EfTEN Real Estate Fund III sh.

Earnings Release • Dec 12, 2025

LHV Pank updated equity research on EfTEN Real Estate Fund AS

LHV Pank updated equity research on EfTEN Real Estate Fund AS

LHV Pank updated the equity research and price target of EfTEN Real Estate Fund
AS (EfTEN; EFT1T) shares. According to the analysis, the price target for the
share was increased from 20,0 euros to 21,0 euros and the share was raised to a
"buy" rating. The previous price target for the EfTEN Real Estate Fund AS shares
was set in May 2025.

LHV research points out the following aspects about the EfTEN Real Estate Fund
AS: (i) excluding the fair value change of properties, fund recorded the
historically highest profit in Q3 2025; (ii) continuous portfolio expansion in
elderly care and logistics segments increases the fund's income; (iii)
sustainable dividend policy supported by strong operating cash flow.

The analysis can be found on the LHV Pank Financial Portal.

Kristjan Tamla
EfTEN Capital AS
Managing Director
Tel: +372 655 9515
E-post: [email protected] (mailto:[email protected])