Trigano (TRI) H1 2026 earnings summary

Executive summary

• Sales reached €1,779.7M in H1 2026, up 6.2% year-over-year, with like-for-like growth of 4.9%, driven by strong performance in motorhomes and caravans.

• Net profit increased 14.8% to €121.3M, representing 6.8% of sales, with EPS at €6.28.

• Current operating profit rose 10.6% to €159.3M, with margin improving to 9.0% of sales.

• The company fully repaid the BIO Habitat acquisition loan (€181.6M) and maintained a robust financial structure, with equity at €2,166.8M and gross cash at €562.2M.

• Strong order books and productivity gains supported operational performance.

Financial highlights

• Operating profit for H1 2026 was €159.3M (9.0% of revenue), up from €143.1M (8.5%) year-over-year.

• Net financial result turned positive at €2.5M (vs. -€1.5M in H1 2025).

• Operating cash flow reached €151.0M, with cash and cash equivalents at €562.2M.

• Net cash position at period end was €87.5M, a significant improvement from net debt of €117.0M at 28/02/2025.

• Shareholders' equity increased to €2,166.8M after dividend payments.

Outlook and guidance

• Strong order books for motorhomes and caravans support expectations of continued growth in H2 2026.

• The company remains vigilant regarding economic and political uncertainties, with a flexible approach to market changes.

• Product positioning in entry and mid-range segments is seen as a key advantage in a potentially volatile market.

• Mobile home market at cycle bottom, with recovery expected from 2027.

• Profitability improvement anticipated for FY 2025/26.