(News Bulletin 247) – The specialist in motorhomes has unveiled a third quarter activity in accordance with market expectations. Trigano made reassuring remarks on orders for the 2025/2026 season, which appeals to the Paris Stock Exchange.

Cyclic value par excellence, Trigano has had difficulty eating its leisure vehicles. What was still felt in his accounts of the first half of his offbeat exercise 2024-2025.

But this publication was accompanied by positive messages. The specialist in motorhomes and leisure vehicles then indicated that he had noticed a return to the growth of the European car market in April, with an increase in sales in France, Germany, Italy and Spain.

An improvement of one quarter on the other

To be clear, you have to look at the figures unveiled on Wednesday June 25, by the group as the third quarter of its 2024-2025 financial year, which will be closed at the end of August.

From March to the end of May 2025, the company made income of 1.144 billion euros, reflecting a 0.2% drop in published data. Oddo BHF explains that the publication is close to its expectations since the design office retained a hypothesis of a quarterly turnover of 1.179 billion euros.

In comparable data, Trigano’s revenues were contracted by 6.4% in the third quarter, which nevertheless marks a much less supported decrease than the first part of the year (-16.5% in the first half of comparable data), is to put Oddo BHF into perspective.

On motorhomes only, the company recorded a drop of 6.8% on a perimeter and constant changes. But from one quarter to another, the trend improves. Camping-cars sales fell 15.7% in the second quarter, and 18.5% between September and November 2024, still on a perimeter and constant changes.

“This development is much less pronounced than in the first half (drop at perimeter and constant changes in motorhomes -17.3%; volumes -15%) which testifies to a normalization of stocks within distribution networks”, adds the design office.

“Significant” progression of the order book

Regarding his prospects, Trigano does not give quantified elements but market trends. The group describes a “well-oriented motorhome market with a growing month in the main European countries”. In a context of a market qualified as “carrier” by Trigano, the company estimates its market gain in Europe at 3% since the start of the season.

For the next season that begins in September, Trigano expects this good dynamic to continue with a drop in interest rates.

“The commercial agreements currently underway with distributors for the launch of the new season already indicate a significant increase in the portfolio of orders compared to last year, thus offering good visibility for the start of the 2026 fiscal year,” said the leisure vehicle specialist. Oddo BHF reads between the lines and understands that this progression is “two figures”.

A cheap title

In the end, the estimates of Oddo BHF for the entire exercise remain unchanged. The design office still tables on a turnover of 3.704 billion euros, which implies an activity in the fourth quarter down 5% at constant perimeter and changes.

“This publication is reassuring with the confirmation of a normalization of distributor stocks, a request that remains well oriented (registrations up in May in the main European countries) and a portfolio of orders after commercial conventions with distributors by significant increase”, assess the design office.

Oddo BHF points out that orders during fall trade fairs will be decisive for Trigano. The design office readily acknowledges that its scenario for 2026, namely a stability of the activity (at constant perimeter and rate) “seems cautious”.

On these bases, it judges the valuation of attractive Trigano (6.9 times the current operating profit expected for 2024-2025 and 5.8 times for 2025-2026). The return to a historical valuation (around 8x), with a removal of the discount for lack of visibility on 2026, leads Oddo BHF to raise its opinion from “neutral” to “outperformance” and its course objective at 168 euros.

This brand of confidence of Oddo BHF in Trigano and the group’s positive comments on orders do not leave the market indifferent. On the Paris Stock Exchange, the Trigano action jumped 6.2% around 12:15 pm, this Thursday, June 26.