Annual Report 2023 - Baltic Sea Properties (BALT)

11 Apr 2024 08:00 CEST

Oslo, 11 April 2024. The Board of Directors in Baltic Sea Properties AS ("BALT"
or "the Company", and together with the Company's subsidiaries, "BSP") has
approved the Company’s annual report for 2023.

There are no changes in the final accounts compared with the preliminary
financial statements published on 15 February 2024.

The Company remains in a solid financial position and has recently announced two
exciting new development projects for internationally recognised companies,
Rhenus and ESO (Ignitis). BSP holds an attractive project pipeline and aims to
expand its operations by including new development projects. On this basis and
with strong support from the main shareholders, the Board of Directors has
resolved to initiate a process to explore potential ways to implement these
growth plans. The Company has appointed SpareBank 1 Markets and Norne Securities
as financial advisors in connection with such a process. There can be no
certainty whether or when any initiative, event, or transaction will
materialise.

Lars Christian Berger, CEO, comments: “We are pleased to publish our 2023 annual
report as we keep developing the company with new development and investment
projects. During 2023 we reported a 16% increase in revenues and secured a solid
pipeline for 2024 and 2025. We believe our fundamental approach to real estate
management and development, supported by a strong capital structure, positions
us to navigate market cycles effectively. We remain a key player in our sector,
and are optimistic about our future opportunities in development, new
acquisitions, and asset management of our existing portfolio.”

Attached is the Annual Report 2023, including the audited annual report and
financial statements, as well as the auditor's report. The Annual General
Meeting is scheduled to be held on 15 May 2024, cf. the company's financial
calendar. Notice of the Annual General Meeting will be published in a separate
announcement.

For further information, please contact:
Lars Christian Berger,
CEO
Phone: +47 930 94 319
Email: Lcb@balticsea.no

This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Baltic Sea Properties AS ("BALT" or "the Company", and together with the
Company's subsidiaries, "BSP") stands as a dedicated entity in real estate
investment, with a portfolio that spans logistics, industrial, and commercial
segments, fostering a diversified and sustainable revenue stream.

More information:
Access the news on Oslo Bors NewsWeb site

615564_2024-04-10 Annual report 2023 - BSP - v1.21.pdf