Technogym (TGYM) Q3 2025 TU earnings summary

Executive summary

• Revenue reached €708.5 million for the first nine months of 2025, up 14% year-over-year, and 15% at constant exchange rates.

• Growth was driven by both B2B (up 15%) and B2C (up 10.1%) segments, with positive results across all regions.

• Expanded global presence with new operations in South Africa, Indonesia, Mexico, and Brazil.

• Launched new product lines including ARTIS LUXURY, Technogym Reform (Pilates), Personal Tools, and the RUN X Treadmill Running World Championship.

• Achieved EcoVadis Platinum Medal for sustainability, placing in the top 1% globally with a score of 84/100, up 8 points from the previous year.

Financial highlights

• Revenue for 9M 2025: €708.5 million, up 14% year-over-year; at constant FX, revenue was €714.8 million, up 15%.

• B2B revenue grew to €567.9 million (+15%); B2C revenue reached €140.6 million (+10.1%).

• All regions posted growth: Europe (excl. Italy) +11.8%, Americas +23.6%, MEIA +13.7%, APAC +7.5%, Italy +18.4%.

• Field Sales grew 16.2%, Retail up 47.9%, Distributors/Wholesale up 9.5%, while Inside Sales declined 2.4%.

Outlook and guidance

• Ongoing investment in innovation, digital ecosystem, and new initiatives like the RUN X World Championship expected to drive future growth.

• Management highlights resilience and focus on serving diverse consumer and operator segments.

• Forward-looking statements note uncertainties due to economic, regulatory, and market factors.