Trianon (TRIAN) Q3 2025 earnings summary

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.