Technogym (TGYM) H2 2024 earnings summary

Executive summary

• Achieved 40+ years of continuous growth, with FY 2024 revenue reaching €901 million, up 11.5% year-over-year, and double-digit growth in both commercial (+11.6%) and consumer (+11.3%) segments.

• Adjusted EBITDA rose 17% to €178 million (19.8% margin); adjusted EBIT up 21% to €122 million (13.6% margin).

• Adjusted net profit increased 15% to €90 million; statutory net profit attributable to owners was €87 million, up 15.5% year-over-year.

• Net financial position improved to €160 million net cash, up 26% from 2023, with no outstanding bank debt.

• Proposed dividend of €0.80 per share (ordinary €0.30, extraordinary €0.50), totaling €159.3 million.

Financial highlights

• Revenue growth was broad-based across all geographies: Europe (excl. Italy) +10.1%, Americas +13.9%, MEIA +16.3%, APAC +5.6%, Italy +17.1%.

• Field sales (+10.3%), wholesale/distributors (+13.1%), and retail (+55.7%) channels all contributed to revenue growth.

• Recurring free cash flow (pre-tax) reached €151.2 million; cash conversion rate improved to 86%.

• Shareholders’ equity increased to €386.8 million from €363.7 million.

• Adjusted ROS improved to 13.6% from 12.5% in 2023.

Outlook and guidance

• Exceeded three-year targets set in June 2023; expects to outpace estimated 5% annual market growth through innovation, digitalization, and AI investments.

• Positive momentum observed in early 2025; focus on value creation, healthy longevity, and preventive healthcare.