Börsiteade
Baltic Horizon Fund / Northern Horizon Capital AS
Kategooria
Poolaastaaruanne
Manused
Kuupäev
07.08.2025 20:00:01
Pealkiri
Baltic Horizon Fondi 2025. aasta II kvartali konsolideeritud auditeerimata majandustulemused
Teade
Northern Horizon Capital AS-i juhatus on kinnitanud Baltic Horizon Fondi (Fond)
auditeerimata konsolideeritud vahearuande tulemused 2025. aasta II kvartali
kohta.
Strateegia elluviimise väljakutsed
Meie strateegia fokusseerib avaliku ja sotsiaalsektori rentnikega kinnisvara
kontseptidesse ning kesklinnas asuvate, mitmeotstarbeliste hoonete arendamisele,
mille kohandatavad ruumid on loodud inspireerima, julgustama ja parandama
tänapäeva linlaste ja kogukondade elu, omades samas potentsiaali pikaajaliseks
väärtuse kasvuks.
Tulemusnäitajate ülevaade:
* 90% hõivemäära saavutamine on olnud keerulisem, kuna nii uute üürnike
leidmine kui ka olemasolevate hoidmine on muutunud keerulisemaks. II
kvartali lõpu seisuga oli täitumuse määr (lähtuvalt pindade üleandmise
kuupäevast) 84,2%. Kuigi tulemused on paranenud, ületavad täna mõnes
objektis - näiteks Upmalases ja Linconas - lõppevad lepingud uute
üürilepingute mahu.
* Netotulu ruutmeetri kohta (NOI/m²) on veidi kasvanud: I kvartali tasemelt
107 II kvartali tasemele 109. Samas jääb sihiks seatud 130 EUR/m² saavutamine
keskpikas plaanis keeruliseks, arvestades rentnike kõrvalkulude üleüldist
suurenemist ja rendihindadele avalduvat survet konkurentsitihedal turul.
* 50% pikaajalise laenukoormuse (LTV) eesmärgi saavutamine oleks lähitulevikus
võimalik vaid juhul, kui õnnestub müüa osa kinnisvarast ja/või kaasata
lisakapitali. Arvestades hindamisparameetrite suurt ebakindlust, otsustas
juhtkond koos Fondi nõukoguga vahehindamisi praegu mitte läbi viia ning
aasta lõpu hindamised sõltuvad eelkõige renditegevuse tulemustest ja
investeerimisturu arengutest.
* Kuna õiglasel hinnatasemel potentsiaalseid ostjaid napib, jätkame mitte-
strateegiliste varade, eelkõige väiksemate objektide müüki, kuna selliste
varade turul on endiselt mõningane likviidsus.
Juhtkond töötab 2025. aasta jooksul välja täpsustatud strateegilise tegevuskava
koos vajalike meetmetega antud eesmärkide saavutamiseks.
Üüritulemused
Kokkuvõttes sõlmis Fond 2025. aasta kuue kuu jooksul ligikaudu 9250 m² ulatuses
uusi rendilepinguid. Lisaks pikendati ligikaudu 6600 m² ulatuses rendilepinguid.
Meie hoonetesse on kaasatud 30 uut rentnikku, sageli eesmärgiga asendada
varasemaid probleemseid üürnikke, ning 22 olemasolevat üürnikku on otsustanud
meiega koostööd jätkata.
Üks II kvartali 2025 põhisündmusi oli Europa esimesel korrusel Konstitucijos
avenüüle avanev uue restoranitsooni avamine, kus asuvad renoveeritud Fortas ja
Miyako kontseptsioonid. Rentnike ümberkolimise ja vahetuse tõttu on Europa
täituvus ajutiselt vähenenud, kuid eeldatavasti paraneb see järgnevate
kvartalite jooksul. Hiljuti sõlmiti üürileping spordikeskuse operaatoriga, kes
võtab kolmandal korrusel kasutusele 2 316 m² suuruse pinna ning III kvartali
jooksul on oodata täiendavaid lepinguid ligikaudu 800 m² ulatuses teiste spordi-
ja vabaajateenuste pakkujatega. Üks peamisi üürilepinguid mis lõppes Galerija
Centrsis II kvartalis oli Massimo Dutti, kelle asemel laiendavad oma pindasid
Mango, Gant ja teised üürnikud. Rentnike hulka lisanduvad peagi samuti äsja
allkirjastatud 500 m² Sinsay kauplus ja üle 1900 m² lasermängude keskus, mis
mõlemad avatakse 2025. aasta suvel.
Pärast intensiivseid läbirääkimisi suutsime jätkata pikaajalist koostööd Läti
Riigimetsa Majandamise Keskusega, pikendades rendilepingut fikseeritult kuni
2034. aastani. Antud kokkulepe mõjutab hoone rahavoosid III kvartalist 2025 ning
alates IV kvartalist 2026 väheneb renditud pind valitsuse kulude kokkuhoiu
meetmete ja ülemaailmse kontoripindade vähendamise trendi tõttu 5300 m²-ni.
Hoone renoveeritakse ja 2600 m² pindala eraldatakse teisele ankurrentnikule.
Oleme juba alustanud aktiivseid läbirääkimisi erakoolide ja tervishoiuteenuste
osutajatega tulevikus tekkiva vakantsuse täitmiseks.
2025. aasta juuni lõpus oli rendipinna üleandmise kuupäeva põhjal arvutatud
portfelli täitumus 84,2% ning rendilepingu allkirjastamise kuupäeva põhjal
arvutatud täitumus 85,6%. Jätkuvalt on järgmiste kvartalite peamine tähelepanu
suunatud järelejäänud ja tekkivate vakantsuste vähendamisele meie portfellis.
Kuigi Riia Rahvusvahelisele Koolile anti üle S27 hoones 3 689 m² pind, lahkub
meie portfellist 2025. aasta lõpus suurima üürnikuna Swedbank, kes kasutab
praegu Lincona hoones 2 568 m².
Viimase aja renditegevus kajastub kaalutud keskmise aegumata rendiperioodi
pikenemises kuni esimese katkestamise võimaluseni, mis oli 30. juuli 2025. aasta
seisuga 3,5 aastat (võrreldes 3,4 aastaga 31. detsembri 2024. aasta seisuga ning
2,9 aastaga 31. detsembri 2023. aasta seisuga).
Väljavaade
2025. aastal keskendub Fond paindlikele ja kestlikele lahendustele, et käia
kaasas rentnike soovide ja turutingimustega. Meie peamised eesmärgid on
portfelli täitumuse suurendamine ning leida lahendusi laenu ja väärtuse suhte
vähendamiseks võlakirjade lunastamise teel.
Fond on algatanud Rootsi hoidmistunnistuste (?SDR") Nasdaq Stockholmi börsilt
kauplemise lõpetamise protsessi oktoobriks 2025. Lisaks on juhtkond korraldanud
mitu hankemenetlust ning hinnanud erinevaid kulude kokkuhoiuvõimalusi, mis
puudutavad audiitori-, juriidilisi-, tõlke- ja muid haldusteenuseid. Fond töötab
pidevalt üldkulude läbivaatamise, tehnoloogia uuendustesse investeerimise ja
strateegiliste tasude läbirääkimiste kaudu, et parandada tegevuse efektiivsust
ja pikaajalist investeerimistulemust. Need lisameetmed avaldavad eeldatavasti
positiivset mõju alates 2025. aasta IV kvartalist.
2025. aasta esimeses pooles jätkati mitme objekti, sh Postimaja ja Apollo Plaza,
ning mitmete mittestrateegiliste varade müügikatsetega. Siiski on keeruline
turuolukord üleüldiselt vähendanud sobivate ostjate olemasolu ning mitmete
objektide puhul ei olda täna valmis maksma hinda, mis oleks viimaste hindamiste
lähedal või mis vastaks eriti meie kvaliteetseimate varade pikaajalisele
väärtusele. Jätkame väiksemate mitte-strateegiliste varade müüki kuna selliste
varade turul on endiselt mõningane likviidsus.
Arvestades käimasolevaid investeeringuid varade ümberkujundamisse ja
olemasolevat laenukoormust, on Fondi netorahavoog jäänud negatiivseks. Seetõttu
töötab juhtkond välja uue refinantseerimisstrateegia, mis võib hõlmata sobiva
kinnisvara müüki ja/või täiendava kapitali kaasamist muudest allikatest, et
tugevdada kapitalistruktuuri 2025. aasta teises pooles.
Keskendudes täituvuse suurendamisele ja kinnisvarakontseptsioonide
optimeerimisele, soovib Fond parandada varade tootlikkust ja maksimeerida puhast
äritulu. Keerulises rendituru keskkonnas jäävad peamisteks prioriteetideks
kohandatavad rendistrateegiad, kinnisvara ümberpaigutamine ja sihipärased
investeeringud suure nõudlusega segmentidesse. Need algatused on suunatud
pikaajalise investoriväärtuse kasvatamisele, tagades samas, et Fond säilitab oma
stabiilsuse ega satu olukorda, kus väärtuslikke varasid tuleks müüa alla nende
õiglase väärtuse.
Kõigil Baltic Horizoni portfelli kuuluvatel hoonetel on nüüd BREEAM-i
sertifikaat
Kogu meie portfelli varadel on BREEAM-i sertifikaadid.
GRESB-i hindamine
2024. aastal sai Fond GRESB-i hinnangus 3 tärni. 2024. aastal rakendas Fond
GRESB-i täiustamiskava ja kavatseb 2025. aastal saada taas 4 tärni.
Tulem ja puhas renditulu
Kontsern teenis 2025. aasta I poolaastal 6,1 miljonit eurot konsolideeritud
puhast renditulu (I pa 2024: 6,0 miljonit). 2025. aasta I poolaasta tulemustes
kajastub 13. märtsil 2025 müüdud Meraki büroohoone kahe kuu puhas renditulu
summas 0,2 miljonit eurot.
Portfelli puhas renditulu oli 2025. aasta I poolaastal 1,6% kõrgem kui 2024.
aasta I poolaastal, peamiselt tänu Galerija Centrsi suuremale täitumusele, kuna
2024. aasta I poolaastal oli kompleksis teatavatel rentnikel üleminekuperiood.
Kontserni 2025. aasta I poolaasta puhaskahjum oli 891 tuhat eurot (I pa 2024:
puhaskahjum 12 849 tuhat eurot). Eelmise aasta vahehindamise kahjumit
arvestamata oli eelmise aasta puhaskahjum 325 tuhat eurot. Tulemit mõjutas
peamiselt kahjum kinnisvarainvesteeringute müügist. 2025. aasta I poolaasta
kahjum osaku kohta oli 0,01 eurot (I pa 2024: kahjum 0,11 eurot).
Kinnisvarainvesteeringud
2025. aasta I poolaasta lõpus kuulus Baltic Horizoni portfelli 11 Balti riikide
pealinnades asuvat kinnisvarainvesteeringut. Fondi portfelli õiglane väärtus oli
2025. aasta juuni lõpus 227,5 miljonit eurot (31.detsembril 2024: 241,2 miljonit
eurot) ja hõlmas neto renditavat pinda kokku 111,2 tuhat m². 2025. aasta I
poolaastal oli kontserni investeeringute kogusumma 2,7 miljonit eurot, mis kulus
pindade kohandamisele rentnike vajadustega.
Varade brutoväärtus (GAV)
Fondi varade brutoväärtus oli 30. juuni 2025. aasta seisuga 238,8 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. juuni 2025. aasta seisuga 97,1 miljonit eurot
(31. detsember 2024: 98,1 miljonit eurot). Varade puhasväärtuse vähenemine
tulenes peamiselt Meraki müügil tekkinud kahjumist. Seisuga 30. juuni 2025
vähenes osaku IFRS puhasväärtus 0,6766 euroni (31. detsember 2024: 0,6833 eurot)
ning EPRA puhas materiaalne põhivara ja EPRA puhas taastamisväärtus olid 0,7223
eurot osaku kohta (31. detsember 2024: 0,7267 eurot). EPRA puhas
võõrandamisväärtus oli 0,6736 eurot osaku kohta (31. detsember 2024: 0,6797
eurot).
Intressikandvad laenud ja võlakirjad
Seisuga 30. juuni 2025 moodustasid intressikandvad laenud ja võlakirjad (ilma
rendikohustisteta) 135,7 miljonit eurot (31. detsember 2024: 149,0 miljonit
eurot).
30. juuni 2025. aasta seisuga olid Fondi konsolideeritud raha ja raha
ekvivalendid 7,1 miljonit eurot (31. detsember 2024: 10,1 miljonit eurot).
Rahavood
Põhitegevusest tulenev rahavoog oli 2025. aasta I poolaastal 2,7 miljonit eurot
(2024. aasta I poolaastal: raha laekumine 3,7 miljoni euro ulatuses).
Investeerimistegevusest tulenev rahavoog oli 12,9 miljonit eurot (2024. aasta I
poolaasta: rahavoog 2,5 miljonit eurot), mis tuleneb peamiselt Meraki müügist
2025. aasta märtsis 16 miljoni euro eest ja suurematest kinnisvara-
investeeringute kapitalikuludest. Finantseerimistegevuse rahavoog oli 18,6
miljonit eurot (2024. aasta I poolaasta: rahavoog 2,0 miljonit eurot). 2025.
aasta I poolaastal maksis Fond 10,3 miljoni euro ulatuses tagasi BH Novus UAB
(endine nimi BH Meraki UAB) laenu, lunastas ennetähtaegselt võlakirju 3 miljoni
euro ulatuses, tasus ennetähtaegselt laene 0,6 miljonit eurot ning tasus
pangalaenudelt ja võlakirjadelt intressi.
Peamised kasumlikkuse näitajad
Tuhandetes eurodes I pa 2025 I pa 2024 Muutus
-------------------------------------------------------------------------------
Puhas renditulu 6 078 5 983 1,6%
Halduskulud -1 069 -1 114 -4,0%
Muu äritulu/-kulu 26 -16 262,5%
Kahjum kinnisvarainvesteeringu müügist -1 096 -447 145,2%
Kinnisvarainvesteeringute ümberhindluse kahjum -9 -12 524 -99,9%
Ärikasum/-kahjum 3 930 -8 118 148,4%
Finantskulud (neto) -5 008 -5 135 -2,5%
Maksueelne kasum/kahjum -1 078 -13 253 -91,9%
Tulumaks 187 404 -53,7%
-------------------------------------------------------------------------------
Perioodi puhaskasum/-kahjum -891 -12 849 -93,1%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute kaalutud keskmine arv 143 562 514 119 635 429 20,0%
Kasum/kahjum osaku kohta (eurodes) -0,01 -0,11 -90,9%
-------------------------------------------------------------------------------
Peamised finantsseisundi näitajad
Tuhandetes eurodes 30.06.2025 31.12.2024 Muutus
-------------------------------------------------------------------------------
Kasutuses olevad kinnisvarainvesteeringud 227 474 241 158 -5,7%
Varade brutoväärtus (GAV) 238 789 256 048 -6,7%
Intressikandvad laenud ja võlakirjad 135 660 148 989 -8,9%
Kohustised kokku 141 650 157 953 -10,3%
IFRS varade puhasväärtus (IFRS NAV) 97 139 98 095 -1,0%
EPRA puhas taastamisväärtus (EPRA NRV) 103 690 104 333 -0,6%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Ringluses olevate osakute arv 143 562 514 143 562 514 -
Osaku puhasväärtus - IFRS NAV osaku kohta
(eurodes) 0,6766 0,6833 -1,0%
EPRA puhas taastamisväärtus (NRV) osaku kohta
(eurodes) 0,7223 0,7267 -0,6%
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Laenu ja väärtuse suhe (%) 60,7% 61,8% -1,1%
Keskmine sisemine intressimäär (%) 6,3% 6,7% -0,4%
-------------------------------------------------------------------------------
Fondi portfelli keskmine tegelik täitumus oli 2025. aasta II kvartalis 82,6% (I
kv 2025: 82,7%). Seisuga 30. juuni 2025 tõusis täitumus 84,2%-ni (31. märts
2025: 82,3%).
Ülevaade Fondi kinnisvarainvesteeringutest seisuga 30. juuni 2025
Õiglane Renditav Otsene Esmane
väärtus(1) netopind tootlus puhastootlus
Kinnisvarainvesteering Segment
(tuhandetes I pa Täitumuse
eurodes) (m(2)) 2025(2) I pa 2025(3) määr
-------------------------------------------------------------------------------------
Vilnius, Leedu
Europa Kaubandus 36 374 17 252 2,8% 3,2% 71,0%
North Star Büroo 19 628 10 705 5,6% 6,2% 92,2%
-------------------------------------------------------------------------------------
Vilniuses kokku 56 002 27 957 3,7% 4,5% 79,1%
-------------------------------------------------------------------------------------
Riia, Läti
Upmalas Biroji Büroo 19 253 11 175 3,7% 4,7% 64,3%
Vainodes I Büroo 15 940 8 128 6,4% 8,8% 100,0%
LNK Centre Büroo 12 447 7 318 -2,0% -2,9% 51,9%
Sky Kaubandus 4 910 3 260 8,7% 9,3% 100,0%
Galerija Centrs Kaubandus 60 949 20 015 3,7% 4,9% 84,4%
-------------------------------------------------------------------------------------
Riias kokku 113 499 49 896 3,6% 4,8% 78,7%
-------------------------------------------------------------------------------------
Tallinn, Eesti
Postimaja ja CC Plaza Kaubandus 21 876 9 232 3,4% 5,7% 100,0%
Postimaja ja CC Plaza Vaba aeg 13 195 7 877 6,7% 6,0% 100,0%
Lincona Büroo 13 110 10 767 6,8% 8,4% 92,4%
Pirita Kaubandus 9 792 5 425 6,7% 8,6% 94,5%
-------------------------------------------------------------------------------------
Tallinnas kokku 57 973 33 301 5,2% 6,9% 96,6%
-------------------------------------------------------------------------------------
Portfell kokku 227 474 111 154 4,0% 5,2% 84,2%
-------------------------------------------------------------------------------------
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
01.04.2025
- 01.04.2024
Tuhandetes eurodes 30.06.2025 - 30.06.2024
-------------------------------------------------------------------------------
Renditulu 3 734 3 821
Teenustasutulu 1 217 1 315
Renditegevuse kulud -1 843 -1 947
-------------------------------------------------------------------------------
Puhas renditulu 3 108 3 189
Halduskulud -521 -529
Kahjum kinnisvarainvesteeringu müügist 8 -80
Muu äritulu -191 -26
Kinnisvarainvesteeringute ümberhindluse kahjum -4 -12 520
-------------------------------------------------------------------------------
Ärikasum/-kahjum 2 400 -9 966
-------------------------------------------------------------------------------
Finantstulud 18 15
Finantskulud -2 353 -2 653
-------------------------------------------------------------------------------
Finantstulud ja -kulud kokku -2 335 -2 638
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Maksueelne kasum/kahjum 65 -12 604
-------------------------------------------------------------------------------
Tulumaks 12 379
-------------------------------------------------------------------------------
Perioodi kasum/kahjum 77 -12 225
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav muu koondkasum
Rahavoogude riskimaandamise puhaskasum/- kahjum -109 -110
Rahavoogude riskimaandamise puhaskasumiga seotud
tulumaks -2 17
-------------------------------------------------------------------------------
Tulevikus kasumisse või kahjumisse ümberliigitatav
tulumaksujärgne muu koondkasum/-kahjum kokku -111 -93
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Perioodi tulumaksujärgne koondkasum/ kahjum kokku -34 -12 318
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Tava- ja lahustatud kasum/kahjum osaku kohta (eurodes) 0,00 -0,10
-------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
Tuhandetes eurodes 30.06.2025 31.12.2024
---------------------------------------------------------------------------
Põhivarad
Kinnisvarainvesteeringud 227 474 241 158
Immateriaalsed põhivarad 1 4
Materiaalsed põhivarad 1 5
Tuletisinstrumendid - 1
Muud põhivarad 875 1 225
---------------------------------------------------------------------------
Põhivarad kokku 228 351 242 393
---------------------------------------------------------------------------
Käibevarad
Nõuded ostjate vastu ja muud nõuded 2 841 2 800
Ettemaksed 512 802
Raha ja raha ekvivalendid 7 085 10 053
---------------------------------------------------------------------------
Käibevarad kokku 10 438 13 655
---------------------------------------------------------------------------
Varad kokku 238 789 256 048
---------------------------------------------------------------------------
Omakapital
Sissemakstud kapital 151 495 151 495
Rahavoogude riskimaandamise reserv -485 -420
Jaotamata kahjum -53 871 -52 980
---------------------------------------------------------------------------
Omakapital kokku 97 139 98 095
---------------------------------------------------------------------------
Pikaajalised kohustised
Intressikandvad võlakohustised 111 193 98 491
Edasilükkunud tulumaksukohustised 1 732 1 898
Tuletisinstrumendid 427 -
Muud pikaajalised kohustised 1 164 1 446
---------------------------------------------------------------------------
Pikaajalised kohustised kokku 114 516 101 835
---------------------------------------------------------------------------
Lühiajalised kohustised
Intressikandvad võlakohustised 24 702 50 736
Võlad tarnijatele ja muud võlad 2 097 4 473
Tulumaksukohustis - 14
Tuletisinstrumendid - 317
Muud lühiajalised kohustised 335 578
---------------------------------------------------------------------------
Lühiajalised kohustised kokku 27 134 56 118
---------------------------------------------------------------------------
Kohustised kokku 141 650 157 953
---------------------------------------------------------------------------
Omakapital ja kohustised kokku 238 789 256 048
---------------------------------------------------------------------------
Lisainformatsiooni saamiseks palume ühendust võtta:
Tarmo Karotam
Baltic Horizon Fond, fondijuht
E-mail [email protected]
(https://www.globenewswire.com/Tracker?data=bD9rQlZLXSbypi90MBMW60AhbQ7zm6ckVJZm
zNGWqdBnB5sNN-DbmQeiM-nKNwgYVg4WUgcoF9IGxuOY-
pvwBFs--RixY7nexLk6_0p7OZGpmXgTb_6rKWG_48MZ6c-VQuEGtP9D7BVVxL6r1bcZd6BsOC4HUSkPX
d8pSITjQtBPs6pPEA2k4D_9IxZLDA44LwmKsa1Jsb-VESXMtbCrRi4TCSrA6_js_DlLuvcOuJ99gqZvu
qMJZc5hoz5aRrDKuFBMXPV-8AU4wIkb8q9ChDc0ZFfGhqV4qmqc-ANxeVDGfoysBoeyJJyrMUqK9wADe
pcc3xoZhoPnNpuuhlDOjysWJVKwYTCfkpKhkjtj5jQIASUndwe2uxZEg0slic76BppQCNnEQ_M9MU762
H_lPQAIXoiD1ffVPaZqWre_3pCLdJ3O8gQRLK2sXPkqA1qla1N1RGdLkeNTLOaS8haTSqP_U-dfXAFak
m8ytrl5NtzpxaXUYDoer74e5QWyT9lywXn1LveU5kvxtsJoX3_fFtVZ7B1_uaHXll2Xt14X36ABxDKPf
iSdNiULINhwzSoyYB3sArTzG3MGZA_0esaYa4aTxNqu0_Px9AsadvLOPW0b67f8dJLLdaZYha3gQoCT4
1yujeLrWl62iWSQWE4wmp33rct8ELBWEIh650DktUQ7K8xI2jPyCyscVp_ECryHv6WxC4fI65JbgmzpJ
ASeqj9rP6LO7Azj1tmiHDf_yv5R-NvYdwO-ff_3QgV6YzWr1E4mUtkb2GTOn-eWnyln9zfxURAwze8KW
HxzvjioswBOww6KBmix5LVcqrQu1_A5MRDM_j5823FBB4OS0NgVPXC4xf1GPvpzB-aI9-zBZI8Br-L8U
k6jNiE1LaTAVsuStBCiJd0BtEMOgLBdn896w-p08E4VQXqk7wfy1nk_G1p1Sg17421cDsfaW-VyYjLu_
Qspof0nXsWGPPPEkKbDbKP7UTllgjrlAe3DEP20d4uvzyXfpO97Z0Soy8cHNxplgitQnNaHuV8LkyFUB
m37IJ8ODVoFrQ7Fi9v-5rsjVFxRIHQH35UuugRGqvbUi4uaEBpVw8tn0cOXGzlYmr2hupjg-wxi9IYKh
CfW2xJZZ940l7vxs0JvHEHMFEQg3_sIdXhFaX4Uxt-NNZSz5mMrwGNugkiP9NA1fbr-n5edGKQ6a2764
3X4DbuFAalD2Hbswtu-I_b0xTwj9TMiEuNct7J7sLHOIb4Ysd1IkoHXr9VRDYNf6VDk84QLPdgNuode3
hV36lP3cssg5fvAHK11D6lVLGaJOmLwLpbvjwQV3HjUxXuRqasFjtohurv8EHImhY52WpUPQ61r0P9tW
OCh91A5wR69FZa5MdH_sVYXMrsFpZHHPjad2aeU1968-ZCAPV4SnRVqatzMegV009FVYRuQhRqQvQh3i
Jdp6O9g39nzWYex8YzcISpVLYMuRQW4tkjXlLIVt1G1C_CzSTg-x1sv9ZrPpYMzF1Hr6cQ7nL_jXOfYs
XOV2lGiWED53YkUYvYE7ggO4Nk5QWcpzUI4DzvLHsjbObOOE6prTB0E0eMy3VCeOPcoAe_Dl2wbdQRui
Q-CaUSlPPJFPuDQZfqaFj86Gw79Zi5v8qg1sP_YntV97Lfdpgk-8esxezrm2UgXZqliJMFQ-OIvug-iL
z8qi_qkEF9Qivan1ElZ3Is5zGr3o3jjHymgFf82-pvaEXXUKDNzTbCevXhIxxeGwwPKxk2y6mAtY_bQp
6q000F2xt69vwLyhzH7jJBGqlfc_30RGSB94MEQ0lwFSJdkqecZS1FzzgP_G8F2EzMxB8qN8d43ifply
vrnHxXbvPfodNegy0i77DRCrh4eLq0CAA_tBVDYg3QZg0R0F27q0_vsn7yCRQ6qhdmpmPN_rxuvNiSKg
1qcIK4_WP3Q85DYHL2c0PG-TK1Ib3pCsGMXPeFCxlyE4hOl7_qUB32cNPDUgZoMrMcFJeuW4KxBiBhyL
bH9G6urg1f9ldDN6Sic7Y_vxxpzdmEXQDFAxkg5J)
www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=OMgeFOpl4ksReI8t3iKPRntmUpk_c_goLWG2
Dx8Q5Xgzf-iGuk40H-
oOLyxJcQdshJ2YxDU64IEJKNZKeFdRAjzANByLakHO4OFH9iwHDPWLx4xZcV7ujPZd094Al_vu9gegBi
v9j75KFWKg7xVar5O6-
wocmI_ixwLTc5jgasBrHQUWFEsqmfoWBuEnwAHJ9BlJc2XMj0jjvtGFADnAvXc4k7rgB2i6csIkjIOPy
O7QJaaOGvRlJqJPcutZPJO2x1XiE0OBku5x1fDpw-
bUA0FI6pFpScmykXzAYHPQJOy_3Mn4IZKZlErDslMKsV9ACvOc0OP0GB9tqpOQWeKMK1t5-
6OA1vgnQhkp6qH54oUlBS-
wSqf87rOgTaY5sPxckqtg8T6BF_LxHRi9vHGZy0pzJgeyreIPjU61QCDtXO_3VEm9wPgqN2BP8YX_Vt-
z7t8hgBM1xygJ0QlNsHmBquNGjj1KNdXtJOJ3hRnTT__Wc2RqgV2OUoqlMuzO5f6CSv9JxcuelTWxV5u
053bUBfuhJcSnhwTRP38MHGj2OMTIcHo5u78Itel1Cl3-
6Nqc7bYvUBbppg0rAPxL8PTCh0yA_3Z2d14pROy1BAHbwYJFpyV0AxOlzq48p2om1L2NBJpVciu_d2Dt
S-Ay6Sou_6q846pPNl1es-q-lJWuTVjRcmyVJZidu1xmsAWLQY6KP9-
joe5KDtsQmYQATQJskaXChJZBS4F9vjmXUBy7dbacHpHQVqDN70kiFGsXshKKHT0ToZtCUD454fohK-
_rB6FBuO6hVgE6mEN5KYcLaBegIj1PknApO0hWTCmqAvIMU76iMLxw4VZG7tGNLhZWV2ajRHgF96ixax
rwBXwZnZRpHx-Npr7_dBDRitKSDvtjd0sduOUDmoJk7aAl3YiPRrYWAi_9u3OKYRUfqyvy-
t4FL1nZIx8c8hyblVQ85_vIxTjBixVE_YcUfHj7cCuqqvFN8708HmHaP5PHy6uOn--Zx4Lh_tKy1fU2V
qh2sFb4OEE_r9GTon9zDo7eJ_Fq5m-upjFQ2kIM2Qb0_LAyy0j-g2MBW9YZKLyf0HpHszgD7jcMrJmTC
GiNbOkhMdUCuMzITQODKYRjeMunV-QEo1zgtYVKyM3wqQ-7jFxs1ptoRjl2h4UjUEQp3YjrjZcYhBw4V
bDMnJR5vVsnwlyIltEhYJwg9A5ZZjPveuoZt2p30a-aP-M3zIyhb7GDmSg0hn6QDlEOp4vecK251Pm3w
zKb9LiddzLjPtE4_Xj0VqhJfT2GNFfhWRUPCtLu2xztPeEBl7g1ztCUASBDAkrvkkEczhGsuBu5kij7p
saFeVxbW7cHXSF8WQ_eqLTSysT4nl58ULxgEoKlUYoT1XrsM7U7Ydu3SKapFV2E-Dp7q_d11YuulAFZW
L5_SXioBC5asdzlCVPlWC_LwBWfl67EqxRTELgAC-HQMgoKTOS652xBNBNJ02YEEfJJORc0wfh_DJwS3
vlOfNKwUyTwaMkpxTlalWKvv8HvnNkJJl9MTSqlH__jsmerRNZmb4nTYY4zDEhPYNQJZNNHZnvcP12pz
1ByM0Gpl9AT-fqfxX0e8dCnqE7PRa9CtooRHTZVJSsLOeL68gXvx_sbH1UtyWeUNpwiGmSGeBye7GBcy
1rG1oVbDoa43GnwBydgznfdRWrpd71ekcdgZvVXXlkSarsHxuUvcCvFojvP2FIf2vNUdloRqPeYoGcIo
8wGfYe5l3fAi-jlP33CAs3qT9bA-8O-YUJlqhlKpiafGMjlkFpZJFc9l2cLiOVBsrBNKWpRsRbANTl1D
x4g1qwc3n_MmqT7xbc9XJbwEPSnBrpMfsJ2bXPSUhs73BFjCJ6pLLct8QwtEo4uU9EFLOr55Pyqa_iVu
0ea4_fzJ1Di8xx1rPsk0g72iwZNn76zfd_ECy3-NFqc1OG-EMb4u6LmpWwKTa7VzHF7ms6r0vuY_4L4P
O299JbAU5ZDMvuUboZyhJZ6RBqTzT8MiMfOU6AH9eZMsFNm83Y9K4915znzbJwkI)
Baltic Horizon Fond on registreeritud lepinguline avalik kinnine kinnisvarafond,
mida valitseb alternatiivfondivalitseja Northern Horizon Capital AS.
Avaldamine: GlobeNewswire, Nasdaq Tallinn, Nasdaq
Stockholm, www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=OMgeFOpl4ksReI8t3iKPRntmUpk_c_goLWG2
Dx8Q5XgRf78E-ialWMzGw2RErZG8gIOaDC1P05MGCcPbfKKnwunXsCx9w3Fe4Q69zjoYuR4=)
Saamaks börsiteateid ning uudiseid Baltic Horizon Fondilt tema projektide,
plaanide ja muu kohta, registreeruge aadressil www.baltichorizon.com
(https://www.baltichorizon.com/et/). Samuti on teil võimalik Baltic Horizon
Fondi jälgida aadressil www.baltichorizon.com
(https://www.baltichorizon.com/et/) ning LinkedIn
(https://www.linkedin.com/company/baltic-horizon/), Facebook
(https://www.facebook.com/baltichorizon), X (https://twitter.com/BalticHorizon)
ja YouTube (https://www.youtube.com/@baltichorizon/featured) keskkondades.
Käesolev teade sisaldab informatsiooni mille Fondivalitseja on kohustatud
avaldama Euroopa Liidu turukuritarvituse määruse kohaselt. Informatsioon esitati
avaldamiseks 07.08.2025 kell 20:00 Eesti aja järgi ülalmainitud
avaldamiskanalite esindajatele.
Pealkiri
Baltic Horizon Fund consolidated unaudited results for Q2 2025
Teade
Management Board of Northern Horizon Capital AS has approved the unaudited
financial results of Baltic Horizon Fund (the Fund) for the six months of 2025.
Challenges in Executing our Strategy
Our strategy emphasizes developing governmental and social tenant concepts and
centrally located, multi-functional properties with adaptable spaces designed to
inspire, uplift, and enhance the lives of modern citizens and communities that
holds potential for long-term value appreciation. We believe, that central
locations represent a sound long-term investment, as their strategic positioning
ensures sustained demand and strong potential for capital appreciation over
time.
Review of the KPIs:
* Occupancy target of 90% has been more difficult to achieve, as both leasing
to new tenants and retaining existing ones have become increasingly
challenging. At the end of Q2, occupancy rate (based on handover date) was
84.2%. However, despite the progress made, we continue facing more expiries
than new letting in some of our properties, such as Upmalas and Lincona.
* We have made some progress with NOI per sq. m., increasing from 107 in Q1 to
109 in Q2. However, achieving an NOI per sq. m. of EUR 130 remains a medium-
term challenge, given the rising triple net surcharges and pressure on rent
levels due to strong competition for tenants across the markets.
* Loan-To-Value (LTV) ratio of 50% could only be attainable short-term in
combination of significant property disposals and/or new equity. Mid-year
valuations have been postponed whereas the valuations at year-end remain
uncertain and highly depend on leasing activity and investment market.
* Given the lack of potential buyers at acceptable price levels, we will
continue the disposal of non-strategic assets - primarily the smaller
properties in the portfolio - as there may still be greater liquidity in
that segment.
The Fund management team will communicate adjusted strategic plans and measures
to achieve those during the course of 2025.
Leasing performance
During the 6 months of 2025, the Fund signed new leases for approx. 9,250 sq. m.
Moreover, leases of approx. 6,600 sq. m. were prolonged. 30 new tenants have
been attracted to our buildings, in many cases to replace more problematic ones,
while 22 existing tenants have decided to continue their cooperation with us.
As one of the key events in Q2 2025, a newly developed restaurant zone was
opened on the first floor in Europa SC, facing Konstitucijos Avenue, featuring
renovated Fortas and Miyako concepts. With the relocation and change of tenants
the occupancy of SC has temporarily decreased, however it is expected to improve
in the upcoming quarters. Lease agreement was also signed with a sports facility
operator for a 2,316 sq. m space on the third floor with a strong pipeline for
approx. 800 sq. m. of sport and related activity operators anticipated to be
signed in Q3. In Galerija Centrs, the main lease agreement terminated was with
Massimo Dutti, who will be replaced by expanding Mango, Gant and other tenants.
Upcoming additions to the tenant mix also include a newly signed 500 sq. m.
Sinsay store and a laser entertainment area exceeding 1,900 sq. m., both
scheduled to open in summer 2025.
After intensive negotiations, we have further extended our long-term partnership
with Latvian State Forestry by renewing the irrevocable lease through 2034. In
this connection, the property cash-flows are being affected from Q3 2025 and
starting Q4 2026, the leased area will be reduced to 5,300 sq. m in line with
government cost-saving measures and global office downsizing trends. The
building will be refurbished, with 2,600 sq. m allocated for a second anchor
tenant. We've already begun active negotiations with private schools and
healthcare providers for the future vacant area.
As of the end of June 2025, the portfolio occupancy rate based on handover date
stood at 84.2%, while occupancy calculated according to lease signing date
reached 85.6%. That being said, our primary challenge and focus for the upcoming
quarters will be addressing the remaining and upcoming vacancies in our
properties. While International School of Riga is moving in to 3,689 sq. m in
S27, the largest tenant who is expected to depart our portfolio end of 2025 is
Swedbank in Lincona currently occupying 2,568 sq. m.
Recent leasing activity is reflected in the increase in the weighted average
unexpired lease term until the first break option, which was 3.5 years as of 30
June 2025 (compared to 3.4 and 2.9 years as of 31 December 2024 and 2023).
Outlook
In 2025 the Fund will focus on flexible and sustainable solutions to meet tenant
demands and market conditions. Our key goals are increasing the occupancy of the
portfolio and decreasing the LTV by finding solutions to repay the bonds.
The Fund has initiated the delisting process of its Swedish Depository Receipts
(SDRs) from Nasdaq Stockholm by October 2025. In addition, the management team
has conducted multiple tenders and evaluated various cost-saving measures
related to audit, legal, translation, and other administrative services. Through
ongoing reviews of overhead expenses, investments in technology upgrades, and
strategic fee negotiations, the Fund is working to improve operational
efficiency and enhance long-term investment performance. These additional
initiatives will benefit the Fund starting from Q4 2025.
Further property disposal attempts have been undertaken during H1, including
Postimaja and Apollo Plaza, as well as some non-core assets. However, given
prevailing market conditions, for many of our properties there is a lack of
potential buyers overall, and lack of buyers willing and able to pay prices at
or around the current valuations not reflecting the long-term value especially
of our strongest assets. We will continue the disposal of smaller non-strategic
assets as there may still be greater liquidity in such segment.
Given the requirements for capital expenditure into the ongoing turnaround of
the properties and the level of debt, the net cash flow of the Fund has remained
negative. Therefore, the management is developing a new refinancing strategy
which may involve a combination of selling an appropriate asset and raising
additional funds from other sources in order to find a definitive solution for
strengthening its capital structure in the second half of 2025.
By focusing on increasing occupancy rates and optimizing property concepts, we
aim to enhance asset performance and maximize net operating income. In a
challenging rental market adaptive leasing strategies, property repositioning,
and targeted investments in high-demand segments will remain key priorities.
These initiatives are designed to create long-term value for investors while
ensuring that the Fund remains resilient in this dynamic market environment, not
being forced to sell its stronger properties for cents on the dollar and lose
its valuable assets permanently.
Baltic Horizon achieves a 100% BREEAM certified portfolio
Our portfolio is 100% BREEAM certified.
GRESB benchmarking
In 2024 the Fund received a 3-star GRESB rating. During 2024, the Fund has
implemented a GRESB improvement plan and aims to receive 4-stars again in the
year 2025.
Net result and net rental income
The Group earned consolidated net rental income of EUR 6.1 million in H1 2025
(H1 2024: 6.0 million). The results for H1 2025 include two months of net rental
income of the Meraki office property (EUR 0.2 million), which was sold on 13
March 2025.
The portfolio net rental income in H1 2025 was 1.6% higher than in H1 2024,
mainly due to higher occupancy in Galerija Centrs since the complex was
undergoing a transition period of certain tenants in the buildings in H1 2024.
In H1 2025, the Group recorded a net loss of EUR 891 thousand compared with a
net loss of EUR 12,849 thousand for H1 2024. Excluding last year's interim
valuation loss, net loss for the prior year period was EUR 325 thousand. The
result was mainly driven by the losses on disposal of investment properties.
Earnings per unit for H1 2025 were negative at EUR 0.01 (H1 2024: negative at
EUR 0.11).
Investment properties
At the end of H1 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 227.5 million at the end of June 2025 (31 December 2024: EUR
241.2 million) and incorporated a total net leasable area of 111.2 thousand sq.
m. During H1 2025 the Group invested approximately EUR 2.7 million in tenant
fit-outs.
Gross Asset Value (GAV)
As of 30 June 2025, the Fund's GAV was EUR 238.8 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 June 2025, the Fund's NAV was EUR 97.1 million (31 December 2024: EUR
98.1 million). The NAV decrease was mainly due to losses on disposal of Meraki.
As of 30 June 2025, IFRS NAV per unit amounted to EUR 0.6766 (31 December 2024:
EUR 0.6833), while EPRA net tangible assets and EPRA net reinstatement value
were EUR 0.7223 per unit (31 December 2024: EUR 0.7267). EPRA net disposal value
was EUR 0.6736 per unit (31 December 2024: EUR 0.6797).
Interest-bearing loans and bonds
As of 30 June 2025, interest-bearing loans and bonds (excluding lease
liabilities) were EUR 135.7 million (31 December 2024: EUR 149.0 million).
As of 30 June 2025, the Fund's consolidated cash and cash equivalents amounted
to EUR 7.1 million (31 December 2024: EUR 10.1 million).
Cash flow
Cash inflow from core operating activities in H1 2025 amounted to EUR 2.7
million (H1 2024: cash inflow of EUR 3.7 million). Cash inflow from investing
activities was EUR 12.9 million (H1 2024: cash outflow of EUR 2.5 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 18.6 million (H1 2024: cash outflow of EUR 2.0 million). In
H1 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 0.6 million of loans, and paid interest on bank loans and
bonds.
Key earnings figures
EUR '000 H1 2025 H1 2024 Change (%)
-------------------------------------------------------------------------------
Net rental income 6,078 5,983 1.6%
Administrative expenses (1,069) (1,114) (4.0%)
Other operating income (expenses) 26 (16) 262.5%
Losses on disposal of investment properties (1,096) (447) 145.2%
Valuation losses on investment properties (9) (12,524) (99.9%)
Operating (loss) profit 3,930 (8,118) 148.4%
Net financial expenses (5,008) (5,135) (2.5%)
(Loss) profit before tax (1,078) (13,253) (91.9%)
Income tax 187 404 (53.7%)
-------------------------------------------------------------------------------
Net (loss) profit for the period (891) (12,849) (93.1%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Weighted average number of units
outstanding (units) 143,562,514 119,635,429 20.0%
Earnings per unit (EUR) (0.01) (0.11) (90.9%)
-------------------------------------------------------------------------------
Key financial position figures
EUR '000 30.06.2025 31.12.2024 Change (%)
-------------------------------------------------------------------------------
Investment properties in use 227,474 241,158 (5.7%)
Gross asset value (GAV) 238,789 256,048 (6.7%)
Interest-bearing loans and bonds 135,660 148,989 (8.9%)
Total liabilities 141,650 157,953 (10.3%)
IFRS Net asset value (IFRS NAV) 97,139 98,095 (1.0%)
EPRA Net Reinstatement Value (EPRA NRV) 103,690 104,333 (0.6%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Number of units outstanding (units) 143,562,514 143,562,514 -
IFRS Net asset value (IFRS NAV) per unit
(EUR) 0.6766 0.6833 (1.0%)
EPRA Net Reinstatement Value (EPRA NRV) per
unit (EUR) 0.7223 0.7267 (0.6%)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Loan-to-Value ratio (%) 60.7% 61.8% (1.1%)
Average effective interest rate (%) 6.3% 6.7% (0.4%)
-------------------------------------------------------------------------------
During Q2 2025, the average actual occupancy of the portfolio was 82.6% (Q1
2025: 82.7%). The occupancy rate increased to 84.2% as of 30 June 2025 (31 March
2025: 82.3%).
Overview of the Fund's investment properties as of 30 June 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 36,374 17,252 2.8% 3.2% 71.0%
North Star Office 19,628 10,705 5.6% 6.2% 92.2%
-------------------------------------------------------------------------------
Total Vilnius 56,002 27,957 3.7% 4.5% 79.1%
-------------------------------------------------------------------------------
Riga, Latvia
Upmalas Office
Biroji BC 19,253 11,175 3.7% 4.7% 64.3%
Vainodes I Office 15,940 8,128 6.4% 8.8% 100.0%
LNK Centre Office 12,447 7,318 (2.0%) (2.9%) 51.9%
Sky SC Retail 4,910 3,260 8.7% 9.3% 100.0%
Galerija Retail
Centrs 60,949 20,015 3.7% 4.9% 84.4%
-------------------------------------------------------------------------------
Total Riga 113,499 49,896 3.6% 4.8% 78.7%
-------------------------------------------------------------------------------
Tallinn,
Estonia
Postimaja &
CC Plaza Retail
complex 21,876 9,232 3.4% 5.7% 100.0%
Postimaja &
CC Plaza Leisure
complex 13,195 7,877 6.7% 6.0% 100.0%
Lincona Office 13,110 10,767 6.8% 8.4% 92.4%
Pirita SC Retail 9,792 5,425 6.7% 8.6% 94.5%
-------------------------------------------------------------------------------
Total Tallinn 57,973 33,301 5.2% 6.9% 96.6%
-------------------------------------------------------------------------------
Total
portfolio 227,474 111,154 4.0% 5.2% 84.2%
-------------------------------------------------------------------------------
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
01.04.2025
EUR '000 - 30.06.2025 01.04.2024 -30.06.2024
-------------------------------------------------------------------------------
Rental income 3,734 3,821
Service charge income 1,217 1,315
Cost of rental activities (1,843) (1,947)
-------------------------------------------------------------------------------
Net rental income 3,108 3,189
Administrative expenses (521) (529)
Other operating income 8 (80)
Losses on disposal of investment
properties (191) (26)
Valuation losses on investment properties (4) (12,520)
-------------------------------------------------------------------------------
Operating profit (loss) 2,400 (9,966)
-------------------------------------------------------------------------------
Financial income 18 15
Financial expenses (2,353) (2,653)
-------------------------------------------------------------------------------
Net financial expenses (2,335) (2,638)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit (loss) before tax 65 (12,604)
-------------------------------------------------------------------------------
Income tax charge 12 379
-------------------------------------------------------------------------------
Profit (loss) for the period 77 (12,225)
-------------------------------------------------------------------------------
Other comprehensive income that is or may be reclassified to profit or loss in
subsequent periods
Net gain (loss) on cash flow hedges (109) (110)
Income tax relating to net gain (loss) on
cash flow hedges (2) 17
-------------------------------------------------------------------------------
Other comprehensive income (expense), net
of tax, that is or may be reclassified to
profit or loss in subsequent periods (111) (93)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income (expense) for
the period, net of tax (34) (12,318)
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic and diluted earnings per unit (EUR) 0.00 (0.10)
-------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR '000 30.06.2025 31.12.2024
-----------------------------------------------------------------------------
Non-current assets
Investment properties 227,474 241,158
Intangible assets 1 4
Property, plant and equipment 1 5
Derivative financial instruments - 1
Other non-current assets 875 1,225
-----------------------------------------------------------------------------
Total non-current assets 228,351 242,393
-----------------------------------------------------------------------------
Current assets
Trade and other receivables 2,841 2,800
Prepayments 512 802
Cash and cash equivalents 7,085 10,053
-----------------------------------------------------------------------------
Total current assets 10,438 13,655
-----------------------------------------------------------------------------
Total assets 238,789 256,048
-----------------------------------------------------------------------------
Equity
Paid in capital 151,495 151,495
Cash flow hedge reserve (485) (420)
Retained earnings (53,871) (52,980)
-----------------------------------------------------------------------------
Total equity 97,139 98,095
-----------------------------------------------------------------------------
Non-current liabilities
Interest-bearing loans and borrowings 111,193 98,491
Deferred tax liabilities 1,732 1,898
Derivative financial instruments 427 -
Other non-current liabilities 1,164 1,446
-----------------------------------------------------------------------------
Total non-current liabilities 114,516 101,835
-----------------------------------------------------------------------------
Current liabilities
Interest-bearing loans and borrowings 24,702 50,736
Trade and other payables 2,097 4,473
Income tax payable - 14
Derivative financial instruments - 317
Other current liabilities 335 578
-----------------------------------------------------------------------------
Total current liabilities 27,134 56,118
-----------------------------------------------------------------------------
Total liabilities 141,650 157,953
-----------------------------------------------------------------------------
Total equity and liabilities 238,789 256,048
-----------------------------------------------------------------------------
For additional information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail [email protected]
(https://www.globenewswire.com/Tracker?data=EIuP3pNk2kCUveN_EhiYMTbyGc_Jd4qa0hrg
S6mu3FaSjUx1LVDzhwy_WbPIIgHuoQfyd6H9v1Dc0Xh-
Q2g1efJ4GUPdWI3_Df7wzIrp0dINlIqR5FJScXstAo6qtP7X88vVhCrcRNZ6KoFpciPUovOFPIAkPWdG
M1gUQU8kGrpWl712Bh-iKilmEj7j0DvzZ9cZMjs5K4BTGQ2BdUVkxGydOfJzfC8DXqs7aWVrJKoIC-
ZdF_smoEUHst0EbPwyJFRaGYPvHAeVRJNCqGCQm2Jh39Zfml7pdDOeeDnm2S_cL3UIWjQY8PPRLbeIMi
benwbGvS7VHh05eAuh5YDDxfaLJPcvJTBW6F802o_UH0qaso8MHM39motV78TF8p12P18LFt5mWAACrg
e5uU_PebYgHf0JwodTmLOSpeFBABd0dYPnr-Cr-QVrKoqAMxN739w8iMOyQnIUQOz77gSeFJH_1g-
GODv237Ou2jys_1iflI07UKJJz_PTk33LSXvgi6gIbCx5W2vlRC-J8U_rtKm91OGGGvWxpP-
ZVnbygmDHJmBXjRLFBLsbK6trNLN6zO99Aou4n3LqC_lfQSakXuyNMTv9AxhW4oLjrjm-
MkCcuyP6nfU_06MwfXP49tBZy0Eb6wgBvGLF43tDonOA6b2moComhHKmtqc5taKMyPCSzTa2IrcJcgte
RGWWGE6_77rxLXRCsUunb4zV8oBvSw13hBYzliiG50i2Kt31snmuIIWVMRcpcvlhhs3XAR_gcpe68KEg
sGTHoMm6gVvW1UhleMSSf2NDQlZd2V_HWgc=)
www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=JvCSDJNtq6Z6BwFz5L0skQX9ke9Hw-
W8WzSW8rKgwhhHrLYw84HYYSp3XeUb4ChCNODTKipqhg6eLLkkbXOVUdMBuazH1AthBDmXwrI4u5t0g0
2ML6vqCMrg9mM7xUDgwpWGI0Gb9yxs6vWrStIjxZvSg6CROkw-
IdP8wEHrUMZClz70N6DDHHLd6hY0kMkto1LE08dsTEDwos501loUp6gcZ8Y0T9bNQE1sXDHWc34ajFWI
ptdKWwLh-
Rt_jXPyz4DGu9YTVSWPza7jzqNJc1PX1Zwjqa8S41LRwo3EjGqwGZp0CRCU90xDfbCfDrGHswMUGn1xE
BlpewHb9eQ-x9X8IypilXfF0-tR-Bza8FwAtNaEDacVfGiKko3tqFnB2uN4Ccrm_d0R-
Fl1QHUT3eR6pMgqTbgxld0UgOecSqWRYd3MVXD5Z56XsjNyFijXCMwZbqGLWy2Y4TknX4qGyiSKMrQlb
kfYcKd3CtrZgTnQNg3zoblvQfsvKJlCNathqc3fUNTb5SVHsZNBszy9du68nGrLVPFd57q94F9SkqCVK
JMkuzPEKI18u6ogNH9DNabsTxKE29ep_Fi0trs-
BYsY1aGgW8u86KXRw0Yaz140VAHL9_V9U427CNA9vS8n2dgQ-
8IexzYBNgfXCAJiUv09XT3680EWLJe_ssR9UvbdFK1dX_4dv713TCPYf8ai_C7OsTx4DVAF9ohPpdXsu
JS_kn9xMCBGmjMAPXDCbQuVwAw81-GUJuMR12u5s7agthipWoYtHxqi3_i_nqLyXA==)
The Fund is a registered contractual public closed-end real estate fund that is
managed by Alternative Investment Fund Manager license holder Northern Horizon
Capital AS.
Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq
Stockholm, www.baltichorizon.com
(https://www.globenewswire.com/Tracker?data=OMgeFOpl4ksReI8t3iKPRntmUpk_c_goLWG2
Dx8Q5XgRf78E-ialWMzGw2RErZG8gIOaDC1P05MGCcPbfKKnwunXsCx9w3Fe4Q69zjoYuR4=)
To receive Nasdaq announcements and news from Baltic Horizon Fund about its
projects, plans and more, register on www.baltichorizon.com
(https://www.baltichorizon.com/). You can also follow Baltic Horizon Fund
on www.baltichorizon.com (https://www.baltichorizon.com/) and on LinkedIn
(https://www.linkedin.com/company/baltic-horizon/), Facebook
(https://www.facebook.com/baltichorizon), X (https://twitter.com/BalticHorizon)
and YouTube (https://www.youtube.com/@baltichorizon/featured).
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
20:00 EET on 07 August 2025.