Baltic Horizon Fund (NHCBHFFT) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw occupancy rise to 86.5% quarter average and 86.2% at quarter end, mainly driven by leasing activity at Europa Shopping Center, with average rent at €12.90/sqm.

• Net operating income (NOI) for Q4 2025 was €2.95 million, up 8.6% year-over-year, with full-year NOI at €11.66 million.

• Net loss for 2025 deepened to EUR 20.1 million, mainly due to property revaluations and financing costs.

• Liquidity remains challenging, with cash and equivalents at EUR 5.4 million, of which EUR 4 million is restricted.

• Equity offering of up to EUR 25 million targeted at existing investors to address liquidity, covenant compliance, and upcoming loan maturities.

Financial highlights

• Rental income for 2025 was EUR 15.1 million, nearly flat year-over-year.

• Administrative expenses reduced to EUR 1.92 million in 2025.

• Loss of roughly EUR 19.12 million for the year, mainly due to property revaluations.

• Total assets at year-end 2025 were €216.6 million, with equity at €78.25 million.

• LTV increased to 64.0% at year-end 2025, with total debt outstanding at €133.3 million.

Outlook and guidance

• Gradual operational improvement expected in 2026, contingent on successful capital raise and refinancing.

• Fit-out investments planned to support rent recovery, especially at Vainodes I.

• Ongoing focus on cost-cutting, administrative efficiency, and property management insourcing.

• No specific financial or distribution guidance provided; improvement depends on execution of turnaround and market stability.

• Management confident minimum equity raise will address liquidity and covenant needs.