ANNUAL FINANCIAL
REPORT 2025/26 FOR THE YEAR ENDED 31 JANUARY 2026
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
02—05
CHAIRMAN’S STATEMENT
06
DIRECTORS
07
SENIOR MANAGEMENT AND
BOARD COMMITTEES
08—20
CHIEF EXECUTIVE
OFFICER’S REVIEW
21—66
CONSOLIDATED
FINANCIAL STATEMENTS
22—24
DIRECTORS’ REPORT
25—30
CORPORATE GOVERNANCE
STATEMENT
31—35
REMUNERATION REPORT
36—37
STATEMENTS OF
FINANCIAL POSITION
38
STATEMENTS OF
COMPREHENSIVE INCOME
39
STATEMENTS OF
CHANGES IN EQUITY
40
STATEMENTS OF CASH FLOWS
41—65
NOTES TO THE
CONSOLIDATED FINANCIAL
STATEMENTS
66
SHAREHOLDER INFORMATION
INDEPENDENT
AUDITOR’S REPORT
CONTENTS
ANNUAL
FINANCIAL
REPORT
2025/26
01
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
CHAIRMAN’S
STATEMENT
Once again, it is my privilege to report to shareholders on the
trading results of the Group following another successful year for
Trident Estates p.l.c. Many of you have supported the Company
since the listing of Trident Estates on the Malta Stock Exchange in
2018, and I thank you for your continued confidence and support.
At the time of listing, we outlined our vision to
transform the former brewery site into a high-
quality mixed-use office and business destination,
supported by amenities including accessible
parking, food and beverage outlets, a gym,
childcare facilities and landscaped open spaces.
Today, as Chairman of the Group, I am proud
to report on the third full year of operations of
Trident Park Ltd since the official inauguration and
to state that the project has delivered strongly
against those original objectives. Contracted
occupancy levels have now reached 92%, a result
which reflects both the quality of the development
and the confidence placed in the project by our
tenants and stakeholders.
What is particularly satisfying is that Trident Park
has earned recognition not only from the business
community, but also from neighbouring residents,
the architectural profession, building accreditation
bodies, internationally respected designers, and
the wider local community. The various accolades
received by the project, many of which were
highlighted in last year’s Annual Report, continue
to reinforce the success of the development.
This year, the Group was further awarded the
BREEAM Excellent Design Certificate, recognising
the project’s high sustainability standards and
alignment with internationally recognised
environmental benchmarks.
I believe that Trident Park has helped establish
new and more welcoming standards for
commercial development in Malta. The project
demonstrates that aesthetically considered
design, integrated open spaces and well-
maintained landscaped environments are not
only beneficial to the community, but also create
long-term commercial value.
The Group’s financial performance for the year
ended 31 January 2026 was highly satisfactory,
particularly against the backdrop of a challenging
office market environment, which our Chief
Executive Officer, Mr Charles Xuereb, describes in
his report as being oversupplied.
Group revenue increased from €5,520,000
in the previous financial year to €6,057,000,
representing growth of 10%, primarily driven
by the increasing occupancy at Trident Park.
Operating profit increased from €3,706,000 to
€4,096,000, whilst profit after tax increased from
€3,269,000 to €7,439,000.
This significant increase in profitability was largely
attributable to the uplift in the fair value of Trident
House following the signing of a promise of sale
agreement for a consideration of €29,250,000.
The final deed of sale is expected to be concluded
by May 2028.
“This year, the Group
was further awarded
the BREEAM Excellent
Design Certificate,
recognising the project’s
high sustainability
standards and alignment
with internationally
recognised environmental
benchmarks.”
02 ChairmaN’S STaTEmENT
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC