Börsiteade

EfTEN United Property Fund / EFTEN Capital AS

LEI kood

984500E070A0V4E8CO64

Emitendi suuruskategooria

Väikekontsern

Majandustegevusalad

Finants- ja kindlustustegevus

Sektor(id)

Fondivalitseja

Emitendi registreeritud asukoht

Eesti

Üldandmed

Kategooriad

Juhtkonna vaheteadaanne või kvartaalne finantsaruanne

Teate ID

18549

Esitamise kuupäev ja aeg

07.05.2026 08:05:00

Teate sisu eesti keeles

Pealkiri

EfTEN United Property Fund’i 2026. aasta I kvartali auditeerimata majandustulemused

Teade

2026. aasta  I  kvartalis  teenis  EfTEN  United  Property  Fund 461 tuhat eurot
puhaskasumit  (2025 I kvartal:  703 tuhat eurot). Kasumi  vähenemine on eelkõige
seotud  fondi investeeringuga EfTEN Real Estate  Fund AS aktsiatesse, mille hind
Tallinna   Väärtpaberibörsil   kasvas  2026. aasta  I  kvartalis  2,9% võrreldes
4,5% 2025. aasta   samal   perioodil.   Lisaks  vähenes  aastataguse  perioodiga
võrreldes  intressitulu investeeringult arendusettevõttesse Invego Uus-Järveküla
OÜ,   kuna   arendusettevõte  tagastas  fondile  märtsi  keskel  täies  ulatuses
omaniklaenu põhiosa ja intressid.

Vaatamata  kasumi vähenemisele, laekus  EfTEN United Property  Fund AS-le 2026.
aasta  alguses alusfondidest teenitud rekordiline omanikutulu. Selle alusel teeb
fond  2026. aasta II  kvartalis investoritele  tänavuse aasta esimese väljamakse
suurusega  ligikaudu üks miljon eurot. Väljamakse aluseks on laekunud dividendid
ja omanikutulu kõikidest alusfondidest ning intressid Invego Uus-Järveküla OÜ ja
Menulio 7 büroohoone omaniklaenudelt. Väljamakse ei sisalda Invego Uus-Järveküla
arendusettevõtte  kasumit,  mille  fond  plaanib  suures osas välja maksta aasta
teisel poolel.

Kuna  EfTEN United Property Fund'i portfell  on hajutatud Balti riikides pea 50
erineva  objekti  vahel,  mõjutavad  fondi  tulemusi  regiooni kinnisvarasektori
kõikide  segmentide arengud. Baltikumi ärikinnisvara  turul ei ole viimase paari
kvartali jooksul suuremaid muutusi toimunud. Elukondlikul kinnisvaraturul on aga
uusarenduste müük paranenud kõigis Balti riikides. Tallinnas kasvas uusarenduste
kuine  müügimaht 2026. aasta  I kvartalis  ligikaudu 160 ühikuni kuus, võrreldes
keskmiselt  ligikaudu 100 ühikuga  2024. aastal  ja 2025. aasta esimesel poolel.
Suurima hüppe tegi Balti riikides Vilniuse uusarenduste turg, kus osaliselt tänu
pensioni  teisest  sambast  vabanevate  vahendite ootusele,  olid  2026. aasta I
kvartali müügimahud kõigi aegade kõrgeimad - küündides kohati 700 ühikuni kuus.

Müügitempo  püsis  aasta  alguses  tugev  ka  EfTEN  United  Property Fund'i 80%
osalusega  Uus-Järveküla  elurajooni  arendusettevõttes Invego Uus-Järveküla OÜ.
Esimeses     kvartalis     müüdi     (sõlmiti     asjaõiguslepingud)     22 ning
sõlmiti broneerimislepingud   kolme ridamaja osas.   Kvartali  lõpu  seisuga  on
arenduses  broneerimata veel 8 ridamaja osa. Märtsis maksis Invego Uus-Järveküla
OÜ tagasi kogu pangalaenu ning tagastas fondile täies ulatuses omaniklaenu (1,51
miljonit  eurot) ning sellelt kogunenud intressid (56 tuhat eurot). EfTEN United
Property  Fund investeeris  Uus-Järveküla arendusprojekti  2021. ja 2023. aastal
kokku 3,52 miljonit eurot ning on tänaseks tagasi saanud 4,8 miljonit eurot.

2026. aasta    teisel    poolel    keskendub    EfTEN   United   Property   Fund
investeerimisvõimaluste otsimisele uues elukondlikus arendusprojektis.

Koondkasumiaruanne

                                                                     +---------+
                                                                     |I kvartal|
                                                                     +----+----+
                                                                     |2026|2025|
+--------------------------------------------------------------------+----+----+
|EUR tuhandetes                                                        |    |    |
+--------------------------------------------------------------------+----+----+
|TULUD                                                               |    |    |
+--------------------------------------------------------------------+----+----+
|Intressitulu                                                        |  74| 154|
+--------------------------------------------------------------------+----+----+
|Alusfondidest laekunud tulud                                        |  58|   0|
+--------------------------------------------------------------------+----+----+
|Muud finantstulud                                                   |   0|   4|
+--------------------------------------------------------------------+----+----+
|Neto kasum / kahjum õiglases väärtuses muutusega läbi               |    |    |
|koondkasumiaruande kajastatud varadelt                              | 402| 615|
+--------------------------------------------------------------------+----+----+
|   Investeeringutelt tütarettevõtetesse                             |  35|  90|
+--------------------------------------------------------------------+----+----+
|   Investeeringutelt alusfondidesse                                 | 367| 525|
+--------------------------------------------------------------------+----+----+
|Tulud kokku                                                         | 534| 773|
+--------------------------------------------------------------------+----+----+
|                                                                    |    |    |
+--------------------------------------------------------------------+----+----+
|KULUD                                                               |    |    |
+--------------------------------------------------------------------+----+----+
|Tegevuskulud                                                        |    |    |
+--------------------------------------------------------------------+----+----+
|   Valitsemistasud                                                  | -27| -29|
+--------------------------------------------------------------------+----+----+
|   Fondi administreerimise kulud                                    |  -8|  -7|
+--------------------------------------------------------------------+----+----+
|   Muud tegevuskulud                                                | -38| -29|
+--------------------------------------------------------------------+----+----+
|Tegevuskulud kokku                                                  | -73| -65|
+--------------------------------------------------------------------+----+----+
| Intressikulu                                                       |   0|  -5|
+--------------------------------------------------------------------+----+----+
|Ärikasum                                                            | 461| 703|
+--------------------------------------------------------------------+----+----+
|Kasum enne tulumaksu                                                | 461| 703|
+--------------------------------------------------------------------+----+----+
|                                                                    |    |    |
+--------------------------------------------------------------------+----+----+
|Aruandeperioodi puhaskasum                                          | 461| 703|
+--------------------------------------------------------------------+----+----+
|Aruandeperioodi koondkasum kokku                                    | 461| 703|
+--------------------------------------------------------------------+----+----+
|Osakuomanikele kuuluva fondi puhasväärtuse kasv                     | 461| 703|
+--------------------------------------------------------------------+----+----+
|                                                                    |    |    |
+--------------------------------------------------------------------+----+----+
|Tava- ja lahustatud kasum osaku kohta (eurodes)                     |0,19|0,28|
+--------------------------------------------------------------------+----+----+


Finantsseisundi aruanne

                                                         +----------+----------+
                                                         |31.03.2026|31.12.2025|
+--------------------------------------------------------+----------+----------+
|EUR tuhandetes                                            |          |          |
+--------------------------------------------------------+----------+----------+
|VARAD                                                   |          |          |
+--------------------------------------------------------+----------+----------+
|Käibevarad                                              |          |          |
+--------------------------------------------------------+----------+----------+
|Raha ja raja ekvivalendid                               |     3 287|     1 774|
+--------------------------------------------------------+----------+----------+
|Antud laenud                                            |     2 149|     1 516|
+--------------------------------------------------------+----------+----------+
|Muud nõuded ja viitlaekumised                           |       310|       300|
+--------------------------------------------------------+----------+----------+
|Käibevarad kokku                                        |     5 746|     3 590|
+--------------------------------------------------------+----------+----------+
|                                                        |          |          |
+--------------------------------------------------------+----------+----------+
|Põhivarad                                               |          |          |
+--------------------------------------------------------+----------+----------+
|Finantsvarad õiglases väärtuses muutusega läbi kasumi   |          |          |
|aruande                                                 |    23 929|    23 474|
+--------------------------------------------------------+----------+----------+
|   Investeeringud tütarettevõtetesse                    |     3 146|     3 111|
+--------------------------------------------------------+----------+----------+
|   Investeeringud alusfondidesse                        |    20 783|    20 363|
+--------------------------------------------------------+----------+----------+
|Antud laenud                                            |         0|     2 149|
+--------------------------------------------------------+----------+----------+
|Põhivarad kokku                                         |    23 929|    25 623|
+--------------------------------------------------------+----------+----------+
|VARAD KOKKU                                             |    29 675|    29 213|
+--------------------------------------------------------+----------+----------+
|                                                        |          |          |
+--------------------------------------------------------+----------+----------+
|KOHUSTUSED                                              |          |          |
+--------------------------------------------------------+----------+----------+
|Lühiajalised kohustused                                 |         3|         2|
+--------------------------------------------------------+----------+----------+
|Kohustused kokku, v.a osakuomanikele kuuluv fondi vara  |          |          |
|puhasväärtus                                            |         3|         2|
+--------------------------------------------------------+----------+----------+
|                                                        |          |          |
+--------------------------------------------------------+----------+----------+
|FONDI VARA PUHASVÄÄRTUS                                 |          |          |
+--------------------------------------------------------+----------+----------+
|Osakuomanikele kuuluv fondi vara puhasväärtus           |    29 672|    29 211|
+--------------------------------------------------------+----------+----------+
|Kohustused ja osakuomanikele kuuluv fondi vara          |          |          |
|puhasväärtus kokku                                      |    29 675|    29 213|
+--------------------------------------------------------+----------+----------+


EfTEN    United    Property    Fund   2026. aasta   I   kvartali   auditeerimata
majandustulemused  on lisatud  käesolevale teatele  ja leitavad Fondi kodulehel:
https://eftenunitedpropertyfund.ee/aruanded-ja-dokumendid/


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

Teate sisu inglise keeles

Pealkiri

EfTEN United Property Fund unaudited financial results for the 1st quarter of 2026

Teade

In  Q1 2026, EfTEN United Property Fund  earned 461 thousand euros in net profit
(Q1 2025: 703 thousand euros). The decline in profit is primarily related to the
Fund's  investment  in  EfTEN  Real  Estate  Fund  AS shares, whose price on the
Tallinn  Stock Exchange increased 2.9% in Q1 2026 compared with 4.5% in the same
period  of  2025. In  addition,  interest  income  from  the  investment  in the
development  company  Invego  Uus-Järveküla  OÜ  decreased  year-on-year, as the
development company repaid the principal and interest of the shareholder loan to
the Fund in full in mid-March.

Despite  the decline  in profit,  EfTEN United  Property Fund AS received record
owner  income from its underlying funds at the beginning of 2026. This forms the
basis  for the Fund's first distribution of the year to investors in Q2 2026, in
the  amount of  approximately one  million euros.  The distribution  is based on
dividends  and income  received from  all underlying  funds, as well as interest
from  the Invego Uus-Järveküla OÜ and  the Menulio 7 office building shareholder
loans.  The  distribution  does  not  include  the  profit  from the Invego Uus-
Järveküla development project, which the Fund plans to distribute largely in the
second half of the year.

Since  EfTEN United Property  Fund's portfolio is  diversified across nearly 50
different  properties in the Baltic states,  developments across all segments of
the  regional real estate market  affect the Fund's results.  There have been no
major  changes in  the Baltic  commercial real  estate market  over the last few
quarters.  In  the  residential  real  estate  market,  however,  sales  of  new
developments  have improved in  all Baltic states.  In Tallinn, monthly sales of
new  developments grew to approximately 160 units per month in Q1 2026, compared
with  an average  of around  100 units in  2024 and the  first half of 2025. The
biggest  jump  in  the  Baltic  states  was  made by the Vilnius new-development
market,  where - partly thanks to expectations  of funds being released from the
second  pension pillar - Q1 2026 sales  volumes reached all-time highs, at times
reaching up to 700 units per month.

The  pace of sales also remained strong at  the start of the year in Invego Uus-
Järveküla OÜ, the development company for the Uus-Järveküla residential district
in  which EfTEN United Property  Fund holds an 80% stake.  In the first quarter,
22 units  were sold  (real rights  contracts signed)  and reservation agreements
were  concluded for  three terraced  houses. As  of the  end of  the quarter, 8
terraced  houses in  the development  remain unreserved.  In March,  Invego Uus-
Järveküla  OÜ repaid its entire  bank loan and returned  the shareholder loan to
the  Fund  in  full  (1.51  million  euros)  along with the accrued interest (56
thousand  euros). EfTEN  United Property  Fund invested  a total of 3.52 million
euros in the Uus-Järveküla development project in 2021 and 2023, and has to date
received 4.8 million euros back.

In  the second half  of 2026, EfTEN United  Property Fund will  focus on finding
investment opportunities in a new residential development project.

Statement of the comprehensive income

                                                                     +---------+
                                                                     |  1st    |
                                                                     | quarter |
                                                                     +----+----+
                                                                     |2026|2025|
+--------------------------------------------------------------------+----+----+
|EUR thousand                                                          |    |    |
+--------------------------------------------------------------------+----+----+
|INCOME                                                              |    |    |
+--------------------------------------------------------------------+----+----+
|Interest income                                                     |  74| 154|
+--------------------------------------------------------------------+----+----+
|Income from underlying funds                                        |  58|   0|
+--------------------------------------------------------------------+----+----+
|Other financial income                                              |   0|   4|
+--------------------------------------------------------------------+----+----+
|Net profit / loss from assets recognised in fair value through      |    |    |
|profit or loss                                                      | 402| 615|
+--------------------------------------------------------------------+----+----+
|   Investments in subsidiaries                                      |  35|  90|
+--------------------------------------------------------------------+----+----+
|   Investments in underlying funds                                  | 367| 525|
+--------------------------------------------------------------------+----+----+
|Total income                                                        | 534| 773|
+--------------------------------------------------------------------+----+----+
|                                                                    |    |    |
+--------------------------------------------------------------------+----+----+
|COSTS                                                               |    |    |
+--------------------------------------------------------------------+----+----+
|Operating expenses                                                  |    |    |
+--------------------------------------------------------------------+----+----+
|   Management fees                                                  | -27| -29|
+--------------------------------------------------------------------+----+----+
|   Costs of administering the Fund                                  |  -8|  -7|
+--------------------------------------------------------------------+----+----+
|   Other operating expenses                                         | -38| -29|
+--------------------------------------------------------------------+----+----+
|Total operating expenses                                            | -73| -65|
+--------------------------------------------------------------------+----+----+
| Interest expenses                                                  |   0|  -5|
+--------------------------------------------------------------------+----+----+
|Operating profit                                                    | 461| 703|
+--------------------------------------------------------------------+----+----+
|Profit before income tax                                            | 461| 703|
+--------------------------------------------------------------------+----+----+
|                                                                    |    |    |
+--------------------------------------------------------------------+----+----+
|Net profit for the period                                           | 461| 703|
+--------------------------------------------------------------------+----+----+
|Total comprehensive profit for the reporting period                 | 461| 703|
+--------------------------------------------------------------------+----+----+
|Increase in the net asset value of the fund attributable to         |    |    |
|shareholders                                                        | 461| 703|
+--------------------------------------------------------------------+----+----+
|                                                                    |    |    |
+--------------------------------------------------------------------+----+----+
|Ordinary and diluted earnings per share (EUR)                       |0.19|0.28|
+--------------------------------------------------------------------+----+----+


Statement of financial position

                                                         +----------+----------+
                                                         |31.03.2026|31.12.2025|
+--------------------------------------------------------+----------+----------+
|EUR thousand                                              |          |          |
+--------------------------------------------------------+----------+----------+
|ASSETS                                                  |          |          |
+--------------------------------------------------------+----------+----------+
|Current assets                                          |          |          |
+--------------------------------------------------------+----------+----------+
|Cash and cash equivalents                               |    3,287 |    1,774 |
+--------------------------------------------------------+----------+----------+
|Loans granted                                           |    2,149 |    1,516 |
+--------------------------------------------------------+----------+----------+
|Other receivables and accrued income                    |      310 |      300 |
+--------------------------------------------------------+----------+----------+
|Total current assets                                    |    5,746 |    3,590 |
+--------------------------------------------------------+----------+----------+
|                                                        |?         |?         |
+--------------------------------------------------------+----------+----------+
|Non-current assets                                      |?         |?         |
+--------------------------------------------------------+----------+----------+
|Financial assets at fair value through profit or loss   |   23,929 |   23,474 |
+--------------------------------------------------------+----------+----------+
|  Investments in subsidiaries                           |    3,146 |    3,111 |
+--------------------------------------------------------+----------+----------+
|  Investments in underlying funds                       |   20,783 |   20,363 |
+--------------------------------------------------------+----------+----------+
|Loans granted                                           |        0 |    2,149 |
+--------------------------------------------------------+----------+----------+
|Total non-current assets                                |   23,929 |   25,623 |
+--------------------------------------------------------+----------+----------+
|TOTAL ASSETS                                            |   29,675 |   29,213 |
+--------------------------------------------------------+----------+----------+
|                                                        |?         |?         |
+--------------------------------------------------------+----------+----------+
|LIABILITIES                                             |?         |?         |
+--------------------------------------------------------+----------+----------+
|Current liabilities                                     |        3 |        2 |
+--------------------------------------------------------+----------+----------+
|Total liabilities, excluding net asset value of the fund|          |          |
|attributable to shareholders                            |        3 |        2 |
+--------------------------------------------------------+----------+----------+
|                                                        |?         |?         |
+--------------------------------------------------------+----------+----------+
|NET ASSET VALUE OF THE FUND                             |?         |?         |
+--------------------------------------------------------+----------+----------+
|Net asset value of the fund attributable to shareholders|   29,672 |   29,211 |
+--------------------------------------------------------+----------+----------+
|Total liabilities and net asset value of the fund       |          |          |
|attributable to shareholders                            |   29,675 |   29,213 |
+--------------------------------------------------------+----------+----------+


The  unaudited 1(st) quarter  2026 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])