Core Points - Baltic Horizon Fund's subsidiary BOF Sky SIA has received a notice of lease termination from tenant Skai Baltija for a shop of approximately 2,600 sq.m in Riga [1] - The management company considers this termination notice invalid as the lease agreement is unbreakable and runs until the end of 2029 [2] - The Fund plans to dispute the termination in court and seek compensation for any losses incurred if the tenant proceeds with the termination [2] Company Information - Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by Baltic Horizon Capital AS, which holds an Alternative Investment Fund Manager license [3] - For further inquiries, the Fund manager Tarmo Karotam can be contacted via email [3]

Core Viewpoint - The preliminary valuation of the Baltic Horizon Fund's portfolio indicates a decrease in fair value to EUR 208.7 million from EUR 228.3 million as reported in the interim financial statements as of 30 September 2025 [1]. Group 1 - The fund manager is in the process of finalizing the review of valuation models and will report the final effects along with the NAV of the Fund for the end of November 2025 [2]. - A summary of property valuations will be published on the Fund's webpage following the final report [2].

Core Insights - The net asset value (NAV) per unit of the Baltic Horizon Fund increased to EUR 0.6783 at the end of October 2025, up from EUR 0.6773 as of September 30, 2025 [1] - The total net asset value of the Fund at month-end was EUR 97.4 million, compared to EUR 97.2 million as of September 30, 2025 [1] - The EPRA NRV as of October 31, 2025, was EUR 0.7238 per unit [1] Financial Performance - In October 2025, the Fund generated consolidated net rental income of EUR 1.0 million, consistent with September 2025, excluding a EUR 0.5 million decrease from allowance for bad debts [2] - The Fund's consolidated cash and cash equivalents remained stable at EUR 6.0 million as of October 31, 2025, unchanged from September 30, 2025 [2] - Total consolidated assets of the Fund were EUR 238.0 million at the end of October 2025, slightly up from EUR 237.7 million as of September 30, 2025 [2]

Group 1 - Baltic Horizon Fund is hosting an investor conference webinar on 24 November 2025 at 13:00 PM (CET) or 14:00 PM (EET) [1] - The webinar will be led by Tarmo Karotam, the Fund Manager, and will include a Q&A session [1] - Participants are encouraged to submit questions by 23 November 2025 to ensure they are addressed during the webinar [1] Group 2 - Registration for the webinar is available until 24 November at 12:00 PM (CET)/ 13:00 PM (EET) [2] - First-time attendees will need to download a plug-in, which is a quick process, or they can join via a compatible web browser [2] - Registered participants will receive a reminder email one hour before the webinar starts [3] Group 3 - The webinar will be recorded and made available on the Baltic Horizon Fund's website and YouTube channel [3] - For further inquiries, Tarmo Karotam can be contacted via email [4] - Baltic Horizon Fund is managed by Northern Horizon Capital AS, now known as Baltic Horizon Capital AS [4]

Core Points - The Baltic Horizon Fund is convening an extraordinary General Meeting on December 8, 2025, to discuss the issuance of new units to strengthen its balance sheet [1][4][6] - The Fund Manager proposes to issue up to 169,147,497 new units at a price of EUR 0.1478 per unit, which represents a 30% discount to the closing price on November 13, 2025 [6][16] - Existing investors will have a pre-emptive right to subscribe for new units in proportion to their current holdings to avoid dilution [6][7] Meeting Details - The General Meeting will take place at the office of Advokaadibüroo Sorainen OÜ in Tallinn, Estonia, starting at 14:00 local time, with registration beginning at 13:30 [1][2] - Investors can join the meeting online via a webinar, and a recording will be made available on the company's website [2][17] - Participation is limited to those registered as unit-holders by November 28, 2025 [9] Agenda Items - The primary agenda item is the resolution on the issuance of new units during Q1 2026 to address the fund's unsustainable leverage and reduce expensive debt [4][6] - Investors are encouraged to submit questions or comments regarding the agenda item by December 1, 2025 [4] Voting and Representation - Investors can issue a power of attorney to authorize a representative for voting purposes, with specific requirements for documentation [11][12][14] - A copy of the power of attorney must be submitted along with the notice of participation [12][13] Financial Context - The total number of units and votes in the Baltic Horizon Fund is 143,562,514 [3] - Proceeds from the new unit issuance will be used for deleveraging the fund's portfolio and asset enhancement expenditures [16]

Core Insights - The Baltic Horizon Fund has reported its unaudited financial results for the first nine months of 2025, highlighting a new management board and ownership structure effective from October 30, 2025 [1][2]. Financial Performance - The Fund recorded a net loss of EUR 959 thousand for Q1-Q3 2025, a significant improvement compared to a net loss of EUR 13,399 thousand in the same period of 2024, primarily due to reduced losses on disposal of investment properties [9]. - Consolidated net rental income for Q1-Q3 2025 was EUR 8.7 million, slightly down from EUR 8.9 million in Q1-Q3 2024, reflecting a more conservative approach to debtor risk management [10]. - The Fund's fair value of investment properties decreased to EUR 228.3 million as of September 30, 2025, down from EUR 241.2 million at the end of 2024 [11]. Portfolio and Leasing Activity - The portfolio occupancy rate was reported at 85.6% based on handover date, with a weighted average unexpired lease term of 3.8 years as of September 30, 2025, an increase from 3.3 years at the end of 2024 [6][7]. - During the first nine months of 2025, approximately 12,500 sq. m. of new leases were signed, and 7,150 sq. m. of leases were extended, indicating active leasing efforts [5]. Capital and Funding Needs - The management estimates a requirement of approximately EUR 25 million in new equity to facilitate full repayment of bonds and fund asset enhancement projects [3]. - Until the bonds are fully repaid, the Fund will not be able to distribute cash to unitholders, making immediate distributions unlikely [4]. Asset Valuation and Financial Position - As of September 30, 2025, the Fund's Gross Asset Value (GAV) was EUR 237.7 million, down from EUR 256.0 million at the end of 2024, primarily due to the disposal of the Meraki office building [12]. - The Net Asset Value (NAV) as of September 30, 2025, was EUR 97.2 million, a slight decrease from EUR 98.1 million at the end of 2024 [13]. Interest-Bearing Loans and Cash Flow - Interest-bearing loans and bonds amounted to EUR 134.5 million as of September 30, 2025, down from EUR 149.0 million at the end of 2024 [15]. - Cash inflow from core operating activities was EUR 5.8 million for Q1-Q3 2025, compared to EUR 6.6 million in the same period of 2024 [16].

Core Insights - Northern Horizon Capital AS has transferred ownership of Baltic Horizon Fund to Antanas Anskaitis, Antanas Danys, and Tomas Milašauskas as of October 30, 2025 [1][2] - The transaction follows a share purchase agreement signed on August 21, 2025, and has received regulatory approval [2] - The new ownership aims to enhance the operational competitiveness and financial structure of the Baltic Horizon Fund [3] Management Changes - The management team of Baltic Horizon Fund will undergo changes, with Antanas Anskaitis, Antanas Danys, and Tomas Milašauskas joining the Supervisory Board [5] - Tarmo Karotam and Gerda Bliuvienė will be part of the new Management Board [5] - Piret Jõhvik has been appointed as the Risk Control and Compliance Manager [5] Strategic Focus - Northern Horizon A/S will concentrate on its healthcare funds, positioning itself as a leader in social infrastructure investments in the Nordics [3] - The new owners express commitment to transparent communication and the collective interests of all unitholders [3] - A name change to Baltic Horizon Capital AS is being initiated, pending registration with the Estonian Commercial Register [4]

Core Insights - The Baltic Horizon Fund's net asset value (NAV) per unit decreased to EUR 0.6773 at the end of September 2025, down from EUR 0.6784 at the end of August 2025 [1] - The total net asset value of the Fund at month-end was EUR 97.2 million, a slight decrease from EUR 97.4 million in August 2025 [1] - The EPRA NRV as of September 30, 2025, was EUR 0.7224 per unit [1] Financial Performance - In September 2025, the Fund generated consolidated net rental income of EUR 1.0 million, down from EUR 1.1 million in August 2025 [2] - A EUR 0.5 million allowance for bad debts was recorded as part of a conservative debtor risk management approach, representing a one-time, non-cash provision [2] - Management successfully retrieved EUR 0.3 million of outstanding debts during September and expects no additional material bad debt provisions by year-end [2] Asset Management - As of the end of September 2025, the Fund's consolidated cash and cash equivalents amounted to EUR 6.0 million, an increase from EUR 5.8 million at the end of August 2025 [3] - The total consolidated assets of the Fund were EUR 237.7 million at the end of September 2025, down from EUR 238.2 million in August 2025 [3]

Core Points - Baltic Horizon Fund announces that the last day of trading for its Swedish Depositary Receipts (SDRs) on Nasdaq Stockholm will be 8 October 2025 [1] - Investors are encouraged to either sell their SDRs before the deadline or convert them to Baltic Horizon Fund units to avoid mandatory sale [1] - A timeline for the delisting process has been provided, detailing key dates related to the closure of the SDRs [4] Timeline Summary - 8 October 2025: Last day of trading in the SDR [4] - 14 October 2025: Record date in Euroclear Sweden for the closing of the ISIN [4] - 15 October 2025: All SDRs will be cleared from investors' accounts in Euroclear [4] - Around 17 October 2025: Delivery of Estonian fund units to nominees based on holdings as of 14 October 2025 [4]

Key Points - The net asset value (NAV) per unit of the Baltic Horizon Fund increased to EUR 0.6784 at the end of August 2025, up from EUR 0.6772 as of July 31, 2025 [1] - The total net asset value of the Fund at month-end was EUR 97.4 million, compared to EUR 97.2 million as of July 31, 2025 [1] - The EPRA NRV as of August 31, 2025, was EUR 0.7239 per unit [1] Financial Performance - The consolidated net rental income of the Fund in August 2025 was EUR 1.1 million, an increase from EUR 1.0 million in July 2025, primarily driven by new rent income from recently handed-over premises to the anchor tenant of S27 [2] - The Fund's consolidated cash and cash equivalents at the end of August 2025 amounted to EUR 5.8 million, down from EUR 7.5 million as of July 31, 2025, due to loan repayments of approximately EUR 1 million and a bond coupon payment of EUR 0.5 million [3] - The total consolidated assets of the Fund were EUR 238.2 million as of August 31, 2025, compared to EUR 239.3 million as of July 31, 2025 [3]