Technogym S.p.a · MIL:TGYM
Technogym — H1 2025 Earnings Presentation
35 slides from Technogym's earnings presentation, Jul 31, 2025
Slide 1: H1 2025 Results
H1 2025 Results Technogym Investor Relations Cesena, Italy – July 31st, 2025 Strictly private & confidential
Slide 2: Speakers
Speakers Nerio Alessandri William Marabini Michele Bertacco Founder, Chairman & 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: Agenda
Agenda Technogym statement Nerio Alessandri Latest events Michele Bertacco Financials William Marabini Q&A All Strictly private & confidential 4
Slide 5: Nerio Alessandri
Nerio Alessandri Strictly private & confidential 5
Slide 6: Technogym Founder and CEO key comments
Nerio Alessandri Technogym Founder and CEO key comments "Following a strong 2024, Technogym continued to grow in the first half of 2025. Wellness, health, and the pursuit of healthy longevity have become increasingly central priorities for people as well as for governments. We look to the future wit
Slide 7: Latest Events
LATEST EVENTS Strictly private & confidential 7
Slide 8: Technogym launches Healthness
Technogym launches HealthnessTM Cesena, February 15th After 40 years of Wellness, Technogym launches Healthness. Healthness represents preventive healthcare, to improve physical performance and ensure healthy longevity. Strictly private & confidential 8
Slide 9: "The Art of Wellness" Book by Assouline
"The Art of Wellness" Book by Assouline New York, March 7th Technogym, in partnership with the prestigious publishing house Assouline, presents the book “The Art of Wellness” This photographic volume celebrates technogym’s design and the vision of the brand that has transformed the functional concep
Slide 10: "The Art of Wellness" Exhibition
"The Art of Wellness" Exhibition Milano Design Week Technogym kicked off Milan Design Week 2025 with an unforgettable event to inaugurate the Art of Wellness - an exhibition celebrating the evolution of wellness design. From the ancient pommel horse and early exercise bikes to today’s AI-powered Tec
Slide 11: Salone del Mobile
Salone del Mobile Milano, April 7-13 Strictly private & confidential 11
Slide 12: FIBO exhibition
FIBO exibition Cologne, April 10th-13th Strictly private & confidential 12
Slide 13: Rimini Wellness exhibition
Rimini Wellness exibition Rimini, May 29 – June 1 Strictly private & confidential 13
Slide 14: Pure Strength Launch
Pure Strength Launch Rimini Wellness PURE STRENGTH is the new platform dedicated to strength training, designed to meet the needs of various communities, from bodybuilding to functional fitness. At the core of the offering is the iconic plate-loaded equipment line, designed to deliver maximum biomec
Slide 15: 1000 Miglia at Technogym Village
1000 Miglia at Technogym Village Cesena, June 19th Strictly private & confidential 15
Slide 16: Ibiza and Waterfront Porto Cervo
Ibiza and Waterfront Porto Cervo Temporary store Strictly private & confidential 16
Slide 17: Technogym x F1
Technogym x F1 Formula 1® chooses Technogym’s gym equipment and wellness program Strictly private & confidential 17
Slide 18: New Technogym Reform: the Pilates Revolution
New Technogym Reform: the Pilates Revolution Strictly private & confidential 18
Slide 19: New Technogym Personal Tools
New Technogym Personal Tools Strictly private & confidential 19
Slide 20: New ARTIS LUXURY product line
New ARTIS LUXURY product line Strictly private & confidential 20
Slide 21: Selection – new models
Selection – new 5 models Strictly private & confidential 21
Slide 22: H1 Financials
H1 FINANCIALS Strictly private & confidential 22
Slide 23: 2025 H1 Strong increase in profitability
2025 H1 Strong increase in profitability € millions 2025 2024 2025 2024 vs 2024 2023 P&L H1 459 Revenue 402 +14.1% +8.7% 85 EBITDA ADJ 67 +27.2% +12.4% 57 EBIT ADJ 40 +40.9% +14.6% 44 Net profit ADJ 32 +34.4% +15.7% Balance sheet H1 90 -3.9 MLN +21.7 Net Fin. Position* 94 44 Free Cash Flow* 43 +1.0
Slide 24: Revenue growth +14.1%
Revenue growth +14.1% +14.4% +14.1% 458.8 460.1 402.1 H1 2024 H1 2025 H1 2025 @constant FX Strictly private & confidential 24
Slide 25: Up everywhere
Up everywhere +14.1% 2025 vs Y-1 458.8 402.1 213.4 EUROPE +15.4% (46.5%) (EXCL. ITA) 184.9 (46.0%) 77.0 AMERICAS* 64.1 (16.8%) +20.2% (15.9%) 60.9 MEIA 54.4 (13.3%) +12.0% (13.5%) 58.4 59.7 APAC (13.0%) +2.4% (14.5%) 40.4 47.7 ITA +18.2% (10.1%) (10.4%) H1 2024 H1 2025 * includes North America and L
Slide 26: Growth of both BtoB and BtoC
Growth of both BtoB and BtoC +14.1% 458.8 2025 vs Y-1 402.1 363.5 BtoB +15.1% (79.2%) 315.7 (78.5%) 86.4 95.3 BtoC +10.4% (21.5%) (20.8%) H1 2024 H1 2025 Strictly private & confidential 26
Slide 27: Strong increase by Field Sales and Retail
Strong increase by Field Sales and Retail 2025 vs Y-1 +14.1% 458.8 402.1 298.3 FIELD SALES +15.2% (65.0%) 258.9 (64.4%) 100.4 114.5 DISTRIBUTORS +14.0% (25.0%) (24.9%) INSIDE SALES* -5.6% 32.2 30.4 10.5 (8.0%) 15.6 (6.6%) RETAIL +48.4% (2.6%) (3.4%) H1 2024 H1 2025 * includes E-Commerce and Telesell
Slide 28: Statutory Profit & Loss H1 2025
Statutory Profit & Loss H1 2025 % on % on € millions H1 2025 H1 2024 Var. Var. % sales sales Comments Total Revenue 458.8 402.1 56.7 14.1% Cost of raw, ancillary and consumable materials and goods for resale (140.3) (30.6%) (129.7) (32.3%) (10.6) 8.2% ▪ Revenue grew +14.1% to 458.8 m€ (+14.4% at of
Slide 29: Trade working capital
Trade working capital 75.6 64.6 48.2 110.9 122.6 130.4 INVENTORIES 113.0 132.8 98.8 TR. RECEIVABLES -160.0 -179.1 -181.0 TR. PAYABLES 2024 H1 2024 FY 2025 H1 9.0% 7.2% 5.0% % on Sales rolling LTM 4.6x 5.3x 4.9x Inventory Turnover 36 42 35 IFRS Balance DSO 105 111 106 IFRS Balance DPO Strictly privat
Slide 30: Capex: Investing in Digital, R&D, Retail
Capex: Investing in Digital, R&D, Retail 3.5% 3.9% 5.2% % ON REVENUE 5.9 23.8 17.9 14.5 PPE 14.2 8.6 6.6 7.6 9.2 9.2 INTANGIBLES 2024 H1 2025 H1 Special 2025 H1 recurring projects including special prj Strictly private & confidential 30
Slide 31: Improvement in Free Cash Flow recurring before taxes
Improvement in Free Cash Flow recurring before taxes Cash Conversion recurring 86.0% 85.0 3.6 70.7 2025 -17.9 44.2 38.3 H1 -26.5 -5.9 Cash Flows from NWC Capex FCF recurring Taxes paid FCF Special projects FCF operat. activities before Taxes recurring (Capex) incl. special projects Cash Conversion 9
Slide 32: Net Financial Position
Net Financial Position 160.1 93.9 90.0 84.1 270.7 201.2 CASH, DEPOSITS, 172.1 166.2 -5.9 CASH EQUIV. OTHER & 0.0 0.0 DERIVATES 0.0 0.0 -47.1 -30.0 -30.0 BANK DEBTS -48.0 -48.7 -48.7 IFRS 16 -59.1 -63.4 -3.5 -3.5 LEASING EXPOSURE -0.3 -0.2 2024 H1 2024 FY 2025 H1 Special 2025 H1 recurring projects in
Slide 33: Net Financial Position walk
Net Financial Position walk -70.1 -76,0 -68.5 85.0 3.6 -17.9 -26.5 47.1 207.2 160.1 56.4 138.7 -6.0 0.2 90.0 84.1 -162.4 -0.8 -48.7 -5.9 DEC. IFRS16 DEC. CF from NWC Capex Taxes Dividends Dividends Purchase Leasing Financial, JUNE IFRS16 JUNE Special JUNE 2024 Lease 2024 operat. (recurring) ** from
Slide 34: Balance Sheet June 2025
Balance Sheet June 2025 % on % on € millions H1 2025 sales FY 2024 sales Var. % Inventories 130.4 13.6% 110.9 12.3% 17.6% Trade receivables 98.8 10.3% 132.8 14.7% (25.6%) Trade payables (181.0) (18.9%) (179.1) (19.9%) 1.1% Trade Working Capital 48.2 5.0% 64.6 7.2% (25.5%) Other current assets/(liabi
Slide 35: Strictly private & confidential
Strictly private & confidential