Börsiteade
EfTEN United Property Fund / EFTEN Capital AS
Kategooria
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Manused
Kuupäev
02.02.2026 08:00:01
Pealkiri
EfTEN United Property Fund’i 2025. aasta 12 kuu ja IV kvartali auditeerimata majandustulemused
Teade
2025. aasta oli EfTEN United Property Fund'i tegevusajaloo esimene täisaasta,
mil fond ei teinud uusi suuremaid investeeringuid ning majandustulemused
kajastasid täiel määral investeeritud portfelli tootlust. Fond teenis aasta
jooksul senise suurima puhaskasumi, mis kasvas võrreldes 2024. aastaga 2,2
korda. EfTEN United Property Fund teenis 2025. aastal 3,57 miljonit eurot
puhaskasumit (2024: 1,62 miljonit eurot), mis moodustab ligikaudu 14% fondi
investeeritud kapitalist ning umbes 17% fondi turukapitalisatsioonist. Fondi
tulud suurenesid aastaga 1,82 miljonilt eurolt 3,78 miljoni euroni ning 2025.
aastal tegi fond investoritele väljamakseid enam kui 9% ulatuses fondi
turukapitalisatsioonist.
Fondi majandustulemusi toetasid eelkõige Uus-Järveküla elurajooni
arendusprojekti kasumlikkuse paranemine ning Kristiine kaubanduskeskuse
lisandumine fondi portfelli, kuhu fond investeeris usaldusfondi EfTEN Real
Estate Fund 5 kaudu. Uus-Järveküla elurajooni kõik valminud paaris- ja
ridamajade osad olid 2025. aasta lõpuks müüdud. Arenduse viimase etapi, mis
hõlmab 32 ridamaja osa, valmimine on planeeritud 2026. aasta kevadesse,
kusjuures aasta lõpu seisuga oli klientide poolt broneeritud viimase etapi 20
ridamaja osa.
Kristiine kaubanduskeskuse külastajate arv kasvas 2025. aastal 0,4%, ulatudes 6
miljonini ning üürnike käive suurenes aastaga 5,4%. Keskuse puhas üüritulu
ületas prognoositud eelarvet 4% võrra ning detsembri lõpu seisuga puudusid
keskuses vabad üüripinnad.
Detsembris mõjutas majandustulemusi fondi investeerimisobjektidele kuuluva
kinnisvaraportfelli korraline hindamine, mille tulemusel kasvas fondi neljanda
kvartali kasum 1,46 miljoni euroni. Olulises osas oli kasum seotud fondi
tütarettevõtte Invego Uus-Järveküla OÜ väärtuse kasvuga, sisaldades oodatavat
kasumit Uus-Järveküla arenduse viimases etapis valmivatest ridamajadest.
Fondi kõik üürivoo investeeringud näitasid 2025. aastal positiivset rahavoogu.
Intressikulude alanemise tuules saab EfTEN United Property Fund alusfondidesse
tehtud investeeringute 2025. aasta tulemustelt eeloleval kevadel
prognoositavalt ligikaudu 800 tuhat eurot väljamakseid. See on pea kaks korda
rohkem kui 2025. aasta kevadel. Sellele lisanduvad veel Uus-Järveküla arendusest
eelmise aasta lõpus laekunud 100 tuhat eurot ja 2026. aasta jooksul laekuvad
omaniklaenu intresside ning kasumi väljamaksed. Fond plaanib nimetatud
laekumised investoritele jooksvalt välja maksta 2026. aasta jooksul.
Koondkasumiaruanne
+-------------+-------------+
| IV kvartal | 12 kuud |
+------+------+------+------+
| 2025 | 2024 | 2025 | 2024 |
+--------------------------------------------------+------+------+------+------+
|EUR tuhandetes | | | | |
+--------------------------------------------------+------+------+------+------+
|TULUD | | | | |
+--------------------------------------------------+------+------+------+------+
|Intressitulu | 97 | 118 | 510 | 565 |
+--------------------------------------------------+------+------+------+------+
|Alusfondidest laekunud tulud | 155 | 142 | 575 | 402 |
+--------------------------------------------------+------+------+------+------+
|Intressikulu | 0 | -2 | -6 | -2 |
+--------------------------------------------------+------+------+------+------+
|Muud finantstulud | 3 | 0 | 7 | 5 |
+--------------------------------------------------+------+------+------+------+
|Neto kasum õiglases väärtuses muutusega läbi | | | | |
|koondkasumiaruande kajastatud varadelt |1 268 | 877 |2 695 | 851 |
+--------------------------------------------------+------+------+------+------+
| Investeeringutelt tütarettevõtetesse |1 173 | 214 |1 957 | 100 |
+--------------------------------------------------+------+------+------+------+
| Investeeringutelt alusfondidesse | 95 | 663 | 738 | 751 |
+--------------------------------------------------+------+------+------+------+
|Tulud kokku |1 523 |1 135 |3 781 |1 821 |
+--------------------------------------------------+------+------+------+------+
| | | | | |
+--------------------------------------------------+------+------+------+------+
|KULUD | | | | |
+--------------------------------------------------+------+------+------+------+
|Tegevuskulud | | | | |
+--------------------------------------------------+------+------+------+------+
| Valitsemistasud | -23 | -28 | -105 | -112 |
+--------------------------------------------------+------+------+------+------+
| Fondi administreerimise kulud | -11 | -10 | -33 | -31 |
+--------------------------------------------------+------+------+------+------+
| Muud tegevuskulud | -26 | -9 | -75 | -55 |
+--------------------------------------------------+------+------+------+------+
|Tegevuskulud kokku | -60 | -47 | -213 | -198 |
+--------------------------------------------------+------+------+------+------+
|Ärikasum |1 463 |1 088 |3 568 |1 623 |
+--------------------------------------------------+------+------+------+------+
|Kasum enne tulumaksu |1 463 |1 088 |3 568 |1 623 |
+--------------------------------------------------+------+------+------+------+
| | | | | |
+--------------------------------------------------+------+------+------+------+
|Aruandeperioodi puhaskasum |1 463 |1 088 |3 568 |1 623 |
+--------------------------------------------------+------+------+------+------+
|Aruandeperioodi koondkasum kokku |1 463 |1 088 |3 568 |1 623 |
+--------------------------------------------------+------+------+------+------+
|Osakuomanikule kuuluva fondi puhasväärtuse kasv |1 463 |1 088 |3 568 |1 623 |
+--------------------------------------------------+------+------+------+------+
| | | | | |
+--------------------------------------------------+------+------+------+------+
|Tava- ja lahustatud kasum osaku kohta (eurodes) | 0,59| 0,44| 1,44| 0,65|
+--------------------------------------------------+------+------+------+------+
Finantsseisundi aruanne
+----------+----------+
|31.12.2025|31.12.2024|
+--------------------------------------------------------+----------+----------+
|EUR tuhandetes | | |
+--------------------------------------------------------+----------+----------+
|VARAD | | |
+--------------------------------------------------------+----------+----------+
|Käibevarad | | |
+--------------------------------------------------------+----------+----------+
|Raha ja raha ekvivalendid | 1 774 | 0 |
+--------------------------------------------------------+----------+----------+
|Lühiajalised hoiused | 0 | 120 |
+--------------------------------------------------------+----------+----------+
|Antud laenud | 1 516 | 3 519 |
+--------------------------------------------------------+----------+----------+
|Muud nõuded ja viitlaekumised | 300 | 1 039 |
+--------------------------------------------------------+----------+----------+
|Käibevarad kokku | 3 590 | 4 678 |
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Põhivarad | | |
+--------------------------------------------------------+----------+----------+
|Finantsvarad õiglases väärtuses muutusega läbi kasumi | | |
|aruande | 23 474 | 21 063 |
+--------------------------------------------------------+----------+----------+
| Investeeringud tütarettevõtetesse | 3 111 | 1 154 |
+--------------------------------------------------------+----------+----------+
| Investeeringud alusfondidesse | 20 363 | 19 909 |
+--------------------------------------------------------+----------+----------+
|Antud laenud | 2 149 | 2 149 |
+--------------------------------------------------------+----------+----------+
|Põhivarad kokku | 25 623 | 23 212 |
+--------------------------------------------------------+----------+----------+
|VARAD KOKKU | 29 213 | 27 890 |
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|KOHUSTUSED | | |
+--------------------------------------------------------+----------+----------+
|Panga arvelduskrediit | 0| 400|
+--------------------------------------------------------+----------+----------+
|Lühiajalised kohustused | 2| 12|
+--------------------------------------------------------+----------+----------+
|Kohustused kokku, v.a osakuomanikele kuuluv fondi vara | | |
|puhasväärtus | 2| 412|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|FONDI VARA PUHASVÄÄRTUS | | |
+--------------------------------------------------------+----------+----------+
|Osakuomanikele kuuluv fondi vara puhasväärtus | 29 211| 27 478|
+--------------------------------------------------------+----------+----------+
|Kohustused ja osakuomanikele kuuluv fondi vara | | |
|puhasväärtus kokku | 29 213| 27 890|
+--------------------------------------------------------+----------+----------+
EfTEN United Property Fund 2025. aasta 12 kuu ja IV kvartali auditeerimata
majandustulemused on lisatud käesolevale teatele ja leitavad Fondi kodulehel:
https://eftenunitedpropertyfund.ee/aruanded-ja-dokumendid/
Fondivalitseja EfTEN Capital AS viib EfTEN United Property Fund´i tulemuste ja
ettevaate tutvustamiseks 17.02.2026, algusega kell 14:00 (EET) läbi
internetipõhise eestikeelse veebiseminari. Huvilistel on võimalik küsimusi
esitada nii veebiseminari ajal kui ka sellele eelnevalt saates need ette
hiljemalt 16. veebruaril kella 17.00-ks (EET) e-kirja teel: [email protected].
Veebiseminaril osalemiseks palume registreeruda aadressil:
https://nasdaq.zoom.us/webinar/register/WN_zVnTzQKOREG2krzLdsoYMg
Osalejatele saadetakse üks tund enne veebiseminari algust meeldetuletuseks e-
kiri. Veebiseminar salvestatakse ja avalikustatakse fondi kodulehel
https://eftenunitedpropertyfund.ee ning YouTube kanalis.
Kristjan Tamla
Tegevjuht
Tel: 655 9515
E-post: [email protected] (mailto:[email protected])
Pealkiri
EfTEN United Property Fund unaudited financial results for 4th quarter and 12 months of 2025
Teade
The year 2025 was the first full year in the operating history of EfTEN United
Property Fund in which the Fund did not make new larger investments, and the
financial results reflected the full performance of the existing portfolio.
During the year, the Fund generated its highest net profit to date, increasing
2.2 times compared to 2024. In 2025, EfTEN United Property Fund earned a net
profit of 3.57 million euros (2024: 1.62 million euros), representing
approximately 14% of the Fund's invested capital and around 17% of its market
capitalisation. The Fund's revenues increased from 1.82 million euros to 3.78
million euros year-on-year, and in 2025 the Fund made distributions to investors
in an amount exceeding 9% of its market capitalisation.
The Fund's financial performance was supported primarily by the improved
profitability of the Uus-Järveküla residential development and by the addition
of Kristiine Shopping Centre to the portfolio, acquired through the EfTEN Real
Estate Fund 5. By the end of 2025, all completed semidetached and terraced
houses in the Uus-Järveküla residential area had been sold. Completion of the
final stage of the development - 32 terraced houses - is planned for spring
2026, with 20 already booked by customers as at year end.
The number of visitors to Kristiine Shopping Centre increased by 0.4% in 2025,
reaching 6 million, while tenant sales grew by 5.4% year-on-year. Net rental
income exceeded the budgeted forecast by 4%, and as at the end of December, the
centre had no vacant rental premises.
In December, the Fund's financial performance was influenced by the regular
revaluation of its real estate portfolio, resulting in a fourth quarter profit
of 1.46 million euros. A significant portion of this profit was attributable to
the increase in the value of the Fund's subsidiary, Invego Uus-Järveküla OÜ,
reflecting the expected profit from the final stage of the Uus-
Järveküla development project.
All of the fund's investments in rental real estate showed positive cash flow in
2025. Supported by falling interest costs, EfTEN United Property Fund is
expected to receive in the upcoming spring approximately 800,000 euros
in distributions from the 2025 investment results of the underlying funds. This
is almost twice as much as in the spring of 2025. In addition, there will be
interest and profit distributions from the Uus-Järveküla development received at
the end of last year (approximately 100 thousand euros) and to be
received during 2026. The fund plans to distribute these to investors during
2026.
Statement of the comprehensive income
+-------------+-------------+
| 4th quarter | 12 months |
+------+------+------+------+
| 2025 | 2024 | 2025 | 2024 |
+--------------------------------------------------+------+------+------+------+
|EUR thousand | | | | |
+--------------------------------------------------+------+------+------+------+
|INCOME | | | | |
+--------------------------------------------------+------+------+------+------+
|Interest income | 97 | 118 | 510 | 565 |
+--------------------------------------------------+------+------+------+------+
|Income from underlying funds | 155 | 142 | 575 | 402 |
+--------------------------------------------------+------+------+------+------+
|Interest expenses | 0 | -2 | -6 | -2 |
+--------------------------------------------------+------+------+------+------+
|Other financial income | 3 | 0 | 7 | 5 |
+--------------------------------------------------+------+------+------+------+
|Net profit from assets recognised in fair value | | | | |
|through the statement of comprehensive income |1 268 | 877 |2 695 | 851 |
+--------------------------------------------------+------+------+------+------+
| Investments in subsidiaries |1 173 | 214 |1 957 | 100 |
+--------------------------------------------------+------+------+------+------+
| Investments in underlying funds | 95 | 663 | 738 | 751 |
+--------------------------------------------------+------+------+------+------+
|Total income |1 523 |1 135 |3 781 |1 821 |
+--------------------------------------------------+------+------+------+------+
| | | | | |
+--------------------------------------------------+------+------+------+------+
|COSTS | | | | |
+--------------------------------------------------+------+------+------+------+
|Operating expenses | | | | |
+--------------------------------------------------+------+------+------+------+
| Management fee | -23 | -28 | -105 | -112 |
+--------------------------------------------------+------+------+------+------+
| Costs of administering the Fund | -11 | -10 | -33 | -31 |
+--------------------------------------------------+------+------+------+------+
| Other operating expenses | -26 | -9 | -75 | -55 |
+--------------------------------------------------+------+------+------+------+
|Total operating expenses | -60 | -47 | -213 | -198 |
+--------------------------------------------------+------+------+------+------+
|Operating profit |1 463 |1 088 |3 568 |1 623 |
+--------------------------------------------------+------+------+------+------+
|Profit before income tax |1 463 |1 088 |3 568 |1 623 |
+--------------------------------------------------+------+------+------+------+
| | | | | |
+--------------------------------------------------+------+------+------+------+
|Net profit for the reporting period |1 463 |1 088 |3 568 |1 623 |
+--------------------------------------------------+------+------+------+------+
|Total comprehensive profit for the reporting | | | | |
|period |1 463 |1 088 |3 568 |1 623 |
+--------------------------------------------------+------+------+------+------+
|Increase/decrease in the net asset value of the | | | | |
|fund owned by unit holders |1 463 |1 088 |3 568 |1 623 |
+--------------------------------------------------+------+------+------+------+
| | | | | |
+--------------------------------------------------+------+------+------+------+
|Ordinary and diluted profit per unit (EUR) | 0,59| 0,44| 1,44| 0,65|
+--------------------------------------------------+------+------+------+------+
Statement of financial position
+----------+----------+
|31.12.2025|31.12.2024|
+--------------------------------------------------------+----------+----------+
|EUR thousand | | |
+--------------------------------------------------------+----------+----------+
|ASSETS | | |
+--------------------------------------------------------+----------+----------+
|Current assets | | |
+--------------------------------------------------------+----------+----------+
|Cash and cash equivalents | 1 774 | 0 |
+--------------------------------------------------------+----------+----------+
|Short-term deposits | 0 | 120 |
+--------------------------------------------------------+----------+----------+
|Loans granted | 1 516 | 3 519 |
+--------------------------------------------------------+----------+----------+
|Other receivables and accrued income | 300 | 1 039 |
+--------------------------------------------------------+----------+----------+
|Total current assets | 3 590 | 4 678 |
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|Non-current assets | | |
+--------------------------------------------------------+----------+----------+
|Financial assets at fair value through profit or loss | 23 474 | 21 063 |
+--------------------------------------------------------+----------+----------+
| Investments in subsidiaries | 3 111 | 1 154 |
+--------------------------------------------------------+----------+----------+
| Investments in underlying funds | 20 363 | 19 909 |
+--------------------------------------------------------+----------+----------+
|Loans granted | 2 149 | 2 149 |
+--------------------------------------------------------+----------+----------+
|Total non-current assets | 25 623 | 23 212 |
+--------------------------------------------------------+----------+----------+
|TOTAL ASSETS | 29 213 | 27 890 |
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|LIABILITIES | | |
+--------------------------------------------------------+----------+----------+
|Bank overdraft | 0| 400|
+--------------------------------------------------------+----------+----------+
|Current liabilities | 2| 12|
+--------------------------------------------------------+----------+----------+
|Total liabilities, excluding net asset value of the Fund| | |
|attributable to unitholders | 2| 412|
+--------------------------------------------------------+----------+----------+
| | | |
+--------------------------------------------------------+----------+----------+
|NET ASSET VALUE OF THE FUND | | |
+--------------------------------------------------------+----------+----------+
|Net asset value of the Fund attributable to unitholders | 29 211| 27 478|
+--------------------------------------------------------+----------+----------+
|Total liabilities and net asset value of the Fund | | |
|attributable to unitholders | 29 213| 27 890|
+--------------------------------------------------------+----------+----------+
The unaudited 4(th) quarter and 12 months 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/
EfTEN Capital AS will hold a webinar in Estonian on 17.02.2026, starting at
14:00 (EET), to introduce the results and outlook of the EfTEN United Property
Fund. Questions can be asked during the webinar as well as by sending them in
advance by e-mail at: [email protected] no later than February 16 at 17:00 (EET).
To participate in the webinar, please register at:
https://nasdaq.zoom.us/webinar/register/WN_zVnTzQKOREG2krzLdsoYMg
Participants will be sent a reminder email one hour before the start of the
webinar. The webinar will be recorded and made public on the fund's website
https://eftenunitedpropertyfund.ee and on the YouTube channel.
Kristjan Tamla
Managing Director
Phone 655 9515
E-mail: [email protected] (mailto:[email protected])