Trigano sees an 8.3% sales rebound in the first quarter, driven by motorhomes and the acquisition of BIO Habitat

Growth Driven by Network Deliveries and Scope Effect

In the first quarter of 2025/2026 (September-November 2025), Trigano achieved a revenue of 833.4 million euros, marking an 8.3% increase compared to the same period the previous year. The « Motorhomes and Caravans » segment, accounting for 759.6 million euros, grew by 6.0%, while « Other Leisure Activities » soared by 38.2% to 73.8 million euros, driven by the integration of BIO Habitat, acquired in the previous fiscal year. Motorhomes, which comprise nearly 80% of the consolidated revenue, rose by 7.1% to 664.9 million euros.
This growth is mainly attributed to an approximately 10% increase in deliveries to distribution networks, aimed at replenishing stock levels deemed too low. However, public sales have slightly declined, affected by reduced availability of end-of-series vehicles. Caravans demonstrated strong growth of 13.4% to 31.8 million euros, also supported by distributor restocking. Conversely, accessories and other products fell by 3.7% to 62.9 million euros, impacted by the low seasonality of the quarter.

Mobile Homes: Doubling Revenue Thanks to BIO Habitat

The mobile homes segment was the main surprise of the quarter, with revenue reaching 38.7 million euros, up 125% year-on-year. This performance is directly attributed to the integration of BIO Habitat, a Dutch manufacturer specializing in light recreational housing, whose consolidation began in the previous fiscal year. The group has not provided data on a like-for-like basis to differentiate organic growth from the acquisition effect. The trailers, another activity within the « Other Leisure » segment, posted a limited decline of 1.3% to 30.9 million euros, hindered by weak investment from professional buyers. The « Other » products, which are not detailed, fell by 16% to 4.2 million euros. The group continues to develop its integrated Libertium distribution network, without specifying the pace of new openings or the contribution to quarterly revenue.

Strategic Positioning for Restocking Distributors

The statement highlights that European demand remains strong, with order books described as « solid. » Trigano is banking on ramping up its production in the second and third quarters to meet this demand and support the restocking efforts of distributors. However, the group does not provide any data on the level of order books in volume or value, nor on the capacity utilization rates of production sites. The management also mentions an adaptation of product ranges to capture the growing demand for local leisure activities, without detailing the targeted segments or associated investments. The group cites having high cash reserves, without specifying the amount, which it plans to use to finance the development of the Libertium network and potential external growth operations. No acquisition targets or timelines are disclosed.

Profitability Expected to Improve, But No Numeric Guidance

Trigano has not released any profitability indicators for the past quarter, nor any quantified forecast for the 2025/26 fiscal year. Management is limited to anticipating a « significant improvement in profitability » for the entire fiscal year, without specifying whether this improvement pertains to gross margin, operating margin, or net margin, nor whether it includes the dilutive or accretive effect of integrating BIO Habitat. The group also mentions « caution regarding the economic and political climate, » indicating exposure to fluctuations in household demand and macroeconomic uncertainties. The main areas of concern identified in the statement include sensitivity to economic conditions, the low inventory levels at certain distributors that could constrain deliveries, and the seasonal dependency of certain activities, particularly accessories. The group does not specify the impact of production cost increases, exchange rate effects, or potential supply chain tensions.

Stock Performance and Market Monitoring

In the coming months, management anticipates a « significant improvement in profitability » for the entire fiscal year, without specifying whether this pertains to the gross margin, operating margin, or net margin, nor whether it includes the dilutive or accretive effect of the BIO Habitat integration. The group also mentions « vigilance regarding the economic and political environment, » indicating exposure to fluctuations in consumer demand and macroeconomic uncertainties. Key areas of concern highlighted in the statement include sensitivity to economic conditions, low inventory levels among some distributors that may constrain deliveries, and the seasonal dependence of certain activities, particularly accessories. Trigano does not specify the impact of rising production costs, currency effects, or potential supply chain tensions.

Outlook: Limited Visibility Due to Lack of Guidance

Trigano's trajectory beyond the first quarter hinges on three key variables: the group's ability to ramp up production to support distributor stock replenishment, the evolution of final consumer demand among European households in an uncertain economic environment, and the effective contribution of BIO Habitat to consolidated profitability. The absence of detailed guidance and margin data limits visibility on the operational translation of the reported growth. The group has what is described as substantial cash reserves, but it does not specify the amount, its trend, or the underlying balance sheet structure. The continued development of the Libertium network and potential acquisitions are considered medium-term growth drivers, although their timing and scale remain unspecified. On the risk side, the group remains exposed to economic conditions, supply constraints among certain distributors, and the seasonality of some activities. The stock performance over the past year reflects renewed investor interest, fueled by analysts' raised price targets. However, the technical resistance at 175.40 euros is a threshold that needs to be surpassed to confirm a continued upward trend.