Net Asset Value of EfTEN Real Estate Fund AS as of 30 September 2025

EfTEN  Real Estate Fund AS earned  consolidated rental income of EUR2,701 thousand
in  September  2025, remaining  at  the  same  level  as  in  August. The Fund's
consolidated  net operating income (NOI) amounted to EUR2,606 thousand, decreasing
by EUR16 thousand compared to August. The decrease in NOI was mainly due to higher
VAT-related proportionate expenses in the Fund's Lithuanian subsidiary.

During  the  first  nine  months  of  2025, the  Fund  earned  EUR23.68 million in
consolidated  rental income, increasing by 2.7% compared to the same period last
year.  Consolidated EBITDA for the same period was EUR19.89 million, up 1.2% year-
on-year.

The  Fund's adjusted  cash flow  (EBITDA minus  loan principal  repayments minus
interest  expenses) for the  first nine months  totalled EUR9.53 million, which is
19% higher  than in the same period last year. The increase was primarily driven
by additional cash flow from new acquisitions and developments, as well as lower
interest  expenses resulting from  the decrease in  EURIBOR. The Fund's weighted
average  interest rate remained at 3.95% at the end of September (the same as in
August).

Based  on  the  nine-month  results,  the  Fund  has generated a potential gross
dividend  of EUR0.6666 per  share, which is  12.6% higher than a  year earlier. In
addition,  the Fund  Manager plans  to refinance  bank loans of properties where
operational  cash flows exceed loan and interest payments by more than two times
and  where the loan-to-value (LTV) ratio has decreased to a level considered too
low, with the aim of increasing dividend capacity.

The Fund's net asset value (NAV) per share was EUR20.4379 at the end of September,
increasing  by 0.7% over the month. The EPRA NRV per share amounted to EUR21.3280,
up 0.8% compared to August.

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