Black Sea Property reports half-year 2025 results amid financial challenges

Black Sea Property AS reported a net loss of NOK 4,116 thousand for the first half of 2025, an improvement from the NOK 8,844 thousand loss in the same period of 2024. The company's total assets stood at NOK 393,760 thousand as of June 30, 2025. The board acknowledged the challenging financial situation, marked by low operating income, significant financial obligations, and recurring capital needs.

The company continues its focus on the potential sale of all or part of its main asset, Sunrise River Beach Resort in Bulgaria, with ambitions for a sale before the 2026 summer season. Ongoing sales processes for two undeveloped plots in Obzor and Byala are also underway, with an expected combined sales value of approximately €300,000. Black Sea Property AS secured new short-term loans totaling NOK 2.8 million in March 2025 and finalized a €375,000 disbursement from the Penchev 2 loan in August 2025, bolstering its liquidity.

The company’s lease agreement for Sunrise River Beach Resort with Sunrise River Management resulted in €409,000 paid as of the reporting date, although ongoing negotiations are addressing the final lease amount for 2025 due to pending operational permits. A rights issue of up to NOK 10 million is planned for October 2025 to meet capital requirements through to summer 2026.