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EfTEN Real Estate Fund AS – Four-Month financial results 2026 and net asset value as of 30 April 2026

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EfTEN  Real  Estate  Fund  AS  generated  consolidated  rental  income of EUR2,687
thousand  in  April  2026, decreasing  by  EUR13  thousand  compared to March. The
decrease  was due to  the disposal of  the Menulio office  building. The Group's
consolidated  EBITDA for  April amounted  to EUR2,243  thousand, EUR55 thousand less
than  in March, reflecting  the decrease in  rental income following the Menulio
disposal,  as well as increased marketing costs related to advertising campaigns
at  Saules Miestas  and RAF  Centrs shopping  centres, the Nasdaq fee associated
with the dividend payment, and investment property valuation expenses.

In April, the Group's subsidiary EfTEN Menulio UAB completed the disposal of its
office  building located at Menulio 11, Vilnius.  Following the repayment of the
bank loan and settlement of transaction costs, net proceeds of EUR5.3 million were
received  by the  subsidiary. The  income tax  of EUR822  thousand will be paid by
EfTEN  Menulio UAB in  May in connection  with the divestment.  In addition, the
Group's  subsidiary EfTEN SPV7  OÜ received EUR225  thousand from the  sale of the
investment  property at Tammsaare tee 116a, located adjacent to Mustika shopping
centre.  The property was  sold to Ignitis  Eesti OÜ, which  plans to develop an
electric  vehicle charging  station on  the site.   The total  number of parking
spaces at Mustika shopping centre will not be affected by the transaction.

The  Group's  consolidated  vacancy  rate  was  2.9% at the end of April (March:
3.3%). The  vacancy rate  in the  office segment  was 11.2% at  the end of April
(March:  13.1%). The decrease in vacancy was due  to the disposal of the Menulio
office building.

During  the  first  four  months  of  2026, the Group earned consolidated rental
income  of EUR10,867 thousand, representing  an increase of 5.6% year-on-year, and
consolidated  EBITDA of EUR9,060 thousand, up  8.3% compared to the same period of
the  prior year.  The increase  in rental  income and  EBITDA was  driven by new
investments  in the logistics  and elderly care  segments and improved operating
performance in the retail segment.

During  the  first  four  months  of  2026, EfTEN  Real  Estate  Fund  AS earned
consolidated  adjusted  cash  flow  (EBITDA  less  finance costs, scheduled loan
principal  repayments and income  tax expense) of  EUR4.63 million, an increase of
EUR956  thousand year-on-year. In addition to the improved EBITDA result, interest
expenses  were EUR  314 thousand lower  compared to  the same  period of the prior
year.  The weighted average interest rate on the Group's borrowings was 4.03% as
at the end of April 2026, compared to 4.21% as at the end of April 2025.

In  April, the Group  paid dividends totalling  EUR13,830 thousand. The associated
income tax expense of EUR2,550 thousand will be settled in May.

The  net asset value (NAV) per share  was EUR19.67 as at 30 April 2026, decreasing
by 5.2% during the month. Excluding the effect of the dividend distribution, NAV
per share would have increased by 0.9% in April.

The  management of the Fund considers important to note that the shareholding of
Lithuanian  Swedbank pension funds in EfTEN Real Estate Fund AS has decreased by
approximately  78% since March 2025. As  the Lithuanian pension  funds have been
consistent sellers over this period, this has contributed to selling pressure on
the Fund's share price. As a result, the management expects the selling pressure
on the share price to gradually ease.

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