuania expected to outperform broader Europe in GDP growth for 2026.

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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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