You Won’t Believe the Shocking Net Asset Value of EfTEN Real Estate Fund AS – What Does It Mean for Your Portfolio?

The recent performance report from **EfTEN Real Estate Fund AS** for January 2026 indicates a notable increase in consolidated rental income and EBITDA compared to the previous year. The fund earned consolidated rental income of **€2,738 thousand** in January, a slight decrease from the **€2,956 thousand** earned in December 2025. This decrease, however, can be attributed to higher year-end turnover rents from shopping centers, which contributed **€241 thousand** in December. Excluding this factor, the rental income from the fund’s real estate portfolio saw an increase of **€22 thousand**, primarily driven by improved occupancy rates and contractual rent indexations.

In terms of earnings, the consolidated EBITDA for January amounted to **€2,244 thousand**, down from **€2,355 thousand** in December 2025. However, there was a positive year-on-year comparison; when looking back to January 2025, the fund’s consolidated rental income increased by **7.1%** (or **€182 thousand**) while EBITDA rose by **9.8%** (or **€201 thousand**). This growth in EBITDA was partially fueled by new investments in the fund’s real estate portfolio, notably the **Härgmäe** and **Paemurru** logistics centers. Additionally, developments and acquisitions in the elderly care segment bolstered these figures. The remaining increase in EBITDA was attributed to higher occupancy rates in the office sector, the expiration of rent discounts in the logistics segment, and enhanced performance in shopping centers coupled with rent indexations.

On the financial side, the weighted average interest rate on loans held by the fund’s subsidiaries was recorded at **4.0%** in January. Interestingly, this represents an **18%** decrease in interest expenses on bank loans compared to January of the previous year. This reduction in borrowing costs may enhance the fund’s profitability moving forward.

Moreover, the fund's consolidated cash balance saw an uptick of **€1,433 thousand**, bringing the total cash balance to **€21,710 thousand** as of January 31, 2026, which includes short-term deposits. This healthy cash position could provide the fund with flexibility for future investments or to weather unexpected market changes.

As for the fund's stock performance, the net asset value per share stood at **€20.4598** as of January 31, 2026, with the EPRA NRV at **€21.4134**. Notably, the net asset value per share experienced a customary increase of **0.7%** during January. This growth in net asset value is indicative of the fund's overall positive trajectory within the real estate market.

In summary, despite a minor month-over-month decline in rental income and EBITDA, **EfTEN Real Estate Fund AS** has displayed robust year-over-year growth. The increases in both rental income and EBITDA, coupled with improved cash balances and reduced interest expenses, suggest a favorable outlook for the fund as it continues to adapt and invest in its growing real estate portfolio.

For more inquiries, investors can contact **Marilin Hein**, CFO of EfTEN Real Estate Fund AS, at **+372 6559 515** or via email at **[email protected]**.