from TRIGANO (EPA:TRI)
2024/2025 Annual Results
Paris, November 26, 2025
Trigano generated recurring operating income of €335.9 million and operating cash flow of €563.9 million in fiscal year 2024/2025.
In a fiscal year shaped by a decline in motorhome and caravan production due to the necessary adjustment of inventory levels in the distribution networks, Trigano improved its operating cash flow generation significantly to €563.9 million from €40.6 million in fiscal year 2023/2024, and posted recurring operating income of €335.9 million, representing 9.2% of sales.
Key figures
In € millions (unaudited figures) | 2025 | 2024 | Change |
Sales | 3,660.2 | 3,926.3 | -6.8% |
of which leisure vehicles | 3,483.1 | 3,741.6 | -6.9% |
of which leisure equipment | 177.1 | 184.7 | -4.1% |
Recurring operating income | 335.9 | 500.7 | -32.9% |
of which leisure vehicles | 328.3 | 493.7 | -33.5% |
of which leisure equipment | 7.6 | 7.0 | +8.6% |
Other operating income and expense | -1.6 | -1.7 |
|
Net operating income | 334.3 | 499.0 | -33.0% |
Net financial expense | -12.2 | -1.1 |
|
Net income for the period | 239.4 | 374.5 | -36.1% |
Net cash from operating activities | 563.9 | 40.6 |
Net cash position | 279.2 | 44.6 |
Total equity | 2,081.3 | 1,915.1 |
In addition to a contraction in selling margins linked to the fall in sales (down 11.1% at constant scope), the financial statements for the fiscal year reflect:
• an erosion in margin levels linked to targeted sales operations designed to speed up destocking in the distribution networks;
• a reduction in production hours, resulting in a lower absorption rate of production costs;
• lower productivity in connection with the reorganization of production against a backdrop of a sharp decline in volumes.
Despite this highly adverse environment, Trigano demonstrated its ability to maintain good quality results, with recurring operating income coming in at €335.1 million, or 9.6% of sales, at constant scope.
Taking into account net financial expense of €12.2 million and corporate income tax of €85.4 million, consolidated net income amounted to €239.4 million (€374.5 million in fiscal year 2023/2024), or €12.41 per share.
This performance enabled Trigano to further strengthen its financial structure, with total equity increasing to €2,081.3 million (versus €1,915.1 million at August 31, 2024) and net cash of €279.2 million (representing an improvement of €234.6 million).
Lastly, during the fiscal year, Trigano acquired BIO Habitat for a net cash consideration of €196.7 million, made investments totaling €43.2 million (versus €60.8 million in fiscal year 2023/2024) and paid dividends to shareholders in the amount of €67.5 million.
Outlook
The year-on-year evolution in attendance at most of the major fall trade shows and fairs reflects Europeans' growing interest in active, simple, affordable outdoor leisure activities. In this context, Trigano's strategy is to offer increasingly attractive and accessible products in order to consolidate its positive market share momentum and remain on a growth track.
In first-half 2026, in order to meet demand in its markets, Trigano will gradually increase production to align closely with distributors' business cycles.
In the mobile home business, after a season marked by a sharp contraction in investment by campsite managers in France, the 2026 season has got off to a good start, with the market expected to grow by around 5-10%.
Thanks to the solid increase in the order book, reflecting the success of the 2026 ranges and the absence of destocking operations by motorhome distribution networks, Trigano expects a clear improvement in business and results for the coming fiscal year. Trigano will, however, remain attentive to consumer sentiment and adapt its production capacities and costs to changes in demand.
Lastly, Trigano intends to continue to study all external growth opportunities of strategic interest.
Dividend
The Executive Board will propose to the General Meeting to be held on January 6, 2026, the payment of a gross dividend in the amount of €3.60 per share for the fiscal year ended August 31, 2025, corresponding to the amount of the interim dividend already paid to shareholders.
Sales for the first quarter of 2026 will be published on January 6, 2026
Investor relations
Hichem Belblidia Laure Al Hassi
Tel.: +33 1 44 52 16 57 Tel.: +33 1 44 52 16 31 Mob.: +33 6 75 06 96 71 communication@trigano.fr hbelblidia@trigano.fr
Euronext Paris A – CAC All -Tradable – SRD – CAC Mid 60 – ISIN FR0005691656 – REUTERS: TRIA.PA – BLOOMBERG: TRI:FP
APPENDICES
A. Consolidated financial statements – fiscal year 2024/2025
(extracts from the consolidated financial statements approved by the Management Board on November 25, 2025, and examined by the Supervisory Board today [under audit])
1 - Consolidated income statement
2 - Consolidated statement of comprehensive income
3 - Consolidated statement of financial position
4 - Consolidated statement of changes in equity
5 - Consolidated statement of cash flows
B. Fiscal year 2024/2025 sales
(extracts from the press release published on September 24, 2025)
Appendix A: Consolidated financial statements (under audit)
1 - Consolidated income statement
In € millions | 2024/2025 | 2023/2024 |
Total sales | 3,660.2 | 3,926.3 |
Other operating income | 28.4 | 18.7 |
Change in finished goods and work in progress | (169.8) | 228.5 |
Purchases consumed | (2,312.7) | (2,799.6) |
Payroll costs | (523.9) | (516.1) |
External charges | (256.8) | (265.3) |
Taxes and duties | (14.0) | (11.8) |
Depreciation, amortization and impairment | (75.5) | (80.0) |
Recurring operating income | 335.9 | 500.7 |
Other operating income and expense | (1.6) | (1.7) |
Net operating income | 334.3 | 499.0 |
Cost of net debt(1) | 0.8 | 5.4 |
Other financial income and expense(1) | (13.0) | (6.5) |
Net financial expense | (12.2) | (1.1) |
Income tax expense | (85.4) | (124.3) |
Share in net income of equity-accounted companies | 2.7 | 0.9 |
Net income for the period | 239.4 | 374.5 |
Attributable to owners | 239.3 | 374.4 |
Non-controlling interests | 0.1 | 0.1 |
Basic earnings per share (in euros) | 12.41 | 19.39 |
Diluted earnings per share (in euros) | 12.41 | 19.39 |
(1) The financial cost of assigned receivables has been reclassified from Cost of net debt to Other financial income and expense
2 - Consolidated statement of comprehensive income
In € millions | 2024/2025 | 2023/2024 |
Actuarial gains and losses, net of tax | - | 0.2 |
Changes in fair value of available-for-sale financial assets | 0.7 | - |
Items that will not be reclassified to income | 0.7 | 0.2 |
Translation adjustments | (4.5) | 3.3 |
Items that may be reclassified subsequently to income | (4.5) | 3.3 |
Other comprehensive income (expense) | (3.8) | 3.5 |
Net income for the period | 239.4 | 374.5 |
Total comprehensive income | 235.6 | 378.0 |
Attributable to owners | 235.5 | 377.9 |
Non-controlling interests | 0.1 | 0.1 |
3 - Consolidated statement of financial position
Assets
In € millions | August 31, 2025 | August 31, 2024 |
Goodwill | 421.3 | 367.5 |
Intangible assets | 134.9 | 91.9 |
Property, plant and equipment Right-of-use assets | 433.4 81.2 | 370.0 |
84.7 | ||
Investments in equity-accounted companies Other non-current financial assets | 19.6 9.2 | 16.9 |
6.2 | ||
Deferred tax assets | 41.1 | 42.0 |
Other non-current assets | 0.2 | 0.2 |
Total non-current assets | 1,140.9 | 979.4 |
Inventories and work in progress | 899.6 | 1,068.5 |
Trade and other receivables | 341.6 | 398.9 |
Tax receivables | 29.5 | 10.4 |
Other current assets | 212.9 | 164.1 |
Cash and cash equivalents | 650.8 | 261.3 |
Total current assets | 2,134.4 | 1,903.2 |
Total assets | 3,275.3 | 2,882.6 |
Equity and liabilities
In € millions | August 31, 2025 | August 31, 2024 |
Share capital and share premiums | 86.5 | 86.5 |
Consolidated reserves and retained earnings | 1,994.0 | 1,827.9 |
Equity attributable to owners | 2,080.5 | 1,914.4 |
Non-controlling interests | 0.8 | 0.7 |
Total equity | 2,081.3 | 1,915.1 |
Non-current liabilities | 190.2 | 76.2 |
Non-current lease liabilities(1) | 61.9 | 69.3 |
Non-current provisions | 40.2 | 39.4 |
Employee benefits(1) | 25.9 | 20.5 |
Deferred tax liabilities | 26.2 | 10.1 |
Other non-current liabilities | 2.4 | 2.4 |
Total non-current liabilities | 346.8 | 217.9 |
Current financial liabilities | 100.5 | 53.8 |
Current lease liabilities(1) | 19.2 | 17.4 |
Current provisions | 26.9 | 25.7 |
Trade and other payables | 505.0 | 439.1 |
Tax liabilities | 7.3 | 38.2 |
Other current liabilities | 188.4 | 175.3 |
Total current liabilities | 847.2 | 749.5 |
Total equity and liabilities | 3,275.3 | 2,882.5 |
(1) The presentation was reclassified as of August 31, 2024 in order to present lease liabilities and employee benefits directly on the face of the statement of financial position.
4 - Consolidated statement of changes in equity
In € millions | Share capital | Share premiums | Treasury shares(1) | Consolidated reserves and retained earnings(1) | Equity attributable to owners | Non- controlling interests | Total equity |
Equity at August 31, 2023 | 82.3 | 4.2 | (2.2) | 1,520.5 | 1,604.8 | 0.6 | 1,605.4 |
Net income for the period | - | - | - | 374.4 | 374.4 | 0.1 | 374.5 |
Other comprehensive income | - | - | - | 3.5 | 3.5 | - | 3.5 |
Total comprehensive income |
|
| 377.9 | 377.9 | 0.1 | 378.0 | |
Dividends paid | - | - | - | (67.6) | (67.6) | - | (67.6) |
Treasury share transactions, net of tax | - | - | (0.4) | (0.3) | (0.7) | - | (0.7) |
Other movements | - | - | - | - | - | - | - |
Equity at August 31, 2024 | 82.3 | 4.2 | (2.7) | 1,830.6 | 1,914.4 | 0.7 | 1,915.1 |
Net income for the period | - | - | - | 239.3 | 239.3 | 0.1 | 239.4 |
Other comprehensive income Total comprehensive income | -
| -
| - | (3.8) 235.5 | (3.8) 235.5 | - | (3.8) 235.6 |
0.1 | |||||||
Dividends paid | - | - | - | (67.5) | (67.5) | - | (67.5) |
Treasury share transactions, net of tax | - | - | (2.7) | 0.8 | (1.9) | - | (1.9) |
Other movements | - | - | - | - | - | - | - |
Equity at August 31, 2025 | 82.3 | 4.2 | (5.4) | 1,999.4 | 2,080.5 | 0.8 | 2,081.3 |
(1) A correction has been made to the presentation of the amount of treasury shares and consolidated reserves and retained earnings.
5 - Consolidated statement of cash flows
In € millions | 2024/2025 | 2023/2024 |
Net income attributable to owners | 239.3 | 374.4 |
Non-controlling interests in income | 0.1 | 0.1 |
Elimination of share in net income of equity-accounted companies | (2.7) | (0.9) |
Elimination of tax expense (income) | 85.4 | 124.3 |
Elimination of depreciation, amortization and provisions | 68.8 | 69.8 |
Elimination of gains and losses on disposals of assets | 0.5 | 2.9 |
Elimination of net interest expense (income)(1) | (0.8) | (6.6) |
Other income and expense items with no cash impact | (3.8) | (8.9) |
Cash flow from operations, before changes in working capital and tax | 386.8 | 555.1 |
Changes in working capital | 314.9 | (382.6) |
Income taxes received (paid) | (137.8) | (131.9) |
Net cash from operating activities | 563.9 | 40.6 |
Acquisition of subsidiaries net of cash acquired(2) | (203.0) | (36.6) |
Acquisitions of intangible assets | (2.1) | (2.7) |
Acquisitions of property, plant and equipment | (41.1) | (58.1) |
Disposal of property, plant and equipment | 2.3 | 1.3 |
Other investing activities | (3.3) | (2.1) |
Net cash used in investing activities | (247.2) | (98.2) |
Net disposal (acquisition) of treasury shares | (1.9) | (0.7) |
Repayment of lease liabilities (IFRS 16) | (23.0) | (18.6) |
Issuance of debt | 199.5 | 0.7 |
Repayment of debt | (25.4) | (6.5) |
Changes in other bank borrowings(2) | 2.1 | 39.7 |
Interest paid(1) | (3.6) | (1.0) |
Interest received | 6.4 | 6.4 |
Dividends paid to shareholders | (67.5) | (67.6) |
Purchase of non-controlling interests | (10.9) | - |
Net cash from (used in) financing activities | 75.7 | (47.5) |
Impact of changes in exchange rates | (0.6) | 2.0 |
Change in cash and cash equivalents | 391.8 | (103.1) |
Opening cash position | 253.6 | 356.7 |
Cash and cash equivalents | 261.3 | 359.0 |
Bank overdrafts (2) | (7.7) | (2.3) |
Closing cash position | 645.4 | 253.6 |
Cash and cash equivalents | 650.8 | 261.3 |
Bank overdrafts (2) | (5.4) | (7.7) |
(1) The financial cost of assigned receivables to financial partners, including Loisirs Finance, have been reclassified from Cost of net debt to Other financial income and expense in the Consolidated income statement. This results in the reclassification of the financial cost of assigned receivables from Interest paid to Elimination of net interest expense (income) in the Consolidated statement of cash flows.
(2) Receivables from Trigano's leisure vehicle distribution network (Libertium) that have been transferred to Loisirs Finance, have been reclassified from bank overdrafts to changes in other bank borrowings.
Appendix B: extracts from the press release published on September 24, 2025
Trigano posted sales of €3.7 billion in fiscal year 2024/2025 (down 6.8%).
In € millions (unaudited figures) | Fiscal year ended August 31 | Change fiscal 2025/2024 | |||||
2025 | 2024 | 2023 | reported | scope effect | exchange rate effect | constant scope and exchange rates | |
Leisure vehicles | 3,483.1 | 3,741.6 | 3,288.6 | -6.9% | +4.4% | +0.2% | -11.5% |
Leisure equipment | 177.1 | 184.7 | 191.6 | -4.1% | -0.9% | +0.3% | -3.5% |
Total sales | 3,660.2 | 3,926.3 | 3,480.2 | -6.8% | +4.2% | +0.2% | -11.1% |
The 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 led to overstocking of motorhomes in both manufacturing facilities and distribution networks. In order to enable inventory levels to return to normal, Trigano reduced its motorhome production from the beginning of the fiscal year and adjusted the pace of deliveries. Accordingly, sales of motorhomes were down 12.2% year on year at constant scope and exchange rates (like for like).
Sales of caravans fell sharply (down 32.4%) over the year as, amid a sluggish market, distributors, who were often still carrying large stocks of motorhomes at the start of spring, reduced their commitments.
Mobile home deliveries posted mixed results. Against a backdrop of sharply reduced investments by campsite managers in France, Trigano benefited from end-of-season opportunities and closed the year with like-for-like growth of 8.7%. The consolidation of BIO Habitat, effective December 1, 2024, contributed €161.6 million, which was slightly less than expected.
Sales of accessories for leisure vehicles were stable (up 0.5% like for like) with the upturn in business in the Netherlands offsetting the effects of the lackluster economy in the United Kingdom and the fall in sales of mobile home decking in relation with the market context in France.
Leisure equipment was hit overall by the sluggish economic and political environment in Europe, particularly in France and the United Kingdom. Trailer sales held up well, however, and even rose slightly in terms of volume (0.8%) thanks to good momentum in Northern and Eastern Europe. Sales contracted slightly (down 0.5% like for like) due to an unfavorable sales mix linked to a downturn in professional trailer sales.
Breakdown of sales by product category
In € millions (unaudited figures) | from 09/01/24 to 08/31/25 | From 09/01/23 to 08/31/24 | Change fiscal 2025/2024 | From 09/01/22 to 08/31/23 | ||||||||
reported | scope effect | exchange rate effect | constant scope and exchange rates | |||||||||
Motorhomes | 2,760.6 | 3,131.1 | -370.5 | -11.8% | +3.1 | +0.1% | +6.9 | +0.2% | -380.5 -12.2% | 2,572.1 | ||
Caravans | 119.4 | 176.7 | -57.3 | -32.4% | -1.0 | -0.6% | +0.2 | +0.1% | -56.5 | -32.0% +8.7% +0.5% | 260.2 | |
Mobile homes | 256.2 | 101.7 | +154.5 | +151.9% | +145.7 | +143.3% | - | - | +8.8 | 116.9 | ||
Accessories | 274.9 | 263.6 | +11.3 | +4.3% | +9.6 | +3.6% | +0.3 | +0.1% | +1.4 | 280.4 | ||
Other | 72.0 | 68.5 | +3.5 | +5.1% | +7.5 | +10.9% | +0.1 | +0.1% | -4.1 | -6.0% | 59.0 | |
Leisure vehicles | 3,483.1 | 3,741.6 | -258.5 | -6.9% | +164.9 | +4.4% | +7.5 | +0.2% | -430.9 -11.5% |
| 3,288.6 | |
Trailers | 146.3 | 148.3 | -2.0 | -1.3% | -1.7 | -1.1% | +0.5 | +0.3% | -0.8 -0.5% | 148.1 | ||
Other | 30.8 | 36.4 | -5.6 | -15.4% | - | - | +0.1 | +0.3% | -5.7 | -15.7% | 43.5 | |
Leisure equipment | 177.1 | 184.7 | -7.6 | -4.1% | -1.7 | -0.9% | +0.6 | +0.3% | -6.5 -3.5% |
| 191.6 | |
Total sales | 3,660.2 | 3,926.3 | -266.1 | -6.8% | +163.2 | +4.2% | +8.1 | +0.2% | -437.4 -11.1% |
| 3,480.2 | |
Glossary
Scope effect
Restating the scope for newly consolidated entities consists in:
- for entities entering the consolidation scope in the current year: deducting the contribution of the acquisition from the totals for the current year;
- for entities entering the consolidation scope in the previous year: deducting the contribution of the acquisition from September 1 of the current year to the last day of the month of the current year corresponding to that during which the acquisition was made the previous year.
Restating for entities that left the consolidation scope in the current year consists in deducting the contribution of the entity sold from the totals for the previous year.
Exchange rate effect
Restating for the exchange rate effect consists in calculating the totals for the current year using exchange rates from the previous year.