Trianon (TRIAN) Q1 2025 earnings summary

Executive summary

• Rental income grew 13% to 209 MSEK and operating surplus rose 9% to 129 MSEK, with management result up 29% to 45 MSEK.

• Net profit for the period was 81 MSEK, earnings per share reached 0.40 SEK, and return on equity increased to 6%.

• Major property sale to Briban Invest AB increased net asset value per share by 0.75 SEK and reduced Briban's ownership to 14%.

• Issued 400 MSEK in sustainable bonds and repurchased 300 MSEK bond, improving financial net.

• Awarded "Årets samhällsförbättrare" at Malmö Näringslivsgala.

Financial highlights

• Rental income rose 13% year-over-year to 209 MSEK; operating surplus up 9% to 129 MSEK.

• Management result increased 29% to 45 MSEK; net profit for the period was 81 MSEK.

• Earnings per share reached 0.40 SEK, up from 0.24 SEK in Q1 2024.

• Net letting amounted to 6 MSEK; property value stable at 12.2 BSEK.

• Direct yield for the portfolio was 4.8%.

Outlook and guidance

• New financial targets: management result per share >12%, return on equity >10%, loan-to-value <55%.

• Earnings capacity per share at 1.25 SEK, with potential to reach 1.49 SEK if fully let.

• Focus on property management, renovations, and energy efficiency for long-term value.

• Continued development of zoning plans and sale of building rights for future growth.

• Sustainability goals include halving CO2 emissions and 100% sustainable financing by 2030.