EfTEN Real Estate Fund AS – Four-Month financial results 2026 and net asset value as of 30 April 2026
EfTEN Real Estate Fund AS generated consolidated rental income of €2,687 thousand in April 2026, decreasing by €13 thousand compared to March. The decrease was due to the disposal of the Menulio office building. The Group’s consolidated EBITDA for April amounted to €2,243 thousand, €55 thousand less than in March, reflecting the decrease in rental income following the Menulio disposal, as well as increased marketing costs related to advertising campaigns at Saules Miestas and RAF Centrs shopping centres, the Nasdaq fee associated with the dividend payment, and investment property valuation expenses.
In April, the Group’s subsidiary EfTEN Menulio UAB completed the disposal of its office building located at Menulio 11, Vilnius. Following the repayment of the bank loan and settlement of transaction costs, net proceeds of €5.3 million were received by the subsidiary. The income tax of €822 thousand will be paid by EfTEN Menulio UAB in May in connection with the divestment. In addition, the Group’s subsidiary EfTEN SPV7 OÜ received €225 thousand from the sale of the investment property at Tammsaare tee 116a, located adjacent to Mustika shopping centre. The property was sold to Ignitis Eesti OÜ, which plans to develop an electric vehicle charging station on the site. The total number of parking spaces at Mustika shopping centre will not be affected by the transaction.
The Group’s consolidated vacancy rate was 2.9% at the end of April (March: 3.3%). The vacancy rate in the office segment was 11.2% at the end of April (March: 13.1%). The decrease in vacancy was due to the disposal of the Menulio office building.
During the first four months of 2026, the Group earned consolidated rental income of €10,867 thousand, representing an increase of 5.6% year-on-year, and consolidated EBITDA of €9,060 thousand, up 8.3% compared to the same period of the prior year. The increase in rental income and EBITDA was driven by new investments in the logistics and elderly care segments and improved operating performance in the retail segment.
During the first four months of 2026, EfTEN Real Estate Fund AS earned consolidated adjusted cash flow (EBITDA less finance costs, scheduled loan principal repayments and income tax expense) of €4.63 million, an increase of €956 thousand year-on-year. In addition to the improved EBITDA result, interest expenses were € 314 thousand lower compared to the same period of the prior year. The weighted average interest rate on the Group’s borrowings was 4.03% as at the end of April 2026, compared to 4.21% as at the end of April 2025.
In April, the Group paid dividends totalling €13,830 thousand. The associated income tax expense of €2,550 thousand will be settled in May.
The net asset value (NAV) per share was €19.67 as at 30 April 2026, decreasing by 5.2% during the month. Excluding the effect of the dividend distribution, NAV per share would have increased by 0.9% in April.
The management of the Fund considers important to note that the shareholding of Lithuanian Swedbank pension funds in EfTEN Real Estate Fund AS has decreased by approximately 78% since March 2025. As the Lithuanian pension funds have been consistent sellers over this period, this has contributed to selling pressure on the Fund’s share price. As a result, the management expects the selling pressure on the share price to gradually ease.
Marilin Hein
CFO
Phone +372 6559 515
E-mail: [email protected]
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