EfTEN Real Estate Fund (EFT1T) Q4 2024 earnings summary

Executive summary

• Total rental income and portfolio EBITDA increased in 2024 despite a challenging economic environment; two new logistics properties were added in Q4, and expansion into the nursing home segment is planned.

• A secondary public offering in Q4 raised €11.8 million at €19 per share; 620,544 new shares were issued.

• The fund aims to distribute €1.1 per share in dividends for 2024, with refinancing planned in 2025 to increase leverage and dividend capacity.

Financial highlights

• Consolidated sales revenue for 2024 was €32.24 million, up 1% year-over-year; Q4 revenue was €8.31 million, up 2.6% from Q4 2023.

• Net profit for 2024 was €13.56 million (2023: €1.0 million); EPS was €1.25 (2023: €0.09).

• Net rental income for 2024 was €29.98 million, up €0.37 million from 2023; net rental income margin remained at 93%.

• EBITDA for 2024 was €26.45 million, EBITDA margin 82%; operating profit was €25.32 million.

• NAV per share at year-end was €20.37; EPRA NRV per share was €21.22.

Outlook and guidance

• Management expects further declines in loan interest rates in 2025 due to falling EURIBOR.

• Priority for 2025 is vacancy management, especially in the office segment, with Menulio 11 renovations expected to reduce vacancy.

• Dividend distribution target for 2024 is €1.1 per share, supported by planned refinancing.