Management Board of Baltic Horizon Capital AS has approved the unaudited financial results of Baltic Horizon Fund (the Fund) for the three months of 2026.
With the injection of EUR 12.3 million of new equity completed in March 2026, ahead of significant increase in macroeconomic turbulence, the Fund has secured sufficient liquidity from its current investors to continue its operations and repaid ahead of the schedule EUR 7.5 million of the bonds. As communicated before, the management team is determined to complete the repayment of the remaining bonds (EUR 11.5 million) during 2026, preferably from the property disposals.
At the time of this report, the three properties intended for disposal – Pirita Keskus, Hipokrata Center (ex-Sky SC) and North Star – each have prospective buyers in various phases of engagement, and the management believes that at least one of the three will be successfully disposed during the summer.
The Fund’s profit for Q1 2026 amounted EUR 237 thousand. However, this includes EUR 286 thousand in one-off costs from new equity issuance and early bond prepayments. Excluding these one-offs and non-cash items the adjusted net result was EUR 601 thousand.
As of the start of the year most of the properties are managed by the organization directly employed by the subsidiaries of the fund which will start having positive effect on the property costs (benefiting both the Fund and its tenants) and debt collection levels. Even more important, this dedicated organisation operates exclusively in the interest of Baltic Horizon, with no competing economic interests, ensuring full alignment with the Fund’s immediate and long-term objectives.
The overheads of the fund have also been reduced to the bare minimum, and as of Q2 2026 onwards the cost base of fund overheads (excluding fund management fee and one-off items such as new equity issue) is projected to be at the level of EUR 100 thousand per quarter (compared to approx. EUR 207 thousand a year ago).
As part of ongoing efforts to streamline reporting, the fund has simplified its segment structure. Effective from this report, business segments are presented on a country basis (office, retail and leisure are thus discontinued).
Most of the legacy accounting issues (such as provisions for doubtful receivables, accrual and expending of broker fees, etc.) are resolved by now. One of the larger items with uncertain prospect of effective utilization is deferred tax asset (and deferred tax liabilities) kept on the consolidated accounts at the net value of EUR 1.4 million as of the end of the quarter and relating to the corporate tax accounting matters in the Lithuanian subsidiaries. Given the uncertainty surrounding the future utilisation of these deferred tax assets, it is likely that this item will be derecognised during 2026.
Effective 1 April 2026, Edvinas Karbauskas was appointed to the Management Board as Co-Fund Manager. Following the departure of Tarmo Karotam, Edvinas Karbauskas assumed the role of Chairman of the Management Board and Fund Manager effective 1 May 2026. The Management Board currently comprises two members: Edvinas Karbauskas and Gerda Bliuvienė.
Going forward, this management has one top priority to deliver on – attracting and retaining tenants in each of the properties of the Fund. Current level of occupancy across the portfolio is unsatisfactory. Success in this area will determine the future strategic options available for the fund, and the potential of restoring profitable operations for the benefit of the unitholders.
Overview of the Fund’s investment properties as of 31 March 2026
| Property name | Sector | Fair value1 | NLA | Net initial yield | Occupancy rate |
| (EUR ‘000) | (sq. m) | Q1 20262 | |||
| Galerija Centrs | Retail | 58,357 | 19,948 | 4.9% | 86.9% |
| Postimaja and Apollo Plaza complex | Retail | 34,576 | 17,109 | 6.6% | 100.0% |
| Europa SC | Retail | 32,172 | 17,447 | 5.3% | 83.0% |
| North Star | Office | 18,779 | 10,706 | 7.4% | 92.7% |
| Upmalas Biroji BC | Office | 14,608 | 11,095 | 5.4% | 56.6% |
| Vainodes I | Office | 12,432 | 8,128 | 7.3% | 100.0% |
| S27 | Office | 12,344 | 7,348 | 3.2% | 64.5% |
| Lincona | Office | 11,418 | 10,767 | 4.6% | 63.2% |
| Pirita SC | Retail | 10,050 | 5,425 | 7.6% | 93.9% |
| Hipokrata SC | Retail | 4,701 | 3,260 | 9.1% | 100.0% |
| Total portfolio | 209,437 | 111,233 | 5.7% | 83.8% |
- Based on the latest valuation as of 31 December 2025, recognised right-of-use assets and subsequent capital expenditure.
- The net initial yield (NIY) is calculated by dividing annualized NOI by the market value of the property.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| EUR ‘000 | ||||
| 01.01.2026 – 31.03.2026 |
01.01.2025 – 31.03.2025 |
|||
| Rental income | 3,646 | 3,794 | ||
| Service charge income | 1,259 | 1,332 | ||
| Cost of rental activities | (1,896) | (2,156) | ||
| Net rental income | 3,009 | 2,970 | ||
| Administrative expenses | (508) | (548) | ||
| Other operating income | – | 18 | ||
| Losses on disposal of investment properties | – | (905) | ||
| Valuation losses on investment properties | (5) | (5) | ||
| Operating profit (loss) | 2,496 | 1,530 | ||
| Financial income | 10 | 42 | ||
| Financial expenses | (2,228) | (2,715) | ||
| Net financial expenses | (2,218) | (2,673) | ||
| Profit (loss) before tax | 278 | (1,143) | ||
| Income tax charge | (41) | 175 | ||
| Profit (loss) for the period | 237 | (968) | ||
| Other comprehensive income that is or may be reclassified to profit or loss in subsequent periods | ||||
| Net gain (loss) on cash flow hedges | 365 | 51 | ||
| Income tax relating to net gain (loss) on cash flow hedges | – | (5) | ||
| Other comprehensive profit (loss), net of tax, that is or may be reclassified to profit or loss in subsequent periods | 365 | 46 | ||
| Total comprehensive profit (loss) for the period, net of tax | 602 | (922) | ||
| Basic earnings per unit (EUR) | 0.00 | (0.01) | ||
| Diluted earnings per unit (EUR) | 0.00 | (0.01) | ||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| EUR ‘000 | 31.03.2026 | 31.12.2025 |
| Non-current assets | ||
| Investment properties | 209,437 | 208,940 |
| Property, plant and equipment | 7 | 7 |
| Derivative financial instruments | 179 | – |
| Other non-current assets | 154 | 242 |
| Total non-current assets | 209,777 | 209,189 |
| Current assets | ||
| Trade and other receivables | 1,853 | 1,760 |
| Prepayments | 569 | 294 |
| Cash and cash equivalents | 9,835 | 5,377 |
| Total current assets | 12,257 | 7,431 |
| Total assets | 222,034 | 216,620 |
| Equity | ||
| Paid in capital | 163,765 | 151,495 |
| Cash flow hedge reserve | 179 | (186) |
| Retained earnings | (72,822) | (73,059) |
| Total equity | 91,122 | 78,250 |
| Non-current liabilities | ||
| Interest-bearing loans and borrowings | 117,973 | 77,443 |
| Deferred tax liabilities | 685 | 644 |
| Derivative financial instruments | – | 186 |
| Other non-current liabilities | 1,209 | 1,110 |
| Total non-current liabilities | 119,867 | 79,383 |
| Current liabilities | ||
| Interest-bearing loans and borrowings | 8,311 | 55,842 |
| Trade and other payables | 2,368 | 2,729 |
| Income tax payable | – | 14 |
| Other current liabilities | 366 | 402 |
| Total current liabilities | 11,045 | 58,987 |
| Total liabilities | 130,912 | 138,370 |
| Total equity and liabilities | 222,034 | 216,620 |
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