Net Asset Value of EfTEN Real Estate Fund AS as of 31 May 2025

In  May, EfTEN  Real Estate  Fund AS  earned consolidated  rental income  of EUR
2,643 thousand, increasing by EUR 33 thousand compared to April. The increase in
rental  income is  mainly related to the higher revenue in the logistics segment
(including  the first  full month  of rental  income from the Paemurru logistics
centre) and contract-based rent increases in the elderly care segment.

The  Fund's consolidated EBITDA  in May totalled  EUR 2,229 thousand (April: EUR
2,183 thousand).  Adjusted cash flow (EBITDA  less loan principal repayments and
interest  expenses)  amounted  to  EUR  1,148 thousand,  an increase of EUR 138
thousand  compared to April. The portfolio  vacancy rate decreased to 4.0% (down
0.7 percentage  points), mainly due to new lease agreements signed in the office
building at Pärnu mnt 102 in Tallinn.

During  the first five months  of 2025, the Fund has  earned EUR 12.9 million in
rental   income,  a  1.3% increase  compared  to  the  same  period  last  year.
Consolidated  EBITDA for the  year stands at  EUR 10.6 million, 2.7% lower year-
over-year,  primarily due to utility costs related to vacant space in the office
segment.  Consolidated  interest  expenses  have  decreased  by EUR 768 thousand
compared  to last year,  and the Fund's  weighted average interest  rate fell to
4.09% in  May, reaching the same level as  at the beginning of 2023. In 5 months
this  year, the Fund  has earned 5,4% more  free cash-flow than  during the same
period last year.

As  of  the  end  of  May,  the  Fund's  net asset value (NAV) per share was EUR
19.7782, and  the EPRA NRV was  EUR 20.6479. Both NAV and  EPRA NRV increased by
0.7% over the month.



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