Market announcement

Title

EfTEN United Property Fund unaudited financial results for 2nd quarter and I half-year of 2025

Message

EfTEN  United Property  Fund's H1  2025 results were  based on  a fully invested
portfolio.  In  addition,  the  property  development  investment  in the fund's
subsidiary  Invego Uus-Järveküla  OÜ has  reached the  stage where the completed
terraced  and semi-detached houses are being handed over to customers. Supported
by  the signing of  real-right agreements at  the Uus-Järveküla development, the
fund's half-year profit increased more than fourfold compared to the same period
of  the  previous  year,  and  the  fund  made  the  historically  largest  cash
distribution  to investors, amounting  to approximately 7% of  the fund's market
price.

In the second quarter of 2025, EfTEN United Property Fund earned a net profit of
EUR  976 thousand (Q2 2024: EUR 307 thousand).  The fund's income increased from
EUR  355 thousand to  EUR 1,022 thousand  year-on-year, while  expenses remained
largely  unchanged (decreased by EUR 2 thousand year-on-year). The fund's assets
as of 30.06.2025 are 27,742 thousand euros (31.12.2024: 27,478 thousand euros)

In the Uus-Järveküla residential district, the second stage (30 houses in total)
and  the third stage  developments (17 houses)  were completed. In addition, the
construction  of the last  stage of the  development (32 terraced houses) began,
the  completion of which is planned for the first quarter of 2026. As of the end
of  the first half of the year, 82% of the development volume of the residential
district  (165  terraced  houses  and  semi-detached  houses)  had  been sold or
reserved  by customers.  There were  five completed  but unsold  terraced houses
remaining.

The  profitability  of  EfTEN  United  Property  Fund  was also supported by the
continued  decrease  in  interest  costs.  As  of  the end of June, the weighted
average  loan interest rate  of the fund's  subsidiaries and subsidiaries of the
underlying  funds was 4.0%, which is  140 basis points lower than  at the end of
2024. The rapid decrease in interest expenses was due to the decrease in EURIBOR
as  well  as  the  more  favourable  bank  loan  agreement concluded in the Uus-
Järveküla development.

In the second half of 2025, the fund plans to make additional cash distribution.
This  is based on the  interest received from the  owner loan from the Kristiine
shopping  centre, in which the  fund has invested through  the EfTEN Real Estate
Fund 5. The number of visitors to the Kristiine shopping centre in the first six
months of the year was similar to the same period a year ago, while the centre's
tenants made 4% higher turnover from the sale of goods and services. Compared to
the  forecast made at  the acquisition, the  centre earned 3% more rental income
and 5% more EBITDA in the first half of the year.

In  addition to the  distribution from the  EfTEN Real Estate  Fund 5, the EfTEN
United  Property Fund is looking for  a potentially additional distribution from
the  interest on the  owner loan of  Invego Uus-Järveküla OÜ.   As of the end of
June  the development  company had  repaid the  entire balance  of the bank loan
while cash balance exceeded 2 million euros.



Statement of the comprehensive income

+--------------------------------------------------------+----------+----------+
|                                                        |   2nd    |          |
|                                                        | quarter  | 6 months |
+--------------------------------------------------------+-----+----+-----+----+
|                                                        |2025 |2024|2025 |2024|
+--------------------------------------------------------+-----+----+-----+----+
|EUR thousand                                              |     |    |     |    |
+--------------------------------------------------------+-----+----+-----+----+
|INCOME                                                  |     |    |     |    |
+--------------------------------------------------------+-----+----+-----+----+
|Interest income                                         |  143| 159|  297| 310|
+--------------------------------------------------------+-----+----+-----+----+
|Distributed profit from underlying funds                |  420| 238|  420| 260|
+--------------------------------------------------------+-----+----+-----+----+
|Interest expenses                                       |   -1|   0|   -6|   0|
+--------------------------------------------------------+-----+----+-----+----+
|Other financial income                                  |    0|   0|    4|   5|
+--------------------------------------------------------+-----+----+-----+----+
|Net profit / loss from assets recognised in fair value  |     |    |     |    |
|through profit or loss                                  |  460| -42|1 075| -65|
+--------------------------------------------------------+-----+----+-----+----+
|   Investments in subsidiaries                          |  647|   8|  737|-140|
+--------------------------------------------------------+-----+----+-----+----+
|   Investments in funds                                 | -187| -50|  338|  75|
+--------------------------------------------------------+-----+----+-----+----+
|Total income                                            |1 022| 355|1 790| 510|
+--------------------------------------------------------+-----+----+-----+----+
|                                                        |     |    |     |    |
+--------------------------------------------------------+-----+----+-----+----+
|COSTS                                                   |     |    |     |    |
+--------------------------------------------------------+-----+----+-----+----+
|Operating expenses                                      |     |    |     |    |
+--------------------------------------------------------+-----+----+-----+----+
|   Management fee                                       |  -27| -28|  -56| -56|
+--------------------------------------------------------+-----+----+-----+----+
|   Costs of administering the Fund                      |  -10| -10|  -17| -16|
+--------------------------------------------------------+-----+----+-----+----+
|   Other operating expenses                             |   -9| -10|  -38| -37|
+--------------------------------------------------------+-----+----+-----+----+
|Total operating expenses                                |  -46| -48| -111|-109|
+--------------------------------------------------------+-----+----+-----+----+
|                                                        |     |    |     |    |
+--------------------------------------------------------+-----+----+-----+----+
|Profit / loss for the period                            |  976| 307|1 679| 401|
+--------------------------------------------------------+-----+----+-----+----+
|Total profit / loss for the period                      |  976| 307|1 679| 401|
+--------------------------------------------------------+-----+----+-----+----+
|                                                        |     |    |     |    |
+--------------------------------------------------------+-----+----+-----+----+
|Ordinary and diluted earnings / loss per share (EUR)    | 0,39|0,12| 0,68|0,16|
+--------------------------------------------------------+-----+----+-----+----+


Statement of financial position

+--------------------------------------------------------+----------+----------+
|                                                        |30.06.2025|31.12.2024|
+--------------------------------------------------------+----------+----------+
|EUR thousand                                              |          |          |
+--------------------------------------------------------+----------+----------+
|ASSETS                                                  |          |          |
+--------------------------------------------------------+----------+----------+
|Current assets                                          |          |          |
+--------------------------------------------------------+----------+----------+
|Cash and cash equivalents                               |       280|         0|
+--------------------------------------------------------+----------+----------+
|Short-term deposits                                     |         0|       120|
+--------------------------------------------------------+----------+----------+
|Loans granted                                           |     3 008|     3 519|
+--------------------------------------------------------+----------+----------+
|Other receivables and accrued income                    |       323|     1 039|
+--------------------------------------------------------+----------+----------+
|Total current assets                                    |     3 611|     4 678|
+--------------------------------------------------------+----------+----------+
|                                                        |          |          |
+--------------------------------------------------------+----------+----------+
|Non-current assets                                      |          |          |
+--------------------------------------------------------+----------+----------+
|Financial assets at fair value through profit or loss   |    21 985|    21 063|
+--------------------------------------------------------+----------+----------+
|  Investments in subsidiaries                           |     1 891|     1 154|
+--------------------------------------------------------+----------+----------+
|  Real estate funds                                     |    20 094|    19 909|
+--------------------------------------------------------+----------+----------+
|Loans granted                                           |     2 149|     2 149|
+--------------------------------------------------------+----------+----------+
|Total non-current assets                                |    24 134|    23 212|
+--------------------------------------------------------+----------+----------+
|TOTAL ASSETS                                            |    27 745|    27 890|
+--------------------------------------------------------+----------+----------+
|                                                        |          |          |
+--------------------------------------------------------+----------+----------+
|LIABILITIES                                             |          |          |
+--------------------------------------------------------+----------+----------+
|Bank overdraft                                          |         0|       400|
+--------------------------------------------------------+----------+----------+
|Current liabilities                                     |         3|        12|
+--------------------------------------------------------+----------+----------+
|Total liabilities, excluding net asset value of the fund|          |          |
|attributable to shareholders                            |         3|       412|
+--------------------------------------------------------+----------+----------+
|                                                        |          |          |
+--------------------------------------------------------+----------+----------+
|NET ASSET VALUE OF THE FUND                             |          |          |
+--------------------------------------------------------+----------+----------+
|Net asset value of the fund attributable to shareholders|    27 742|    27 478|
+--------------------------------------------------------+----------+----------+
|Total liabilities and net asset value of the fund       |          |          |
|attributable to shareholders                            |    27 745|    27 890|
+--------------------------------------------------------+----------+----------+



The  unaudited 2nd quarter  and I  half-year of  2025 report of the EfTEN United
Property Fund is attached to the release and can be found on the Fund's website:
https://eftenunitedpropertyfund.ee/en/reports-documents/

Kristjan Tamla

Managing Director

Phone 655 9515

E-mail: [email protected] (mailto:[email protected])