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

EfTEN  Real Estate Fund AS earned  consolidated rental income of EUR2,702 thousand
in  October  2025, remaining  at  the  same  level  as  in September. The Fund's
consolidated  net rental income (NOI) amounted to EUR2,574 thousand, decreasing by
EUR32  thousand compared  to the  previous month,  mainly due  to higher marketing
expenses in Saules Miestas shopping centre.

During  the first ten months of  2025, the Fund earned total consolidated rental
income  of EUR26.38  million, which  is 3.0% higher  than in  the same period last
year.  Consolidated  EBITDA  for  the  same  period  amounted to EUR22.18 million,
representing an increase of 1.7% year-on-year.

The  adjusted cash flow  (EBITDA minus loan  principal repayments minus interest
expenses) totalled EUR10.7 million for the ten-month period, up by 20% compared to
the  same period last year. The increase  was supported by additional cash flows
from  newly acquired  and developed  properties and  by lower  interest expenses
resulting  from the  decrease in  EURIBOR. The  Fund's weighted average interest
rate was 3.97% at the end of October.

Based on ten-month results, the Fund has generated a potential gross dividend of
EUR0.7483  per share, which is 13.4% higher than in the same period last year. The
Fund  Manager plans to  continue refinancing bank  loans of properties where the
operating  cash flow exceeds debt service obligations by more than two times and
where  the LTV ratio has  decreased below a conservative  level, with the aim to
increase dividend distributions up to EUR1.20 per share (net).

The  Fund's net asset value (NAV) per share  was EUR20.5842 at the end of October,
increasing  by 0.7% during the month. The EPRA NRV amounted to EUR21.48 per share,
also rising by 0.7% in October.

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