Trianon (TRIAN) Q4 2025 earnings summary

Executive summary

• Achieved 22% increase in profit from property management to 217.2 MSEK for 2025, with per-share growth of 27% year-over-year to 1.61 SEK.

• Net income rose to 309 MSEK, with return on equity at 6.0%.

• Major property divestment to Briban Invest AB and several acquisitions in Malmö, expanding the residential portfolio.

• Strengthened financial position with simplified capital structure and full redemption of hybrid bonds.

• Leadership transition: Petra Krüger appointed as new CEO, Olof Andersson proposed as chairman, effective August 2026.

Financial highlights

• Rental income grew by 2% to 787.3 MSEK; Q4 rental income was 195 MSEK, down 2% YoY.

• Operating surplus was 530 MSEK (flat YoY); Q4 operating surplus was 133 MSEK (-2% YoY).

• Q4 management result was 55 MSEK (+22% YoY); full-year management result was 217 MSEK (+22% YoY).

• Q4 net profit was 112 MSEK; full-year net profit was 309 MSEK.

• Dividend proposed at 0.25 SEK per share, about 24% of profit from property management after tax.

Outlook and guidance

• Rent increases for 2026 set at 3.2%; new commercial contracts expected to drive double-digit profit growth.

• Financial targets include management result per share growth >12% and loan-to-value below 55%.

• Targeting 10% return on equity over the cycle.

• Two major residential acquisitions in Malmö in January 2026 align with growth strategy.