Net Asset Value of EfTEN Real Estate Fund AS as of 30 November 2025

EfTEN Real Estate Fund AS generated consolidated rental income of EUR 2,703 thousand in November 2025, remaining at the same level as in October. The Fund’s consolidated net rental income (NOI) amounted to EUR 2,568 thousand, decreasing by EUR 6 thousand month-on-month.

Over the eleven months of 2025, the Fund earned a total of EUR 29.08 million in consolidated rental income, an increase of 3.1% compared to the same period last year. Consolidated EBITDA for the period reached EUR 24.45 million, representing 1.9% increase year-on-year.

The adjusted cash flow (EBITDA minus loan principal repayments minus interest expenses) totalled EUR 11.9 million for the eleven-month period, increasing by 19.9% year-on-year. The increase was primarily driven by the cash flows from new investment properties acquired in the autumn of last year and in the spring of the current year, as well as by the decrease in EURIBOR. The Fund’s weighted average interest rate on loans was 3.99% at the end of November.

Based on the consolidated results for the eleven months of 2025, the Fund has generated potential gross dividends of 82.91 cents per share for investors, which is 12.5% more than in the same period last year. The management company continues to actively refinance bank loans secured by properties with strong cash flows, with the objective of increasing the Fund’s dividend distribution capacity.

As a result of the Fund’s share issue in November, the consolidated cash balance increased by EUR 1.6 million. The new share capital were registered in the Commercial Register on 27 November 2025 and new shares are listed on December 2, 2025.

The Fund’s net asset value (NAV) per share was EUR 20.7218 at the end of November, increasing by 0.7% over the month. The EPRA NRV was EUR 21.6145 at the end of November, increasing by 0.6%.

Marilin Hein

CFO

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