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].

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