Trigano (TRI) H1 2025 earnings summary

Executive summary

• H1 2025 sales declined 12.1% year-over-year to €1,675.2M, mainly due to destocking and lower demand in leisure vehicles; BIO Habitat integration contributed €75.8M to sales.

• Net income fell 41.4% to €105.7M (6.3% of sales), with EPS at €5.47, impacted by lower volumes, margin pressure, and destocking actions.

• Operating margin dropped to 8.5%–8.6% from 12.8% in H1 2024.

• BIO Habitat acquisition strengthened the mobile home segment, adding €10.8M to operating profit in H1.

• Liquidity improved, with gross cash and cash equivalents at €382.8M at period end.

Financial highlights

• Leisure vehicles sales decreased 12.4% to €1,601.2M; leisure equipment sales dropped 5.5% to €74.0M.

• Current/operating income for H1 2025 was €144.1M (8.5%–8.6% margin), down from €243.2M (12.8%) in H1 2024.

• Net debt position of €72.4M at period end, compared to net cash of €7.5M a year earlier, mainly due to the BIO Habitat acquisition.

• Gross cash flow of €175.6M, with significant outflows for acquisitions and dividends.

• Shareholders' equity increased to €1,989.8M.

Outlook and guidance

• European motorhome market returned to growth in April 2025, with strong order intake for 2026 ranges and normalization of inventories.

• Margin and cash flow improvement expected in H2 2025 as destocking ends and seasonality becomes favorable.

• Caravan market remains weak; recovery not expected before FY 2026.

• Market share increased by nearly 3 percentage points through March 2025.

• Interim dividend of €1.75 per share declared, payable June 2025.