EfTEN Real Estate Fund (EFT1T) Q1 2026 earnings summary

Executive summary

• Portfolio reshaping included the sale of EfTEN Krustpils SIA (DSV logistics centre, Riga) for €5.4m and post-period sale of Menulio 11 office in Vilnius for €8.1m, both generating capital for new investments.

• Planned acquisition of Magistral shopping centre in Tallinn for €31.69m, expected to close in summer 2026, aiming to boost stable retail cash flow.

• Portfolio operations remained stable with low vacancy (3.3%) and strong tenant payment discipline.

Financial highlights

• Q1 2026 revenue: €8.421m, up 7.2% year-over-year; net rental income: €7.812m, up 8.3%.

• Net profit: €4.924m, up 18.2% year-over-year; EPRA earnings: €4.865m, up 13%.

• EBITDA: €6.818m (margin 81%); free cash flow up 31% year-over-year to €3.5m.

• Interest expenses fell 14% year-over-year due to lower EURIBOR.

• NAV per share: €20.75 (+2.1% from Dec 2025); EPRA NRV per share: €21.69.

Outlook and guidance

• Funds from recent asset sales to be reinvested in new acquisitions, notably Magistral shopping centre.

• Active management to maintain high occupancy and dividend capacity.