Baltic Sea Properties (BALT) Q2 2025 earnings summary

Executive summary

• Rental income increased 11% year-over-year to €4.60m in H1 2025, driven by CPI indexation and new developments.

• EBITDA rose 11% to €3.29m, and income from property management grew 57% to €1.66m, reflecting strong operational leverage.

• Annualised return on equity reached 5.7%, with profit after tax of €1.34m.

• Dividend of NOK 2.00 per share distributed in May, marking the fifth consecutive year of payouts.

• Portfolio expansion and long-term lease agreements support future growth.

Financial highlights

• Net rental income rose to €4.40m from €4.01m year-over-year.

• Administration costs increased to €0.77m, while other operating expenses decreased to €0.42m.

• Fair value of portfolio at 30 June 2025: NOK 1,358m (€114.7m), up from NOK 1,184m (€103.9m) a year earlier.

• Net income from property management (IFPM) for H1 2025: €1.7m, up from €1.1m in H1 2024.

• Occupancy rate remains at 100% with a WAULT of 8.3 years.

Outlook and guidance

• Focus remains on long-term value creation, completing developments, and maintaining dividend capacity.

• Ongoing construction at Liepų Parkas, with new handovers and pre-leasing activity.

• Stable Lithuanian market and strong balance sheet position the company to navigate uncertainties.