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EfTEN Real Estate Fund (EFT1T) investor relations material

EfTEN Real Estate Fund Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary30 Oct, 2025

Executive summary

  • Portfolio vacancy rate decreased to 3.6% at the end of September, with improved occupancy trends continuing for a second quarter.

  • Rental income from care homes increased due to new property additions and developments.

  • Net rental income (NOI) and EBITDA rose by 5.1% and 6.3% respectively in Q3 2025 compared to Q3 2024.

  • Management plans to propose a net dividend of €1.20 per share for 2025, up 8.1% from the previous proposal.

Financial highlights

  • Q3 2025 consolidated sales revenue: €8.359 million, up 4.4% year-over-year; 9-month revenue: €24.427 million, up 2.1%.

  • Q3 2025 net profit: €5.251 million (Q3 2024: €3.854 million); 9-month net profit: €13.443 million (2024: €10.104 million).

  • NOI for 9 months: €22.678 million, up 2.1% year-over-year; NOI margin stable at 93%.

  • Interest expenses for 9 months fell by 23% to €4.963 million.

  • Adjusted cash flow (EBITDA minus loan repayments and interest) for 9 months: €9.53 million, up 19%.

Outlook and guidance

  • Management expects stable rental cash flows and plans to refinance loans in early 2026.

  • Proposed net dividend for 2025 is €1.20 per share, an 8.1% increase.

  • No obstacles are foreseen for refinancing €41.4 million in maturing loans over the next 12 months.

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Frequently asked questions

EfTEN Real Estate Fund AS is a closed-end alternative investment fund that focuses on acquiring and managing commercial properties that generate cash flow across the Baltic States. The fund's portfolio includes various segments such as office spaces, retail premises, warehouse and logistics facilities, as well as hotels and aged care homes. EfTEN Real Estate Fund AS primarily targets retail investors and follows a value-added and opportunistic investment strategy, aiming to enhance the properties' value and maximize returns over time. The company is headquartered in Tallinn, Estonia, and its shares are listed on the Nasdaq Tallinn.

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