The Supervisory Board of EfTEN Real Estate Fund AS has approved the fund's audited annual report for 2025 and will submit it for approval at the General Meeting of Shareholders. The Fund’s financial results in the audited report have not changed compared to the preliminary financial results published on 29 January 2026. The consolidated sales income of EfTEN Real Estate Fund AS for 2025 was 33.083 million euros, an increase of 845 thousand euros (2,6%) compared to the previous year. The Group's net profit f ...

Financial Performance - EfTEN United Property Fund reported a net profit of 223 thousand euros in January, down from 408 thousand euros in the same period last year, primarily due to the investment in EfTEN Real Estate Fund AS shares, which saw a share price increase of 2.9% in January 2026 compared to 6.1% in January 2025 [1] - The net asset value (NAV) of the fund unit was 12.85 euros at the end of January, reflecting a monthly increase of 0.8% [1] Investment Developments - In Invego Uus-Järveküla OÜ, where the fund holds an 80% stake, clients reserved part of a terraced house in January, with handover to clients beginning in February. As of the end of January, 10 parts of the terraced house under construction remained unreserved [2] - The fund earned 19 thousand euros in interest income from this investment in January [2] Major Investment Insights - The largest investment of the fund, EfTEN Real Estate Fund 5, which is 36.5% owned by EfTEN United Property Fund, reported a profit of 239 thousand euros in January, up from 204 thousand euros in the same period last year. The net asset value of this fund increased by 0.6% per month [3] - The performance of EfTEN Real Estate Fund 5 was notably supported by EfTEN Kristiine OÜ, which owns the Kristiine shopping center, with its equity value increasing by 1.1% in January [3]

Core Insights - The Fund's consolidated rental income for January 2026 was €2,738 thousand, a decrease from €2,956 thousand in December 2025, primarily due to the absence of higher year-end turnover rents from shopping centers [1] - The Fund's consolidated EBITDA for January 2026 was €2,244 thousand, down from €2,355 thousand in December 2025 [2] - Year-over-year, the Fund's consolidated rental income increased by 7.1% (€182 thousand) and EBITDA rose by 9.8% (€201 thousand) compared to January 2025 [3] - The increase in EBITDA was driven by new investments in logistics centers and elderly care developments, higher occupancy in the office segment, and the expiry of rent discounts in the logistics segment [3] - The weighted average interest rate on the Fund's subsidiaries' loans was 4.0% in January 2026, with an 18% decrease in interest expenses compared to the previous year [4] - The Fund's consolidated cash balance increased by €1,433 thousand, reaching €21,710 thousand as of January 31, 2026 [4] - The net asset value per share as of January 31, 2026, was €20.4598, with an EPRA NRV of €21.4134, reflecting a 0.7% increase during January [5]

Core Viewpoint - EfTEN Real Estate Fund AS is selling the DSV logistics property in Riga for EUR 500,000 above its balance sheet value, indicating a positive valuation trend for the property [1] Group 1: Transaction Details - The transaction involves a share deal for the 100% subsidiary EfTEN Krustpils SIA, which owns and manages the DSV logistics property located at Krustpils 31 in Riga [1] - The sale price of the property is set at EUR 9.0 million, while its previous balance sheet value was EUR 8.5 million, reflecting a EUR 500,000 increase [1] - The transaction is expected to be completed in the first quarter of 2026, subject to standard closing conditions [1] Group 2: Financial Implications - Following the transaction, the fund's total assets will decrease by EUR 9.0 million, and bank borrowings will reduce by EUR 3.3 million [1] - The net proceeds from the transaction are estimated to be approximately EUR 5.6 million, which will be utilized for future investments by the fund [1] Group 3: Regulatory and Governance Aspects - The transaction is not deemed significant under the NASDAQ Tallinn Stock Exchange regulations, indicating it does not require extensive disclosure [2] - There are no personal interests from the members of the fund's Management and Supervisory Board regarding this transaction [2]

Core Viewpoint EfTEN Real Estate Fund AS demonstrated resilience in a challenging economic environment by increasing its rental income and EBITDA in 2025, while also making significant investments in the elderly care and logistics segments. Financial Performance - Total consolidated rental income increased by 3% to €32.013 million in 2025 compared to 2024 [15] - Portfolio EBITDA rose by 1.3% to €20.24 million, marking a historical high for the company [5] - Free cash flow for 2025 was €13.088 million, an 18% increase from the previous year [2][24] - Consolidated net profit for 2025 was €12.235 million, down from €13.564 million in 2024 [9] Investment Activities - The Fund made new investments totaling €6.6 million in elderly care and €5.3 million in logistics during 2025 [1] - Total investments in new properties and development of existing real estate amounted to €10.676 million [12] Occupancy and Rental Income - The overall occupancy rate of the real estate portfolio was 96.8% at the end of 2025, down from 97.4% in 2024 [3] - Rental income from the elderly care segment surged by 74% to €1.4 million in 2025 [4] Financing and Debt Management - The weighted average interest rate on loans decreased from 5.82% in 2024 to 4.35% in 2025, further dropping to 3.99% by year-end [5][18] - The Fund's subsidiaries increased bank loans by €7.32 million in April 2025, with plans to refinance loans to enhance dividend capacity [16][20] Shareholder Returns - The Management Board proposed to distribute net dividends of €13.8 million (€1.2 per share) in spring 2026, an increase of 8.1% from the previous year [2][25] - The net asset value (NAV) per share was €20.32, a slight decrease of 0.25% from €20.37 in 2024 [23] Market Position - As of December 31, 2025, the Group held 37 commercial real estate investments with a fair value of €381.032 million [11] - The Fund's total assets reached €405.851 million, up from €398.763 million in 2024 [10]

Core Viewpoint - EfTEN Real Estate Fund AS achieved its strongest operating results in history in 2025, with significant growth in rental income and a decrease in interest expenses, leading to record free cash flow and increased dividends [1][2][3]. Financial Performance - The Fund's consolidated rental income reached EUR 32.036 million in 2025, a 3.1% increase from EUR 31.079 million in 2024 [4]. - EBITDA for 2025 was EUR 26.805 million, reflecting a 1.3% increase from EUR 26.454 million in 2024 [4]. - The Fund's EBITDA exceeded interest expenses by 4.0 times in 2025, up from 3.0 times in 2024 [5]. Interest Expenses and Cash Flow - The weighted average interest rate on the Fund's bank loans decreased to 3.99% by the end of 2025, down by 0.9 percentage points from the previous year [2][5]. - Adjusted cash flow (EBITDA less interest expenses and loan principal repayments) was EUR 13.1 million, an 18% increase compared to the previous year [8]. Dividend Distribution - The Fund plans to distribute gross dividends of EUR 1.2 per share, an increase of 8.1% from the previous year, supported by strong cash flow and refinancing opportunities [3][8]. - The proposed dividend payment reflects the Fund's commitment to its dividend policy and financial health [3]. Investment Activities - In 2025, the Fund invested EUR 11.3 million in real estate projects, including EUR 6.5 million in care homes and EUR 2.5 million in the Paemurru logistics centre [6]. Vacancy Rates - The consolidated vacancy rate at the end of 2025 was 3.2%, up from 2.6% in 2024, with the highest vacancy in the office segment at 14.4% [7]. Property Valuation - The fair value of the Fund's real estate portfolio decreased by EUR 4.005 million (1%) due to the departure of an anchor tenant at the DSV Estonia logistics center [10]. - The net asset value (NAV) per share was EUR 20.3217, reflecting a decrease of 1.9% in December, impacted by non-monetary revaluation losses [11][12].

Financial Performance - EfTEN United Property Fund reported a net profit of 236 thousand euros in November and 2.45 million euros for the first 11 months of 2025, compared to 808 thousand euros in the same period last year [1] - The net asset value (NAV) of the fund unit was 11.31 euros at the end of November, reflecting a monthly increase of 0.8% [1] - If the investment in EfTEN Real Estate Fund AS shares were recorded at its NAV, the NAV of EfTEN United Property Fund would be 11.44 euros, indicating a 0.9% monthly increase [1] Development Projects - Invego Uus-Järveküla OÜ, in which the fund holds an 80% ownership, saw clients book six terraced houses for completion in early 2026 and purchase three already completed terraced houses [2] - The development company earned a profit of 137 thousand euros in November, while EfTEN United Property Fund earned 24 thousand euros in interest income from this investment [2] - As of early December, eight unsold terraced houses were released for public sale, with a total of 12 out of 165 units remaining unsold or unbooked [2] Distributions and Investments - In December, Invego Uus-Järveküla OÜ distributed 500 thousand euros to the fund, which included approximately 100 thousand euros in accrued owner loan interest and the remainder as principal repayment [3] - The fund plans to distribute the received interest to investors in spring 2026, along with funds from the sale of the last stage of development [3] - In total, Invego Uus-Järveküla OÜ has distributed 3.2 million euros to the fund this year, with EfTEN United Property Fund having invested 3.52 million euros in the Uus-Järveküla residential development during 2021 and 2022 [3]

Core Points - EfTEN Real Estate Fund AS has scheduled the publication of its financial results and the annual general meeting of shareholders for 2026 [1] Financial Results Schedule - The company plans to release unaudited results for Q4 2025 and the full year 2025 on January 29, 2026 [1] - Audited results for the year 2025 will be published on February 27, 2026 [1] - The annual general meeting is set for April 7, 2026 [1] - Interim results for Q1 will be available on April 30, 2026 [1] - Q2 interim results are scheduled for July 30, 2026 [1] - Q3 interim results will be published on October 29, 2026 [1]

Core Insights - EfTEN Real Estate Fund AS reported stable rental income in November 2025, with consolidated rental income of EUR 2,703 thousand, unchanged from October [1] - The Fund's consolidated net rental income (NOI) slightly decreased by EUR 6 thousand month-on-month to EUR 2,568 thousand [1] Financial Performance - For the eleven months of 2025, the Fund achieved a total consolidated rental income of EUR 29.08 million, reflecting a year-on-year increase of 3.1% [2] - Consolidated EBITDA for the same period reached EUR 24.45 million, marking a 1.9% increase compared to the previous year [2] - Adjusted cash flow (EBITDA minus loan principal repayments minus interest expenses) totaled EUR 11.9 million, up 19.9% year-on-year, driven by cash flows from new investment properties and a decrease in EURIBOR [3] Dividend and Shareholder Value - The Fund generated potential gross dividends of 82.91 cents per share for investors, a 12.5% increase from the same period last year [4] - The management company is actively refinancing bank loans to enhance the Fund's dividend distribution capacity [4] Capital Structure - Following a share issue in November, the Fund's consolidated cash balance increased by EUR 1.6 million [5] - The net asset value (NAV) per share was EUR 20.7218 at the end of November, reflecting a 0.7% increase over the month [5] - The EPRA NRV was EUR 21.6145 at the end of November, which is a 0.6% increase [5]

Core Insights - EfTEN Real Estate Fund AS reported stable rental income in October 2025, with consolidated rental income of €2,702 thousand, unchanged from September [1] - The Fund's consolidated net rental income (NOI) decreased slightly to €2,574 thousand, primarily due to increased marketing expenses [1] Financial Performance - For the first ten months of 2025, the Fund's total consolidated rental income reached €26.38 million, reflecting a 3.0% increase year-on-year [2] - Consolidated EBITDA for the same period was €22.18 million, marking a 1.7% year-on-year growth [2] - Adjusted cash flow for the ten-month period was €10.7 million, up by 20% compared to the previous year, driven by new property cash flows and lower interest expenses [3] Dividend and Valuation - The potential gross dividend per share based on ten-month results is €0.7483, which is 13.4% higher than the same period last year [4] - The Fund Manager aims to increase dividend distributions to €1.20 per share (net) by refinancing bank loans where cash flow significantly exceeds debt obligations [4] - The net asset value (NAV) per share at the end of October was €20.5842, a 0.7% increase from the previous month, while the EPRA NRV also rose by 0.7% to €21.48 per share [5]