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Message from the Chairman of the Executive Board

Stéphane Gigou
Message from the Chairman of the Executive Board

Fiscal 2023 was a year of significant challenges, but also one of promising opportunities. As we adapt to an ever-changing macroeconomic and geopolitical environment that could potentially impact our operations, I would like to share with you Trigano’s achievements, strategies and perspectives for the future.

The past year: healthy growth and quality margins

Challenges: inflation, soaring energy costs, semiconductor crisis, disruption of supply chains.

2023 began in the same vein as 2022, with significant challenges that we had anticipated and prepared for. The high inflation that characterised the previous year continued, weighing on our operating costs. The beginning of the financial year was also marked by an explosion in energy costs, fortunately with no real impact on our profitability thanks to the fact that our activity consumes little energy. The semiconductor shortage, impacting chassis supply, disrupted our production in the first half and then persisted throughout the year, although we did see a gradual improvement. Managing supply chain disruptions, subject to high inflation, was undoubtedly our biggest challenge this year. It was successful thanks to the continuation of our policy of gradual increases in selling prices and the adjustment of our industrial organisation. These measures neutralised the negative impact on our financial performance, but they weighed on working capital, which reached a high, temporarily penalised by buffer inventories and residual supply difficulties.

The customer experience remained synonymous with quality, despite pressure on prices, rising interest rates and pressure on supplies.

On the commercial front, we managed to overcome several challenges. High supply costs resulted in price increases to preserve our margins, while our network inventories were below their historical level due to our production difficulties. In this context of lack of visibility on delivery dates and uncertainties affecting supplies, our careful management enabled us to preserve a quality customer experience. We saw continued interest in our products, as evidenced by attendance and order intake at the major autumn trade fairs. However, we should note the poor performance in trailers. After several years of growth in the post-Covid period, the segment was heavily impacted by the rise in steel prices, which pushed selling prices upwards. The accessories business also experienced a reversal of trend, with the return of logistics flows to normal, leading to unusually high inventories at distributors, especially at the beginning of the year.

Success of the integration of distribution in France.

In early fiscal 2023, Trigano launched the Libertium banner for its distribution network in France. This is the first step visible by the end consumer market in Trigano’s strategic development in distribution. The banner is now well visible at more than 60 sales outlets in the leisure vehicle network in France as well as on the internet. The Libertium network’s development strategy must be in harmony with the independent networks for which Trigano has always been an ambitious, supportive and loyal partner. In this regard, I personally maintain a direct and open relationship with independent distributors, and I thank them for the quality of their commitment and their loyalty to Trigano.
Sales growth and a quality margin despite uncertainties.

We achieved sales of €3.5 billion, up 9.5%, and current operating profit of €423.4 million (+23.7%) for the year, putting the operating margin at 12.2%. This reflects our ability to adapt to an unstable environment and our good management of inflation during the year. As always, a result is attributable to business units that are performing well and are set to continue improving, but it can also be ascribed to a few business units that are underperforming. Analysing their situation and implementing action plans will be a big source of future improvement.

Sustainable development of the business ahead

Towards more affordable new vehicles and the development of vans and mobile home production.

We undertook several strategic initiatives this year.
First of all, I would like to remind you that keeping our products affordable is a strong commitment. Our aim is to continue offering increasingly affordable vehicles, without impacting our margins, so that we can continue to meet customer demand over the medium to long term.
The product and industrial initiatives launched this year began to show results as early as the 2024 season, with product ranges particularly well received by customers.
Trigano’s fourth industrial hub, after France, Italy and Slovenia, is currently being set up in Spain. This division includes a new van manufacturing plant that will allow Trigano to develop its business in this segment, which complements the traditional leisure vehicle range.
In addition, a major strategic decision was made to expand the mobile home business through the development of our sites in the Sarthe department in France and in Slovenia. The leisure vehicle segment is set to enjoy sustained structural demand in the coming years as it addresses environmental concerns by offering mobile habitats with minimal impact on the environment.
Last May, Trigano entered into exclusive negotiations with Bénéteau to acquire its Bio Habitat division. This strategic transaction, if authorised by the competition authority, will be an opportunity to really step up Trigano’s profitable growth strategy in the mobile home business.
The outlook is promising, thanks to favourable demographic factors and the development of Trigano’s products.

Interest in leisure vehicles was further confirmed this year by the high number of visitors to the major autumn shows.
The environment of inflation and high interest rates of the last two financial years remains likely to impact customer demand, but the healthy level of stocks at our distributors at the end of fiscal 2023 and the strategy of offering products with a more competitive price/product positioning, without impacting margins, give us good prospects at this stage for fiscal 2024.
Beyond that, the outlook for demand in the motorhome sector is decidedly favourable, thanks to a number of promising factors. In particular, we are benefiting from favourable demographic trends and the fundamentals of the motorhome: freedom, economy and forced ecology by the limitas on water and energy consumption, not to mention the impact of the “health bubble”. These factors suggest that demand will remain robust over the coming years.

Employees committed to achieving the ambitious targets we have set ourselves.

Our results reflect our commitment to excellence, our resilience in the face of unexpected events and our determination to create value. They testify to Trigano’s strength, the flexibility of our multi-local organisation, the quality of our team and our ability to adapt and innovate in a constantly changing environment. I would like to extend my warmest congratulations and thanks to all of our employees for their commitment in this challenging time. Their hard work, adaptability and expertise made this year a great success.

Trigano products: a responsible alternative

Trigano products: a responsible alternative for leisure that respects our planet.

Trigano’s vision is to create leisure vehicles that combine pleasure and responsibility, preserving a healthier planet for future generations. We are firmly committed to playing an active role in this transformation, exploring technological innovations and changing our manufacturing processes. Motorhomes are already making a positive contribution by influencing water and electricity consumption habits. The fact that they are constrained and limited in leisure vehicles makes our leisure activities more sustainable for the environment. By choosing a leisure vehicle, our customers are choosing a responsible alternative for their leisure time.

Electrification of leisure vehicles: a transition that Trigano is preparing for.

Two years ago, I recruited an Energy Transition Director to prepare the development of Trigano’s products. Two things need to be done to achieve this. First, we must have a chassis, supplied by an OEM (original equipment manufacturer) and adapted to our needs; second, we must work on the unit to make it evolve and adapt it to new electrification data. This is a major and methodical project, to which Trigano is committed, and which will lead to new developments in our products in the coming years. At the same time, the new Euro7 standard will allow conventional engines to remain available beyond 2030.


Fiscal 2023 was marked by healthy sales growth and good margins. Industrial challenges were taken up: inflation, energy costs, the semiconductor crisis and supply pressures. We integrated distribution into our business under the Libertium banner, and are continuing to develop it.

The outlook for 2024 is good, and the fundamentals are in place to ensure the sustainable development of the business beyond the current period. Trigano is developing new, more affordable vehicles and strengthening its mobile home business in a strong market. Demographic factors are favourable and offer a bright outlook. Our employees are skilled and committed. The development of the mobile home business is underway, and we expect the Bio Habitat acquisition to be completed by the end of the first half of 2024.

I am firmly committed to meeting the challenges ahead for us in 2024 and beyond, which may be unexpected like those of the last three financial years, and to making the most of every opportunity. Trigano, constructeur de libertés, will remain a multi-local, lean and agile company. My commitment is to produce a quality margin and create value for our shareholders, our employees and all our stakeholders.