The Q1 2025 quarterly report of Baltic Sea Properties was published on the 15th of May 2025.

Quarterly report - Q1 2025

Baltic Sea Properties AS Quarterly report | Q1 2025

31 st March 2025 (Q1)

• Q1 marks another period of growth and resilient cash flow development, despite external challenges.

• Rental income increased significantly in Q1 compared to same period last year, driven by CPI adjustments and the January handover of Building C to ESO in our Retail & Buisness Park development Liepų Parkas in Klaipėda.

• EBITDA grew by 10% and our Income from Property Management rose by 52% compared to same period last year.

  The main drivers behind these figures were higher income, operational efficiency and lower financing costs.

• We continued to grow in line with our investment strategy, supported by a strong balance sheet and active asset management.

• Development of Liepų Parkas' 2nd and 3rd stages is progressing on schedule, while our pipeline continues to grow across both development and acquisitions projects.

• Our 2025 focus includes completing key developments, sourcing new acquisitions, refinancing our portfolio, identifying and pursuing M&A opportunities

• We remain committed to long-term value creation, maintaining dividend capacity, advancing M&A and institutional investor processes, and strengthening our ESG performance.

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Liepų Parkas | Early May 2025

Baltic Sea Properties AS Quarterly report | Q1 2025

• Average interest rate = The average interest rate across the loan portfolio, including the impact of any derivatives.
• 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
• 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.

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Baltic Sea Properties AS Quarterly report | Q1 2025

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Baltic Sea Properties AS Quarterly report | Q1 2025

BSP Park - Vilnius A1 | 6.9 hectare strategically located land, next to our Oribalt terminal

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