The Trigano Group has released the results for the first half of its 2025 financial year, reporting sales of €1,675 million and recurring operating income of €144.1 million.

In an official release, the company stated that it ‘maintained operating profitability and strengthened its liquidity position thanks to a significant improvement in operating cash flow generation’ in ‘an environment shaped by declining sales and production due to the necessary adjustment of inventories in the distribution networks’.

The leisure vehicle market endured a sudden switch in early 2024 from a shortage to a surplus of chassis in the context of the transition from the Euro 6d to the Euro 6e standard, which led to overstocking of motorhomes across the industry. Trigano reduced its motorhome production from the beginning of the financial year in order to enable inventory levels to stabilise as soon as possible. A total of 21,458 motorhomes were delivered to external and internal distributors, a decrease of 19.1 per cent compared to first-half 2023/2024. Thanks to higher sales by the integrated distribution network, the overall decline in sales volumes over the first six months of the financial year was limited to 17.1 per cent.

Accordingly, sales for first-half 2024/2025 came to €1,675 million, down 16.5 per cent year-on-year at constant scope and exchange rates (like for like).

Margins were affected by the reduction in sales, the destocking policy in place at manufacturing facilities and distribution networks, and the realignment of prices for 2025 products, aimed at capturing market share. As the leisure vehicle distribution business is highly seasonal, its contribution to first-half results are not significant and has a dilutive effect on margins. Results for the first half of the financial year also saw a fall in productivity and lower absorption of overheads and fixed production costs due to smaller volumes of leisure vehicles manufactured. In order to ensure that the business remains on a sound footing and ready to take advantage of the upturn, staff reductions at constant scope were limited to 7.2 per cent of the total workforce. Consolidated recurring operating income for first-half 2024/2025 was €144.1 million, representing 8.6 per cent of sales (12.8 per cent in 2023/2024).

Taking into account corporate income tax of €36.6 million and net financial expense of €1.5 million, net income for first-half 2024/2025 came out at €105.7 million, or €5.47 per share (down 41.4 per cent).

As a result, Trigano’s consolidated shareholders’ equity increased to €1,988.8 million at February 28, 2025.

Outlook

Trigano reports that after a brief pause caused by economic and political uncertainty, the European motorhome market returned to growth in April in the group’s main geographies (up 11.8 per cent in France, 7.9 per cent in Germany, 40.9 per cent in Italy and 8.6 per cent in Spain), confirming the appeal of this form of leisure for people seeking active recreation, proximity to nature and affordable comfort.

Trigano’s product policy, which is to launch motorhomes with a highly competitive price/equipment ratio, continues to win over new and repeat customers, enabling it to grow market share (up by almost 3 percentage points over the season to the end of March).

The end of destocking operations and more favourable seasonal trends mean that Trigano could expect margin growth in the second half of the financial year. Trigano is continuing to reduce working capital and has already seen a significant improvement in its cash position. The solid cash flow generated during the financial year will enable Trigano to pursue its growth strategy in the European leisure vehicle markets.

Read the full report on the Trigano website.

Image and graphics: Trigano Group