Quarterly report - Q1 2026
2
Contents
About us 4
Key figures 6
Financing 9
Interim consolidated financial statements 10
Contact 14
Appendix - Reconciliation of APM's 15
Disclaimer:
This report has been prepared by Baltic Sea Properties AS in good faith and to our best ability with the purpose to give the company's shareholders updated information about the company's operations and status. This document must not be understood as an offer or encouragement to invest in the company. The financial figures presented are unadited and may thus include discrepancies. Baltic Sea Properties AS further makes reservations that errors may have occurred in its calculations of key figures or in the development of the report which may contribute to an inaccurate impression of the company's status and/or operations. The report also includes descriptions and comments which are based on subjective assumptions and considerations, and thus must not be understood as a guarantee of future events or future profits.
3
About us
Baltic Sea Properties (BALT) is a Norwegian real estate investment company listed on
8.9 years
WAULT
€ 9.1 m contracted rent
131,000 m2
GLA
13
investment projects
Euronext Growth Oslo. We acquire, develop, and manage high-quality commercial properties, focusing on logistics, industrial, and retail segments. Our portfolio consists of long-term, triple-net leased assets with solid tenants, ensuring stable cash flows and predictable returns.
46.95 %
Net LTV
2.75 %
dividend yield
7.95 %
NOI yield
€ 121.4 m
GAV
We operate with a long-term, partnership-oriented approach, combining local market expertise with Scandinavian governance standards. The company emphasises sustainability, efficient property management, and
value creation through active development and optimisation of its assets.
With headquarters in Oslo and a fully operational local organisation in Lithuania, we are strategically positioned to capitalise on the region's growing logistics and industrial demand, driven by EU integration, strong economic fundamentals, and increased trade connectivity between Northern and Eastern Europe.
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1.5-3.0%
annual dividend's share of NAV
€ 100m equity by end of 2028
10-15%
average annual IRR
Our TargetsActively manage risks
Continually research, learn and develop
Sustain high-quality portfolio growth
Pursue strategic M&A
Our Strategy5
Key Figures
EBITDA & IFPM | Jan - Mar 2026 | Jan - Dec 2025 | Jan - Mar 2025 | Jan - Mar 2026 | Jan - Dec 2025 | Jan - Mar 2025 |
EUR | EUR | EUR | NOK | NOK | NOK | |
thousands | thousands | thousands | thousands | thousands | thousands | |
Rental income | 2 342 | 9 012 | 2 309 | 26 657 | 105 602 | 26 896 |
Property expenses ex mng | -177 | -408 | -112 | -2 018 | -4 785 | -1 300 |
Net rent | 2 164 | 8 604 | 2 197 | 24 640 | 100 817 | 25 595 |
Other operating income | 88 | 166 | 62 | 1 005 | 1 942 | 721 |
Administration cost | -369 | -1 648 | -381 | -4 204 | -19 307 | -4 437 |
Other operating cost | -161 | -770 | -204 | -1 830 | -9 025 | -2 374 |
EBITDA | 1 723 | 6 352 | 1 674 | 19 611 | 74 427 | 19 505 |
Net realised interest cost & finance expenses | -737 | -3 095 | -798 | -8 393 | -36 260 | -9 291 |
IFPM | 985 | 3 257 | 877 | 11 218 | 38 166 | 10 214 |
Changes in value of investment properties | 41 | 2 168 | 142 | 466 | 25 402 | 1 659 |
Changes in value of financial instruments | 66 | -15 | -8 | 752 | -170 | -98 |
Realised changes in value of investment properties | - | - | - | - | - | - |
Depreciation, amortisation and impairment | 34 | -79 | -20 | 392 | -923 | -238 |
Net currency exchange differences | -156 | -45 | -100 | -1 775 | -532 | -1 162 |
Profit before tax | 971 | 5 286 | 891 | 11 053 | 61 943 | 10 375 |
Current tax | -66 | 127 | - | -757 | 1 482 | - |
Deferred tax | -160 | -1 503 | -178 | -1 817 | -17 606 | -2 074 |
Profit from continued operations | 745 | 3 910 | 712 | 8 479 | 45 820 | 8 301 |
31 st March 2026 (Q1)
Per share | 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2025 |
Net Asset Value (NAV) in NOK | 74.23 | 77.25 | 71.12 |
NAV in EUR | 6.62 | 6.52 | 6.23 |
YTD Return NAV incl. dividend (NOK)3 | -3.92% | 9.54% | -1.93 % |
YTD Return NAV incl. dividend (EUR) 3 | 1.49% | 9.11% | 1.35 % |
Dividend distributed (NOK) | - | 2.00 | - |
Dividend distributed (EUR) | - | 0.17 | - |
Last transaction price per date (NOK) | 48.80 | 46.70 | 54.50 |
Number of shares issued | 8 696 077 | 8 696 077 | 8 696 077 * |
EURNOK rate, balance sheet date 1 | 11.21 | 11.84 | 11.41 |
EURNOK rate, YTD average 2 | 11.38 | 11.72 | 11.65 |
| |||
Group key figures | 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2025 |
Fair value of portfolio (MNOK) | 1 361 | 1 426 | 1 282 |
Fair value of portfolio (MEUR) | 121.4 | 120.4 | 112.3 |
Value of equity based on NAV - BSP method (MNOK) | 643 | 671 | 618 |
Value of equity based on NAV - BSP method (MEUR) | 57.4 | 56.6 | 54.2 |
Fully stabilised income incl. development & vacancy (MNOK) 1 | 113.1 | 107.7 | 105.1 |
Fully stabilised income incl. development & vacancy (MEUR) 1 | 10.1 | 10.1 | 9.0 |
Net income from property management (IFPM) (MNOK) | 11.2 | 38.2 | 10.2 |
Net income from property management (IFPM) (MEUR) | 1.0 | 3.3 | 0.9 |
NOI yield (investment projects) | 7.95% | 7.95% | 8.00% |
Dividend yield (NAV) | - | 2.75% | - |
Occupancy rate | 96% | 96% | 100% |
WAULT (years) | 8.9 | 9.2 | 8.4 yrs |
IBD (incl. mezzanine facility) (NOK) | 722 | 749 | 673 |
IBD (incl. mezzanine facility) (EUR) | 64.4 | 63.2 | 59.0 |
LTV investment portfolio (incl. mezzanine facility) | 53.01% | 52.49% | 52.98 % |
Net LTV (incl. Cash) | 46.95% | 46.36% | 46.51% |
Interest coverage ratio (ICR) - Group | 2.50 | 2.23 | 2.10 |
Interest coverage ratio (ICR) - SPV finance | 2.76 | 2.72 | 2.68 |
Net Asset Value (NAV) Currency | 31 Mar 2026 EUR thousands | 31 Dec 2025 EUR thousands | 31 Mar 2025 EUR thousands | 31 Mar 2026 NOK thousands | 31 Dec 2025 NOK thousands | 31 Mar 2025 NOK thousands |
Equity as recognised in balance sheet | 55 244 | 54 677 | 52 878 | 619 419 | 647 537 | 603 492 |
Pr share | 6.37 | 6.29 | 6.08 | 71.48 | 74.50 | 69.44 |
Deferred tax according to balance sheet (-) | 7 196 | 7 037 | 5 707 | 80 684 | 83 344 | 65 132 |
Equity excluding deferred tax | 62 440 | 61 714 | 58 584 | 700 103 | 730 881 | 668 625 |
Deferred tax according to BSP orignal NAV definition (-) | 5 069 | 5 016 | 4 429 | 56 837 | 59 400 | 50 545 |
Net asset value - BSP Method | 57 370 | 56 699 | 54 156 | 643 267 | 671 481 | 618 079 |
Pr share | 6.62 | 6.52 | 6.23 | 74.23 | 77.25 | 71.12 |
Fully Stabilised Income incl. Development & Vacancy reflects all income expected under a fully leased scenario. Vacancy includes all marketable areas currently vacant, but excludes development areas not yet leased. Development areas will be treated as vacancy if not leased by the commissioning date..
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Terms & AbbreviationsAverage interest rate = The average interest rate across the loan portfolio, including the impact of any derivatives.
CPI = Consumer Price Index.
EBITDA = Earnings Before Interest, Tax, Depreciation, and Amortisation: A measure of a company's operational profitability.
EURIBOR = Euro Interbank Offered Rate: The average interest rate at which major European banks lend to each other, commonly used as a benchmark for loans and financial contracts in Euros.
Fair value of portfolio = Valuation of the real estate assets at market value.
IFPM = Income From Property Management: Profit/loss before tax excluding depreciation, profit/loss or value movements on properties, realised investments, currency effects, and other financial instruments.
Interest Coverage Ratio = ICR - Group: Group EBITDA divided by all interest paid; measures ability to cover interest obligations.
Interest Coverage Ratio = ICR - SPV finance: Consolidated EBITDA of real estate subsidiaries divided by interest paid on real estate-specific financing.
IBD = Interest-Bearing Debt: All outstanding debt to credit institutions and/or other credit facilities.
LTV = Loan-to-Value ratio: A measure of financial leverage, calculated as total debt divided by the market value of the asset or portfolio.
M&A = Mergers & Acquisitions: Business transactions involving the consolidation or transfer of companies or assets.
NAV = Net Asset Value: The total value of a company's assets minus its liabilities, often used to represent the per-share value of a real estate or investment company.
Net rent = Income from rental activity from the property portfolio minus all unrecovered property expenses (not including internal property management fees).
NOI = Net Operating Income: Income from the property portfolio after operating expenses, including internal property management expenses.
NOI yield = NOI divided by the market value of the investment portfolio, excluding development land (land bank); used to assess investment performance.
ROE = Return on Equity: Profit for the period/year as a percentage of average equity; indicates how efficiently equity is being used.
Run rate = Method of annualising current financial or operational figures by projecting existing numbers over a 12-month period, assuming the same performance continues.
SPV = Special Purpose Vehicle: A legal entity created for a specific, limited purpose.
Triple Net (NNN) = A lease agreement in which the tenant pays not only rent but also all property expenses, including taxes, insurance, and maintenance
WAULT = Weighted Average Unexpired Lease Term: The average remaining lease term of all tenants in a property or portfolio, weighted by rental income, used to assess income stability and risk.
YTD = Year to Date: The period from 1st of January of a given year up to and including the reporting date.
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BSP Group - ICR | Jan-Mar 2026 | Jan-Dec 2025 | Jan-Mar 2025 |
EUR | EUR | EUR | |
EBITDA | 1 722 570 | 6 351 814 | 1 674 242 |
Interest payable | 690 378 | 2 850 349 | 745 540 |
ICR - group | 2.23 | 2.23 | 2.10 |
Net realised interest cost & finance expenses | |||
Interest on real estate portfolio | 588 517 | 2 493 724 | 664 963 |
SWAP costs | 0 | - | -1 203 |
SWAP income | 0 | -10 074 | -4 189 |
Interest mezzanine incl. contract fee | 104 360 | 402 512 | 99 785 |
Interest income | -2 499 | -35 813 | -13 816 |
Sum interest expenses | 690 378 | 2 850 349 | 745 540 |
31 st March 2026 (Q1)
Debt & maturity | Maturity | Amount (EUR) | Share | Base interest rate | Interest margin | Total interest rate |
Senior debt - floating rate | 3m Euribor | Fixed (weighted) | ||||
Bank loans (excl. swap) | 4-5 years | 48 808 629 | 75.8% | 2.10% | 1.99% | 4.09% |
Interest rate swap (hedged)2 | 4-5 years | 10 000 000 | 15.5% | 2.57% | 1.99% | 4.56% |
Total senior debt | 58 808 629 | 91.4% | 4,17% | |||
Development project loans | 4.09% | |||||
Liepų Parkas (Building B) | 4-5 years | 1 089 786 | 1.7% | 2.10% | 1.99% | |
Total development loans | 1 089 786 | 1.7% | 4.09% | |||
Mezzanine debt3 | 9.30% | |||||
Mezzanine | 1-3 years | 4 459 309 | 6.9% | |||
Total debt | 64 357 723 | 100.0% | 4.52% |
Consolidated SPV-financed entities - ICR | Jan-Mar 2026 | Jan-Dec 2025 | Jan-Mar 2025 |
EUR | EUR | EUR | |
EBITDA (incl. internal management cost) | 1 663 607 | 6 949 231 | 1 674 237 |
Interest payable | 602 044 | 2 553 512 | 677 636 |
ICR - SPV finance | 2.76 | 2.72 | 2.68 |
Net realised interest cost & finance expenses | |||
Interest on real estate portfolio | 602 044 | 2 493 724 | 683 028 |
SWAP costs | - | - | -1 203 |
SWAP income | - | -10 074 | -4 189 |
Sum interest expenses | 602 044 | 2 850 349 | 677 636 |
Notes
Run rate figures, i.e interest is annualised over a 12 month period assuming same EURIBOR and based on a snapshot as at 31/03/2026.
The principal of the mezzanine debt is MNOK 50.0. NOK amounts in the table are converted to EUR at exchange rate as at 31/03/2026.
Loan financing | 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2025 |
Interest-bearing debt incl. mezzanine debt (MEUR) | 64.36 | 63.21 | 59.02 |
LTV incl. mezzanine debt1 | 53.01 % | 52.49 % | 52.98% |
Interest-bearing debt excl. mezzanine debt (MEUR) | 59.90 | 58.99 | 54.63 |
LTV excl. mezzanine debt1 | 49.33 % | 48.98 % | 49.06 % |
12-month running interest margin credit loans excl. mezzanine (margin)2 | 2.04 % | 2.04% | 2.18% |
Interest rate hedging ratio | 15.5 % | - | 1.61% |
Interest rate coverage (ICR) - group | 2.50 | 2.23 | 2.10 |
Interest rate coverage (ICR) - SPV finance3 | 2.76 | 2.72 | 2.68 |
Time until maturity interest-bearing debt (weighted) | 3.75 yrs | 4.01 yrs | 2.1 yrs |
Time until maturity interest hedging contracts (weighted) | 4.17 yrs | - | 0.3 yrs |
Notes
| |||
(MEUR) | 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2025 |
Interest-bearing debt, total | 64.36 | 63.21 | 59.02 |
Interest-bearing debt, bank loan | 59.90 | 58.99 | 54.63 |
Interest-bearing debt, mezzanine | 4.46 | 4.22 | 4.38 |
Cash | 7.35 | 7.38 | 6.93 |
Net LTV, total1 | 46.95 % | 46.36 % | 46.51% |
|
Loan-to-Value ratio | 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2025 |
EUR | EUR | EUR | |
Net nominal interest-bearing debt excl. mezzanine loan | 59 900 109 | 58 989 771 | 54 634 292 |
Mezzanine | 4 459 309 | 4 221 903 | 4 380 969 |
Other credit | - | - | - |
Net nominal interest-bearing debt incl. mezzanine loan & other credit1 | 64 359 418 | 63 211 675 | 59 015 261 |
Valuation of real estate portfolio | 121 417 574 | 120 424 642 | 112 333 845 |
Loan to value excl. cash | 53.01 % | 52.49 % | 52.98% |
Cash | 7 351 928 | 7 384 002 | 6 927 519 |
Loan to value incl. cash (Net LTV) | 46.95 % | 46.36 % | 46.51% |
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Baltic Sea Properties AS Quarterly report | Q1 2026
Interim consolidated financial statements31 st March 2026 (Q1)
Consolidated Profit or Loss | |||
Amounts in NOK thousand | |||
For the period | Jan-Mar 2026 | Jan-Dec 2025 | Jan-Mar 2025 |
Rental income | 26 657 | 105 602 | 26 896 |
Other income | 1 005 | 1 942 | 721 |
Total operating income | 27 663 | 107 544 | 27 616 |
Payroll and related costs | 4 204 | 19 307 | 4 437 |
Depreciation, amortisation and impairment | -392 | 923 | 238 |
Other operating expenses | 3 848 | 13 810 | 3 674 |
Total operating expenses | 7 661 | 34 040 | 8 349 |
Change in fair value of investment properties | 466 | 25 402 | 1 659 |
Operating profit | 20 468 | 98 906 | 20 926 |
Change in fair value of financial instruments | 752 | -170 | -98 |
Financial income | 28 | 420 | 161 |
Financial expenses | -8 421 | -36 680 | -9 452 |
Net currency exchange differences | -1 775 | -532 | -1 162 |
Net financial income (cost) | -9 415 | -36 963 | -10 552 |
Profit before income tax | 11 053 | 61 943 | 10 375 |
Income taxes | 2 574 | 16 123 | 2 074 |
Profit for the period | 8 479 | 45 820 | 8 301 |
Earnings per share | Jan-Mar 2026 | Jan-Dec 2025 | Jan-Mar 2025 |
Basic | 1.0 | 5.3 | 1.0 |
Diluted | 1.0 | 5.3 | 1.0 |
Profit is attributable to: | Jan-Mar 2026 | Jan-Dec 2025 | Jan-Mar 2025 |
Owners of Baltic Sea Properties group | 8 479 | 45 820 | 8 301 |
Non-controlling interests | - | - | - |
Consolidated statement of comprehensive income | |||
Amounts in NOK thousand | |||
For the period | Jan-Mar 2026 | Jan-Dec 2025 | Jan-Mar 2025 |
Profit for the period | 8 479 | 45 820 | 8 301 |
Other comprehensive income not to be reclassified to profit and loss | |||
Foreign currency translation differences | -35 416 | 3 631 | -20 279 |
-35 416 | 3 631 | -20 279 | |
Total comprehensive income for the period | -26 937 | 49 450 | -11 978 |
Total comprehensive income is attributable to: | |||
- Owners of Baltic Sea Properties group | -26 937 | 49 450 | -11 978 |
- Non-controlling interests | - | - | - |
-26 937 | 49 450 | -11 978 |
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Baltic Sea Properties AS Quarterly report | Q1 2026
Consolidated Financial Position | |||
Amounts in NOK thousand | |||
For the period that ended on | 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2025 |
Assets | |||
Investment property | 1 389 149 | 1 455 590 | 1 310 648 |
Other operating assets | 1 091 | 1 203 | 1 485 |
Right-of-use assets | - | - | - |
Financial derivatives, non-current | 741 | - | - |
Long-term receivables | 143 | 151 | 2 428 |
Total non-current assets | 1 391 125 | 1 456 945 | 1 314 562 |
Trade receivables | 8 299 | 5 226 | 6 026 |
Financial derivatives, current | - | - | 69 |
Other receivables and other current assets | 3 369 | 2 516 | 1 578 |
Cash and cash equivalents | 82 433 | 87 449 | 79 064 |
Total current assets | 94 102 | 95 191 | 86 738 |
Investment property held for sale | - | - | - |
Total assets | 1 485 227 | 1 552 135 | 1 401 299 |
For the period that ended on | 31 Dec 2025 | 31 Dec 2025 | 31 Mar 2025 |
Equity | |||
Share capital | 870 | 870 | 870 |
Share premium | 214 019 | 214 031 | 214 031 |
Other paid-in equity | -3 | -1 | -1 |
Total paid-in equity | 214 886 | 214 900 | 214 900 |
Retained earnings | 404 533 | 432 637 | 388 592 |
Total equity | 619 419 | 647 537 | 603 492 |
Liabilities | |||
Deferred tax liabilities | 80 684 | 83 344 | 65 132 |
Interest-bearing liabilities | 697 848 | 720 248 | 649 947 |
Lease liabilities, non-current | 28 870 | 30 402 | 29 488 |
Total non-current liabilities | 807 402 | 833 994 | 744 567 |
Lease liabilities, current | 100 | 104 | 99 |
Interest-bearing liabilities, current | 23 782 | 28 368 | 24 269 |
Trade payables | 15 085 | 17 050 | 13 268 |
Income tax payable | 745 | - | - |
Other current liabilities | 18 694 | 25 082 | 15 604 |
Total current liabilities | 58 406 | 70 604 | 53 240 |
Total equity and liabilities | 1 485 227 | 1 552 135 | 1 401 299 |
Disclaimer:
This report has been prepared by Baltic Sea Properties AS in good faith and to our best ability with the purpose to give the company's shareholders updated information about the company's operations and status. This document must not be understood as an offer or encouragement to invest in the company. The financial figures presented are unadited and may thus include discrepancies. Baltic Sea Properties AS further makes reservations that errors may have occurred in its calculations of key figures or in the development of the report which may contribute to an inaccurate impression of the company's status and/or operations. The report may also include descriptions and comments which are based on subjective assumptions and considerations, and thus must not be understood as a guarantee of future events or future profits.
11
Baltic Sea Properties AS Quarterly report | Q1 2026
12
Changes in Consolidated Equity | |||||||
Amounts in NOK thousand | |||||||
Attributable to owners of Baltic Sea Properties AS | |||||||
Share capital | Share premium reserve | Other paid-in equity | Retained earnings | Total | Non-controlling interests | Total equity | |
Equity at 1 January 2025 | 870 | 214 031 | -1 | 400 440 | 615 340 | - | 615 340 |
Net profit for the period | - | - | - | 45 820 | 45 820 | - | 45 820 |
Capital increase | - | - | - | - | - | - | - |
Share based payments | - | - | - | 130 | 130 | - | 130 |
Other comprehensive income for the period | - | - | - | 3 631 | 3 631 | - | 3 631 |
Total comprehensive income in the period | - | - | - | 49 450 | 49 450 | - | 49 450 |
Transactions with owners of the company: | |||||||
Transactions with non-controlling interests | - | - | - | - | - | - | - |
Dividends paid | - | - | - | -17 384 | -17 384 | - | -17 384 |
Equity at 31 December 2025 | 870 | 214 031 | -1 | 432 637 | 647 537 | - | 647 537 |
Share capital | Share premium reserve | Other paid-in equity | Retained earnings | Total | Non-controlling interests | Total equity | |
Equity at 1 January 2026 | 870 | 214 031 | -1 | 432 637 | 647 537 | - | 647 537 |
Net profit for the period | - | - | - | 8 479 | 8 479 | - | 8 479 |
Capital increase | - | - | - | - | - | - | - |
Share based payments | - | - | - | - | - | - | - |
Change in own shares | - | -12 | -2 | -1 166 | -1 181 | - | -1 181 |
Other comprehensive income for the period | - | - | - | -35 416 | -35 416 | - | -35 416 |
Total comprehensive income in the period | - | - | - | -26 937 | -26 937 | - | -26 937 |
Transactions with owners of the company: | |||||||
Transactions with non-controlling interests | - | - | - | - | - | - | - |
Dividends paid | - | - | - | - | - | - | - |
Equity at 31 March 2026 | 870 | 214 019 | -3 | 404 533 | 619 419 | - | 619 419 |
Contact
Lars Christian Berger
CEO
+47 930 94 319
LCB@BalticSea.no
James Andrew Clarke
Chairman & CIO
+370 612 37 515
JAC@BalticSea.no
Visit BalticSea.no for our latest news & updates
Sigitas Jautakis
Director, Vilnius
+370 652 47 287
SJ@BalticSea.no
Rolandas Jonuška
Director, Klaipėda
+370 618 87 270
Rolandas.Jonuska@BalticSea.no
Oslo Tollbugata 8A 0152 Oslo Norway
Klaipėda Pramones str. 8A LT-94102 Klaipėda Lithuania
Vilnius
Didzioiji str. 10A-29 LT-01128 Vilnius Lithuania
14
Appendix
Reconciliation of APM's*
* Alternative Performance Measures
Net Asset Value (NAV)
IFPM & EBITDA
Loan-to-Value ratio (LTV)
15
Interest Coverage Ratio (ICR)
Net Asset Value (NAV)
Reconciliation
NAV per share =
Net Asset Value (total)
Reconciliation with IFRS figures | ||||
31 Mar 2026 | 31 Dec 2025 | 31 Mar 2025 | Source | |
Total equity (TNOK) | 619 419 | 647 537 | 603 492 | Consolidated statement of financial position |
+ Deferred tax liabilities (TNOK) | 80 684 | 83 344 | 65 132 | Consolidated statement of financial position |
- Deferred tax according to BSP original NAV definition (TNOK) | -56 837 | -59 400 | -50 545 | (See description on cited page) |
Net Asset Value (TNOK) | 643 267 | 671 481 | 618 079 | |
Number of issued shares (excl. own shares) | 8 665 927 | 8 691 851 | 8 690 312 | VPS |
NAV per share | 74.23 | 77.25 | 71.12 | |
(Issued shares - own
shares)
IFPM & EBITDAReconciliation with IFRS figures | ||||
(TNOK) | Jan-Mar 2026 | Jan-Dec 2025 | Jan-Mar 2025 | Source |
Rental income | 26 657 | 105 602 | 26 896 | Consolidated Profit/ Loss Statement |
Other income | 1 005 | 1 942 | 721 | Consolidated Profit/ Loss Statement |
Payroll and related costs | -4 204 | -19 307 | -4 437 | Consolidated Profit/ Loss Statement |
Other operating expenses | -3 848 | -13 810 | -3 674 | Consolidated Profit/ Loss Statement |
EBITDA | 19 611 | 74 427 | 19 505 | |
Financial income | 28 | 420 | 161 | Consolidated Profit/ Loss Statement |
Financial expenses | -8 421 | -36 680 | -9 452 | Consolidated Profit/ Loss Statement |
IFPM | 11 218 | 38 166 | 10 214 | |
Reconciliation
EBITDA = Earnings Before Interest,
Taxes, Depreciations &
Amortisations
IFPM = income from property
management
16
Loan-to-Value ratio (LTV)
Reconciliation with IFRS figures | ||||
(TNOK) | 31 Mar 2026 | 31 Dec 2025 | 31 Mar 2025 | Source |
Interest-bearing liabilities (non-current) | 697 848 | 720 248 | 649 947 | Consolidated statement of financial position |
Interest-bearing liabilities (current) | 23 782 | 28 368 | 24 269 | Consolidated statement of financial position |
Other adjustments | - | - | -675 | Internal calculation |
Net nominal interest-bearing debt | 721 630 | 748 616 | 673 541 | |
Cash | 82 433 | 87 449 | 79 064 | Consolidated statement of financial position |
Net nominal interest-bearing debt - cash | 639 196 | 661 167 | ||
Investment property | 1 389 149 | 1 455 590 | 1 310 648 | Consolidated statement of financial position |
- Right-of-use assets | -27 755 | -29 401 | -28 582 | Internal calculation / Note 4 of annual report |
Fair value of investment property | 1 361 395 | 1 426 189 | 1 282 066 | |
LTV | 53.01 % | 52.49 % | 52.98% | |
Net LTV | 46.95 % | 46.36 % | 46.51% |
Reconciliation
LTV =
Net LTV =
Net nominal interest-bearing debt
Fair value of investment property
Net nominal interest-bearing debt - Cash
Fair value of investment property
Interest Coverage Ratio (ICR)Reconciliation
ICR* =
EBITDA
Reconciliation with IFRS figures | ||||
(TNOK) | Jan-Mar 2026 | Jan-Dec 2025 | Jan-Mar 2025 | Source |
EBITDA (Group) | 19 611 | 74 427 | 19 505 | Own calculaltions |
Interest income | -28 | -420 | -161 | Consolidated statement of financial position |
Interest expenses payable (incl. hedge effect) | 7 888 | 33 818 | 8 847 | Consolidated statement of financial position |
Net interest expenses | 7 860 | 33 399 | 8 686 | |
ICR (Group) | 2.50 | 2.23 | 2.10 |
Net Interest expenses
* Interest Coverage Ratio
17
Disclaimer
This report has been prepared by Baltic Sea Properties AS in good faith and to our best ability with the purpose to give the company's shareholders updated information about the company's operations and status. This document must not be understood as an offer or encouragement to invest in the company. The financial figures presented are unadited and may thus include discrepancies. Baltic Sea Properties AS further makes reservations that errors may have occurred in its calculations of key figures or in the development of the report which may contribute to an inaccurate impression of the company's status and/or operations. The report may also include descriptions and comments which are based on subjective assumptions and considerations, and thus must not be understood as a guarantee of future events or future profits.