Core Viewpoint - EfTEN Real Estate Fund AS achieved its strongest operating results in history in 2025, with significant growth in rental income and a decrease in interest expenses, leading to record free cash flow and increased dividends [1][2][3]. Financial Performance - The Fund's consolidated rental income reached EUR 32.036 million in 2025, a 3.1% increase from EUR 31.079 million in 2024 [4]. - EBITDA for 2025 was EUR 26.805 million, reflecting a 1.3% increase from EUR 26.454 million in 2024 [4]. - The Fund's EBITDA exceeded interest expenses by 4.0 times in 2025, up from 3.0 times in 2024 [5]. Interest Expenses and Cash Flow - The weighted average interest rate on the Fund's bank loans decreased to 3.99% by the end of 2025, down by 0.9 percentage points from the previous year [2][5]. - Adjusted cash flow (EBITDA less interest expenses and loan principal repayments) was EUR 13.1 million, an 18% increase compared to the previous year [8]. Dividend Distribution - The Fund plans to distribute gross dividends of EUR 1.2 per share, an increase of 8.1% from the previous year, supported by strong cash flow and refinancing opportunities [3][8]. - The proposed dividend payment reflects the Fund's commitment to its dividend policy and financial health [3]. Investment Activities - In 2025, the Fund invested EUR 11.3 million in real estate projects, including EUR 6.5 million in care homes and EUR 2.5 million in the Paemurru logistics centre [6]. Vacancy Rates - The consolidated vacancy rate at the end of 2025 was 3.2%, up from 2.6% in 2024, with the highest vacancy in the office segment at 14.4% [7]. Property Valuation - The fair value of the Fund's real estate portfolio decreased by EUR 4.005 million (1%) due to the departure of an anchor tenant at the DSV Estonia logistics center [10]. - The net asset value (NAV) per share was EUR 20.3217, reflecting a decrease of 1.9% in December, impacted by non-monetary revaluation losses [11][12].