In the third quarter of 2025, EfTEN United Property Fund earned a net profit of 426 thousand euros (Q3 2024: 134 thousand euros). The fund’s income increased from 176 thousand euros to 468 thousand euros year-on-year, while expenses remained unchanged. The fund’s assets amounted to 28,167 thousand euros as of 30.09.2025 (31.12.2024: 27,478 thousand euros).
EfTEN United Property Fund’s investments performed as expected in the third quarter of 2025. In larger commercial real estate premices, where the fund has invested mainly through other funds managed by EfTEN Capital, the vacancy rate remained at the previous quarter’s level.
The development investment in the Uus-Järveküla residential area is entering its final phase. In July, the last terraced housed completed in the third phase were handed over to customers. From the sales proceeds, Invego Uus-Järveküla OÜ returned 128 thousand euros in owner loan interest and 1.092 million euros in owner loan principal to the fund. In total, the development company has distributed 2.73 million euros to the fund in 2025. In the third quarter, most of the external construction works of the last development phase, consisting of 32 terraced house units, were completed. On the construction side interior finishing works remain to be completed. As of the end of the quarter, 25 completed and to be completed in spring 2026 terraced houses were not yet booked by clients. In addition, one commercial land plot and one residential plot have not been sold.
Following the balance sheet date, the fund announced a distribution of 420 thousand euros to investors, based on income received from the underlying funds and Invego Uus-Järveküla OÜ. Together with the spring distribution, the fund has distributed to investors over 9% of the fund’s market capitalization in 2025.
Statement of the comprehensive income
|
|
3rd quarter |
9 months |
||
|
|
2025 |
2024 |
2025 |
2024 |
|
€ thousand |
|
|
|
|
|
INCOME |
|
|
|
|
|
Interest income |
116 |
137 |
413 |
447 |
|
Distributed profit from underlying funds |
0 |
0 |
420 |
260 |
|
Interest expenses |
0 |
0 |
-6 |
0 |
|
Other financial income |
0 |
0 |
4 |
5 |
|
Net profit / loss from assets recognised in fair value through profit or loss |
352 |
39 |
1 427 |
-26 |
|
Investments in subsidiaries |
47 |
26 |
784 |
-114 |
|
Investments in funds |
305 |
13 |
643 |
88 |
|
Total income |
468 |
176 |
2 258 |
686 |
|
|
|
|
|
|
|
COSTS |
|
|
|
|
|
Operating expenses |
|
|
|
|
|
Management fee |
-26 |
-28 |
-82 |
-84 |
|
Costs of administering the Fund |
-5 |
-5 |
-22 |
-21 |
|
Other operating expenses |
-11 |
-9 |
-49 |
-46 |
|
Total operating expenses |
-42 |
-42 |
-153 |
-151 |
|
|
|
|
|
|
|
Profit / loss for the period |
426 |
134 |
2 105 |
535 |
|
Total profit / loss for the period |
426 |
134 |
2 105 |
535 |
|
|
|
|
|
|
|
Ordinary and diluted earnings / loss per share (EUR) |
0,17 |
0,05 |
0,85 |
0,22 |
Statement of financial position
|
|
30.09.2025 |
31.12.2024 |
|
€ thousand |
|
|
|
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
1 428 |
0 |
|
Short-term deposits |
0 |
120 |
|
Loans granted |
1 917 |
3 519 |
|
Other receivables and accrued income |
382 |
1 039 |
|
Total current assets |
3 727 |
4 678 |
|
|
|
|
|
Non-current assets |
|
|
|
Financial assets at fair value through profit or loss |
22 301 |
21 063 |
|
Investments in subsidiaries |
1 938 |
1 154 |
|
Real estate funds |
20 363 |
19 909 |
|
Loans granted |
2 149 |
2 149 |
|
Total non-current assets |
24 450 |
23 212 |
|
TOTAL ASSETS |
28 177 |
27 890 |
|
|
|
|
|
LIABILITIES |
|
|
|
Bank overdraft |
0 |
400 |
|
Current liabilities |
10 |
12 |
|
Total liabilities, excluding net asset value of the fund attributable to shareholders |
10 |
412 |
|
|
|
|
|
NET ASSET VALUE OF THE FUND |
|
|
|
Net asset value of the fund attributable to shareholders |
28 167 |
27 478 |
|
Total liabilities and net asset value of the fund attributable to shareholders |
28 177 |
27 890 |
The unaudited 3rd quarter and 9 months of 2025 report of the EfTEN United Property Fund is attached to the release and can be found on the Fund’s website: https://eftenunitedpropertyfund.ee/en/reports-documents/