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

EfTEN Real Estate Fund AS earned consolidated rental income of €2,701 thousand in September 2025, remaining at the same level as in August. The Fund’s consolidated net operating income (NOI) amounted to €2,606 thousand, decreasing by €16 thousand compared to August. The decrease in NOI was mainly due to higher VAT-related proportionate expenses in the Fund’s Lithuanian subsidiary.

During the first nine months of 2025, the Fund earned €23.68 million in consolidated rental income, increasing by 2.7% compared to the same period last year. Consolidated EBITDA for the same period was €19.89 million, up 1.2% year-on-year.

The Fund’s adjusted cash flow (EBITDA minus loan principal repayments minus interest expenses) for the first nine months totalled €9.53 million, which is 19% higher than in the same period last year. The increase was primarily driven by additional cash flow from new acquisitions and developments, as well as lower interest expenses resulting from the decrease in EURIBOR. The Fund’s weighted average interest rate remained at 3.95% at the end of September (the same as in August).

Based on the nine-month results, the Fund has generated a potential gross dividend of €0.6666 per share, which is 12.6% higher than a year earlier. In addition, the Fund Manager plans to refinance bank loans of properties where operational cash flows exceed loan and interest payments by more than two times and where the loan-to-value (LTV) ratio has decreased to a level considered too low, with the aim of increasing dividend capacity.

The Fund’s net asset value (NAV) per share was €20.4379 at the end of September, increasing by 0.7% over the month. The EPRA NRV per share amounted to €21.3280, up 0.8% compared to August.

Marilin Hein

CFO

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