Trianon-E.C IFPM up and slight vacancy decrease-05/12/2026

Research evidence excerpt

Trianon-E.C IFPM up and slight vacancy decrease-05/12/2026

Trianon

NEWSFLASH | 12 MAY 2026

E.C IFPM up and slight vacancy decrease

Trianon delivered a solid Q1 report, with rental income and NOI 2/1% above our expectations, but with negative net letting

of SEK -0,3m. LFL rental income increased by 3.7% y/y. Economic occupancy rate for the portfolio came in at 96.6% (+10bps

q/q). IFPM came in +8% vs. PASe (+14% y/y), while E.C IFPMPS grew by 4% q/q. We expect to make some minor positive

estimate revisions on the back of the report and shares to trade slightly above the real estate peers today. We have Buy

recommendation and a 12-month target price of SEK 26.

Key takeaways

• Rental income and NOI came in 2/1% above PASe, where the cold winter resulted in higher property costs of SEK 5m, weighing on NOI

• Negative net letting of SEK -0,3m

• LFL rental income growth of 3.7% y/y

• Economic occupancy for the portfolio increased slightly by 10bps q/q to 96.6%

• IFPM came in 8% above our expectations, mainly explained by explained by lower CA due to fewer employees than in 2025, while E.C

IFPM per share grew by 4% q/q

Conclusions for the share

• We have a Buy rating and a 12-month target price of SEK 26

• We expect to make minor positive estimate revisions to our rental income and NOI estimates on the back of the report, but expect higher

market interest curves to weigh on our IFPM and CEPS estimates

• We expect shares to trade slightly above the real estate peers today

Deviation table

Trianon - Deviation table

Historical Actual PASe Deviation (%)

P&L Q1'25 Q4'25 Q1'26 Q1'26e PAS

Rental income SEKm 209 195 205 202 2%

Net operating income " 129 133 128 127 1%

NOI-margin % 61.9% 67.9% 62.5% 62.8% -0.3pp

Central administration SEKm (18) (22) (18) (22) -16%