EfTEN Real Estate Fund (EFT1T) Q2 2025 earnings summary

Executive summary

• Sales revenue for Q2 2025 rose 3.1% year-over-year to €8.21 million; H1 2025 revenue up 1.0% to €16.07 million, driven by new logistics and elderly home investments.

• Net profit for Q2 2025 was €4.03 million, up from €2.44 million in Q2 2024, mainly due to a positive fair value change in investment properties and lower interest expenses.

• H1 2025 net profit reached €8.19 million, a 31% increase year-over-year, with interest expenses down 22% due to declining EURIBOR.

• Portfolio vacancy decreased to 3.7% in Q2, with new tenants in retail and early positive signs in the Estonian office segment.

• The fund completed the Paemurru logistics centre and Block C at Valkla elderly home, supporting revenue growth.

Financial highlights

• H1 2025 consolidated sales revenue: €16.07 million (H1 2024: €15.92 million); Q2 2025: €8.21 million (Q2 2024: €7.96 million).

• H1 2025 net operating income (NOI): €14.85 million, up 0.4% year-over-year; NOI margin at 92%.

• H1 2025 EBITDA: €12.90 million; EBITDA margin: 80%.

• H1 2025 net profit: €8.19 million (H1 2024: €6.25 million); Q2 2025 net profit: €4.03 million (Q2 2024: €2.44 million).

• NAV per share as of 30 June 2025: €19.98; EPRA NRV per share: €20.85.

Outlook and guidance

• Management does not foresee obstacles to refinancing €40.6 million in loans maturing over the next 12 months, citing stable rental cash flows.

• Plans to continue fixing floating interest rates for up to half of the loan portfolio, following favorable swap terms.

• Further substantial decreases in euro interest rates are considered unlikely.