Oslo, 29 Aug 2025, 08:00 CEST.

We are pleased to present our Half-Year (Q2) 2025 report, marking another period
of revenue growth and sustained cash flow development. 

- Top Line Growth - Improving Results as Financing Costs Decline -

Rental income rose 11% to mEUR 4.60 in the first half of 2025 (from mEUR 4.14 in
the first half of 2024), driven by CPI indexation and the commencement of rental
income from newly developed premises for ESO at Liepu Parkas (Klaipeda) early in
the year.

Direct ownership costs for the first six months of 2025 amounted to mEUR 0.20,
up from mEUR 0.13 in the same period last year. Net rent increased to mEUR 4.40
from mEUR 4.01, demonstrating our ability to grow NOI through both new projects
and active asset management, where the majority of direct ownership costs are
recovered through lease agreements.

Administration costs for the period were mEUR 0.77, up from mEUR 0.65 last year,
while other operating expenses decreased to mEUR 0.42 from mEUR 0.49.

As a result, EBITDA increased 11% to mEUR 3.29 from mEUR 2.96 last year, and
Income from Property Management grew 57% to mEUR 1.66 compared with mEUR 1.06.
These results highlight not only strong top-line growth but also our ability to
translate revenues into higher operating profits through disciplined cost
control and active asset management. Importantly, the improvement reflects
sustainable drivers, CPI linked rental growth, successful project deliveries,
and structurally lower financing costs, providing a solid foundation for further
earnings growth.

- Valuations Remain Relatively Stable -

We observed a modest upward movement in market yields in the first half of 2025,
but higher CPI expectations supported a like-for-like valuation gain of mEUR
0.49. Annualised return on equity was 5.7% (vs. 5.4% last year, incl.
dividends), with profit after tax of mEUR 1.34. 

- Impact from Tax Increases -

While the successive increases in Lithuanian corporate tax (from 15% to 16% in
2025 and to 17% in 2026) have temporarily weighed on returns through higher
deferred tax liabilities, we do not expect further tax increases beyond these
defence-related measures. Looking ahead, we see upside from active asset
management, scale benefits, and a stable tax framework, which should strengthen
run-rate returns going forward.

- Maintaining Dividend Capacity -

In May, the Board approved a cash dividend of NOK 2.00 per share. This is the
5th consecutive year of dividend distributions, highlighting our consistent
dividend track record. 

- Portfolio Updates -

BSP Park Vilnius A4: Amended expansion agreement with anchor tenant Rhenus,
extending the build option to 2027 and confirming a long-term lease to 2040.

BSP Park Vilnius East: Active asset management to secure new clients after the
anchor tenant leaves in January 2026.

Liepu Parkas: Building D is on schedule for handover to Inchape Auto in January
2026, while construction of Building B has commenced with active pre-leasing
ongoing.


For further information, please contact:

Lars Christian Berger,
CEO
Phone: +47 930 94 319
Email: Lcb@balticsea.no

The information in this announcement is subject to disclosure requirements under
the EU Market Abuse Regulation (MAR) and listing rules for Euronext Growth Oslo.

Baltic Sea Properties is an open-ended and fully integrated real estate
investment company. The company is among the Baltics' leading real estate
investors and developers - owning a diversified cash flow generating portfolio
of modern real estate in the logistics, industrial and commercial segments.