Trigano: Sales Up by 1.6% in Q3, the Group Buys Back €45.9M in Shares
Trigano reports a highly contrasting Q3 2026. Sales only increased by 1.6% to €1.162 billion compared to a record in Q3 2025, affected by supply chain disruptions in bodyworks and a decline in store traffic. Despite this, the group shows renewed optimism: it has repurchased 300,000 shares for €45.9 million in a few weeks and expects an improvement in the annual 2026 results, indicating that the sales weakness masks a stronger foundation than it appears.
Almost Nonexistent Growth in Q3, Hindered by Two Simultaneous Shocks
In the third quarter ending in May 2026, Trigano recorded a revenue of €1.162 billion, up 1.6% year-on-year, a significantly lower increase compared to the growth observed in the first nine months of the fiscal year. This limited progress contrasts with the pace of the first nine months, where total revenue increased by 4.3%. For the total group, sales had increased by 8.3% in the first quarter and 4.5% in the second quarter. The core business of motorized vehicles — motorhomes and caravans — managed to overcome two major obstacles. Firstly, the sustained growth of about 15% in motorhome production put pressure on the supply chains, but this momentum was hindered by logistical breakdowns, resulting in incomplete vehicles leaving the assembly lines. Secondly, a fire at a bodywork supplier limited deliveries until May 30, continuing to impact external sales. As a result, motorhome growth was only 1.4% in Q3, while integrated distribution (Trigano agencies) fell by 1.0% in volume. Caravans performed better, with an increase of 17.2%, but from a very low comparison base. The complementary leisure activities (mobile homes, trailers, others) remained almost unchanged, with a 0.2% increase.
Retail Demand Slows Despite a Favorable Market
Beyond these logistical bottlenecks, the release reveals a waning of retail demand towards the end of the quarter. Trigano acknowledges 'weak traffic' in its stores during the second half of the period, which limited sales of motorhomes delivered directly to end customers. However, the group does not categorize this decline as structural. In nine months (September 2025 to May 2026), the cumulative revenue reached €2.942 billion, up 4.3% compared to the same previous period, indicating a more sustained pace than suggested by Q3 alone. This gap indicates that the first two quarters carried most of the annual growth. The global motorhome market itself showed moderate growth of 2.3% in nine months despite 'a very challenging economic and geopolitical environment', suggesting that Trigano is facing broader macroeconomic pressures beyond its supply difficulties.
Renewed Confidence and Expected Improvement in Results
Despite the weakness of Q3, Trigano shows marked assurance. The group has launched a massive share buyback program: 300,000 shares for €45.9 million in a few weeks, and plans to continue in Q4. Management anticipates an improvement in results for the 2026 fiscal year, supported by a 'positive trend in production' and 'robust cash flow generation'. It also highlights the positive reception of the 2027 ranges by distributors, promising 'strong order volumes'. In the long term, Trigano relies on fundamentals: the demand for motorhomes remains upward in Europe, driven by customers seeking natural and accessible leisure. The group's position in the entry and mid-range segments would be a 'decisive asset' in the face of potential consumer caution in the event of new economic instability. This analysis places the group less on a short-term growth dynamic and more on the structural robustness of its markets.
