EfTEN Real Estate Fund (EFT1T) Q2 2026 earnings summary

Executive summary

• Portfolio reshaped with sale of DSV logistics centre in Riga and Menulio 11 office in Vilnius, and acquisition of Magistral shopping centre in Tallinn, boosting retail exposure and freeing capital for new investments.

• Vacancy rate dropped to 2.3%, the lowest in three years, with strong tenant payment discipline and 100% occupancy at Magistral centre.

• Lower EURIBOR reduced interest expenses by 10% year-over-year, improving free cash flow by 20% and raising the interest coverage ratio from 3.7 to 4.4.

Financial highlights

• H1 2026 revenue rose 5.6% year-over-year to €16.97 million; Q2 revenue up 4.1% to €8.55 million.

• Net profit for H1 2026 was €8.91 million, up 8.8% from H1 2025.

• Net rental income margin remained high at 96%; EBITDA margin at 81%.

• EPRA profit increased to €9.53 million (H1 2025: €7.94 million); EPRA profit per share €0.83.

• NAV per share at €19.89, down 2.1% due to dividend payout; would have increased 3.8% without dividend.

Outlook and guidance

• Management expects stable rental cash flows and no obstacles in refinancing €45.65 million in maturing loans, citing strong property cash flows and low vacancy.

• Active portfolio management and new investments are prioritized to maintain dividend capacity and occupancy.