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EfTEN Real Estate Fund (EFT1T) investor relations material
EfTEN Real Estate Fund Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Sales revenue for Q2 2025 rose 3.1% year-over-year to €8.21 million; H1 2025 revenue up 1.0% to €16.07 million, driven by new logistics and elderly home investments.
Net profit for Q2 2025 was €4.03 million, up from €2.44 million in Q2 2024, mainly due to a positive fair value change in investment properties and lower interest expenses.
H1 2025 net profit reached €8.19 million, a 31% increase year-over-year, with interest expenses down 22% due to declining EURIBOR.
Portfolio vacancy decreased to 3.7% in Q2, with new tenants in retail and early positive signs in the Estonian office segment.
The fund completed the Paemurru logistics centre and Block C at Valkla elderly home, supporting revenue growth.
Financial highlights
H1 2025 consolidated sales revenue: €16.07 million (H1 2024: €15.92 million); Q2 2025: €8.21 million (Q2 2024: €7.96 million).
H1 2025 net operating income (NOI): €14.85 million, up 0.4% year-over-year; NOI margin at 92%.
H1 2025 EBITDA: €12.90 million; EBITDA margin: 80%.
H1 2025 net profit: €8.19 million (H1 2024: €6.25 million); Q2 2025 net profit: €4.03 million (Q2 2024: €2.44 million).
NAV per share as of 30 June 2025: €19.98; EPRA NRV per share: €20.85.
Outlook and guidance
Management does not foresee obstacles to refinancing €40.6 million in loans maturing over the next 12 months, citing stable rental cash flows.
Plans to continue fixing floating interest rates for up to half of the loan portfolio, following favorable swap terms.
Further substantial decreases in euro interest rates are considered unlikely.
Next EfTEN Real Estate Fund earnings date
Next EfTEN Real Estate Fund earnings date
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