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Black Sea Property
Black Sea Property (BSP) investor relations material
Black Sea Property H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary23 Sep, 2025
Executive summary
Focus remains on real estate investment and management in Bulgaria, with ongoing operational and financial challenges due to low recurring income and significant financial obligations.
Efforts are concentrated on the potential sale of the main asset, Sunrise River Beach Resort, with the goal of completion before summer 2026.
Ongoing negotiations for the sale of undeveloped plots in Obzor and Byala, with expected combined value of EUR 300,000.
Financial highlights
Group revenue for 1H 2025 was NOK 3,673,000, up from NOK 587,000 in 1H 2024.
Operating loss for 1H 2025 was NOK -3,109,000, compared to a profit of NOK 1,200,000 in 1H 2024.
Net result for 1H 2025 was a loss of NOK -3,109,000, versus a profit of NOK 936,000 in 1H 2024.
Cash and cash equivalents at 30 June 2025 were NOK 590,000, down from NOK 3,687,000 at 30 June 2024.
Outlook and guidance
Liquidity remains challenging, with recurring capital needs for both operations and debt service.
Sale of the main resort or company’s stake is targeted before summer 2026; ongoing efforts to secure all necessary operational permits.
Planned rights issue of up to NOK 10 million in October 2025 to address short-term capital needs.
Key risks to Sunrise Resort sale by 2026
Capital needs coverage post-Oct 2025 rights issue
Reconcile VEK per share with NOK 0.05 price
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Next Black Sea Property earnings date
H2 202529 May, 2026
Black Sea Property
Next Black Sea Property earnings date
H2 202529 May, 2026
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Frequently asked questions
Black Sea Property AS is a Norway-based real estate company with a strategic focus on investments in Bulgaria. The company specializes in developing and investing in resorts and other real estate properties, including residential projects primarily in Bulgaria's major cities, commercial buildings predominantly in Sofia, and hotels and holiday homes with potential for operational and cost-structure improvements. This diversified portfolio aims to leverage the growing real estate market in Bulgaria, offering a range of opportunities from urban living spaces to leisure and hospitality properties. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.
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