Baltic Sea Properties (BALT) Q4 2025 earnings summary

Executive summary

• Achieved 10% total income growth in 2025, driven by new developments and CPI-indexed rental increases.

• Income from Property Management rose over 34% year-over-year, supported by active asset management and lower financing costs.

• Portfolio optimization included transitioning BSP Park Vilnius East to a multi-tenant park and delivering new buildings in Liepų Parkas, Klaipėda.

• Net Asset Value (NAV) increased to EUR 56.7 million, with a total annual return of 9.1% (EUR), including dividends.

• Share buybacks approved, reflecting confidence in underlying asset value and long-term value creation.

Financial highlights

• Rental income for 2025 was NOK 105.6 million, up from NOK 96.4 million in 2024.

• EBITDA reached NOK 74.4 million, compared to NOK 70.5 million in 2024.

• Net income from property management (IFPM) was NOK 38.2 million, up from NOK 28.3 million year-over-year.

• Profit for the period was NOK 45.8 million, down from NOK 55.3 million in 2024, mainly due to conservative valuations and higher tax rates.

• Dividend yield on NAV was 2.60%, with a payout of NOK 17.4 million.

Outlook and guidance

• Focus remains on development and acquisition pipeline, prudent asset management, and selective M&A.

• Market stabilization observed, with improved financing conditions and increased transaction activity.

• Lithuania expected to outperform broader Europe in GDP growth for 2026.