Core Points - The EfTEN Real Estate Fund AS shareholders authorized the Supervisory Board to increase the fund's share capital through public and/or private offerings, excluding pre-emptive subscription rights of existing shareholders for one year [1] - The fund plans to conduct a directed share issue to raise a total of 1.6 million euros, primarily from Lithuania, with a share price set at 19.11 euros per share based on the 60-day average closing price [2] - A total of 84,506 new shares will be issued at a nominal value of 10 euros per share, resulting in a new share capital of 115,248,460 euros, with proceeds intended to finance further investment activities [3]

Core Insights - The EfTEN Real Estate Fund AS has shown gradual improvement in financial results due to low vacancy rates, successful investments in elderly care and logistics, and reduced interest costs, leading to increased free cash flow and a potential record dividend proposal for spring 2026 [1] Financial Performance Overview - The fund generated consolidated sales revenue of EUR 8.359 million in Q3 2025, a 4.4% increase from EUR 8.006 million in Q3 2024, and EUR 24.427 million for the first nine months of 2025, up 2.1% from EUR 23.924 million in the same period last year [5] - The consolidated net rental income (NOI) for the first nine months of 2025 was EUR 22.678 million, reflecting a growth of 2.1% compared to EUR 22.203 million in the same period of 2024 [6] - The net profit for Q3 2025 was EUR 5.251 million, an increase from EUR 3.854 million in Q3 2024, driven by higher sales revenue and lower interest expenses [7] Occupancy and Rental Income - The portfolio vacancy rate decreased to 3.6% at the end of September 2025, down from 2.6% at the end of 2024, marking the second consecutive quarter of decline [2][14] - Rental income from the care home segment increased to 4.7% in Q3 2025, nearly double compared to a year ago, supported by new properties and completed phases of existing care homes [2] Investment and Development - The fund invested EUR 8.907 million in new properties and the development of existing real estate during the first nine months of 2025 [11] - The fund's real estate portfolio included 37 commercial investments valued at EUR 382.268 million as of September 30, 2025, up from EUR 373.815 million at the end of 2024 [10] Financing and Interest Rates - The fund's subsidiaries increased their total bank loan amount by EUR 7.32 million in April 2025, with a total outstanding balance of EUR 41.406 million maturing over the next 12 months [15][16] - The weighted average interest rate on loan agreements was reduced to 3.95% as of June 30, 2025, down from 4.89% at the end of 2024 [17] Shareholder Returns - The fund plans to propose net dividends of EUR 1.20 per share for the year 2025, which is 8.1% higher than the previous proposal and 20% more than in spring 2024 [3][19] - The net asset value (NAV) per share increased to EUR 20.44 as of September 30, 2025, reflecting a 0.3% increase during the nine-month period [21]

Core Insights - The net asset value (NAV) of EfTEN United Property Fund units was 11.34 euros at the end of September, reflecting a month-on-month increase of 0.33% [1] - The fund's net profit for September was 93 thousand euros, with a total net profit of 2.1 million euros for the first nine months of 2025, compared to 534 thousand euros in the same period last year [2] - The largest profit in September came from the investment in EfTEN Real Estate Fund 5, amounting to 89.5 thousand euros, with its NAV increasing by 0.7% [3] Investment Performance - The EfTEN United Property Fund's investment in EfTEN Real Estate Fund AS shares was impacted by a 0.8% decline in share prices on the Tallinn stock market [1] - If the investment in EfTEN Real Estate Fund AS were recorded at book value, the NAV would have been 11.45 euros, indicating a 0.6% month-on-month increase [1] - The UNA retail park, the fund's largest investment, generated 2.2 million euros in rental income over the past 12 months, representing 7.3% of the acquisition price [3] Development Projects - Invego Uus-Järveküla OÜ, where the EfTEN United Property Fund holds an 80% stake, saw four terraced houses booked for completion by Q1 2026, contributing 23.6 thousand euros in interest income in September [4] - The fund received income distributions totaling 293 thousand euros from EfTEN Real Estate Fund 5 and EfTEN Special Opportunities Fund in early October [5]

Core Insights - EfTEN Real Estate Fund AS reported stable rental income in September 2025, with consolidated rental income of €2,701 thousand, unchanged from August [1] - The Fund's net operating income (NOI) decreased slightly to €2,606 thousand, primarily due to increased VAT-related expenses in its Lithuanian subsidiary [1] Financial Performance - For the first nine months of 2025, the Fund achieved consolidated rental income of €23.68 million, reflecting a 2.7% increase year-on-year [2] - Consolidated EBITDA for the same period was €19.89 million, up 1.2% compared to the previous year [2] - The adjusted cash flow for the first nine months totaled €9.53 million, representing a 19% increase from the same period last year, driven by new acquisitions and lower interest expenses due to decreased EURIBOR [3] Dividend and Valuation - The Fund generated a potential gross dividend of €0.6666 per share, which is 12.6% higher than the previous year [4] - The net asset value (NAV) per share at the end of September was €20.4379, marking a 0.7% increase from August, while the EPRA NRV per share rose to €21.3280, up 0.8% [5]

Group 1 - The net asset value (NAV) of EfTEN United Property Fund units was 11.24 euros at the end of July, reflecting a month-on-month increase of 0.6% [1] - The fund reported a net profit of 166 thousand euros in July and a total of 1.846 million euros in net profit for the first seven months of 2025, compared to 447 thousand euros in the same period last year [1] - If the investment in EfTEN Real Estate Fund AS shares were recorded at book value, the NAV would be 11.33 euros, indicating a 0.8% month-on-month increase [1] Group 2 - The largest profit of 88 thousand euros in July was generated from the investment in EfTEN Real Estate Fund 5, which saw a net asset value increase of 0.7% month-on-month [2] - The growth of EfTEN Real Estate Fund 5 was primarily supported by EfTEN Kristiine OÜ, which owns the Kristiine shopping center, with its equity value rising by 1.2% month-on-month [2] Group 3 - Invego Uus-Järveküla OÜ, where the fund holds an 80% ownership, completed two terraced houses in the third development stage, generating a profit of 52 thousand euros [3] - The fund also earned 38 thousand euros in interest from its investment in Invego Uus-Järveküla OÜ [3] Group 4 - At the beginning of August, Invego Uus-Järveküla OÜ distributed 1.2 million euros to the fund, which included 126 thousand euros in accrued interest and the remainder as principal repayment [4] - The fund plans to distribute the received interest along with funds from EfTEN Real Estate Fund 5 to investors at the beginning of the fourth quarter of 2025 [4]

Core Viewpoint - Enlight Research has updated the equity research and price target for EfTEN Real Estate Fund AS, increasing the target price to a fair value of 22.86 euros, which is 1.6% higher than the previous analysis and nearly 20% higher than the last closing price on the Tallinn Stock Exchange [1]. Group 1: Financial Performance - The fair value of EfTEN Real Estate Fund AS shares is set at 22.86 euros under the base scenario [1]. - The new target price reflects a 1.6% increase compared to the analysis published in December [1]. - The target price is almost 20% higher than the last closing price of the stock [1]. Group 2: Operational Highlights - EfTEN Real Estate Fund AS is experiencing increasing dividend distributions [2]. - The fund has high occupancy rates in logistics, retail, and elderly care segments [2]. - There are early signs of decreasing vacancy rates in the office segment [2]. - The real estate portfolio is conservatively priced [2].

Core Insights - EfTEN Real Estate Fund AS reported a consolidated rental income of EUR 2,689 thousand in July 2025, reflecting a EUR 39 thousand increase from June, primarily due to the end of a rent discount period for a logistics tenant and higher turnover rents in shopping centers [1] - The Fund's consolidated net operating income (NOI) for July was EUR 2,604 thousand, a slight decrease of EUR 10 thousand from the previous month [1] - General expenses decreased in July, leading to a stable consolidated EBITDA of EUR 2,310 thousand compared to the previous month [2] - For the first seven months of 2025, the Fund's consolidated rental income reached EUR 18.27 million, marking a 2.0% increase year-on-year, while consolidated EBITDA remained unchanged at EUR 15.21 million [2] - Adjusted cash flow for the seven-month period was EUR 7.10 million, up 15% year-on-year, attributed to new acquisitions and lower interest expenses due to reduced EURIBOR rates [3] - The Fund generated a potential gross dividend of 49.62 cents per share, an 8.7% increase compared to the same period last year, with further calculations on refinancing and potential dividends expected in autumn [4] - As of the end of July, the Fund's net asset value (NAV) per share was EUR 20.13, and EPRA NRV was EUR 21.0097, both showing a 0.8% increase over the month [4]

Core Insights - The Baltic commercial real estate market in Q2 2025 showed low transaction activity due to a lack of equity capital and modest economic growth, although declining EURIBOR rates reduced borrowing costs [1] Financial Performance Overview - EfTEN Real Estate Fund AS reported consolidated sales revenue of €8.210 million for Q2 2025, a 3.1% increase year-on-year, and €16.068 million for H1 2025, reflecting a 1.0% increase [4] - The fund's consolidated net operating income (NOI) for H1 2025 was €14.845 million, a 0.4% increase from H1 2024, with an NOI margin of 92% [5] - The consolidated net profit for Q2 2025 was €4.025 million, significantly up from €2.442 million in Q2 2024, driven by a positive change in the fair value of investment properties [6] - For H1 2025, the consolidated net profit was €8.192 million, an increase from €6.250 million in H1 2024, with interest expenses decreasing by €973 thousand, or 22% [7] Real Estate Portfolio - As of 30 June 2025, the fund held 37 commercial real estate investments with a fair value of €382.018 million, up from €373.815 million at the end of 2024 [8] - The vacancy rate for the fund's investment properties was 3.7%, with the highest vacancy in the office segment at 16.2% [12] Investment and Development Activities - In H1 2025, the fund invested €7.657 million in new properties and development, including the acquisition of a property in Tallinn for €4 million [9][10] - The Paemurru logistics center was completed in Q2 2025, contributing to the fund's revenue growth [11] Financing and Interest Rates - The fund's subsidiaries have floating interest rate bank loans, and with the decline in EURIBOR, interest expenses have decreased significantly [3] - As of 30 June 2025, the weighted average interest rate on loan agreements was 3.95%, down from 4.89% at the end of 2024 [16] - The fund's interest coverage ratio improved to 3.7 as of 30 June 2025, compared to 2.9 a year earlier [17] Share Information - The net asset value (NAV) per share of EfTEN Real Estate Fund AS was €19.98 as of 30 June 2025, reflecting a 1.9% decrease during the first half of 2025 [19]

Core Insights - EfTEN Real Estate Fund AS reported a consolidated rental income of EUR 2,650 thousand in June 2025, reflecting a slight increase from May due to higher turnover-based rent and lower vacancy rates in office premises [1] - For the first half of 2025, the Fund's rental income reached EUR 15.58 million, a 1.6% increase year-over-year, while consolidated EBITDA decreased by 1.3% to EUR 12.9 million, primarily due to the sale of a gardening center and increased office vacancies [2] - The Fund's property portfolio saw a minor revaluation gain of EUR 546 thousand, with a 0.15% increase in fair value, influenced by a decrease in discount rates [3] - An interest rate swap agreement was established to fix the 1-month EURIBOR at 1.995%, with a notional value of EUR 11.6 million, representing 7.4% of the Fund's consolidated loan portfolio [4] - The weighted average loan interest rate decreased to 3.95% from 5.65% a year earlier, with consolidated interest expenses for the first half of the year amounting to EUR 3.5 million, a reduction of EUR 973 thousand compared to the previous year [5] - As of June 30, 2025, the Fund's net asset value (NAV) per share was EUR 19.979, and EPRA NRV was EUR 20.8523 per share, both showing a 1.0% increase during the month [5]

Group 1: Rental Income and Revenue Growth - In May, EfTEN Real Estate Fund AS reported consolidated rental income of EUR 2,643 thousand, an increase of EUR 33 thousand from April, driven by higher revenue in the logistics segment and contract-based rent increases in the elderly care segment [1] - For the first five months of 2025, the Fund earned EUR 12.9 million in rental income, reflecting a 1.3% increase compared to the same period last year [3] Group 2: Financial Performance Metrics - The Fund's consolidated EBITDA in May was EUR 2,229 thousand, up from EUR 2,183 thousand in April, with adjusted cash flow amounting to EUR 1,148 thousand, an increase of EUR 138 thousand compared to April [2] - Consolidated EBITDA for the year stands at EUR 10.6 million, which is 2.7% lower year-over-year, primarily due to utility costs related to vacant space in the office segment [3] - Consolidated interest expenses decreased by EUR 768 thousand compared to last year, with the weighted average interest rate falling to 4.09% in May [3] Group 3: Portfolio and Asset Valuation - The portfolio vacancy rate decreased to 4.0%, down 0.7 percentage points, mainly due to new lease agreements signed in the office building at Pärnu mnt 102 in Tallinn [2] - As of the end of May, the Fund's net asset value (NAV) per share was EUR 19.7782, and the EPRA NRV was EUR 20.6479, both increasing by 0.7% over the month [4]