EfTEN Real Estate Fund AS’s financial results for Q1 2026 and net asset value as of 31 March 2026
EfTEN Real Estate Fund AS earned total consolidated rental income of €8.180 million in the first quarter of 2026, representing an increase of 6.5% compared to the same period last year. The Fund’s consolidated EBITDA for the quarter amounted to €6.817 million, up 10.3% year-on-year. EBITDA increased by 12% in the retail segment, 10% in the logistics segment and 63% in the elderly care segment, while in the office segment EBITDA remained at the previous year’s level.
During the first quarter, the Fund generated €3.5 million in adjusted cash flow (EBITDA less interest expenses, loan principal repayments and income tax), which increased by 31% compared to the previous year, mainly driven by higher EBITDA and lower interest expenses.
As at the end of March, the weighted average interest rate on loans of the Fund’s subsidiaries was 4.0%, remaining broadly unchanged during the first quarter. Compared to the previous year, the Fund’s interest expenses decreased by 14%.
In March 2026, the Fund earned €2.701 million in consolidated rental income, which is €41 thousand less than in February. Rental income decreased by €62 thousand due to the sale of the subsidiary EfTEN Krustpils SIA (owner of the DSV logistics property in Latvia), but increased by €17 thousand as a result of turnover-based rental income in shopping centres. The Fund received total proceeds of €5.374 million from the sale of EfTEN Krustpils SIA and achieved a 10% internal rate of return (IRR) since the initial investment in June 2016. The proceeds from the sale of the subsidiary will be used by the Fund for new real estate investments in 2026, including the acquisition of Magistrali Kaubanduskeskuse OÜ.
At the beginning of April 2026, a subsidiary of the Fund, EfTEN SPV7 OÜ, sold the property located at A.H. Tammsaare tee 116a in Tallinn, adjacent to Mustika shopping centre, to Ignitis Eesti OÜ, which plans to develop an electric vehicle charging station on the site. The Fund’s subsidiary EfTEN SPV7 OÜ earned a profit of €225 thousand from the sale.
The Fund’s consolidated EBITDA in March amounted to €2.298 million, which is €22 thousand higher than in February.
As at 31 March 2026, the Fund’s net asset value per share was €20.749 and EPRA NRV €21.6897. During March, NAV per share increased by 0.7% and EPRA NRV by 0.6%.
Marilin Hein
CFO
Phone +372 6559 515
E-mail: marilin.hein@eften.ee
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