FUND RESULTS

Date 1 month 3 months 6 months 1 year 3 years Since Inception
NAV change 31.01.2026 0.8% 5.6% 5.4% 5.5% 9.1% 18.5%
Fund performance (incl distributions) 31.01.2026 0.7% 5.0% 6.3% 11.4% 18.5% 32.5%

* The value of fund units may rise or fall over time. The fund’s historical performance does not guarantee or offer any indication regarding the future performance. The information contained herein does not constitute an investment recommendation or advice. Please read the fund’s key information document (KIID), prospectus as well as terms and conditions on the web www.eften.ee/united

Risk and Reward Profile
The risk and reward profile of the fund is the best estimate of the fund management company that is based on the historical performance of existing real estate funds managed by EfTEN Capital AS

MAIN HOLDINGS

EfTEN Real Estate Fund: 14.2%
EfTEN Kinnisvarafond II: 3.4%
EfTEN Real Estate Fund 5: 46.5%
EfTEN Residential Fund: 5.1%
EfTEN Special Opportunities Fund: 0.7%
Menulio 7 Vilnius office building: 11.2%
Uus-Järveküla development: 12.9%
Uninvested: 5.9%

MAIN INDICATORS

Net asset value: 29.4 mln EUR
Weighted average interest rate of liabilities: 4.3%
Loan-to-value (% of assets): 41%

REGIONAL ALLOCATION

SECTORAL ALLOCATION

Monthly comment

EfTEN United Property Fund earned a net profit of 223 thousand euros in January (the same period last year: 408 thousand euros). Decrease in profit was primarily related to the investment in EfTEN Real Estate Fund AS shares, which share price at Tallinn Stock Exchange increase by 2,9% in January 2026 as compared to 6,1% in January 2025. The net asset value (NAV) of the fund unit was 12,85 euros at the end of January, increasing by 0,8% per month.

In Invego Uus-Järveküla OÜ, a development company in which the fund has an 80% stake, clients reserved a part of a terraced house in January, and in February, the handover of the terraced houses in the final stage of the development to clients began (signing property rights agreements). As of the end of the month, a total of 10 parts of a terraced house under construction had not yet been reserved by clients. In January, EfTEN United Property Fund earned 19 thousand euros in interest income from the investment.

The profit of the fund’s largest investment, the EfTEN Real Estate Fund 5, of which EfTEN United Property Fund owns 36.5%, was 239 thousand euros in January (the same period last year: 204 thousand euros) and the net asset value of the fund increased by 0.6% per month. The performance of the EfTEN Real Estate Fund 5 was supported the most by EfTEN Kristiine OÜ, the company that owns the Kristiine shopping center, whose equity value increased by 1.1% in January.

Investment decisions

Viljar Arakas
viljar.arakas@eften.ee
Viktors Savins
viktors.savins@eften.lv
Tõnu Uustalu
tõnu.uustalu@eften.ee
Laurynas Žilys
laurynas.zilys@eften.lt
Daily operations

Kristjan Tamla
kristjan.tamla@eften.ee