Trianon (TRIAN) Q4 2024 earnings summary

Executive summary

• Q4 2024 saw 9% growth in rental income and property values, with a 15% return on equity and period profit of 200 MSEK.

• Full-year 2024 rental income rose 5% to 773 MSEK, operating surplus up 6% to 530 MSEK, and profit per share at 1.11 SEK.

• Net income for the year was 225 MSEK (vs. -206 MSEK last year), with EPS of 1.11 SEK (vs. -1.59 SEK).

• Property value at year-end was 13.2 BSEK, with a long-term net asset value per share of 31.22 SEK and a loan-to-value ratio of 54.7%.

• Direct yield increased to 4.8%.

Financial highlights

• Rental income: 773 MSEK (+5% YoY); Q4: 200 MSEK (+9% YoY).

• Operating surplus: 530 MSEK (+6% YoY); Q4: 135 MSEK (+9% YoY).

• Management result: 178 MSEK (+9% YoY); Q4: 45 MSEK (-3% YoY).

• EPS: 1.11 SEK (vs. -1.59 YoY); Q4: 1.00 SEK (vs. -1.95 YoY).

• Return on equity: 4% (full-year); Q4: 15%.

Outlook and guidance

• No dividend proposed for 2024 to prioritize growth investments; future payout capped at 30% of management result after tax.

• New financial targets for 2025–2030: management result per share to grow >12% annually, ROE >10%, LTV <55%, interest coverage >1.75x.

• Rental negotiations in Malmö resulted in 5.3% rent increases for 2024 and 4.9% for 2025.

• Positive market outlook with strong demand and zero vacancy in residential portfolio.