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
Annual financial report
Information includes sustainability statement
No
Does the information contain personal data?
No
Is the data provided voluntary or not?
No
Is information covering a period?
No
Unique data record identifier
18374
Attachments
Submission date and time
31.03.2026 13:35:02
Content of announcement in Estonian
Title
Baltic Horizon Fondi 2025. aasta konsolideeritud auditeeritud finantstulemused
Message
Baltic Horizon Capital AS-i juhatus on kinnitanud Baltic Horizon Fondi (fond)
2025. aasta auditeeritud majandustulemused. Finantstulemused jäid samaks,
võrreldes esialgse avalikustamisega 17. veebruaril 2026.
Fond avaldab oma 2025. aasta lõpu majandusaasta tulemused ning finantsseisundi
ülevaate. Arvestades 2026. aasta esimeses kvartalis osakuomanikelt kaasatud
täiendavat kapitali, on Fond jätkuvalt tegevusvõimeline.
Majandusaasta lõppes 20,1 miljoni euro suuruse puhaskahjumiga. See järgneb
varasematele kahjumitele (16,8 miljonit eurot 2024. aastal ja 23,0 miljonit
eurot 2023. aastal), moodustades kolme aasta koondkahjumiks 59,9 miljonit eurot.
Selline ulatuslik korrigeerimine tuleneb peamiselt fondi investeerimisportfelli
ümberhindamisest kogusummas 58,1 miljonit eurot viimase kolme aasta jooksul
(millest osa on realiseerunud vara võõrandamiste kaudu), aga ka Fondi viimaste
aastate tegevuskahjumitest. Fondi põhitegevuse tulemuseks 2025. aastal oli 0,7
miljoni euro suurune kahjum võrreldes 1,9 miljoni euro suuruse kahjumiga 2024.
aastal. Nimetatud näitaja ei sisalda mitterahalisi mõjusid nagu
kinnisvarainvesteeringute ümberhindlused, tuletisinstrumentide väärtuse muutused
ja edasilükkunud tulumaks.
Tagantjärele vaadates on olulist väärtuse korrigeerimist põhjustanud peamiselt
kaks tegurit. Esiteks on Fond omandanud varasid perioodil, mil varade
turuväärtused olid kõrged, kasutades sageli keerukaid ja kõrge
finantsvõimendusega finantseerimisstruktuure. Teiseks toetuti varasemalt
ulatuslikult väliste teenusepakkujate poolt pakutavatele varade
juhtimisstruktuuridele, mis osutusid vähepaindlikuks viimastel aastatel
ärikinnisvara segmendis aset leidnud järskude turushokkide suhtes. Siiski,
viimased viis aastat on juhtkonna peamine fookus olnud Baltic Horizon Fondi
finantsilise põhistabiilsuse tagamine.
Fond lõpetas 2025. aasta omakapitaliga, mis jäi allapoole võlakirjadega seotud
eritingimustes sätestatud nõutud piirmäärale (ISIN: EE3300003235). Samal ajal
seadsid laenuandjad aeguvate kinnisvaralaenude pikendamise tingimuseks Fondi
omakapitali tugevdamise ja osade laenude kiirendatud põhiosa tagasimaksed. Nende
tingimuste põhjal viis juhtkond koostöös Fondi nõukoguga, ja tuginedes 2025.
aasta detsembris osakuomanike poolt antud mandaadile, 2026. aasta märtsis läbi
eduka täiendava avaliku osakute pakkumise. Nimetatud kapitali kaasamise
tulemusena koguti 12,3 miljonit eurot, millega kaeti vahetud likviidsusvajadused
ja tagati piisav finantseerimispuhver vähemalt 2027. aastani. Märkimisväärne osa
emissioonist laekunud vahenditest, 7,5 miljonit eurot, kasutatakse käesoleva
aruande koostamise ajal võlakirjade osaliseks ennetähtaegseks lunastamiseks.
Kuna 2026. aastal ei saabu ühegi kinnisvaralaenu tähtaeg, siis on Fondi
likviidsuspositsioon praeguseks stabiilne ning toetab Fondi tegevuse jätkamist.
2025. aasta jooksul on juhtkond jätkuvalt Fondi halduskulusid jõuliselt üle
vaadanud ja vähendanud. Stockholmi börsil toimunud sekundaarse noteeringu
lõpetamise ning põhitegevusega mitteseotud nõustamis- ja turundusteenuste
lepingute lõpetamise tulemusel vähenesid halduskulud 2024. aasta 2,4 miljoni
euro tasemelt 1,9 miljoni euroni aastal 2025. Kulude kokkuhoiu meetmete täielik
mõju avaldub 2026. majandusaastal. Finantsriskide maandamiseks kasutab Fond
intressimäära vahetustehinguid ning jälgib pidevalt intressikeskkonda.
2025. aastal omandasid Baltic Horizon Fondi fondivalitseja erainvesteeringute
ettevõtte Grinvesti asutajad, kes investeerisid Fondi esmakordselt 2024. aastal
ning on sellest ajast alates kasvanud Fondi suurimateks osakuomanikeks. Pärast
2026. aasta märtsis lõpule viidud täiendava kapitali kaasamist kuulub
fondivalitsejale (läbi tütarettevõtte Gene Investments OÜ) praegu ligikaudu
4,6% osakutest.
Fondi võlakoormus on jätkuvalt liialt kõrge ning investeerimisportfelli
tulemuste taastamine eeldab pikaajalist pingutust, lisakapitali ja
kõrgetasemelist professionaalset tööd. Nende kahe eesmärgi saavutamine on
edasiste strateegiliste valikute seisukohalt keskse tähtsusega. Seetõttu ei ole
Fondil väljamakseid eelseisval aastal võimalik oma osakuomanikele teha.
Fond edendab keskkonnasäästlikkust, viies oma kinnisvara portfelli
strateegiliste roheliste rendilepingute abil üle tuule- ja päikeseenergiale,
edendades samal ajal sotsiaalset mõju, korraldades oma kaubandus- ja
büroohoonetes kestlikkuse teemal kogukonnakaasamise üritusi.
Uuendatud juhtimisstruktuuriga nii Fondi kui ka kinnisvaraportfelli tasandil
teadvustame täielikult mineviku väljakutseid. Meie fookus on suunatud
tulevikule, eesmärgiga taastada ja kasvatada ühiselt pingutades Fondi
pikaajalist väärtust. Fondile kuulub kvaliteetne kaubanduskinnisvara portfell,
mille väärtused on asjakohastatud ja millesse kuulub mitmeid Balti pealinnade
silmapaistvaid maamärke. Operatiivsed muudatused on hästi edenemas, vahetud
võlariskid on maandatud ning meie eesmärk on järgmise 12 kuu jooksul taastada
Baltic Horizon Fondi tugev finantsseisund. Kinnisvaraobjektide ärilise toimimise
taastamine on suurim prioriteet ning see määrab nii Fondi võime genereerida
rahavoogu kui ka Fondi osakute turuväärtuse.
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 31. detsember 2025
Keskmine
Õiglane Renditav Esmane esmane
Kinnisvarainvesteering Segment väärtus(1) netopind puhastootlus puhastootlus
(tuhandetes Täitumuse
eurodes) (m(2)) 2025(2) 2025(3) määr
------------------------------------------------------------------------------------------
Galerija Centrs Kaubandus 58 356 19 956 4,8% 4,6% 87,8%
Europa Kaubandus 31 836 17 430 3,0% 2,7% 82,5%
Postimaja Kaubandus 21 270 9 232 6,2% 6,0% 99,8%
North Star Büroo 18 778 10 706 6,7% 6,5% 93,2%
Upmalas Biroji Büroo 14 610 11 095 5,9% 4,7% 56,6%
Apollo Plaza Vaba aeg 13 260 7 877 6,8% 6,8% 100,0%
Vainodes I Büroo 12 400 8 128 10,0% 8,1% 100,0%
S27 Büroo 12 270 7 348 -1,2% -1,3% 58,7%
Lincona Büroo 11 410 10 767 8,9% 7,9% 90,7%
Pirita Kaubandus 10 050 5 425 8,3% 8,5% 95,1%
Sky Kaubandus 4 700 3 260 9,3% 9,0% 100,0%
------------------------------------------------------------------------------------------
Portfell kokku 208 940 111 224 5,5% 5,2% 86,2%
------------------------------------------------------------------------------------------
1. Põhineb viimasel, seisuga 31. detsember 2025 teostatud hindamisel,
hilisematel kapitalikuludel ja kajastatud kasutusõiguse varadel.
2. Esmase puhastootluse leidmiseks jagatakse puhas äritulu
kinnisvarainvesteeringu turuväärtusega aasta lõpu seisuga.
3. Keskmine esmane puhastootlus on kalendriaasta jooksul saadud kuiste tootluste
keskmine, kusjuures iga kuu tootluse leidmiseks jagatakse annualiseeritud puhas
äritulu kinnisvara hetke turuväärtusega
KONSOLIDEERITUD KASUMI- JA MUU KOONDKASUMI ARUANNE
01.01.2025 01.01.2024
Tuhandetes eurodes - 31.12.2025 - 31.12.2024
-------------------------------------------------------------------------------
Renditulu 15 098 15 136
Teenustasutulu 4 947 4 744
Renditegevuse kulud -8 382 -8 292
-------------------------------------------------------------------------------
Puhas renditulu 11 663 11 588
Halduskulud -1 923 -2 373
Kahjum kinnisvarainvesteeringu müügist 126 18
Muu äritulu -1 475 -863
Kinnisvarainvesteeringute ümberhindluse kahjum -20 602 -15 581
-------------------------------------------------------------------------------
Ärikasum/-kahjum -12 211 -7 211
-------------------------------------------------------------------------------
Finantstulud 69 196
Finantskulud -9 193 -10 540
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -9 124 -10 344
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Maksueelne kasum/kahjum -21 335 -17 555
-------------------------------------------------------------------------------
Tulumaks 1 256 774
-------------------------------------------------------------------------------
Perioodi kasum/kahjum -20 079 -16 781
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav
muu koondkasum
-------------------------------------------------------------------------------
Rahavoogude riskimaandamise puhaskasum/- kahjum 252 -1 003
-------------------------------------------------------------------------------
Rahavoogude riskimaandamise puhaskasumiga seotud
tulumaks -18 52
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav
tulumaksujärgne muu koondkasum/-kahjum kokku 234 -951
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkasum/ kahjum kokku -19 845 -17 732
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tavakahjum osaku kohta (eurodes) -0,14 -0,13
-------------------------------------------------------------------------------
Lahustatudkahjumosakukohta (eurodes) -0,14 -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 77 443 98 491
Edasilükkunud tulumaksukohustised 644 1 898
Tuletisinstrumendid 186 -
Muud pikaajalised kohustised 1 110 1 446
------------------------------------------------------------------
Pikaajalised kohustised kokku 79 383 101 835
------------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad võlakohustised 55 842 50 736
Võlad tarnijatele ja muud võlad 2 729 4 473
Tulumaksukohustis 14 14
Tuletisinstrumendid - 317
Muud lühiajalised kohustised 402 578
------------------------------------------------------------------
Lühiajalised kohustised kokku 58 987 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-
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c4_8IRx7zkCpsgexz3jxM4Sheaz0KT0sf7MxnWxQ==)
www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=bWceOHqYoD1J6i_TnIPpONIxFnImG0PplrQE
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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-
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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 31.03.2026 kell 13:35 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Content of announcement in English
Title
Baltic Horizon Fund consolidated audited results for 2025
Message
Management Board of Baltic Horizon Capital AS has approved the audited financial
results of Baltic Horizon Fund (the Fund) for the twelve months of 2025. The
financial results remained unchanged compared to the preliminary disclosure on
17 February 2026.
Baltic Horizon Fund reports its annual result and the financial standing at the
end of 2025. Following additional capital raised from unitholders in the first
quarter of 2026, the Fund continues to operate as a going concern.
The year ended with a EUR 20.1 million net loss, following consecutive losses of
EUR 16.8 million in 2024 and EUR 23.0 million in 2023 (EUR 59.9 million over a
three-year cycle). This massive adjustment is largely a result of the mark down
of the value of the Fund's investment portfolio in the total amount of EUR 58.1
million over the past three years (part of which is already realized through the
disposals), but also due to continuous loss the Fund is suffering from. The
underlying result from core operations for 2025 was a loss of EUR 0.7 million,
compared to a loss of EUR 1.9 million in 2024. This figure excludes non-cash
impacts, such as investment property revaluations, hedging instruments, and
deferred taxes.
Reflecting back, this substantial valuation adjustment was driven by two
fundamental reasons. First - the Fund was acquiring properties during the period
of elevated market valuations and thus overpaid for most of its past
investments, often supported by complex, high-leverage financing. Second - there
was a historical reliance on external service providers and management
structures that proved less adaptable to the significant shocks recently seen in
the commercial property markets where the Fund operates. For the past 5 years
the management has been primarily focused on ensuring the fundamental stability
of Baltic Horizon Fund.
The Fund concluded 2025 with an equity level below the required thresholds for
its bond covenants (ISIN: EE3300003235), with lenders of maturing property loans
requiring strengthening of the capital of the Fund and accelerated amortization
as conditions for their prolongation. In anticipation of these, the management
in consultations with the Supervisory Board of the Fund and following a clear
mandate from unitholders in December 2025, management executed a successful
secondary public offering in March 2026. This capital raise secured EUR 12.3
million, effectively addressing imminent liquidity requirements and providing a
solid runway through 2027. A significant portion of these proceeds, EUR 7.5
million, is being used for the partial redemption of outstanding bonds at the
time of this report. With no property loans set to expire during 2026, the
Fund's liquidity position is now stable, supporting its continued operations as
a going concern.
Management has aggressively streamlined the Fund's administrative cost structure
throughout 2025. By discontinuing the secondary listing in Stockholm and
terminating non-core consultancy and marketing services, administrative expenses
were reduced to EUR 1.9 million, down from EUR 2.4 million in 2024. The full
benefit of these cost-saving measures will be realized during the 2026. To
manage financial risks, the Fund holds interest rate swaps and monitors the
interest rate environment.
During 2025 the ownership of the management company was taken up by the founders
of a private investment company Grinvest, who have first invested into Baltic
Horizon Fund in 2024 and since then became the largest unitholders. Following
the new capital raising completed in March 2026, around 4.6% of the units are
currently held by the management company (through its subsidiary Gene
Investments OÜ).
The indebtedness of the Fund remains too high still, and restoring the
performance of its investment portfolio will require sustained time, capital,
and professional effort. Addressing these two are the essential building blocks
for any future strategy choices. Consequently, the Fund will not be in a
position to issue distributions to its unitholders during the coming year.
The Fund is advancing environmental sustainability by transitioning its property
portfolio to wind and solar power through strategic green leases, while
simultaneously driving social impact by hosting community health initiatives and
climate awareness events at its retail and office hubs.
With a newly structured management team at both the Fund and property levels, we
fully acknowledge the challenges of the past. Our focus is entirely forward-
looking, as we remain dedicated to rebuilding value and realizing the Fund's
long-term potential through collective effort. The Fund now owns a portfolio of
great commercial properties, at adequately adjusted valuations, some of them -
the true landmarks in the Baltic capitals. Operational adjustments are well
underway, imminent debt risks are mitigated, and we are determined to restore a
healthy balance sheet of Baltic Horizon Fund over the next 12 months. Restoring
commercial performance of our properties is the ultimate priority and will
determine both the cash flow generation capacity of the Fund and the market
value of the units.
Overview of the Fund's investment properties as of 31 December 2025
Average
Net
Property name Sector Fair Net initial initial
value(1) NLA yield yield
Occupancy
(EUR '000) (sq. m) 2025(2) 2025(3) rate
-------------------------------------------------------------------------------
Galerija Retail
Centrs 58,356 19,956 4.8% 4.6% 87.8%
Europa SC Retail 31,836 17,430 3.0% 2.7% 82.5%
Postimaja Retail 21,270 9,232 6.2% 6.0% 99.8%
North Star Office 18,778 10,706 6.7% 6.5% 93.2%
Upmalas Office
Biroji BC 14,610 11,095 5.9% 4.7% 56.6%
Apollo Plaza Leisure
complex 13,260 7,877 6.8% 6.8% 100.0%
Vainodes I Office 12,400 8,128 10.0% 8.1% 100.0%
S27 Office 12,270 7,348 (1.2%) (1.3%) 58.7%
Lincona Office 11,410 10,767 8.9% 7.9% 90.7%
Pirita SC Retail 10,050 5,425 8.3% 8.5% 95.1%
Sky SC Retail 4,700 3,260 9.3% 9.0% 100.0%
-------------------------------------------------------------------------------
Total
portfolio 208,940 111,224 5.5% 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 the 2025 NOI by the
market value of the property at year-end.
3. The average NIY is the calendar year average of monthly yields, where each
month's yield is calculated as the annualized NOI divided by the property's
current market value.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
01.01.2025 01.01.2024
- -
EUR '000 31.12.2025 31.12.2024
-------------------------------------------------------------------------------
Rental income 15,098 15,136
Service charge income 4,947 4,744
Cost of rental activities (8,382) (8,292)
-------------------------------------------------------------------------------
Net rental income 11,663 11,588
Administrative expenses (1,923) (2,373)
Other operating income 126 18
Losses on disposal of investment properties (1,475) (863)
Valuation losses on investment properties (20,602) (15,581)
-------------------------------------------------------------------------------
Operating profit (loss) (12,211) (7,211)
-------------------------------------------------------------------------------
Financial income 69 196
Financial expenses (9,193) (10,540)
-------------------------------------------------------------------------------
Net financial expenses (9,124) (10,344)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit (loss) before tax (21,335) (17,555)
-------------------------------------------------------------------------------
Income tax charge 1,256 774
-------------------------------------------------------------------------------
Profit (loss) for the period (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 252 (1,003)
-------------------------------------------------------------------------------
Income tax relating to net gain (loss) on cash flow
hedges (18) 52
-------------------------------------------------------------------------------
Other comprehensive income (expense), net of tax, that
is or may be reclassified to profit or loss in
subsequent periods 234 (951)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income (expense) for the period, net
of tax (19,845) (17,732)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic earnings per unit (EUR) (0.14) (0.13)
-------------------------------------------------------------------------------
Diluted earnings per unit (EUR) (0.14) (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 77,443 98,491
Deferred tax liabilities 644 1,898
Derivative financial instruments 186 -
Other non-current liabilities 1,110 1,446
--------------------------------------------------------------------
Total non-current liabilities 79,383 101,835
--------------------------------------------------------------------
Current liabilities
Interest-bearing loans and borrowings 55,842 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 58,987 56,118
--------------------------------------------------------------------
Total liabilities 138,370 157,953
--------------------------------------------------------------------
Total equity and liabilities 216,620 256,048
--------------------------------------------------------------------
For more information, please contact:
Tarmo Karotam
Baltic Horizon Fund Manager
E-mail [email protected]
(https://www.globenewswire.com/Tracker?data=YM-
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WP0T754X95JT5kMwfjaV8bTQ5KhIoR8VJll8Cguts4HCllZG_f4t55N25CXyUfQQR3m-
c4_8IRx7zkCpsgexz3jxM4Sheaz0KT0sf7MxnWxQ==)
www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=bWceOHqYoD1J6i_TnIPpONIxFnImG0PplrQE
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qkDag37rAT7-5vQEyeM2D5yVrFq-cSytHJbldlQTRGFDEWAKsScyu-Iy7jbhUGRBnwhtUrRL-dFVC_VC
rFG2J8r5cyr99p249l5MsyE4Ct_B4X5lGiewy3HSAZVyTAqnR4dlDV9Q08HvYYNTSUVFhcykGA09MXcb
XCsGdW_CgYj4ZEluw4bS4ufXkQdY0pYT8i-Z7Q9WG9cVdq1U0cCE9ubkxm-QXZscilN3QDeq52rbzLSL
ODruIvgHnXkWzNdTtgyRddTQYzr7-mrG2hUNqgOuk_UmRjzUcrghy6UlsguMVb8Z0Im3nHcHUlXWX8dH
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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.
Distribution: GlobeNewswire, Nasdaq Tallinn, www.baltichorizon.com
(http://www.baltichorizon.com)
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projects, plans and more, register on www.baltichorizon.com
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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
13:35 EET on 31 March 2026.