Trident Estates plc – Interim Results
Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.
Financial Performance
On 17 September 2026, Trident Estates plc published its interim financial statements covering the six-month period ended 31 July 2026.
Revenues increased by 6.1% to a record (at the interim stage) of €2.99 million (H1 2025/26: €2.82 million) reflecting the higher occupancy levels at Trident Park. In this respect, the company explained that occupancy increased to 92% compared to 86% last year, with only two floors still vacant.
On the expenditure side, total operating costs increased by 3.4% to €1.11 million compared to €1.07 million in the same period last year. The increase included the impact of ongoing studies on the potential long-term development opportunities associated with the wider Trident Park area.
Operating profit rose by 7.7% to €1.89 million from €1.75 million in the comparable period last year.
Meanwhile, finance costs dropped by 21% to €0.53 million (H1 2025/26: €0.67 million) reflecting the Group’s improved bank facility costs coupled with the funds offset from the deposits on the promise of sale of Trident House.
As a result, the pre-tax profit surged by 25% to €1.41 million compared to €1.13 million in the same period last year. After accounting for a tax charge of €0.55 million (of which €0.43 million is a technical deferred tax charge), the net profit for the period amounted to €0.86 million compared to €0.71 million in the same period last year.
The condensed Statement of Financial Position as at 31 July 2026, when compared to the figures as at 31 January 2026, shows that total assets increased by around €1 million to €117.8 million. Similarly, total liabilities rose minimally to €46.7 million while total equity remained virtually unchanged at €71.1 million, which translates into a net asset value per share of €1.693.
Outlook
The Board of Directors explained that Trident Park remained the major contributor to the Group’s financial results. Management continues to entertain enquiries for the remaining vacant space whilst ensuring the current tenants receive a premium service. The Directors also highlighted the risks associated with the eventual renewal of tenant contracts in context of the oversupply of office space in Malta.
With respect to Trident House, which is currently under a promise of sale agreement, the Directors explained that the final deed of sale is anticipated to be signed by the end of May 2028 while the incumbent tenant is expected to vacate the premises by the end of this year. As such, management is evaluating all options to determine the best use of this asset until the deed is signed.
The planned restoration of the Sliema Point Battery commenced in September 2026 and management is also fielding offers from a series of bidders for the occupation of the Fortizza after the current lease comes to an end. A decision is expected to be taken within the next few months.
The property in Wilga Street, Paceville (previously a Burger King outlet) was closed and stripped out at the start of 2026. The company received professional advice that the building should be demolished and redeveloped for greater longevity. Management encouraged other owners within the building to consider redeveloping the property, however, all attempts failed. In August, the Building & Construction Authority evacuated the occupants of the apartments in the building following the architect’s declaration that due to the deterioration in the structural integrity of the building, the premises are not safe or healthy for habitation or for third parties in the vicinity, and thus recommended that the building is demolished. Trident noted that discussions with authorities and other owners are under way.
The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.
This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.
The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.
This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.