Trigano: Net Profit Up 14.8% in the First Half to €121.3M
Trigano reported a net profit of €121.3 million for the first half of fiscal year 2025/26, up 14.8% compared to the same period last year. Revenue increased by 6.2% to €1,779.7 million, benefiting from strong demand for motorhomes and caravans despite a disrupted economic and political environment. The improvement in financial structure is notably based on an operational cash generation of €151.0 million, while the acquisition loan for BIO Habitat was fully repaid for €181.6 million.
Growth Driven by Motorhomes and Caravans
The motorhomes and caravans segment accounted for €1,564.4 million in revenue, up 6.6%. Deliveries to distribution networks increased by nearly 10%, supported by a significant order book. At constant scope and exchange rates, motorhome sales rose by 7.1%. The caravan segment showed a more marked growth, with an increase of 15.9% at constant scope, benefiting from a favorable comparison and the replenishment of network stocks. Mobile homes recorded a 5% increase in gross data, including the acquisition of BIO Habitat in December 2024; excluding scope, this segment declined by 14.2% due to an unfavorable mix effect on Adria Dom's (Slovenia) high-end products. Trailer sales grew by 3.2%. The current operating result was €159.3 million, representing 9.0% of revenue, compared to 8.6% in the first half of 2024/25, reflecting improved productivity at most sites and controlled overhead costs.
Finances Strengthened by Repayment of Acquisition Debt
Gross cash reached €562.2 million as of February 28, 2026, up by €179.4 million compared to February 28, 2025 (€382.8 million). This improvement was driven by the operational cash generation of €151.0 million and the total repayment of the BIO Habitat acquisition loan for €181.6 million. The seasonal increase in working capital requirements was controlled at €16.0 million (+2.1%). Investments amounted to €18.6 million (excluding IFRS 16 and net of disposals). Consolidated equity reached €2,166.8 million after the payment of a dividend advance of €35.7 million. The positive financial result of €2.5 million and the corporate tax charge of €41.5 million explain the difference between operating result and net result.
European Market Resilient but Exposed to Macroeconomic Risks
The European motorhome market saw a nearly 6% increase in registrations in March 2026 compared to March 2025, demonstrating its resilience despite economic and political uncertainties. The healthy level of order books for motorhomes and caravans, including in integrated distribution networks, allows Trigano to anticipate continued growth in its business and results in the second half. However, ongoing economic instability, interest rate tensions, and inflationary pressures could lead to purchase delays and impact the market. Trigano's positioning in the entry and mid-range market, appealing to budget-conscious customers, is an asset for gaining market share in this context. With a strong financial position and significant net cash, Trigano is well-equipped to withstand a market slowdown.
