Paris, May 13, 2025


Recurring operating income for first-half 2024/2025: €144.1 million

In an environment shaped by declining sales and production due to the necessary adjustment of inventories
in the distribution networks, Trigano maintained operating profitability and strengthened its liquidity position
thanks to a significant improvement in operating cash flow generation.


€m First-half 2025 First-half 2024

Sales 1,675.2 1,905.8
Leisure vehicles 1,601.2 1,827.5
Leisure equipment 74.0 78.3
Recurring operating income 144.1 8.6% 243.2 12.8%
Leisure vehicles 143.9 9.0% 243.3 13.3%
Leisure equipment 0.2 0.3% (0.1) -0.1%

Other operating income and expense (1.0) 0.0

Net operating income 143.1 243.2

Net income 105.7 6.3% 180.5 9.5%

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, particularly in the van/minivan segments.
In order to enable inventory levels to return to normal as quickly as possible, Trigano reduced its motorhome
production from the beginning of the financial year and adjusted the pace of deliveries. A total of 21,458
motorhomes were delivered to external and internal distributors, a decrease of 19.1% compared to first-half
2023/2024. Thanks to higher sales by the integrated distribution network, the overall decline in sales volumes
over the first six months of the financial year was limited to 17.1%.
Accordingly, sales for first-half 2024/2025 came to €1,675 million, down 16.5% year-on-year at constant
scope and exchange rates (like for like).
Margins were affected by the reduction in sales, the destocking policy in place at manufacturing facilities and
distribution networks, and the realignment of prices for 2025 products, aimed at capturing market share. As
the leisure vehicle distribution business is highly seasonal, its contribution to first-half results is not significant
and has a dilutive effect on margins. Results for the first half of the financial year also saw a fall in productivity
and lower absorption of overheads and fixed production costs due to smaller volumes of leisure vehicles
manufactured. In order to ensure that the business remains on a sound footing and ready to take advantage
of the upturn, staff reductions at constant scope were limited to 7.2% of the total workforce. Consolidated
recurring operating income for first-half 2024/2025 was €144.1 million, representing 8.6% of sales (12.8%
in 2023/2024).
Taking into account corporate income tax of €36.6 million and net financial expense of €1.5 million, net
income for first-half 2024/2025 came out at €105.7 million, or €5.47 per share (down 41.4%).
As a result, Trigano's consolidated shareholders' equity increased to €1,988.8 million at February 28, 2025.
During the first half of the financial year, Trigano invested €22.6 million net of disposals (€34.7 million in
first-half 2023/2024) and paid a dividend of €33.8 million to its shareholders. Trigano also acquired
BIO Habitat and its subsidiary BIO Habitat Italia for a net cash consideration of €196.8 million, financed by
a €200.0 million acquisition loan repayable over five years.
Seasonal changes in working capital remained in check, with a reduction of €44.3 million over the period
(compared with an increase of €260.1 million in first-half 2023/2024), thanks in particular to the stability of
overall inventory levels at constant scope. Gross cash and cash equivalents, traditionally at their lowest at
the end of the first half of the financial year, represented €382.8 million (€212.8 million at February 29, 2024;
€261.3 million at August 31, 2024).
Outlook

After a brief pause caused by economic and political uncertainty, the European motorhome market returned
to growth in April in Trigano’s main geographies (up 11.8% in France, 7.9% in Germany, 40.9% in Italy and
8.6% in Spain), confirming the appeal of this form of leisure for people seeking active recreation, proximity
to nature and affordable comfort. Trigano's product policy, which is to launch motorhomes with a highly
competitive price/equipment ratio, continues to win over new and repeat customers, enabling it to grow
market share (up by almost 3 percentage points over the season to the end of March).

Sales activity therefore remains sustained and continues to show positive momentum, as illustrated by the
orders taken for the first presentations of the 2026 ranges – brought forward this year to April to allow better
planning of production in the final months of the financial year.

On the other hand, the downtrend in the caravan market was confirmed, with demand expected to pick up
again in 2026 at the earliest.

Efforts by all European manufacturers to scale back production in the first half of the financial year (overall
motorhome production was down by around 25%) have brought stock levels in the network back to normal
for most leisure vehicle makes in Trigano’s main geographies. Sales levels over the coming months are
therefore expected to rebalance between "sell-in" (sales from Trigano to distributors) and "sell-out" (sales
from distributors to end customers), enabling Trigano to return to production levels more in line with its
capacities.

The end of destocking operations and more favorable seasonal trends mean that Trigano could expect margin
growth in the second half of the financial year. Trigano is continuing to reduce working capital, and has
already seen a significant improvement in its cash position. The solid cash flow generated during the financial
year will enable Trigano to pursue its growth strategy in the European leisure vehicle markets. Trigano will
obviously continue to monitor developments in its markets and adapt its tools and organization to any
potential significant shifts in demand.


Interim dividend payment
Trigano's Management Board has decided to pay an interim dividend of €1.75 per share in respect of the
2025 financial year. Shares will trade ex-coupon from May 30, 2025 and the dividend will be payable from
June 3, 2025.


Glossary

Scope effect
Restating the scope for newly consolidated entities consists of:
- 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 in which the acquisition was made the previous year.
No major entities left the consolidation scope during the period.

Exchange rate effect
Restating for the exchange rate effect consists of calculating totals for the current year using exchange rates from the previous year.




Sales for the third quarter of 2024/2025 will be published on June 25, 2025.

Investor Relations
Hichem Belblidia Laure Al Hassi
Tel.: 01 44 52 16 57 Tel.: 01 44 52 16 31
mob: 06 75 06 96 71 communication@trigano.fr
hbelblidia@trigano.fr


Euronext Paris A - CAC All-Tradable - SRD - CAC Mid 60 - ISIN FR0005691656 - REUTERS : TRIA.PA - BLOOMBERG: TRI:FP
APPENDIX


First-half sales


from from Change H1 2025/H1 2024 from
First-half €m 09/01/2024 09/01/2023 constant scope 09/01/2022
(Non-audited figures) to to scope exchange to
reported and exchange
02/28/2025 02/29/2024 effect rate effect 02/28/2023
rates
Motorhomes 1,286.6 1,545.9 -259.3 -16.8% 3.1 0.2% 5.8 0.4% -268.2 -17.3% 1,221.4
Caravans 57.1 93.3 -36.2 -38.8% -0.5 -0.5% 0.2 0.2% -35.9 -38.5% 118.9
Mobile homes 123.0 53.7 69.3 129.1% 71.9 133.9% - - -2.6 -4.8% 47.7
Accessories 107.2 107.7 -0.5 -0.5% 2.4 2.2% 0.2 0.2% -3.1 -2.9% 117.1
Other 27.3 26.9 0.4 1.5% 2.7 10.0% 0.1 0.4% -2.4 -8.9% 23.4
Leisure vehicles 1,601.2 1,827.5 -226.3 -12.4% 79.6 4.4% 6.3 0.3% -312.2 -17.1% 1,528.5
Trailers 65.4 66.3 -0.9 -1.4% -1.7 -2.6% 0.4 0.6% 0.4 0.6% 65.3
Other 8.6 12.0 -3.4 -28.3% - - 0.1 0.8% -3.5 -29.2% 15.7
Leisure equipment 74.0 78.3 -4.3 -5.5% -1.7 -2.2% 0.5 0.6% -3.1 -4.0% 81.0
Total sales 1,675.2 1,905.8 -230.6 -12.1% 77.9 4.1% 6.8 0.4% -315.3 -16.5% 1,609.5