Baltic Sea Properties (BALT) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw continued growth and resilient cash flow, overcoming external challenges.

• Rental income rose significantly year-over-year, supported by CPI adjustments and new property handover.

• EBITDA increased by 10% and income from property management surged 52% compared to Q1 2024.

• Growth aligned with investment strategy, backed by a strong balance sheet and active asset management.

• Development projects, especially Liepų Parkas, are on schedule, with a growing pipeline of acquisitions.

Financial highlights

• Rental income for Q1 2025 was €2,309k, up from €2,065k in Q1 2024.

• EBITDA reached €1,674k, a 10% increase year-over-year; IFPM rose to €1,490k from €877k.

• Net profit for Q1 2025 was NOK 8,301k, compared to NOK 8,196k in Q1 2024.

• NAV per share at quarter-end was NOK 71.12, slightly down from NOK 72.52 at year-end 2024.

• NOI yield on investment projects remained stable at 8.00%.

Outlook and guidance

• 2025 focus includes completing key developments, sourcing new acquisitions, refinancing, and pursuing M&A.

• Commitment to long-term value creation, maintaining dividend capacity, and strengthening ESG performance.