Technogym S.p.a · MIL:TGYM
Technogym — H1 2024 Earnings Presentation
35 slides from Technogym's earnings presentation, Aug 2, 2024
Slide 1: H1 2024 Financial Results
H1 2024 Financial Results Investor Presentation Strictly private & confidential Cesena, August, 2nd 2024 1
Slide 2: Speakers
Speakers Nerio Alessandri William Marabini Michele Bertacco Founder, Chairman and CEO Chief Financial Officer Investor Relations Director Strictly private & confidential 2
Slide 3: Disclaimer
Disclaimer This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. This presentation might contain certain forward-looking statements that reflect the Company’s management’s current views with respect to future events an
Slide 4: Nerio Alessandri (Founder & CEO)
Nerio Alessandri (Founder & CEO) Strictly private & confidential 4
Slide 5: CEO message on Paris 2024 Olympic and Paralympic Games
“As the Official and Exclusive Supplier for the 2024 Paris Olympic and Paralympic Games, we are proud to support the training of 15,000 athletes. Our commitment to the athletes aligns with our ESG initiative, “Let’s Move for Paris”. We have been spending years honing our skills and investing time an
Slide 6: 40 Years of Wellness Innovation
40 Years of Wellness Innovation From a garage… …to the Olympic Games for the 9th time Alessandri’s family garage Strictly private & confidential 6
Slide 7: Strictly private & confidential
Strictly private & confidential 7
Slide 8: Champions train with Technogym Olympic games
Champions train with Technogym 9 Olympic games
Slide 9: 29 Technogym Centres, 15,000 Olympic and Paralympic Athletes
29 Technogym Centres 15,000 Olympic and Paralympic Athletes
Slide 10: Innovation and Development
Innovation and Development Strictly private & confidential 10
Slide 11: Connected Training Experience
Connected Training Experience Technogym Ecosystem
Slide 12: New AI Technology
New AI Technology TechnogymCheckup
Slide 13: Strength
Strength Technogym Biostrength
Slide 14: Enriched Content
Enriched Content
Slide 15: Functional Training
Functional Training Universe
Slide 16: Medical
Medical New Rev Line
Slide 17: New Openings
New Openings London Hamburg New York Paris Paris
Slide 18: ESG
ESG Healthy People Healthy Planet Strictly private & confidential 18
Slide 19: Technogym ESG 2025 Commitment
Technogym ESG 2025 Commitment Strictly private & confidential 19
Slide 20: Technogym promoted to A by MSCI in Q1 2024
Technogym promoted to A by MSCI in Q1 2024 In Q1 2024 Technogym was promoted to A (from BBB) by MSCI ESG Research. MSCI provides ESG Ratings on global public and a few private companies on a scale of AAA to CCC, according to exposure to industry-specific ESG risks and the ability to manage those ris
Slide 21: Technogym's Excite Line finalist at Plastic Recycling Award
Technogym's Excite Line finalist at Plastic Recycling Award 60% to 70% recycled material, leading to an average 50% reduction in CO2. Packaging: 100% of the wood and up to 70% of the cardboard come from sustainable and traceable resources Graphics printed with water-based ink. -15% use of energy tha
Slide 22: Financials
Financials Strictly private & confidential 22
Slide 23: 2024 H1 All Key Performance Indicators improving
2024 H1 All Key Performance Indicators improving € millions 2024 2023 2024 vs 2023 P&L H1 402 Revenue 370 +8.7% 67 EBITDA ADJ 59 +12.4% 40 EBIT ADJ 35 +14.6% 32 Net profit ADJ 28 +15.4% +15.7% Balance sheet H1 Net Fin. Position 94 +21.7 72 Free Cash Flow 43 7 +36.7 Strictly private & confidential 23
Slide 24: Revenue growth at constant F/X +9.2%
Revenue growth at constant F/X +9.2% +9.2% +8.7% 402.1 404.2 370.0 2023 H1 2024 H1 2024 H1 @costant FX All data in € millions Porto Montenegro Strictly private & confidential 24
Slide 25: Strong growth in MEIA, Europe and Americas
Strong growth in MEIA, Europe and Americas +8.7% 402.1 2024 vs Y-1 370.0 184.9 EUROPE +6.7% 173.3 (46.0%) (EXCL. ITA) (46.8%) 58.4 APAC +0.0% 58.3 (14.5%) (15.8%) 54.4 MEIA +16.8% 46.6 (13.5%) (12.6%) 47.1 51.1 NORTH A. +8.4% (12.7%) (12.7%) 34.6 40.4 ITA +16.8% 10.1 (9,4%) 13.0 (10,1%) LATAM (2.7%)
Slide 26: Growth in both segments
Growth in both segments +8.7% 402.1 2024 vs Y-1 370.0 315.7 BtoB +8.9% 290.1 (78.5%) (78.4%) 79.9 86.4 BtoC +8.0% (21.6%) (21.5%) 2023 H1 2024 H1 Madrid Strictly private & confidential 26
Slide 27: Strong growth in Distributors and Retail
Strong growth in Distributors and Retail +8.7% 402.1 2024 vs Y-1 370.0 258.9 FIELD SALES +7.2% 241.6 (64.4%) (65.3%) 89.9 100.4 DISTRIBUTORS +11.7% (25.0%) (24.3%) 32.2 INSIDE SALES* +5.9% 30.4 8.1 (8.2%) 10.5 (8.0%) RETAIL +30.2% (2.2%) (2.6%) 2023 H1 2024 H1 * includes E-Commerce and Teleselling c
Slide 28: Statutory Profit & Loss H1 2024
Statutory Profit & Loss H1 2024 % on % on € millions H1 2024 sales H1 2023 sales Var. Var. % Comments Total Revenue 402.1 370.0 32.1 8.7% Cost of raw, ancillary and consumable materials and goods for resale (129.7) (32.3%) (121.3) (32.8%) (8.4) 6.9% ▪ Revenue grew +8.7% to 402.1 m€ (+9.2% at constan
Slide 29: Trade working capital
Trade working capital 75.5 68.0 75.6 114.8 103.6 122.6 INVENTORIES 113.4 119.8 113.0 TR. RECEIVABLES -152.7 -155.4 -160.0 TR. PAYABLES 2023 H1 2023 FY 2024 H1 9.9% 8.4% 9.0% % on Sales rolling LTM 4.5x 5.1x 4.6x Inventory Turnover 39 43 36 IFRS Balance DSO 108 106 105 IFRS Balance DPO Strictly priva
Slide 30: Capex: Investing in Digital, IT, Retail
Capex: Investing in Digital, IT,Retail 4.2% 3.5% % ON REVENUE 15.7 14.2 7.3 6.6 PPE 8.4 7.6 INTANGIBLES 2023 H1 2024 H1 Strictly private & confidential 30
Slide 31: Free cash flow shown remarkable result
Free cash flow shown remarkable result Cash Conversion 90.0% 8.4 64.9 59.1 2024 -14.2 43.2 H1 -15.9 Cash Flows from NWC Capex Free Cash Flow Tax paid Free Cash Flow operat. activities (before Tax) 55.0 Cash Conversion 28.3% 2023 -21.6 H1 17.7 -15.7 6.5 -11.3 Cash Flows from NWC Capex Free Cash Flow
Slide 32: Net Financial Position improving YoY
Net Financial Position improving YoY 126.8 93.9 72.2 229.0 201.2 CASH AND DEPOSITS 175.3 BANK DEBTS -7.2 0.0 0.0 -95.9 -102.2 -107.3 OTH. FIN. DEBTS 2023 H1 2023 FY 2024 H1 Strictly private & confidential 32
Slide 33: Net Financial Position at € 93.9 m
Net Financial Position at € 93.9 m -32.9 -28.8 8.4 64.9 -14.2 -15.9 43.8 170.6 -52.4 0.1 141.8 126.8 -13.1 -3.0 -3.6 93.9 -48.0 DEC. IFRS16 CF from NWC Capex Taxes Dividend Own Shares Bond Dividends Financial, JUNE 2024 IFRS16 JUNE DEC. 2023 2023 Lease debt operat. paid from other leases excl. Lease
Slide 34: Balance Sheet June 2024
Balance Sheet June 2024 % on % on € millions June 2024 Dec. 2023 Var. % sales sales Inventories 122.6 14.6% 103.6 12.8% 18.4% Trade receivables 113.0 13.5% 119.8 14.8% (5.7%) Trade payables (160.0) (19.0%) (155.4) (19.2%) 3.0% Trade Working Capital 75.6 9.0% 68.0 8.4% 11.3% Other current assets/(lia
Slide 35: Thank you
Thank you Strictly private & confidential 35