Slide 1: Webinar Q4 2025
Webinar Q4 2025 Baltic Horizon Fund 20 February 2026
Slide 2: KPI overview
KPI overview KPI Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Occupancy (Quarter avg.) 81.0% 82.7% 82.6% 84.9% 86.5% Occupancy (End of Quarter) 82.1% 82.3% 84.2% 85.6% 86.2% Average rent (EUR/sqm) 12.91 13.05 13.45 13.44 12.90 Net Operating Income (‘000 EUR) 2,719 2,970 3,108 2,631 2,954 Total debt outst
Slide 3: KPI overview
KPI overview Occupancy (end of quarter) LTV Capital expenditure (including fitouts) 85.6% 86.2% 64.0% 83.5% 84.2% 82.1% 82.3% 61.8% 61.4% (950) (1 116) (850) 61.3% (1 209) 80.5% 60.3% 60.7% 60.7% (1 447)(1 258) 79.1% 60.1% (1 656) (2 632) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q
Slide 4: Overview of investment properties
Overview of investment properties As of 31 December 2025 Property Sector Acqui- Fair value1 NLA Net initial yield Occupancy NOI development sition year (EUR ‘000) (sq. m) Q1-Q4 20252 rate 2025 2024 2023 2022 Europa SC Retail 2015 31,836 17,430 2.7% 82.5% 944 1,010 1,508 1,028 North Star Office 2019
Slide 5: Financial results for 2025 Q4
Financial results for 2025 Q4 Profit and loss EUR ‘000 01.10.2025 01.10.2024 Change (%) The Fund generated a total of EUR 15,1 million - 31.12.2025 - 31.12.2024 of rental income during 2025 and a Net Operating Income (NOI) of EUR 11,663 Rental income 3,737 3,779 (1.1%) thousand. Service charge incom
Slide 6: Financial results for 2025 Q4
Financial results for 2025 Q4 Financial position EUR ‘000 31.12.2025 31.12.2024 EUR ‘000 31.12.2025 31.12.2024 Non-current assets Non-current liabilities Investment properties 208,940 241,158 Interest-bearing loans and borrowings 113,252 98,491 Intangible assets - 4 Deferred tax liabilities 644 1,89
Slide 7: Financing summary
Financing summary As of 31 December 2025 Summary of financing terms Maturity by separate loan (EUR ‘000) 40 000 64.0% 6.1% 35 000 30 000 Galerija LTV Cost of debt 25 000 Apollo Plaza and Postimaja 20 000 BH Bonds MEUR 42 Long term 2.0% 2.3 years 15 000 Europa Upmala Biroji 10 000 Vainodes S27 Lincon
Slide 8: New Equity Offering
New Equity Offering ▪ Offering and its terms authorized by the Unitholders Meeting during 16 December 2025: ▪ The goal is to raise up to EUR 25 million from the existing investors to reduce the debt of the Fund and complete selected property enhancements. ▪ The new units are to be issued at a price
Slide 9: Utilization of Proceeds
Utilization of Proceeds ▪ Assuming EUR 8.0m is raised, the following utilization is planned: ▪ EUR 1.5m injection into BH Riga SIA to fund capex and prepay loan amortization ▪ EUR 3.4m kept in the fund for ongoing liquidity needs ▪ EUR 3.1m (including early repayment fees) – prepayment of the bond ▪
Slide 10: Pro rata basis
Pro rata basis The units are offered and allocated to existing Investors on a pro rata basis, and each existing investor will be able to subscribe for and be allocated up to a number of units held by such investor on 20 February 2026, multiplied by a coefficient 1.1782. This means, for example, if t
Slide 11: For more information
For more information Tarmo Karotam Fund Manager Tarmo.Karotam@baltichorizon.com Copyright © Baltic Horizon 2026. All rights reserved