EfTEN Real Estate Fund III sh.

Quarterly Report • Mar 12, 2025

EfTEN Real Estate Fund AS, consolidated financial overview 28.02.2025

INCOME STATEMENT	02.25		01.25 Δ MOM YTD25		YTD24 YOY%		BALANCE SHEET	28.02.25	31.12.24 YTD%		Trade receivables
€ in thousands							€ in thousands					Due more than 60 days Due 30-60 days Due less than 30 days Undue
Rental income	2 566	2 556	9	5 122	5 092	0,6%	Cash and cash equivalents	21 368	18 415	16%
Other sales income	61	59	2	121	238	-49%	Short-term deposits	1 020	2 092		1 000
Sales cost	-109	-177	68	-286	-277	3%	Trade receivables, incl.	1 099	1 173		€ tuhandetes
Distribution and marketing costs Net rental income (NOI)	-46 2 472	-40 2 399	-7 73	-86 4 871	-121 4 932	-30% -1,2%	overdue and not provisioned Other current receivables	300 827	168 1 020		500
NOI margin	96%	94%		95%	97%		Current assets total	24 314	22 700	7%
Management fees	-188	-188	0	-375	-359	4%	Investment properties	375 337	373 815	0%	0
Other operating costs	-138	-131	-7	-269	-288	-7%	Other long-term assets	2 039	2 248		02.24 03.24 04.24	05.24 06.24 07.24 08.24	09.24 10.24 11.24	12.24 01.25	02.25
Amortization costs	-3	-3	0	-6	-7		Assets total	401 690	398 763	1%	MAIN INDICATORS	28.02.25	31.01.25 31.12.24		30.11.24
Changes in IP fair value	0	0	0	0	0						Weight. Aver. Int. Rate	4,58%	4,78%	4,89%	5,15%
Loss from sale of investment property	0	0	0	0	0		Short-term loan liabilities	25 873	25 679		Loan to value	40%	40%	40%	41%
Other income and other costs	1	-39	40	-38	39		Long-term loan liabilities	123 741	123 873		Debt to capital	42%	42%	42%	44%
Operating profit	2 144	2 039	106	4 183	4 316	-3%	Other liabilities	16 189	16 138		Adjusted cash-flows	989	840	1 142	1 041
EBITDA	2 149	2 043	106	4 192	4 326	-3,1%	Liabilities total	165 803	165 690	0%	Portfolio net yield /a	7,6%	7,6%	7,6%	7,7%
EBITDA margin	82%	78%		80%	81%						DSCR	1,8	1,7	1,7	1,7
Other financial income and expenses	-6	16	-22	9	20		Share capital and premium	204 709	204 709	0%	NAV	20,62	20,49	20,37	20,41
Interest rate swap fair value changes	0	0	0	0	0		Reserves	2 799	2 799		NAV change	0,6%	0,6%	-0,2%	0,7%
Interest costs	-589	-640	51	-1 229	-1 476	-17%	Retained earnings	28 379	25 564	11%	ROIC*, annual basis	7,0%	7,0%	7,0%	2,3%
Icome tax	-80	-69	-11	-149	-166	-10%	Equity total	235 887	233 073	1%	* ROIC is calculated as actual cumul. net profit/invested capital
NET PROFIT	1 469	1 346	123	2 814	2 694	4%	Liabilities and equity total	401 690	398 763	1%
EPRA PROFIT	1 520	1 394	126	2 914	2 854	2%
EPRA profit per share, in cents	13,28	12,19	1,10	25,47	26,38	-3,5%		Vacancy				NAV
EPRA cost ratio	16,5%	18,7%	-2,3%	17,6%	16,0%	10,0%
Potential gross dividend per share (cents)	6,92	5,88	1,04	12,79	12,44	2,9%	Leased out, m2	Vacancy, m2		Vacancy, % from m2	28,00 26,00
							400			4,50%	24,00
CASH-FLOW STATEMENT	02.25		01.25 Δ MOM YTD25		YTD24 YOY%		350			4,00%	22,00 20,00
EBITDA	2 149	2 043	106	4 192	4 326	-3%	300			3,50% 3,00%	18,00
Changes in working capital	-198	417	-615	219	622		m2, thousands 250 200			2,50%	16,00
Intrerests received	37	30	7	68	41		150			2,00%	Vacancy, % 14,00 12,00
Cash flows in operating activities	1 988	2 491	-503	4 479	4 989		100			1,50% 1,00%	10,00
Aqcuisition of PPE	-612	-808	196	-1 420	-2 004		50			0,50%	02.20 04.20 06.20 08.20 10.20 12.20	02.22 04.22 06.22 08.22 02.21 04.21 06.21 08.21 10.21 12.21	10.22 12.22 02.23 04.23 06.23 08.23 10.23	12.23 02.24 04.24 06.24 08.24	10.24 12.24 02.25
Short-term desposits	1 072	0	1 072	1 072	0		0			0,00%
Sale of investment properties	0	0	0	0	0		02.22 05.22 08.22 11.22 02.21 05.21 08.21 11.21	02.23 05.23 08.23 11.23 02.24	05.24 08.24 11.24	02.25		NAV	Dividend per share (gross)
Cash from merger Cash-flows in investing activities	0	0	0	0	0
Bank loans received	460	-808	1 268	-348	-2 004
Bank loan repayment (annuity)	524	621	-97	1 146	1 696			Sales income by segments				EBITDA by segments
Bank loan repayment on property sale	-541	-543	1	-1 084	-1 163	-7%	3 000				2 400
	0	0	0	0	0		2 500				2 100
Interests paid from bank loan	-597	-643	46	-1 239	-1 622	-24%	Thousands 2 000				Thousands 1 800
Dividend, dividend income tax paid	0	0	0	0	0		1 500				1 500 1 200
Share issues	0	0	0	0	0		1 000				900
Cash flows in financing activities	-614	-564	-50	-1 178	-1 089			600
Cash-flows total	1 834	1 119	715	2 953	1 895		500				300
Cash balance at the beginning of period	19 534 18 415			18 415	14 712		0				0
Increase/decrease	1 834	1 119	715	2 953	1 895		02.20 04.20 06.20 08.20 10.20 12.20 02.22 02.21 04.21 06.21 08.21 10.21 12.21	04.22 06.22 08.22 10.22 12.22 02.23 04.23 06.23	08.23 10.23 12.23 02.24 04.24 06.24	08.24 10.24 12.24 02.25	02.20 04.20 06.20 08.20 10.20 12.20	02.22 04.22 06.22 08.22 02.21 04.21 06.21 08.21 10.21 12.21	02.23 04.23 06.23 08.23 10.23 10.22 12.22	12.23 02.24 04.24 06.24 08.24	10.24 12.24 02.25
Cash balance at the end of period	21 368 19 534			21 368	16 607		Retail Logistics	Office Elderly Care	Governmental			Retail Logistics Office Elderly care Governmental Non-allocated

BALANCE SHEET	28.02.25	31.12.24	YTD%
€ in thousands
Cash and cash equivalents	21 368	18 415	16%
Short-term deposits	1 020	2 092
Trade receivables, incl.	1 099	1 173
overdue and not provisioned	300	168
Other current receivables	827	1 020
Current assets total	24 314	22 700	7%
Investment properties	375 337	373 815	0%
Other long-term assets	2 039	2 248
Assets total	401 690	398 763	1%
Short-term loan liabilities	25 873	25 679
Long-term loan liabilities	123 741	123 873
Other liabilities	16 189	16 138
Liabilities total	165 803	165 690	0%
Share capital and premium	204 709	204 709	0%
Reserves	2 799	2 799
Retained earnings	28 379	25 564	11%
Equity total	235 887	233 073	1%
Liabilities and equity total	401 690	398 763	1%

Trade receivables Due more than 60 days Due 30-60 days Due less than 30 days Undue
€ tuhandetes 1 000 500 0
	02.24	03.24	04.24	05.24	06.24	07.24	08.24	09.24	10.24	11.24	12.24	01.25	02.25