Message from the Chairman of the Executive Board
In 2025, Trigano confirmed its ability to successfully navigate a challenging environment. The financial year was marked by the success of Trigano’s product strategy of offering attractive and competitive leisure vehicles designed to appeal to first-time buyers, which enabled it to gain market shares in most European countries. 2025 was also the year in which Trigano demonstrated its ability to reverse the trajectory of its working capital requirement. 2023 was marked by an increase in the working capital requirement in relation to the development of the Libertium distribution business, which requires a constant stock of new and second-hand products. 2024, on the other hand, was impacted by the sudden shift from a shortage to an abundance of chassis in the context of the transition from Euro 6d to Euro 6e standards, generating overstocking of motorhomes both in factories and in distribution networks. In 2025, Trigano reduced its production of leisure vehicles at the start of the financial year and supported its distributors by adjusting the timing of its deliveries and carrying out targeted promotional campaigns.
The company’s effective management of these temporary difficulties in a market that continued to grow enabled it to maintain a healthy recurring operating margin and significantly reduce its working capital requirement, generating a record level of operating cash flows. The company is emerging from the 2025 financial year – which marks the end of a post-Covid period characterised by disruptive global events – with a stronger balance sheet, enabling it to approach the 2026 financial year in the best possible conditions. I would like to thank all our employees, whose unfailing commitment throughout the year enabled Trigano to demonstrate its resilience in a complex period and emerge stronger than ever.
2025 also saw the acceleration of the implementation of Trigano’s mobile home strategy, which, after a long period of review, received unconditional authorisation from the Competition Authority for the acquisition of BIO Habitat. Mobile home holidays are attracting more and more European families, and Trigano aims to be a major player in the development of this activity by supporting its customers as closely as possible through its nine production sites. The synergy plans linked to this acquisition are now being rolled out and should start paying off from the 2026 season.
At a time when CSR challenges are becoming priorities, Trigano actively pursued the rollout of its environmental and social policy in 2025, notably through its three-year plan. In particular, it has deepened its understanding of its carbon footprint and found that its industrial activities involving the assembly and production of leisure vehicles have a limited overall impact on the environment: 99.5% of its carbon footprint comes from Scope 3 indirect greenhouse gas emissions, particularly those linked to the upstream manufacture of components and the use of products.
The context of its compliance with the CSRD has brought about a profound change in the way environmental and social challenges are addressed within Trigano. Ahead of the directive’s entry into force, the company placed the governance of sustainability matters at the highest level of its organisation. Following the double materiality analysis conducted this year, Trigano has undertaken a review of its environmental and social policy in order to adapt it to the material challenges identified and improve the relevance of its environmental, social and societal actions. In line with the issuance of targets ushered in by the CSRD, Trigano plans to implement a quantified action plan to reduce its direct (Scope 1) and indirect energy-related (Scope 2) greenhouse gas emissions by 2028.
The outlook is bright for 2026 and beyond. European demographic trends are favourable for the leisure vehicle market, with a growing population of people in good health aged over 50. These trends are combined with the confirmed appeal of leisure vehicles, as evidenced by attendance at major autumn trade shows and fairs; attendance was particularly promising this season, reaching unprecedented levels at some events. In this context, Trigano will continue to grow by pursuing its strategy of offering more attractive and competitive vehicles to attract new customers, while also improving the performance of its Libertium distribution network.
The 2025 financial year was marked by record cash flow, partly generated by a sharp reduction in working capital requirements. For the coming financial years, starting with 2026, I am committed to generating quality margins, continuing to control working capital requirement and maintaining a lean and agile structure in the turbulent environment in which we have been operating since 2020.
