Trianon (TRIAN) Q2 2025 earnings summary

Executive summary

• Rental income for H1 2025 rose 6% to 399 MSEK year-over-year; Q2 2025 rental income was 190 MSEK, flat compared to Q2 2024.

• Management result for H1 2025 increased 22% to 102 MSEK; per share, up 21% to 0.53 SEK.

• Net profit for H1 2025 reached 116 MSEK, up from 72 MSEK year-over-year; Q2 2025 net profit was 35 MSEK.

• Earnings per share for H1 2025 was 0.59 SEK; for Q2 2025, 0.18 SEK.

• Property sales and acquisitions continued, with a focus on Malmö and low residential vacancy.

Financial highlights

• Operating surplus for H1 2025 increased 3% to 260 MSEK; surplus ratio was 65%.

• Return on equity for H1 2025 was 5%; Q2 2025 return on equity was 2.7%.

• Long-term net asset value per share (excl. hybrid) was 32.56 SEK at June 30, 2025.

• Loan-to-value ratio was 54.2% as of June 30, 2025; equity ratio was 38.5%.

• Interest coverage ratio for Q2 2025 was 1.97x, up from 1.77x in Q2 2024.

Outlook and guidance

• Financial targets include management result per share growth above 12% and return on equity above 10% by 2030.

• Loan-to-value target is below 55%; current level is 54%.

• Interest coverage ratio target is above 1.75x; current rolling 12-month figure is 1.71x.

• Management result per share has increased in 6 of the last 7 quarters, with the positive trend expected to continue.

• Lower financing costs are anticipated due to improved bank margins and increased sustainable financing.