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
18554
Attachments
Submission date and time
07.05.2026 17:25:01
Content of announcement in Estonian
Title
Baltic Horizon Fondi 2026. aasta I kvartali konsolideeritud auditeerimata majandustulemused
Message
Baltic Horizon Capital AS-i juhatus on kinnitanud Baltic Horizon Fondi (Fond)
auditeerimata konsolideeritud vahearuande tulemused 2026. aasta I kvartali
kohta.
2026. aasta märtsis toimunud 12,3 miljoni euro suuruse uue omakapitali
sissemaksega, enne makromajandusliku turbulentsi olulist süvenemist, kindlustas
Fond oma olemasolevatelt investoritelt piisava likviidsuse tegevuse jätkamiseks
ning tasus ennetähtaegselt 7,5 miljonit eurot võlakirju. Nagu varem teatatud, on
juhtkond võtnud eesmärgiks ülejäänud võlakirjade (11,5 miljonit eurot)
tagasimaksmise 2026. aasta jooksul, eelistatavalt vara võõrandamistest laekuvate
vahendite arvelt.
Käesoleva aruande koostamise ajal on kolmel võõrandamiseks mõeldud objektil -
Pirita Keskus, Hipokrata Keskus (endine Sky ostukeskus) ja North Star olemas
potentsiaalsed ostjad, kellega ollakse suhtluse erinevates etappides, ning
juhtkond usub, et vähemalt üks neist kolmest võõrandatakse edukalt suve jooksul.
Fondi 2026. aasta esimese kvartali kasum oli 237 tuhat eurot. See summa sisaldab
aga 286 tuhat eurot ühekordseid kulusid, mis on seotud uute aktsiate
emiteerimise ja võlakirjade ennetähtaegse tagasimaksmisega. Kui jätta kõrvale
nimetatud ühekordsed ja mitterahalised kirjed, oli korrigeeritud puhaskasum 601
tuhat eurot.
Aasta alguse seisuga haldab enamikku objekte organisatsioon, mille liikmed on
palgatud otse Fondi tütarettevõtete poolt, mis hakkab avaldama positiivset mõju
kinnisvarainvesteeringute kuludele (millest saavad kasu nii Fond kui ka selle
rentnikud) ja võlgade sissenõudmise tasemele. Veelgi olulisem on see, et
pühendunud meeskond tegutseb üksnes Baltic Horizoni huvides ilma konkureerivate
majandushuvideta, tagades täieliku kooskõla Fondi lühi- ja pikaajaliste
eesmärkidega.
Ka Fondi üldkulusid on vähendatud miinimumini ning alates 2026. aasta teisest
kvartalist on Fondi üldkulude baas (v.a fondivalitsemise tasu ja ühekordsed
kirjed, nagu uue omakapitali emiteerimine) prognooside kohaselt 100 tuhat eurot
kvartalis (võrreldes ligikaudu 207 tuhande euroga aasta tagasi).
Jätkuvate jõupingutuste raames aruandluse optimeerimiseks lihtsustas Fond oma
segmentide struktuuri. Alates käesolevast aruandest esitatakse ärisegmendid
riikide põhiselt (büroo-, kaubandus- ja vaba aja segmentide eristamine on seega
lõpetatud).
Enamik varasematest raamatupidamislikest küsimustest (nagu ebatõenäoliselt
laekuvate nõuete allahindlused, maakleritasude viitamine ja kuluarvestus jne) on
nüüdseks lahendatud. Üks suuremaid kirjeid, mille efektiivse kasutamise
väljavaade on ebakindel, on konsolideeritud aruannetes kajastatud edasilükkunud
tulumaksuvara (ja edasilükkunud tulumaksukohustised) netoväärtuses 1,4 miljonit
eurot kvartali lõpu seisuga, mis on seotud Leedu tütarettevõtete ettevõtte
tulumaksu arvestusega. Arvestades ebakindlust nende edasilükkunud
tulumaksuvarade tulevase kasutamise osas, on tõenäoline, et see kirje
eemaldatakse arvepidamisest 2026. aasta jooksul.
Alates 1. aprillist 2026 nimetati Edvinas Karbauskas juhatuse liikmeks ja
kaasfondijuhiks. Seoses Tarmo Karotami lahkumisega asus Edvinas Karbauskas
alates 1. maist 2026 täitma juhatuse esimehe ja fondijuhi rolli. Juhatus on
praegu kaheliikmeline: Edvinas Karbauskas ja Gerda Bliuvien?.
Edaspidi on juhtkonnal üks peamine prioriteet - rentnike leidmine ja hoidmine
igas Fondi kinnisvaraobjektis. Praegune täitumus kogu portfellis on
mitterahuldav. Edu antud valdkonnas on määrava tähtsusega Fondi tulevaste
strateegiliste valikute tegemisel ning loob eeldused kasumliku tegevuse
taastamiseks, lähtudes osakuomanike huvidest.
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 31. märts 2026
Õiglane Renditav Esmane
väärtus(1) netopind puhastootlus
Kinnisvarainvesteering Sektor
(tuhandetes Täitumuse
eurodes) (m(2)) I kv 2026(2) määr
-------------------------------------------------------------------------------
Galerija Centrs Kaubandus 58 357 19 948 4,9% 86,9%
Postimaja ja Apollo Kaubandus
Plaza 34 576 17 109 6,6% 100,0%
Europa Kaubandus 32 172 17 447 5,3% 83,0%
North Star Büroo 18 779 10 706 7,4% 92,7%
Upmalas Biroji Büroo 14 608 11 095 5,4% 56,6%
Vainodes I Büroo 12 432 8 128 7,3% 100,0%
S27 Büroo 12 344 7 348 3,2% 64,5%
Lincona Büroo 11 418 10 767 4,6% 63,2%
Pirita Kaubandus 10 050 5 425 7,6% 93,9%
Hipokrata Kaubandus 4 701 3 260 9,1% 100,0%
-------------------------------------------------------------------------------
Portfell kokku 209 437 111 233 5,7% 83,8%
-------------------------------------------------------------------------------
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
Tuhandetes eurodes
01.01.2026 01.01.2025
- 31.03.2026 - 31.03.2025
-------------------------------------------------------------------------------
Renditulu 3 646 3 794
Teenustasutulu 1 259 1 332
Renditegevuse kulud -1 896 -2 156
-------------------------------------------------------------------------------
Puhas renditulu 3 009 2 970
Halduskulud -508 -548
Muu äritulu - 18
Kahjum kinnisvarainvesteeringu müügist - -905
Kinnisvarainvesteeringute ümberhindluse kahjum -5 -5
-------------------------------------------------------------------------------
Ärikasum/-kahjum 2 496 1 530
-------------------------------------------------------------------------------
Finantstulud 10 42
Finantskulud -2 228 -2 715
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -2 218 -2 673
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Maksueelne kasum/kahjum 278 -1 143
-------------------------------------------------------------------------------
Tulumaks -41 175
-------------------------------------------------------------------------------
Perioodi kasum/kahjum 237 -968
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav
muu koondkasum
-------------------------------------------------------------------------------
Rahavoogude riskimaandamise puhaskasum/- kahjum 365 51
-------------------------------------------------------------------------------
Rahavoogude riskimaandamise puhaskasumiga seotud
tulumaks - -5
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav
tulumaksujärgne muu koondkasum/-kahjum kokku 365 46
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkasum/-kahjum kokku 602 -922
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tavakahjum osaku kohta (eurodes) 0,00 -0,01
-------------------------------------------------------------------------------
Lahustatud kahjum osaku kohta (eurodes) 0,00 -0,01
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 31.03.2026 31.12.2025
------------------------------------------------------------------
Põhivarad
Kinnisvarainvesteeringud 209 437 208 940
Materiaalsed põhivarad 7 7
Tuletisinstrumendid 179 -
Muud põhivarad 154 242
------------------------------------------------------------------
Põhivarad kokku 209 777 209 189
------------------------------------------------------------------
Käibevarad
Nõuded ostjate vastu ja muud nõuded 1 853 1 760
Ettemaksed 569 294
Raha ja raha ekvivalendid 9 835 5 377
------------------------------------------------------------------
Käibevarad kokku 12 257 7 431
------------------------------------------------------------------
Varad kokku 222 034 216 620
------------------------------------------------------------------
Omakapital
Sissemakstud kapital 163 765 151 495
Rahavoogude riskimaandamise reserv 179 -186
Jaotamata kahjum -72 822 -73 059
------------------------------------------------------------------
Omakapital kokku 91 122 78 250
------------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad võlakohustised 117 973 77 443
Edasilükkunud tulumaksukohustised 685 644
Tuletisinstrumendid - 186
Muud pikaajalised kohustised 1 209 1 110
------------------------------------------------------------------
Pikaajalised kohustised kokku 119 867 79 383
------------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad võlakohustised 8 311 55 842
Võlad tarnijatele ja muud võlad 2 368 2 729
Tulumaksukohustis - 14
Muud lühiajalised kohustised 366 402
------------------------------------------------------------------
Lühiajalised kohustised kokku 11 045 58 987
------------------------------------------------------------------
Kohustised kokku 130 912 138 370
------------------------------------------------------------------
Omakapital ja kohustised kokku 222 034 216 620
------------------------------------------------------------------
Lisainformatsiooni saamiseks palume ühendust võtta:
Edvinas Karbauskas
Baltic Horizon Fond, fondijuht
E-mail [email protected]
(mailto:[email protected])
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 07.05.2026 kell 17:25 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Content of announcement in English
Title
Baltic Horizon Fund consolidated unaudited results for Q1 2026
Message
Management Board of Baltic Horizon Capital AS has approved the unaudited
financial results of Baltic Horizon Fund (the Fund) for the three months of
2026.
With the injection of EUR 12.3 million of new equity completed in March 2026,
ahead of significant increase in macroeconomic turbulence, the Fund has secured
sufficient liquidity from its current investors to continue its operations and
repaid ahead of the schedule EUR 7.5 million of the bonds. As communicated
before, the management team is determined to complete the repayment of the
remaining bonds (EUR 11.5 million) during 2026, preferably from the property
disposals.
At the time of this report, the three properties intended for disposal - Pirita
Keskus, Hipokrata Center (ex-Sky SC) and North Star - each have prospective
buyers in various phases of engagement, and the management believes that at
least one of the three will be successfully disposed during the summer.
The Fund's profit for Q1 2026 amounted EUR 237 thousand. However, this includes
EUR 286 thousand in one-off costs from new equity issuance and early bond
prepayments. Excluding these one-offs and non-cash items the adjusted net result
was EUR 601 thousand.
As of the start of the year most of the properties are managed by the
organization directly employed by the subsidiaries of the fund which will start
having positive effect on the property costs (benefiting both the Fund and its
tenants) and debt collection levels. Even more important, this dedicated
organisation operates exclusively in the interest of Baltic Horizon, with no
competing economic interests, ensuring full alignment with the Fund's immediate
and long-term objectives.
The overheads of the fund have also been reduced to the bare minimum, and as of
Q2 2026 onwards the cost base of fund overheads (excluding fund management fee
and one-off items such as new equity issue) is projected to be at the level of
EUR 100 thousand per quarter (compared to approx. EUR 207 thousand a year ago).
As part of ongoing efforts to streamline reporting, the fund has simplified its
segment structure. Effective from this report, business segments are presented
on a country basis (office, retail and leisure are thus discontinued).
Most of the legacy accounting issues (such as provisions for doubtful
receivables, accrual and expending of broker fees, etc.) are resolved by now.
One of the larger items with uncertain prospect of effective utilization is
deferred tax asset (and deferred tax liabilities) kept on the consolidated
accounts at the net value of EUR 1.4 million as of the end of the quarter and
relating to the corporate tax accounting matters in the Lithuanian subsidiaries.
Given the uncertainty surrounding the future utilisation of these deferred tax
assets, it is likely that this item will be derecognised during 2026.
Effective 1 April 2026, Edvinas Karbauskas was appointed to the Management Board
as Co-Fund Manager. Following the departure of Tarmo Karotam, Edvinas Karbauskas
assumed the role of Chairman of the Management Board and Fund Manager effective
1 May 2026. The Management Board currently comprises two members: Edvinas
Karbauskas and Gerda Bliuvien?.
Going forward, this management has one top priority to deliver on - attracting
and retaining tenants in each of the properties of the Fund. Current level of
occupancy across the portfolio is unsatisfactory. Success in this area will
determine the future strategic options available for the fund, and the potential
of restoring profitable operations for the benefit of the unitholders.
Overview of the Fund's investment properties as of 31 March 2026
Net initial
Property name Sector Fair value(1) NLA yield
(EUR '000) (sq. m) Q1 2026(2) Occupancy rate
-------------------------------------------------------------------------------
Galerija Centrs Retail 58,357 19,948 4.9% 86.9%
Postimaja and
Apollo Plaza Retail
complex 34,576 17,109 6.6% 100.0%
Europa SC Retail 32,172 17,447 5.3% 83.0%
North Star Office 18,779 10,706 7.4% 92.7%
Upmalas Biroji BC Office 14,608 11,095 5.4% 56.6%
Vainodes I Office 12,432 8,128 7.3% 100.0%
S27 Office 12,344 7,348 3.2% 64.5%
Lincona Office 11,418 10,767 4.6% 63.2%
Pirita SC Retail 10,050 5,425 7.6% 93.9%
Hipokrata SC Retail 4,701 3,260 9.1% 100.0%
-------------------------------------------------------------------------------
Total portfolio 209,437 111,233 5.7% 83.8%
-------------------------------------------------------------------------------
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
01.01.2026 01.01.2025
- -
EUR '000 31.03.2026 31.03.2025
-------------------------------------------------------------------------------
Rental income 3,646 3,794
Service charge income 1,259 1,332
Cost of rental activities (1,896) (2,156)
-------------------------------------------------------------------------------
Net rental income 3,009 2,970
Administrative expenses (508) (548)
Other operating income - 18
Losses on disposal of investment properties - (905)
Valuation losses on investment properties (5) (5)
-------------------------------------------------------------------------------
Operating profit (loss) 2,496 1,530
-------------------------------------------------------------------------------
Financial income 10 42
Financial expenses (2,228) (2,715)
-------------------------------------------------------------------------------
Net financial expenses (2,218) (2,673)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit (loss) before tax 278 (1,143)
-------------------------------------------------------------------------------
Income tax charge (41) 175
-------------------------------------------------------------------------------
Profit (loss) for the period 237 (968)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Other comprehensive income that is or may be
reclassified to profit or loss in subsequent periods
-------------------------------------------------------------------------------
Net gain (loss) on cash flow hedges 365 51
-------------------------------------------------------------------------------
Income tax relating to net gain (loss) on cash flow
hedges - (5)
-------------------------------------------------------------------------------
Other comprehensive profit (loss), net of tax, that is
or may be reclassified to profit or loss in subsequent
periods 365 46
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive profit (loss) for the period, net of
tax 602 (922)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic earnings per unit (EUR) 0.00 (0.01)
-------------------------------------------------------------------------------
Diluted earnings per unit (EUR) 0.00 (0.01)
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 31.03.2026 31.12.2025
--------------------------------------------------------------------
Non-current assets
Investment properties 209,437 208,940
Property, plant and equipment 7 7
Derivative financial instruments 179 -
Other non-current assets 154 242
--------------------------------------------------------------------
Total non-current assets 209,777 209,189
--------------------------------------------------------------------
Current assets
Trade and other receivables 1,853 1,760
Prepayments 569 294
Cash and cash equivalents 9,835 5,377
--------------------------------------------------------------------
Total current assets 12,257 7,431
--------------------------------------------------------------------
Total assets 222,034 216,620
--------------------------------------------------------------------
Equity
Paid in capital 163,765 151,495
Cash flow hedge reserve 179 (186)
Retained earnings (72,822) (73,059)
--------------------------------------------------------------------
Total equity 91,122 78,250
--------------------------------------------------------------------
Non-current liabilities
Interest-bearing loans and borrowings 117,973 77,443
Deferred tax liabilities 685 644
Derivative financial instruments - 186
Other non-current liabilities 1,209 1,110
--------------------------------------------------------------------
Total non-current liabilities 119,867 79,383
--------------------------------------------------------------------
Current liabilities
Interest-bearing loans and borrowings 8,311 55,842
Trade and other payables 2,368 2,729
Income tax payable - 14
Other current liabilities 366 402
--------------------------------------------------------------------
Total current liabilities 11,045 58,987
--------------------------------------------------------------------
Total liabilities 130,912 138,370
--------------------------------------------------------------------
Total equity and liabilities 222,034 216,620
--------------------------------------------------------------------
For additional information, please contact:
Edvinas Karbauskas
Baltic Horizon Fund manager
E-mail [email protected]
(mailto:[email protected])
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
(https://www.globenewswire.com/Tracker?data=bWceOHqYoD1J6i_TnIPpONIxFnImG0PplrQE
e3nQEVjD9E7tHuDACuVNgse2IiPAvQqxgLv_7FQHNT75xF12r6kYWdyfBGMyJ0emQ6Cm8gHYqw3GIlDz
I7nbxTRaWnMRAWGsIs_6dtxpoTwY9XdGOrbTpBwe4cFX7Lzn67t8GLRsacheiUmPgXyMkfsKDv4nTvbj
G58ZRrXzO10fcFNWuF1N0bkM5CQ9jbiFU-DkaWRC7dNOfQXoVXh1T91w7LP-
bvx5fFdDi13pOGE8QwGkdA==)
To receive Nasdaq announcements and news from Baltic Horizon Fund about its
projects, plans and more, register on www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=bWceOHqYoD1J6i_TnIPpONIxFnImG0PplrQE
e3nQEVjSXJfABDMTtr41OrN_WChLVXKmSAn28RoKpI71fg_5Wkj3POUvBukQ2Odffobtprq5o1uI7m8C
nvn7XxeWiQ3s). You can also follow Baltic Horizon Fund on LinkedIn
(https://www.globenewswire.com/Tracker?data=u4dVfPUGDVxXxv3k7cwi0OQTQLR9MtAdUHQG
MluRVmgmz8BsT7nBps3taEeVgRcTmOWjgOTQ97XxJ8k3KxX7_inmL0CEJ1AR-
Z1q3vRmA0xKVa1HLCdFpi7GbcqMhBw7) and YouTube
(https://www.globenewswire.com/Tracker?data=0S7yDENCxTo3rz5oQ414dqCPw81T1y537lgJ
ftMKI1arwGyGwejAOplTDj-RqMRrIEoNew1bBSBWEE3SsHS6boW7naf-MEqvZq-n41F4qnWFD-
rU5lQ8esNDZK8iN17e).
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
17:25 EET on 7 May 2026.