Black Sea Property AS – Full agreed rent for Sunrise River Beach Resort not received

01 Sep 2026 14:48 CEST

Reference is made to the 2025 annual report for Black Sea Property AS published
on May 29, 2026, informing inter alia about the agreed rental income from the
tenant Sunrise River Management EOOD for the calendar year 2026.

According to the rental agreement, the agreed rent for 2026 is EUR 750,000, to
be paid in two instalments with the latest instalment due on August 31st. As of
today, EPO Aheloy (as the owning company of the Sunrise River Beach Resort) has
received a total rent of EUR 535,000 and with the tenant informing that it will
not be able to pay the agreed rent for 2026 due to lack of funds with the
tenant. EPO Aheloy is working together with the tenant to clarify the
possibility of further rent payments, but it is currently expected that the
final rent for 2026 will not exceed EUR 550,000, ie. a rent reduction of some
EUR 200,000. The final rent amount is expected to be determined within
mid-October 2026.

The tenant has informed that the main reasons for the reduced rent is stated to
be substantial increased staffing costs, food costs, and increased electricity
costs with no government subsidies available in 2026 (50 % subsidy in 2025).

As disclosed earlier, the Company is actively working towards both refinancing
of existing indebtedness and for exit-processes from the Company's investment in
the Resort. Updates on these matters will be provided in due course.



For further information, please contact:

Egil Melkevik, Chairman Tel: +47 90 77 09 76 E-mail: em@ms-solutions.no

About Black Sea Property AS: Black Sea Property AS is a real estate company with
holdings in a real estate project on the Black Sea coast called Sunrise River
Beach Resort. Sunrise River Beach Resort is a partially completed project and
will upon completion comprise approximately 950 apartments as well as
significant commercial space. Black Sea Property AS has indirect ownership to
the project and will work to finalize Sunrise River Beach Resort, to realize the
project's added value through the sale of residential units and hotel
operations.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17. This stock exchange announcement was published by
Egil Melkevik, Chairman, at the time and date provided.

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