Baltic Sea Properties

Earnings Release • May 20, 2022

Quarterly report (Q1) 2022 - Baltic Sea Properties AS

Quarterly report (Q1) 2022 - Baltic Sea Properties AS

Hereby attached follows the Company’s quarterly report per the 1st quarter of

The company´s Q1 financial result is strong for the first quarter of 2022.

Quarter-on-quarter, our income from property management in Q1 2022 increased to a level of MNOK 8.7 (MNOK 4.8) and we can report a result pre-tax of MNOK of 5,6 (2,1 Q1 2021).

We have successfully increased our top line as a result of new investments and delivered development projects during 2021 as well as significantly reduced interest costs which combined contributed to a strong result for the first quarter.

During the first quarter, we have focused on potential challenges related to the Ukraine war and we are experiencing projects are put on hold amid the high uncertainties including accessibility of and prices for commodities across the global markets.

Despite the uncertainties, we have a superb team, a strong development and investment pipeline with quality projects, supporting risk diversification and our continued growth ambitions remains.

For more information, please contact:

Lars Christian Berger

CEO

phone: +47 930 94 319

Lcb@balticsea.no

The information in this announcement is subject to disclosure requirements under

the EU Market Abuse Regulation and Euronext Growth listing rules.

Baltic Sea Properties AS is among The Baltics’ leading real estate investors and developers – owning a portfolio of logistics, industrial and retail assets.

Company website: balticsea.no