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

In July 2025, EfTEN Real Estate Fund AS earned consolidated rental income of EUR 2,689 thousand, an increase of EUR 39 thousand compared to June. The increase in rental income was mainly driven by the expiry of a rent discount period for a logistics sector tenant and higher turnover rents in the Mustika and Saules Miestas shopping centres. Other sales income decreased by EUR 33 thousand compared to June, primarily due to lower profit from the mediation of services. The Fund’s consolidated net operating income (NOI) in July totalled EUR 2,604 thousand, decreasing by EUR 10 thousand from June.

General expenses were lower in July, mainly because the comparative month property valuation costs. As a result, the Fund’s consolidated EBITDA remained at the same level as in the previous month, amounting to EUR 2,310 thousand.

During the first seven months of 2025, the Fund earned consolidated rental income of EUR 18.27 million, an increase of 2.0% compared to the same period last year. Consolidated EBITDA amounted to EUR 15.21 million, remaining at the same level year-on-year.

Adjusted cash flow (EBITDA less loan principal repayments and interest expenses) for the seven-month period totalled EUR 7.10 million, up 15% compared to the same period last year, mainly due to additional cash flow from new acquisitions and developments, as well as lower interest expenses resulting from the lower EURIBOR rates.

Based on the results for the first seven months, the Fund has generated a potential gross dividend of 49.62 cents per share for its investors, 8.7% higher than in the same period last year. The Fund Manager will perform more detailed calculations regarding the refinancing of the loans and the potential dividend expected for 2025 in the autumn.

As of the end of July, the Fund’s net asset value (NAV) per share was EUR 20.13 and EPRA NRV was EUR 21.0097. Both indicators increased by 0.8% over the month.

Marilin Hein

CFO

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