EfTEN Real Estate Fund III sh.

Earnings Release • Dec 9, 2025

Net Asset Value of EfTEN Real Estate Fund AS as of 30 November 2025

Net Asset Value of EfTEN Real Estate Fund AS as of 30 November 2025

EfTEN Real Estate Fund AS generated consolidated rental income of EUR 2,703
thousand in November 2025, remaining at the same level as in October. The Fund's
consolidated net rental income (NOI) amounted to EUR 2,568 thousand, decreasing
by EUR 6 thousand month-on-month.

Over the eleven months of 2025, the Fund earned a total of EUR 29.08 million in
consolidated rental income, an increase of 3.1% compared to the same period last
year. Consolidated EBITDA for the period reached EUR 24.45 million, representing
1.9% increase year-on-year.

The adjusted cash flow (EBITDA minus loan principal repayments minus interest
expenses) totalled EUR 11.9 million for the eleven-month period, increasing by
19.9% year-on-year. The increase was primarily driven by the cash flows from new
investment properties acquired in the autumn of last year and in the spring of
the current year, as well as by the decrease in EURIBOR. The Fund's weighted
average interest rate on loans was 3.99% at the end of November.

Based on the consolidated results for the eleven months of 2025, the Fund has
generated potential gross dividends of 82.91 cents per share for investors,
which is 12.5% more than in the same period last year. The management company
continues to actively refinance bank loans secured by properties with strong
cash flows, with the objective of increasing the Fund's dividend distribution
capacity.

As a result of the Fund's share issue in November, the consolidated cash balance
increased by EUR 1.6 million. The new share capital were registered in the
Commercial Register on 27 November 2025 and new shares are listed on December
2, 2025.

The Fund's net asset value (NAV) per share was EUR 20.7218 at the end of
November, increasing by 0.7% over the month. The EPRA NRV was EUR 21.6145 at the
end of November, increasing by 0.6%.

Marilin Hein
CFO
Phone +372 6559 515
E-mail: [email protected] (mailto:[email protected])