EfTEN Real Estate Fund AS’s net asset value as of April 30, 2025

EfTEN Real Estate Fund AS earned strong financial results in April. Consolidated rental income reached 2,611 thousand euros, increasing by 55 thousand euros compared to March. The increase in rental income was primarily driven by the first rental payments from the newly completed ICONFIT logistics centre in Tallinn and the Hiiu elderly care home acquired in March, which is now undergoing renovation. The overall vacancy rate of the fund’s real estate portfolio decreased from 4.4% in March to 4.1% in April, mainly due to the improved occupancy in the L3 and Evolution office buildings in Vilnius and the Jurkalne and Piepilsetas logistics properties in Riga.

The Fund’s EBITDA amounted to 2,183 thousand euros in April, an increase of 193 thousand euros month-over-month due to higher rental income and lower expenses. Adjusted cash flow increased to 1,010 thousand euros, by 170 thousand euros compared to March.

In April, EfTEN Real Estate Fund AS paid the largest dividend in its history – a total of 12.7 million euros, or 1.11 euros per share. To partially finance the dividend payment and optimize the capital structure, the Fund refinanced bank loans on five properties for a total amount of 6.3 million euros. As a result of this refinancing, income tax expense related to dividend payments was accounted in the amount of 1.4 million euros, which led to a lower-than-usual net profit of 106 thousand euros for the month.

The Fund’s weighted average interest rate decreased to 4.21% in April (from 4.37% in March). Compared to the same period last year, consolidated interest expense has decreased by 586 thousand euros.

During the first four months of 2025, EfTEN Real Estate Fund has earned consolidated rental income of 10.3 million euros (+1% year-over-year) and consolidated EBITDA of 8.4 million euros (compared to 8.6 million euros in the same period last year). The decrease in EBITDA is mainly due to the higher vacancy in the office segment and the sale of the Tähesaju Hortes property in the summer of 2024.

The Fund’s net asset value (NAV) per share was 19.64 euros as of the end of April, and EPRA NRV was 20.50 euros. Due to the April dividend distribution, the NAV decreased by 5.3%. Without the dividend payment, the NAV would have increased by 0.6%.

Marilin Hein

CFO

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