Trianon (TRIAN) Q1 2026 earnings summary

Executive summary

• Profit from property management per share increased 20% year-over-year in Q1 2026, reaching 0.27 kr, with total profit from property management up 11% to 50.1 Mkr.

• Net profit for the period was 75.2 Mkr, with earnings per share rising to 0.41 kr.

• Board proposes a dividend of 0.25 kr per share, about 24% of profit from property management after tax.

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

• Substantial property acquisitions in Malmö added 18 centrally located properties with 342 apartments.

Financial highlights

• Rental income for Q1 2026 was 205 Mkr, down 2% year-over-year, but up 4% in comparable portfolio.

• Operating surplus was 128 Mkr, down 1% from Q1 2025, but up 1% in comparable portfolio.

• Return on equity was 5.6% for the quarter.

• Long-term net asset value per share increased to 33.92 kr.

• Property value increased 7% year-over-year to 13.0 Bnkr.

Outlook and guidance

• Targeting over 12% annual growth in profit from property management per share; Q1 2026 achieved 20%.

• Aims for return on equity over 10% (actual: 6% average over 5 years).

• Loan-to-value ratio target below 55% (actual: 55.3%).

• Dividend policy: 30% of profit from property management.

• No new project starts planned; ongoing urban development projects in Malmö and Burlöv continue as scheduled.