Baltic Sea Properties (BALT) Q1 2026 earnings summary

Executive summary

• Focuses on logistics, industrial, and retail real estate with a portfolio of 13 projects totaling 131,000 m² GLA and €121.4m GAV.

• Maintains long-term, triple-net leases with solid tenants, ensuring stable cash flows and predictable returns.

• Strategic presence in Lithuania and Norway, leveraging regional growth in logistics and industrial demand.

Financial highlights

• Rental income for Q1 2026 was €2.34m, up 1.4% year-over-year from €2.31m in Q1 2025.

• EBITDA for Q1 2026 reached €88k, compared to €62k in Q1 2025.

• Net profit for Q1 2026 was NOK 8.48m, slightly up from NOK 8.30m in Q1 2025.

• Net Asset Value (NAV) per share was €6.62 at 31 March 2026, up from €6.23 a year earlier.

• Dividend yield on NAV was 2.75%, with an occupancy rate of 96% and WAULT of 8.9 years.

Outlook and guidance

• Targets 10–15% average annual IRR and €100m equity by end of 2028.

• Aims for annual dividends of 1.5–3.0% of NAV.

• Strategy includes strategic M&A, portfolio growth, and active risk management.