In September 2026, EfTEN Real Estate Fund AS earned consolidated rental income of €2,943 thousand (August: €2,918 thousand). The increase came mainly from the elderly care home segment, where investments made in the third quarter increased rental income from the Nõmme and Tartu Südamekodu care homes by a combined €23 thousand. Rental income was also supported by new lease agreements signed at the Betooni 6 logistics centre, which brought portfolio vacancy down to its lowest level in three years (2.2%). The Fund's consolidated net operating income (NOI) was €2,895 thousand in September. This is €84 thousand more than in August, mainly due to lower property management and marketing costs. The Fund's consolidated EBITDA was €2,565 thousand in September (August: €2,490 thousand).
In September, the Fund repaid a €4 million fund-level loan to Swedbank. The loan had been taken out to finance the acquisition of Magistral Kaubanduskeskus OÜ, and it was repaid from the proceeds of the directed share issue completed in August. Including the subsidiaries' scheduled loan repayments, the Group's borrowings decreased by €4,582 thousand in September to €163,560 thousand at the end of the month. The Group's LTV fell to 41.0% at the end of September (end of August: 42.2%). The weighted average interest rate on the Group's borrowings was 4.36% at the end of September (end of August: 4.17%). As a result of the loan repayment, consolidated cash and cash equivalents decreased by €3,037 thousand in September to €19,360 thousand at the end of the month.
In the first nine months of 2026, the Fund earned consolidated rental income of €25.18 million, an increase of 6.4% compared with the same period last year. Consolidated EBITDA for the nine months was €21.38 million, up 7.5% (€1.5 million) year on year. Of this increase, €786 thousand came from the Magistral shopping centre acquired in June. Like-for-like EBITDA increased by €788 thousand, or 4.2%, with the largest increase at Mustika shopping centre (+€204 thousand).
For the first nine months of the year, the Fund's consolidated adjusted cash flow (EBITDA less loan principal repayments, interest expense and income tax expense of the Lithuanian subsidiaries) was €11.02 million, which is 15.6% more than in the same period last year. Based on the nine-month results, the Fund has generated a potential gross dividend of 75.20 cents per share, 12.8% more than a year earlier (66.66 cents).
The Fund's net asset value (NAV) per share was €20.41 as at 30 September 2026, up 0.9% from the end of August.
Marilin Hein
CFO
Tel. +372 6559 515
marilin.hein@eften.ee
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