Trident Estates plc – Full-Year 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 28 May 2026, Trident Estates plc published its Annual Report & Financial Statements for the year ended 31 January 2026.
Revenues increased by 9.7% to €6.06 million (FY2024/25: €5.52 million), primarily driven by the increasing occupancy at Trident Park which stood at 86%.
On the expenditure side, operating costs increased by 8.1% to €2.02 million (FY2024/25: €1.81 million), reflecting higher operating and administrative expenses incurred in connection with ongoing studies into future development opportunities. Operating profit rose by 10.5% to a record €4.10 million (FY2024/25: €3.71 million).
The financial performance was significantly boosted by €6.27 million in fair value gains recognised across the portfolio. The most significant was a €7 million uplift on Trident House in Marsa, following the signing of a promise of sale agreement at a selling value of €29.3 million, with the final deed expected to be signed by no later than May 2028. There was also a €0.3 million upward revaluation on other portfolio properties, which however were offset by a €1 million fair value loss on the former Burger King Paceville property, which was vacated by its tenant in January 2026 due to scheduled repair works.
Net finance costs remained unchanged at €1.3 million.
Overall, Trident generated a profit before tax of €9.05 million (FY2024/25: €4.38 million). Excluding fair value gains, pre-tax profit rose by 17.0% to €2.8 million compared to €2.4 million last year. After accounting for a tax charge of €1.61 million, the net profit amounted to €7.44 million (FY2024/25: €3.27 million).
The Statement of Financial Position as at 31 January 2026 shows that total assets increased by 10% (or €10.6 million) to €116.9 million, principally composed of investment property totalling €106.1 million and cash balances of €5.72 million, which include an amount of €4 million paid on account on the execution of the promise of sale agreement for Trident House.
Total liabilities increased by 8.7% (or €3.7 million) to €45.9 million. Total debt stood at €31.2 million, including €4.0 million in lease liabilities.
Total equity increased by 10.8% (or €6.9 million) to €71.0 million, which translates into a net asset value per share of €1.690 (31 January 2025: €1.525).
Dividend
The Directors of Trident resolved to recommend a final net dividend of €750,000, equivalent to €0.017857 per share, which is 50% higher than the net dividend attributable to the previous year.
The dividend will be paid on Friday 26 June 2026 to shareholders as at the close of trading on Monday 1 June 2026, subject to approval at the upcoming Annual General Meeting to be held on Thursday 25 June 2026.
Outlook
The CEO’s review explained that the occupancy at Trident Park is expected to increase to 92% by June 2026 as the remaining contracted tenants are expected to move in. Furthermore, the Group continues to assess future development opportunities, including land adjacent to Trident Park. Preliminary studies are underway to assess development opportunities and are intended to support the ongoing strategic evaluation process.
With respect to Trident House, since a promise of sale has been signed and the existing tenant is set to vacate the premises by end of December 2026, management will endeavour to utilise the asset in the most economically sensible manner until the final deed is executed.
Regarding the former Burger King Paceville premises, which the previous tenant vacated in January 2026, management is in discussions with the owners of the overlying apartments regarding the potential demolition and reconstruction of the entire property.
Meanwhile, restoration works at the Sliema Point Battery (Fortizza) in Sliema are estimated to cost between €0.8 million and €1 million, are expected to commence in the next financial year.
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.