Market announcement
Baltic Horizon Fund / Northern Horizon Capital AS
LEI code
5299008IKT93E4SA0G49
Size of the entity
Small undertaking
Economic activities
Financial and Insurance Activities
Industry sector(s)
Management company
Country of registered office
Estonia
General information
Categories
Other corporate action
Unique data record identifier
17928
Attachments
Submission date and time
07.11.2025 17:30:01
Content of announcement in Estonian
Title
Baltic Horizon Fondi 2025. aasta III kvartali konsolideeritud auditeerimata majandustulemused
Message
Baltic Horizon Capital AS-i (endine Northern Horizon Capital AS) juhatus on
kinnitanud Baltic Horizon Fondi (Fond) auditeerimata konsolideeritud vahearuande
tulemused 2025. aasta III kvartali kohta.
Fond annab aru 2025. aasta 9 kuu tegevusest uue juhatuse koosseisu ja
fondivalitseja uue omaniku all, mis jõustusid 30. oktoobril 2025. Seoses
omanikuvahetusega on fondivalitseja ärinimi nüüd Baltic Horizon Capital AS.
Juhtkond hindab, et võlakirjade täielikuks tagasimaksmiseks ja praeguse
portfelli varade väärtuse suurendamise projektide rahastamiseks on vaja
ligikaudu 25 miljonit eurot uut omakapitali. Novembri jooksul teavitab juhtkond
turule uute osakute pakkumise tingimused, mis on suunatud Fondi olemasolevatele
osakuomanikele. Osakuomanike koosoleku heakskiidu korral toimub uute osakute
pakkumine jaanuaris.
Kuni võlakirjade täieliku tagasimaksmiseni ja vajalike varade väärtust tõstvate
parenduste elluviimiseni ei ole Fondil võimalik osakuomanikele rahalisi
väljamakseid teha. Seetõttu on ebatõenäoline, et väljamaksed lähiajal taastuvad.
Renditegevus
Kokku andis Fond 2025. aasta 9 kuu jooksul üle ligikaudu 12 500 m2 uute
rendilepingutega kaetud pindu. Lisaks pikendati ligikaudu 7 150 m² ulatuses
rendilepinguid. Meie hoonetesse on vastu võetud 48 uut rentnikku, paljudel
juhtudel asendades probleemsemaid rentnikke, samas kui 28 olemasolevat rentnikku
on otsustanud meiega koostööd jätkata.
2025. aasta septembri lõpu seisuga oli portfelli täitumus üleandmise kuupäeva
alusel 85,6%, samas kui rendilepingu sõlmimise kuupäeva alusel arvutatud
täitumus oli 87,7%. Siiski, umbes 10% rendilepingutest on järgmise 3 kuu jooksul
aegumas, seega lepingute pikendamised ja uuesti välja rentimised on
viivitamatud.
Viimase aja renditegevus väljendub kaalutud keskmise järelejäänud rendilepingute
tähtaja pikenemises kuni esimese lõpetamisõiguseni, mis 30. septembri 2025.
aasta seisuga oli 3,8 aastat (võrreldes 3,3 aastaga 31. detsembri 2024. aasta
seisuga).
GRESB-i hindamine
2025. aastal sai Fond GRESB-i hinnangus 4 tärni.
Tulem ja puhas renditulu
Kontserni 2025. aasta I-III kvartali poolaasta puhaskahjum oli 959 tuhat eurot
(I-III kv 2024: puhaskahjum 13 399 tuhat eurot). Eelmise aasta vahehindamise
kahjumit arvestamata oli eelmise aasta puhaskahjum 870 tuhat eurot. Tulemit
mõjutas peamiselt kahjum kinnisvarainvesteeringute müügist. 2025. aasta I-III
kvartali kahjum osaku kohta oli 0,01 eurot (I-III kv 2024: kahjum 0,09 eurot).
Kontsern teenis 2025. aasta I poolaastal 8,7 miljonit eurot konsolideeritud
puhast renditulu (I-III kv 2024: 8,9 miljonit). 2025. aasta I-III kvartali
tulemustes kajastub 13. märtsil 2025 müüdud Meraki büroohoone kahe kuu puhas
renditulu summas 0,2 miljonit eurot. Portfelli puhta renditulu väike langus
võrreldes eelmise aastaga peegeldab peamiselt suuremast ebatõenäoliselt
laekuvate nõudmiste eraldisest, mis kajastati konservatiivsema võlgnike
riskijuhtimise lähenemisviisi raames.
Kinnisvarainvesteeringud
2025. aasta III kvartali lõpus kuulus Baltic Horizoni portfelli 11 Balti riikide
pealinnades asuvat kinnisvarainvesteeringut. Fondi portfelli õiglane väärtus oli
2025. aasta septembri lõpus 228,3 miljonit eurot (31.detsembril 2024: 241,2
miljonit eurot) ja hõlmas neto renditavat pinda kokku 111,5 tuhat m². 2025.
aasta I-III kvartalis investeeris kontsern rentnike pindade ettevalmistusse
ligikaudu 3,4 miljonit eurot.
Varade brutoväärtus (GAV)
Fondi varade brutoväärtus oli 2025. aasta 30. septembri seisuga 237,7 miljonit
eurot (31. detsembril 2024: 256,0 miljonit eurot). Vähenemine võrreldes eelmise
aastaga oli seotud peamiselt Meraki büroohoone müügiga; see moodustas varem
varade brutoväärtusest 16,4 miljonit eurot.
Varade puhasväärtus (NAV)
Fondi varade netoväärtus oli 30. september 2025. aasta seisuga 97,2 miljonit
eurot (31. detsember 2024: 98,1 miljonit eurot). Varade puhasväärtuse vähenemine
tulenes peamiselt Meraki müügil tekkinud kahjumist. Seisuga 30. september 2025
vähenes osaku IFRS puhasväärtus 0,6773 euroni (31. detsember 2024: 0,6833 eurot)
ning EPRA puhas materiaalne põhivara ja EPRA puhas taastamisväärtus olid 0,7224
eurot osaku kohta (31. detsember 2024: 0,7267 eurot). EPRA puhas
võõrandamisväärtus oli 0,6745 eurot osaku kohta (31. detsember 2024: 0,6797
eurot).
Intressikandvad laenud ja võlakirjad
Seisuga 30. september 2025 moodustasid intressikandvad laenud ja võlakirjad
(ilma rendikohustisteta) 134,5 miljonit eurot (31. detsember 2024: 149,0
miljonit eurot).
30. september 2025. aasta seisuga olid Fondi konsolideeritud raha ja raha
ekvivalendid 6,0 miljonit eurot (31. detsember 2024: 10,1 miljonit eurot).
Rahavood
Põhitegevusest tulenev rahavoog oli 2025. aasta I-III kvartali poolaastal 5,8
miljonit eurot (2024. aasta I-III kvartal: rahavood 6,6 miljonit eurot).
Investeerimistegevusest tulenev rahavoog oli 11,8 miljonit eurot (2024. aasta I-
III kvartal: 4,3 miljonit eurot), mis tuleneb peamiselt Meraki müügist 2025.
aasta märtsis 16 miljoni euro eest ja suurematest kinnisvarainvesteeringute
kapitalikuludest. Finantseerimistegevuse rahavoog oli 21,6 miljonit eurot (2024.
aasta I-III kvartal: 1,5 miljonit eurot). 2025. aasta I-III kvartalis tasus Fond
BH Novus UAB-le (varasema nimega BH Meraki UAB) laenu summas 10,3 miljonit
eurot, lunastas ennetähtaegselt võlakirju 3 miljoni euro ulatuses, maksis ette
1,7 miljonit eurot laene ning tasus regulaarselt pankadele ja võlakirjadele
kuuluvaid laenude põhiosa ja intressimakseid.
Peamised kasumlikkuse näitajad
Tuhandetes eurodes I-III kv 2025 I-III kv 2024 Muutus
-------------------------------------------------------------------------------
Puhas renditulu 8 709 8 869 -1,8%
Halduskulud -1 519 -1 729 -12,1%
Muu äritulu/-kulu 39 15 160,0%
Kahjum kinnisvarainvesteeringu müügist -1 350 -618 118,4%
Kinnisvarainvesteeringute ümberhindluse
kahjum -13 -12 529 -99,9%
Ärikasum/-kahjum 5 866 -5 992 197,9%
Finantskulud (neto) -7 061 -7 724 -8,6%
Maksueelne kasum/kahjum -1 195 -13 716 -91,3%
Tulumaks 236 317 -25,6%
-------------------------------------------------------------------------------
Perioodi puhaskasum/-kahjum -959 -13 399 -92,8%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud keskmine
arv 143 562 514 143 562 514 -
Kasum/kahjum osaku kohta (eurodes) -0,01 -0,09 -88,9%
-------------------------------------------------------------------------------
Peamised finantsseisundi näitajad
Tuhandetes eurodes 30.09.2025 31.12.2024 Muutus
-------------------------------------------------------------------------------
Kasutuses olevad
kinnisvarainvesteeringud 228 320 241 158 -5,3%
Varade brutoväärtus (GAV) 237 694 256 048 -7,2%
Intressikandvad laenud ja võlakirjad 134 475 148 989 -9,7%
Kohustised kokku 140 465 157 953 -11,1%
IFRS varade puhasväärtus (IFRS NAV) 97 229 98 095 -0,9%
EPRA puhas taastamisväärtus (EPRA NRV) 103 714 104 333 -0,6%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute arv 143 562 514 143 562 514 -
Osaku puhasväärtus - IFRS NAV osaku
kohta (eurodes) 0,6773 0,6833 -0,9%
EPRA puhas taastamisväärtus (NRV) osaku
kohta (eurodes) 0,7224 0,7267 -0,6%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Laenu ja väärtuse suhe (%) 60,1% 61,8% -1,7%
Keskmine sisemine intressimäär (%) 6,2% 6,7% -0,5%
-------------------------------------------------------------------------------
Fondi portfelli keskmine tegelik täitumus oli 2025. aasta III kvartalis 84,9%
(II kv 2025: 82,6%). Seisuga 30. september 2025 tõusis täitumus 85,6%-ni (30.
juuni 2025: 84,2%).
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 30. september 2025
Õiglane Renditav Otsene Esmane
väärtus(1) netopind tootlus puhastootlus
Kinnisvarainvesteering Segment
I-III
(tuhandetes kv I-III kv Täitumuse
eurodes) (m(2)) 2025(2) 2025(3) määr
-------------------------------------------------------------------------------------
Vilnius, Leedu
Europa Kaubandus 36 521 17 530 1,7% 2,0% 71,8%
North Star Büroo 19 688 10 706 5,7% 6,2% 93,2%
-------------------------------------------------------------------------------------
Vilniuses kokku 56 209 28 236 3,0% 3,7% 79,9%
-------------------------------------------------------------------------------------
Riia, Läti
Upmalas Biroji Büroo 19 274 11 175 3,8% 4,8% 64,3%
Vainodes I Büroo 16 000 8 128 6,1% 8,4% 100,0%
LNK Centre Büroo 12 830 7 348 -1,0% -1,6% 58,4%
Sky Kaubandus 4 913 3 260 8,4% 9,0% 100,0%
Galerija Centrs Kaubandus 61 119 20 016 3,5% 4,6% 89,0%
-------------------------------------------------------------------------------------
Riias kokku 114 136 49 927 3,5% 4,7% 81,4%
-------------------------------------------------------------------------------------
Tallinn, Eesti
Postimaja ja CC Plaza Kaubandus 21 876 9 232 3,5% 5,9% 100,0%
Postimaja ja CC Plaza Vaba aeg 13 196 7 877 7,2% 6,5% 100,0%
Lincona Büroo 13 110 10 767 6,9% 8,5% 92,4%
Pirita Kaubandus 9 793 5 425 6,6% 8,5% 94,5%
-------------------------------------------------------------------------------------
Tallinnas kokku 57 975 33 301 5,3% 7,1% 96,6%
-------------------------------------------------------------------------------------
Portfell kokku 228 320 111 464 3,9% 5,0% 85,6%
-------------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 31. detsember 2024 teostatud hindamisel,
hilisematel kapitalikuludel ja kajastatud kasutusõiguse varadel.
2. Otsese tootluse leidmiseks jagatakse annualiseeritud puhas äritulu
kinnisvarainvesteeringu soetusmaksumuse ja hilisemate kapitalikulude summaga.
3. Esmase puhastootluse leidmiseks jagatakse annualiseeritud puhas äritulu
kinnisvarainvesteeringu turuväärtusega.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
01.07.2025
- 01.07.2024
Tuhandetes eurodes 30.09.2025 - 30.09.2024
-------------------------------------------------------------------------------
Renditulu 3 833 3 690
Teenustasutulu 1 233 1 236
Renditegevuse kulud -2 435 -2 040
-------------------------------------------------------------------------------
Puhas renditulu 2 631 2 886
Halduskulud -450 -615
Kahjum kinnisvarainvesteeringu müügist 13 31
Muu äritulu -254 -171
Kinnisvarainvesteeringute ümberhindluse kahjum -4 -5
-------------------------------------------------------------------------------
Ärikasum/-kahjum 1 936 2 126
-------------------------------------------------------------------------------
Finantstulud 5 8
Finantskulud -2 058 -2 597
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -2 053 -2 589
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Maksueelne kasum/kahjum -117 -463
-------------------------------------------------------------------------------
Tulumaks 49 -87
-------------------------------------------------------------------------------
Perioodi kasum/kahjum -68 -550
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum
Rahavoogude riskimaandamise puhaskasum/- kahjum 159 -238
Rahavoogude riskimaandamise puhaskasumiga seotud
tulumaks -1 17
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav
tulumaksujärgne muu koondkasum/-kahjum kokku 158 -221
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkasum/ kahjum kokku 90 -771
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava- ja lahustatud kasum/kahjum osaku kohta (eurodes) -0,00 -0,00
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 30.09.2025 31.12.2024
-----------------------------------------------------------------------------
Põhivarad
Kinnisvarainvesteeringud 228 320 241 158
Immateriaalsed põhivarad - 4
Materiaalsed põhivarad 1 5
Tuletisinstrumendid - 1
Muud põhivarad 941 1 225
-----------------------------------------------------------------------------
Põhivarad kokku 229 262 242 393
-----------------------------------------------------------------------------
Käibevarad
Nõuded ostjate vastu ja muud nõuded 2 005 2 800
Ettemaksed 407 802
Raha ja raha ekvivalendid 6 020 10 053
-----------------------------------------------------------------------------
Käibevarad kokku 8 432 13 655
-----------------------------------------------------------------------------
Varad kokku 237 694 256 048
-----------------------------------------------------------------------------
Omakapital
Sissemakstud kapital 151 495 151 495
Rahavoogude riskimaandamise reserv -327 -420
Jaotamata kahjum -53 939 -52 980
-----------------------------------------------------------------------------
Omakapital kokku 97 229 98 095
-----------------------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad võlakohustised 110 296 98 491
Edasilükkunud tulumaksukohustised 1 684 1 898
Tuletisinstrumendid 273 -
Muud pikaajalised kohustised 1 179 1 446
-----------------------------------------------------------------------------
Pikaajalised kohustised kokku 113 432 101 835
-----------------------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad võlakohustised 24 408 50 736
Võlad tarnijatele ja muud võlad 2 306 4 473
Tulumaksukohustis - 14
Tuletisinstrumendid - 317
Muud lühiajalised kohustised 319 578
-----------------------------------------------------------------------------
Lühiajalised kohustised kokku 27 033 56 118
-----------------------------------------------------------------------------
Kohustised kokku 140 465 157 953
-----------------------------------------------------------------------------
Omakapital ja kohustised kokku 237 694 256 048
-----------------------------------------------------------------------------
Lisainformatsiooni saamiseks palume kontakteeruda:
Tarmo Karotam
Baltic Horizon fondijuht
E-mail: [email protected]
www.baltichorizon.com
Baltic Horizon Fond on registreeritud lepinguline avalik kinnine kinnisvarafond
mida valitseb alternatiivfondivalitseja Baltic Horizon Capital AS.
Avaldamine: GlobeNewswire, Nasdaq Tallinn, www.baltichorizon.com
(http://www.baltichorizon.com)
Saamaks börsiteateid ning uudiseid Baltic Horizon Fondilt tema projektide
plaanide ja muu kohta registreeruge aadressil www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=BKmCnx1cI6Z0i0PWdydPGXcNBi-
xfnf8I1jZNEThbSR0UhcUS3zHMoah0WypVJqT6Q_wJk9rzSJKdIUiRqnXR0pn3Hn1OprIPfiMiHyGx3U
=). Samuti on teil võimalik Baltic Horizon Fondi jälgida
aadressil www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=BKmCnx1cI6Z0i0PWdydPGXcNBi-
xfnf8I1jZNEThbSSZgDQ0vTQLmnUaYKhPQ_74CeR7QDrSalifdJMsZoO5EpacEzd71KuphfGMWCFx4N8
=) ning LinkedIn
(https://www.globenewswire.com/Tracker?data=fAtj9ulqnq3TWFix9GxpYNmPgRiMY8IWuwM0
BjFi8Pu-
jkxMrvBsdKI3PUOWKAifhzrLjJWCJFn59gacQUSHRmKXkP8DYjvSCdCZAPq5aE1vwJNaaK5lqpqf8i6D
RfuY) Facebook
(https://www.globenewswire.com/Tracker?data=hfP0Ns58rktpeCZqGwKIGcL-
4dTgu2WeBXeGPOnd7_97jAH2rGNsMSyFv2wxCn9bfeGl7vDPqTpEa3wg05wBEN3l2im38w4UH8kxavK_
Vno=) X
(https://www.globenewswire.com/Tracker?data=zyjDS0aQocWlu7qxR55iR13DkbgTzcuBf99_
D-EHrbAhHwg-KrFETegOV9xrfbG9O9AW2eOaUnIxGJZGaHT2AQ==) ja YouTube
(https://www.globenewswire.com/Tracker?data=FWK0qZ1Piix2rTD781GfT4P9ErqYqf9Jd3fh
frcXvvo0rV7HcWq1w-EWGrtuLEy5DQmUxFXo2fg6HgGryRxrV7BGN37PRiIRKIhXdfo7bHM=)
keskkondades.
Käesolev teade sisaldab informatsiooni mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukuritarvituse määruse kohaselt. Informatsioon esitati
avaldamiseks 07.11.2025 kell 17:30 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Content of announcement in English
Title
Baltic Horizon Fund consolidated unaudited results for Q3 2025
Message
Management Board of Baltic Horizon Capital AS (previously Northern Horizon
Capital AS) has approved the unaudited financial results of Baltic Horizon Fund
(the Fund) for the nine months of 2025.
The Fund reports on its 9 months of operations in 2025 under the new composition
of its management board as well as the new ownership of its management company
which are effective from 30 October 2025. In connection with this change of
ownership, the management company has changed its name to Baltic Horizon Capital
AS.
The management estimates that approximately EUR 25 million in new equity is
required to enable full repayment of the bonds and funding asset enhancement
projects on the current portfolio. Over the course of November, the management
will communicate to the market the terms of the new units offering which will be
intended for the existing unitholders of the Fund. Subject to the approval of
the unitholders' meeting, this offering will be commenced in January already.
Until the bonds are not repaid in full, necessary asset enhancements are not
implemented - the Fund will not have the capacity to distribute any cash to the
unitholders. It is therefore unlikely that any distributions would restart
anytime soon.
Leasing performance
During the 9 months of 2025, the Fund handed over approx. 12,500 sq. m. of newly
leased out premises. Moreover, leases of approx. 7,150 sq. m. were prolonged.
48 new tenants have been attracted to our buildings, in many cases to replace
more problematic ones, while 28 existing tenants have decided to continue their
cooperation with us.
As of the end of September 2025, the portfolio occupancy rate based on handover
date stood at 85.6%, while occupancy calculated according to lease signing date
reached 87.7%. Still, around 10% of leases during the next 3 months are set to
expire therefore respective prolongations and relettings are of utmost urgency.
Recent leasing activity is reflected in the increase in the weighted average
unexpired lease term until the first break option, which was 3.8 years as of 30
September 2025 (compared to 3.3 years as of 31 December 2024).
GRESB benchmarking
In 2025 the Fund received a 4-star GRESB rating.
Net result and net rental income
In Q1-Q3 2025, the Group recorded a net loss of EUR 959 thousand compared with a
net loss of EUR 13,399 thousand for Q1-Q3 2024. Excluding last year's interim
valuation loss, net loss for the prior year period was EUR 870 thousand. The
result was mainly driven by the losses on disposal of investment properties.
Earnings per unit for Q1-Q3 2025 were negative at EUR 0.01 (Q1-Q3 2024: negative
at EUR 0.09).
The Group earned consolidated net rental income of EUR 8.7 million in Q1-Q3
2025 (Q1-Q3 2024: 8.9 million). The results for Q1-Q3 2025 include two months of
net rental income of the Meraki office property (EUR 0.2 million), which was
sold on 13 March 2025. A slight decline in net rental income year-on-year
primarily reflects a higher allowance for bad debts recognised as part of a more
conservative debtor risk management approach.
Investment properties
At the end of Q3 2025, the Baltic Horizon Fund portfolio consisted of 11
investment properties in the Baltic capitals. The fair value of the Fund's
portfolio was EUR 228.3 million at the end of September 2025 (31 December 2024:
EUR 241.2 million) and incorporated a total net leasable area of 111.5 thousand
sq. m. During Q1-Q3 2025 the Group invested approximately EUR 3.4 million in
tenant fit-outs.
Gross Asset Value (GAV)
As of 30 September 2025, the Fund's GAV was EUR 237.7 million (31 December
2024: EUR 256.0 million). The decrease compared to the prior year was mainly
related to the disposal of the Meraki office building, which had contributed
approx. EUR 16.4 million to the GAV.
Net Asset Value (NAV)
As of 30 September 2025, the Fund's NAV was EUR 97.2 million (31 December 2024:
EUR 98.1 million). The NAV decrease was mainly due to losses on disposal of
Meraki. As of 30 September 2025, IFRS NAV per unit amounted to EUR 0.6773 (31
December 2024: EUR 0.6833), while EPRA net tangible assets and EPRA net
reinstatement value were EUR 0.7224 per unit (31 December 2024: EUR 0.7267).
EPRA net disposal value was EUR 0.6745 per unit (31 December 2024: EUR 0.6797).
Interest-bearing loans and bonds
As of 30 September 2025, interest-bearing loans and bonds (excluding lease
liabilities) were EUR 134.5 million (31 December 2024: EUR 149.0 million).
As of 30 September 2025, the Fund's consolidated cash and cash equivalents
amounted to EUR 6.0 million (31 December 2024: EUR 10.1 million).
Cash flow
Cash inflow from core operating activities in Q1-Q3 2025 amounted to EUR 5.8
million (Q1-Q3 2024: cash inflow of EUR 6.6 million). Cash inflow from investing
activities was EUR 11.8 million (Q1-Q3 2024: cash outflow of EUR 4.3 million)
mainly due to the sale of Meraki in March 2025 for EUR 16 million and higher
capital expenditure on investment properties. Cash outflow from financing
activities was EUR 21.6 million (Q1-Q3 2024: cash inflow of EUR 1.5 million). In
Q1-Q3 2025, the Fund repaid the BH Novus UAB (previously BH Meraki UAB) loan
amounting to EUR 10.3 million, redeemed early bonds in the amount of EUR 3
million, prepaid EUR 1.7 million of loans, and paid regular amortisation and
interest on bank loans and bonds.
Key earnings figures
EUR '000 Q1-Q3 2025 Q1-Q3 2024 Change (%)
-------------------------------------------------------------------------------
Net rental income 8,709 8,869 (1.8%)
Administrative expenses (1,519) (1,729) (12.1%)
Other operating income (expenses) 39 15 160.0%
Losses on disposal of investment properties (1,350) (618) 118.4%
Valuation losses on investment properties (13) (12,529) (99.9%)
Operating (loss) profit 5,866 (5,992) 197.9%
Net financial expenses (7,061) (7,724) (8.6%)
(Loss) profit before tax (1,195) (13,716) (91.3%)
Income tax 236 317 (25.6%)
-------------------------------------------------------------------------------
Net (loss) profit for the period (959) (13,399) (92.8%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Weighted average number of units
outstanding (units) 143,562,514 143,562,514 -
Earnings per unit (EUR) (0.01) (0.09) (88.9%)
-------------------------------------------------------------------------------
Key financial position figures
EUR '000 30.09.2025 31.12.2024 Change (%)
-------------------------------------------------------------------------------
Investment properties in use 228,320 241,158 (5.3%)
Gross asset value (GAV) 237,694 256,048 (7.2%)
Interest-bearing loans and bonds 134,475 148,989 (9.7%)
Total liabilities 140,465 157,953 (11.1%)
IFRS Net asset value (IFRS NAV) 97,229 98,095 (0.9%)
EPRA Net Reinstatement Value (EPRA NRV) 103,714 104,333 (0.6%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Number of units outstanding (units) 143,562,514 143,562,514 -
IFRS Net asset value (IFRS NAV) per unit
(EUR) 0.6773 0.6833 (0.9%)
EPRA Net Reinstatement Value (EPRA NRV) per
unit (EUR) 0.7224 0.7267 (0.6%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Loan-to-Value ratio (%) 60.1% 61.8% (1.7%)
Average effective interest rate (%) 6.2% 6.7% (0.5%)
-------------------------------------------------------------------------------
During Q3 2025, the average actual occupancy of the portfolio was 84.9% (Q2
2025: 82.6%). The occupancy rate increased to 85.6% as of 30 September 2025 (30
June 2025: 84.2%).
Overview of the Fund's investment properties as of 30 September 2025
Direct Net
Fair property initial
Property name Sector value(1) NLA yield yield
Occupancy
(EUR '000) (sq. m) 2025(2) 2025(3) rate
-------------------------------------------------------------------------------
Vilnius,
Lithuania
Europa SC Retail 36,521 17,530 1.7% 2.0% 71.8%
North Star Office 19,688 10,706 5.7% 6.2% 93.2%
-------------------------------------------------------------------------------
Total Vilnius 56,209 28,236 3.0% 3.7% 79.9%
-------------------------------------------------------------------------------
Riga, Latvia
Upmalas Office
Biroji BC 19,274 11,175 3.8% 4.8% 64.3%
Vainodes I Office 16,000 8,128 6.1% 8.4% 100.0%
LNK Centre Office 12,830 7,348 (1.0%) (1.6%) 58.4%
Sky SC Retail 4,913 3,260 8.4% 9.0% 100.0%
Galerija Retail
Centrs 61,119 20,016 3.5% 4.6% 89.0%
-------------------------------------------------------------------------------
Total Riga 114,136 49,927 3.5% 4.7% 81.4%
-------------------------------------------------------------------------------
Tallinn,
Estonia
Postimaja &
CC Plaza Retail
complex 21,876 9,232 3.5% 5.9% 100.0%
Postimaja &
CC Plaza Leisure
complex 13,196 7,877 7.2% 6.5% 100.0%
Lincona Office 13,110 10,767 6.9% 8.5% 92.4%
Pirita SC Retail 9,793 5,425 6.6% 8.5% 94.5%
-------------------------------------------------------------------------------
Total Tallinn 57,975 33,301 5.3% 7.1% 96.6%
-------------------------------------------------------------------------------
Total
portfolio 228,320 111,464 3.9% 5.0% 85.6%
-------------------------------------------------------------------------------
1. Based on the latest valuation as of 31 December 2024, recognised right-of-
use assets and subsequent capital expenditure.
2. Direct property yield (DPY) is calculated by dividing annualized NOI by the
acquisition value and subsequent capital expenditure of the property.
3. The net initial yield (NIY) is calculated by dividing annualized NOI by the
market value of the property.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
01.07.2025 01.07.2024
EUR '000 - 30.09.2025 - 30.09.2024
-------------------------------------------------------------------------------
Rental income 3,833 3,690
Service charge income 1,233 1,236
Cost of rental activities (2,435) (2,040)
-------------------------------------------------------------------------------
Net rental income 2,631 2,886
Administrative expenses (450) (615)
Other operating income 13 31
Losses on disposal of investment properties (254) (171)
Valuation losses on investment properties (4) (5)
-------------------------------------------------------------------------------
Operating profit (loss) 1,936 2,126
-------------------------------------------------------------------------------
Financial income 5 8
Financial expenses (2,058) (2,597)
-------------------------------------------------------------------------------
Net financial expenses (2,053) (2,589)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit (loss) before tax (117) (463)
-------------------------------------------------------------------------------
Income tax charge 49 (87)
-------------------------------------------------------------------------------
Profit (loss) for the period (68) (550)
-------------------------------------------------------------------------------
Other comprehensive income that is or may be reclassified to profit or loss in
subsequent periods
Net gain (loss) on cash flow hedges 159 (238)
Income tax relating to net gain (loss) on cash flow
hedges (1) 17
-------------------------------------------------------------------------------
Other comprehensive income (expense), net of tax,
that is or may be reclassified to profit or loss in
subsequent periods 158 (221)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income (expense) for the period,
net of tax 90 (771)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic and diluted earnings per unit (EUR) (0.00) (0.00)
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 30.09.2025 31.12.2024
--------------------------------------------------------------------------
Non-current assets
Investment properties 228,320 241,158
Intangible assets - 4
Property, plant and equipment 1 5
Derivative financial instruments - 1
Other non-current assets 941 1,225
--------------------------------------------------------------------------
Total non-current assets 229,262 242,393
--------------------------------------------------------------------------
Current assets
Trade and other receivables 2,005 2,800
Prepayments 407 802
Cash and cash equivalents 6,020 10,053
--------------------------------------------------------------------------
Total current assets 8,432 13,655
--------------------------------------------------------------------------
Total assets 237,694 256,048
--------------------------------------------------------------------------
Equity
Paid in capital 151,495 151,495
Cash flow hedge reserve (327) (420)
Retained earnings (53,939) (52,980)
--------------------------------------------------------------------------
Total equity 97,229 98,095
--------------------------------------------------------------------------
Non-current liabilities
Interest-bearing loans and borrowings 110,296 98,491
Deferred tax liabilities 1,684 1,898
Derivative financial instruments 273 -
Other non-current liabilities 1,179 1,446
--------------------------------------------------------------------------
Total non-current liabilities 113,432 101,835
--------------------------------------------------------------------------
Current liabilities
Interest-bearing loans and borrowings 24,408 50,736
Trade and other payables 2,306 4,473
Income tax payable - 14
Derivative financial instruments - 317
Other current liabilities 319 578
--------------------------------------------------------------------------
Total current liabilities 27,033 56,118
--------------------------------------------------------------------------
Total liabilities 140,465 157,953
--------------------------------------------------------------------------
Total equity and liabilities 237,694 256,048
--------------------------------------------------------------------------
For more information, please contact:
Tarmo Karotam
Baltic Horizon Fund Manager
E-mail: [email protected]
www.baltichorizon.com
The Fund is a registered contractual public closed-end real estate fund that is
managed by Alternative Investment Fund Manager license holder Baltic Horizon
Capital AS.
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This announcement contains information that the Management Company is obliged to
disclose pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the above distributors, at
17:30 EET on 07 November 2025.