The year 2025 was the first full year in the operating history of EfTEN United Property Fund in which the Fund did not make new larger investments, and the financial results reflected the full performance of the existing portfolio. During the year, the Fund generated its highest net profit to date, increasing 2.2 times compared to 2024. In 2025, EfTEN United Property Fund earned a net profit of 3.57 million euros (2024: 1.62 million euros), representing approximately 14% of the Fund’s invested capital and around 17% of its market capitalisation. The Fund’s revenues increased from 1.82 million euros to 3.78 million euros year-on-year, and in 2025 the Fund made distributions to investors in an amount exceeding 9% of its market capitalisation.
The Fund’s financial performance was supported primarily by the improved profitability of the Uus-Järveküla residential development and by the addition of Kristiine Shopping Centre to the portfolio, acquired through the EfTEN Real Estate Fund 5. By the end of 2025, all completed semidetached and terraced houses in the Uus-Järveküla residential area had been sold. Completion of the final stage of the development — 32 terraced houses — is planned for spring 2026, with 20 already booked by customers as at year end.
The number of visitors to Kristiine Shopping Centre increased by 0.4% in 2025, reaching 6 million, while tenant sales grew by 5.4% year-on-year. Net rental income exceeded the budgeted forecast by 4%, and as at the end of December, the centre had no vacant rental premises.
In December, the Fund’s financial performance was influenced by the regular revaluation of its real estate portfolio, resulting in a fourth quarter profit of 1.46 million euros. A significant portion of this profit was attributable to the increase in the value of the Fund’s subsidiary, Invego Uus-Järveküla OÜ, reflecting the expected profit from the final stage of the Uus-Järveküla development project.
All of the fund’s investments in rental real estate showed positive cash flow in 2025. Supported by falling interest costs, EfTEN United Property Fund is expected to receive in the upcoming spring approximately 800,000 euros in distributions from the 2025 investment results of the underlying funds. This is almost twice as much as in the spring of 2025. In addition, there will be interest and profit distributions from the Uus-Järveküla development received at the end of last year (approximately 100 thousand euros) and to be received during 2026. The fund plans to distribute these to investors during 2026.
Statement of the comprehensive income
| 4th quarter | 12 months | |||
| 2025 | 2024 | 2025 | 2024 | |
| € thousand | ||||
| INCOME | ||||
| Interest income | 97 | 118 | 510 | 565 |
| Income from underlying funds | 155 | 142 | 575 | 402 |
| Interest expenses | 0 | -2 | -6 | -2 |
| Other financial income | 3 | 0 | 7 | 5 |
| Net profit from assets recognised in fair value through the statement of comprehensive income | 1 268 | 877 | 2 695 | 851 |
| Investments in subsidiaries | 1 173 | 214 | 1 957 | 100 |
| Investments in underlying funds | 95 | 663 | 738 | 751 |
| Total income | 1 523 | 1 135 | 3 781 | 1 821 |
| COSTS | ||||
| Operating expenses | ||||
| Management fee | -23 | -28 | -105 | -112 |
| Costs of administering the Fund | -11 | -10 | -33 | -31 |
| Other operating expenses | -26 | -9 | -75 | -55 |
| Total operating expenses | -60 | -47 | -213 | -198 |
| Operating profit | 1 463 | 1 088 | 3 568 | 1 623 |
| Profit before income tax | 1 463 | 1 088 | 3 568 | 1 623 |
| Net profit for the reporting period | 1 463 | 1 088 | 3 568 | 1 623 |
| Total comprehensive profit for the reporting period | 1 463 | 1 088 | 3 568 | 1 623 |
| Increase/decrease in the net asset value of the fund owned by unit holders | 1 463 | 1 088 | 3 568 | 1 623 |
| Ordinary and diluted profit per unit (EUR) | 0,59 | 0,44 | 1,44 | 0,65 |
Statement of financial position
| 31.12.2025 | 31.12.2024 | |
| € thousand | ||
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 1 774 | 0 |
| Short-term deposits | 0 | 120 |
| Loans granted | 1 516 | 3 519 |
| Other receivables and accrued income | 300 | 1 039 |
| Total current assets | 3 590 | 4 678 |
| Non-current assets | ||
| Financial assets at fair value through profit or loss | 23 474 | 21 063 |
| Investments in subsidiaries | 3 111 | 1 154 |
| Investments in underlying funds | 20 363 | 19 909 |
| Loans granted | 2 149 | 2 149 |
| Total non-current assets | 25 623 | 23 212 |
| TOTAL ASSETS | 29 213 | 27 890 |
| LIABILITIES | ||
| Bank overdraft | 0 | 400 |
| Current liabilities | 2 | 12 |
| Total liabilities, excluding net asset value of the Fund attributable to unitholders | 2 | 412 |
| NET ASSET VALUE OF THE FUND | ||
| Net asset value of the Fund attributable to unitholders | 29 211 | 27 478 |
| Total liabilities and net asset value of the Fund attributable to unitholders | 29 213 | 27 890 |
The unaudited 4th quarter and 12 months of 2025 report of the EfTEN United Property Fund is attached to the release and can be found on the Fund’s website: https://eftenunitedpropertyfund.ee/en/reports-documents/
EfTEN Capital AS will hold a webinar in Estonian on 17.02.2026, starting at 14:00 (EET), to introduce the results and outlook of the EfTEN United Property Fund. Questions can be asked during the webinar as well as by sending them in advance by e-mail at: united@eften.ee no later than February 16 at 17:00 (EET). To participate in the webinar, please register at: https://nasdaq.zoom.us/webinar/register/WN_zVnTzQKOREG2krzLdsoYMg
Participants will be sent a reminder email one hour before the start of the webinar. The webinar will be recorded and made public on the fund’s website https://eftenunitedpropertyfund.ee and on the YouTube channel.
