Technogym (TGYM) H1 2025 earnings summary

Executive summary

• Achieved consolidated revenue of €458.8 million, up 14.1% year-over-year, with double-digit growth in both B2B and B2C channels and all global regions, led by the Americas and Europe.

• Adjusted EBITDA rose 27.2% to €84.8 million (18.5% margin), and adjusted net profit increased 34.4% to €43.6 million, driven by higher sales volumes, improved product mix, and cost optimization.

• Net financial position remained positive at €84.1 million as of June 30, 2025, despite significant dividend payments and capital expenditures.

• Launched Healthness™, a new preventive healthcare platform, and introduced new product lines including Pure Strength, ARTIS LUXURY, and Technogym Reform, with continued investment in AI-powered innovation.

• Expanded presence through major events, exhibitions, and temporary stores in key locations such as Milan Design Week, FIBO Cologne, Porto Cervo, and Ibiza.

Financial highlights

• Revenue reached €458.8 million (+14.1% YoY); B2B: €363.5 million (+15.1%), B2C: €95.3 million (+10.4%).

• Adjusted EBITDA: €84.8 million (+27.2% YoY); margin improved to 18.5% from 16.6%.

• Adjusted EBIT/operating income: €56.6 million (+40.9% YoY); adjusted ROS at 12.3% (vs. 10% prior year).

• Adjusted net profit: €43.6 million (+34.4% YoY); margin at 9.5%.

• Free cash flow recurring before taxes improved to €70.7 million, with cash conversion at 86.0%.

Outlook and guidance

• Management expects to achieve sustainable growth targets for the year, with further increases in turnover, profitability, and cash generation, supported by innovation and digital transformation.