Quarterly (Q1) 2023 report – Baltic Sea Properties AS

16 May 2023 08:05 CEST

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.

More information:
Access the news on Oslo Bors NewsWeb site

590838_2023-05-16 Quarterly report Q1-2023 - BSP.pdf