Technogym (TGYM) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached €402.1 million, up 8.7% year-over-year, driven by growth in all commercial segments, B2B and B2C, and successful execution of digital and wellness strategies.

• Adjusted EBITDA rose 12.4% to €66.7 million, with margin improving to 16.6% from 16.1%, supported by higher sales volumes, improved product mix, and operational efficiencies.

• Adjusted net profit increased 15.4% to €32.5 million, representing 8.1% of revenues.

• Net financial position improved to €93.9 million as of June 30, 2024, up from €72.2 million in H1 2023, despite significant dividend payments and share buybacks.

• Supported 15,000 athletes as Official Supplier for the 2024 Paris Olympic and Paralympic Games, reinforcing brand visibility and ESG commitment.

Financial highlights

• Revenue rose 8.7% year-over-year to €402.1 million; at constant FX, growth was 9.2%.

• Adjusted EBITDA increased 12.4% to €66.7 million (16.6% margin); adjusted EBIT up 14.6% to €40.2 million.

• Adjusted net profit grew 15.4% to €32.5 million, representing 8.1% of revenues.

• Free cash flow improved to €43.2 million after taxes, with cash conversion at 90%.

• Net financial position at €93.9 million, down from €126.8 million at year-end 2023 due to dividends and share buybacks.

Outlook and guidance

• Management expects continued sustainable and profitable growth, leveraging digital innovation, global wellness trends, and Olympic exposure.

• Ongoing investments in salesforce, operations, and digital skills to support long-term expansion and brand positioning.