Technogym (TGYM) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue reached €236.8 million, up 10.1% year-over-year and 12.6% at constant FX, marking ten years of consistent expansion since listing.

• Achieved double-digit growth in both B2B (commercial) and B2C (consumer) segments, with B2B up 10.8% and B2C up 7.9%.

• All geographic regions posted revenue increases despite adverse FX impacts and challenging prior-year comparisons.

• Celebrated milestone as Official Supplier for the Olympic and Paralympic Games for the tenth time, setting up 22 training centers for Milano Cortina 2026.

• Continued focus on innovation, ESG initiatives, and partnerships, including a new agreement with Google to enhance the AI ecosystem.

Financial highlights

• Q1 2026 revenue was €236.8 million, up 10.1% from €215.0 million in Q1 2025; at constant FX, revenue was €242.2 million (+12.6%).

• B2B revenue reached €185.8 million (+10.8% year-over-year); B2C revenue was €51.0 million (+7.9%).

• Growth recorded across all regions: Italy up 20.7%, APAC up 14.4%, MEIA up 13.5%, Europe (excluding Italy) up 8.6%, Americas up 2.5%.

• Distributors/wholesale channel revenue grew 28.8% and retail channel up 24.1% year-over-year.

• Field sales grew 2.9%, while inside sales declined 3.2%.

Outlook and guidance

• Management remains committed to investing in prevention, sports, and healthy longevity markets despite ongoing market difficulties and rising costs from global conflicts.

• Continued emphasis on innovation and ESG, including renewable energy initiatives and inclusion in the Dow Jones Best in Class Index 2026.