Trigano (TRI) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 sales reached €1,144.2M, nearly flat year-over-year at -0.2%, maintaining record levels.

• YTD Q3 sales declined 7.6% to €2,819.4M compared to the same period last year.

• New acquisition BIO Habitat contributed €68.9M, offsetting softer motorhome sales.

• Inventory normalization in manufacturing and distribution supports a favorable outlook for the 2026 season.

Financial highlights

• Leisure Vehicles Q3 sales were €1,082.9M, nearly flat year-over-year, but down 6.6% at constant scope and exchange rate.

• Leisure Equipment Q3 sales were €61.3M, down 2.1% year-over-year.

• YTD Q3 Leisure Vehicles sales fell 7.8% to €2,684.1M; Leisure Equipment dropped 4.0% to €135.3M.

• Motorhome sales in Q3 were €835.9M, down 6.5% year-over-year but up 12.4% from 2023.

• Mobile home sales rose 14.2% like-for-like in Q3, while caravan sales dropped 33.0%.

Outlook and guidance

• The European leisure vehicle market remains dynamic, with strong demand for classic motorhomes and continued market share gains.

• The 2026 product range has been well received, leading to a significant year-on-year increase in the order book.

• Order book for the upcoming season shows significant year-on-year growth, providing good visibility for early 2025/26.

• Continued focus on inventory management and accessible, competitively equipped products to drive margin and market share.

• Growth strategy in European leisure vehicle markets to continue, including external growth.