Market announcement

EfTEN Real Estate Fund AS

LEI code

4851000008JBI71L7643

Size of the entity

Medium group

Economic activities

Financial and Insurance Activities

Industry sector(s)

Management company

Country of registered office

Estonia

General information

Categories

Other corporate action

Unique data record identifier

17670

Submission date and time

12.08.2025 08:30:36

Content of announcement in Estonian

Title

Enlight Research uuendas EfTEN Real Estate Fund AS-i aktsiaanalüüsi

Message

Enlight   Research   uuendas   EfTEN   Real  Estate  Fund  AS-i  (EfTEN;  EFT1T)
aktsiaanalüüsi  ja tõstis aktsia hinnasihti. Analüüsi kohaselt on aktsia õiglane
väärtus  baasstsenaariumi  kohaselt  22,86 eurot.  See  on 1,6% kõrgem võrreldes
Enlight  Research'i poolt eelmise  aasta detsembris avaldatud  analüüsiga ja pea
20% kõrgem võrreldes aktsia viimase sulgemishinnaga Tallinna Väärtpaberiturul.

Enlight  Research  toob  EfTEN  Real  Estate  Fund  AS-i  puhul  välja järgmised
aspektid:  (i)  dividendi  kasvavad  väljamaksed;  (ii) logistika, kaubanduse ja
hooldekodude  segmentide  kõrge  täituvus;  (iii)  esimesed  märgid büroopindade
vakantsuse vähenemisest; (iv) konservatiivselt hinnastatud kinnisvaraportfell.

Analüüs       on       leitav EfTEN       Real       Estate       Fund      AS-i
(https://eref.ee/investorile/analuutiku-raportid/)    kodulehel    ja    Enlight
Research'i           (https://research.enlightresearch.net/EnlightIndex.action?)
kodulehel.



Kristjan Tamla
EfTEN Capital AS
Tegevjuht
Tel: 655 9515
E-post: [email protected] (mailto:[email protected])

Content of announcement in English

Title

Enlight Research updated equity research on EfTEN Real Estate Fund AS

Message

Enlight  Research updated  the equity  research and  price target  of EfTEN Real
Estate  Fund AS (EfTEN; EFT1T) shares  and increased the target price. According
to  the analysis,  the fair  value of  the share  is 22.86 euros  under the base
scenario.  This is 1,6% higher as compared  to the analysis published by Enlight
Research  in last  December and  almost 20% higher  compared to the last closing
price of the stock on the Tallinn Stock Exchange.

Enlight  Research points out  the following aspects  regarding EfTEN Real Estate
Fund   AS:  (i)  increasing  dividend  distributions;  (ii)  high  occupancy  in
logistics,  retail and  elderly care  segments; (iii)  first signs of decreasing
vacancy in office segment; (iv) conservatively priced real estate portfolio.

The  analysis  can  be  found  on  the  website  of  EfTEN  Real  Estate Fund AS
(https://eref.ee/en/investorile/analuutiku-raportid/) and the website of Enlight
Research (https://research.enlightresearch.net/EnlightIndex.action?).



Kristjan Tamla
EfTEN Capital AS
Managing Director
Tel: +372 655 9515
E-post: [email protected] (mailto:[email protected])