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

EfTEN  Real  Estate  Fund  AS  earned  consolidated  rental income of EUR 2,704
thousand  in  August  2025, which  is  EUR  15 thousand  more  than in July. The
increase in rental income was primarily due to the commencement of rental income
of the new wing of the Ermi care home. The fund's consolidated net rental income
(NOI)  in August amounted to EUR  2,622 thousand, up by EUR 18 thousand compared
to July.

During the first eight months of 2025, the fund earned total consolidated rental
income  of EUR 20.97 million,  which is 2.3% more  than in the  same period last
year.  Consolidated EBITDA for the same  period was EUR 17.55 million, remaining
on par with the previous year.

The  adjusted cash flow  (EBITDA minus loan  principal repayments minus interest
expenses)  for the eight-month  period was EUR  8.36 million, increasing by 17%
compared  to  the  same  time  last  year.  This growth was primarily due to the
additional  cash flows from new acquisitions  and developments, as well as lower
interest expenses due to a decrease in EURIBOR.

Based  on  the  eight-month  results,  the  fund has generated a potential gross
dividend  of 58.49 cents  per share  for investors,  which is  10.8% higher than
during  the same period last  year. The fund manager  will perform more detailed
calculations regarding loan refinancings and the potential 2025 dividend outlook
in November.

As  of the end  of August, the  fund's net asset  value (NAV) per  share was EUR
20.2868, and  the EPRA NRV  was EUR 21.1682. Both  indicators increased by 0.8%
over the month.

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