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Trianon (TRIAN) investor relations material
Trianon Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 saw a 2% decrease in rental income to 193 Mkr and a 4% decrease in operating surplus to 137 Mkr compared to Q3 2024, but management result rose 23% to 60 Mkr and net profit increased 23% to 81 Mkr.
For January–September 2025, rental income grew 3% to 592 Mkr, operating surplus rose 0.5% to 397 Mkr, and management result increased 22% to 162 Mkr year-over-year.
Management profit per share increased by 25% year-over-year for Jan–Sep 2025, with a 33% rise in Q3 alone.
Net profit for Jan–Sep 2025 was 196.5 MSEK (25.0), with EPS of 1.02 SEK (0.09); Q3 net profit was 80.8 MSEK (-47.2), EPS 0.43 SEK (-0.24).
Vacancy rates remain low at 2.8%, with strong demand in Malmö and ongoing urbanization trends.
Financial highlights
Result per share for Q3 was 0.43 kr, up from -0.24 kr in Q3 2024; for the nine months, 1.02 kr, up from 0.09 kr.
Return on equity for Q3 was 6.2% (vs. -3.6% Q3 2024); for the nine months, 5.1% (vs. 0.6%).
Rental income for Jan–Sep 2025 rose 3% to 592.0 MSEK (572.8); like-for-like rental income up 5%.
Operating surplus increased 0.5% to 397.1 MSEK (395.3), with a surplus ratio of 67% (69).
Long-term net asset value per share (excl. hybrid) was 32.94 kr at 30 Sep 2025, up from 30.51 kr a year earlier.
Outlook and guidance
Management result per share growth target is >12%; Q3 2025 achieved 33% growth.
Return on equity target is >10%; Q3 2025 achieved 6%.
Loan-to-value target is <55%; Q3 2025 at 54%.
Management expects double-digit growth in management profit for 2026, supported by rent increases above inflation and lower financing costs.
Property values are expected to rise in 2026, further boosting return on equity.
Future value creation from building rights portfolio
CO2 emissions vs. energy use divergence explanation
Capital allocation: Repurchases vs. new investments
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Frequently asked questions
Fastighets AB Trianon (publ), a real estate company, acquires, develops, builds, owns, and manages residential and commercial properties in Sweden. The company operates under Logistikfastigheter, Butiksfastigheter, Bostadsfastigheter and Andra kategorier segments. It also involves in developing and selling land for housing construction; and owning vacant land that it plans to redevelop or sell at a later stage. The company was founded in 1973 and is headquartered in Malmö, Sweden.
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