Baltic Horizon Fund · OMXTSE:NHCBHFFT
Baltic Horizon Fund — Q3 2025 Earnings Presentation
15 slides from Baltic Horizon Fund's earnings presentation, November 2025
Slide 1: Webinar Q3 2025
Webinar Q3 2025 Baltic Horizon Fund November 2025
Slide 2: Agenda
Agenda 1. KPI and portfolio leasing overview 2. Financial results Q3 2025 3. Financial debt structure of the fund 4. Changes in the Management Company 5. Extraordinary general meeting of investors 8 December 2025 Baltic Horizon Fund
Slide 3: 1. KPI overview
1. KPI overview KPI Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Occupancy (Quarter avg.) 80.1% 81.0% 82.7% 82.6% 84.9% Occupancy (End of Quarter) 80.5% 82.1% 82.3% 84.2% 85.6% Average rent (EUR/sqm) 12.84 12.91 13.05 13.45 13.44 Net Operating Income (‘000 EUR) 2,886 2,719 2,970 3,108 2,631 Total debt ou
Slide 4: KPI Overview
KPI Overview Occupancy (end of quarter) LTV Capital expenditure (including fitouts) 85.6% 61.8% 61.4% 84.2% 61.3% 83.5% 60.7% 60.7% 82.1% 82.3% 60.3% 60.1% 81.1% (950) (850) 80.5% (1 094) (1 116) (1 258) 79.1% (1 447) 57.3% (1 656) (2 632) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 5: Leasing and tenant update
Baltic Horizon Fund leasing and tenant update Confirmation of active leasing efforts and client trust Key comments • Overall, during the 9 months of 2025, the Fund signed new leases for 3.3y 3.8y approx. 12,500 sq. m. Moreover, leases of approx. 7,150 sq. m. were WAULT until the first break WAULT un
Slide 6: 2. Financial results for 2025 Q3
2. Financial results for 2025 Q3 Profit and loss EUR ‘000 01.07.2025 01.07.2024 Change (%) Key comments: - 30.09.2025 - 30.09.2024 Rental income 3,833 3,690 3.9% • The Group earned consolidated net rental income of EUR 8.7 million in Q1-Q3 Service charge income 1,233 1,236 (0.2%) 2025 (Q1-Q3 2024: 8
Slide 7: Financial results for 2025 Q3: Financial position
Financial results for 2025 Q3 Financial position EUR ‘000 30.06.2025 31.12.2024 Key comments: Non-current assets Investment properties 228,320 241,158 • As of 30 September 2025, the Fund’s GAV was EUR 237.7 million (31 December 2024: EUR 256.0 million). The decrease compared to the prior year was ma
Slide 8: 3. Financial debt structure of the Fund
3. Financial debt structure of the Fund As of 30 September 2025 Property Maturity Currency Carrying amount (EUR ‘000) % of total Hedged portion (%) Galerija Centrs 26 August 2027 EUR 28,310 21.0% 93% Apollo Plaza and Postimaja 15 November 2029 EUR 20,873 15.5% 0% Europa SC 31 January 2029 EUR 15,555
Slide 9: Financing summary
Financing summary As of 30 September 2025 Summary of financing terms Maturity by separate loan (EUR ‘000) 40 000 60.1% 6.2% 35 000 30 000 Galerija LTV Cost of debt 25 000 Apollo Plaza and BH Bonds MEUR 42 Postimaja 20 000 Long term 15 000 Europa 1.0% 2.5 years 10 000 Vainodes Lincona Upmala Biroji S
Slide 10: 4. Changes in the Management
4. Changes in the Management • On the 30th of October the ownership of the Management Company was acquired by the three Lithuanian nationals – Antanas Anskaitis, Antanas Danys and Tomas Milašauskas - owners of a private investment company Grinvest (www.grinvest.sg), who all took up the formal positi
Slide 11: 5. Fund Manager's proposal for the EGM on 8 December 2025
5. Fund Manager ´s proposal for the EGM on 8 December 2025 Taking into account the following circumstances: • Current leverage of the Fund is not sustainable over long-term and the reduction of the debt is in the interest of all unitholders • There is still a need to complete selective asset enhance
Slide 12: Why new unit offering instead of further property disposals?
Why new unit offering instead of further property disposals? • Market for trading commercial properties is currently extremely illiquid, especially for larger complex assets • The management has tried disposing various properties in its portfolio over the course of last 12 months • Based on the outc
Slide 13: Management board members
Management board members Tarmo Karotam Gerda Bliuvienė Fund Manager Head of Fund Finance and Administration tarmo.karotam@baltichorizon.com gerda.bliuviene@baltichorizon.com +372 508 9044 +370 624 03871 Baltic Horizon Fund 13
Slide 14: Disclaimer
Disclaimer This material is provided to you for information purposes only. You should not rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever. Baltic Horizon Capital AS (BHC) has taken all reasonable care to ensure that the information cont
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