Trigano

Earnings Release • Sep 24, 2025

Trigano posted sales of €3.7 billion in fiscal year 2024/25 (down 6.8%) and met its cash generation targets.

In € millions (unaudited figures)		Fiscal year ended August 31		Change 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.

Trigano generated operating cash flow of around €500 million over the year by maintaining a good level of profitability (recurring operating income estimated at around 9% of sales), combined with efforts to reduce inventories and keep working capital in check.

Outlook

The European motorhome market should post a slight growth over the season to the end of August 2025, to around 160,000 units. The market trend reflects good growth in sales to private customers and a sharp fall in professional registrations (rental companies and distributors). Trigano's strategy of offering vehicles with an attractive price/content ratio is paying off, resulting in market share gains.

At the start of this new season, Europeans' interest in active, affordable outdoor leisure activities continues unabated, as evidenced by record attendance at the first major fall trade shows (Düsseldorf, Parma). During these shows, Trigano's very strong order intake came primarily from 2026 collection products and took place under normal commercial conditions, generating a quality margin for Trigano. In fiscal year 2025/2026, Trigano expects business growth to be driven by the positive customer reception of its new ranges, good order book levels and the absence of destocking in motorhome distribution networks, whose Trigano product inventories have normalized.

Trigano will, however, remain attentive to consumer sentiment and adapt its production capacity and costs to changes in demand, given the ongoing economic and political uncertainties that could impact growth in the motorhome market. Productivity enhancement programs will be stepped up during the year, as will initiatives to expand market share across Europe.

External growth

Trigano continued to strengthen its distribution network in France during the year with the acquisition of Albi Camping-Cars in June.

Backed by its very robust financial position, Trigano will maintain its growth strategy in the European leisure vehicle markets, including through external growth transactions.

Interim dividend

Confident in Trigano's outlook, the Executive Board has decided to pay a second interim dividend of €1.85 per share in respect of the 2025 fiscal year. Shares will trade ex-coupon from October 6, 2025 and the dividend will be payable from October 8, 2025. An initial interim dividend of €1.75 per share was paid in May.

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.

2024/2025 full-year results will be published on November 26, 2025

Investor relations Hichem Belblidia Laure Al Hassi Tel.: +33 1 44 52 16 57 Tel.: +33 1 44 52 16 31 hbelblidia@trigano.fr

Mob.: +33 6 75 06 96 71 communication@trigano.fr

APPENDIX Breakdown of sales by product category

	from	From		From
In € millions (unaudited figures)	06/01/25 to 08/31/25	06/01/24 to 08/31/24	reported		scope effect		exchange rate effect		constant scope and exchange rates		06/01/23 to 08/31/23
Motorhomes	638.1	690.8	-52.7	-7.6%	-	-	-1.2	-0.2%	-51.5	-7.5%	607.0
Caravans	27.4	30.4	-3.0	-9.9%	+0.2	+0.7%	-0.1	-0.3%	-3.1	-10.2%	64.6
Mobile homes	31.8	12.1	+19.7	+162.8%	+13.4	+110.7%	-	-	+6.3	+52.1%	21.0
Accessories	77.6	72.9	+4.7	+6.4%	+1.9	+2.6%	-0.1	-0.1%	+2.9	+4.0%	77.1
Other	24.1	24.3	-0.2	-0.8%	+1.6	+6.6%	-	-	-1.8	-7.4%	20.4
Leisure vehicles	799.0	830.5	-31.5	-3.8%	+17.1	+2.1%	-1.4	-0.2%	-47.2	-5.7%	790.1
Trailers	33.1	34.8	-1.7	-4.9%	-	-	-	-	-1.7	-4.9%	35.3
Other	8.7	9.0	-0.3	-3.3%	-	-	-	-	-0.3	-3.3%	10.7
Leisure equipment	41.8	43.8	-2.0	-4.6%	-	-	-	-	-2.0	-4.6%	46.0
Total sales	840.8	874.3	-33.5	-3.8%	+17.1	+2.0%	-1.4	-0.2%	-49.2	-5.6%	836.1

	from	From	Change 2025/2024								From
In € millions (unaudited figures)	09/01/24 to 08/31/25	09/01/23 to 08/31/24	reported		scope effect		exchange rate effect		constant scope and exchange rates		09/01/22 to 08/31/23
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%	260.2
Mobile homes	256.2	101.7	+154.5	+151.9%	+145.7	+143.3%	-	-	+8.8	+8.7%	116.9
Accessories	274.9	263.6	+11.3	+4.3%	+9.6	+3.6%	+0.3	+0.1%	+1.4	+0.5%	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