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 - The Becker Milk Company Limited reported a decrease in total revenues for the three months ended July 31, 2025, primarily due to reduced finance income [3][4] - The net income attributable to common and special shareholders increased significantly to $453,611 compared to $250,407 in the same period last year [4][11] - The company declared a semi-annual dividend of 40 cents per share, payable on September 29, 2025 [13] Financial Highlights - Total revenues for Q1 fiscal 2026 were $716,740, down from $727,502 in Q1 fiscal 2025, reflecting a decrease of $10,762 [3][7] - Property revenue slightly increased to $679,971 from $679,578, while finance income decreased to $36,769 from $47,924 [4][9] - Net operating income for the three months ended July 31, 2025, was $606,179, a decrease of $1,274 compared to $607,453 in the previous year [8][9] Changes in Net Income - The decrease in net income of $203,204 was influenced by several factors, including a decrease in deferred tax charges of $981,358 and an unfavorable fair value adjustment of $1,019,292 to investment properties [6][8] - The increase in proceeds from expropriation settlement contributed positively by $331,220 [6] Funds from Operations - Adjusted funds from operations for the three months ended July 31, 2025, were $186,918 ($0.10 per share), compared to $110,586 ($0.06 per share) in 2024 [10][11] - Funds from operations were recorded at $232,262, down from $246,638 in the previous year [11] Strategic Review - The Board of Directors is actively evaluating strategic directions and continues to review strategic alternatives, although no discussions with potential acquirers are currently active [12] Dividend Declaration - The company declared a regular semi-annual dividend of 40 cents per share, payable to shareholders of record as of September 19, 2025 [13]