Net Asset Value of EfTEN Real Estate Fund AS as of 31 October 2025

EfTEN Real Estate Fund AS earned consolidated rental income of €2,702 thousand in October 2025, remaining at the same level as in September. The Fund’s consolidated net rental income (NOI) amounted to €2,574 thousand, decreasing by €32 thousand compared to the previous month, mainly due to higher marketing expenses in Saules Miestas shopping centre.

During the first ten months of 2025, the Fund earned total consolidated rental income of €26.38 million, which is 3.0% higher than in the same period last year. Consolidated EBITDA for the same period amounted to €22.18 million, representing an increase of 1.7% year-on-year.

The adjusted cash flow (EBITDA minus loan principal repayments minus interest expenses) totalled €10.7 million for the ten-month period, up by 20% compared to the same period last year. The increase was supported by additional cash flows from newly acquired and developed properties and by lower interest expenses resulting from the decrease in EURIBOR. The Fund’s weighted average interest rate was 3.97% at the end of October.

Based on ten-month results, the Fund has generated a potential gross dividend of €0.7483 per share, which is 13.4% higher than in the same period last year. The Fund Manager plans to continue refinancing bank loans of properties where the operating cash flow exceeds debt service obligations by more than two times and where the LTV ratio has decreased below a conservative level, with the aim to increase dividend distributions up to €1.20 per share (net).

The Fund’s net asset value (NAV) per share was €20.5842 at the end of October, increasing by 0.7% during the month. The EPRA NRV amounted to €21.48 per share, also rising by 0.7% in October.

Marilin Hein

CFO

Phone

E-mail:

Attachment