Wednesday, March 23, 2022 - 15:13


Technogym grows by 20%

  • CONSOLIDATED REVENUE: Euro 611 million, +20.0% Vs 2020 At constant exchange rates: +20.5% Vs 2020
  • EBITDA Adjusted: Euro 107 milioni, +11% Vs 2020
  • NET PROFIT Adjusted: Euro 51 million, +18% Vs 2020
  • NET FINANCIAL POSITION: Euro +96 million at year end, improving from Euro +59 million in 2020
  • Proposed dividend of Euro 0.16 per share (totaling Euro 32 million)

Nerio Alessandri, President and CEO, declared:

“For 40 years we have been working every day with the aim of being innovative, different and better. Now, more than ever, it becomes clear the uniqueness of our positioning and business model "Technogym - The Wellness Company".

The Technogym team has been able to adapt, quickly, with passion and sense of responsibility to the demand evolution in the different market segments. 2021 marked a gradual return to normality, with a strong recovery in BtoB, an overall turnover of + 20%, an EBITDA of 120 million and a strong cash generation.

All over the world, people have returned to training in the gym faster than expected, with a strong “connected fitness” attitude, gained during the lockdown. Despite the quick fitness club re-start, home wellness still maintained double-digit growth rates. People train at the gym, at home, at work and on-the-go, also connecting to their own personalized training program for fitness and sport. This consumer lifestyle represents an extraordinary opportunity for Technogym thanks to its industry unique connected ecosystem able to offer engaging on-demand training experiences.

In 2021 Technogym deployed the highest investments in innovation in its history with the aim of supporting industry operators to evolve their offer towards new business models, able to offer customers new value-added services, thanks to a wide range of solutions for the different needs and trends.

Excellence and innovation, quality, design and sustainability have always been the core values behind the Technogym brand, which was appointed Official Supplier to the Olympics for the eighth time, supports Ferrari F1 team and has launched a collaboration with Dior.

Looking to the future, despite the uncertainties related to the dramatic geopolitical scenario, we are positive about the wellness industry, since technology-driven physical exercise is essential to ensure long term results in wellness, sport and health. In addition to the fitness clubs reopening, the resumption of travel and work in the presence stimulate new projects in the hospitality and corporate wellness segments.

Technogym has always been committed to sustainability issues, as wellness is our mission: “Healthy People, Healty Planet.”

Cesena (Italia), March 23th 2022 – The Board of Directors of TECHNOGYM (TGYM.MI), a leader in the international fitness, sport and health equipment market and operating in the broader Wellness industry, today examined and approved the consolidated financial statements and the draft financial statements for 2021, prepared in accordance with the International Financial Reporting Standards IAS/IFRS.

The year 2021 was characterized by the progress of the vaccination campaign against Covid-19 in many countries, which allowed a gradual easing of restrictive measures. Thanks to the reopening of many activities, the climate of greater optimism recorded among several economic players and the ever-increasing interest in Wellness, Technogym recorded a significant revenue growth, supported by a strong recovery in the BtoB segments from the second quarter.

In terms of Adjusted EBITDA, there has been an increase compared to last year due to higher sales volumes and price increases effective from May 2021. These price increases have partially contained the negative impacts of higher raw material, logistics and energy costs in fiscal 2021; given the nature of the business, it will take a few months for the Group's revenues to fully benefit from the price increases.

The net financial position improved significantly compared to 2020 thanks to the significant cash generation recorded during the year, which enabled Technogym to increase its net cash position at the end of the year to Euro 96 million, despite an acceleration in investments, which are strategic for the company's medium/long-term development.

Net income improved compared to 2020 leading to a shareholder remuneration of Euro 0.16 per share.

On the innovation front, in 2021 Technogym further developed its ecosystem and added new software and digital content including Mywellness app 6.0 and the Technogym App. The former is an open CRM software platform that enables the club to improve the customer experience and increase attraction and retention by providing the consumer with a higher level of personalization of the center experience. Technogym App on the other hand establishes a direct dialogue with the final consumer, providing him/her with an A.I. based smart coach that can support everyone in achieving their fitness, health or sports goals by adapting to the available equipment available in the different training locations.

Finally, we would like to remind you that today the Technogym Ecosystem, a key and essential element of the company's on-the-go strategy launched in 2012, is accessible in several tens of thousands of equipped centers and counts more than 21 million end users registered on the Mywellness platform.