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Net Asset Value of EfTEN Real Estate Fund AS as of 30 June 2025

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EfTEN Real Estate Fund AS earned consolidated rental income of EUR 2,650
thousand in June 2025, an increase of EUR 7 thousand compared to May. The
increase was supported by higher turnover-based rent in shopping centers and a
lower vacancy rate in office premises. Property management and marketing
expenses decreased by EUR 77 thousand compared to the previous month. The Fund's
consolidated EBITDA for June amounted to EUR 2,310 thousand, growing by EUR 81
thousand month-over-month.

During the first six months of 2025, the Fund earned EUR 15.58 million in rental
income, which is 1.6% more than in the same period last year. Consolidated
EBITDA amounted to EUR 12.9 million, a decrease of 1.3% year-over-year. The
decrease was primarily driven by the sale of the Tähesaju Hortes gardening
centre and increased vacancy in the office segment, especially in the Menulio
office building in Vilnius and the office building at Pärnu mnt 102 in Tallinn.
On the other hand, EBITDA increase was supported by the addition of the Härgmäe
and Paemurru logistics centres as well as newly acquired and developed elderly
care homes. The total office vacancy rate decreased in June from 17.0% to
16.2%, i.e. from 10.2 thousand m² to 9.7 thousand m². Based on lease agreements
already signed, an additional 1.1 thousand m² of office space will be
transferred to tenants in July and August, further decreasing office vacancies.
The overall vacancy rate in the Fund's property portfolio stood at 3.7% at the
end of June.

The regular semi-annual property revaluation carried out by Colliers
International did not result in any significant changes. The revaluation
resulted in a gain of EUR 546 thousand and increased the fair value of the
property portfolio by 0.15%. In the valuation models, discount rates decreased
on average by 0.1-0.2 percentage points, supported by the decrease in EURIBOR,
while exit yields remained at the same level as at the end of last year.
Forecasts for office cash flows were slightly more conservative compared to
year-end 2024, while cash flow outlooks for other segments were slightly more
optimistic.

Prior to the Midsummer holidays, the Fund's subsidiary EfTEN SPV12 OÜ, which
owns the Rautakesko property at Tammsaare tee 49 and the logistics centre
property at Kuuli 10 in Tallinn, entered into an interest rate swap agreement
with Swedbank. Under the agreement, the 1-month EURIBOR was fixed at 1.995%. The
swap, which follows the repayment schedule of the underlying loan, was signed
for a three-year term. As at the end of June, the fair value of the derivative
was negative EUR 41 thousand, and the notional value of the swap agreement was
EUR 11.6 million, accounting for 7.4% of the Fund's consolidated loan portfolio.

The Fund's weighted average loan interest rate was at 3.95% at the end of June,
compared to 5.65% a year earlier. Consolidated interest expenses for the first
half of the year amounted to EUR 3.5 million, which is EUR 973 thousand less
than in the same period of 2024.

As at 30 June 2025, the Fund's net asset value (NAV) per share was EUR 19.979
and EPRA NRV was EUR 20.8523 per share, both increasing by 1.0% during the
month.



Marilin Hein
CFO
Phone +372 6559 515
E-mail: [email protected] (mailto:[email protected])