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
18214
Attachments
Submission date and time
17.02.2026 18:40:01
Content of announcement in Estonian
Title
Baltic Horizon Fondi 2025. aasta IV kvartali konsolideeritud auditeerimata majandustulemused
Message
Baltic Horizon Capital AS-i juhatus on kinnitanud Baltic Horizon Fondi (Fond)
auditeerimata konsolideeritud vahearuande tulemused 2025. aasta IV kvartali
kohta.
Fond avaldab 2025. aasta IV kvartali ja kogu aasta auditeerimata tulemused
fondivalitseja uute omanike ja tugevdatud organisatsiooniga seotud uue alguse
vaimus ning teatab ühtlasi otsusest viia läbi uute osakute täiendav avalik
pakkumine.
2025. aastal teenis Fond kokku 15 098 tuhat eurot renditulu. Tulenevalt
märkimisväärsest vakantsusest portfellis (2025. aasta lõpu seisuga 13,8%),
rendilepingute piirangutest ja vanade võlgade mahakandmisest ulatus rentnikelt
tagasi saamata jäänud kinnisvarakulude kogumaht aasta jooksul 3 435 tuhande
euroni, mistõttu kujunes puhtaks rendituluks (NOI) 11 663 tuhat eurot. Välja
jättes 2024. ja 2025. aastal võõrandatud kinnisvara mõju, oleks võrreldav NOI
2025. aastal 11 473 tuhat eurot ja 2024. aastal 11 339 tuhat eurot.
Ainuüksi 2025. aasta neljandas kvartalis oli NOI 2 954 tuhat eurot, mis sisaldab
ka olulisi eraldisi (540 tuhat eurot) varasemate rentnike võlgade katteks.
Portfellis jätkus ka 2025. aasta IV kvartalis rendilepingute ulatuslik
ümberkujundamine, kus erilist tähelepanu pöörati suurimate varade - Galerija
Centrsi ja Europa SC - ning Tallinna ja Riia büroopindade rendile andmisele.
Fondi üldkulud olid 2025. aastal kokku 1 923 tuhat eurot (2024. aastal 2 373
tuhat eurot). Juhtkond jätkab kõikide mittevajalike kulude vähendamist nii Fondi
kui ka iga tütarettevõtte puhul. Mitmed tütarettevõtted ühendati aasta lõpuks
(järgmised ühinemised toimuvad 2026. aastal), et minimeerida halduskulusid. Ka
lõpetatud SDR-ide noteerimine Rootsis on samm, mis hakkab andma märkimisväärset
kokkuhoidu alates 2026. aastast.
Finantseerimise kogukulud summas 9 193 tuhat eurot (sh mitmesugused tasud)
mõjutasid jätkuvalt tugevalt finantstulemusi. Fond on endiselt liigse
võlakoormusega, mis tekitab kahekordse väljakutse, nii pidevalt teenindatava
kõrge üldise võlakoormuse kui ka tajutava riskiprofiili näol, ning seega ka
Fondi finantseerijate poolt laenukapitalile kehtestatud hinnakujunduse näol.
Portfelli eripärasid, püsivaid ebasoodsaid turutingimusi ja Fondi kinnisvara
parendamiseks vajalikke kapitalikulusid arvestades hindasid sõltumatud hindajad
kinnisvaraportfelli ümber, mille tulemusena oli portfelli tegelik koguväärtus
aasta lõpus 208,9 miljonit eurot (2025. aasta neljandas kvartalis kajastati
20 602 tuhande euro suurune allahindlus). Aasta jooksul tehtud ja õiglase
väärtuse korrigeerimise kaudu aasta lõpu väärtustega kajastatud kapitalikulud
olid kokku 4 764 tuhat eurot (sh pikaajaliste rendilepingute kogunenud
vahendustasud, uute rentnike sisseseadmise kulud jne).
Kinnisvaraportfelli uuendatud hindamise ja tegeliku finantskohustuste mahu
133 285 tuhat eurot (samuti muude bilansikirjete) alusel on fondi omakapitali
suhe (omakapitali ja varade suhe) 36,1%, mis on madalam võlakirjade tingimustes
sätestatud miinimumtasemest 37,5% (ISIN: EE3300003235). Võlakirjaomanikele
teatatakse täna sellest mittevastavusest, mis tuleb kõrvaldada 20 päeva jooksul.
Lisaks vajavad kolm 2026. aasta esimese kvartali lõpus Lätis aeguvat laenu fondi
omavahendite (omakapitali) tugevdamist vähemalt 7,0 miljoni euro võrra, mis on
tingimuseks nii laenude pikendamisele kui ka viis vahendite leidmisele
osalisteks ennetähtaegseteks tagasimakseteks.
Seda arvestades on juhtkond otsustanud jätkata Fondi osakute täiendava avaliku
pakkumise läbiviimist kogusummas kuni 25,0 miljonit eurot, nagu osakuomanike
koosolek 16. detsembril 2025. aastal otsustas. Juhatus usub, et Fondi
lühiajaliste likviidsusvajaduste rahuldamiseks, piisava omakapitali taseme
taastamiseks ja sellega Fondi tegevuse jätkumise tagamiseks vajalik minimaalne
kapital kaasatakse. Seda silmas pidades koostatakse ja avaldatakse ka 2025.
aasta lõplikud auditeeritud raamatupidamisaruanded 2026. aasta märtsi viimasel
nädalal.
Balti ärikinnisvaraturgudel valitseb endiselt suur ebakindlus. Siiski usub
juhtkond, et Fond jõudis 2025. aasta lõpus tegevuse pöördepunkti, millest alates
on 2026. aastal oodata järkjärgulist paranemist. Oodatav paranemine põhineb
käimasolevatel konkreetsetel meetmetel, sealhulgas rendistruktuuride jätkuval
ümberkujundamisel, oluliste vabade pindade aktiivsel rendile andmisel,
kinnisvarahalduse funktsiooni majja sissetoomisel ning üld- ja
finantseerimiskulude vähendamisel.
Need ootused ei kujuta endast konkreetset finants-, hindamis- ega
jaotamisprognoosi ning sõltuvad kavandatud ümberkorraldusmeetmete õigeaegsest
elluviimisest, uute osakute täiendava avaliku pakkumise ja sellega seotud
finantseerimisprotsesside edukast lõpuleviimisest ning sellest, et fondi
turgudel või kinnisvaraportfellis ei toimu edasisi ebasoodsaid arenguid.
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 31. detsember 2025
Õiglane Renditav Esmane
väärtus(1) netopind puhastootlus
Kinnisvarainvesteering Segment
(tuhandetes Täitumuse
eurodes) (m(2)) 2025(2) määr
-------------------------------------------------------------------------------
Vilnius, Leedu
Europa Kaubandus 31 836 17 430 2,7% 82,5%
North Star Büroo 18 778 10 706 6,5% 93,2%
-------------------------------------------------------------------------------
Vilniuses kokku 50 614 28 136 4,2% 86,6%
-------------------------------------------------------------------------------
Riia, Läti
Upmalas Biroji Büroo 14 610 11 095 4,7% 56,6%
Vainodes I Büroo 12 400 8 128 8,1% 100,0%
S27 Centre Büroo 12 270 7 348 -1,3% 58,7%
Sky Kaubandus 4 700 3 260 9,0% 100,0%
Galerija Centrs Kaubandus 58 356 19 956 4,6% 87,8%
-------------------------------------------------------------------------------
Riias kokku 102 336 49 787 4,7% 79,3%
-------------------------------------------------------------------------------
Tallinn, Eesti
Postimaja Kaubandus 21 270 9 232 6,0% 99,8%
Apollo Plaza Vaba aeg 13 260 7 877 6,8% 100,0%
Lincona Büroo 11 410 10 767 7,9% 90,7%
Pirita Kaubandus 10 050 5 425 8,5% 95,1%
-------------------------------------------------------------------------------
Tallinnas kokku 55 990 33 301 7,1% 96,1%
-------------------------------------------------------------------------------
Portfell kokku 208 940 111 224 5,2% 86,2%
-------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 31. detsember 2025 teostatud hindamisel,
hilisematel kapitalikuludel ja kajastatud kasutusõiguse varadel.
2. Esmase puhastootluse leidmiseks jagatakse annualiseeritud puhas äritulu
kinnisvarainvesteeringu turuväärtusega.
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
01.01.2025 01.01.2024
01.10.2025 01.10.2024 - -
Tuhandetes eurodes - 31.12.2025 - 31.12.2024 31.12.2025 31.12.2024
-------------------------------------------------------------------------------
Renditulu 3 737 3 779 15 098 15 136
Teenustasutulu 1 165 1 145 4 947 4 744
Renditegevuse kulud -1 948 -2 205 -8 382 -8 292
-------------------------------------------------------------------------------
Puhas renditulu 2 954 2 719 11 663 11 588
Halduskulud -404 -644 -1 923 -2 373
Kahjum
kinnisvarainvesteeringu
müügist 87 3 126 18
Muu äritulu -125 -245 -1 475 -863
Kinnisvarainvesteeringute
ümberhindluse kahjum -20 589 -3 052 -20 602 -15 581
-------------------------------------------------------------------------------
Ärikasum/-kahjum -18 077 -1 219 -12 211 -7 211
-------------------------------------------------------------------------------
Finantstulud 4 169 69 196
Finantskulud -2 067 -2 789 -9 193 -10 540
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -2 063 -2 620 -9 124 -10 344
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Maksueelne kasum/kahjum -20 140 -3 839 -21 335 -17 555
-------------------------------------------------------------------------------
Tulumaks 1 020 457 1 256 774
-------------------------------------------------------------------------------
Perioodi kasum/kahjum -19 120 -3 382 -20 079 -16 781
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tulevikus kasumisse või
kahjumisse ümberliigitatav
muu koondkasum
-------------------------------------------------------------------------------
Rahavoogude riskimaandamise
puhaskasum/- kahjum 151 -446 252 -1 003
-------------------------------------------------------------------------------
Rahavoogude riskimaandamise
puhaskasumiga seotud
tulumaks -10 1 -18 52
-------------------------------------------------------------------------------
Tulevikus kasumisse või
kahjumisse ümberliigitatav
tulumaksujärgne muu
koondkasum/-kahjum kokku 141 -445 234 -951
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne
koondkasum/ kahjum kokku -18 979 -3 827 -19 845 -17 732
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tavakahjum osaku kohta
(eurodes) -0,13 -0,02 -0,14 -0,13
-------------------------------------------------------------------------------
Lahustatudkahjumosakukohta
(eurodes) - - - -0,12
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 31.12.2025 31.12.2024
-------------------------------------------------------------------------------
Põhivarad
Kinnisvarainvesteeringud 208 940 241 158
Immateriaalsed põhivarad - 4
Materiaalsed põhivarad 7 5
Tuletisinstrumendid - 1
Muud põhivarad 242 1 225
-------------------------------------------------------------------------------
Põhivarad kokku 209 189 242 393
-------------------------------------------------------------------------------
Käibevarad
Nõuded ostjate vastu ja muud nõuded 1 760 2 800
Ettemaksed 294 802
Raha ja raha ekvivalendid 5 377 10 053
-------------------------------------------------------------------------------
Käibevarad kokku 7 431 13 655
-------------------------------------------------------------------------------
Varad kokku 216 620 256 048
-------------------------------------------------------------------------------
Omakapital
Sissemakstud kapital 151 495 151 495
Rahavoogude riskimaandamise reserv -186 -420
Jaotamata kahjum -73 059 -52 980
-------------------------------------------------------------------------------
Omakapital kokku 78 250 98 095
-------------------------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad võlakohustised 113 252 98 491
Edasilükkunud tulumaksukohustised 644 1 898
Tuletisinstrumendid 186 -
Muud pikaajalised kohustised 1 110 1 446
-------------------------------------------------------------------------------
Pikaajalised kohustised kokku 115 192 101 835
-------------------------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad võlakohustised 20 033 50 736
Võlad tarnijatele ja muud võlad 2 729 4 473
Tulumaksukohustis 14 14
Tuletisinstrumendid - 317
Muud lühiajalised kohustised 402 578
-------------------------------------------------------------------------------
Lühiajalised kohustised kokku 23 178 56 118
-------------------------------------------------------------------------------
Kohustised kokku 138 370 157 953
-------------------------------------------------------------------------------
Omakapital ja kohustised kokku 216 620 256 048
-------------------------------------------------------------------------------
Lisainformatsiooni saamiseks palume ühendust võtta:
Tarmo Karotam
Baltic Horizon Fond, fondijuht
E-mail [email protected]
(https://www.globenewswire.com/Tracker?data=YM-
2x0qsjXM2tVMQl5SnH4cZfNE4mDDwROhjI1GEO-
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c4_8IRx7zkCpsgexz3jxM4Sheaz0KT0sf7MxnWxQ==)
www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=bWceOHqYoD1J6i_TnIPpONIxFnImG0PplrQE
e3nQEVjSE5Wr0b8mIChFlcU_U1jET51js6KDGrn03Aeo5i3jwQjUXeaUze1AaqxfgsyGIc23GtNtaS0e
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SwLY66QWLv-k-u4P4A0p01gYLkPoF8HcxxvSbgWH38gQZGJfpjcE5Ajh1eA=)
Baltic Horizon Fond on registreeritud lepinguline avalik kinnine kinnisvarafond,
mida valitseb alternatiivfondivalitseja Baltic Horizon Capital AS.
Avaldamine: GlobeNewswire, Nasdaq Tallinn, www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=bWceOHqYoD1J6i_TnIPpONIxFnImG0PplrQE
e3nQEVgxLYRNJ9yy0LBVE58jo1G3FpECyTL1jyMWVgZYv2eo_j4lOxhA6-
UwBurNwWNM9hj746zguHDMJkWSttsVAoGkGkX19ZQyR3zZmcRXgdcXUt0M4JhacAH3okVaxyPEAAaXtp
RS3XWBc_ka710mtQ0MP6AJeRQuI0TrRCH0-Oo7-
sxHpHOUNKXe4j1MH4d2lZsqXjjxRWfUZWZhgv2NvI3wnQIO67aPwlBiKj4XszBKZA==)
Saamaks börsiteateid ning uudiseid Baltic Horizon Fondilt tema projektide,
plaanide ja muu kohta, registreeruge aadressil www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=bWceOHqYoD1J6i_TnIPpONIxFnImG0PplrQE
e3nQEVgf1qSAgDgJcVJngOEGz2W1nrc28v0szkqxonw979srxEpAh1Y6kOoiDhrAqaA2Xl6sEqyW-
qQIlY4bWEVDD3AP). Samuti on teil võimalik Baltic Horizon Fondi jälgida LinkedIn
(https://www.globenewswire.com/Tracker?data=u4dVfPUGDVxXxv3k7cwi0OQTQLR9MtAdUHQG
MluRVmgqPfBZCjh8SXpZ8Vy35aZCX-
qT6Udp6s0afEKebhWU3jHtMh5jV_BnuLEF1T4ojjqpZOnq5odDrquA6Albwz2P) ja YouTube
(https://www.globenewswire.com/Tracker?data=0S7yDENCxTo3rz5oQ414dqCPw81T1y537lgJ
ftMKI1YNqBOZxNb5jIhykBNsotmH33RdhHLDdyvXFogvETuj_r3h3aSvCpvDex4qwKbBWpfoAO9X9Jt8
HBsSdEaGDdYq) keskkondades.
Käesolev teade sisaldab informatsiooni mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukuritarvituse määruse kohaselt. Informatsioon esitati
avaldamiseks 17.02.2026 kell 18:40 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Content of announcement in English
Title
Baltic Horizon Fund consolidated unaudited results for Q4 2025
Message
Management Board of Baltic Horizon Capital AS has approved the unaudited
financial results of Baltic Horizon Fund (the Fund) for the twelve months of
2025.
The Fund reports Q4 2025 and full year 2025 unaudited results in the spirit of
fresh start under new ownership of the Management Company, strengthened
organization, and at the same time communicates a decision to proceed with the
secondary public offering of new units.
The Fund generated a total of EUR 15,098 thousand of rental income during 2025.
Due to significant vacancies across the portfolio (13.8% at the end of 2025),
the limitations of rental contracts, and the write-offs of old debts, the total
volume of property costs not recovered from the tenants amounted to EUR 3,435
thousand during the year, thus resulting in the Net Operating Income (NOI) of
EUR 11,663 thousand. Excluding the effect of properties disposed during 2024 and
2025, the like-for-like NOI comparison would amount to EUR 11,473 thousand for
2025 vs. EUR 11,339 thousand for 2024. NOI during Q4 2025 alone amounted to EUR
2,954 thousand, which also covers significant provisions (EUR 540 thousand) made
for those historic tenants' debts.
The portfolio continued undergoing major transformation of its leases also
during Q4 2025, with particular attention on the leasing up of our largest
assets - Galerija Centrs and Europa SC as well as the office properties in
Tallinn and Riga.
The overheads of the Fund amounted to the total of EUR 1,923 thousand for 2025
(EUR 2,373 thousand for 2024). The Management is terminating all non-essential
costs both for the Fund and in each subsidiary. Several of the subsidiaries are
merged by the end of the year (further mergers underway in 2026) in order to
minimize the administration cost involved, discontinued listing of SDRs - all
these steps will start bearing noticeable savings from 2026 onwards.
The total cost of financing in the amount of EUR 9,193 thousand (incl. various
fees), continued weighing heavily on the financial performance. The Fund remains
overleveraged and this creates a dual challenge in the form of both high overall
debt volume to be continuously serviced, as well as the perceived risk profile,
and therefore - the pricing - of debt from the financiers of the Fund.
In the light of the portfolio characteristics, persistent adverse commercial
market conditions, and with latest assumptions on the capex needed to upgrade
the properties of the Fund, the revaluation of the property portfolio performed
by independent valuators resulted in the total actual portfolio value at year
end of EUR 208.9 million (the write-down effect of EUR 20,602 thousand recorded
in Q4 2025). Total capital expenditure incurred during the year and expensed
through fair value adjustment against year-end values amounted to EUR 4,764
thousand (including accrued brokerage cost on long-term leases, fit-out
provisions for incoming tenants, etc.).
With this updated valuation of the property portfolio and the actual volume of
financial debt in the amount of EUR 133,285 thousand (as well as other balance
sheet items), the Fund equity ratio (equity-to-assets) stands at 36.1%, which is
below the minimum level of 37.5% set out in the Terms & Conditions of the Bonds
(ISIN: EE3300003235). The bondholders are being notified today of the occurrence
of this non-compliance event which must be cured within a period of 20 days.
Furthermore, the three loans maturing in Latvia at the end of Q1 2026 require
strengthening of the Funds equity by at least EUR 7.0 million as a condition for
prolongations as well as source for partial prepayments.
In this light, the Management has taken a decision to proceed with the Secondary
Public Offering of the units of the Fund in the total amount of up to EUR 25.0
million, as mandated by the Unitholders' Meeting on 16 December 2025. Management
believes that the minimum amount required to address imminent liquidity needs of
the Fund, restore sufficient equity ratio level, and with that - ensure going
concern of the Fund - will be met. On this basis the final audited accounts for
2025 will be prepared and published during the last week of March 2026.
The Baltic commercial property markets continue to face elevated uncertainty.
Nevertheless, Management believes that the Fund reached an operational
inflection point toward the end of 2025, from which a gradual improvement is
expected during 2026. This expected improvement is based on concrete measures
already underway, including the ongoing transformation of lease structures,
active leasing of key vacant assets, the insourcing of property management
functions, and the reduction of overhead and financing costs.
These expectations do not constitute specific financial, valuation, or
distribution guidance and are contingent upon the timely execution of the
planned turnaround actions, successful completion of the secondary public
offering and related refinancing processes, as well as the absence of further
adverse developments in the Fund's operating markets or within its property
portfolio.
Overview of the Fund's investment properties as of 31 December 2025
Net initial
Property name Sector Fair value(1) NLA yield
(EUR '000) (sq. m) 2025(2) Occupancy rate
-------------------------------------------------------------------------------
Vilnius,
Lithuania
Europa SC Retail 31,836 17,430 2.7% 82.5%
North Star Office 18,778 10,706 6.5% 93.2%
-------------------------------------------------------------------------------
Total Vilnius 50,614 28,136 4.2% 86.6%
-------------------------------------------------------------------------------
Riga, Latvia
Upmalas Biroji BC Office 14,610 11,095 4.7% 56.6%
Vainodes I Office 12,400 8,128 8.1% 100.0%
S27 Centre Office 12,270 7,348 (1.3%) 58.7%
Sky SC Retail 4,700 3,260 9.0% 100.0%
Galerija Centrs Retail 58,356 19,956 4.6% 87.8%
-------------------------------------------------------------------------------
Total Riga 102,336 49,787 4.7% 79.3%
-------------------------------------------------------------------------------
Tallinn, Estonia
Postimaja Retail 21,270 9,232 6.0% 99.8%
Apollo Plaza Leisure
complex 13,260 7,877 6.8% 100.0%
Lincona Office 11,410 10,767 7.9% 90.7%
Pirita SC Retail 10,050 5,425 8.5% 95.1%
-------------------------------------------------------------------------------
Total Tallinn 55,990 33,301 7.1% 96.1%
-------------------------------------------------------------------------------
Total portfolio 208,940 111,224 5.2% 86.2%
-------------------------------------------------------------------------------
1. Based on the latest valuation as of 31 December 2025, recognised right-of-
use assets and subsequent capital expenditure.
2. 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
01.10.2025 01.10.2024 01.01.2025 01.01.2024
EUR '000 - 31.12.2025 - 31.12.2024 - 31.12.2025 - 31.12.2024
--------------------------------------------------------------------------
Rental income 3,737 3,779 15,098 15,136
Service charge
income 1,165 1,145 4,947 4,744
Cost of rental
activities (1,948) (2,205) (8,382) (8,292)
--------------------------------------------------------------------------
Net rental income 2,954 2,719 11,663 11,588
Administrative
expenses (404) (644) (1,923) (2,373)
Other operating
income 87 3 126 18
Losses on disposal
of investment
properties (125) (245) (1,475) (863)
Valuation losses on
investment
properties (20,589) (3,052) (20,602) (15,581)
--------------------------------------------------------------------------
Operating profit
(loss) (18,077) (1,219) (12,211) (7,211)
--------------------------------------------------------------------------
Financial income 4 169 69 196
Financial expenses (2,067) (2,789) (9,193) (10,540)
--------------------------------------------------------------------------
Net financial
expenses (2,063) (2,620) (9,124) (10,344)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Profit (loss) before
tax (20,140) (3,839) (21,335) (17,555)
--------------------------------------------------------------------------
Income tax charge 1,020 457 1,256 774
--------------------------------------------------------------------------
Profit (loss) for
the period (19,120) (3,382) (20,079) (16,781)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Other comprehensive
income that is or
may be reclassified
to profit or loss in
subsequent periods
--------------------------------------------------------------------------
Net gain (loss) on
cash flow hedges 151 (446) 252 (1,003)
--------------------------------------------------------------------------
Income tax relating
to net gain (loss)
on cash flow hedges (10) 1 (18) 52
--------------------------------------------------------------------------
Other comprehensive
income (expense),
net of tax, that is
or may be
reclassified to
profit or loss in
subsequent periods 141 (445) 234 (951)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Total comprehensive
income (expense) for
the period, net of
tax (18,979) (3,827) (19,845) (17,732)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Basic earnings per
unit (EUR) (0.13) (0.02) (0.14) (0.13)
--------------------------------------------------------------------------
Diluted earnings per
unit (EUR) - - - (0.12)
--------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 31.12.2025 31.12.2024
---------------------------------------------------------------------------
Non-current assets
Investment properties 208,940 241,158
Intangible assets - 4
Property, plant and equipment 7 5
Derivative financial instruments - 1
Other non-current assets 242 1,225
---------------------------------------------------------------------------
Total non-current assets 209,189 242,393
---------------------------------------------------------------------------
Current assets
Trade and other receivables 1,760 2,800
Prepayments 294 802
Cash and cash equivalents 5,377 10,053
---------------------------------------------------------------------------
Total current assets 7,431 13,655
---------------------------------------------------------------------------
Total assets 216,620 256,048
---------------------------------------------------------------------------
Equity
Paid in capital 151,495 151,495
Cash flow hedge reserve (186) (420)
Retained earnings (73,059) (52,980)
---------------------------------------------------------------------------
Total equity 78,250 98,095
---------------------------------------------------------------------------
Non-current liabilities
Interest-bearing loans and borrowings 113,252 98,491
Deferred tax liabilities 644 1,898
Derivative financial instruments 186 -
Other non-current liabilities 1,110 1,446
---------------------------------------------------------------------------
Total non-current liabilities 115,192 101,835
---------------------------------------------------------------------------
Current liabilities
Interest-bearing loans and borrowings 20,033 50,736
Trade and other payables 2,729 4,473
Income tax payable 14 14
Derivative financial instruments - 317
Other current liabilities 402 578
---------------------------------------------------------------------------
Total current liabilities 23,178 56,118
---------------------------------------------------------------------------
Total liabilities 138,370 157,953
---------------------------------------------------------------------------
Total equity and liabilities 216,620 256,048
---------------------------------------------------------------------------
For additional information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected]
(https://www.globenewswire.com/Tracker?data=YM-
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WP0T754X95JT5kMwfjaV8bQaUutKqiutZoieBBcifPGwon308G06R1EuHbzBlKMBrap6a9INzoBLaJX7
g1uyTNoh1fdmAX2nKKHlK5HzA1IQ==)
www.baltichorizon.com
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cTYsyXPtoi8=)
Baltic Horizon Fund is a registered contractual public closed-end real estate
fund managed by Alternative Investment Fund Manager license holder Baltic
Horizon Capital AS.
Distribution: GlobeNewswire, Nasdaq Tallinn, www.baltichorizon.com
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bvx5fFdDi13pOGE8QwGkdA==)
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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
18:40 EET on 17 February 2026.