For investors

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Investment strategy

Investing in Baltic Sea Properties AS gives an investor great exposure to high-yielding, quality commercial real estate assets in the Baltic region. We have a full service, professional management team with deep knowledge of the Baltic real estate market, and are one of the most recognised developers/owners of logistics and industrial space in the Baltics.

We have a clear strategy for sustainable growth, ambitions to achieve economy of scale and believe the attractive yield spread to the Nordics will still enable both high cash yield returns and value growth potential.

Our overall goals and objectives and further investment strategy are presented below.

Geography Baltic states (primarily)

Equity allocation > 65 % Investment
< 35 % Development

Asset type > 65% Industrial & Logistics

< 35% Other/Opportunity*

* Including retail, office, DIY, hotels, residential, social & other infrastructure, renewable energy, related private equity investments, etc.

Leverage (ratio for RE portfolio) < 60 % LTV (Loan to Value)

Goals & objectives

To target an average annual net IRR (internal rate of return) of 10-15 %

To target an annual dividend of 1.5-3.0 % of NAV (Net Asset Value)

To continually integrate leading sustainability & ESG (environment, social, governance) principles

To monitor and investigate strategic M&A (mergers and acquisitions) opportunities

To sustain a growing, high quality and balanced investment portfolio - by continually researching, learning and developing our business & investment strategies.

To continually identify, balance, mitigate and manage risks in the organisation, portfolio and individual projects.

Stock exchange releases

Apr 28 2026

Innkalling til ordinær generalforsamling 12.05.2026 – Baltic Sea Properties AS (BALT)

Ordinær generalforsamling i Baltic Sea Properties AS (BALT) vil bli avholdt tirsdag 12. mai 2026 kl. 15:00 (CEST) på Eero (del av Ambassaden), Henrik Ibsens gate 48, 0255 Oslo. Registrering starter kl. 14:30.

Stock exchange releases

Apr 28 2026

Notice of Annual General Meeting 12 May 2026 – Baltic Sea Properties AS (BALT)

The annual general meeting of Baltic Sea Properties AS (BALT) will be held on Tuesday 12 May 2026 at 15:00 (CEST) at Eero (part of Ambassaden), Henrik Ibsens gate 48, 0255 Oslo. Registration starts at 14:30.

Financial reporting

Download

The Q4 2025 quarterly report of Baltic Sea Properties was published on the 27th of February 2026.

Download

The Q3 2025 quarterly report of Baltic Sea Properties was published on the 14th of November 2025.

Download

The half-year (Q2) 2025 report of Baltic Sea Properties was published on the 29th of August 2025.

(Link updated 02.09.2025)

Download

The Q1 2025 quarterly report of Baltic Sea Properties was published on the 15th of May 2025.

Download

The Q4 2024 quarterly report of Baltic Sea Properties was published on the 13th of February 2025.

Download

The Q3 2024 quarterly report of Baltic Sea Properties was published on the 21st of November 2024.

Download

The half-year (Q2) 2024 report of Baltic Sea Properties was published on the 15th of August 2024.

Download

The Q1 2024 quarterly report of Baltic Sea Properties was published on the 15th of May 2024.

Download

The Q4 2023 quarterly report of Baltic Sea Properties was published on the 15th of February 2024.

Download

The Q3 2023 quarterly report of Baltic Sea Properties was published on the 16th of November 2023.

Download

The half-year (Q2) 2023 report of Baltic Sea Properties was published on the 23rd of August 2023.

Download

The Q1 2023 quarterly report of Baltic Sea Properties was published on the 16th of May 2023.

Download

The quarterly report (Q4) 2022 of Baltic Sea Properties was published on the 28th of February 2023.

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The quarterly report (Q3) 2022 of Baltic Sea Properties was published on the 18th of November 2022.

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The half-year report (Q2) 2022 of Baltic Sea Properties was published on the 26th of August 2022.

Download

The first-quarter report (Q1) 2022 of Baltic Sea Properties was published on the 20th of May 2022.

Download

The fourth-quarter report (Q4) 2021 of Baltic Sea Properties was published on the 22nd of February 2022.

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The third-quarter report (Q3) 2021 of Baltic Sea Properties was published on the 18th of November 2021.

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The half-year report (Q2) 2021 of Baltic Sea Properties was published on the 27th of August 2021.

Download

The first-quarter report (Q1) 2021 of Baltic Sea Properties was published on the 14th of May 2021.

Download

The fourth-quarter report (Q4) 2020 of Baltic Sea Properties was published on the 15th of February 2020.

Download

The third-quarter report (Q3) 2020 of Baltic Sea Properties was published on the 27th of November 2020.

There will be a virtual quarterly presentation for the shareholders on Tuesday 1st of December 2020, at 11:00 CET. Shareholders who wish to follow the video stream are kindly asked to send an e-mail about this to post@balticsea.no by Monday the 30th of November, 16:00 CET.

Download

The half-year report (Q2) 2020 of Baltic Sea Properties was published on the 28th of August 2020.

Download

The first-quarter report (Q1) 2020 of Baltic Sea Properties was published on the 11th of May 2020.

Download

The fourth-quarter report (Q4) 2019 of Baltic Sea Properties was published on the 14th of February 2019.

Download

The Group’s annual report for 2025 was published on the 16th of April 2026.

Download

The Group’s annual report for 2024 was published on the 11th of April 2025.

Download

The Group’s annual report for 2023 was published on the 11th of April 2024.

Download

The Group’s annual report for 2022 was published on the 19th of April 2023.

Download

The Group’s annual report for 2021 was published on the 27th of April 2022.

Download

The Group’s annual report for 2020 has been published on the 26th of March 2021.

Download

The annual report 2019 of Baltic Sea Properties was published on the 2nd of April 2020.

Financial year 2026

FINANCIAL YEAR 2026

28.08.2026 – Half-yearly Report
16.04.2026 – Annual Report
12.05.2026 – Annual General Meeting

12.05.2026 – Quarterly Report – Q1
20.11.2026 – Quarterly Report – Q3
26.02.2027 – Quarterly Report – Q4

The planned date of the Annual General Meeting and publication date for the Q1 quarterly report have been changed to the 12th of May 2026. The exact time and location of the Annual General Meeting will be published later in a separate notice.

This information is published pursuant to the requirements set out in the Continuing obligations.

Financial year 2025

FINANCIAL YEAR 2025

29.08.2025 – Half-yearly Report
11.04.2025 – Annual Report
15.05.2025 – Annual General Meeting

15.05.2025 – Quarterly Report – Q1
14.11.2025 – Quarterly Report – Q3
27.02.2026* – Quarterly Report – Q4

* Date updated.

This information is published pursuant to the requirements set out in the Continuing obligations. The dates of the financial calendar are subject to change.

Financial year 2024

FINANCIAL YEAR 2024

15.08.2024 – Half-yearly Report
11.04.2024 – Annual Report
06.06.2024* – Annual General Meeting

15.05.2024 – Quarterly Report – Q1
21.11.2024 – Quarterly Report – Q3
13.02.2025 – Quarterly Report – Q4

* Date updated.

This information is published pursuant to the requirements set out in the Continuing obligations. The dates of the financial calendar are subject to change.

Financial year 2023

FINANCIAL YEAR 2023

23.08.2023* – Half-yearly Report
19.04.2023* – Annual Report 2022
03.05.2023 – Annual General Meeting

16.05.2023* – Quarterly Report – Q1
16.11.2023 – Quarterly Report – Q3
15.02.2024* – Quarterly Report – Q4

The dates of the financial calendar are subject to change.

* Date updated.

For more information, please contact:

Lars Christian Berger
CEO
+47 930 94 319
Lcb@Balticsea.no

This information is published pursuant to the requirements set out in the Continuing obligations for companies trading on Euronext Growth Oslo.

General meetings

— Norsk melding følger —

The following documents are available for download:

1. Notice of Annual General Meeting on Tuesday 12 May 2026
2. The annual report 2025 (including the auditor’s report)
3. Registration / power of attorney form

Shareholders registered with VPS may register, grant proxy or vote in advance electronically via the VPS Investor portal:
https://investor.vps.no/gm/logOn.htm?token=1961d02a36ec0a6af0b6d69728bca790d615d407&validTo=1781182800000&oppdragsId=20260428VPHR5BU0

Questions regarding the general meeting, the registration/proxy form and/or video transfer from the meeting may be directed to Lars Christian Berger (CEO) at +47 930 94 319/ Lcb@balticsea.no or Espen Aas (IR) at +47 930 65 823/Era@balticsea.no.

De følgende dokumentene er tilgjengelige for nedlastning:

1.         Innkalling til Ordinær Generalforsamling, tirsdag 12. mai 2026
2.         Årsrapport 2025 (inkludert revisjonsrapport)
3.         Påmeldings- og fullmaktsskjema

VPS-registrerte aksjeeiere kan melde seg på, gi fullmakt eller forhåndsstemme elektronisk via VPS Investor-portalen (BankID-pålogging):
https://investor.vps.no/gm/logOn.htm?token=1961d02a36ec0a6af0b6d69728bca790d615d407&validTo=1781182800000&oppdragsId=20260428VPHR5BU0

Spørsmål knyttet til generalforsamlingen, påmeldings-/fullmaktsskjema og/eller videooverføring fra møtet kan rettes til Lars Christian Berger (CEO) på +47 930 94 319 / Lcb@balticsea.no eller Espen Aas (IR) på +47 930 65 823/Era@balticsea.no.

— Norsk melding følger —

Annual General Meeting in Baltic Sea Properties AS (BALT) was held on the 15th of May 2025 09:00 CEST at Tollbugata 8 (Spaces), 0152 Oslo.

The following documents are available for download:

1. Minutes from Annual General Meeting on Thursday 15 May 2025
2. Notice of Annual General Meeting on Thursday 15 May 2025
3.         The annual accounts 2024 (including the auditor’s report)
4.         Registration / power of attorney form
5.         Nomination committee’s recommendation for election of the board

For more information, please contact Lars Christian Berger (CEO) at +47 930 94 319/ Lcb@balticsea.no or Espen Aas (IR) at +47 930 65 823/Era@balticsea.no.

Ordinær generalforsamling i Baltic Sea Properties AS (BALT) ble avholdt 15. mai 2025 kl. 09:00 i Tollbugata 8 (Spaces), 0152 Oslo.

De følgende dokumentene er tilgjengelige for nedlastning:

1. Protokoll fra Ordinær Generalforsamling torsdag 15. mai 2025
2.         Innkalling til Ordinær Generalforsamling, torsdag 15. mai 2025
3.         Årsregnskap 2024 (inkludert revisjonsrapport)
4.         Påmeldings- og fullmaktsskjema
5.         Valgkomiteens innstilling for styrevalg

For ytterligere informasjon, kontakt Lars Christian Berger (CEO) på +47 930 94 319 / Lcb@balticsea.no eller Espen Aas (IR) på +47 930 65 823/Era@balticsea.no.

— Norsk melding følger —

The Annual General Meeting in Baltic Sea Properties AS was held on the 6th of June 2024 10:00 CEST at Christiania Qvartalet, Grev Wedels Plass 7, 0151 Oslo.

The following documents are available for download:

1. The Minutes from the AGM, including voting protocol and presentation
2. Notice of Annual General Meeting on Thursday 6 June 2024
3.         The annual accounts 2023 (including the auditor’s report)
4.         Registration / power of attorney form
5.         Nomination committee’s recommendation for election of the board

Ordinær Generalforsamling i Baltic Sea Properties AS ble avhold torsdag 6. juni 2024 kl. 10:00 i Christiania Qvartalet, Grev Wedels Plass 7, 0151 Oslo.

De følgende dokumentene er tilgjengelige for nedlastning:

1. Referat fra ordinær generalforsamling, inkludert stemmeprotokoll og presentasjon
2.         Innkalling til Ordinær Generalforsamling, torsdag 6. juni 2024
3.         Årsregnskap 2023 (inkludert revisjonsrapport)
4.         Påmeldings- og fullmaktsskjema
5.         Valgkomiteens innstilling for styrevalg

— Norsk melding følger —

The Annual General Meeting in Baltic Sea Properties AS was held on the 3rd of May 2023 10:00 CEST at Christiania Qvartalet, Grev Wedels Plass 7, 0151 Oslo.

Documents available for download:

Ordinær generalforsamling i Baltic Sea Properties AS ble avholdt den 3. mai 2023 kl. 10:00 i Christiania Qvartalet, Grev Wedels Plass 7, 0151 Oslo.

Dokumenter tilgjengelige for nedlastning:

Minutes from Annual General Meeting, 1st of June 2022

Presentation from Annual General Meeting, 1st of June 2022

Protocol (in Norwegian)

Presentation

Protocol (in Norwegian)

Presentation

Protocol (in Norwegian)

Presentation

Protocol (in Norwegian)

Presentation

Listed on Euronext Growth Oslo

Baltic Sea Properties (BALT) has been listed on Euronext Growth Oslo (formerly ”Merkur Market”) since 2017 — a multilateral trading facility (MTF) part of Oslo Stock Exchange.

Through Euronext, the company has access to the largest liquidity pool of international capital in Europe, powered by a single order book on the Optiq® platform.

About Euronext
About Oslo Stock Exchange
Euronext Live | Baltic Sea Properties (BALT)

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Stay up to date on what's happening in our company

Investment strategy

Goals & objectives

Stock exchange releases

Financial reporting

Quarterly report – Q4 2025

Quarterly report – Q3 2025

Half-year report – Q2 2025

Quarterly report – Q1 2025

Quarterly report – Q4 2024

Quarterly report – Q3 2024

Half-year report – Q2 2024

Quarterly report – Q1 2024

Quarterly report – Q4 2023

Quarterly report – Q3 2023

Half-year report – Q2 2023

Quarterly report – Q1 2023

Quarterly report – Q4 2022

Quarterly report – Q3 2022

Half-year report (Q2) 2022

Quarterly report – Q1 2022

Quarterly report – Q4 2021

Quarterly report – Q3 2021

Half-year report – Q2 2021

Quarterly report – Q1 2021

Quarterly report – Q4 2020

Quarterly report – Q3 2020

Half-year report – Q2 2020

Quarterly report – Q1 2020

Quarterly report – Q4 2019

Annual report 2025

Annual report 2024

Annual report 2023

Annual report 2022

Annual report 2021

Annual report – 2020

Annual report – 2019

Financial year 2026

Financial year 2025

Financial year 2024

Financial year 2023

General meetings

Annual General Meeting, 12 May 2026(Ordinær Generalforsamling, 12. mai 2026)

Annual General Meeting, 15 May 2025(Ordinær Generalforsamling, 15. mai 2025)

Annual General Meeting, 6 June 2024(Ordinær Generalforsamling, 6. juni 2024)

Annual General Meeting, 3 May 2023(Ordinær Generalforsamling, 3. mai 2023)

Annual General Meeting, 1 June 2022(Ordinær Generalforsamling, 1. juni 2022)

Annual General Meeting, 16 April 2021(Ordinær Generalforsamling, 16. april 2021)

Annual General Meeting, 16 April 2020(Ordinær Generalforsamling, 16. april 2020)

Annual General Meeting, 5 April 2019(Ordinær Generalforsamling, 5. april 2019)

Extraordinary General Meeting, 28 November 2018(Ekstraordinær Generalforsamling, 28. november 2018)

Listed on Euronext Growth Oslo

Top 20 shareholders

Annual General Meeting, 12 May 2026
(Ordinær Generalforsamling, 12. mai 2026)

Annual General Meeting, 15 May 2025
(Ordinær Generalforsamling, 15. mai 2025)

Annual General Meeting, 6 June 2024
(Ordinær Generalforsamling, 6. juni 2024)

Annual General Meeting, 3 May 2023
(Ordinær Generalforsamling, 3. mai 2023)

Annual General Meeting, 1 June 2022
(Ordinær Generalforsamling, 1. juni 2022)

Annual General Meeting, 16 April 2021
(Ordinær Generalforsamling, 16. april 2021)

Annual General Meeting, 16 April 2020
(Ordinær Generalforsamling, 16. april 2020)

Annual General Meeting, 5 April 2019
(Ordinær Generalforsamling, 5. april 2019)

Extraordinary General Meeting, 28 November 2018
(Ekstraordinær Generalforsamling, 28. november 2018)