Interim report
Page 1
Half-year report — 2026
Page 2
2 3 Disclaimer: This report has been prepared by Baltic Sea Properties AS in good faith and to our best ability with the purpose to give the company’s shareholders updated information about the company’s operations and status. This document must not be understood as an offer or encouragement to invest in the company. The financial figures presented are unadited and may thus include discrepancies. Baltic Sea Properties AS further makes reservations that errors may have occurred in its calculations of key figures or in the development of the report which may contribute to an inaccurate impression of the company’s status and/or operations. The report also includes descriptions and comments which are based on subjective assumptions and considerations, and thus must not be understood as a guarantee of future events or future profits. About us 4 Operational Update 6 Market Update 8 Key Figures 10 Financing 11 Rent Roll & WAULT 12 Responsibility Statement from the Board of Directors & CEO 14 Interim Consolidated Financial Statements 15 Contact 18 Appendix A) EPRA Performance Measures 20 B) Reconciliation of APM’s 24 Contents
Page 3
4 5 Baltic Sea Properties (BALT) is a Norwegian real estate investment company listed on Euronext Growth Oslo. We acquire, develop, and manage high-quality commercial properties, focusing on logistics, industrial, and retail segments. Our portfolio consists of long-term, triple-net leased assets with solid tenants, ensuring stable cash flows and predictable returns. We operate with a long-term, partnership-oriented approach, combining local market expertise with Nordic governance standards. The company emphasises sustainability, efficient property management, and value creation through active development and optimisation of its assets. With headquarters in Oslo and a fully operational local organisation in Lithuania, we are strategically positioned to capitalise on the region’s growing logistics and industrial demand, driven by EU integration, strong economic fundamentals, and increased trade connectivity between Northern and Eastern Europe. About us Our Targets Our Strategy Pursue strategic M&A Sustain high-quality portfolio growth Continually research, learn and develop Actively manage risks 10-15% average annual IRR € 100m equity by end of 2028 1.5-3.0% annual dividend’s share of NAV € 126.1 m GAV 7.70 % NOI yield 2.55 % Dividend yield 46.83 % Net LTV 131,000 m2 GLA € 10.1 m Contracted rent 9.1 years WAULT 13 Investment projects
Page 4
6 7 Baltic Sea Properties AS Baltic Sea Properties ASHalf-year report | 2026 Half-year report | 2026 €1.28m Earnings EPRA1 First half of 2026 (H1) | Comparative figures (H1 2025) in brackets unless otherwise stated Operational and financial Update Results for the first half We are pleased to report a solid first half of 2026, with continued strong underlying operations despite the temporary vacancy at BSP Park Vilnius East. Rental income came in at mEUR 4.37 (H1 2025: mEUR 4.60). The decrease primarily relates to the temporary vacancy at BSP Park Vilnius East and sale-related one-offs at BSP Park Vilnius A3, with a combined year-on-year impact of approximately tEUR 355. EBITDA amounted to mEUR 3.08, corresponding to a margin of 68.4 per cent, while income from property management (IFPM) came in at mEUR 1.57 (H1 2025: mEUR 1.66), slightly below last year. EPRA earnings amounted to mEUR 1.28, or NOK 1.66 per share. The investment property portfolio recorded a valuation uplift of mEUR 2.87 following updated valuations as of 30 June, carried out by independent external valuers Newsec and Ober- Haus. The uplift primarily reflects expected CPI-linked rental growth and modest yield compression. The valuations reflect a net yield of 7.7 per cent on the cash-yielding portfolio, based on annualised NOI of approximately mEUR 9.0 and a portfolio value of mEUR 116.3. As a result, profit for the first half of 2026 amounted to mEUR 3.42, up from mEUR 1.34 in H1 2025. Operations Portfolio and management. Our own management teams in Vilnius and Klaipėda look after the portfolio day to day, and we maintain our focus on offering excellent property and facility services to our clients. We stay close to our tenants, making sure they have access to services, expansion options and support for their wider real estate needs. This keeps customer satisfaction high and vacancy low. This is reflected in an NOI margin of 93.4 per cent across the standing portfolio. During the first half, we sold one minor non-core asset at its book value of tEUR 780. We are evaluating the sale of one additional project (BSP Park A3) to recycle capital into assets with better long-term returns. Liepų Parkas, Klaipėda. We handed over a new building to BMW (Inchcape) in February, lifting income from the project by 45 per cent year-on-year. The adjoining 4,500 m² mixed-use building is nearing completion and will be ready for tenants from third quarter. Pre-letting has passed 60 per cent and we expect the building fully let by the first quarter of 2027, contributing about mEUR 0.5 of annual net operating income. BSP Park Vilnius East. Following Girteka’s departure at the end of 2025, re-letting has been one of our main priorities. Around 85 per cent of the lettable area is now let, and we aim to fill the remainder by the first quarter of 2027. Investor relations event In May, we welcomed a broad group of shareholders to our annual general meeting and investor day at Ambassaden in Oslo, where we presented and openly discussed our strategy, portfolio and plans. The event provided a valuable forum for direct dialogue with our shareholders, and we intend to build on this format as we continue to strengthen our investor communications. Financing Interest-bearing debt was mEUR 64.4: mEUR 60.0 of bank facilities and the mNOK 50 (mEUR 4.4) mezzanine loan in BSP AS. Covenant headroom is comfortable, interest coverage was 2.56x on bank facilities (2.18x including mezzanine interest), debt service coverage 1.38x, and loan-to-value 51.1 per cent (46.8 per cent net of cash). Financing costs remain elevated, but moderate leverage and comfortable covenant headroom provide a solid buffer going forward. EPRA performance measures From this report onwards, we present the EPRA performance measures alongside our IFRS figures. They exclude items such as valuation movements and deferred tax that do not reflect the underlying rental business, which makes the development of our results easier to follow from period to period Terms & Abbreviations • Average interest rate = The average interest rate across the loan portfolio, including the impact of any derivatives. • CPI = Consumer Price Index. • EBITDA = Earnings Before Interest, Tax, Depreciation, and Amortisation: A measure of a company’s operational profitability. • EPRA = European Public Real Estate Association. EPRA is the representative body of the listed real estate sector in Europe, and its reporting framework is applied by the majority of listed property companies across Europe and the Nordics. • EURIBOR = Euro Interbank Offered Rate: The average interest rate at which major European banks lend to each other, commonly used as a benchmark for loans and financial contracts in Euros. • Fair value of portfolio = Valuation of the real estate assets at market value. • IFPM = Income From Property Management: Profit/loss before tax excluding depreciation, profit/loss or value movements on properties, realised investments, currency effects, and other financial instruments. • Interest Coverage Ratio = ICR – Group: Group EBITDA divided by all interest paid; measures ability to cover interest obligations. • Interest Coverage Ratio = ICR – SPV finance: Consolidated EBITDA of real estate subsidiaries divided by interest paid on real estate-specific financing. • IBD = Interest-Bearing Debt: All outstanding debt to credit institutions and/or other credit facilities. • LTV = Loan-to-Value ratio: A measure of financial leverage, calculated as total debt divided by the market value of the asset or portfolio. • M&A = Mergers & Acquisitions: Business transactions involving the consolidation or transfer of companies or assets. • NAV = Net Asset Value: The total value of a company’s assets minus its liabilities, often used to represent the per-share value of a real estate or investment company. • Net rent = Income from rental activity from the property portfolio minus all unrecovered property expenses (not including internal property management fees). • NOI = Net Operating Income: Income from the property portfolio after operating expenses, including internal property management expenses. • NOI yield = NOI divided by the market value of the investment portfolio, excluding development land (land bank); used to assess investment performance. • ROE = Return on Equity: Profit for the period/year as a percentage of average equity; indicates how efficiently equity is being used. • Run rate = Method of annualising current financial or operational figures by projecting existing numbers over a 12-month period, assuming the same performance continues. • SPV = Special Purpose Vehicle: A legal entity created for a specific, limited purpose. • Triple Net (NNN) = A lease agreement in which the tenant pays not only rent but also all property expenses, including taxes, insurance, and maintenance • WAULT = Weighted Average Unexpired Lease Term: The average remaining lease term of all tenants in a property or portfolio, weighted by rental income, used to assess income stability and risk. • XIRR = Extended Internal rate of Return: Annualised, money-weighted return • YTD = Year to Date: The period from 1st of January of a given year up to and including the reporting date. and comparable with our listed peers. Our traditional NAV calculation (BSP NAV) will therefore be phased out over the next six months in favour of EPRA NRV as our long-term measure, together with EPRA NTA, in which we recognise 50 per cent of the deferred tax liability on assets we intend to sell. Definitions, calculations and reconciliations to the IFRS figures for all EPRA measures are set out in Appendix A Net asset value and shareholder return Net asset value per our previous definition (BSP NAV) amounted to mEUR 58.6, or NOK 76.79 per share (EUR 6.79), at 30 June 2026. On the EPRA measure, we now use EPRA NRV as our long- term NAV which stood at NOK 83.79 per share. During the first six months we also distributed a dividend of NOK 2.00 per share (mEUR 1.56) in the period, equal to 2.6 per cent of BSP NAV per share at 30 June 2026. Including the dividend, total EPRA NRV return per share for the half- year was 6.8 per cent in EUR and 2.0 per cent in NOK. We also bought back 54,784 shares at an average price of NOK 47.7 – a 38 per cent discount to BSP NAV at 30 June 2026, effectively acquiring around NOK 1.60 of net asset value for every krone spent. We view the continued discount to NAV as a consequence of our size and limited trading liquidity rather than the underlying performance of the business. At these levels, buy-backs represent an attractive use of capital for our shareholders, alongside the dividend. Outlook Contracted rents point to a stronger second half, with the annualised run-rate of income from property management now ahead of our 2026 budget. Our priorities are to let the remaining space at Liepų Parkas and Vilnius East, keep covenant headroom comfortable, progress the planned asset sale, and continue to build predictable cash flow that supports a stable dividend and healthy long-term return. €3.08m EBITDA (€3.29m) 2.18x Group ICR2 (2.27x) Snapshot — First Half 2026 Comparative figures (H1 2025) in brackets unless otherwise stated 1 Please refer to Appendix A for further explanation and breakdown of EPRA-related terms and figures. 2 Including mezzanine (€4.46m per 30.06.2026). €3.42m Profit (€1.34m) €4.37m Rental income (€4.60m) €126.1m Portfolio value (€ 114.7m) €7.41 Per share Long-term NAV (EPRA1 NRV) 46.8% Net LTV (46.69%) €1.57m IFPM (€1.66m) Lars Christian Berger CEO +47 930 94 319 LCB@BalticSea.no
Page 5
8 9 Baltic Sea Properties AS Baltic Sea Properties ASHalf-year report | 2026 Half-year report | 2026 Provided by Kristina Živatkauskaitė and Mindaugas Kulbokas at Newsec Baltics (20 August 2026) Market Update Solid Growth Supported by Domestic Demand and Investment Lithuania’s economy continues to expand at a solid pace in 2026, supported by resilient household consumption, strong investment growth and increasing public expenditure. GDP is forecast to grow by 3.1% this year, with private consumption expected to increase by 4.5% and fixed investment by 10.1%. Public investment, particularly in defence and infrastructure, is becoming an increasingly important contributor to economic activity. Inflation remains elevated and is forecast at 5.1% in 2026, while wage growth is expected to remain strong at 7.9%. Unemployment is projected at 6.8%, indicating a relatively tight labour market and continuing support for household purchasing power. GDP growth is expected to moderate to around 2.3% in 2027 as the temporary consumption boost related to pension reform fades. Despite continued geopolitical and external economic uncertainty, Lithuania enters the second half of 2026 with comparatively strong domestic fundamentals. Rising investment, continued wage growth and large-scale public spending should remain supportive for the property market, although performance is becoming increasingly differentiated between individual sectors and assets. Investment Activity Returns to the Lithuanian Market Commercial real estate investment activity increased sharply in Lithuania during the first half of 2026. Transaction volume reached around EUR 450 million, more than 2.5 times the H1 2025 level and already approximately 65% above the full-year 2025 result. Retail accounted for the largest share of investment volume, supported by several sizeable transactions, while activity in the office segment also strengthened. The recovery is being driven by a broader pool of capital. Domestic and Baltic investors remain central to market activity, while club investments and partnerships with regional asset managers are becoming increasingly visible. The investor group behind Tallinn’s Kristiine shopping centre later acquiring Domina Shopping in Riga illustrates how cross-border private capital is becoming more active across the Baltic region. Lithuania is also seeing more capital generated outside the traditional property sector moving into real estate. Lithuanian technology group Tesonet’s exposure to office, hotel and development projects is one example of this trend. Increasing liquidity, greater pricing transparency and stronger domestic and cross-border private capital could gradually broaden the buyer base and create conditions for larger international investors to return. With transactions completed during Q3 taking year-to-date investment volume above EUR 520 million, Newsec expects Lithuanian commercial real estate investment volume to reach around EUR 600 million in 2026. Retail Remains at the Centre of Investment Activity Retail has continued to play a leading role in Lithuania’s commercial real estate investment market in 2026. Several sizeable transactions have supported the segment’s dominant share of investment volume, reflecting continued investor interest in assets capable of delivering stable and predictable income. The sector continues to benefit from strong domestic consumption and wage growth, while investors remain focused on established schemes with resilient tenant performance and clear income visibility. The return of larger transactions also indicates improving liquidity for good-quality retail assets after several years of comparatively subdued market activity. At the same time, investor selectivity remains high. Location, tenant quality, future capital expenditure and the sustainability of rental income continue to be important factors in pricing, particularly as the market moves from a period dominated by smaller transactions towards larger and more structured deals. Office Leasing Strengthens but Tenants Remain in Control Vilnius office leasing activity strengthened significantly in the first half of 2026. Strong take-up combined with limited new supply reduced the overall vacancy rate to 8.4% at the end of Q2. Despite improving market indicators, the office market has not yet shifted decisively back in landlords’ favour. Tenants remain selective and are placing greater emphasis on space efficiency, flexibility, accessibility, building quality and total occupancy cost. Competition is therefore increasingly taking place between individual buildings rather than simply between traditional office classes. This is creating a more differentiated market. Modern and well-located buildings that can offer efficient layouts, strong amenities and competitive occupancy costs are better positioned to attract demand. At the same time, weaker or less efficient assets face growing pressure to adapt through refurbishment, subdivision, upgraded services or more flexible leasing strategies. The recent improvement in leasing activity should support further vacancy reduction, although the absorption of space delivered during the latest development cycle will continue into the second half of the year. Defence Investment Adds a New Dimension to the Industrial Market Lithuania’s industrial and logistics market is increasingly being influenced by defence- related manufacturing, maintenance and infrastructure investment. The country’s defence build-up is moving beyond military infrastructure and beginning to generate specialised demand for industrial land, production facilities, logistics space and supporting services. Several major projects illustrate this shift. Rheinmetall is developing a EUR 300 million ammunition plant, while Lithuania Defense Services is investing around EUR 50 million in a military vehicle assembly and maintenance facility in Kaunas FEZ. Ukrainian defence manufacturer DEMZ is also establishing production capacity in Alytus and Prienai district. In addition, the arrival of international built- to-suit development capacity adds another dimension to Lithuania’s industrial market, increasing competition in a sector historically dominated by local players.
Page 6
10 11 Baltic Sea Properties AS Baltic Sea Properties ASHalf-year report | 2026 Half-year report | 2026 Key Figures 30 th June 2026 (H1) Per share 30 Jun 2026 31 Dec 2025 30 Jun 2025 Long-term NAV1 (EPRA2 NRV) in NOK 83.79 84.09 79.50 Long-term NAV1 (EPRA2 NRV) in EUR 7.41 7.10 6.72 YTD Return NAV incl. dividend (NOK)3 2.02% 9.54% 6.40% YTD Return NAV incl. dividend (EUR) 3 6.86% 9.11% 5.70% Dividend distributed (NOK) 2.00 2.00 2.00 Dividend distributed (EUR) 0.18 0.17 0.17 Last transaction price per date (NOK) 48.00 46.70 53.00 Number of shares issued 8 696 077 8 696 077 8 696 077 EURNOK rate, balance sheet date4 11.31 11.84 11.83 EURNOK rate, YTD average 5 11.17 11.72 11.66 1) Net Asset Value. 2) Please refer to Appendix A for further explanation and breakdown of EPRA-related terms and figures. 3) YTD return incl. dividend is calculated per oustanding share (net of treasury shares). 4) EURNOK rate per balance sheet date is used when converting balance sheet figures. 5) EURNOK YTD average rate is used when converting P&L figures. Group key figures 30 Jun 2026 31 Dec 2025 30 Jun 2025 Fair value of portfolio (MNOK) 1 426 1 426 1 358 Fair value of portfolio (MEUR) 126.1 120.4 114.7 Value of equity based on long-term NAV - EPRA NRV (MNOK) 724 731 691 Value of equity based on long-term NAV - EPRA NRV (MEUR) 64.0 61.7 58.4 Fully stabilised income incl. development & vacancy (MNOK) 1 114.2 119.6 111.2 Fully stabilised income incl. development & vacancy (MEUR) 1 10.1 10.1 9.4 Net income from property management (IFPM) (MNOK) 17.5 38.2 19.4 Net income from property management (IFPM) (MEUR) 1.6 3.3 1.7 NOI yield (investment projects) 7.70% 7.95% 8.03% Dividend yield (EPRA NRV) 2.40% 2.75% 2.75% Occupancy rate 96% 96% 100% WAULT (years) 9.1 9.2 8.3 yrs IBD (incl. mezzanine facility) (NOK) 728 749 735 IBD (incl. mezzanine facility) (EUR) 64.4 63.2 62.1 LTV investment portfolio (incl. mezzanine facility) 51.06% 52.49% 54.17% Net LTV (incl. cash) 46.83% 46.36% 46.69% Interest coverage ratio (ICR) - Group 2.18 2.23 2.27 Interest coverage ratio (ICR) - SPV finance 2.56 2.72 2.78 EBITDA & IFPM Jan - Jun 2026 Jan - Dec 2025 Jan - Jun 2025 Jan - Jun 2026 Jan - Dec 2025 Jan - Jun 2025 EUR EUR EUR NOK NOK NOK thousands thousands thousands thousands thousands thousands Rental income 4 369 9 012 4 603 48 786 105 602 53 678 Property expenses ex mng -288 -408 -206 -3 214 -4 785 -2 407 Net rent 4 081 8 604 4 396 45 573 100 817 51 271 Other operating income 139 166 28 1 555 1 942 327 Administration cost -778 -1 648 -779 -8 687 -19 307 -9 085 Other operating cost -359 -770 -357 -4 010 -9 025 -4 163 EBITDA 3 083 6 352 3 288 34 430 74 427 38 349 Net realised interest cost & finance expenses -1 513 -3 095 -1 626 -16 895 -36 260 -18 964 IFPM 1 570 3 257 1 662 17 535 38 166 19 385 Changes in value of investment properties 2 873 2 168 515 32 087 25 402 6 001 Changes in value of financial instruments 4 -15 -13 47 -170 -147 Realised changes in value of investment properties - - - - - - Depreciation, amortisation and impairment -32 -79 -41 -361 -923 -472 Net currency exchange differences -146 -45 -11 -1 627 -532 -125 Profit before tax 4 270 5 286 2 113 47 680 61 943 24 641 Current tax -109 127 - -1 221 1 482 - Deferred tax -737 -1 503 -770 -8 232 -17 606 -8 981 Profit from continued operations 3 423 3 910 1 343 38 227 45 820 15 660 Financing 30 th June 2026 (H1) Loan financing 30 Jun 2026 31 Dec 2025 30 Jun 2025 Interest-bearing debt incl. mezzanine debt (MEUR) 64.40 63.21 62.1 LTV incl. mezzanine debt1 51.06 % 52.49 % 54.17% Interest-bearing debt excl. mezzanine debt (MEUR) 59.98 58.99 57.9 LTV excl. mezzanine debt1 47.56 % 48.98 % 50.47% 12-month running interest margin credit loans excl. mezzanine (margin)2 2.04 % 2.04% 2.04% Interest rate hedging ratio 15.4% - - Interest rate coverage (ICR) — group 2.18 2.23 2.27 Interest rate coverage (ICR) — SPV finance3 2.56 2.72 2.78 Time until maturity interest-bearing debt (weighted) 3.3 yrs 4.01 yrs 5.0 yrs Time until maturity interest hedging contracts (weighted) 3.3 yrs - 0 yrs Notes 1) LTV in this table does not include cash position. 2) Excl. 3-months EURIBOR & swap agreements. 3) Includes all internal management fees (MEUR) 30 Jun 2026 31 Dec 2025 30 Jun 2025 Interest-bearing debt, total 64.40 63.21 62.14 Interest-bearing debt, bank loan 59.98 58.99 57.90 Interest-bearing debt, mezzanine 4.42 4.22 4.23 Cash 5.34 7.38 8.58 Net LTV, total1 46.83 % 46.36 % 46.69% 1) Net LTV includes cash position BSP Group — ICR Jan-Jun 2026 Jan-Dec 2025 Jan-Jun 2025 EUR EUR EUR EBITDA 3 083 061 6 351 814 3 288 354 Interest payable 1 412 133 2 850 349 1 448 193 ICR - group 2.18 2.23 2.27 Net realised interest cost & finance expenses Interest on real estate portfolio 1 206 367 2 493 724 1 271 882 SWAP costs - - -1 203 SWAP income - -10 074 -7 651 Interest mezzanine incl. contract fee 209 668 402 512 200 491 Interest income -3 902 -35 813 -15 327 Sum interest expenses 1 412 133 2 850 349 1 448 193 Consolidated SPV-financed entities — ICR Jan-Jun 2026 Jan-Dec 2025 Jan-Jun 2025 EUR EUR EUR EBITDA (incl. internal management cost) 3 165 865 6 949 231 3 585 447 Interest payable 1 206 367 2 553 512 1 289 064 ICR - SPV finance 2.56 2.72 2.78 Net realised interest cost & finance expenses Interest on real estate portfolio 1 206 367 2 493 724 1 297 918 SWAP costs - - - SWAP income - -10 074 -8 854 Sum interest expenses 1 206 367 2 850 349 1 289 064 Loan-to-Value ratio 30 Jun 2026 31 Dec 2025 30 Jun 2025 EUR EUR EUR Net nominal interest-bearing debt excl. mezzanine loan 59 977 067 58 989 771 57 900 748 Mezzanine 4 420 671 4 221 903 4 237 534 Other credit - - - Net nominal interest-bearing debt incl. mezzanine loan & other credit1 64 397 738 63 211 675 62 138 282 Valuation of real estate portfolio 126 121 179 120 424 642 114 717 855 Loan to value excl. cash 51.06 % 52.49 % 54.17% Cash 5 336 822 7 384 002 8 578 072 Loan to value incl. cash (Net LTV) 46.83 % 46.36 % 46.69% Debt & maturity Maturity Amount (EUR) Share Base interest rate Interest margin Total interest rate Senior debt - floating rate 3m Euribor Fixed (weighted) Bank loans (excl. swap) 4-5 years 48 808 629 75.8% 2.10% 1.99% 4.09% Interest rate swap (hedged)2 4-5 years 10 000 000 15.5% 2.57% 1.99% 4.56% Total senior debt 58 808 629 91.4% 4,17% Development project loans Liepų Parkas (Building B) 4-5 years 1 089 786 1.7% 2.10% 1.99% 4.09% Total development loans 1 089 786 1.7% 4.09% Mezzanine debt3 Mezzanine 1-3 years 4 459 309 6.9% 9.30% Total debt 64 357 723 100.0% 4.52% Notes 1) Run rate figures, i.e interest is annualised over a 12 month period assuming same EURIBOR and based on a snapshot as at 31/03/2026. 2) The principal of the mezzanine debt is MNOK 50.0. NOK amounts in the table are converted to EUR at exchange rate as at 31/03/2026. EPRA Net Asset Value Metrics 30 Jun 2026 31 Dec 2025 30 Jun 2025 30 Jun 2026 31 Dec 2025 30 Jun 2025 EUR thousands EUR thousands EUR thousands NOK thousands NOK thousands NOK thousands Total equity (IFRS) 56 216 54 677 52 076 635 827 647 537 616 293 + Deferred tax liabilities per balance sheet 7 771 7 037 6 303 87 894 83 344 74 591 – Net fair value of financial derivatives (assets) -4 - -2 -47 - -23 = EPRA NRV (Net Reinstatement Value) 63 983 61 714 58 377 723 674 730 881 690 862 – Intangible assets - - - - - - – Deferred tax expected to crystallise - 100% DTL -> assets held for sale -1 175 - - -13 287 - - = EPRA NTA (Net Tangible Assets) 62 808 61 714 58 377 710 388 730 881 690 862 EPRA NDV (Net Disposal Value) = IFRS equity 56 216 54 677 52 076 635 827 647 537 616 293 EPRA NRV per share € 7.41 € 7.10 € 6.72 NOK 83.79 NOK 84.09 NOK 79.50 EPRA NTA per share € 7.27 € 7.10 € 6.72 NOK 82.25 NOK 84.09 NOK 79.50 EPRA NDV per share € 6.51 € 6.29 € 5.99 NOK 73.62 NOK 74.50 NOK 70.92
Page 7
12 13 Rent roll and WAULT Contracted annualised rent 2026, GLA and lease maturity, per 30 June 2026 WAULTGLA (m²)Rent 2026 (EUR)Anchor tenantSegmentProject 9,344MixedLogisticsBSP Park – Vilnius East 21,929VingesLogisticsBSP Park – Vilnius A3 18,226RhenusLogisticsBSP Park – Vilnius A4 13,205DelamodeLogisticsBSP Park – Vilnius West 9,629OribaltLogisticsBSP Park – Vilnius A1 1,771DPDLogisticsBSP Park – Telšiai 2,370DPDLogisticsBSP Park – Šiauliai FEZ 23,990MultipleIndustrialKlaipėda BP – Klaipėda FEZ 1,337MultipleRetailBSP Retail (Sold) 3,021MaximaRetailBSP Retail II 11,437MultipleRetailGrandus SC – Klaipėda 4,338ESO (Ignitis)CommercialLiepų Parkas – building C 2,625InchcapeCommercialLiepų Parkas – building D 9.1123,2229,089,627Sum contracted 7,829Vacancy – Vilnius East (ERV) 4,385Expansion – Liepų Parkas building B (ERV) 9.1135,43610,084,214Fully stabilised incl. development & vacancy Income by segment Logistics 53% Indus trial 1 6% Com me rcia l 31 % 9.1 yrs WAULT Weighted by contracted rent 4.16% EPRA vacancy rate Vilnius East · ERV tEUR 395 €10.08m Stabilised rent roll incl. building B & re-let vacancy WAULTGLA (m²)Rent 2026 (EUR)Anchor tenantSegmentProject 9,344MixedLogisticsBSP Park – Vilnius East 21,929VingesLogisticsBSP Park – Vilnius A3 18,226RhenusLogisticsBSP Park – Vilnius A4 13,205DelamodeLogisticsBSP Park – Vilnius West 9,629OribaltLogisticsBSP Park – Vilnius A1 1,771DPDLogisticsBSP Park – Telšiai 2,370DPDLogisticsBSP Park – Šiauliai FEZ 23,990MultipleIndustrialKlaipėda BP – Klaipėda FEZ 1,337MultipleRetailBSP Retail (Sold) 3,021MaximaRetailBSP Retail II 11,437MultipleRetailGrandus SC – Klaipėda 4,338ESO (Ignitis)CommercialLiepų Parkas – building C 2,625InchcapeCommercialLiepų Parkas – building D 9.1123,2229,089,627Sum contracted 7,829Vacancy – Vilnius East (ERV) 4,385Expansion – Liepų Parkas building B (ERV) 9.1135,43610,084,214Fully stabilised incl. development & vacancy Income by segment Logistics 53% Indus trial 1 6% Com me rcia l 31 % 9.1 yrs WAULT Weighted by contracted rent 4.16% EPRA vacancy rate Vilnius East · ERV tEUR 395 €10.08m Stabilised rent roll incl. building B & re-let vacancy
Page 8
14 15 Baltic Sea Properties AS Baltic Sea Properties ASHalf-year report | 2026 Half-year report | 2026 Consolidated Profit or Loss Amounts in NOK thousand For the period Jan-Jun 2026 Jan-Dec 2025 Jan-Jun 2025 Rental income 48 786 105 602 53 678 Other income 1 555 1 942 327 Total operating income 50 341 107 544 54 005 Payroll and related costs 8 687 19 307 9 085 Depreciation, amortisation and impairment 361 923 472 Other operating expenses 7 224 13 810 6 571 Total operating expenses 16 272 34 040 16 128 Change in fair value of investment properties 32 087 25 402 6 001 Operating profit 66 156 98 906 43 877 Change in fair value of financial instruments 47 -170 -147 Financial income 44 420 179 Financial expenses -16 939 -36 680 -19 143 Net currency exchange differences -1 627 -532 -125 Net financial income (cost) -18 476 -36 963 -19 236 Profit before income tax 47 680 61 943 24 641 Income taxes 9 453 16 123 8 981 Profit for the period 38 227 45 820 15 660 Interim Consolidated Financial Statements 30 th June 2026 Earnings per share Jan-Jun 2026 Jan-Dec 2025 Jan-Jun 2025 Basic 4.4 5.3 1.8 Diluted 4.4 5.3 1.8 Profit is attributable to: Jan-Jun 2026 Jan-Dec 2025 Jan-Jun 2025 Owners of Baltic Sea Properties group 38 227 45 820 15 660 Non-controlling interests - - - Consolidated statement of comprehensive income Amounts in NOK thousand For the period Jan-Mar 2026 Jan-Dec 2025 Jan-Jun 2025 Profit for the period 38 227 45 820 15 660 Other comprehensive income not to be reclassified to profit and loss Foreign currency translation differences -29 932 3 631 2 456 -29 932 3 631 2 456 Total comprehensive income for the period 8 295 49 450 18 206 Total comprehensive income is attributable to: - Owners of Baltic Sea Properties group 8 295 49 450 18 206 - Non-controlling interests - - - 8 295 49 450 18 206 First Half of 2026 Responsibility Statement Risks and uncertainty factors Baltic Sea Properties’ risks and approach to risk management is thoroughly described in the annual report for 2025. The Annual Report 2025 can be downloaded from the company’s website (https:// balticsea.no/for-investors/#financial- reporting). Outlook Lithuania continues to compare favourably with the European average. The economy is growing at a healthy pace, carried by rising real wages and domestic demand, and investment activity is holding up. Higher inflation adds pressure to our tenants’ cost base, but it also feeds directly into the CPI adjustments that underpin our rental growth. Baltic Sea Properties is well positioned for this combination. Our leases are long and index-linked, our tenants are established operators in premises that are central to their operations, and part of our interest exposure is hedged to limit the effect of further movements in reference rates. A dividend of NOK 2.00 per share was distributed in June, and the balance sheet retains capacity for further growth. For the remainder of the year our priorities are unchanged: completing our ongoing developments, letting up available space, and pursuing new investments selectively and in line with our strategy. We maintain the financial flexibility to act when the right opportunities arise. Responsibility statement The undersigned declare that to the best of their knowledge, the condensed set of financial statements for Baltic Sea Properties AS for the period from 1st of January to 30th of June 2026 have been prepared in accordance with applicable accounting standards, and that the information in the accounts provides a true and fair view of the group’s assets, liabilities, financial position, and overall result as of 30th of June 2025. The undersigned further declare that to the best of their knowledge, this unaudited interim report for Baltic Sea Properties AS provides a true and fair overview of the development, results, and position of the group as of 30th of June 2026. Oslo, the 28th of August 2026 James Andrew Clarke Chairman of the Board John David Mosvold Board Member Henrik Austgulen Board Member Lars Christian Berger CEO
Page 9
17 16 Baltic Sea Properties AS Half-year report | 2026 Disclaimer: This report has been prepared by Baltic Sea Properties AS in good faith and to our best ability with the purpose to give the company’s shareholders updated information about the company’s operations and status. This document must not be understood as an offer or encouragement to invest in the company. The financial figures presented are unadited and may thus include discrepancies. Baltic Sea Properties AS further makes reservations that errors may have occurred in its calculations of key figures or in the development of the report which may contribute to an inaccurate impression of the company’s status and/or operations. The report may also include descriptions and comments which are based on subjective assumptions and considerations, and thus must not be understood as a guarantee of future events or future profits. Consolidated Financial Position Amounts in NOK thousand For the period that ended on 30 Jun 2026 31 Dec 2025 30 Jun 2025 Assets Investment property 1 445 587 1 455 590 1 387 180 Other operating assets 1 004 1 203 1 385 Right-of-use assets - - - Financial derivatives, non-current 47 - - Long-term receivables 144 151 2 518 Total non-current assets 1 446 782 1 456 945 1 391 083 Trade receivables 5 611 5 226 5 663 Financial derivatives, current - - 23 Other receivables and other current assets 3 903 2 516 1 277 Cash and cash equivalents 60 362 87 449 101 517 Total current assets 69 876 95 191 108 480 Investment property held for sale 8 822 - - Total assets 1 525 481 1 552 135 1 499 563 For the period that ended on 30 Jun 2026 31 Dec 2025 30 Jun 2025 Equity Share capital 870 870 870 Share premium 214 031 214 031 214 031 Other paid-in equity -6 -1 -1 Total paid-in equity 214 895 214 900 214 900 Retained earnings 420 932 432 637 401 393 Total equity 635 827 647 537 616 293 Liabilities Deferred tax liabilities 87 894 83 344 74 591 Interest-bearing liabilities 711 811 720 248 721 323 Lease liabilities, non-current 29 314 30 402 30 773 Total non-current liabilities 829 020 833 994 826 687 Lease liabilities, current 101 104 103 Interest-bearing liabilities, current 16 559 28 368 14 053 Trade payables 23 822 17 050 27 311 Income tax payable 1 232 - - Other current liabilities 18 920 25 082 15 116 Total current liabilities 60 634 70 604 56 583 Total equity and liabilities 1 525 481 1 552 135 1 499 563 Changes in Consolidated Equity Amounts in NOK thousand Attributable to owners of Baltic Sea Properties AS Share capital Share premium reserve Other paid-in equity Retained earnings Total Non- controlling interests Total equity Equity at 1 January 2025 870 214 031 -1 400 440 615 340 - 615 340 Net profit for the period - - - 45 820 45 820 - 45 820 Share based payments - - - 130 130 - 130 Other comprehensive income for the period - - - 3 631 3 631 - 3 631 Total comprehensive income in the period - - - 49 450 49 450 - 49 450 Transactions with owners of the company: Transactions with non- controlling interests - - - - - - - Dividends paid - - - -17 384 -17 384 - -17 384 Equity at 31 December 2025 870 214 031 -1 432 637 647 537 - 647 537 Share capital Share premium reserve Other paid-in equity Retained earnings Total Non- controlling interests Total equity Equity at 1 January 2026 870 214 031 -1 432 637 647 537 - 647 537 Net profit for the period - - - 38 227 38 227 - 38 227 Share based payments - - - - - - - Change in own shares - - -5 -2 607 -2 613 - -2 613 Other comprehensive income for the period - - - -29 932 -29 932 - -29 932 Total comprehensive income in the period - - - -8 295 -8 295 - -8 295 Transactions with owners of the company: Transactions with non- controlling interests - - - - - - - Dividends paid - - - -17 392 -17 392 - -17 392 Equity at 30 June 2026 870 214 019 -6 420 932 635 827 - 635 827 Consolidated Cash Flows Amounts in NOK thousand Jan-Jun 2026 Jan-Dec 2025 Jan-Jun 2025 Profit for the period before tax 47 680 61 943 24 641 Adjustments for: Paid taxes 0 1 482 129 Changes in value of investment properties -32 087 -25 402 -6 001 Gain from sale of fixed assets 0 0 Depreciation, amortisation and impairment 361 923 472 Changes in fair value of derivatives -47 170 147 Financial income -44 -420 -179 Finacial expenses 16 939 36 680 19 143 Net currency exchange differences 1 627 532 125 Changes in trade recievables & payables 6 387 1 981 11 812 Changes in other accruals -9 088 1 955 -7 900 Net cash flows from operating activities 31 728 79 845 42 391 Investments in investment property -31 877 -78 648 -30 815 Investments in property, plant and equipment 0 -511 -220 Interest received 44 420 179 Net cash flows from investing activities -31 833 -78 740 -30 857 Proceeds from interest-bearing debt 24 064 81 870 48 422 Repayment of interest-bearing debt -12 884 -21 769 -2 338 Repayments of lease liabilities -103 -904 - Dividends paid to company's shareholders -17 392 -17 384 -17 384 Change in equity -2 613 130 130 Interest paid -14 285 -36 438 -19 354 Net cash flows from financing activities -23 213 5 506 9 476 Net change in cash and cash equivalents -23 318 6 610 21 010 Effects of foreign exchange on cash and cash equivalents -3 768 -151 -483 Cash and cash equivalents at the beginning of the period 87 449 80 989 80 989 Cash and cash equivalents at the end of the period 60 362 87 449 101 517
Page 10
18 19 Lars Christian Berger CEO +47 930 94 319 LCB@BalticSea.no James Andrew Clarke Chairman & CIO +370 612 37 515 JAC@BalticSea.no Contact Oslo Tollbugata 8A 0152 Oslo Norway Vilnius Business center Duetto Spaudos str. 6, Vilnius LT-05132 Lithuania Klaipėda Pramones str. 8A LT-94102 Klaipėda Lithuania Sigitas Jautakis Director, Vilnius +370 652 47 287 SJ@BalticSea.no Rolandas Jonuška Director, Klaipėda +370 618 87 270 Rolandas.Jonuska@BalticSea.no Visit BalticSea.no for our latest news & updates Appendix * European Public Real Estate Association A) EPRA* Performance Measures • IFPM statement • NAV bridge • Earnings • Return Matrix * Alternative Performance Measures B) Reconciliation of APM’s* • Net Asset Value (NAV) • IFPM & EBITDA • Loan-to-Value ratio (LTV) • Interest Coverage Ratio (ICR)
Page 11
20 21 20 21 APPENDIX A APPENDIX AEPRA PERFORMANCE MEASURES EPRA PERFORMANCE MEASURES Introduction of EPRA Performance Measures With effect from the second quarter of 2026, Baltic Sea Properties reports alternative performance measures in accordance with the Best Practices Recommendations (BPR) issued by the European Public Real Estate Association (EPRA), September 2024 edition. EPRA is the representative body of the listed real estate sector in Europe, and its reporting framework is applied by the majority of listed property companies across Europe and the Nordics. The Board believes that adopting the EPRA framework enhances the transparency, consistency and comparability of the Group’s financial reporting. The EPRA measures distinguish the underlying earnings generated by the property portfolio (EPRA Earnings) from valuation movements and other items of a non-recurring nature, and present the Group’s net asset value under three standardised scenarios (EPRA NRV, NTA and NDV) reflecting different assumptions regarding the realisation of assets and the crystallisation of deferred tax. Together with the standardised measures of vacancy and yield, this enables investors and analysts to assess the Group’s performance on a like-for-like basis with its European and Nordic peers. The EPRA measures are alternative performance measures as defined in the ESMA guidelines. They supplement, and do not replace, the Group’s IFRS financial statements. Definitions, calculation methods and reconciliations to the IFRS figures are provided in the APM section of this report. Comparative figures have been restated on the same basis. The measures will be applied consistently in the Group’s future financial reporting. 30 Jun 2026 30 Jun 2025 31 Dec 2025 30 Jun 2026 30 Jun 2025 31 Dec 2025 EUR EUR EUR NOK NOK NOK thousands thousands thousands thousands thousands thousands Rental income 4 369 4 603 9 012 48 786 53 678 105 602 Property expenses (ex management) -288 -206 -408 -3 214 -2 407 -4 785 Net rent 4 081 4 396 8 604 45 573 51 271 100 817 Other operating income 139 28 166 1 555 327 1 942 Administration cost -778 -779 -1 648 -8 687 -9 085 -19 307 Other operating cost (ex property expenses) -359 -357 -770 -4 010 -4 163 -9 025 EBITDA 3 083 3 288 6 352 34 430 38 349 74 427 Net realised interest cost & finance expenses -1 513 -1 626 -3 095 -16 895 -18 964 -36 260 Net income from property management (IFPM) 1 570 1 662 3 257 17 535 19 385 38 166 Reconciliation to IFRS profit Change in fair value of investment properties 2 873 515 2 168 32 087 6 001 25 402 Change in fair value of financial instruments 4 -13 -15 47 -147 -170 Depreciation, amortisation and impairment -32 -41 -79 -361 -472 -923 Net currency exchange differences -146 -11 -45 -1 627 -125 -532 Profit before tax 4 270 2 113 5 286 47 680 24 641 61 944 Current tax -109 - 127 -1 221 - 1 482 Deferred tax -737 -770 -1 503 -8 232 -8 981 -17 606 Profit for the period 3 423 1 343 3 910 38 227 15 660 45 820 Income From Property Management (IFPM) EPRA-style IFPM statement • EPRA = European Public Real Estate Association • APM = Alternative Performance Measure • EPRA Performance Measure = An alternative performance measures (APM) in accordance with the Best Practices Recommendations (BPR) issued by the European Public Real Estate Association (EPRA), September 2024 edition. • EPRA NRV = EPRA Net Reinstatement Value: Net asset value measure assuming that BSP never disposes of its properties, reflecting the value that would be required to recreate the portfolio through investment in the market. Purchasers’ costs, including real estate transfer taxes, are added back, and items that would not crystallise under a long-term hold — such as deferred tax on property revaluations and the fair value of derivative financial instruments — are excluded. • EPRA NTA = EPRA Net Tangible Assets: Net asset value measure assuming that BSP buys and sells properties in the ordinary course of business, thereby crystallising the portion of deferred tax that is unavoidable. Intangible assets and the fair value of derivative financial instruments are excluded. • EPRA NDV = EPRA Net Disposal Value: Net asset value measure representing the value accruing to shareholders in an orderly sale of the business, where deferred tax, the fair value of fixed-rate debt and derivative financial instruments, and other liabilities are recognised in full, net of any resulting tax. Goodwill arising from deferred tax is excluded. • BSP NAV = BSP’s legacy methodology for calculation of Net Asset Value (NAV). Relevant Terms & Abbreviations 20 APPENDIX A EPRA PERFORMANCE MEASURES
Page 12
22 23 22 23 APPENDIX A APPENDIX AEPRA PERFORMANCE MEASURES EPRA PERFORMANCE MEASURES 30 Jun 2026 30 Jun 2025 31 Dec 2025 30 Jun 2026 30 Jun 2025 31 Dec 2025 EUR thousands EUR thousands EUR thousands NOK thousands NOK thousands NOK thousands 2) EPRA net asset value metrics Total equity (IFRS) 56 216 52 076 54 677 635 827 616 293 647 537 + Deferred tax liabilities per balance sheet 7 771 6 303 7 037 87 894 74 591 83 344 – Net fair value of financial derivatives (assets) -4 -2 - -47 -23 - = EPRA NRV (Net Reinstatement Value) 63 983 58 377 61 714 723 674 690 862 730 881 – Intangible assets - - - - - - – Deferred tax expected to crystallise - 100% DTL -> assets held for sale -1 175 - - -13 287 - - = EPRA NTA (Net Tangible Assets) 62 808 58 377 61 714 710 388 690 862 730 881 EPRA NDV (Net Disposal Value) = IFRS equity 56 216 52 076 54 677 635 827 616 293 647 537 EPRA NRV per share € 7.41 € 6.72 € 7.10 NOK 83.79 NOK 79.50 NOK 84.09 EPRA NTA per share € 7.27 € 6.72 € 7.10 NOK 82.25 NOK 79.50 NOK 84.09 EPRA NDV per share € 6.51 € 5.99 € 6.29 NOK 73.62 NOK 70.92 NOK 74.50 30 Jun 2026 30 Jun 2025 31 Dec 2025 30 Jun 2026 30 Jun 2025 31 Dec 2025 EUR thousands EUR thousands EUR thousands NOK thousands NOK thousands NOK thousands Profit for the period (IFRS) 3 423 1 343 3 910 38 227 15 660 45 820 – Change in fair value of investment properties -2 873 -515 -2 168 -32 087 -6 001 -25 402 – Change in fair value of financial instruments -4 13 15 -47 147 170 – Gains on disposal of investment properties - - - - - - + Change in deferred tax (valuation-related) 737 770 1 503 8 232 8 981 17 606 = EPRA earnings 1 283 1 611 3 260 14 326 18 787 38 194 Number of shares (per EPRA bridge) 8 637 067 8 690 312 8 691 851 8 637 067 8 690 312 8 691 851 EPRA earnings per share 0.15 0.19 0.38 1.66 2.16 4.39 €1.28m EPRA earnings H1 2026 NOK 14.3m · 1.66/sh (€0.15) 19 38 14 0 5 10 15 20 25 30 35 40 45 H1 2025 FY 2025 H1 2026 NOK per share 76.79 BSP NAV / share (NOK) €6.79 · +5.6% vs H1 2025 83.79 EPRA NRV / share (NOK) €7.41 · NTA €7.27 · NDV €6.51 76.79 BSP NAV / share (NOK) €6.79 · +5.6% vs H1 2025 83.79 EPRA NRV / share (NOK) €7.41 · NTA €7.27 · NDV €6.51 NAV Bridge Earnings IFRS equity → BSP NAV → EPRA NRV / NTA / NDV 76,79 83,79 82,25 73,62 0 10 20 30 40 50 60 70 80 90 BSP NAV EPRA NRV EPRA NTA EPRA NDV NOK million EPRA Earnings 30 Jun 2026 30 Jun 2025 31 Dec 2025 30 Jun 2026 30 Jun 2025 31 Dec 2025 EUR thousands EUR thousands EUR thousands NOK thousands NOK thousands NOK thousands 1) IFRS equity → BSP NAV Total equity (IFRS) 56 216 52 076 54 677 635 827 616 293 647 537 + Deferred tax liabilities per balance sheet 7 771 6 303 7 037 87 894 74 591 83 344 = Equity excl. deferred tax 63 987 58 379 61 714 723 722 690 884 730 881 – Deferred tax per BSP original NAV definition -5 351 -4 979 -5 016 -60 522 -58 923 -59 400 = Net asset value – BSP legacy method 58 636 53 400 56 699 663 200 631 961 671 481 Number of shares (issued excl. own, input) 8 637 067 8 690 312 8 691 851 8 637 067 8 690 312 8 691 851 NAV per share (BSP legacy method) 6.79 6.14 6.52 76.79 72.72 77.25
Page 13
24 25 24 25 APPENDIX B APPENDIX B RECONCILIATION OF APM’s RECONCILIATION OF APM’s Reconciliation with IFRS figures 30 Jun 2026 31 Dec 2025 30 Jun 2025 Source Total equity (TNOK) 635 827 647 537 616 293 Consolidated statement of financial position + Deferred tax liabilities (TNOK) 87 894 83 344 74 591 Consolidated statement of financial position - Deferred tax according to BSP original NAV1 definition (TNOK) -60 522 -59 400 -58 923 (See description on cited page) Net Asset Value1 (TNOK) 663 200 671 481 631 961 Number of issued shares (excl. own shares) 8 637 067 8 691 851 8 690 312 VPS NAV1 per share 76.79 77.25 72.72 1BSP Legacy Method - will be phased out Reconciliation with IFRS figures (TNOK) Jan-Jun 2026 Jan-Dec 2025 Jan-Jun 2025 Source Rental income 48 786 105 602 53 678 Consolidated Profit/ Loss Statement Other income 1 555 1 942 327 Consolidated Profit/ Loss Statement Payroll and related costs -8 687 -19 307 -9 085 Consolidated Profit/ Loss Statement Other operating expenses -7 224 -13 810 -6 571 Consolidated Profit/ Loss Statement EBITDA 34 430 74 427 38 349 Financial income 44 420 179 Consolidated Profit/ Loss Statement Financial expenses -16 939 -36 680 -19 143 Consolidated Profit/ Loss Statement IFPM 17 535 38 166 19 385 Net nominal interest-bearing debt LTV = Fair value of investment property Net nominal interest- bearing debt - Cash Net LTV = Fair value of investment property Loan-to-Value ratio (LTV) ______________ Reconciliation with IFRS figures (TNOK) 30 Jun 2026 31 Dec 2025 30 Jun 2025 Source Interest-bearing liabilities (non-current) 711 811 720 248 721 323 Consolidated statement of financial position Interest-bearing liabilities (current) 16 559 28 368 14 053 Consolidated statement of financial position Other adjustments - - - Internal calculation Net nominal interest-bearing debt 728 371 748 616 735 375 Cash 60 362 87 449 101 517 Consolidated statement of financial position Net nominal interest-bearing debt - cash 668 008 661 167 633 858 Investment property 1 454 409 1 455 590 1 387 180 Consolidated statement of financial position - Right-of-use assets -27 915 -29 401 -29 552 Internal calculation / Note 4 of annual report Fair value of investment property 1 426 494 1 426 189 1 357 628 LTV 51.06 % 52.49 % 54.17% Net LTV 46.83 % 46.36 % 46.69% ______________ EBITDA ICR* = Net Interest expenses * Interest Coverage Ratio Interest Coverage Ratio (ICR) ______________ Reconciliation with IFRS figures (TNOK) Jan-Jun 2026 Jan-Dec 2025 Jan-Jun 2025 Source EBITDA (Group) 34 430 74 427 38 349 Own calculaltions Interest income -44 -420 -179 Consolidated statement of financial position Interest expenses payable (incl. hedge effect) 15 814 33 818 17 067 Consolidated statement of financial position Net interest expenses 15 770 33 399 16 889 ICR (Group) 2.18 2.23 2.27 BSP Net Asset Value (NAV)1 Net Asset Value (total) NAV per share = (Issued shares - own shares) ______________ IFPM & EBITDA EBITDA = Earnings Before Interest, Taxes, Depreciations & Amortisations IFPM = income from property management Reconciliation of APM’s* Reconciliation of APM’s* *Alternative Performance Measures *Alternative Performance Measures
Page 14
26 27
Page 15
Disclaimer This report has been prepared by Baltic Sea Properties AS in good faith and to our best ability with the purpose to give the company’s shareholders updated information about the company’s operations and status. This document must not be understood as an offer or encouragement to invest in the company. The financial figures presented are unadited and may thus include discrepancies. Baltic Sea Properties AS further makes reservations that errors may have occurred in its calculations of key figures or in the development of the report which may contribute to an inaccurate impression of the company’s status and/or operations. The report may also include descriptions and comments which are based on subjective assumptions and considerations, and thus must not be understood as a guarantee of future events or future profits.