Trigano (TRI) H2 2024 earnings summary

Executive summary

• Achieved record sales of €3.93 billion for 2023/24, up 12.8% year-over-year, driven by strong motorhome demand and improved production volumes.

• Consolidated net profit rose 21.5% to €374.5 million, with EPS at €19.39.

• Maintained quality margins and cost control, resulting in current operating profit of €500.7 million (12.8% of sales).

Financial highlights

• Sales: €3,926.3M (+12.8%); leisure vehicles up 13.8%, leisure equipment down 3.6%.

• Current operating profit: €500.7M (+18.3%); net income: €374.5M (+21.5%).

• Gross cash: €261.3M, down from €359.0M due to increased inventories.

• Shareholders' equity increased to €1,914.4M from €1,605.4M.

Outlook and guidance

• Strong customer interest in motorhomes continues; first-time buyers and renewing customers drive demand.

• Production adjustments for vans expected to normalize inventories by spring 2025, impacting first-half sales by ~4,000 units.

• Strategy focuses on competitive pricing to consolidate market share; margin impact expected to be limited.

• Takeover of BIO Habitat scheduled by year-end.