Baltic Sea Properties As · OSL:BALT
Baltic Sea Properties As — Investor Presentation (April 2024)
39 slides from Baltic Sea Properties As's investor presentation, April 2024
Slide 1: Company Presentation April 2024
PROPERTIES COMPANY PRESENTATION » \ a April 2024 \
Slide 2: Disclaimer
Disclaimer By receiving this company presentation (the "Presentation’), or attending any meeting or oral presentation held in relation thereto, you (the "Recipient”) agree to be bound by the following terms, conditions and limitations. The information in this Presentation has been prepared by Baltic
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Slide 4: Baltic Sea Properties is a compelling investment case
Baltic Sea Properties is a compelling investment case The Baltics is a Higher portfolio yields Long WAULT coupled with Building for the future — Attractive investment robust region with provides interest rate favourable tenant BREEAM certification on potential - low pricing fast-paced growth protect
Slide 5: Contents
Contents 01. Q2. 035. 04. Introduction | Portfolio Trading Appendix to Baltic Sea | overview update Properties BALTIC SEA PROPERTIES
Slide 6: Internationally-recognised, high-quality developer of logistics and industrial real estate in the Baltics
BALTIC SE& Internationally-recognised, high-quality developer of PROPERTIES logistics and industrial real estate in the Baltics Baltic Sea Properties is Full-service, local management team with deep knowledge of the Baltic real estate market an open-ended and fully integrated commercial real Diversi
Slide 7: A leading real estate company in the Baltics
A leading real estate company in the Baltics Focused on long-term relationships and total shareholder return Key operational metrics Bieter meade (YE 2023) Baltic Sea Properties is a Norwegian public listed, open-ended and fully Attactiverctummrternetefemnucl RRAOS a1 integrated investment company a
Slide 8: Rhenus Delamode Oribalt
BREEAM In-Use: BREEAM In-Use: Very Good Very Good 2017 18,266(1) 2020(2) 13,205 Completed Sqm GLA Completed Sqm GLA 16.7 Rhenus 11.3 Delamode WAULT Tenant WAULT Tenant BREEAM In-Use: BREEAM In-Use: Very Good Excellent 2020(3) 9,265 2022 4,141(4) Completed Sqm GLA Completed Sqm GLA 11.9 Oribalt 13.8/
Slide 9: A quality developer and an ambitious long-term investor
A quality developer and an ambitious long-term investor Diversified, high-quality portfolio coupled with material upside in large development land bank Investment projects Development projects * Possesses a diverse and modern real estate portfolio across logistics, industrial, and commercial sectors
Slide 10: Sustainability is an integral part of the development strategy
Sustainability is an integral part of the development strategy All development projects to be certified in line with BREEAM-framework Dedicated approach ensures sustainable development Secured projects testament to new-build approach Emphasis on longevity and flexibility for future adaptation with e
Slide 11: The Baltics at a glance
The Baltics at a glance Robust outlook based on leading indicator forecasts Gaining recognition from global industry leaders 3% GDP (2024) 0% Unemployment rate (2024) 2% 2% 6% 1% 3% 7 % 0% — 0% Lithuania Sweden Euro Area Lithuania. Sweden —Euro Area 4% Labour productivity (2024) 100% Gross debt (202
Slide 12: The Lithuanian economy is experiencing dynamic growth and thriving opportunities
The Lithuanian economy is experiencing dynamic growth and thriving opportunities Lithuania — strategically situated in the heart of Europe 14 Source: International Monetary Fund, KPMG Strong economy with growth rates expected to surpass the EU average + In 2024, the real GDP of Lithuania is projecte
Slide 13: Competent organisation well-positioned for further growth
Competent organisation well-positioned for further growth Management supported by local, full-service team with deep first-hand knowledge of the Baltic real estate market Nordic governance coupled with strong local knowledge Board members Lars Christian Berger Group CEO (Oslo) M.A. Business and Fina
Slide 14: A strong platform for continued growth
A strong platform for continued growth Attractive portfolio fundamentals ... .. and solid tenant exposure ... .. set to unlock further growth Per @4 2023 EEE Ss Portfolio value NOI yield EUR 99.8m 8.1% Xx ola WAULT Net LTV 9.1 years 56.4% * EUR ~100mdiversified portfolio of high- quality assets * 16
Slide 15: Significant access to quality development projects by 2028
Significant access to quality development projects of >EUR 200m by 2028 2023-2028e CAGR: ~25 % Fair value of portfolio (EURm) Target NOI yield: ~8 % [POSS Se ce 3 9 5 SS SS SS SS SS SSS SSS SESE ' 1 ; 1 ' 300 Estimated development 4 ! cost contracted projects { i 1 1 q i) 1 1 5 i) 1 || ! Pte = Yield
Slide 16: Investment Highlights
Investment Highlights Leading logistics and industrial real estate company across the Baltics Ambition to be the preferred real estate owner and developer in the region Diversified portfolio of high-quality assets Yield spread to the Nordics enables high cash yield returns and growth potential De-ri
Slide 17: Contents
Contents 01. 02. 035. 04. Introduction | Portfolio Trading Appendix to Baltic Sea | overview update Properties BALTIC SEA PROPERTIES
Slide 18: BALTIC SEA
BALTIC SEA PROPERTIES
Slide 19: Portfolio overview
Portfolio overview Long WAULT, solid tenants and attractive locations Asset overview 7 Tenant Run rate G) # Company Segment eneiep 2024 rent WAULT a (EURm) 41 BSP Park— Vilnius East Logistics Girteka 17,149 2 BSP Park— Vilnius A3 Logistics Vingés 21,929 3 BSP Park— Vilnius A4 Logistics Rhenus 18,226
Slide 20: Solid tenants with exposure towards attractive industries
Solid tenants with exposure towards attractive industries Client mix of market leaders with long operating track record on global scale in diversified segments , a GRANDUS o Oribalt MAXIMA \- Ficirtexo ViNnGies) EUR 8.5m “UTERMINALAS KVP: ee z)RHENUS LOGISTICS HB Logistics i industrial @ Retail dpd
Slide 21: Key tenant overview
Key tenant overview >25 % of income comes from anchor tenants Rhenus Logistics and Delamode Baltics Rhenus Logistics Rhenus Logistics is a subsidiary of the Rhenus Group which has, since it was founded in 1912, become one of the leading global logistics service provider. They operate in more than 40
Slide 22: Key tenant overview
Key tenant overview BSP attracts high-profile clients 24 Cama TERMINALAS Vingés Terminalasis a part of Vingés Logistics Group - a Lithuanian market leader in providing logistics services. #2 Tenant ranked by contracted rent 21,929 sqm Total GLA 14.8 years WAULT 14.1% Share of total income 15.5% % sh
Slide 23: Development projects with tenants secured
Development projects with tenants secured Contracted projects Pipeline (own land development) Liepy Parkas — Klaipéda ; Dae GLA:15,540 sqm peceuten (sqm) Status: Stage / is currently under construction, aim to 2 7 4 becoming a preferred business and retail park for both pee Business Park aan FEZ (st
Slide 24: BALTIC SEA
BALTIC SEA PROPERTIES
Slide 25: Contents
Contents 01. Q2. 03. 04. Introduction | Portfolio Trading Appendix to Baltic Sea | overview update Properties BALTIC SEA PROPERTIES
Slide 26: Group key figures
Group key figures P&L Gross rental income EURm 6.88 7.99 Property expenses % 3.4 3.9 Net rental income EURm 6.67 7.67 Operating costs EURm 2.09 1.80 EBITDA EURm 4.69 5.86 IFPM EURm 2.95 2.92 Portfolio Fair value of portfolio® EURm 96.7 99.7 NOI yield) % 7.9 8.1 IBD® EURm 57.5 53.8 Net LTV % 57.0 56.
Slide 27: Financing overview
Financing overview Key terms and debt mix Maturity profile As of Q4 2023 IBD, incl mezzanine and seller credit EURm 58.3 Net LTV % 56.4 ICR x 24 12-month interest margin % 2.8 Interest hedge ratio % 43 Interest hedge maturity (weighted) yrs 1.3 Debt maturity yrs 3.4 EURm 60 50 40 30 20 10 53 Weighte
Slide 28: Real Estate yield spread comparison
Real Estate yield spread comparison Yield spread to the Nordics enables high cash yield returns and growth potential Significant headroom to financing costs compared to Nordic peers provides competitive advantage MO 1 mmm Norwegian Prime logistics yield Finance cost —VYield spread Yield-advantage vs
Slide 29: Robust project pipeline showcases scale effect
Robust project pipeline showcases scale effect GAV/EV set to reach EUR 121m with contracted projects — further access to projects for upside potential Run-rate2024 —- Run-rate 2024 Contracted) Run-rate 2024 incl. Run-rate 2024 incl. (GAV) (39/0) (GLE & ESO) contracted(GAV) contracted (EV) GRI EURm 8
Slide 30: Strong earnings and high growth strategy in place
Strong earnings and high growth strategy in place Positioned to capitalise on the growing market demand — contracted projects effect Gross asset value and NOl-yield NOI and EBITDA-margins are high and increasing GAV (EURm) EBITDA-margin (9 121 2019 2020 2021 2022 2023 Inc contracted 2019 2020 2021 2
Slide 31: Market overview
Market overview Real estate in the Baltics remain an attractive investment target Market trends in the Baltics Real estate investments split by region and asset class * The Baltic capitals are witnessing a growing demand for modern office spaces and in Vilnius, the office sector surpassed 1,000,000
Slide 32: BSP delivers profitable growth despite challenging times
BSP delivers profitable growth despite challenging times == . Attractive growth enabled by our aa TT Stron 1g business longstanding customer relationships, o position unique landbank, access to quality projects and a strong financial position Solid financials and Strong cashflows and balance . sheet
Slide 33: Contents
Contents 01. 02. 03. 04. Introduction | Portfolio Trading Appendix to Baltic Sea | overview update Properties BALTIC SEA PROPERTIES
Slide 34: Tenant overview
Tenant overview Portfolio based on rental income > Retail «Logistics = Industrial High-profile clients MAXIMA [2)RHENUS Cornus =“ WURTH Gz} delamode ©) oribalt Onninen Ficirrera PAROS Losistics Portfolio based on GLA 68 % 13% ' Retail = Logistics» Industrial o © o BALTIC SEA PROPERTIES
Slide 35: Company structure and shareholder overview
Company structure and shareholder overview Baltic Sea Properties BSP Asset BSP Asset Management Management BSP Holding Vilnius Klaipéda BSP Logistics BSP Industrial BSP Retail BSP Opportunities Shareholder es held In% UAB Baltic Equity 1,832,721 274% Centralkirken 1,098,260 16.4% Carpe Diem Afseth A
Slide 36: Historical P&L
Historical P&L Consolidated P&L in m EUR 2021 2021 2022 2023 Rental revenue 5.8 6.3 6.9 8 Property expenses (ex. mgmt fees) -0.2 -0.1 -0.2 -0.3 NOI 5.5 61 67 77 in% 96% 98% 97% 96 % Other operating income 0.1 0.2 0.1 0.1 Administration and other costs 1.4 a2) -2.1 -1.9 EBITDA 4.3 44 47 5.9 Net finan
Slide 37: Balance sheet
Balance sheet ‘Consolidated Balance Sheet in m EUR 2020 2021 2022 2023 Assets Investment property 64.7 75.4 96.7 99.8 Other assets 1 224) 3. 29 Total non-current assets 65.8 77.5 99.8 102.7 Trade receivables and other current assets 0.2 0.4 0.7 0.6 Cash and cash equivalents 3 5.3 4.2 3.6 Total curre
Slide 38: Terms/abbreviations used in this presentation
Terms/abbreviations used in this presentation + BREEAM = BRE Environmental Assessment Method) is an environmental assessment standard developed by the Building Research Establishment (BRE) for rating the sustainability of buildings + EBITDA = Earnings before interest, tax, depreciation and amortisat
Slide 39: Baltic Sea Properties
BALTIC SE& PROPERTIES ~
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