Trigano has closed its 2026 financial year with sales of €3.8bn, up 3.8%. Motorhome sales rose 4.2% to €2,877m. Caravan sales jumped 14.7%.

On the surface, that’s Europe’s largest leisure vehicle group in good health. Look closer, and the growth came from dealers ordering, not from buyers registering.

Trigano says as much itself. Busy autumn shows have “not yet translated into growth in motorhome sales to private customers.”

That gap matters to every UK dealer holding Auto-Trail, Adria, Benimar or Auto-Sleeper stock this winter.

What Trigano Actually Reported

Let’s break it down. The financial year ran to 31 August 2026, and the figures are unaudited.

  • Motorhomes: €2,877m, up 4.2%
  • Caravans: €137m, up 14.7%
  • Accessories and other: €311m, down 1.4%
  • Mobile homes: €291m, up 2.9% as reported, but down 6.1% like for like
  • Trailers: €150m, up 2.7%

Motorhome deliveries to dealer networks rose around 7% in volume. Caravan deliveries rose 15%.

Two numbers temper that. Trigano’s own retail dealerships saw performance fall 5%, with France the weak spot.

And growth slowed as the year went on. Group sales rose 2.1% in the final quarter, against 8.3% in the first quarter we covered in Trigano starts 2026 strong.

Deliveries Up 7%. Registrations Flat.

Here’s the uncomfortable bit. New motorhome registrations across Europe finished level at 159,824 units, against 159,781 a year earlier.

So Trigano shipped around 7% more motorhomes into a market that bought the same number.

Let’s be fair. Some of that gap is market share.

Trigano says its value-for-money positioning won share, and fast-growing markets such as Spain (up 22.2%) and Sweden (up 47.7%) helped.

But share gains alone are unlikely to cover the whole gap. The likely remainder is more stock sitting with dealers.

One more clue: Trigano’s own inventory rose just 2%. Its yards stayed lean. The extra vans went onto forecourts.

Trigano’s next move is telling. It plans to hold motorhome production stable for the first half of the new year. That’s a manufacturer reading the same numbers and choosing not to push harder.

What This Means for UK Dealers

The UK is softer than Europe. Registrations fell 1.3% to 16,438 in the 12 months to July 2026, according to the national data in Trigano’s release.

Trigano also says dealers backed its 2027 lineup, lifting the order book. If you’re one of them, you’ve committed to new stock while private buyers are still cautious.

Straight talk. Here’s what to do this month:

  • Check your 2027 order against 2026 sell-through, model by model. If a layout sat on your forecourt longer than your target this year, question whether you need the same number again.
  • Ask your brand rep what flat production means for spring. Stable output can mean fewer late-season top-ups. Find out now, not in March.
  • Clear 2026 stock before 2027 units land. Two model years side by side drag both prices down.
  • Push aftersales harder. Trigano’s accessories sales fell 1.4%, with France and the Netherlands weak. Owners who delay a new van still spend on the one they have. Our piece on the hidden goldmine in caravan spares shows where to start.

What about caravans? The 14.7% rise is real, but it comes from a small base. At €137m, caravans make up less than 4% of group sales.

Trigano doesn’t say which markets drove it, so don’t read it as a UK touring revival. It does suggest a product like ADRIA’s reworked Adora is landing with dealers.

What This Means for Buyers

Earlier this year we argued that tighter supply would mean fewer clearance deals. The full-year picture complicates that.

When dealers carry more stock into a cautious market, buyers hold the stronger hand. Expect sharper offers on outgoing 2026 motorhomes this winter, especially on layouts that have already sat for a season.

The flip side: Trigano’s flat production plan limits how deep that runs. Buyers chasing a specific 2027 layout should still order early.

Holiday Homes Are at the Bottom of the Cycle

Trigano’s mobile home business sold 1.9% more units but took around 6% less money for them, like for like. It blames a weaker product mix and price pressure, and calls this the trough of the cycle.

Most of that business sits in continental Europe. Trigano says major corporate clients are taking a wait-and-see approach until the trade shows. UK park operators buying for 2027 should note the price pressure and negotiate with it in mind.

The Bigger Takeaway

Trigano is in no trouble. It holds around €500m in net cash, bought back €60m of shares and paid €76m in dividends. It expects its operating margin to move towards 10% and says it will keep growing, including through acquisitions.

That’s the point. The manufacturer is protecting its margins by holding production flat. The stock risk now sits with the dealer.

Full-year results land on 24 November. Before then, look hard at the age of every unit on your forecourt.

Trigano is managing its risk. Who is managing yours?