Baltic Horizon Fund (NHCBHFFT) Q1 2026 earnings summary

Executive summary

• Injected EUR 12.3 million new equity in March 2026, strengthening liquidity and enabling early bond repayment of EUR 7.5 million; remaining EUR 11.5 million bonds targeted for repayment in 2026, mainly via property disposals.

• Q1 2026 net profit was EUR 237 thousand, impacted by EUR 286 thousand in one-off costs; adjusted net result excluding one-offs and non-cash items was EUR 601 thousand.

• Overheads reduced significantly, with Q2 2026 cost base projected at EUR 100 thousand per quarter, down from EUR 207 thousand a year ago.

• Management transition: Edvinas Karbauskas appointed as Chairman and Fund Manager in May 2026.

• Occupancy across the portfolio remains unsatisfactory; tenant attraction and retention are top priorities.

Financial highlights

• Rental income for Q1 2026 was EUR 3,646 thousand, up from EUR 3,009 thousand in Q1 2025.

• Net rental income reached EUR 3,009 thousand, compared to EUR 2,970 thousand in Q1 2025.

• EBIT for Q1 2026 was EUR 2,496 thousand, up from EUR 1,530 thousand in Q1 2025.

• Net profit was EUR 237 thousand, a turnaround from a loss of EUR 968 thousand in Q1 2025.

• Earnings per unit were EUR 0.00, compared to EUR -0.01 in Q1 2025.

Outlook and guidance

• Management aims to complete at least one major property disposal in summer 2026.

• Focus remains on improving occupancy and restoring profitability for unitholders.

• Deferred tax assets of EUR 1.4 million may be derecognized in 2026 due to uncertainty of utilization.