Core Points - The Annual General Meeting of Baltic Horizon Fund investors took place on 9 September 2025 in Tallinn, Estonia [1] - The meeting agenda did not include any resolutions to be voted on [1] - Fund Manager Tarmo Karotam provided an overview of the agenda topics [1] Financial Reports - The meeting included the presentation of the FY2024 audited annual report of Baltic Horizon Fund, as well as interim reports for Q1 and Q2 2025 [5] - An overview of the plans for Q3 and Q4 was also discussed [5] Technical Aspects - The presentation delivered at the meeting is attached, but due to a technical error, the meeting recording is not available [2] - Minutes of the meeting will be made available within seven days via the Baltic Horizon Fund website [2]

Core Points - The record date for investors to participate and vote in the general meeting has been corrected from August 30, 2025, to August 29, 2025, which is a trading day [1] - Investors registered in the Baltic Horizon Fund registry maintained by Nasdaq CSD SE and holders of Swedish Depository Receipts registered in Euroclear Sweden AB must be recorded by the end of business on August 29, 2025, to be eligible for participation [1] Company Information - Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by Northern Horizon Capital AS, which holds an Alternative Investment Fund Manager license [2] - Both the Baltic Horizon Fund and Northern Horizon Capital AS are supervised by the Estonian Financial Supervision Authority [2] - Additional information can be obtained by contacting the fund manager, Tarmo Karotam, via email or through the fund's website [2]

Core Viewpoint - Northern Horizon A/S has signed a contract to sell its entire stake in Northern Horizon Capital AS, the management company of Baltic Horizon Fund, to the partners of Grinvest, a private investment company with significant expertise in the commercial real estate market in the Baltics [1][2][4]. Group 1: Transaction Details - The contract for the sale was concluded on August 19, 2025, and involves the transfer of 12,500 shares in Northern Horizon Capital AS to Grinvest's partners [2]. - The ownership distribution will see Antanas Anskaitis acquiring 4,168 shares, while Antanas Danys and Tomas Milašauskas will each acquire 4,166 shares [2]. - The transaction is expected to be completed upon receiving the necessary regulatory approvals [3]. Group 2: Strategic Implications - The sale is described as a strategic decision by Northern Horizon to focus on its core operations and leadership in Nordic social infrastructure investing [4]. - Grinvest aims to leverage its expertise to address the challenges faced by Baltic Horizon Fund over the past five years and is committed to engaging with all stakeholders post-transaction [5]. - The management structure of Baltic Horizon Fund will remain unchanged until the transaction is finalized, ensuring continuity in operations [5]. Group 3: Company Background - Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by Northern Horizon Capital AS, which holds an Alternative Investment Fund Manager license [8]. - Grinvest is a private investment firm with interests spanning commercial property, transportation, and infrastructure [8].

Key Points - The net asset value (NAV) per unit of the Baltic Horizon Fund increased to EUR 0.6772 at the end of July 2025, up from EUR 0.6766 as of June 30, 2025 [1] - The total net asset value of the Fund at month-end was EUR 97.2 million, compared to EUR 97.1 million as of June 30, 2025 [1] - The EPRA NRV as of July 31, 2025, was EUR 0.7222 per unit [1] - The consolidated net rental income for July 2025 remained stable at EUR 1.0 million, the same as in June 2025 [1] Financial Position - At the end of July 2025, the Fund's consolidated cash and cash equivalents increased to EUR 7.5 million from EUR 7.1 million as of June 30, 2025 [2] - The increase in cash was attributed to the opening of the Apollo Plaza first-floor area, which generated additional monthly inflows, and effective debt recovery measures [2] - The total consolidated assets of the Fund were EUR 239.3 million as of July 31, 2025, up from EUR 238.8 million as of June 30, 2025 [2]

Group 1 - Baltic Horizon Fund is hosting an investor conference webinar on 15 August 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 14 August to facilitate the Q&A [1] Group 2 - Registration for the webinar is available until 15 August 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 [2] - A reminder email will be sent to registered participants one hour before the webinar [3] Group 3 - The webinar will be recorded and made available on the company's website and YouTube account [3] - For further inquiries, Tarmo Karotam can be contacted via email [4] - Baltic Horizon Fund is a registered contractual public closed-end real estate fund managed by Northern Horizon Capital AS [4]

Core Insights - The Baltic Horizon Fund reported its unaudited financial results for the first half of 2025, showing a net rental income of EUR 6.1 million, a slight increase from EUR 6.0 million in H1 2024, and a net loss of EUR 891 thousand compared to a net loss of EUR 12.8 million in the same period last year [16][17]. Financial Performance - The portfolio's net rental income increased by 1.6% year-on-year, primarily due to higher occupancy in Galerija Centrs [16]. - The Fund's net loss for H1 2025 was significantly reduced by 93.1% compared to H1 2024, indicating improved operational performance [17]. - The fair value of the Fund's portfolio decreased to EUR 227.5 million as of June 30, 2025, down from EUR 241.2 million at the end of 2024 [18]. - The Gross Asset Value (GAV) also declined to EUR 238.8 million from EUR 256.0 million, largely due to the disposal of the Meraki office building [19]. Leasing Activity - During the first half of 2025, the Fund signed new leases for approximately 9,250 sq. m and extended leases for about 6,600 sq. m, attracting 30 new tenants [4]. - The portfolio occupancy rate was reported at 84.2% based on handover date, with a slight increase from 82.3% at the end of Q1 2025 [8][24]. - The Fund is facing challenges in achieving its occupancy target of 90%, with more expiries than new lettings in some properties [8]. Strategic Developments - The Fund is focusing on flexible and sustainable solutions to meet tenant demands and market conditions, aiming to increase occupancy and decrease the Loan-To-Value (LTV) ratio [9]. - A long-term partnership with Latvian State Forestry has been renewed, although the leased area will be reduced in line with government cost-saving measures [6]. - The Fund has initiated the delisting process of its Swedish Depository Receipts from Nasdaq Stockholm by October 2025 [10]. Operational Efficiency - The management team is conducting multiple tenders and evaluating cost-saving measures related to administrative services to improve operational efficiency [10]. - The Fund's cash inflow from core operating activities in H1 2025 was EUR 2.7 million, down from EUR 3.7 million in H1 2024 [22]. Investment Properties Overview - As of June 30, 2025, the Fund's portfolio consisted of 11 investment properties with a total net leasable area of 111.2 thousand sq. m [18]. - The occupancy rates varied across properties, with some like Vainodes I achieving 100% occupancy, while others like Upmalas Biroji BC reported only 64.3% [26].

Key Points - The net asset value (NAV) per unit of the Baltic Horizon Fund increased to EUR 0.6766 at the end of June 2025, up from EUR 0.6757 as of May 31, 2025, with a total net asset value of EUR 97.1 million [1] - The EPRA NRV as of June 30, 2025, was EUR 0.7223 per unit [1] - The consolidated net rental income for June 2025 remained stable at EUR 1.0 million, consistent with May 2025 [2] - A significant area of 3,679.7 sq.m. in the S27 building was handed over to the International School of Riga on June 5, 2025, which is set to open in September [2] - The Fund's consolidated cash and cash equivalents at the end of June 2025 were EUR 7.1 million, slightly down from EUR 7.2 million at the end of May 2025 [3] - Total consolidated assets of the Fund increased to EUR 238.8 million as of June 30, 2025, compared to EUR 238.6 million at the end of May 2025 [3] - The Fund management decided not to undertake interim property valuations, assuming that mid-year fair values would not differ materially from 2024 year-end valuations [4]

Group 1 - The management board of Northern Horizon Capital AS submitted a delisting application for the Swedish Depositary Receipts (SDR) of Baltic Horizon Fund, which was approved by Nasdaq Stockholm, with the last trading day set for 8 October 2025 [1] - The planned termination date for the SDR program is 14 October 2025, and investors are reminded to decide whether to sell their SDRs or convert them into fund units by this date [2] - Investors holding SDRs through a nominee account should contact their bank for conversion, while direct-registered holders should reach out to Nordic Issuing AB [3] Group 2 - A webinar was held on 14 April 2025, where fund manager Tarmo Karotam provided details about the termination of the SDR program and the delisting from Nasdaq Stockholm [4] - For further inquiries, Tarmo Karotam can be contacted via email, and additional information is available on the Baltic Horizon Fund's website [5]

Core Points - Northern Horizon Capital AS has submitted an application for the delisting of SDRs from Nasdaq Stockholm, with the last trading day scheduled for 8 October 2025 [1] Group 1 - The application for delisting was made in connection with a resolution by the fund manager dated 13 February 2025 [1] - The notice of termination for the delisting can be found on Nasdaq's official website [1]

Core Insights - Baltic Horizon Fund has released its annual ESG report for 2024, highlighting its commitment to environmental, social, and governance practices since the introduction of its ESG strategy in 2019 [1][2]. ESG Performance Highlights - The Fund maintained a 100% portfolio BREEAM certification in 2024, with the office building Meraki achieving an Excellent rating in its BREEAM New Construction certificate [3]. - The Fund's green lease coverage reached 98% by the end of 2024, with a goal to achieve 100% coverage [4]. - In 2024, 23% of the Fund's real estate investments met the EU taxonomy substantial contribution criteria, up from 14% in 2023 [5]. - 86% of the Fund's properties used renewable electricity in 2024, with two assets featuring on-site solar panels and private power purchase agreements signed to enhance renewable energy sourcing [6]. GRESB Participation - The Fund participated in the Global Real Estate Benchmark (GRESB) in 2024, receiving a 3-star rating and developing an action plan to achieve a 4-star rating in 2025 [7].