Baltic Sea Properties As · OSL:BALT

Baltic Sea Properties As — Shareholder Meeting (May 2026)

35 slides from Baltic Sea Properties As's shareholder meeting presentation, May 12, 2026

  1. Slide 1: Building toward 2028

    OSLO · 12 MAI · 12 MAY 2026 I N V E S T O R M E E T I N G 02 · 2025 · Q1 2026 · OPERATIONS · OUTLOOK Building toward 2028 A conversation with our shareholders on opportunities and ambitions ANNUAL GENERAL MEETING 2026 BALTICSEA.NO · EURONEXT GROWTH OSLO: BALT

  2. Slide 2: Bringing shareholders closer to BSP.

    P U R P O S E O F T H E M E E T I N G Bringing shareholders closer to BSP. W E W A N T T O I N F O R M W E W A N T T O L I S T E N ■ The opportunities within the company ■ Your questions during the meeting ■ The opportunities in the share itself ■ Informal discussions afterwards ■ A clear roadmap to

  3. Slide 3: Agenda

    OSLO · 12 MAI · 12 MAY 2026 Agenda 1. Current status 2. Financials 3. Outlook & Strategy ANNUAL GENERAL MEETING 2026 BALTICSEA.NO · EURONEXT GROWTH OSLO: BALT

  4. Slide 4: A leading real estate platform in the Baltics

    B A L T I C S E A P R O P E R T I E S A T A G L A N C E A leading real estate platform in the Baltics Logistics · Industrial · Commercial 13 131k €10.1m €122m 7.9% Investment projects GLA (m²) Annual rent Gross asset value NOI yield W H Y B A L T I C S E A P R O P E R T I E S P O R T F O L I O S T R

  5. Slide 5: Across the Baltics.

    OSLO · 12 MAI · 12 MAY 2026 PORTFOLIO Across the Baltics. 13 projects · 131,000 m² GLA · EUR 122 m GAV KLAIPĖDA - 46,000m2 Industrial · Logistics · Commercial Liepų Parkas · Klaipėda Business Park · Grandus SC VILNIUS -80,000 m2 Logistics Assets BSP Park Vilnius East BSP Park Vilnius A1 BSP Park Vil

  6. Slide 6: Sectors

    OSLO · 12 MAI · 12 MAY 2026 2026 AND BEYOND · FORWARD STRATEGY Sectors Our core segments Industrial Industrial assets are often mission critical whose physical footprints are costly to relocate. Tight new-build supply across the Baltic region keeps vacancy structurally low and underpins stable, infl

  7. Slide 7: Solid tenants across attractive industries.

    OSLO · 12 MAI · 12 MAY 2026 TENANTS · INDUSTRIES Solid tenants across attractive industries. EUR 9.1m 2026 GRI Logistics Industrial Commercial ANNUAL GENERAL MEETING 2026 BALTICSEA.NO · EURONEXT GROWTH OSLO: BALT

  8. Slide 8: Building & Portfolio Optimising.

    OSLO · 12 MAI · 12 MAY 2026 Portfolio Development Building & Portfolio Optimising. Two major projects in 2025 KLAIPĖDA Liepų Parkas 4 2 buildings delivered. 3rd building under construction with > 65 % pre-leased. planned buildings VILNIUS BSP Park Vilnius East ~70 % Transitioned from master lease to

  9. Slide 9: Development.

    OSLO · 12 MAI · 12 MAY 2026 LIEPU PARKAS · KLAIPEDA Development. Business & Retail Park PLANNED BUILDINGS 4 2 of 4 already delivered – 1 to be delivered in 2026 PRE-LET ON BUILDING 3 >65 % Multi-tenant · under construction ENERGY CLASS A++ Building D delivered Feb 2026 ANNUAL GENERAL MEETING 2026 BA

  10. Slide 10: Liepų Parkas BMW & BYD Sales and Service Centre, Klaipėda

    OSLO · 12 MAI · 12 MAY 2026 LIEPŲ PARKAS · BMW & BYD SALES AND SERVICE CENTRE · KLAIPĖDA ANNUAL GENERAL MEETING 2026 BALTICSEA.NO · EURONEXT GROWTH OSLO: BALT

  11. Slide 11: Sustainability.

    OSLO · 12 MAI · 12 MAY 2026 ESG · 2025 AT A GLANCE Sustainability. Environmental · Social · Governance VSME A++ 17 Baseline year 2025 All new buildings Employees · 9 Women / 8 Men Adoption of EFRAG Voluntary SME framework 2,475 m² delivered to Inchcape (Feb 2026) Zero injuries / accidents in 2025 10

  12. Slide 12: 2025 in numbers.

    OSLO · 12 MAI · 12 MAY 2026 DRIFT · OPERATIONS · 2025 2025 in numbers. · 13 projects · 131,000 m² GLA · NOK 1,456 m GAV (EUR 120) MEUR 56.7 + 10 % HEADLINE · TOTAL RETURN ON NAV (EUR) 9.1 % Net Asset Value Total income growth ↑ Liepų Stage 1 + CPI + 34 % 9.2 yrs vs 11.2 % in 2024 Property mgmt incom

  13. Slide 13: Five years of growth — full year and Q1 by Q1.

    OSLO · 12 MAI · 12 MAY 2026 DRIFT · OPERATIONS · KEY FIGURES OVER TIME Five years of growth — full year and Q1 by Q1. Two views of the same trend · Rental income, EBITDA and IFPM · € thousands Key Figures (€ thousands) € 2 500 2 309 2 342 € 2 000 2 065 1 966 € 1 500 1 674 1 723 1 595 1 490 1 525 1 4

  14. Slide 14: NAV & dividend development.

    OSLO · 12 MAI · 12 MAY 2026 2020 – Q1 2026 · TRACK RECORD NAV & dividend development. Net Asset Value · € thousands · Updated through 31 March 2026 NAV TRACK RECORD Consistent NAV growth every year since 2020 — and the trend continued into Q1 2026. EUR 57.4 m NAV at 31 Mar 2026 · + 1.2 % vs YE 2025

  15. Slide 15: Return on NAV — FY 2025 build-up.

    OSLO · 12 MAI · 12 MAY 2026 RETURN ON NAV · FY 2025 Return on NAV — FY 2025 build-up. From rent yield through IFPM to total return — the full bridge Income return (of NAV) Value return (of NAV) TOTAL RETURN ON NAV 16.0% 9.1 % 12.0% +4.1% -0.3% -2.6% +1.7% 8.0% 7.3% 6.1% 4.0% 0.0% Rent Property Net r

  16. Slide 16: Where we stand – Q1 2026.

    OSLO · 12 MAI · 12 MAY 2026 Financial update · Conclusion Where we stand – Q1 2026. Top line, bottom line, balance sheet — the snapshot heading into Q2 2026 EUR 2.34 m EUR 0.98 m EUR 0.74 m Total operating income – Q1 26 Income from Property Management – Q1 26 Profit for the period Q1 2025: EUR 2.3

  17. Slide 17: Significant — and growing — opportunity.

    W H Y T H E S H A R E I S I N T E R E S T I N G Significant — and growing — opportunity. The Share itself reflects an attractive investment opportunity. 01 02 Underlying portfolio value Improved trading liquidity Significant unrealised opportunities embedded A more active market in the share, could

  18. Slide 18: Value accretive buy backs.

    OSLO · 12 MAI · 12 MAY 2026 CAPITAL ALLOCATION · SHARE BUYBACK Value accretive buy backs. BALT share buybacks accretive to NAV · 51.31 % implied return on capital deployed BALT Share Buyback — Value Creation Summary Key Inputs NAV per share NOK 71.72 per share Shares outstanding (before) 8 696 077 s

  19. Slide 19: Delamode Rhenus · Oribalt Vilnius

    OSLO · 12 MAI · 12 MAY 2026 DELAMODE · RHENUS · ORIBALT · VILNIUS ANNUAL GENERAL MEETING 2026 BALTICSEA.NO · EURONEXT GROWTH OSLO: BALT

  20. Slide 20: How the Board monitors risk.

    OSLO · 12 MAI · 12 MAY 2026 RISK FRAMEWORK · FOUR HIGH-LEVEL AREAS How the Board monitors risk. Risk Management Policy under continuous development HIGH HIGH HIGH HIGH Geopolitical & Political Macro & Energy Market Crisis Management Interest Rates War in Ukraine and broader Russia– Growth, inflation

  21. Slide 21: Financing.

    OSLO · 12 MAI · 12 MAY 2026 A ROBUST PLATFORM · FINANCING Financing. Long partnership with Luminor & SEB · Weighted maturity 4.0 years 46.4 % 2.23 4.51 % 16 % Net LTV (incl. cash) ICR — Group Blended rate Hedged (post-2026 swap) DEBT FACILITIES POST-BALANCE-DATE HEDGE EUR 10 m swap, fixed 2.57 % p.a

  22. Slide 22: Debt maturity, cost of debt & hedging.

    O S L O · 1 2 M A I · 1 2 M A Y 2 0 2 6 DEBT, C O ST & HEDGI N G SUMMAR Y Debt maturity, cost of debt & hedging. Capital tie-up vs interest fixing (EUR m) · Blended cost & hedge ratio over time DEBT MATURITY LADDER COST OF DEBT & HEDGING Senior bank debt + dev loan Me zzanine 4,80% 100% BLENDED COST

  23. Slide 23: Real-estate yield spread vs Nordic peers

    OSLO · 12 MAI · 12 MAY 2026 Y I E L D A D V A N T A G E Real-estate yield spread vs Nordic peers 7.9% 4.85% +3.05% -0.1% 3.15pp Nordic prime yield spread BSP portfolio yield BSP all-in financing cost BSP yield spread Spread advantage vs Nordics (2026E) NORWEGIAN PRIME LOGISTICS — YIELD VS FINANCING

  24. Slide 24: Outlook & strategy.

    OSLO · 12 MAI · 12 MAY 2026 2026 AND BEYOND · FORWARD STRATEGY Outlook & strategy. Targets reaffirmed · Disciplined growth OUR TARGETS OUR STRATEGY 10 – 15 % Pursue strategic M&A 01 Selective acquisitions aligned with the long-term vision. Annual IRR Sustain high-quality portfolio growth 02 € 100 m

  25. Slide 25: Baltic Growth Pipeline

    B A L T I C S E A P R O P E R T I E S Investor Presentation | May 2026 G R O W T H P I P E L I N E 6+ €150m 60% 7.00 – 8.50% Active pipeline projects Pipeline investment value Target LTV on new projects Pipeline yield range P I P E L I N E F O O T P R I N T P I P E L I N E O F V A L U E - A D D P R

  26. Slide 26: OSLO ANNUAL GENERAL MEETING 2026 BALTICSEA.NO

    OSLO · 12 MAI · 12 MAY 2026 ANNUAL GENERAL MEETING 2026 BALTICSEA.NO · EURONEXT GROWTH OSLO: BALT

  27. Slide 27: Continued growth towards 2028.

    OSLO · 12 MAI · 12 MAY 2026 GROWTH · 2028 TARGET Continued growth towards 2028. Active pipeline + greenfield projects to reach EUR 250 m portfolio value +90 250 EURm +40 120 112 97 100 75 Fair value of Fair value of Fair value of Fair value of Fair value of Greenfield Pipeline Fair value of portfoli

  28. Slide 28: The financial tables behind the visuals

    OSLO · 12 MAI · 12 MAY 2026 DATA REFERENCE The financial tables behind the visuals The full 12-month run-rate model across four states. Each visualisation on the previous pages is built from these numbers. Metric (EUR, run-rate) As-is · Book As-is · Market Scaled · Book Scaled · Market INCOME STATEM

  29. Slide 29: The yield ladder — three steps up

    ENTRY YIELD The yield ladder — three steps up Each step adds yield: today's market discount widens it, the pipeline lifts it again. 14,0% 11,9% 12,0% 11,7% 12,0% 10,9% 10,0% 9,3% 8,0% 8,2% 8,0% 7,3% 6,0% 5,5% 4,0% 2,0% 0,0% AS-IS · BOOK AS-IS · MARKET SCALED · MARKET (at NAV) (NOK 49) (pipeline + en

  30. Slide 30: NAV growth — how we get there

    YIELD NAV growth — how we get there Same bridge as the prior page, expressed as a yield on starting NAV. Solid bars = lower-bound contribution; lighter caps = the upper-bound extension. Active levers add 12–14% on their own; the stated 10–16% range allows for execution variance and rounding. NAV gro

  31. Slide 31: Where the NAV return comes from – real money

    NAV Where the NAV return comes from – real money Starting NAV of EUR 58.4m (consolidated, book). Two active value levers — operating return (IFPM) and CPI on values — and three buckets we're conservatively holding at zero so the framework is visible. CPI shown at the 2.5% midpoint; range 2–3% gives

  32. Slide 32: Delamode Rhenus · Oribalt Vilnius

    OSLO · 12 MAI · 12 MAY 2026 DELAMODE · RHENUS · ORIBALT · VILNIUS ANNUAL GENERAL MEETING 2026 BALTICSEA.NO · EURONEXT GROWTH OSLO: BALT

  33. Slide 33: Significant — and growing — opportunity.

    C L O S I N G Significant — and growing — opportunity. BSP reflects an attractive investment opportunity. 01 02 Platform, portfolio and capital structure Resilient and growing region Significant unrealised opportunities embedded across our portfolio, Baltics has shown robust economy with growth, pro

  34. Slide 34: Building the platform — together.

    C L O S I N G Building the platform — together. Strong partners Comitted management Long-term & board shareholders Trusted, lasting relationships across A team committed to delivering on An ownership base aligned with the business. our 2028 ambitions. where we are going. Thank you — we welcome your

  35. Slide 35: Velkommen til terrassen.

    OSLO · 12 MAI · 12 MAY 2026 TAKK · THANK YOU Velkommen til terrassen. Welcome to the terrace — the conversation continues. TOTAL RETURN ON PROPERTY MGMT WEIGHTED AVG. NAV INCOME LEASE TERM 9.1 % + 34 % 9.2 yrs vs 11.2 % in 2024 Lower finance costs Up from 8.6 yrs post@balticsea.no · balticsea.no · E

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