EfTEN Real Estate Fund AS – Five-Month financial results 2026 and net asset value as of 31 May 2026
EfTEN Real Estate Fund AS earned consolidated rental income of €2,668 thousand in May 2026, €19 thousand less than in April. Rental income decreased by €28 thousand following the sale of the Menulio 11 office building in Vilnius. At the same time, rental income increased by a total of €11 thousand in the logistics and care home segments, driven by a decrease in vacancy at the Jurkalne logistics park in Riga and the gradual increase in rental income at the Hiiu care home. The Fund’s consolidated EBITDA amounted to €2,289 thousand in May, €46 thousand more than in April. Administrative expenses were lower in May, due to a lower management fee and to the costs incurred in April in connection with the general meeting of shareholders and the dividend distribution.
The Fund’s consolidated vacancy rate decreased to 2.3% in May (April: 2.9%), driven both by the decrease in vacancy at the Jurkalne logistics park (from 6.3% to 3.9%) and at the Pärnu mnt 105 office building (from 16.5% to 5.2%). The vacancy rate in the office segment was 9.6% at the end of May (April: 11.2%; end of 2025: 14,4%). The portfolio's vacancy rate had last been this low in mid-2023.
The Fund’s consolidated cash balance decreased by €1,483 thousand in May, including the payment of income tax on dividends in the amount of €2,552 thousand.
In the first five months of this year, the Group earned rental income of €13,535 thousand (4.7% more than in the same period last year) and EBITDA of €11,349 thousand (7.1% more than last year). Rental income and EBITDA have increased as a result of new investments in the logistics and care home segments and improved operating performance in the retail segment.
In the first five months of 2026, EfTEN Real Estate Fund AS earned consolidated adjusted cash flow (EBITDA less interest expense, loan principal repayments and income tax expense) totalling €5.87 million, €1.05 million (21.7%) more than in the same period last year. The cash flow increased as a result of the increase in EBITDA (€756 thousand) as well as the decrease in loan and interest payments (€341 thousand).
The Fund’s net asset value (NAV) per share was €19.82 as at 31 May 2026, increasing by 0.7% during May.
Marilin Hein
CFO
Phone +372 6559 515
E-mail: marilin.hein@eften.ee
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