Baltic Sea Properties

Earnings Release • May 16, 2023

Quarterly (Q1) 2023 report – Baltic Sea Properties AS

Quarterly (Q1) 2023 report – Baltic Sea Properties AS

Hereby attached follows the Company’s quarterly report per the 1st quarter of 2023.

We are pleased to present our first quarter report, showcasing another period of strong performance and robust cash flow development.

Despite the market turbulence, pressure on valuations and facing challenges in the form of rising interest rates, we continued our trend of generating steady cash flow, bolstered by a remarkable 23% increase in rental income of MNOK 21.6 (mEUR 1.96) compared to Q1- 22, MNOK 16.0(mEUR 1.59).

In total, our net income from property management for the first quarter was MNOK 9.6 (mEUR 0.87) compared to MNOK 8.7 (mEUR 0.88) same period last year.

Although we are experiencing a significant increase in financial costs due to rising interest rates, we firmly believe that the successful introduction of new developments and investment assets throughout 2022/2023 will play a pivotal role in sustaining the strong cash flow we have consistently achieved in recent years. We maintain our focus on disciplined growth and believe that our fundamental approach to how we conduct business will guide us through the current market turbulence.

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 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.