Trigano (TRI) Q4 2026 TU earnings summary

Executive summary

• FY 2026 sales reached €3.8 billion, up 3.8% year-over-year, driven by strong motorhome and caravan demand, with Q4 2026 sales at €858.4M, a 2.1% increase compared to Q4 2025.

• Motorhome deliveries rose 7% in volume, caravans up 15%, with notable market share gains despite headwinds in France.

• Recurring operating margin improved toward 10%, supported by sales growth and production trends.

Financial highlights

• Motorhomes and caravans sales for FY 2026 rose 4.1% to €3,325.5M; Q4 2026 saw a 2.1% increase to €775.3M.

• Motorhome sales increased 4.2% to €2,877.2M; caravan sales rose 14.7% to €137.0M year-over-year.

• Other leisure activities sales grew 2.1% to €474.5M for FY 2026; Q4 2026 increased by 2.3% to €83.1M.

• Mobile homes FY 2026 sales increased 2.9% to €290.6M; trailers up 2.7% to €150.3M.

• Accessories and other services sales declined 1.4% to €311M for FY 2026.

Outlook and guidance

• Order book strengthened for 2027 models, providing good visibility for the first half of the year.

• Despite strong trade show attendance, consumer caution persists, leading to stable motorhome production planning for H1 2027.

• Mobile home market faces uncertainty in France, with a wait-and-see approach from major clients, though fundamentals remain strong and expectations of a new bull market in the longer term.

• Growth strategy to continue, including potential external growth transactions.