EfTEN Real Estate Fund (EFT1T) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw significant capital deployment, especially in elderly care homes, with a major acquisition in Tallinn and ongoing expansion in Tartu, targeting an 8%+ annual return.

• Net profit rose to €4.167 million, up 9% year-over-year, driven by lower interest expenses as EURIBOR declined.

• The investment portfolio grew to 37 properties valued at €380.16 million, with a stable net rental income margin of 92%.

• The fund's NAV per share increased 1.8% to €20.74 during the quarter.

Financial highlights

• Q1 2025 revenue was €7.858 million, slightly down from €7.961 million in Q1 2024.

• Net rental income totaled €7.211 million (Q1 2024: €7.343 million); NOI margin held at 92%.

• EBITDA was €6.181 million (Q1 2024: €6.462 million), with an EBITDA margin of 79%.

• Net profit reached €4.167 million, up from €3.808 million year-over-year.

• Interest expenses fell by 19% to €1.72 million due to lower EURIBOR.

Outlook and guidance

• Management expects no refinancing obstacles for €20.38 million in loans maturing over the next 12 months, citing stable rental cash flows.

• Ongoing care home developments are expected to complete in 2025, expanding capacity to nearly 800 beds.