Baltic Horizon Fund (NHCBHFFT) investor relations material

Executive summary

• Returned to profitability in H1 2026 with net profit of EUR 698 thousand, reversing a EUR 891 thousand loss in H1 2025, driven by a EUR 12.3 million equity injection and early bond repayments reducing interest costs.

• Overheads and administrative expenses reduced, with a target run rate of EUR 100 thousand per quarter, though not yet achieved.

• Occupancy challenges persist, with key tenant bankruptcies and departures, but anchor tenants have been replaced or renewed in major properties.

• Management's top priority is restoring occupancy and completing repayment of the remaining EUR 11.5 million in bonds during 2026.

Financial highlights

• Rental income stable at EUR 7,546 thousand (H1 2025: EUR 7,528 thousand).

• Net operating income (NOI) rose to EUR 6,086 thousand from EUR 6,078 thousand year-over-year.

• EBIT increased to EUR 4,762 thousand (H1 2025: EUR 3,930 thousand).

• Net profit of EUR 698 thousand, compared to a loss of EUR 891 thousand in H1 2025.

• Generated net cash flow of EUR 158 thousand, up from negative EUR 740 thousand in H1 2025.

Outlook and guidance

• Management aims to complete bond repayments in 2026 and restore portfolio occupancy to acceptable levels.

• No mid-year property revaluations; full portfolio revaluation planned at year-end 2026.

• Strategic options and profitability for unitholders depend on successful occupancy restoration.