Trigano (TRI) H2 2025 earnings summary

Executive summary

• Sales declined 6.8% year-over-year to €3,660.2M, with both Leisure Vehicles and Leisure Equipment segments experiencing decreases.

• Net result fell 36% to €239.4M, with operating margin dropping to 9.1% from 12.7% the previous year.

• Net cash position improved significantly to €279.2M, and equity increased by €166.2M to €2,081.3M.

• Recurring operating income reached €335.9M, with operating cash flow surging to €563.9M in fiscal 2024/2025.

• Inventory adjustments and margin erosion impacted results, but financial structure strengthened.

Financial highlights

• Leisure Vehicles sales dropped 6.9% to €3,483.1M; Leisure Equipment sales fell 4.1% to €177.1M year-over-year.

• Current operating result decreased to €335.9M (9.2% of sales) from €500.7M (12.8% of sales) year-over-year.

• Net result was €239.4M (6.5% of sales), down from €374.5M (9.5% of sales) the previous year.

• Net cash from operating activities jumped to €563.9M from €40.6M year-over-year.

• Basic and diluted EPS were €12.41, down from €19.39 the previous year.

Outlook and guidance

• Strong order book and no destocking expected to drive clear improvement in business and results for the next fiscal year.

• Production to be gradually increased in first-half 2026 to align with distributor cycles and meet market demand.

• Mobile home market in France expected to grow 5–10% in 2026 after a contraction in campsite investments.

• Continued focus on external growth opportunities of strategic interest.

• Proposed dividend of €3.60 per share for fiscal 2024/2025.