Fastighets AB Trianon released full-year 2025 results on Friday that highlighted improved operating performance and a stronger balance-sheet profile on several measures.
At the operating level, rental income came in at SEK 787.3 million, an increase of 1.9% compared with the prior year. On a like-for-like basis rental income rose by 6%, supported by a 4.9% average rent uplift on residential holdings and better occupancy across the portfolio.
Vacancy metrics showed marked improvement. The group's overall vacancy rate fell by 150 basis points year-over-year to 2.7%. Residential properties recorded a vacancy rate of 2%, while the combined community and commercial real estate segment moved down to 6% from 9% in fiscal 2024.
Profit from property management strengthened as well, increasing 22% to SEK 217.2 million in total. Measured on a per-share basis, profit from property management rose by 27% to SEK 1.15.
On capital costs, Trianon reported that its cost of debt declined to 3.4% from 3.9% in 2024. Adjusted net asset value climbed 8% year-over-year to SEK 33.6 per share. The company noted like-for-like asset values were up 1.4% over the year, including a 0.7% uplift in the fourth quarter.
In portfolio activity, Trianon recorded a negative asset rotation of SEK 970 million during fiscal 2025. Looking ahead, the company has already secured SEK 430 million of acquisitions earmarked for 2026, representing 3% of gross asset value.
Management also moved to simplify Trianon's share structure by converting all A-shares into B-shares. Leadership changes were announced, with Petra Krüger appointed as the new chief executive officer and Olof Andersson proposed as Chair of the Board.
Debt metrics showed modest improvement but remain elevated relative to typical sector benchmarks. Loan-to-value narrowed to 53.9% from 54.7% a year earlier. Interest coverage rose to 1.9x from 1.6x, reflecting higher operating income relative to interest expense.
Alongside the results, the company reinstated a dividend of SEK 0.25 per share. That payout was 27% above consensus expectations. Management also provided near-term guidance, signalling an expectation of double-digit profit growth once again in 2026.
Contextual summary
The results combine revenue growth on a like-for-like basis, tighter vacancy, improved per-share earnings from property management, and an increase in adjusted NAV. At the same time, the firm remains active on transactions and has adjusted its capital and governance structure.