Key Takeaways
- • EfTEN Real Estate Fund AS reported consolidated sales income of €9.117 million for Q3 2026, up 9.1% from €8.359 million a year earlier, and €26.083 million for the nine months, up 6.8%.
- • Consolidated EBITDA for the nine months reached €21.4 million, 7.5% higher year on year, with like-for-like EBITDA up €788 thousand, or 4.2%.
- • The Fund's NAV per share was €20.41 and EPRA NRV was €21.29 as at 30 September 2026; adjusted cash flow for nine months was €11.0 million, up 15.6%.
- • Potential gross dividend for the nine months was 75.20 cents per share, versus 66.66 cents in the same period of 2025.
- • Portfolio vacancy fell to 2.2% by end-September, its lowest level in three years, after a temporary rise to 3.0% in August; the weighted average borrowing rate rose to 4.36% on EURIBOR increases.
Summary
EfTEN Real Estate Fund AS published its unaudited results for the third quarter and nine months of 2026, showing growth in sales income, EBITDA and distributable cash flow. According to the fund manager's commentary, the Fund's focus in Q3 was integrating the Magistral shopping centre, acquired in June, completing the reconstruction of Nõmme Südamekodu, and maintaining occupancy across its existing portfolio. Sales income for Q3 was €9.117 million (Q3 2025: €8.359 million), and for nine months €26.083 million (2025: €24.427 million). The manager attributed the increase to new investments in the logistics, retail and care home sectors.
Consolidated EBITDA for the nine months was €21.4 million, 7.5% higher than a year earlier. Of the increase, €786 thousand came from the Magistral centre, and like-for-like EBITDA rose €788 thousand, or 4.2%. Adjusted cash flow for nine months was €11.0 million, 15.6% above the prior-year period, supporting a potential gross dividend of 75.20 cents per share (nine months of 2025: 66.66 cents). Net asset value per share stood at €20.41 and EPRA NRV at €21.29 as at 30 September 2026.
In August the Fund carried out a directed share issue of 197,463 new shares at €19.26 per share, equal to the 60-day average closing price before the capital increase decision. The issue raised €3.8 million, which was used to repay a €4 million fund-level loan taken out to acquire Magistral Kaubanduskeskuse OÜ.
Operationally, the early termination of the Lidl lease at the Piepilsetas logistics centre and expiries at Betooni 6 pushed vacancy temporarily to 3.0% in August. New lease agreements reduced vacancy to 2.2% by end-September, the lowest level in three years. Rental income at the Nõmme and Tartu care homes rose following Q3 investments.
Financing costs moved higher. The weighted average interest rate on Group borrowings increased to 4.36% at end-September, from 3.99% at 31 December 2025, reflecting EURIBOR increases. Q3 interest expense was 14% above the prior-year level, driven by the Magistral and Nõmme Südamekodu loans and refinancing, although nine-month interest expense was 2.1% lower. The interest coverage ratio was 4.3 (nine months of 2025: 3.9). The Fund's two interest rate swaps, fixing 1-month EURIBOR at 1.995% and 2.2%, had a positive fair value totalling €484 thousand at end-September.
Consolidated EBITDA for the nine months was €21.4 million, 7.5% higher than a year earlier. Of the increase, €786 thousand came from the Magistral centre, and like-for-like EBITDA rose €788 thousand, or 4.2%. Adjusted cash flow for nine months was €11.0 million, 15.6% above the prior-year period, supporting a potential gross dividend of 75.20 cents per share (nine months of 2025: 66.66 cents). Net asset value per share stood at €20.41 and EPRA NRV at €21.29 as at 30 September 2026.
In August the Fund carried out a directed share issue of 197,463 new shares at €19.26 per share, equal to the 60-day average closing price before the capital increase decision. The issue raised €3.8 million, which was used to repay a €4 million fund-level loan taken out to acquire Magistral Kaubanduskeskuse OÜ.
Operationally, the early termination of the Lidl lease at the Piepilsetas logistics centre and expiries at Betooni 6 pushed vacancy temporarily to 3.0% in August. New lease agreements reduced vacancy to 2.2% by end-September, the lowest level in three years. Rental income at the Nõmme and Tartu care homes rose following Q3 investments.
Financing costs moved higher. The weighted average interest rate on Group borrowings increased to 4.36% at end-September, from 3.99% at 31 December 2025, reflecting EURIBOR increases. Q3 interest expense was 14% above the prior-year level, driven by the Magistral and Nõmme Südamekodu loans and refinancing, although nine-month interest expense was 2.1% lower. The interest coverage ratio was 4.3 (nine months of 2025: 3.9). The Fund's two interest rate swaps, fixing 1-month EURIBOR at 1.995% and 2.2%, had a positive fair value totalling €484 thousand at end-September.
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