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).

• Both Commercial (BtoB) and Consumer (BtoC) segments contributed to growth, with strong results in Europe, Middle East, and Americas.

• Innovation focus, including AI-powered Biostrength, and digital ecosystem adoption at the Paris 2024 Olympics, supported performance.

• Technogym played a key role at the Paris 2024 Olympic and Paralympic Games, supporting 15,000 athletes and enhancing global brand visibility.

• ESG commitment recognized with Ecovadis Gold Medal, placing Technogym in the top 5% globally for sustainability.

Financial highlights

• Revenue increased by €56.4 million to €621.6 million compared to €565.2 million in the first nine months of 2023.

• BtoB revenue grew 10.5% year-over-year; BtoC revenue rose 7.9%.

• Europe (excluding Italy) up 10.9%, MEIA up 14.6%, Italy up 14.4%, Americas up 10.4%, APAC flat.

• All sales channels contributed: Field Sales +9.5%, Distributors/Wholesale +12.1%, Retail +35%, Inside Sales +0.9%.

Outlook and guidance

• Management highlights continued outperformance versus the market, driven by innovation, digital strategy, and AI.

• Wellness and health trends, especially strength training, expected to support future growth.