Technogym (TGYM) H1 2024 earnings summary

Executive summary

• Revenue reached €402.1 million in H1 2024, up 8.7% year-over-year, driven by volume growth, digital and wellness strategy, and strong B2B and B2C performance across all regions.

• Adjusted EBITDA rose 12.4% to €66.7 million, and adjusted net profit increased 15.4% to €32.5 million.

• Net financial position improved to €93.9 million as of June 30, 2024, up from €72.2 million a year earlier.

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

• Continued focus on innovation, digital ecosystem, and AI integration to meet global health and personalization trends.

Financial highlights

• Revenue grew 8.7% year-over-year to €402.1 million; B2B up 8.9%, B2C up 8.0%.

• Adjusted EBITDA margin improved to 16.6% from 16.1% in H1 2023.

• Adjusted EBIT increased 14.6% to €40.2 million; adjusted ROS rose to 10% from 9.5%.

• Adjusted net profit reached €32.5 million, representing 8.1% of revenues, up from 7.6%.

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

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.

• Company confirms targets for healthy growth, improved profitability, and strong cash generation for the fiscal year.