EfTEN Real Estate Fund AS unaudited results for 4th quarter and 12 months 2025

Core Viewpoint EfTEN Real Estate Fund AS demonstrated resilience in a challenging economic environment by increasing its rental income and EBITDA in 2025, while also making significant investments in the elderly care and logistics segments. Financial Performance - Total consolidated rental income increased by 3% to €32.013 million in 2025 compared to 2024 [15] - Portfolio EBITDA rose by 1.3% to €20.24 million, marking a historical high for the company [5] - Free cash flow for 2025 was €13.088 million, an 18% increase from the previous year [2][24] - Consolidated net profit for 2025 was €12.235 million, down from €13.564 million in 2024 [9] Investment Activities - The Fund made new investments totaling €6.6 million in elderly care and €5.3 million in logistics during 2025 [1] - Total investments in new properties and development of existing real estate amounted to €10.676 million [12] Occupancy and Rental Income - The overall occupancy rate of the real estate portfolio was 96.8% at the end of 2025, down from 97.4% in 2024 [3] - Rental income from the elderly care segment surged by 74% to €1.4 million in 2025 [4] Financing and Debt Management - The weighted average interest rate on loans decreased from 5.82% in 2024 to 4.35% in 2025, further dropping to 3.99% by year-end [5][18] - The Fund's subsidiaries increased bank loans by €7.32 million in April 2025, with plans to refinance loans to enhance dividend capacity [16][20] Shareholder Returns - The Management Board proposed to distribute net dividends of €13.8 million (€1.2 per share) in spring 2026, an increase of 8.1% from the previous year [2][25] - The net asset value (NAV) per share was €20.32, a slight decrease of 0.25% from €20.37 in 2024 [23] Market Position - As of December 31, 2025, the Group held 37 commercial real estate investments with a fair value of €381.032 million [11] - The Fund's total assets reached €405.851 million, up from €398.763 million in 2024 [10]