Black Sea Property (BSP) H1 2026 earnings summary

Executive summary

• The group focuses on real estate investment and development in Bulgaria, with ongoing operational and financial challenges due to limited rental income, significant debt maturities in Q4 2026, and a persistent need for capital.

• The main priorities are refinancing EPO Aheloy debt, exploring full or partial sale of the Sunrise River Beach Resort, and selling remaining undeveloped plots.

• A preliminary sale agreement for EPO Bulgaria was canceled in November 2025; alternative strategies are being pursued.

Financial highlights

• Consolidated operating income for H1 2026 was NOK 170,000, with operating costs of NOK 7,253,000, resulting in an operating loss of NOK -7,083,000.

• Net financial items were negative, leading to a consolidated net loss of NOK -3,076,000 for H1 2026, compared to NOK -3,109,000 in H1 2025.

• Cash and cash equivalents at June 30, 2026, were NOK 7,157,000, down from NOK 8,600,000 at the start of the year.

• Total assets at group level were NOK 264,228,000 as of June 30, 2026, down from NOK 279,550,000 at year-end 2025.

Outlook and guidance

• Continued operations depend on successful refinancing or sale of key assets and securing additional liquidity.

• There is significant uncertainty regarding the timing and terms of refinancing or asset sales.

• Reduced rental income for 2026 increases liquidity needs and uncertainty about going concern.