Q2/25 was inline on top- and bottom line. The occupancy rate improved compared to previous quarter and we believe the positive trend will continue. We find the yield attractive but realize it is hard for equities to compete against an exuberant bond market. Only minor changes are made to estimates and the Fair value.

After seven years of holding back on major acquisitions, EfTEN sees attractive opportunities as local investors lack capital and foreign investors want to exit. If successful, the ongoing equity offer could enable EfTEN to make dividend accretive acquisitions.

Rent income and Profits excluding value changes met our forecast. EfTEN showed great resilience to the 2023 real estate downturn and interest rate shock, which enabled attractive dividends. We believe the market will gradually improve in 2024 and raise our dividend forecast and Fair value.

Attractive entry and running yields supported by rent increases enable EfTEN Real Estate Fund AS (EfTEN) to stand strong in a downturn. Management is ready and able to capitalize on buying opportunities.

EfTEN looks to be going through the recession with a +5% yield which is proof of its high quality properties and tenant base. The Hortes sales proceeds can be used for new investments, while re-financings and lower interest rates support dividends