Technogym (TGYM) Q2 2025 earnings summary

Executive summary

• Achieved consolidated revenue of €458.8M, 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 €84.8M, and adjusted net profit increased 34.4% to €43.6M, driven by higher sales volumes, improved product mix, and cost optimization.

• Continued investment in innovation, launching Healthness™, Technogym Reform (Pilates), Artis Luxury, and Pure Strength, with a focus on AI-powered and preventive health solutions.

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

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

Financial highlights

• Revenue increased by 14.1% year-over-year to €458.8M, with B2B up 15.1% and B2C up 10.4%.

• Adjusted EBITDA was €84.8M (+27.2%), margin improved to 18.5% from 16.6%.

• Adjusted operating income rose 40.9% to €56.6M; adjusted ROS improved to 12.3% from 10%.

• Adjusted net profit reached €43.6M, up 34.4% and representing 9.5% of revenues.

• Recurring pre-tax free cash flow improved to €70.7M, with cash conversion at 86%.

Outlook and guidance

• Management expects to meet objectives of sustainable growth, revenue expansion, improved profitability, and solid cash generation for the year.

• Anticipates growth to outpace the reference market, supported by AI-driven personalized solutions and continued innovation investment.

• Emphasizes long-term value creation and global health trends.