Baltic Sea Properties (BALT) Q2 2026 earnings summary

Executive summary

• Achieved solid operational performance in H1 2026, with profit rising to €3.42m from €1.34m year-over-year, despite a temporary vacancy at BSP Park Vilnius East and sale-related one-offs.

• Portfolio value increased to €126.1m, reflecting a valuation uplift driven by CPI-linked rental growth and modest yield compression.

• Maintained high customer satisfaction and low vacancy, with NOI margin at 93.4% across the standing portfolio.

• Distributed a NOK 2.00 per share dividend and executed share buybacks at a significant discount to NAV.

Financial highlights

• Rental income was €4.37m, down from €4.60m in H1 2025 due to temporary vacancy and asset sales.

• EBITDA reached €3.08m (margin 68.4%), while income from property management was €1.57m.

• EPRA earnings amounted to €1.28m, or NOK 1.65 per share.

• Net LTV stood at 46.8%, with interest coverage ratio at 2.18x (including mezzanine interest).

• Portfolio value rose to €126.1m from €114.7m year-over-year.

Outlook and guidance

• Contracted rents indicate a stronger H2 2026, with income from property management now ahead of budget.

• Priorities include letting remaining space at Liepų Parkas and Vilnius East, progressing asset sales, and maintaining stable dividends.

• Lithuania's economy is forecast to grow 3.1% in 2026, supporting property market fundamentals.