Baltic Sea Properties (BALT) Q3 2025 earnings summary

Executive summary

• Rental income rose significantly year-over-year, supported by new cash flows from completed developments and portfolio expansion.

• EBITDA increased by nearly 8% and Income From Property Management (IFPM) grew over 40% year-over-year, aided by lower financing costs.

• The company remains focused on completing developments, sourcing acquisitions, and pursuing M&A, while maintaining strong dividend capacity.

Financial highlights

• Rental income for Jan–Sep 2025 was NOK 80,549k, up from NOK 72,009k in the same period last year.

• EBITDA for Jan–Sep 2025 reached NOK 57,626k, compared to NOK 53,001k for Jan–Sep 2024.

• IFPM for Jan–Sep 2025 was NOK 29,955k, up from NOK 20,677k year-over-year.

• Profit for Jan–Sep 2025 was NOK 22,199k, compared to NOK 24,099k in Jan–Sep 2024.

• Net Asset Value (NAV) per share as of 30 Sep 2025 was NOK 73.42, up from NOK 68.35 a year earlier.

Outlook and guidance

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

• Focus remains on high-quality portfolio growth, risk management, and strategic M&A.