Baltic Horizon Fund (NHCBHFFT) Q3 2026 earnings summary

Executive summary

• Q3 net rental income rose to EUR 3.478m from EUR 2.631m YoY; nine-month net profit was EUR 6.903m, including EUR 4.752m in net property revaluation gains. Excluding revaluations, nine-month net profit was EUR 2.151m.

• Like-for-like nine-month NOI, excluding Meraki, increased 12% to EUR 9.564m; lower financing costs and operating expenses supported the improvement.

Financial highlights

• Q3 rental income was EUR 3.836m versus EUR 3.833m YoY; nine-month rental income was EUR 11.382m versus EUR 11.361m.

• Nine-month operating profit was EUR 12.904m versus EUR 5.866m; net financial expenses fell to EUR 5.897m from EUR 7.061m.

• Q3 net profit was EUR 6.205m versus a EUR 68k loss; Q3 result excluding revaluations was EUR 1.1m, excluding a one-off result from a past property disposal.

• Nine-month generated net cash flow was EUR 778k versus a EUR 665k outflow; period-end cash was EUR 8.310m.

Outlook and guidance

• Management expects the benefits of the new property management set-up to continue after Q3, the first quarter reflecting its full effect.

• EUR 11.5m of bonds remain outstanding; the stated aim is redemption before May 2028 maturity, with liquidity timing aligned to expiry of early redemption fees by May 2027.

• October refinancing tenders cover loans secured on Postimaja and Apollo Plaza, Pirita SC and Galerija Centrs; acceptable loan top-ups and selected non-core disposals may fund bond redemption.

• The North Star block sale is expected to close in H1 2027; net proceeds after partial bank-loan repayment are intended for bond redemption.