Black Sea Property (BSP) H1 2025 earnings summary

Executive summary

• Focus remains on real estate investment and management in Bulgaria, with ongoing operational and financial challenges due to low recurring income and significant financial obligations.

• Efforts are concentrated on the potential sale of the main asset, Sunrise River Beach Resort, with the goal of completion before summer 2026.

• Ongoing negotiations for the sale of undeveloped plots in Obzor and Byala, with expected combined value of EUR 300,000.

Financial highlights

• Group revenue for 1H 2025 was NOK 3,673,000, up from NOK 587,000 in 1H 2024.

• Operating loss for 1H 2025 was NOK -3,109,000, compared to a profit of NOK 1,200,000 in 1H 2024.

• Net result for 1H 2025 was a loss of NOK -3,109,000, versus a profit of NOK 936,000 in 1H 2024.

• Cash and cash equivalents at 30 June 2025 were NOK 590,000, down from NOK 3,687,000 at 30 June 2024.

Outlook and guidance

• Liquidity remains challenging, with recurring capital needs for both operations and debt service.

• Sale of the main resort or company’s stake is targeted before summer 2026; ongoing efforts to secure all necessary operational permits.

• Planned rights issue of up to NOK 10 million in October 2025 to address short-term capital needs.