Board Change • May 07
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 30
Balkan and Sea Properties REIT-Varna, Annual General Meeting, Jun 05, 2026 Balkan and Sea Properties REIT-Varna, Annual General Meeting, Jun 05, 2026, at 10:00 FLE Standard Time. Location: at 10 hadzhi stamat siderov stfl. 1, apt. 1, varna Bulgaria Board Change • Apr 22
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Apr 06
New major risk - Revenue and earnings growth Earnings have declined by 2.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Shares are highly illiquid. Earnings have declined by 2.8% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.9% net profit margin). Revenue is less than US$5m (лв6.2m revenue, or US$3.7m). Board Change • Mar 23
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 02
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 30
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 26
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 14
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 15
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 26
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 03
Second quarter 2025 earnings released: EPS: лв0.079 (vs лв0.44 in 2Q 2024) Second quarter 2025 results: EPS: лв0.079 (down from лв0.44 in 2Q 2024). Net income: лв634.0k (down 79% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Board Change • Jul 23
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 26
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 30
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 12
Balkan and Sea Properties REIT-Varna, Annual General Meeting, Jun 10, 2025 Balkan and Sea Properties REIT-Varna, Annual General Meeting, Jun 10, 2025, at 10:00 FLE Standard Time. Location: in varna at 10 hadzhi stamat siderov st., fl. 1, apt. 1, Bulgaria New Risk • May 08
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 28% Last year net profit margin: 90% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks High level of debt (77% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (28% net profit margin). Revenue is less than US$5m (лв5.1m revenue, or US$3.0m). Market cap is less than US$100m (лв163.4m market cap, or US$94.3m). Board Change • Apr 22
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 06
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 10
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 10
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Encho Donchev was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 03
Third quarter 2024 earnings released: лв0.021 loss per share (vs лв0.31 profit in 3Q 2023) Third quarter 2024 results: лв0.021 loss per share (down from лв0.31 profit in 3Q 2023). Net loss: лв139.0k (down 106% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Board Change • Sep 30
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Investor Relations Director & Director Zlatko Petrov was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 28
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Investor Relations Director & Director Zlatko Petrov was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jul 01
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Investor Relations Director & Director Zlatko Petrov was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 15
First quarter 2024 earnings released: лв0.11 loss per share (vs лв0.061 loss in 1Q 2023) First quarter 2024 results: лв0.11 loss per share (further deteriorated from лв0.061 loss in 1Q 2023). Net loss: лв759.0k (loss widened 81% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 7% per year. Board Change • May 23
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Investor Relations Director & Director Zlatko Petrov was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 15
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Investor Relations Director & Director Zlatko Petrov was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Investor Relations Director & Director Zlatko Petrov was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 28
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Investor Relations Director & Director Zlatko Petrov was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 17
Balkan and Sea Properties REIT-Varna, Annual General Meeting, Jun 16, 2023 Balkan and Sea Properties REIT-Varna, Annual General Meeting, Jun 16, 2023, at 10:00 E. Europe Standard Time. Location: 14 General Kolev St., entrance B Varna Bulgaria Agenda: To consider adoption of the 2022 individual and consolidated annual financial reports of the company; to consider report of the Audit Committee on 2022; to consider report of the Investor Relations Director on 2022; to consider report on the implementation of the remuneration policy for the members of the managing bodies; to consider election of a registered auditor for 2023; and to consider other matters. Board Change • Feb 14
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. No independent directors (4 non-independent directors). Chairman of The Board of Directors Zornitsa Botinova was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jan 14
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. No independent directors (4 non-independent directors). Chairman of The Board of Directors Zornitsa Botinova was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 08
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. No independent directors (4 non-independent directors). Chairman of The Board of Directors Zornitsa Botinova was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. No independent directors (4 non-independent directors). Chairman of The Board of Directors Zornitsa Botinova was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. 
