In Q1 2026, EfTEN United Property Fund earned 461 thousand euros in net profit (Q1 2025: 703 thousand euros). The decline in profit is primarily related to the Fund’s investment in EfTEN Real Estate Fund AS shares, whose price on the Tallinn Stock Exchange increased 2.9% in Q1 2026 compared with 4.5% in the same period of 2025. In addition, interest income from the investment in the development company Invego Uus-Järveküla OÜ decreased year-on-year, as the development company repaid the principal and interest of the shareholder loan to the Fund in full in mid-March.
Despite the decline in profit, EfTEN United Property Fund AS received record owner income from its underlying funds at the beginning of 2026. This forms the basis for the Fund’s first distribution of the year to investors in Q2 2026, in the amount of approximately one million euros. The distribution is based on dividends and income received from all underlying funds, as well as interest from the Invego Uus-Järveküla OÜ and the Menulio 7 office building shareholder loans. The distribution does not include the profit from the Invego Uus-Järveküla development project, which the Fund plans to distribute largely in the second half of the year.
Since EfTEN United Property Fund’s portfolio is diversified across nearly 50 different properties in the Baltic states, developments across all segments of the regional real estate market affect the Fund’s results. There have been no major changes in the Baltic commercial real estate market over the last few quarters. In the residential real estate market, however, sales of new developments have improved in all Baltic states. In Tallinn, monthly sales of new developments grew to approximately 160 units per month in Q1 2026, compared with an average of around 100 units in 2024 and the first half of 2025. The biggest jump in the Baltic states was made by the Vilnius new-development market, where — partly thanks to expectations of funds being released from the second pension pillar — Q1 2026 sales volumes reached all-time highs, at times reaching up to 700 units per month.
The pace of sales also remained strong at the start of the year in Invego Uus-Järveküla OÜ, the development company for the Uus-Järveküla residential district in which EfTEN United Property Fund holds an 80% stake. In the first quarter, 22 units were sold (real rights contracts signed) and reservation agreements were concluded for three terraced houses. As of the end of the quarter, 8 terraced houses in the development remain unreserved. In March, Invego Uus-Järveküla OÜ repaid its entire bank loan and returned the shareholder loan to the Fund in full (1.51 million euros) along with the accrued interest (56 thousand euros). EfTEN United Property Fund invested a total of 3.52 million euros in the Uus-Järveküla development project in 2021 and 2023, and has to date received 4.8 million euros back.
In the second half of 2026, EfTEN United Property Fund will focus on finding investment opportunities in a new residential development project.
Statement of the comprehensive income
| 1st quarter | ||
| 2026 | 2025 | |
| € thousand | ||
| INCOME | ||
| Interest income | 74 | 154 |
| Income from underlying funds | 58 | 0 |
| Other financial income | 0 | 4 |
| Net profit / loss from assets recognised in fair value through profit or loss | 402 | 615 |
| Investments in subsidiaries | 35 | 90 |
| Investments in underlying funds | 367 | 525 |
| Total income | 534 | 773 |
| COSTS | ||
| Operating expenses | ||
| Management fees | -27 | -29 |
| Costs of administering the Fund | -8 | -7 |
| Other operating expenses | -38 | -29 |
| Total operating expenses | -73 | -65 |
| Interest expenses | 0 | -5 |
| Operating profit | 461 | 703 |
| Profit before income tax | 461 | 703 |
| Net profit for the period | 461 | 703 |
| Total comprehensive profit for the reporting period | 461 | 703 |
| Increase in the net asset value of the fund attributable to shareholders | 461 | 703 |
| Ordinary and diluted earnings per share (EUR) | 0.19 | 0.28 |
Statement of financial position
| 31.03.2026 | 31.12.2025 | |
| € thousand | ||
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 3,287 | 1,774 |
| Loans granted | 2,149 | 1,516 |
| Other receivables and accrued income | 310 | 300 |
| Total current assets | 5,746 | 3,590 |
| Non-current assets | ||
| Financial assets at fair value through profit or loss | 23,929 | 23,474 |
| Investments in subsidiaries | 3,146 | 3,111 |
| Investments in underlying funds | 20,783 | 20,363 |
| Loans granted | 0 | 2,149 |
| Total non-current assets | 23,929 | 25,623 |
| TOTAL ASSETS | 29,675 | 29,213 |
| LIABILITIES | ||
| Current liabilities | 3 | 2 |
| Total liabilities, excluding net asset value of the fund attributable to shareholders | 3 | 2 |
| NET ASSET VALUE OF THE FUND | ||
| Net asset value of the fund attributable to shareholders | 29,672 | 29,211 |
| Total liabilities and net asset value of the fund attributable to shareholders | 29,675 | 29,213 |
The unaudited 1st quarter 2026 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/
