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
ChairmaN’S STaTEmENT 03
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
04 ChairmaN’S STaTEmENT
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
Upon completion, these funds will provide
the Group with additional flexibility to pursue
future investment opportunities. Following
the successful completion and stabilisation of
Trident Park at high occupancy levels, the Board
continues to evaluate a number of potential
long-term development opportunities associated
with the wider Trident Park area, including land
adjacent to Trident Park currently owned by
Simonds Farsons Cisk p.l.c. (“Farsons”).
In this regard, preliminary studies and conceptual
master-planning exercises are ongoing between the
respective companies and their advisers in order to
assess a range of potential mixed-use development
opportunities and complementary uses associated
with Trident Park and the surrounding area, while
ensuring alignment with the long-term operational
and strategic requirements of the Farsons Group
across the wider site.
These studies remain at an exploratory stage and
are intended solely to support the ongoing strategic
evaluation being undertaken by the respective
companies. No decisions have been taken in relation
to any potential transaction structure, development
scheme, commercial framework or implementation
timetable, all of which remain subject to further
studies, corporate approvals and, where applicable,
Board, shareholder and regulatory considerations.
In the meantime, the Group remains firmly
focused on preserving the quality, sustainability
and long-term value creation principles that have
underpinned the success of Trident Park to date.
The Board is also evaluating a separate opportunity
relating to a property owned by the Group in
Paceville, which until recently housed a Burger
King outlet. The initiative under consideration
involves engaging with the various parties owning
different parts of the surrounding property with a
view to assessing the feasibility of a comprehensive
redevelopment of the site.
Finance costs remained stable during the year and
are expected to reduce progressively as the Group’s
net borrowing position continues to improve.
In light of the Group’s positive financial performance,
the Board will be recommending the payment of a
net dividend of €750,000 at the forthcoming Annual
General Meeting, equivalent to €0.0179 per share.
It is natural that Board composition evolves
over time and, in this regard, it is with
both appreciation and regret that I inform
shareholders that Mr Roderick Chalmers will
be retiring from the Board after many years of
dedicated service. During his tenure, Mr Chalmers
also chaired the Audit Committee and played
an important role in supporting the work of the
Board. His professionalism, sound judgement
and valuable insight have made a significant
contribution to the Company over many years.
On behalf of the Board and shareholders, I extend
our sincere thanks and best wishes for continued
good health and a fulfilling retirement.
At the same time, I am pleased to advise that Dr
Richard Camilleri has been nominated to join the
Board. Dr Camilleri is a highly experienced lawyer
with more than 45 years of practice in both litigation
and advisory roles. His extensive experience and
strong governance background will be a valuable
addition to the Board.
Dr Richard Camilleri, together with Mr Charles
Borg, will be proposed for appointment at the
forthcoming Annual General Meeting. Both
nominations are uncontested.
Mr Matthew Marshall has also been appointed
Vice Chairman of the Board with effect from 8 May
2026. He brings relevant experience in property
management, particularly in property renovation
and leasing.
Mr Neil Psaila will assume the role of Chairman of
the Audit Committee. Mr Psaila is a Fellow of the
Association of Chartered Certified Accountants
and brings significant audit and assurance
experience, having spent a number of years at
PricewaterhouseCoopers Malta working with large
and complex group structures. His professional
expertise is well aligned with the responsibilities
of the role.
I take this opportunity to thank Mr Xuereb and his
team for their commitment, professionalism and
hard work in maintaining a well-run and successful
operation, as reflected in the positive feedback
received from a number of key tenants featured in
this Annual Report. Their dedication and enthusiasm
continue to encourage the Board in considering
further investment opportunities for the Group.
I would also like to express my appreciation to
my fellow Directors for their continued support
and contribution throughout the year, as well
as to our advisers, legal counsel, Mamo TCV
Advocates and City Legal, and our auditors,
PricewaterhouseCoopers, for their ongoing
professional service and guidance.
Louis A. Farrugia
Chairman
28 May 2026
ChairmaN’S STaTEmENT 05
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
BOARD OF DIRECTORS
BOARD OF DIRECTORS
| 1. Mr Louis A. Farrugia – Chairman | 6. Mr Charles Borg |
| 2. Matthew Marshall – Vice Chairman | 7. Mr Alberto Miceli Farrugia |
| (from 8 May 2026) | 8. Mr Andrea Stagno d’Alcontes |
| 3. Mr Neil Psaila | 9. Ms Nadine Magro – Company Secretary |
| 4. Mr Roderick Chalmers | |
| 5. Mr Michael Farrugia |
06 BOarD OF DirECTOrS
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
1
4
7
2
5
8 9
3
6
BOARD COMMITTEES
SENIOR MANAGEMENT
AND BOARD COMMITTEES
Trident Team – Senior Management, Operations and Maintenance staff
SENIOR MANAGEMENT
Mr Charles Xuereb – Chief Executive Officer
Mr Andrea Mangion – Chief Financial Officer
aUDiT COmmiTTEE
Mr Roderick Chalmers – Chairman
Mr Charles Borg
Mr Neil Psaila
Mr Alberto Miceli Farrugia
rELaTED ParTiES
TraNSaCTiON
COmmiTTEE
Mr Charles Borg – Chairman
Mr Alberto Miceli Farrugia
Mr Matthew Marshall
rEmUNEraTiON
aND COrPOraTE
GOVErNaNCE
COmmiTTEE
Mr Charles Borg – Chairman
Mr Michael Farrugia
Mr Matthew Marshall
Mr Andrea Stagno d’Alcontes
SENiOr maNaGEmENT aND BOarD COmmiTTEES 07
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
CHIEF EXECUTIVE OFFICER’S
REVIEW
This is my ninth year addressing you as Chief Executive of Trident Estates
plc, following the Company’s listing on the Malta Stock Exchange in
January 2018. I am pleased to present solid results for the financial
year ended 31 January 2026 (FY2026), driven in particular by the
successful conclusion of contracts for several new tenancies at Trident
Park, together with a full year of occupancy by recently onboarded
tenants across various other properties within the Group’s portfolio .
€0
€1,000,000
€2,000,000
€3,000,000
€4,000,000
€5,000,000
€6,000,000
€7,000,000
20262025202420232022
REVENUE
€0
€750,000
€1,500,000
€2,250,000
€3,000,000
€3,750,000
€4,500,000
20262025202420232022
OPERATING PROFITS
€0
€500,000
€1,000,000
€1,500,000
€2,000,000
€2,500,000
€3,000,000
20262025202420232022
PROFIT BEFORE TAX AND
FAIR VALUE MOVEMENTS
FiNaNCiaL rESULTS
For the financial year under review, the Group
generated revenues of €6.1 million, representing
a 10% increase over the prior year’s turnover of
€5.5 million. This uplift was primarily driven by
additional rental income from new tenants at
Trident Park.
Operating profit for the year amounted to €4.1
million (FY2025: €3.7 million). Fair value gains
totalled €6.2 million (FY2025 €2.0 million),
largely reflecting the promise of sale agreement
relating to Trident House (please refer to below).
Profit before tax increased substantially to €9.0
million (FY2025: €4.4 million). The tax charge
for the year was €1.6 million (FY2025: €1.1
million) and includes a technical deferred tax
expense of €706,000 (FY2025 €617,000), which
the Board considers unlikely to crystallise in the
foreseeable future.
In light of the satisfactory performance for
the year, the Board is proposing the payment
of a final net dividend of €750,000 (FY2025:
€500,000).
08 ChiEF ExECUTiVE OFFiCEr’S rEViEw
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
ChiEF ExECUTiVE OFFiCEr’S rEViEw 09
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
TriDENT ParK
Trident Park continued to build on the strong
momentum generated in previous years,
reflecting the enduring appeal of Trident Park’s
offering. As at the financial year end occupany
stood at 86%, a level that is set to increase to
92% by the end of June 2026.
We were pleased to have secured several new
leases with leading, top-tier organisations,
including Starr, FalconX, Klesh Group, MLF
International, Nexent Bank, Ninja Park, Quinel,
GF Securities Malta, St. Mary’s Beauty Clinic, and
BMA Studios, further enhancing the calibre and
diversity of our tenant portfolio. These additions
reinforce Trident Park’s reputation as a preferred
address for high-quality businesses seeking a
modern, strategically located and professionally
managed environment.
Beyond occupancy metrics, our focus
remains firmly on curating an environment
for the community that enhances commercial
performance and the wellbeing of its occupants.
Enhancing the offer
In January 2026, we welcomed the opening
of Ninja Park – a facility providing a sports,
fitness and recreational centre incorporating
a fusion of gymnastics, parkour, tricking, and
obstacle course racing. The offer also includes
other related physical disciplines, together with
ancillary activities aimed at adults, parents and
children including classes, workshops, birthday
parties, team-building events, after-school
programmes and other recreational, wellness or
educational activities. This continues to enhance
our on-site offering, driving an increasing
number of visitors who make use of the other
amenities.
We also look forward to welcoming Redefine
by St. Mary’s Beauty Clinic to Trident Park. The
clinic will complement our existing amenities
by expanding the on-site healthcare offering,
providing a comprehensive range of medical and
aesthetic services delivered through innovative
treatments and patient-centred care. This
addition further strengthens the integrated
experience we continue to develop for our
tenants and visitors alike.
Lewis V. Farrugia BoardroomLewis V. Farrugia Boardroom
Conference RoomConference Room Truxton Fitness GymTruxton Fitness Gym
10 ChiEF ExECUTiVE OFFiCEr’S rEViEw
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
Vecchia NapoliVecchia Napoli
Apex Dental Med Aesthetic ClinicApex Dental Med Aesthetic Clinic
Ninja ParkNinja Park
Sireni ChildcareSireni Childcare
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
ChiEF ExECUTiVE OFFiCEr’S rEViEw 11
BREEAM Highlight
Heritage &
Regeneration
Original tiles and
joinery from the 1950s
in the reception, foyer
and boardroom have
been refurbished.
12 ChiEF ExECUTiVE OFFiCEr’S rEViEw
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
awarDS
BREEAM Excellent Design Stage
Certificate
Trident Park has achieved a BREEAM Excellent
Design Stage Certificate, a recognition of the
project’s high sustainability standards and
alignment with internationally recognised
environmental benchmarks.
This accreditation reflects Trident Park’s
deliberate integration of sustainable design
principles from the outset, consistent with its
vision as a modern green office campus. This
involved encompassing strict environmental
codes, minimising its carbon footprint,
with energy infrastructure and sustainable
operational systems embedded into its design,
water management, material selection, occupant
health and wellbeing, and robust environmental
management. Trident Park's accreditation as
a BREEAM Excellent design also confirms the
wider commitment to responsible development
and the ongoing evaluation against established
ESG standards.
BF1237 Rev 2.0 © BRE Global Ltd, 2016
Interim Certificate: Design Stage
The assessment of:
has been carried out according to Technical Manual:
and based on the Assessment Report produced by:
has achieved a score of
Certificate Number: Issue:
This certificate is issued to the Licensed Assessor Organisation nam ed above based on their application of the assessment process in
accordance with Scheme Document SD123.
This certificate is valid on the date of issue on the basis of the data provided by the client and verified by the Assessor Organisation.
To check the authenticity of this certificate visit www.greenbookliv e.com/check, scan the QR Tag or contact us: E: breeam@bre.co.uk
T. +44 (0)333 321 8811
This certificate remains the property of BRE Global Limited and is issued subjec t to terms and conditions available at
www.greenbooklive.com/term .
The use of the UKAS accreditation mark indicates accreditation in respect of those activities cover ed by the Accreditation Registration
Number 0007 which can be verified by visiting www.ukas.com
BREEAM is a registered trademark of BRE (the Building Research Establishm ent Ltd. Community Trade Mark E5778551)
SD123 Cert. No. BREEAM-XXXX-XXX0
BRE Global Limited is accredited by UKAS. The assessment process is certified by BRE Global Limited in
accordance with the requirements of Scheme Document SD123
Date of Issue
01
Trident Park
Trident Park Ltd
Ritchie Studio Ltd.
TBA Periti
Trident Park Ltd
CASAinginiera
Doug King Consulting
Gillieron Scott Acoustic Design
Ulrike Brandi Licht
Office
70.3%
Assessor Number
Signed for BRE Global Ltd., Dawn Carter
Fully Fitted
CR15
BREEAM International New Construction 2016
23 December 2025
BREEAM-0075-3756
Christopher Russell
BF1237 Rev 2.0
Excellent
BRE Global Ltd, 2017
Ian Ritchie Architects Ltd
BREEAM-0075-3756
Zone 2
Central Business District
Mdina Road
Architect name
CBD 2010
Developer name
Malta
Structural and Civil Engineer, Local Architect, Planning
Environmental Engineer
M & E Engineers
Lighting Consultant
Client for the Assessment
Licensed Assessor
Acoustic Consultant
ChiEF ExECUTiVE OFFiCEr’S rEViEw 13
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
BREEAM Highlight
Sustainability
Trident Park generates
clean renewable
energy through photo
voltaic panels on the
roofs. The same roofs
also serve as water
catchment areas
for rain water that is
stored in reservoirs
and used for irrigation.
14 ChiEF ExECUTiVE OFFiCEr’S rEViEw
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
OUR VENUES
During the year under review, both the Trident
Park Conference Hall and the Lewis V. Farrugia
Boardroom hosted a wide range of events,
including conferences, annual general meetings,
board meetings, corporate rebranding events,
symposia, graduation ceremonies, training
seminars, team-building workshops, book
launches, and forums.
THE OFFICE MARKET
The office market in Malta continues to evolve,
presenting both challenges and opportunities
for landlords and real estate owners. Demand
has normalised post-pandemic, with occupiers
increasingly prioritising quality, flexibility, and
sustainability over pure floor area. Well-located,
modern offices with strong ESG credentials and
efficient layouts remain attractive, particularly
to international firms in the finance, gaming,
technology, and professional services sectors. At
the same time, secondary and outdated office
stock faces pressure, requiring repositioning or
reinvestment. Competitive pricing and incentive
structures are now standard in negotiations.
As landlords, we must be proactive, responsive
to tenant needs, and focused on long-term
relationships and asset quality.
GOING FORWARD
Going forward, we will continue to drive
occupancy towards near-full levels, while
recognising that a certain degree of tenant
turnover is to be expected. At the same time, we
will step up campus maintenance to ensure that
the property consistently ranks as a top-tier,
first-choice location for our discerning tenants.
ChiEF ExECUTiVE OFFiCEr’S rEViEw 15
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
BREEAM Highlight
Natural
Light
Skylights in the
gym serve as glass
communal tables
in the gardens
above. Natural light
has been central
to Trident Park's
design.
16 ChiEF ExECUTiVE OFFiCEr’S rEViEw
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
OTHER PROPERTIES
TRIDENT HOUSE
The Trident House property is currently subject to
a promise of sale agreement, signed on 27 October
2025 and valid until 30 May 2028. The Company
has to date received €5 million on account of the
total consideration of €29.25 million.
The current tenant, a related party, is expected
to vacate the property during 2026, enabling
a smooth handover and completion of the sale
in line with the agreed terms. This transaction
represents a key milestone in line with the
Company’s strategy and potential future projects.
PACEVILLE PREMISES (BURGER KING)
The Paceville premises that have housed Burger
King since 1995 were closed in January 2026
to allow essential repair works to be carried out
safely and to the highest standards, including
the planned replacement of the ground slab.
Following a full strip-out of the outlet and initial
interventions on the columns, a decision was taken
to re-evaluate the scope of works on the ground
slab and to open discussions with the (multiple)
owners of the overlying apartments regarding
the potential demolition and reconstruction of the
entire property. We have coordinated discussions
with all the various owners of the overlying and
underlying properties in an effort to commence
with a development that will be to the benefit
of all parties. If agreement can be reached, it is
envisaged that Trident will lead the development
to ensure the timely delivery of a high standard
project in a prime location.
SOUTH STREET, VALLETTA
(PIZZA HUT)
The premises owned by the group previously
housed the Pizza Hut outlet since 1995. These
operations closed down at the end of February
2026. We have since reached out to a number
of potential operators and expect to sign a lease
agreement with a major restaurateur on the
island during the upcoming financial year. The
lease spans a period of 15 years and reflects
an improved rental rate on that charged to the
previous operator.
FORTIZZA
The lease agreement relating to Il-Fortizza
(the Sliema Fort Point Battery on Tower Road,
Sliema), covering both the lower ground and
ground floor levels, reached its contractual
expiry in September 2024. The lease of the lower
ground floor had been extended to March 2025,
while the lease of the ground floor has been
extended to September 2026.
A major restoration project on the building
fabric is expected to commence shortly,
reflecting the Group’s commitment to
preserving the heritage value of this landmark
site while upgrading the premises for wider
public enjoyment. Following completion of
the restoration works, the Group intends to
remarket the property in line with its long term
vision for the site, with the aim of repositioning
the Sliema Fort Point Battery as a distinctive
and attractive heritage destination.
ChiEF ExECUTiVE OFFiCEr’S rEViEw 17
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
BREEAM Highlight
Electric
Vehicles
With over 20 public
EV chargers on
site, Trident Park
embraces the shift
towards greener
modes of transport.
18 ChiEF ExECUTiVE OFFiCEr’S rEViEw
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TRIDENT ESTATES PLC
FUTURE DEVELOPMENT
The year ahead is expected to be another
intensive one, with our efforts concentrated on
five key pillars:
1. the restoration of the Sliema
Fort Point Battery,
2. the redevelopment of the Paceville property,
3. the onboarding of new tenants at Trident Park,
4. the operation and ongoing
maintenance of Trident Park, and
5. the identification and initiation
of a new project.
Following the successful completion and
stabilisation of Trident Park at high occupancy
levels, the Group continues to evaluate a
number of potential long-term development
opportunities associated with the wider Trident
Park area, including the land adjacent to Trident
Park which is owned by Simonds Farsons Cisk
plc (“Farsons”).
In this context, preliminary studies and
conceptual master-planning exercises are
ongoing between the respective companies
and their advisers in order to assess a range of
potential mixed-use development options and
complementary uses associated with Trident
Park and the surrounding area while ensuring
alignment with the long-term operational and
strategic requirements of the Farsons Group
across the wider site.
These studies remain at an exploratory stage
and are intended to support the ongoing
strategic evaluation by the respective
companies. No decisions have yet been
taken in relation to any transaction structure,
development scheme, commercial framework
or implementation timetable, all of which would
remain subject to further studies, corporate
approvals and, where applicable Board,
shareholder and regulatory considerations.
In the meantime, the Group remains focused
on maintaining the quality, sustainability and
long-term value creation principles that have
underpinned the success of Trident Park.
CONCLUSION
Over the past year, our results have aligned
with our expectations and underscored
both the resilience of our business and our
unwavering focus on quality. Given the further
improvement of the performance of the Group
this year, the Board shall be seeking approval
for the declaration of an increased dividend
of €750,000 at the forthcoming AGM. This
increase of €250,000 over the prior year
marks our commitment to returning value
to all stakeholders, including our esteemed
shareholders who have been supportive in
holding their investment in Trident.
At the same time, we remain fully conscious
that the period ahead will demand continued
resilience, agility, and growth. We are therefore
undertaking a comprehensive, ongoing strategic
review to ensure that we are well positioned to
succeed in an evolving and highly competitive
market. We look to the future with confidence
and enthusiasm, determined not only to meet
but to exceed our shared ambitions.
I wish to extend my sincere appreciation to all
those who have contributed to the success of
Trident Park – our executive team, professional
advisers, contractors, and suppliers. I am equally
grateful to the Chairman and the Board of
Directors for their trust and support; it is a privilege
to serve in this role. In particular, I would like to
acknowledge our Chairman for his wise counsel
and clear vision, and my own team for their
commitment, professionalism, and hard work.
Their collective efforts have been instrumental
in consolidating Trident Estates’ position as an
exemplary real estate group in Malta.
ChiEF ExECUTiVE OFFiCEr’S rEViEw 19
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
BREEAM Highlight
Climate
Control
Large chimneys serve
as air intakes, drawing
large volumes of air into
the plant room, filtering
it, and pushing fresh,
clean air into the indoor
spaces at Trident Park.
ANNUAL REPORT 2025/26
TRIDENT ESTATES PLC
20 ChiEF ExECUTiVE OFFiCEr’S rEViEw
CONSOLIDATED
FINANCIAL
STATEMENTS
2025/26
22—24
DIRECTORS’ REPORT
25—30
CORPORATE GOVERNANCE
STATEMENT
31—35
REMUNERATION REPORT
36—37
STATEMENTS OF
FINANCIAL POSITION
38
STATEMENT 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
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
21
DIRECTORS’ REPORT
The Board of Directors is pleased to present their report and the Group’s audited
consolidated financial statements for the year ended 31 January 2026 (FY2026).
rEViEw OF ThE BUSiNESS
Trading performance
The Group recorded total revenue amounting to €6,057,000 (2025:
€5,520,000), marking a 10% increase over the prior year that was
primarily driven by Trident Park’s increasing occupancy level.
Although the Group’s property maintenance costs increased,
the higher occupancy allowed for a larger portion of these costs
being recharged, resulting in a marginal decrease in direct costs
to €617,000 (2025: €635,000). In continuation with the prior year,
Management has been tasked with studying future projects for
the Group and has consulted with various professionals to assist
with these studies. Consequently, operating and administrative
expenses increased to €1,407,000 (2025: €1,270,000). The Group’s
operating profit for the year increased by 11% to €4,096,000
(2025: €3,706,000).
Fair value gains of €6,266,000 were recognised during the year
(2025: €2,000,000) which were related to the fair valuation of various
properties within the Group’s portfolio. The Group incurred finance
costs similar to the prior year amounting to €1,334,000 (€1,330,000).
The resulting profit before tax of €9,046,000 (2025: €4,376,000)
marks an improvement of 107% over the prior year. Adjusting for
fair value gains, profits before tax amounted to €2,780,000 (2025:
€2,376,000) an increase of 17% over the prior year.
After a tax expense of €1,607,000 (2025: €1,107,000), the Group
reports a net profit of €7,439,000 (2025: €3,269,000). Excluding
net fair value gains, the Group’s reported net profit for the year
amounted to €1,800,000 (2025: €1,469,000), marking a 23%
increase over the prior year.
Investments and property interests
Trident Park, Central Business District
Trident Park remains the Group’s primary income generating property.
As at the financial year end, Trident Park’s occupancy reached 86%
following some tenancy churn, with a contracted occupancy of
92%. The remaining contracted tenants are set to move in by June
2026. Management continues to market the remaining spaces while
providing a premium service to its current tenants. Management is also
working on improving operational efficiency of the building’s plant and
infrastructure which is yielding results of improved green credentials
that is being passed onto tenants.
Trident Park remains the Group’s flagship property, being an
exemplary development that raised the standard of local building
practices and design. This continues to be proven by its outstandingly
high occupancy and resilience in a market that is otherwise
struggling with oversupply. During the year, Trident Park was
awarded with a BREEAM Design Stage Excellent rating, with a score
that is the highest achieved in Malta to date, further highlighting the
rigorous standards to which Trident Park has complied.
Trident House, Marsa
An uplift of €7,000,000 was recognised on Trident House following a
promise of sale agreement signed at €29,250,000. The final deed is
expected to be signed by not later than May 2028, until which time
the asset will be held on the Group’s books. The current related party
tenant is set to exit the premises by the end of December 2026.
Management will endeavour to market and utilize the asset as most
economically sensible until the final deed is signed.
The proceeds of the deposit, amounting to €5,000,000 as at the time
of writing (€4,000,000 as at year end), are currently accruing interest
and countering part of the Group’s finance costs. These funds, coupled
with the balance payable on the deed, will feature as an important part
of the Group’s funding strategy for future investments.
Burger King, Paceville
In January 2026, the tenant of Burger King Paceville vacated the
property. The property is currently not being occupied pending
commencement of critical and costly repair works.
Management is endeavoring to reach agreement with the
(multiple) owners of the overlying apartments regarding the
potential demolition and reconstruction of the entire property in
a development that would benefit all parties. If agreement can be
reached, it is envisaged that Trident will lead the development to
ensure the timely delivery of a high standard project in a prime
location. In the meantime, a fair value loss of €1,034,000 was
recognised on the property to cater for the period of closure and
the cost of repair works.
Fortizza (Sliema Point Battery), Sliema
Restoration works at Fortizza estimated between €800,000 and
€1,000,000 will commence in the next financial year. The cost of
these works are already reflected in prior valuations thus no further
amendments to the value are necessary.
Kebab Factory / Veranda, St Julian’s
The Kebab Factory and Veranda property in St Julian’s was
revalued upwards by €300,000 following a reassessment of the
property’s value. In light of the current market conditions and
the strong contracted rates, the uplift is representative of the
property’s fair value.
22 DirECTOrS’ rEPOrT
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
OUTLOOK FOr FiNaNCiaL YEar
ENDiNG 31 JaNUarY 2027
The Group has continued to evaluate a number of potential long-term
strategic development opportunities in areas adjacent to Trident
Park, including land owned by Simonds Farsons Cisk plc (“Farsons”).
In this context, the respective companies have been undertaking
preliminary studies and conceptual master-planning exercises in order
to assess a range of potential mixed-use development options and
complementary uses associated with Trident Park.
These studies remain at an exploratory stage and are intended
to support the ongoing strategic evaluation by the respective
companies. No decisions have been taken in relation to any
transaction structure, development scheme, funding arrangement
or implementation timetable, all of which would remain subject to
further studies, corporate approvals and, where applicable, Board,
shareholder and regulatory considerations.
The success of Trident Park has already been demonstrated in
a difficult market environment. With the office market facing an
oversupply of space, Management is evaluating opportunities
to further diversify the Group’s real estate portfolio through a
broader mix of uses, whilst maintaining sustainability, quality and
community integration as key guiding principles
Additionally, the restoration works planned for the Sliema Point
Battery are expected to further enhance the quality and positioning
of this heritage property within the Group’s portfolio. The current
lease arrangements remain in place pending the completion of the
restoration works, following which the property will be remarketed
in line with the Group’s long-term asset management strategy.
Management also continues to evaluate options relating to the
former Burger King Paceville site as part of its broader review
of the Group’s property portfolio and future development
opportunities.
The Group remains in a strong financial position to support future
strategic initiatives, whilst maintaining a prudent and conservative
funding and capital structures. The Board and Management will
continue to evaluate opportunities that align with the Group’s long-
term strategy, with a focus on sustainability, quality and long-term
value creation for shareholders.
FiNaNCiaL riSK maNaGEmENT
The Group’s and Company’s activities expose it to a variety of
financial risks, including market risk (such as cash flow interest rate
risk), credit risk and liquidity risk. Refer to Note 2 in these financial
statements.
PrOPErTY VaLUE riSK aND ExPOSUrE
TO GENEraL marKET CONDiTiONS
Property values, including the health of the commercial property
rental market, are affected by changing demand, changes in
general economic conditions, changing supply within a particular
area of competing space and attractiveness of real estate relative
to other investment choices. Other factors such as changes in
planning and tax laws, and interest and inflation rate fluctuations
would also have an impact on capital values and income streams
of properties. The Company monitors all these factors, and seeks
advice accordingly, as it manages its property portfolio.
DiViDENDS aND rESErVES
The statements of comprehensive income are set out on page 38.
The Board declared a final net dividend amounting to €500,000
(€0.0119 per share) for FY2025 at the Annual General meeting that
was held on 26 June 2025.
The Board will propose a final net dividend of €750,000 (€0.0179
per share) at the upcoming Annual General meeting to be held on
25 June 2026. Subject to approval at the Annual General Meeting,
the dividend will be paid to shareholders on 26 June 2026.
Retained earnings carried forward at the reporting date amounted to
€8,669,000 (2025: €7,369,000) for the Group and €5,396,000 (2025:
€5,612,000) for the Company. Fair Value gains reserves as at that
date amounted to €17,481,000 (2025: €11,842,000) for the Group and
€14,931,000 (2025: €9,562,000) for the Company.
DirECTOrS
The Directors who held office during the year were:
Louis A. Farrugia – Chairman
Alberto Miceli Farrugia
Charles Borg
Michael Farrugia
Roderick Chalmers
Andrea Stagno d’Alcontres
Matthew Marshall
Neil Psaila
STaTEmENT OF DirECTOrS’ rESPONSiBiLiTiES
FOr ThE FiNaNCiaL STaTEmENTS
The Directors are required by the Maltese Companies Act, 1995 to
prepare financial statements which give a true and fair view of the
state of affairs of the Group and the parent Company as at the end
of each reporting period and of the profit or loss for that period.
In preparing the financial statements, the Directors are responsible for:
Statement of Directors’ responsibilities for the financial statements
• ensuring that the financial statements have been drawn up in
accordance with International Financial Reporting Standards as
adopted by the EU;
• selecting and applying appropriate accounting policies;
• making accounting estimates that are reasonable in the
circumstances;
• ensuring that the financial statements are prepared on the going
concern basis unless it is inappropriate to presume that the Group
and the parent Company will continue in business as a going
concern.
DirECTOrS’ rEPOrT 23
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
The Directors are also responsible for designing, implementing and
maintaining internal control as necessary to enable the preparation of
financial statements that are free from material misstatement, whether
due to fraud or error, and that comply with the Maltese Companies
Act, 1995. They are also responsible for safeguarding the assets of the
Group and the parent Company and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.
The financial statements of Trident Estates plc for the year ended
31 January 2026 are included in the Annual Report 2025/26,
which is published on the Malta
Company’s website. The Directors are responsible for the maintenance
and integrity of the Annual Report on the website in view of their
responsibility for the controls over, and the security of, the website.
Access to information published on the Company’s website is available
in other countries and jurisdictions, where legislation governing the
preparation and dissemination of financial statements may differ from
requirements or practice in Malta.
The Directors confirm that, to the best of their knowledge:
• the financial statements give a true and fair view of the financial
position of the Group and the parent Company as at 31 January
2026, and of the financial performance and the cash flows for
the year then ended in accordance with International Financial
Reporting Standards as adopted by the EU; and
• the Annual Report includes a fair review of the development and
performance of the business and the position of the Group and the
parent Company, together with a description of the principal risks
and uncertainties that the Group and the parent Company face.
SharEhOLDEr rEGiSTEr iNFOrmaTiON
PUrSUaNT TO CaPiTaL marKETS rULE 5.64
Share capital information of the Company is disclosed in Note 10 of the
financial statements on page 56.
The issued share capital consists of one class of ordinary shares with
equal voting rights attached and freely transferable.
The list of shareholders holding 5% or more of the equity share capital
is disclosed in this Annual Report.
Every shareholder owning twelve (12%) of the ordinary issued share
capital of the Company or more shall be entitled to appoint one
director for each and every twelve per cent (12%) of the ordinary
share capital owned by such shareholder and such shareholder
may remove, withdraw or replace such director at any time. Any
appointment, removal, withdrawal or replacement of a director to
or from the Board shall take effect upon receipt by the Board or
the Company secretary of a notice in writing to that effect from the
shareholder owning twelve per cent (12%) of the ordinary issued
share capital of the Company or more. Any remaining fractions will
be disregarded in the appointment of the said directors but may
be used in the election of further directors at an Annual General
Meeting. The Chairman is appointed by the directors from amongst
the directors appointed or elected to the Board.
The rules governing the appointment, election or removal of directors
are contained in the Company’s Articles of Association, Articles 93 to
101. An extraordinary resolution approved by the shareholders in the
general meeting is required to amend the Articles of Association.
The powers and duties of directors are outlined in Articles 84 to 91 of
the Company’s Articles of Association. In terms of Article 12 of the said
Articles of Association, the Company may, subject to the provisions of
the Maltese Companies Act, 1995 acquire or hold any of its shares.
The Company does not have a Collective Agreement regulating
redundancies, early retirement, resignation or termination of
employment of employees. No employment contracts are in place
between the Company and its directors, except as disclosed in the
Remuneration Report.
It is hereby declared that, as at 31 January 2026, the Company is not
party to any significant agreement pursuant to Listing Rules 5.64.10.
Furthermore, the Board declares that the information required under
Listing Rules 5.64.5 and 5.64.7 is not applicable to the Company.
aUDiTOrS
The auditors, PricewaterhouseCoopers, have indicated their
willingness to continue in office, and a resolution for their re-
appointment will be proposed at the Annual General Meeting.
Signed on behalf of the Board of Directors on 28 May 2026 by
Louis A. Farrugia (Chairman) and Roderick Chalmers (Director) as per
the Directors’ Declaration on ESEF Annual Financial Report submitted
in conjunction with the Annual Financial Report.
Registered address:
Nadine Magro
Company Secretary
28 May 2026
24 DirECTOrS’ rEPOrT
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
CORPORATE GOVERNANCE STATEMENT
a. iNTrODUCTiON
This statement is being made by Trident Estates plc (“TE”) pursuant
to the Capital Markets Rules and sets out the measures taken to
ensure compliance with the Code of Principles of Good Corporate
Governance (the Code) contained in Appendix 5.1 to Chapter 5 of
the said rules. In terms of Listing Rule 5.94, TE is obliged to prepare a
report explaining how it has complied with the Code.
TE acknowledges that the Code does not prescribe mandatory
rules but recommends principles so as to provide proper
incentives for the Board of Directors and TE’s management to
pursue objectives that are in the interest of the Company and its
shareholders.
TE adheres to generally accepted standards of good corporate
governance encompassing the requirements for transparency,
proper accountability and the fair treatment of shareholders. The
Board has therefore endorsed the Code of Principles and adopted
it. As demonstrated by the information set out in this statement,
together with the information contained in the Remuneration Report,
TE believes that it has, save as indicated in the section entitled Non-
compliance with the Code, applied the principles in compliance with
the provisions of the Code. In the Non-compliance section, the Board
indicates and explains the instances where it has departed from or
where it has not applied the Code, as allowed by the Code.
B. COmPLiaNCE wiTh ThE CODE
Principle 1: The Board
The Board’s role and responsibility is to provide the necessary
leadership, to set strategy and to exercise good oversight and
stewardship. In terms of the Memorandum of Association of TE, the
affairs of the Company are managed and administered by a board
composed of eight directors.
The Board is in regular contact with the Chief Executive Officer
through the Chairman in order to ensure that the Board is in receipt
of timely and appropriate information in relation to the business of TE
and management performance. This enables the Board to contribute
effectively to the decision-making process, whilst at the same time
exercising prudent and effective controls. Prior to each meeting,
directors are provided with the necessary information and explanatory
data as may be required in relation to the particular items on the
agenda. Comprehensive financial statements are also provided as
necessary. The Company uses the services of external legal advisors.
The Directors are entitled to seek independent professional advice at
any time at the Company’s expense where necessary for the proper
performance of their duties and responsibilities.
All Board Members are accountable for their performance to
shareholders and other stakeholders, attend regular Board
Meetings and allocate sufficient time to perform their duties. The
Board ensures integrity of transparency, operational controls and
compliance with the relevant laws.
The Board delegates specific responsibilities to a number of
committees, notably the Audit Committee, the Remuneration
and Corporate Governance Committee and the Related Party
Transactions Committee. Further detail in relation to the committees
and the responsibilities of the Board is found in Principles 4 and 5
and 8 of this statement.
Corporate Governance is considered as a constitutive element
intertwined in all discussions and decisions undertaken at the
level of the Board and its Committees. This element had been
fundamental in creating the corporate culture of the Company,
setting the right tone at the top.
Principle 2: Chairman and Chief Executive
Officer
The Memorandum and Articles of Association of TE provides for
the Board to appoint from amongst its Directors a Chairman and a
Vice-Chairman.
The Chairman is responsible to lead the Board and set its agenda,
ensure that the Directors of the Board receive precise, timely
and objective information so that they can take sound decisions
and effectively monitor the performance of the Company, ensure
effective communication with shareholders and encourage active
engagement by all members of the Board for discussion of complex
or contentious issues.
The role of the Chief Executive Officer is to ensure effective overall
management and control of Group business and proper coordination
of the activities undertaken by the Group, and is responsible:
1. for the formulation and implementation of policies and strategy
as approved by the Board;
2. to achieve the objectives of the Group as determined by the
Board;
3. to devise and put into effect such plans and to organise,
manage, direct, and utilise the human resources available and
all physical and other assets of the Group so as to achieve the
most sustainable, economical and efficient use of all resources
and the highest possible profitability in the interest of the
shareholders and all other stakeholders, whilst respecting
environmental and social factors.
The Chief Executive Officer reports regularly to the Board on the
business and affairs of the Group and the commercial, economic
and other challenges it faces. He is also responsible to ensure
that all submissions made to the Board are timely, give a true and
correct picture of the issue or issues under consideration, and are
of high professional standards as may be required by the subject
matter concerned.
The Chairman also chairs Executive Committee Meetings, during
which operational issues are discussed.
COrPOraTE GOVErNaNCE STaTEmENT 25
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
The above arrangements provide sufficient delegation of powers
to achieve effective management. The organisational structure
ensures that decision-making powers are spread wide enough
to allow proper control and reporting systems to be in place and
maintained in such a way that no one individual or small group of
individuals has unfettered powers of decision.
Principle 3: Composition of the Board
Each member of the Board offers core skills and experience that
are relevant to the successful operation of the Company. Whilst
relevance of skills is key, a balance between skills represented
is sought through the work of the Remuneration and Corporate
Governance Committee to ensure that there is an appropriate mix
of members with diverse backgrounds.
The Board is composed of a Chairman, and seven other Non-
Executive Directors.
EXECUTIVE DIRECTORS
Mr Louis A. Farrugia – Chairman
NON-EXECUTIVE DIRECTORS
Mr Neil Psaila
Mr Charles Borg
Mr Roderick Chalmers
Mr Michael Farrugia
Mr Alberto Miceli Farrugia
Mr Matthew Marshall
Mr Andrea Stagno d’Alcontres
The Chief Executive Officer attends all Board meetings, albeit
without a vote, in order to ensure his full understanding and
appreciation of the Board’s policy and strategy, and so that he
can provide direct input to the Board’s deliberations. The Board
considers that the size of the Board, whilst not being large as to
be unwieldy, is appropriate, taking into account the size of the
Company and its operations. The combined and varied knowledge,
experience and skills of the Board members provide a balance of
competences that are required and add value to the functioning of
the Board and its direction to the Company.
It is in the interest of each of the three major shareholders (who are
the original promoters of the Company) to nominate as directors,
knowledgeable, experienced and diligent persons.
Apart from this, informal arrangements, which do not infringe on
their rights as shareholders, are in place for consultation prior to
any changes in the membership of the Board, as well as to assist
in the identification of suitable persons who can be nominated
for election by the other shareholders at general meetings,
and who can bring in an independent viewpoint and particular
knowledge to the deliberations of the Board. Family relationships
among Directors, the Directors’ interest in the share capital of
the Company as disclosed in the Shareholder Information and
the commonality of Directors with Simonds Farsons Cisk p.l.c.
and Quinco Holdings p.l.c. with which the Company maintains
contractual relationships, represent potential conflicts of interest.
This notwithstanding, all Directors are considered to be
independent in that they do not hold any relationship with the
Company, a controlling shareholder or their management which
creates a conflict of interest such as to impair their judgement.
This has been ensured through the implementation of the following
measures:
i. Disclosure and Exclusion: A Director is obliged to disclose
any matter that may give rise to a potential or actual conflict.
Upon such disclosure, the Director shall be excluded from all
deliberations and voting in relation to the relevant matter;
provided, however, that such exclusion shall not preclude the
Director from being present at the meeting during which the
matter is discussed;
ii. Related Party Transaction Committee: With regards to any
transactions which may be determined to be related party
transactions, such transactions are referred to and dealt by
the Related Party Transaction Committee (the “Committee”).
Consistent with the principles applicable at the Board
level, any Director who is a related party in respect of a
particular transaction shall not participate in the Committee’s
deliberations or decision-making regarding the transaction.
Notwithstanding the foregoing, such Director shall not be
precluded from attending the meeting at which the matter
is considered. Furthermore, given that the related party
transactions most likely to arise would generally involve
transactions with Simonds Farsons Cisk p.l.c. and Quinco
Holdings p.l.c., the Committees responsible for reviewing such
matters would be composed of a majority of Directors who are
not common to the boards of the other companies;
iii. Continuing Conflict: A Director having a continuing material
interest that conflicts with the interests of the Company
is obliged to take effective steps to eliminate the grounds
for conflict and should this not be possible, said Director is
encouraged to consider resigning;
iv. Separation of Family Interests: there are no ties or relationships
between management and the Directors.
26 COrPOraTE GOVErNaNCE STaTEmENT
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
Principles 4 and 5: The Responsibilities of the
Board and Board Meetings
The Board meets regularly every month apart from other
occasions as may be needed. Individual directors, apart from
attendance at formal board meetings, participate in other ad hoc
meetings during the year as may be required, and are also active
in board sub-committees as mentioned further below, either
to assure good corporate governance, or to contribute more
effectively to the decision-making process.
Meetings held: .......................................................................................................15
Members Attended
Mr. Louis A. Farrugia – Chairman ................................................................... 15
(1 of which attended by an alternate director Mr Benjamin Borg)
Mr Neil Psaila ..........................................................................................................14
Mr Charles Borg .................................................................................................... 15
(1 of which attended by an alternate director Mr Roderick Chalmers)
Mr Roderick Chalmers ........................................................................................ 14
Mr Michael Farrugia .............................................................................................15
Mr Alberto Miceli Farrugia .................................................................................12
Mr Matthew Marshall .......................................................................................... 15
Mr Andrea Stagno d’Alcontres ......................................................................... 14
The Board, in fulfilling its mandate within the terms of the
Company’s Memorandum and Articles of Association, and
discharging its duty of stewardship of the Company and the Group,
assumes responsibility for the following:
• reviewing and approving the business plan and targets that are
submitted by management, and working with management in
the implementation of the business plan;
• identifying the principal business risks for the Group and
overseeing the implementation and monitoring of appropriate
risk management systems;
• ensuring that effective internal control and management
information systems for the Group are in place;
• assessing the performance of the Group’s executive officers,
including monitoring the establishment of appropriate systems
for succession planning, and for approving the compensation
levels of such executive officers; and
• ensuring that the Group has in place a policy to enable it to
communicate effectively with shareholders, other stakeholders
and the public generally.
The Board is ultimately responsible for the Company’s system
of internal controls and for reviewing its effectiveness. Such a
system is designed to manage rather than eliminate risk to achieve
business objectives, and can provide only reasonable, and not
absolute, assurance against material error, losses, or fraud.
Through the Audit Committee, the Board reviews the effectiveness
of the Company’s system of internal controls. In fulfilling its
responsibilities, the Board regularly reviews and approves various
management reports as well as annual financial plans, including
capital budgets.
The strategy, processes and policies adopted for implementation
are regularly reviewed by the Board using key performance
indicators. To assist it in fulfilling its obligations, the Board has
delegated responsibility to the Chief Executive Officer.
Principle 6: Information and Professional
Development
The Chief Executive Officer is appointed by the Board and enjoys
the full confidence of the Board. The Chief Executive Officer,
although responsible for the recruitment and selection of senior
management, consults with the Board on the appointment of, and
on a succession plan for, senior management.
Training (both internal and external) of management and
employees is a priority, coordinated through the office of the Chief
Executive Officer. On joining the Board, a director is provided with
briefings by the Chairman and the Chief Executive Officer on the
activities of the Company’s business areas. Furthermore, all new
directors are offered a tailored induction programme. Directors
may, where they judge it necessary to discharge their duties as
directors, take independent professional advice on any matter at
the Company’s expense.
Under the direction of the Chairman, the Company Secretary’s
responsibilities include ensuring good information flows within
the Board and its Committees and between senior management
and Non-Executive Directors, as well as facilitating induction and
assisting with professional development as required.
Directors have access to the advice and services of the Company
Secretary, who is responsible for ensuring adherence to Board
procedures, as well as good information flows within the Board
and its committees. The Chairman ensures that board members
continually update their skills and the knowledge and familiarity
with the Company as required to fulfil their role both on the Board
and on the Board committees.
The Company provides the necessary resources for developing and
updating its Directors’ knowledge and capabilities. The Company
Secretary is responsible for advising the Board through the
Chairman on all governance matters.
Principle 7: Evaluation of the Board’s
Performance
The evaluation of Board Performance is a responsibility of the
Remuneration and Corporate Governance Committee which is
chaired by a Non-Executive Director.
Periodic evaluations of Board Performance are conducted through
a Board Effectiveness Questionnaire prepared by the Company
Secretary in liaison with the Chairman of the Committee. The
Company Secretary discusses the results with the Chairman of
the Committee who then presents the same to the Board together
with initiatives undertaken to improve the Board’s performance
and effectiveness. The latest review has not resulted in any
material changes in the Company’s internal organisation or in its
governance structures. Non-Executive Directors are responsible for
the evaluation of the Chairman of the Board.
COrPOraTE GOVErNaNCE STaTEmENT 27
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
Principle 8: Committees
The Board has set up the following subcommittees to assist it
in the decision-making process and for the purposes of good
corporate governance. The actual composition of these committees
is provided in the Annual Report, but as stated earlier, each of
the three major shareholders and the public shareholders are
represented as far as possible.
The Audit Committee’s primary objective is to protect the
interests of the Company’s shareholders and assist the directors in
conducting their role effectively so that the Company’s decision-
making capability and the accuracy of its reporting and financial
results are maintained at a high level at all times.
The Audit Committee is composed of four members – Mr Roderick
Chalmers (Chairman), Mr Neil Psaila, Mr Alberto Miceli Farrugia and
Mr Charles Borg – all being Non-Executive Directors. All directors
on the Audit Committee are independent and, in the opinion of
the Board, are free from any significant business, family or other
relationship with the Company, its shareholders or its management
that would create a conflict of interest such as to impair their
judgement.
Mr Roderick Chalmers and Mr Neil Psaila are professionally
qualified accountants with competence in matters relating to
accounting and auditing. The Audit Committee as a whole has
extensive experience in matters relating to the Company’s area of
operations, and therefore has the relevant competence required
under Listing Rule 5.118. The Audit Committee oversees the
conduct of the external audits and acts to facilitate communication
between the Board, Management, and the external auditors.
The external auditors are invited to attend specific meetings of
the Audit Committee and are also entitled to convene a meeting
of the Committee if they consider that it is necessary so to do.
The Chairman, the Chief Executive Officer and the Chief Financial
Officer are also invited to attend Audit Committee meetings.
Members of management may be asked to attend specific
meetings at the discretion of the Audit Committee.
During the year ended 31 January 2026, the Audit Committee held
six meetings.
The Remuneration Committee and Corporate Governance
Committee (RCGC) is chaired by Non-Executive Director
Mr Charles Borg and is entrusted with leading the process
for evaluating the nomination of new directors and making
recommendations to the Board. The Committee is also responsible
for monitoring and reviewing the best corporate governance
practices and reporting thereon to the Board, including on the
annual review of the evaluation of Board Performance. From time-
to-time important matters relating to corporate governance are
elevated to and dealt with at full meetings of the Board at which
all Directors participate. Furthermore, the RCGC is responsible
for drawing up and proposing the Remuneration Policy to the
Company’s Board of Directors for its consideration and approval.
The Committee reviews and recommends all remuneration
packages (both fixed and discretionary) relating to Executive
Directors, Non-Executive Directors, and Senior Management. The
recommendations of the Remuneration and Corporate Governance
Committee in this regard are submitted to the full Board for
final approval. Individual Directors recuse themselves from any
participation as appropriate.
The Related Party Transactions Committee is presided over
by Non-Executive Director Mr Charles Borg and deals with and
reports to the Board on all transactions with related parties. In
the case of any director who is a related party with respect to
a particular transaction, such director does not participate in
the Committee’s deliberation and decision on the transaction
concerned. Notwithstanding the foregoing, such Director shall not
be precluded from attending the meeting at which the matter is
considered.
In view that the related party transactions most likely to arise
would generally involve transactions with Simonds Farsons Cisk
p.l.c. and Quinco Holdings p.l.c., the Committees responsible
for reviewing such matters would be composed of a majority
of Directors who are not common to the boards of the other
companies. Furthermore, in the first instance the day-to-day
negotiations between the three companies are delegated to the
respective members of managements, who act independent, in the
best interest of their respective company and without any conflict
of interest which could impair their judgement. The management
then report the relevant matters to the respective Committees.
Principles 9 and 10: Relations with Shareholders
and with the Market, and Institutional
Shareholders
Every shareholder owning twelve percent (12%) of the ordinary
issued share capital or more, is entitled to appoint and replace
a director for each and every twelve (12%) of such shares, and
the remaining ordinary shares not so utilised are entitled to fill
the remaining unfilled posts of directors. Thus, each of the three
major shareholders who are named and whose holdings are listed
in Note 26 to the financial statements, normally each appoint
two directors for a total of six, the remaining two directors then
being elected by the general public shareholders. Accordingly,
no individual or small group of individuals will be in a position to
dominate the Board. The interests of the directors in the shares of
the Company are disclosed in this Annual Report.
The Company recognises the importance of maintaining a dialogue
with its shareholders and of keeping the market informed to ensure
that its strategies and performance are well understood. The
Board endeavours to protect and enhance the interests of both the
Company and its shareholders, present and future. The Chairman
ensures that the views of shareholders are communicated to the
Board as a whole.
The Board always ensures that all holders of each class of capital
are treated fairly and equally. The Board also acts in the context
that its shareholders are constantly changing and consequently,
decisions take into account the interests of future shareholders
as well. Shareholders appreciate the significance of participation
in the general meetings of the Company and particularly in the
election of directors. They hold directors to account for their
actions, their stewardship of the Company’s assets and the
performance of the Company.
28 COrPOraTE GOVErNaNCE STaTEmENT
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
The agenda for general meetings of shareholders and the conduct
of such meetings is arranged in such a manner to encourage valid
discussion and decision-making. The Chairman and the Chief
Executive Officer also ensure that sufficient contact is maintained
with major shareholders to understand issues and concerns.
The Company also communicates with its shareholders through
the Company’s Annual General Meeting (AGM). Further detail
is provided under the section entitled General Meetings. The
Chairman ensures that the chairmen of the Audit and the
Remuneration and Corporate Governance Committees are
available to answer questions, if necessary.
Apart from the AGM, TE communicates with its shareholders
by way of the Annual Report and Financial Statements, by
publishing its results on an annual basis. The Company’s website
(www.tridentestatesplc.com) also contains information about
the Company and its business, including an Investor Relations
section. In addition, the Company holds a meeting for stockbrokers
and financial intermediaries once a year to coincide with the
publication of its financial statements.
The Company Secretary maintains two-way communication
between the Company and its investors. Individual shareholders
can raise matters relating to their shareholdings and the business
of the Group at any time throughout the year and are given
the opportunity to ask questions at the AGM or submit written
questions in advance.
In terms of Article 51 of the Articles of Association of the Company
and Article 129 of the Maltese Companies Act, 1995, the Board
may call an extraordinary general meeting on the requisition of
shareholders holding not less than one tenth (1/10) of the paid-up
share capital of the Company. Minority shareholders are allowed to
formally present an issue to the Board.
In the event of conflicts arising between minority shareholders and
the three major shareholders, who are also the original promoters
of the Company, every effort shall be made to seek mediation.
Principle 11: Conflicts of Interest
The Directors are strongly aware of their responsibility to always
act in the best interest of the Company and its shareholders as
a whole, and of their obligation to avoid conflicts of interest. The
latter may arise on specific matters. In such instances:
• a Director is obliged to make full and frank disclosure with
respect to any matter where there is a potential or actual
conflict, whether such conflict arises from personal interests or
the interests of the companies in which such person is a Director
or Officer;
• the said Director is not precluded from attending the meeting,
but is not involved in the deliberation or decision-making
regarding the matter; and
• the said Director does not vote on any such matter.
A Director having a continuing material interest that conflicts with
the interests of the Company, is obliged to take effective steps to
eliminate the grounds for conflict.
In the event that such steps do not eliminate the grounds for
conflict then the Director should consider resigning.
On joining the Board and regularly thereafter, the directors
are informed of their obligations on dealing in securities of the
Company within the parameters of law, including the Capital
Markets Rules and the Market Abuse Regulations.
The directors’ interests in the share capital of the Company as
at 31 January 2026 and as at 30 April 2026 are disclosed in the
Shareholder Information.
Principle 12: Corporate Social Responsibility
The principal objective of the Company’s commitment to Corporate
Social Responsibility (CSR) is to provide support where possible
in aspects that include social, occupational, financial, cultural and
historical values.
C. NON-COmPLiaNCE wiTh ThE CODE
Principle 4 (Code Provision 4.2.7)
This Code Provision recommends “the development of a
succession policy for the future composition of the Board and
particularly the executive component thereof, for which the
Chairman should hold key responsibility”.
In the context of the appointment of directors being a matter
reserved exclusively to TE’s shareholders (except where the need
arises to fill a casual vacancy) as explained under Principle 3 of
this Report, and on the basis of the Directors’ non-executive role,
the Company does not consider it feasible to have in place such a
succession policy. However, the recommendation to have in place
such a policy is kept under review. An active succession policy is
however in place for senior executive positions in the Company
including that of the Chief Executive Officer.
D. iNTErNaL CONTrOL aND riSK
maNaGEmENT iNTErNaL CONTrOL
The key features of the Group’s system of internal control are as
follows:
Organisation
The Board of Directors of the subsidiaries are made up of a
majority or all Board members of TE and general and common
issues are discussed across the board.
Control Environment
TE is committed to the highest standards of business conduct
and seeks to maintain these standards across all of its operations.
Group policies and employee procedures are in place for the
reporting and resolution of fraudulent activities. The Group has
an appropriate organisational structure for planning, executing,
controlling and monitoring business operations in order to achieve
Group objectives.
COrPOraTE GOVErNaNCE STaTEmENT 29
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
Risk Identification
Senior management is responsible together with the Board of
Directors, for the identification, evaluation, control and reporting of
major risks applicable to the business.
Reporting
The Group has implemented control procedures designed to ensure
complete and accurate accounting for financial transactions and
to limit the potential exposure to loss of assets or fraud. Measures
taken include physical controls, segregation of duties and reviews by
management.
On a monthly basis the Board receives a comprehensive analysis of
financial and business performance, including reports comparing
actual performance with budgets as well as analysis of any variances.
E. GENEraL mEETiNGS
The manner in which the general meeting is conducted is outlined
in Articles 50 to 79 of the Company’s Articles of Association,
subject to the provisions of the Maltese Companies Act, 1995.
An Annual General Meeting of shareholders is convened within
seven months of the end of the financial year, to consider the
annual consolidated financial statements, the directors’ and
auditor’s report for the year, to decide on dividends recommended
by the Board, to elect the directors and appoint the auditors.
Prior to the commencement of the Annual General Meeting, a
presentation is delivered to shareholders on the progress made
and the strategies adopted during the year in the light of prevailing
market and economic conditions, and the objectives set by the
Board, and an assessment on future prospects is given. The Group’s
website (www.tridentestatesplc.com) includes a dedicated investor
relations section.
Apart from the above, the Group publishes its financial results
every six months, and from time-to-time issues Company
Announcements or other public notices regarding matters
which may be of general interest or of material importance to
shareholders and the market in general, or which may concern
price sensitive issues.
At the time of the Annual General Meeting, public meetings are
held to which institutional investors, financial intermediaries and
investment brokers are invited to attend. Press releases are also
issued from time-to-time on the business activities of the Group.
All shareholders in the Shareholders’ Register on the Record
Date as defined in the Capital Markets Rules, have the right to
attend, participate and vote at general meeting. A shareholder or
shareholders holding not less than 5% of the voting issued share
capital may request the Company to include items on the agenda
of a general meeting and/or table draft resolutions for items
included in the agenda of a general meeting. Such requests are to
be received by the Company at least forty-six (46) days before the
date set for the relative general meeting.
A shareholder who cannot participate in the general meeting can
appoint a proxy by written or electronic notification to the
Company. Every shareholder represented in person or by proxy is
entitled to ask questions which are pertinent and related to items
on the agenda of the general meeting and to have such questions
answered by the Directors or such persons as the Directors may
delegate for that purpose.
F. CODE OF CONDUCT
The Code of Conduct for TE employees was introduced in 2020.
The basic principles of the Company are a legacy of SFC and the
code reflects the same values of Success, Teamwork, Respect,
Integrity, Dynamism and Excellence which are abbreviated by the
acronym S.T.R.I.D.E.
TE’s reputation depends on how each of its employees conduct
themselves both individually and collectively as a company.
Therefore, the Code of Conduct is intended to serve as general
guidance for all employees who are expected to “do the right
thing” and to ensure the highest standards of integrity, mutual
respect and cordiality contributing to an ethical and professional
environment.
The Code of Conduct makes it clear that the Board condemns
any form of bribery and corruption, improper payments as well
as money-laundering and has a zero-tolerance attitude to fraud
malpractice and wrongdoing, and a commitment to ethics and best
practice.
TE employees have a responsibility to voice their concerns when
they suspect/know that their superiors/colleagues are involved
in something improper, unethical, or inappropriate or have
potentially infringed the Code of Conduct. The Speak-Up policy was
established to ensure that all cases of suspected wrongdoing are
reported and managed in a timely and appropriate manner.
Signed by Louis A. Farrugia (Chairman) and Charles Borg
(Remuneration and Corporate Governance Committee Chairman) on
behalf of the Board on 28 May 2026.
30 COrPOraTE GOVErNaNCE STaTEmENT
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
REMUNERATION REPORT
1. TErmS OF rEFErENCE aND mEmBErShiP
The Remuneration and Corporate Governance Committee
(RCGC) is composed of four independent non-executive Directors.
During the financial year ended 31 January 2026 (FY2026), the
RCGC was composed of Mr Charles Borg (Chairman), Mr Michael
Farrugia, Mr Matthew Marshall and Mr Andrea Stagno d’Alcontres.
The Committee met twice during the year with all members in
attendance.
In terms of the Remuneration Policy of the Group, the RCGC
is responsible for reviewing and approving all remuneration
packages of Executive Directors, Non-Executive Directors and
Senior Management. The Remuneration Policy was approved
by Shareholders at the 24th Annual General Meeting held
on 26 June 2024 and can be found on the Group’s website
“http://www.tridentestatesplc.com”. Any material amendment
to the Remuneration Policy shall be submitted to a vote by the
Annual General Meeting before adoption and shall in any event
be subject to confirmation at least every four years. The RCGC is
also responsible for drawing up and proposing to the Company’s
Board of Directors any amendments thought necessary to the
Remuneration Policy for consideration and approval.
As provided in the Remuneration Policy, the recommendations
of the RCGC are submitted to the Board for consideration and
final approval. Individual Directors recuse themselves from
any participation in Board discussions concerning their own
remuneration as appropriate.
2. rEmUNEraTiON STraTEGY aND POLiCY
The strategy of the Trident Group is founded on developing and
managing quality property assets that create value to tenants and
provide a fair return to shareholders so as to ensure long-term
investment and profitable growth. It is believed that it is through
the implementation and observance of the above principles that
the Group will accomplish the vision of growing its business within
the local real estate sector.
The Trident Group has a small number of employees and a compact
management team. Notwithstanding the limited number of
personnel, in order to achieve the above strategic outcomes, it is
necessary that the Group attracts, retains and motivates the best
available talent at all levels – from the most recently recruited
trainee to members of the Board of Directors.
In order to be successful in this endeavour of attracting, retaining
and motivating best in class talent, it is essential that the Group’s
Remuneration Policy provides market-competitive salaries and
related benefits by reference to those provided by other entities
operating in the same market sector, and further enhanced by the
individual’s performance and unique capabilities.
The above principles apply equally to Remuneration Policy insofar
as Directors are concerned. However, there is a need to distinguish
between Executive and Non-Executive Directors, and further details
are provided below.
3. rEmUNEraTiON POLiCY –
ExECUTiVE DirECTOrS
Executive Directors are members of the Board who also have an
executive role in the day-to-day management of the Company
and the Group. For the purposes of this Remuneration Report and
pursuant to Capital Markets Rule 12.2A, the Chief Executive Officer
is considered to be an Executive Director of the Company.
Insofar as Executive Directors are concerned, remuneration is made
up of the following components:
(a) Fixed Pay - Fixed or Base salary (including statutory bonus) -
established by reference to the role, skills and experience of the
individual concerned and appropriate market comparatives.
(b) Variable Pay – which is made up of two components as follows:
i. Performance bonus – a variable component established by
reference to the attainment or otherwise of pre-established
quantitative targets.
ii. Discretionary bonus – also a variable component,
established by reference to the evaluation of qualitative
goals which are reviewed from time to time.
Where applicable, the variable components to the remuneration
awarded to Executive Directors are established from year to year
and the quantitative and qualitative targets included therein would
change from time to time depending on the circumstances of the
business. Typically, targets directed towards the long-term interest
and sustainability of the Company and the Group would include,
but are not limited to, the achievement of set completion dates
and cost targets on development projects together with rental
take up rates on completion, agreed profit or EBITDA targets,
environmental and other ESG goals, and the implementation of
specifically defined business initiatives.
Whereas quantitative awards are usually formulaic in their
calculation, discretionary and qualitative awards necessarily
involve the application of subjective judgment. With effect from
Financial Year 2021, the Remuneration Report includes a disclosure
of the differing components and proportions of remuneration by
individual Director, as required by Appendix 12.1 of the Capital
Markets Rules.
rEmUNEraTiON rEPOrT 31
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
Other provisions that form part of the Directors’ Remuneration Policy
include the following:
• Claw Backs – there are no claw back provisions in place in respect
of variable salary awards.
• Benefits – which would comprise those benefits normally
available to senior executives comprising principally (a) the
provision of a suitable (taxed and insured) company car, (b)
standard executive health insurance and life assurance cover,
(c) mobile phone and allowance (d) other incidental benefits.
Executive Directors also receive an expense allowance in
reimbursement of certain expenses incurred in the execution of
their respective roles and duties.
• Share Option schemes – to date it has not been the policy of the
Group to introduce any form of share option scheme or other
executive share awards.
The Board believes that the above components of Executive
Director remuneration serve to contribute to the realization of the
Group’s long- term strategy and interest – while also serving to
secure alignment between the interests of the Executive Directors
and that of the Shareholders.
The CEO is engaged without a fixed term contract. In terms of current
labour regulations, the CEO (and the senior management team) are
all regarded as employees on indefinite contracts.
4. rEmUNEraTiON POLiCY –
NON-ExECUTiVE DirECTOrS
Non-Executive Directors are those members of the Board who
do not have a role in the day-to-day executive management of
the Company and the Group. Remuneration for Non-Executive
Directors is determined by the Board of Directors as a whole and
takes into account the skills required and those levels prevailing in
the market for entities of a similar size and complexity.
The aggregate remuneration payable to Non-Executive Directors is
approved by Shareholders in the Annual General Meeting pursuant
to Article 81(1) of the Articles of Association of the Company and has
two components:
• A fixed or base Director’s fee which is established by reference to
those levels prevailing in the market for entities of a similar size
and complexity.
• Board Committee fee for membership of the various established
Board Committees (e.g. Audit Committee, Remuneration and
Corporate Governance Committee, etc). These Board Committee
fees vary between Committees depending upon the relative
workloads and time commitment involved, and the skill sets,
experience and professional knowledge required for the particular
Committee concerned.
• From time-to-time circumstances may arise whereby the Board
of Directors are faced in a particular year with significantly higher
and complex workloads than would be the norm. In recognition
of such circumstances, Board members may be awarded an
additional fixed fee on an exceptional basis. Such additional
awards would fall to be within the aggregate approved amount
by the general meeting in terms of Article 81(1) of the Articles of
Association of the Company.
Non-Executive Directors are not entitled to any contractual pension,
termination or retirement benefits. However, they may be reimbursed
certain expenses incurred in the discharge of their responsibilities.
Members of the Board of Directors appointed under the provisions
of Article 96 retire from office at least once every three years but
remain eligible for re-appointment. Those members of the Board
elected under the provisions of Article 97 shall retire from office at
the end of the next Annual General Meeting following their election,
and also remain eligible for re-election.
32 rEmUNEraTiON rEPOrT
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
5. rEmUNEraTiON – DirECTOrS aND ChiEF ExECUTiVE OFFiCEr
The following tables provide a summary of the remuneration for the year ended 31 January 2026 for each individual Director and for the
Chief Executive Officer.
| Directors’ Emolumen | ts | Board + Committee fees 2022 | Aggregate2022 | Board + Committee fees 2023 | Aggregate2023 | Board + Committee fees2024 | Variable pay2024 | Aggregate2024 | Board + Committee fees 2025 | Aggregate2025 | Board + Committee fees 2026 | Aggregate2026 |
| Year ended 31 January | € | € | € | € | € | € | € | € | € | € | € | |
| Louis Farrugia | Chairman Executive | 40,000 | 40,000 | 40,000 | 40,000 | 40,000 | – | 40,000 | 40,000 | 40,000 | 40,000 | 40,000 |
| Vincent Curmi | Vice Chairman Non-Executive | 27,000 | 27,000 | 27,000 | 27,000 | 22,500 | – | 22,500 | – | – | – | – |
| Charles Borg | Non-executive | 21,000 | 21,000 | 21,000 | 21,000 | 21,000 | – | 21,000 | 24,000 | 24,000 | 25,000 | 25,000 |
| Roderick Chalmers | Non-executive | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | – | 25,000 | 29,000 | 29,000 | 30,000 | 30,000 |
| Michael Farrugia | Non-executive | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 12,500 | 32,500 | 21,000 | 21,000 | 21,000 | 21,000 |
| Alberto Miceli Farrugia | Non-executive | 22,000 | 22,000 | 22,000 | 22,000 | 22,000 | – | 22,000 | 22,000 | 22,000 | 22,000 | 22,000 |
| Marquis Marcus J. Scicluna Marshall | Non-executive | 21,000 | 21,000 | 21,000 | 21,000 | 19,423 | – | 19,423 | – | – | – | – |
| Alberto Stagno d’Alcontres | Non-executive | 21,000 | 21,000 | 21,000 | 21,000 | 21,000 | – | 21,000 | 6,000 | 6,000 | – | – |
| Neil Psaila | Non-executive | – | – | – | – | 1,425 | – | 1,425 | 23,000 | 23,000 | 21,000 | 21,000 |
| Matthew Marshall | Non-executive | – | – | – | – | 1,425 | – | 1,425 | 23,000 | 23,000 | 22,000 | 22,000 |
| Andrea Stagno d’Alcontres | Non-executive | – | – | – | – | – | – | – | 14,000 | 14,000 | 21,000 | 21,000 |
Board related emoluments included in the above table requiring Shareholder approval under Article 81 total €202,000 (approved limit: €300,000).
| CEO’s Emoluments | Fixed pay | Variable pay | Benefits + allowances | Aggregate |
| € | € | € | € | |
| CEO remuneration for year ended 31 January 2026 | 200,000 | 65,000 | 11,980 | 276,980 |
| CEO remuneration for year ended 31 January 2025 | 180,000 | 60,000 | 11,980 | 251,980 |
| CEO remuneration for year ended 31 January 2024 | 153,673 | 60,000 | 1,980 | 215,653 |
| CEO remuneration for year ended 31 January 2023 | 153,012 | 45,000 | 1,980 | 199,992 |
| CEO remuneration for year ended 31 January 2022 | 152,239 | 38,334 | 1,980 | 192,553 |
6. SharEhOLDEr iNVOLVEmENT
Pursuant to Article 81 of the Memorandum and Articles of
Association of the Company, remuneration (emoluments) payable
to Directors with regard to their membership of the Board of
Directors is always subject to the maximum aggregate limit
approved by the Shareholders in the Annual General Meeting. This
amount was fixed at an aggregate sum of €300,000 per annum at
the 18th Annual General Meeting held on 27 June 2018.
Whereas remuneration paid to Executive Directors by virtue of their
executive office (as opposed to membership of the Board) is not
subject to the maximum aggregate limit stipulated under Article 81
as described above, with effect from FY 2021 and pursuant to the
requirements of Capital Markets Rules, the Remuneration Report of
the Company shall form part of the Annual Report and shall provide
full details of remuneration paid to all Directors. In accordance
with Capital Markets Rule 12.26L and 12.26M, the Remuneration
Report will be subjected to an advisory vote by the Shareholders
at each Annual General Meeting and shall be made available on the
Company’s website for a period of 10 years following the meeting.
rEmUNEraTiON rEPOrT 33
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
7. SENiOr maNaGEmENT rEmUNEraTiON
For the purposes of this Remuneration Report, “Senior
Management” shall mean the Chief Executive Officer and the
Chief Financial Officer. The Chief Executive Officer is responsible
for carrying out regular reviews of the compensation structure
pertaining to senior management in the light of the Group’s
performance, economic situation and market trends. One of
the main objectives is to recruit and retain executives of high
professional standards and competence who can enhance
the Group’s performance and assure the best operational and
administrative practices.
The Chief Executive Officer reports and makes recommendations
periodically to the Board and the Remuneration and Corporate
Governance Committee on the remuneration packages, including
bonus arrangements, for achieving pre–determined targets.
The Remuneration and Corporate Governance Committee is
required to evaluate, recommend and report on any proposals
made by the Chief Executive Officer relating to senior management
remuneration and conditions of service. The Committee considers
that the current executive management remuneration packages
are based upon the appropriate local market equivalents and are
fair and reasonable for the responsibilities involved.
The Committee also believes that the remuneration packages are
such as to enable the Company to attract, retain and motivate
executives having the appropriate skills and qualities to ensure the
proper management of the organisation.
The Committee is also charged with considering and determining any
recommendations from management on requests for early retirement.
The terms and conditions of employment of senior executives are set
out in their respective contracts of employment with the Company. As
a general rule such contracts do not contain provisions for termination
payments and/or other payments linked to early termination.
Senior management is eligible for an annual performance
bonus which is linked to agreed performance targets and their
achievement. The Remuneration Committee is of the view that
the relationship between fixed and variable remuneration and
performance bonus are reasonable and appropriate. There are no
claw-back provisions in respect of variable salary awards.
There are no executive profit sharing, share options or pension
benefit arrangements in place. Non–cash benefits to which Senior
Management are entitled comprise those normally available to
senior executives may include the provision of a suitable taxed and
insured company car, executive health and life assurance cover, a
mobile phone package and other incidental corporate benefits.
During the year under review the total emoluments relating to the Group Senior Management members were as follows:
| Senior management remuneration | Fixed pay | Variable pay | Benefits + allowances | Aggregate |
| € | € | € | € | |
| Senior management remuneration for year ended 31 January 2026 | 285,000 | 72,500 | 12,680 | 370,180 |
| Senior management remuneration for year ended 31 January 2025 | 262,661 | 74,750 | 13,000 | 350,411 |
| Senior management remuneration for year ended 31 January 2024 | 278,112 | 81,000 | 6,460 | 365,572 |
| Senior management remuneration for year ended 31 January 2023 | 257,875 | 59,000 | 6,460 | 323,355 |
| Senior management remuneration for year ended 31 January 2022 | 255,188 | 51,834 | 5,560 | 312,582 |
34 rEmUNEraTiON rEPOrT
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
8. aNNUaL ChaNGE OF rEmUNEraTiON
The following table presents the annual change of remuneration, of the Group’s performance, and of average remuneration on a full-time
equivalent basis of the company’s employees (other than directors) over the five most recent financial years as per the requirements within
Appendix 12.1 of the Capital Markets Rules.
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | Change2025 to2026 | Change2024 to2025 | Change2023 to2024 | Change2022 to2023 | Change2021 to2022 | |
| €’000 | €’000 | €’000 | €’000 | €’000 | €’000 | % | % | % | % | % | |
| Remuneration | |||||||||||
| Directors remuneration and committee allowances | 202 | 202 | 206 | 197 | 197 | 197 | – | (2) | 5 | – | – |
| CEO's remuneration | 277 | 252 | 216 | 200 | 193 | 190 | 10 | 17 | 8 | 4 | 2 |
| Total employee remuneration excluding directors & CEO | 395 | 364 | 330 | 354 | 365 | 306 | 17 | 10 | (7) | (3) | 19 |
| Average employee remuneration | 44 | 46 | 47 | 44 | 41 | 38 | (7) | (2) | 7 | 7 | 8 |
| Group performance | |||||||||||
| Revenue | 6,057 | 5,520 | 4,216 | 2,354 | 1,128 | 1,143 | 10 | 31 | 79 | 109 | (1) |
| Profit after tax | 7,439 | 3,269 | 1,052 | 6,574 | 63 | 550 | 129 | 210 | (84) | 10,335 | (89) |
| Profit for the year excluding fair value movements | 1,800 | 1,469 | 526 | 500 | 63 | 44 | 287 | 179 | 5 | 694 | 43 |
| Value of investment property held under development | – | – | – | – | 54,909 | 38,955 | – | – | – | (100) | 41 |
| Value of investment property held for commercial use | 79,070 | 79,428 | 79,267 | 78,495 | 12,394 | 12,394 | – | – | 1 | 533 | – |
| Total equity | 70,983 | 64,044 | 60,775 | 59,723 | 53,149 | 53,086 | 11 | 5 | 2 | 12 | – |
9. CONTENTS OF ThE rEmUNEraTiON rEPOrT
The contents of the Remuneration Report have been reviewed by the external Auditors to ensure that it conforms with the requirements of
Appendix 12.1 to Chapter 12 of the Capital Markets Rules.
rEmUNEraTiON rEPOrT 35
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
STATEMENTS OF FINANCIAL POSITION
As at 31 January
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| Notes | €’000 | €’000 | €’000 | €’000 |
| ASSETS | ||||
| Non-current assets | ||||
| Property, plant and equipment 4 | | | 56 | 39 |
| Right-of-use assets 5 | | | 574 | 589 |
| Investment property 6 | | | 35,974 | 29,985 |
| Investment in subsidiaries 7 | – | – | 1,471 | 520 |
| Advance payment 7 | – | – | – | 951 |
| Total non-current assets | | | 38,075 | 32,084 |
| Current assets | ||||
| Trade and other receivables 8 | | | 34,555 | 34,763 |
| Cash and cash equivalents 9 | | | 4,417 | 168 |
| Current tax assets 21 | | | – | – |
| Total current assets | | | 38,972 | 34,931 |
| Total assets | | | 77,047 | 67,015 |
36 STaTEmENTS OF FiNaNCiaL POSiTiON
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| As at 31 January | ||||
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| Notes | €’000 | €’000 | €’000 | €’000 |
| EQUITY AND LIABILITIES | ||||
| Capital and reserves | ||||
| Share capital | ||||
| Share premium | ||||
| Fair value gains reserve 11 | | | 14,931 | 9,562 |
| Retained earnings | | 5,396 | 5,612 | |
| Total equity | | 65,160 | 60,007 | |
| Non-current liabilities | ||||
| Borrowings 15 | | | – | – |
| Lease liabilities 5 | | | 683 | 687 |
| Deferred tax liabilities 12 | | | 3,594 | 2,998 |
| Trade and other payables 13 | | | 4,000 | – |
| Provision for liabilities and charges 14 | | | – | – |
| Total non-current liabilities | | 8,277 | 3,685 | |
| Current liabilities | ||||
| Borrowings 15 | | | – | – |
| Trade and other payables 13 | | | 3,490 | 3,217 |
| Lease liabilities 5 | | | 16 | 13 |
| Current tax liabilities 21 | | | 104 | 93 |
| Total current liabilities | | 3,610 | 3,323 | |
| Total liabilities | | 11,887 | 7,008 | |
| Total equity and liabilities | | 77,047 | 67,015 |
The Notes on pages 41 to 65 are an integral part of these consolidated financial statements.
STaTEmENTS OF FiNaNCiaL POSiTiON 37
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
STATEMENTS OF COMPREHENSIVE INCOME
| Year ended 31 January | |||||
| Group | Company | ||||
| 2026 | 2025 | 2026 | 2025 | ||
| Notes | €’000 | €’000 | €’000 | €’000 | |
| Revenue | 16 | | | 948 | 991 |
| Direct costs | 17 | ( | ( | – | – |
| Operating and administrative expenses | 17 | ( | ( | (432) | (432) |
| Other operating income | | | – | – | |
| Operating profit | | | 516 | (559) | |
| Fair value movements on investment property | 6 | | | 5,966 | 2,000 |
| Finance income | | | 18 | – | |
| Finance costs | 20 | ( | ( | (34) | (34) |
| Profit before tax | | | 6,466 | 2,525 | |
| Tax expense | 21 | ( | ( | (813) | (421) |
| Profit for the year | | 5,653 | 2,104 | ||
| Basic and diluted earnings per share for the year attributable to shareholders | 23 | | |
The Notes on pages 41 to 65 are an integral part of these consolidated financial statements.
38 STaTEmENTS OF COmPrEhENSiVE iNCOmE
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
STATEMENTS OF CHANGES IN EQUITY
GrOUP
| Sharecapital | Sharepremium | Fair valuegainsreserve | Retainedearnings | Totalequity | ||
| Note | €’000 | €’000 | €’000 | €’000 | €’000 | |
| Balance at 1 February 2024 | | | | | | |
| Comprehensive income | ||||||
| Profit for the year | | | | | ||
| Transfer of fair value movements on investment property, net of deferred tax | 11 | | | | ( | |
| Balance at 1 February 2025 | | | | | | |
| Comprehensive income | ||||||
| Profit for the year | | | | | ||
| Transfer of fair value movements on investment property, net of deferred tax | 11 | | | | ( | |
| Dividend distributions | – | – | – | (500) | (500) | |
| Balance at 31 January 2026 | | | | |
COmPaNY
| Sharecapital | Sharepremium | Fair valuegainsreserve | Retainedearnings | Totalequity | ||
| Note | €’000 | €’000 | €’000 | €’000 | €’000 | |
| Balance at 1 February 2024 | 42,000 | 2,833 | 7,762 | 5,308 | 57,903 | |
| Comprehensive income | ||||||
| Profit for the year | – | – | – | 2,104 | 2,104 | |
| Transfer of fair value movements on investment property, net of deferred tax | 11 | – | – | 1,800 | (1,800) | – |
| Balance at 1 February 2025 | 42,000 | 2,833 | 9,562 | 5,612 | 60,007 | |
| Comprehensive income | ||||||
| Profit for the year | – | – | – | 5,653 | 5,653 | |
| Transfer of fair value movements on investment property, net of deferred tax | 11 | – | – | 5,369 | (5,369) | – |
| Dividend distributions | – | – | – | (500) | (500) | |
| Balance at 31 January 2026 | 42,000 | 2,833 | 14,931 | 5,396 | 65,160 |
The Notes on pages 41 to 65 are an integral part of these consolidated financial statements.
STaTEmENTS OF ChaNGES iN EqUiTY 39
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
STATEMENTS OF CASH FLOWS
| Year ended 31 January | ||||
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| Notes | €’000 | €’000 | €’000 | €’000 |
| Cash flows from operating activities | ||||
| Cash generated from operations 22 | | 1,019 | 140 | |
| Interest paid 20 | ( | ( | – | – |
| Interest received | | 18 | – | |
| Net income tax paid | ( | ( | (207) | (220) |
| Net cash generated from/(used in) operating activities | | 830 | (80) | |
| Cash flows from investing activities | ||||
| Purchase of property, plant and equipment 4 | ( | ( | (24) | (2) |
| Purchase of investment property 6 | ( | ( | (23) | – |
| Advance deposit | – | 4,000 | – | |
| Net cash used in investing activities | ( | 3,953 | (2) | |
| Cash flows from financing activities | ||||
| Dividends paid | ( | | (500) | – |
| Proceeds from bank borrowings 15 | | – | – | |
| Payments made to borrowings 15 | ( | ( | – | – |
| Principal elements of lease payments | ( | ( | (34) | (21) |
| Net cash (used in)/generated from financing activities | ( | | (534) | (21) |
| Net movement in cash and cash equivalents | | 4,249 | (103) | |
| Cash and cash equivalents at beginning of year | 168 | 271 | ||
| Cash and cash equivalents at end of year 9 | | | 4,417 | 168 |
The Notes on pages 41 to 65 are an integral part of these consolidated financial statements.
40 STaTEmENTS OF CaSh FLOwS
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS 41
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| • Motor vehicles | 20% |
| • Furniture and fixtures | 10% |
| • Computer equipment | 33% |
| • Electronic equipment | 25% |
42 NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS 43
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
44 NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS 45
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
46 NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| (+) 3% | (-) 3% | |
| €’000 | €’000 | |
| At 31 January 2026 | 816 | 340 |
| At 31 January 2025 | 849 | 481 |
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Financial assets measured at amortised cost | ||||
| Trade and other receivables (Note 8) | 577 | 486 | 34,437 | 34,540 |
| Cash and cashequivalents (Note 9) | 5,715 | 1,810 | 4,417 | 168 |
| 6,292 | 2,296 | 38,354 | 34,708 |
NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS 47
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
48 NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| Group | Carryingamount | Contractualcash flows | Withinone year | Betweenone tofive years | More thanfive years |
| €’000 | €’000 | €’000 | €’000 | €’000 | |
| 31 January 2026 | |||||
| Lease liabilities (Note 5) | 4,017 | 11,298 | 303 | 1,428 | 9,567 |
| Trade and other payables (Note 13) | 6,734 | 6,734 | 1,666 | 4,000 | 1,067 |
| Borrowings (Note 15) | 27,211 | 35,388 | 2,597 | 9,812 | 22,978 |
| 37,962 | 53,420 | 4,566 | 15,240 | 33,612 | |
| 31 January 2025 | |||||
| Lease liabilities (Note 5) | 3,992 | 11,709 | 254 | 863 | 10,592 |
| Trade and other payables (Note 13) | 2,850 | 2,850 | 1,564 | – | 1,286 |
| Borrowings (Note 15) | 28,306 | 38,683 | 2,688 | 10,130 | 25,865 |
| 35,148 | 53,242 | 4,506 | 10,993 | 37,743 |
| Company | Carryingamount | Contractualcash flows | Withinone year | Betweenone tofive years | More thanfive years |
| €’000 | €’000 | €’000 | €’000 | €’000 | |
| 31 January 2026 | |||||
| Lease liabilities (Note 5) | 700 | 2,080 | 49 | 712 | 1,319 |
| Trade and other payables (Note 13) | 7,091 | 7,091 | 3,091 | 4,000 | – |
| 7,791 | 9,171 | 3,140 | 4,712 | 1,319 | |
| 31 January 2025 | |||||
| Lease liabilities (Note 5) | 700 | 2,222 | 49 | 147 | 2,026 |
| Trade and other payables (Note 13) | 2,830 | 2,830 | 2,830 | – | – |
| 3,530 | 5,052 | 2,879 | 147 | 2,026 |
| Group | ||
| 2026 | 2025 | |
| €’000 | €’000 | |
| Total borrowings (Note 15) | 27,211 | 28,306 |
| Lease liabilities (Note 5) | 4,017 | 3,992 |
| Total debt | 31,228 | 32,298 |
| Total equity | 70,983 | 64,044 |
| Total capital | 102,211 | 96,342 |
| Gearing | 31% | 33% |
NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS 49
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Year ended 31 January | ||||
| Opening net book amount | 57 | 81 | 39 | 55 |
| Additions | 24 | 2 | 24 | 2 |
| Disposal | - | (1) | - | (1) |
| Disposal of depreciation | - | 1 | - | 1 |
| Depreciation | (14) | (26) | (7) | (18) |
| Closing net book amount | 67 | 57 | 56 | 39 |
| At 31 January | ||||
| Cost or valuation | 217 | 193 | 185 | 161 |
| Accumulated depreciation and impairment | (150) | (136) | (129) | (122) |
| Closing carrying amount | 67 | 57 | 56 | 39 |
50 NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Right–of–use–assets | ||||
| Land | 3,540 | 3,623 | 574 | 589 |
| Lease Liabilities | ||||
| Current | 118 | 37 | 16 | 13 |
| Non-current | 3,899 | 3,955 | 683 | 687 |
| Total | 4,017 | 3,992 | 699 | 700 |
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Amortisation of right-of-use-assets (Note 17) | 84 | 84 | 15 | 15 |
| Interest expense (Note 20) | 190 | 190 | 34 | 34 |
NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS 51
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
6. INVESTMENT PROPERTY
| Group | 2026 | 2025 |
| €’000 | €’000 | |
| Year ended 31 January | ||
| Opening net book amount | 99,428 | 97,267 |
| Additions | 376 | 161 |
| Fair value movements | 6,266 | 2,000 |
| Closing net book value | 106,070 | 99,428 |
| At 31 January | ||
| Cost | 73,274 | 72,898 |
| Fair value movements | 32,796 | 26,530 |
| Net book amount | 106,070 | 99,428 |
| Group | 2026 | 2025 |
| €’000 | €’000 | |
| Fair value gains on Investment Property | 6,266 | 2,000 |
| Company | 2026 | 2025 |
| €’000 | €’000 | |
| Year ended 31 January | ||
| Opening carrying amount | 29,985 | 27,985 |
| Additions | 23 | – |
| Fair value movements | 5,966 | 2,000 |
| Closing net book value | 35,974 | 29,985 |
| At 31 January | ||
| Cost | 5,453 | 5,430 |
| Fair value movements | 30,521 | 24,555 |
| Net book amount | 35,974 | 29,985 |
| Company | 2026 | 2025 |
| €’000 | €’000 | |
| Fair value gains on investment property | 5,966 | 2,000 |
52 NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
Information about fair value measurements using significant unobservable inputs (level 3)
GROUP
| Description by class | Fair value | Valuation technique | Significant unobservable input | Range ofunobservable Inputs |
| €’000 | € | |||
| As at 31 January 2026 | ||||
| Current use as commercial premises | 79,070 | Discounted cash flow approach | Rental rate per square meter | 53 – 434 |
| Held on promise of sale | 27,000 | Comparative sales approach | Rate per square meter | 1,986 |
| As at 31 January 2025 | ||||
| Current use as commercial premises | 79,428 | Discounted cash flow approach | Rental rate per square meter | 53 – 434 |
| Held for future development | 20,000 | Comparative sales approach | Rate per square meter | 1,471 |
NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS 53
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Rental income (Note 16) | 6,057 | 5,520 | 948 | 991 |
| Direct operating expenses arising from rental investment property (Note 17) | (84) | (84) | (15) | (15) |
| Company | ||
| 2026 | 2025 | |
| €’000 | €’000 | |
| Year ended 31 January | ||
| Opening net book amount | 520 | 520 |
| Transfer of advance payment to investment in subsidiaries | 951 | – |
| Closing net book amount | 1,471 | 520 |
| At 31 January | ||
| Cost and carrying amount | 1,471 | 520 |
54 NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Current | ||||
| Trade receivables - net | 394 | 352 | 104 | 59 |
| Amounts due from subsidiaries | – | – | 34,266 | 34,481 |
| Amounts due from related parties | 183 | 132 | 67 | – |
| Indirect taxation | – | 2 | – | – |
| Prepayments and accrued income | 862 | 833 | 118 | 223 |
| 1,439 | 1,319 | 34,555 | 34,763 |
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Provision on trade receivables | 161 | 145 | – | – |
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Cash at bank and in hand | 1,717 | 1,810 | 419 | 168 |
| Treasury bills | 3,998 | – | 3,998 | – |
| Total cash and cash equivalents | 5,715 | 1,810 | 4,417 | 168 |
NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS 55
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| Group and Company | ||
| 2026 | 2025 | |
| €’000 | €’000 | |
| Authorised: | ||
| 50,000,000 ordinary shares of €1 each | 50,000 | 50,000 |
| Issued and fully paid: | ||
| 42,000,003 ordinary shares of €1 each | 42,000 | 42,000 |
| Share premium | 2,833 | 2,833 |
| Group | ||
| 2026 | 2025 | |
| €’000 | €’000 | |
| At beginning of year, net of deferred tax | 11,842 | 10,042 |
| Fair value movements on investment property, net of deferred tax | 5,639 | 1,800 |
| At 31 January | 17,481 | 11,842 |
| Company | ||
| 2026 | 2025 | |
| €’000 | €’000 | |
| At beginning of the year, net of deferred tax | 9,562 | 7,762 |
| Fair value movements on investment property, net of deferred tax | 5,369 | 1,800 |
| At 31 January | 14,931 | 9,562 |
56 NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| At the beginning of the year | 3,499 | 2,682 | 2,998 | 2,798 |
| Deferred tax on temporary differences arising on: | ||||
| Recognised directly in profit or loss | 1,333 | 817 | 596 | 200 |
| At end of year | 4,832 | 3,499 | 3,594 | 2,998 |
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Deferred tax liabilities | (4,832) | (3,499) | (3,594) | (2,998) |
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Fair valuation of investment property. | 3,925 | 3,299 | 3,570 | 2,974 |
| Unutilised tax losses carried forward | (336) | (336) | – | – |
| Unutilised capital allowances | (2,066) | (2,100) | 24 | 24 |
| Temporary differences on expected credit loss allowance | (57) | (51) | – | – |
| Temporary differences on non current assets | 3,366 | 2,687 | – | – |
| 4,832 | 3,499 | 3,594 | 2,998 |
NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS 57
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Non-current | ||||
| Other payables | 1,068 | 1,286 | – | – |
| Liability arising from promise of sale of Investment Property | 4,000 | – | 4,000 | – |
| Trade and other payables | 5,068 | 1,286 | 4,000 | – |
| Current | ||||
| Trade payables | 608 | 305 | 41 | 28 |
| Amounts owed to subsidiaries | – | – | 3,044 | 2,796 |
| Amounts owed to related parties | 6 | 9 | 6 | 6 |
| Indirect taxes and social security | 354 | 309 | 20 | 21 |
| Other payables | 625 | 166 | – | – |
| Rententions payable | 427 | 1,084 | – | – |
| Accruals and deferred income | 1,752 | 2,105 | 379 | 366 |
| 3,772 | 3,978 | 3,490 | 3,217 | |
| Total trade and other payables | 8,840 | 5,264 | 7,490 | 3,217 |
The Group and Company’s exposure to liquidity risk relating to trade and other payables is disclosed in Note 2.
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Non–current | ||||
| Provision for liabilities and charges | 833 | 981 | – | – |
58 NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Non–current | ||||
| Bank loan | 25,566 | 26,736 | – | – |
| Current | ||||
| Bank loan | 1,645 | 1,570 | – | – |
| Total borrowings | 27,211 | 28,306 | – | – |
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| At beginning of year | 28,306 | 27,614 | – | – |
| Drawdowns | 560 | 2,135 | – | – |
| Interest charges (Note 20) | 1,108 | 1,106 | – | – |
| Principal and interest repayments | (2,763) | (2,549) | – | – |
| Bank loan | 27,211 | 28,306 | – | – |
The Group secured long-term borrowings from a third party bank during prior years to finance the Trident Park project.
The Company’s banking facilities as at 31 January 2026 amounted to €29,763,000 (2025: €30,206,000). As at year end, the Group has
unutilised bank facilities amounting to €1,308,000 (2025: €1,900,000).
The banking facilities have been granted to the Company’s subsidiary, Trident Park Ltd, are subject to covenants and are secured by a general
hypothec over its assets, a special hypothec over its property, a pledge over its insurance policies together with an unsupported guarantee
from its parent company.
The interest rate exposure of the borrowings of the Group was as follows:
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| At variable rate | 27,211 | 28,306 | – | – |
The weighted average effective interest rate at the end of the reporting period on the Group’s bank loans was 3.95% (2025: 3.95%).
This note provides information about the contractual terms of the Group’s and the Company’s borrowings. For more information about the
Group’s and the Company’s exposure to interest rate and liquidity risk, refer to Note 2.
Maturity of non-current bank borrowings:
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Between 1 and 2 years | 1,645 | 1,567 | – | – |
| Between 2 and 5 years | 4,934 | 6,279 | – | – |
| Over 5 years | 18,897 | 18,890 | – | – |
| 25,566 | 26,736 | – | – |
NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS 59
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Rental and other related income | 6,057 | 5,520 | 948 | 991 |
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Depreciation of property, plant and equipment (Note 4) | 14 | 26 | 7 | 18 |
| Amortisation charge on right-of use asset (Note 5) | 84 | 84 | 15 | 15 |
| Directors remuneration (Note 19) | 202 | 202 | 30 | 30 |
| Employee benefit expense (Note 18) | 484 | 430 | 111 | 104 |
| Auditor's remuneration | 53 | 51 | 35 | 33 |
| Provision for impairment of receivables | 17 | 31 | – | – |
| Property related expenses | 356 | 376 | – | – |
| Other expenses | 552 | 445 | 234 | 232 |
| Other direct costs | 261 | 260 | – | – |
| Total operating and administrative expenses | 2,024 | 1,905 | 432 | 432 |
| Group | ||
| 2026 | 2025 | |
| €’000 | €’000 | |
| Annual statutory audit | 53 | 51 |
| Tax advisory and compliance service | 7 | 15 |
| Other assurance services | 7 | 11 |
| 67 | 77 |
60 NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Wages and salaries | 467 | 413 | 467 | 413 |
| Social security costs | 17 | 17 | 17 | 17 |
| 484 | 430 | 484 | 430 | |
| Recharged to subsidiaries | – | – | (373) | (326) |
| 484 | 430 | 111 | 104 | |
| Classified under: | ||||
| Statement of comprehensive income - Operating and administrative expenses | 484 | 430 | 111 | 104 |
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| Administration | 10 | 8 | 10 | 8 |
19. DIRECTORS’ RENUMERATION
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Directors' remuneration paid | 202 | 202 | 202 | 202 |
| Recharged to subsidiary | – | – | (172) | (172) |
| 202 | 202 | 30 | 30 |
20. FINANCE COSTS
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Finance cost of lease liability (Note 5) | 190 | 190 | 34 | 34 |
| Interest costs (Note 15) | 1,108 | 1,106 | – | – |
| Other finance costs | 36 | 34 | – | – |
| 1,334 | 1,330 | 34 | 34 |
NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS 61
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Current tax expense | 274 | 290 | 216 | 221 |
| Deferred tax expense | 1,333 | 817 | 597 | 200 |
| 1,607 | 1,107 | 813 | 421 |
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Profit before tax | 9,046 | 4,376 | 6,466 | 2,526 |
| Tax on profit at 35% | 3,166 | 1,532 | 2,263 | 884 |
| Tax effect of: | ||||
| Expenses not allowable for tax purposes | 208 | 196 | 160 | 160 |
| Maintenance allowance on rental income | (42) | (48) | (38) | (38) |
| Income taxed at reduced rates | (159) | (99) | (81) | (85) |
| Tax rules applicable to immovable property | (1,566) | (500) | (1,491) | (500) |
| Unrecognised deferred tax in prior year | – | 16 | – | – |
| Other | – | 10 | – | – |
| Tax expense | 1,607 | 1,107 | 813 | 421 |
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Operating profit | 4,096 | 3,706 | 516 | 560 |
| Adjustments for: | ||||
| Depreciation of property, plant and equipment (Notes 4 and 17) | 14 | 26 | 7 | 18 |
| Amortisation charge of right-of-use asset (Notes 5 and 17) | 84 | 84 | 15 | 15 |
| Changes in working capital: | ||||
| Trade and other receivables | (120) | 130 | 208 | (677) |
| Trade and other payables | (200) | (1,806) | 273 | 225 |
| Cash generated from operations | 3,874 | 2,140 | 1,019 | 140 |
62 NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| Group | ||
| 2026 | 2025 | |
| Profit from operations excluding fair value movements (€’000) | 1,800 | 1,469 |
| Profit from fair value movements (€’000) | 5,639 | 1,800 |
| Profit attributable to shareholders (€’000) | 7,439 | 3,269 |
| Weighted average number of ordinary shares in issue (thousands) | 42,000 | 42,000 |
| Earnings per share attributable to profits excluding fair value movements (€) | 0.043 | 0.035 |
| Earnings per share attributable to fair value movements (€) | 0.134 | 0.043 |
| Earnings per share for the year attributable to shareholders (€) | 0.177 | 0.078 |
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| Not later than 1 year | 4,826 | 4,853 | 839 | 871 |
| Between 1 and 2 years | 3,764 | 4,698 | 507 | 839 |
| Between 2 and 3 years | 2,736 | 3,460 | 345 | 506 |
| Between 3 and 4 years | 1,944 | 2,712 | 72 | 344 |
| Between 4 and 5 years | 1,900 | 2,088 | 31 | 71 |
| Later than 5 years | 2,094 | 3,954 | – | 103 |
| 17,264 | 21,765 | 1,794 | 2,734 |
NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS 63
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| Percentage of shares held | ||
| 2026 | 2025 | |
| % | % | |
| Farrugia Investments Limited | 24.93 | 24.93 |
| M.S.M. Investments Limited | 25.06 | 25.06 |
| Sciclunas Estates Limited | 24.89 | 24.89 |
| Group | Company | |||
| 2026 | 2025 | 2026 | 2025 | |
| €’000 | €’000 | €’000 | €’000 | |
| From related parties | ||||
| – Rental income | 734 | 786 | 529 | 572 |
| Expenditure for goods and services | ||||
| From parent and related parties | ||||
| - Recharged general expenses - related party | (56) | (72) | – | – |
| - Recharged payroll expenses - related party | (15) | – | – | – |
| - Recharged payroll expenses - to subsidiary | – | – | (782) | (698) |
| Group | ||
| 2026 | 2025 | |
| €’000 | €’000 | |
| Directors | 202 | 202 |
| Senior Management | 370 | 350 |
| 572 | 552 |
64 NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
| Registered office | Principal activities | Percentage of shares held | ||
| 2026 | 2025 | |||
| % | % | |||
| Mensija Catering Company Limited | Trident ParkNotabile Gardens, No. 4 Level 0,Mdina Road, Zone 2,Central BusinessDistrict, Birkirkara | Property leasing | 100 | 100 |
| Neptune Properties Limited | Trident ParkNotabile Gardens, No. 4 Level 0,Mdina Road, Zone 2,Central BusinessDistrict, Birkirkara | Non-operating | 100 | 100 |
| Trident Park Limited | Trident ParkNotabile Gardens, No. 4 Level 0,Mdina Road, Zone 2,Central BusinessDistrict, Birkirkara | Property development and leasing | 100 | 100 |
| Sliema Fort Company Limited (Note 7) | Trident ParkNotabile Gardens, No. 4 Level 0,Mdina Road, Zone 2,Central BusinessDistrict, Birkirkara | Property leasing | 100 | 50 |
NOTES TO ThE CONSOLiDaTED FiNaNCiaL STaTEmENTS 65
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
TriDENT ESTaTES PLC
SHAREHOLDER INFORMATION
Directors’ interests in the share capital of the company
| Ordinary shares heldas at 31 January 2026 | Ordinary shares heldas at 30 April 2026 | |
| Louis A. Farrugia | 42,313 | 42,313 |
| Michael Farrugia | 7,773 | 7,773 |
| Matthew Marshall | 381,123 | 381,123 |
Directors’ interests listed above are inclusive of shares held in the name of the relative spouse and minor children as applicable.
Mr Louis A. Farrugia has beneficial interest in Farrugia Investments Limited directly and through Farrugia Holdings Limited. Mr Michael
Farrugia has beneficial interest in Farrugia Investments Limited through Farrugia Holdings Limited.
There has been no movement in the above stated shareholdings during the period from 31 January 2026 to 30 April 2026.
Shareholders holding 5% or more of the equity share capital as at 30 April 2026
Ordinary shares
| Number of shares | Percentage holding | |
| M.S.M. Investments Limited | 10,523,255 | 25.06% |
| Farrugia Investments Limited | 10,471,062 | 24.93% |
| Sciclunas Estates Limited | 10,453,489 | 24.89% |
Shareholding details
As at 30 April 2026, the company’s issued share capital was held by the following shareholders:
| Number of shareholders | |
| Ordinary shares at €1.00 each | 1,652 |
The holders of Ordinary shares have equal voting rights.
Number of shareholders as at 30 April 2026
| Number of shareholders | Number of shares | Percentage holding |
| Ordinary shares of €1.00 each | ||
| Up to 500 shares 513 | 119,265 | 0.28% |
| 501 – 1,000 291 | 216,714 | 0.52% |
| 1,001 – 5,000 589 | 1,348,323 | 3.21% |
| More than 5,000 259 | 40,315,701 | 95.99% |
| Totals 1,652 | 42,000,003 | 100.00% |
Nadine Magro
Company Secretary
Trident Park, Notabile Gardens, No.4 – Level 0, Mdina Road, Zone 2, Central Business District, Birkirkara CBD 2010, Malta
Contact Number (+356) 7718 2118
66 SharEhOLDEr iNFOrmaTiON
CONSOLIDATED FINANCIAL STATEMENTS 2025/26
TRIDENT ESTATES PLC
Independent auditor’s report
To the Shareholders of Trident Estates plc
Report on the audit of the financial statements
Our opinion
In our opinion:
· The Group financial statements and the Parent Company financial statements (the “financial statements”) of Trident Estates plc give a true and fair view of the Group and the Parent Company’s financial position as at 31 January 2026, and of their financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards (‘IFRSs’) as adopted by the EU; and
· The financial statements have been prepared in accordance with the requirements of the Maltese Companies Act (Cap. 386).
Our opinion is consistent with our additional report to the Audit Committee.
What we have audited
Trident Estates plc’s financial statements comprise:
· the Consolidated and Parent Company statements of financial position as at 31 January 2026;
· the Consolidated and Parent Company statements of comprehensive income for the year then ended;
· the Consolidated and Parent Company statements of changes in equity for the year then ended;
· the Consolidated and Parent Company statements of cash flows for the year then ended; and
· the notes to the financial statements, comprising material accounting policy information and other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group and the Parent Company in accordance with the ethical requirements of the Accountancy Profession (Code of Ethics for Warrant Holders) Directive issued in terms of the Accountancy Profession Act (Cap. 281) that are relevant to audits of financial statements of an EU Public Interest Entity in Malta and the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code) as applicable to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with these Codes.
To the best of our knowledge and belief, we declare that non-audit services that we have provided to the parent company and its subsidiaries are in accordance with the applicable law and regulations in Malta and that we have not provided non-audit services that are prohibited under Article 18A of the Accountancy Profession Act (Cap. 281).
The non-audit services that we have provided to the parent company and its subsidiaries, in the period from 1 February 2025 to 31 January 2026, are disclosed in the Note 17 to the financial statements.
Our audit approach
Overview
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As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we considered where the directors made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall group materiality for the financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate on the financial statements as a whole.
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Overall group materiality |
€1,168,000 |
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How we determined it |
1% of total assets |
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Rationale for the materiality benchmark applied |
We chose total assets as the benchmark because, in our view, it is the benchmark against which the underlying value of real estate companies is most commonly measured by users, and is a generally accepted benchmark. We chose 1% which is within the range of quantitative materiality thresholds that we consider acceptable. |
We agreed with the Audit Committee that we would report to them
misstatements identified during our audit above €116,800 as
well as misstatements below that amount that, in our view,
warranted reporting for qualitative reasons.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
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Key audit matter |
How our audit addressed the key audit matter |
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Valuation of investment property of the Group and the Parent Company The Group’s and Parent Company’s investment property portfolios have carrying amounts of €106.1 million and €36 million, respectively as at 31 January 2026. This year’s valuation assessment was performed by management, who based its valuation conclusions on the third-party valuers’ reports issued. For investment properties where significant changes in circumstances were identified, updated valuations were obtained from third-party valuers during 2026. For the remaining properties, management based its conclusion on valuations performed in 2024, having assessed that no material changes had occurred that would significantly affect fair value. For properties related to comparative sales approach, fair value was determined with reference to the contractually agreed consideration, adjusted to reflect the expected timing of settlement. The valuation of the Group’s and Parent Company’s investment property portfolio is inherently subjective due to, among other factors, the individual nature of each property, its location and, where applicable, the expected future rentals for that particular investment property. As disclosed in Note 6 to the financial statements, the valuations have been performed using the discounted cashflow approach or comparative sales approach, depending on the nature of the property. The board of directors considered the valuation report as part of its overall responsibilities. The significance of the estimates and judgements involved, coupled with the fact that only a small percentage difference in individual property valuations, when aggregated, could result in a material misstatement, warrants specific audit focus in this area.
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We evaluated the methodology adopted in the valuations, the adequacy of the underlying documentation, including the competence of the third-party valuer engaged, which included due consideration of their qualifications and expertise.
We discussed with the management, the valuation approaches adopted, the key valuation assumptions and other judgements made in arriving at their conclusions with respect to the property valuations.
We reviewed the valuation approaches adopted and underlying assumptions applied in the property valuations in order to assess the reasonableness of the fair value assigned to the properties.
We engaged our own in-house valuation experts to review the discounted cash flow or comparative sales valuations, depending on the nature of the property.
We reviewed the key parameters adopted by the Group and Parent Company in these valuations including reconciling the data to underlying current and projected lease agreements and compared the key parameters to those provided by management. We also reviewed the contractual agreements including the underlying terms and conditions and related workings with respect to the property valued under the comparative sales approach model in determining the fair value of this property as at year end
We discussed the valuations with the directors and concluded, based on our work, that the Group’s and Parent Company’s property valuations were within an acceptable range of values. |
How we tailored our group audit scope
The Group is composed of five components, all located in Malta. We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates.
The Group auditor carried out a full scope audit on all components. The Group auditor performed all of this work by applying the overall group materiality, together with additional procedures performed on the consolidation. This gave us sufficient appropriate audit evidence for our opinion on the Group financial statements as a whole.
Other information
The directors are responsible for the other information. The other information comprises all of the other information in the Annual Financial Report (but does not include the financial statements and our auditor’s report thereon).
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon except as explicitly stated within the Report on other legal and regulatory requirements.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors and those charged with governance for the financial statements
The directors are responsible for the preparation of financial statements that give a true and fair view in accordance with IFRSs as adopted by the EU and the requirements of the Maltese Companies Act (Cap. 386), and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
· Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.
· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
· Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern
· Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
· Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
Report on compliance with the requirements of the European Single Electronic Format Regulatory Technical Standard (the “ESEF RTS”), by reference to Capital Markets Rule 5.55.6
We have undertaken a reasonable assurance engagement in accordance with the requirements of Directive 6 issued by the Accountancy Board in terms of the Accountancy Profession Act (Cap. 281) - the Accountancy Profession (European Single Electronic Format) Assurance Directive (the “ESEF Directive 6”) on the Annual Financial Report of Trident Estates plc for the year ended 31 January 2026, entirely prepared in a single electronic reporting format.
Responsibilities of the directors
The directors are responsible for the preparation of the Annual Financial Report, including the consolidated financial statements and the relevant mark-up requirements therein, by reference to Capital Markets Rule 5.56A, in accordance with the requirements of the ESEF RTS.
Our responsibilities
Our responsibility is to obtain reasonable assurance about whether the Annual Financial Report, including the consolidated financial statements and the relevant electronic tagging therein, complies in all material respects with the ESEF RTS based on the evidence we have obtained. We conducted our reasonable assurance engagement in accordance with the requirements of ESEF Directive 6.
Our procedures included:
· Obtaining an understanding of the entity's financial reporting process, including the preparation of the Annual Financial Report, in accordance with the requirements of the ESEF RTS.
· Obtaining the Annual Financial Report and performing validations to determine whether the Annual Financial Report has been prepared in accordance with the requirements of the technical specifications of the ESEF RTS.
· Examining the information in the Annual Financial Report to determine whether all the required taggings therein have been applied and whether, in all material respects, they are in accordance with the requirements of the ESEF RTS.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Opinion
In our opinion, the Annual Financial Report for the year ended 31 January 2026 has been prepared, in all material respects, in accordance with the requirements of the ESEF RTS.
Other reporting requirements
The ANNUAL FINANCIAL REPORT 2025/26 contains other areas required by legislation or regulation on which we are required to report. The Directors are responsible for these other areas.
The table below sets out these areas presented within the Annual Financial Report, our related responsibilities and reporting, in addition to our responsibilities and reporting reflected in the Other information section of our report. Except as outlined in the table, we have not provided an audit opinion or any form of assurance.
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Area of the ANNUAL FINANCIAL REPORT 2025/26 and the related Directors’ responsibilities |
Our responsibilities |
Our reporting |
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Directors’ report |
We are required to consider whether the information given in the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements. We are also required to express an opinion as to whether the Directors’ report has been prepared in accordance with the applicable legal requirements. In addition, we are required to state whether, in the light of the knowledge and understanding of the Company and its environment obtained in the course of our audit, we have identified any material misstatements in the Directors’ report, and if so to give an indication of the nature of any such misstatements. |
In our opinion: · the information given in the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and · the Directors’ report has been prepared in accordance with the Maltese Companies Act (Cap. 386). We have nothing to report to you in respect of the other responsibilities, as explicitly stated within the Other information section. |
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Corporate Governance Statement The Capital Markets Rules issued by the Malta Financial Services Authority require the directors to prepare and include in the Annual Financial Report a Statement of Compliance with the Code of Principles of Good Corporate Governance within Appendix 5.1 to Chapter 5 of the Capital Markets Rules. The Statement’s required minimum contents are determined by reference to Capital Markets Rule 5.97. The Statement provides explanations as to how the Company has complied with the provisions of the Code, presenting the extent to which the Company has adopted the Code and the effective measures that the Board has taken to ensure compliance throughout the accounting period with those Principles. |
We are required to report on the Statement of Compliance by expressing an opinion as to whether, in light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have identified any material misstatements with respect to the information referred to in Capital Markets Rules 5.97.4 and 5.97.5, giving an indication of the nature of any such misstatements. We are also required to assess whether the Statement of Compliance includes all the other information required to be presented as per Capital Markets Rule 5.97. We are not required to, and we do not, consider whether the Board’s statements on internal control included in the Statement of Compliance cover all risks and controls, or form an opinion on the effectiveness of the Company’s corporate governance procedures or its risk and control procedures. |
In our opinion, the Statement of Compliance has been properly prepared in accordance with the requirements of the Capital Markets Rules issued by the Malta Financial Services Authority. We have nothing to report to you in respect of the other responsibilities, as explicitly stated within the Other information section. |
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Remuneration report The Capital Markets Rules issued by the Malta Financial Services Authority require the directors to prepare a Remuneration report, including the contents listed in Appendix 12.1 to Chapter 12 of the Capital Markets Rules. |
We are required to consider whether the information that should be provided within the Remuneration report, as required in terms of Appendix 12.1 to Chapter 12 of the Capital Markets Rules, has been included. |
In our opinion, the Remuneration report has been properly prepared in accordance with the requirements of the Capital Markets Rules issued by the Malta Financial Services Authority. |
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Other matters on which we are required to report by exception We also have responsibilities under the Maltese Companies Act (Cap. 386) to report to you if, in our opinion: · adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. · the financial statements are not in agreement with the accounting records and returns. · we have not received all the information and explanations which, to the best of our knowledge and belief, we require for our audit. We also have responsibilities under the Capital Markets Rules to review the statement made by the directors that the business is a going concern together with supporting assumptions or qualifications as necessary. |
We have nothing to report to you in respect of these responsibilities. |
Other matter - use of this report
Our report, including the opinions, has been prepared for and only for the Parent Company’s shareholders as a body in accordance with Article 179 of the Maltese Companies Act (Cap. 386) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior written consent.
Appointment
We were first appointed as auditors of the Company on 25 October 2000. Our appointment has been renewed annually by shareholder resolution representing a total period of uninterrupted engagement appointment of 25 years. The Company became listed on a regulated market on 30 January 2018.
Stefan Bonello
Principal
For and on behalf of
PricewaterhouseCoopers
78, Mill Street
Zone 5, Central Business District
Qormi
Malta
28 May 2026