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EfTEN Real Estate Fund
EfTEN Real Estate Fund (EFT1T) investor relations material
EfTEN Real Estate Fund Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Total consolidated rental income increased by 3% and portfolio EBITDA rose by 1.3% year-over-year, despite a challenging economic environment.
New investments totaled €6.6 million in elderly care and €5.3 million in logistics, with an additional €2.3 million in other segments.
Free cash flow grew by 18% to €13.088 million, supporting a proposed net dividend of €13.8 million for spring 2026, up 8.1% from the previous year.
Portfolio occupancy was 96.8% at year-end, with the office segment at 85.6%.
The elderly care segment's rental income increased by 74% to €1.4 million.
Financial highlights
Consolidated sales income for 2025 was €33.083 million, up 2.6% year-over-year; Q4 sales income rose 4.1% to €8.656 million.
Net rental income for 2025 was €30.685 million, a 2.4% increase, with a NOI margin of 93%.
Consolidated net profit for 2025 was €12.235 million, down from €13.564 million in 2024.
Q4 2025 saw a net loss of €1.208 million, mainly due to a €4.005 million loss from changes in fair value of investment properties.
Interest expenses decreased by €1.996 million (23%) year-over-year, with the average loan interest rate dropping to 4.35%.
Outlook and guidance
Management proposes a net dividend of €13.8 million (€1.2 per share) for 2026, reflecting an 8.1% increase.
Dividend capacity may be further enhanced by refinancing loans where LTV ratios have improved.
No obstacles are anticipated in refinancing €37.057 million in maturing loans in 2026.
Address office segment valuation losses and low occupancy
Refinancing strategy for dividend growth and working capital
What is the strategy for interest rate hedging beyond current swaps
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Next EfTEN Real Estate Fund earnings date
Q1 202630 Apr, 2026
EfTEN Real Estate Fund
Next EfTEN Real Estate Fund earnings date
Q1 202630 Apr, 2026
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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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