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

EfTEN  Real Estate  Fund AS  generated consolidated  rental income of EUR 2,703
thousand in November 2025, remaining at the same level as in October. The Fund's
consolidated  net rental income (NOI) amounted to EUR 2,568 thousand, decreasing
by EUR 6 thousand month-on-month.

Over  the eleven months of 2025, the Fund earned a total of EUR 29.08 million in
consolidated rental income, an increase of 3.1% compared to the same period last
year. Consolidated EBITDA for the period reached EUR 24.45 million, representing
1.9% increase year-on-year.

The  adjusted cash flow  (EBITDA minus loan  principal repayments minus interest
expenses)  totalled EUR 11.9 million for  the eleven-month period, increasing by
19.9% year-on-year. The increase was primarily driven by the cash flows from new
investment  properties acquired in the autumn of  last year and in the spring of
the  current year, as  well as by  the decrease in  EURIBOR. The Fund's weighted
average interest rate on loans was 3.99% at the end of November.

Based  on the consolidated results  for the eleven months  of 2025, the Fund has
generated  potential  gross  dividends  of  82.91 cents per share for investors,
which  is 12.5% more than in  the same period last  year. The management company
continues  to actively  refinance bank  loans secured  by properties with strong
cash  flows, with the  objective of increasing  the Fund's dividend distribution
capacity.

As a result of the Fund's share issue in November, the consolidated cash balance
increased  by  EUR  1.6 million.  The  new  share capital were registered in the
Commercial  Register on 27 November  2025 and new shares  are listed on December
2, 2025.

The  Fund's  net  asset  value  (NAV)  per  share  was EUR 20.7218 at the end of
November, increasing by 0.7% over the month. The EPRA NRV was EUR 21.6145 at the
end of November, increasing by 0.6%.

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