EfTEN Real Estate Fund AS · OMXTSE:EFT1T
EfTEN Real Estate Fund AS — EfTEN United Property Fund — EfTEN United Property Fund Webinar (February 2026)
16 slides from EfTEN Real Estate Fund AS's conference presentation, Feb 17, 2026
Slide 1: EfTEN United Property Fund Webinar
EfTEN United Property Fund Webinar 17.02.2026 Kristjan Tamla
Slide 2: Disclaimer
Disclaimer This material has been prepared by EfTEN Capital AS, the largest real estate fund manager in the Baltics, to introduce the EfTEN United Property Fund. In our opinion, the material is based on information obtained from reliable sources. However, it is not possible to guarantee that the inf
Slide 3: Euro Property Market – interest cost (EURIBOR) is down, and real estate sector risks
-1% 0% 1% 2% 4% 5% 6% 7% 3% 8% 01.01.1994 01.04.1995 01.07.1996 01.10.1997 01.01.1999 01.04.2000 01.07.2001 Allikas: ECB, Colliers 01.10.2002 01.01.2004 01.04.2005 01.07.2006 01.10.2007 01.01.2009 01.04.2010 01.07.2011 01.10.2012 EURIBOR, 3 months 01.01.2014 01.04.2015 01.07.2016 3m EURIBOR rates (2
Slide 4: Nordic Property Market – transaction activity is gradually picking up
Nordic Property Market – transaction activity is gradually picking up, retail real estate has been best performing on stock market Allikas: Colliers
Slide 5: Share price development
Share price development Prices on listed market One large investor fully liquidated the position in October 2025 Listed property sector stocks (31.05.2022=100) % of EfTEN United Property Fund share capital 110 3,5% 105 3,0% 100 95 2,5% 90 85 2,0% 80 75 1,5% 70 1,0% 65 60 0,5% 09.2022 09.2023 07.2024
Slide 6: EfTEN United Property Fund - 2025 main events
EfTEN United Property Fund - 2025 main events Distributions – 1 835k EUR (9,1% of market cap) Investments – 104k EUR financing of 4 development projects • 1 415k EUR – May 2025 (through EfTEN Special Opportunities Fund) • 420k EUR – Nov 2025 Profit – 3,57mio EUR (P/E 6,8) NAV since inception
Slide 7: EfTEN United Property Fund – fully invested
EfTEN United Property Fund – fully invested Index-like portfolio: 51 underlying properties EfTEN Kinnisvarafond II Hotels + State + EfTEN Elderly care 3% EfTEN Special Residential Residential Opportunities Fund rental 5% 3% Latvia Fund 5% 1% 5% Cash Logistics 5% 6% Retail 39% Estonia 36% Office, Vil
Slide 8: Main underlying properties, total properties
EfTEN United Property Fund Main underlying properties, total properties 51 % of NAV UNA Retail Park, Vilnius 19,3% Former Danske office building, Vilnius 16,9% Uus-Järveküla development, Rae 13,0% Menulio 7 office building, Vilnius 11,3% Kristiine shopping centre, Tallinn 10,5% Rewo rental apartment
Slide 9: Main underlying properties
EfTEN United Property Fund Main underlying properties UNA Retail Park, Vilnius Former Danske office, Vilnius Menulio 7 office, Vilnius Kristiine shopping centre, Tallinn Bought: Aug 2024 Bought: Dec 2021 Bought: Feb 2022 Bought: Dec 2024 • Retail park in growing resi district • A class office at Vil
Slide 10: Uus-Järveküla residential development – largest terraced house development in Estonia
Uus-Järveküla residential development – largest terraced house development in Estonia I stage: units: 86 finish: q1/2024 Sold out II stage: units: 14+16=30 finish: q1/2025 Sold out Total: 149+16=165 units Sales + bookings: 156 units III stage: units: 17 finish: summer 2025 Sold out IV stage: units:
Slide 11: Residential development – Tallinn vs Harjumaa
Residential development – Tallinn vs Harjumaa Tallinn vs Harjumaa - uusarenduse m2 hind Tallinn vs Harjumaa uusarenduste müük kuus 5500 140 3 5000 120 2,5 4500 100 2 4000 80 3500 1,5 60 3000 1 2500 40 2000 0,5 20 01.01.2022 01.05.2023 01.07.2024 01.11.2025 01.03.2022 01.05.2022 01.07.2022 01.09.2022
Slide 12: Demographics in Estonia
Domographics in Estonia Estonian population by age 25000 20000 15000 10000 5000 0 3 24 45 66 87 0 6 9 12 15 18 21 27 30 33 36 39 42 48 51 54 57 60 63 69 72 75 78 81 84 90 93 96 99 2015 2025 Source: Statistikaamet
Slide 13: Outlook 2026
EfTEN United Property Fund Outlook 2026 • Next expected distributions • Through 2026 – Uus-Järveküla • May/June – from EREF, EKF II, Residential, SOF • Sept/Oct – interest income EREF 5, refinancing in Residential, SOF • Investments • Fund fully invested • 100k EUR to be invested in EfTEN Special Op
Slide 14: Summary
Summary • Interest costs have decreased, and property sector credit risk is again back near the lows of the current decade, transaction activity is gradually picking up • Retail real estate in fashion again • New residential offerings in Tallinn concentrated at higher end • EfTEN United Property Fun
Slide 15: Core Team
EfTEN United Property Fund Core Team Mr. Viljar Arakas Mr. Tõnu Uustalu Mr. Kristjan Tamla Mr. Viktors Savins Mr. Laurynas Žilys EfTEN Capital, CEO EfTEN Capital, EfTEN Capital, Head of Retail EfTEN Latvia Country Manager EfTEN Lithuania Country Manager Head of Investments EfTEN Capital co-founder a
Slide 16: Thank you!
Thank you! EFTEN PROPERTY UND,
EfTEN United Property Fund — EfTEN United Property Fund Webinar (February 2026) on 6ix