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 Insights - EfTEN United Property Fund reported a significant increase in half-year profit, more than quadrupling compared to the same period last year, driven by successful property development and cash distribution to investors [1][2]. Financial Performance - In Q2 2025, the fund achieved a net profit of EUR 976 thousand, up from EUR 307 thousand in Q2 2024, with total income rising from EUR 355 thousand to EUR 1,022 thousand year-on-year [2][6]. - The fund's total income for the first half of 2025 was EUR 1,790 thousand, compared to EUR 510 thousand in the same period of 2024 [6]. - The fund's operating expenses remained stable, with a slight decrease from EUR 48 thousand in Q2 2024 to EUR 46 thousand in Q2 2025 [6]. Asset Management - As of June 30, 2025, the fund's total assets were valued at EUR 27,745 thousand, a slight decrease from EUR 27,890 thousand at the end of 2024 [8]. - The net asset value attributable to shareholders increased to EUR 27,742 thousand from EUR 27,478 thousand at the end of 2024 [8]. Property Development - The Uus-Järveküla residential district's development is progressing, with 82% of the total volume (165 houses) sold or reserved, and the last stage of construction (32 terraced houses) is set to complete in Q1 2026 [2][4]. - The fund's subsidiary, Invego Uus-Järveküla OÜ, has successfully handed over completed houses to customers [1]. Interest Costs - The fund benefited from a decrease in interest costs, with the weighted average loan interest rate dropping to 4.0%, down 140 basis points from the end of 2024 [3]. Future Plans - The fund plans to make additional cash distributions in the second half of 2025, supported by interest income from the Kristiine shopping centre investment and potential distributions from Invego Uus-Järveküla OÜ [4][5].

Core Insights - The net asset value (NAV) of EfTEN United Property Fund units increased by 1.3% month-on-month, reaching 11.17 euros at the end of June [1] - The fund reported a net profit of 358 thousand euros in June and a total net profit of 1.679 million euros for the first half of 2025, compared to 401 thousand euros during the same period last year [1] Group 1: Profit Sources - The largest profit in June was generated from the investment in Invego Uus-Järveküla OÜ, amounting to 384 thousand euros [2] - The transfer of 14 terraced houses in the third stage of development contributed a profit of 479 thousand euros [2] - The development company's bank loan balance was reduced to zero by the end of June due to the repayment obligation associated with property rights agreements [2] Group 2: Asset Valuation - A regular valuation of the EfTEN United Property Fund assets was conducted at the end of June, revealing a decrease in the value of the former Danske bank office building and Menulio 7 office building [3] - The value of properties under EfTEN Kinnisvarafond II AS increased, balancing the overall valuation impact [3] - The Kristiine shopping center's value remained unchanged, with its financial results exceeding planned EBITDA by 5% for the first half of the year [3]

Financial Performance - EfTEN United Property Fund reported a net profit of 170 thousand euros in May and 1.32 million euros for the first five months of 2025, a decrease from 357 thousand euros during the same period last year [1] - The fund distributed 1.47 million euros to investors in May, equating to 57 euro cents per unit, leading to a 4.4% decrease in net asset value (NAV) to 11.02 euros per unit at the end of May [1] - Without the distribution, the NAV would have increased by 0.6% in May [1] Investment Highlights - The fund's largest investment, EfTEN Real Estate Fund 5, which EfTEN United Property Fund owns 36.5% of, earned a profit of 257 thousand euros in May, supported by the Kristiine shopping centre investment [2] - The vacancy rate of the Kristiine shopping centre was just 0.17% as of the end of May, with the equity value of EfTEN Kristiine OÜ increasing by 1.1% in a month [2] Development Projects - In the Uus-Järveküla development, one terraced house was handed over to clients in May, generating a profit of 7.7 thousand euros for the development company Invego Uus-Järveküla OÜ, in which the fund holds an 80% stake [3] - The fund earned 38.3 thousand euros in interest income from this investment, with the next development stage of 17 terraced houses planned for completion in July [3] - The signing of real right agreements for most of the 16 terraced houses already booked by clients began in June, with 5 finished terraced houses remaining unsold [3] - The final stage of development, consisting of 32 terraced houses, is expected to be completed in the first quarter of 2026 [3]

Group 1 - The net asset value (NAV) of EfTEN United Property Fund units was 11.53 euros at the end of April, reflecting a monthly increase of 1.6% [1] - The fund reported a net profit of 449 thousand euros in April and a total net profit of 1.15 million euros for the first four months of 2025, compared to 331 thousand euros during the same period last year [1] - If the investment in EfTEN Real Estate Fund AS shares were recorded at its NAV, the NAV would be 11.58 euros, indicating a 1.4% monthly increase [1] Group 2 - The fund's largest profit in April came from its investment in Invego Uus-Järveküla OÜ, amounting to 274 thousand euros, with the company earning a total profit of 342 thousand euros from the transfer of terraced houses [2] - The next stage of the development, consisting of 17 terraced houses, is expected to be completed in June 2025, with 14 of the houses already booked by clients [2] Group 3 - The cash balance of EfTEN United Property Fund increased by 1.582 million euros in April, which included loan payments and interest from Invego Uus-Järveküla OÜ totaling 1.5 million euros and dividend receipts of 277 thousand euros [3] - The fund will distribute its largest income in history on May 29, amounting to 1.416 million euros, or 57 euro cents per fund unit [3]

Group 1 - EfTEN Capital AS will finalize the list of investors for distribution on May 20, 2025, at the end of the working day of the registrar [1] - The ex-date for the change of rights related to the securities is set for May 19, 2025, meaning new owners of the fund units will not be entitled to the distribution on that date [1] - The EfTEN United Property Fund will distribute an amount of €0.57 per unit to unitholders' bank accounts via cash transfer on April 30, 2025 [2]

Core Insights - EfTEN United Property Fund achieved a net profit of €703 thousand in Q1 2025, a significant increase from €94 thousand in Q1 2024, marking the first quarter based on a fully invested portfolio [1][2] - The Fund's revenues rose from €155 thousand in Q1 2024 to €768 thousand in Q1 2025, while costs remained largely stable [1][2] Financial Performance - The increase in income and profit was primarily driven by the strong financial results of Kristiine Shopping Centre and improved profitability from new development phases in the Uus-Järveküla residential area [2] - In Q1 2025, the Fund concluded 27 real rights agreements for terraced and semi-detached houses in Uus-Järveküla, with the developing company earning a profit of €781 thousand [3] - By the end of Q1 2025, nearly 75% of the total project volume (165 housing units) had been sold or reserved [3] Development Updates - A building permit was issued for the final phase of the Uus-Järveküla residential development, which includes 32 terraced houses, with financing secured from Coop Pank AS covering 100% of construction costs [4] - The Fund plans to make its largest distribution in history in Q2 2025, based on dividends from various real estate funds and accrued interests from loans granted to Invego Uus-Järveküla OÜ [5] Financial Position - As of March 31, 2025, total assets of the Fund amounted to €28.36 million, an increase from €27.89 million at the end of 2024 [10] - The net asset value attributable to shareholders was €28.18 million, up from €27.48 million at the end of 2024 [10]

Group 1 - Invego Uus-Järveküla OÜ, financed by EfTEN United Property Fund, has amended its loan agreement with Coop Pank AS, enabling the fund to make its largest profit distribution to investors in history [1] - Almost 80% of the Uus-Järveküla residential area development has been purchased or booked by clients, with Coop Pank AS financing 100% of the construction price for the final 32 terraced houses, expected to be completed in Q1 2026 [2] - The interest margin on the development loan will be reduced by 20 basis points to 450 basis points [2] Group 2 - EfTEN United Property Fund received 1.516 million euros from the project, which includes approximately 1 million euros in accrued interest on owner loans, reducing the balance of owner loans granted by the fund [3] - The fund plans to distribute the accrued interest of approximately 1 million euros along with dividends and interest income to investors in May, amounting to about 7% of the last closing price of the fund unit [4]