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
Manused
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])