Trigano (TRI) Q4 2025 TU earnings summary

Executive summary

• FY 2025 sales reached €3,660.2M, down 6.8% year-over-year; Q4 sales were €840.8M, down 3.8% compared to Q4 2024.

• Cash generation targets were met, supported by strong operating cash flow and profitability.

• Inventory normalization efforts led to reduced production and deliveries, especially in motorhomes.

Financial highlights

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

• Motorhomes sales for FY 2025 fell 11.8% to €2,760.6M; Caravans dropped 32.4% to €119.4M.

• Mobile homes sales surged 151.9% to €256.2M; Accessories for LV rose 4.3% to €274.9M.

• Q4 2025 Leisure Vehicles sales dropped 3.8% to €799.0M; Leisure Equipment sales decreased 4.6% to €41.8M.

• Recurring operating income margin estimated at 9%.

Outlook and guidance

• European market for new motorhome registrations grew 0.7% year-over-year; expected to reach 160,000 units by August 2025.

• Strong order intake for 2026 models and normalized inventories support a positive outlook.

• Business growth anticipated, driven by new product ranges and robust order book.

• Ongoing focus on productivity and market share expansion amid economic and political uncertainties.