Technogym (TGYM) Q3 2024 TU earnings summary

Executive summary

• Revenue reached €621.6 million for the first nine months of 2024, up 10% year-over-year (10.4% at constant exchange rates), outpacing the market despite macroeconomic challenges.

• Growth was balanced across Commercial (BtoB) and Consumer (BtoC) segments, with strong results in Europe, Middle East, Americas, and Italy.

• Investments in innovation and digital ecosystem powered by AI, including products like Biostrength, contributed to a 30% improvement in user results.

• Recognized for ESG commitment, receiving the Ecovadis Gold Medal for sustainability and high scores in environmental management and labor practices.

• Supported 15,000 athletes at the Paris 2024 Olympic and Paralympic Games, reinforcing brand leadership.

Financial highlights

• BtoB revenue grew 10.5% year-over-year to €493.9 million; BtoC revenue increased 7.9% to €127.7 million.

• Revenue growth at constant FX was 10.4% compared to the same period last year.

• Strong performance in Europe (excluding Italy) (+10.9%), MEIA (+14.6%), Italy (+14.4%), while APAC remained flat.

• All sales channels showed growth: Field Sales +9.5%, Distributors +12.1%, Inside Sales +0.9%, Retail +35.0%.

Outlook and guidance

• Management expects continued outperformance due to ongoing investments in innovation, AI, and digital ecosystem.

• Wellness and health trends are expected to support ongoing demand and future growth.