EfTEN Real Estate Fund (EFT1T) Q4 2025 earnings summary

Executive summary

• Total consolidated rental income increased by 3% and portfolio EBITDA rose by 1.3% year-over-year, despite a challenging economic environment.

• New investments totaled €6.6 million in elderly care and €5.3 million in logistics, with an additional €2.3 million in other segments.

• Free cash flow grew by 18% to €13.088 million, supporting a proposed net dividend of €13.8 million for spring 2026, up 8.1% from the previous year.

• Portfolio occupancy was 96.8% at year-end, with the office segment at 85.6%.

• The elderly care segment's rental income increased by 74% to €1.4 million.

Financial highlights

• Consolidated sales income for 2025 was €33.083 million, up 2.6% year-over-year; Q4 sales income rose 4.1% to €8.656 million.

• Net rental income for 2025 was €30.685 million, a 2.4% increase, with a NOI margin of 93%.

• Consolidated net profit for 2025 was €12.235 million, down from €13.564 million in 2024.

• Q4 2025 saw a net loss of €1.208 million, mainly due to a €4.005 million loss from changes in fair value of investment properties.

• Interest expenses decreased by €1.996 million (23%) year-over-year, with the average loan interest rate dropping to 4.35%.

Outlook and guidance

• Management proposes a net dividend of €13.8 million (€1.2 per share) for 2026, reflecting an 8.1% increase.

• Dividend capacity may be further enhanced by refinancing loans where LTV ratios have improved.

• No obstacles are anticipated in refinancing €37.057 million in maturing loans in 2026.