Technogym grows double digit in the first half of 2023
- Consolidated Revenue: Euro 370.0 million, +13.8% compared to Euro 325.2 million in the first half of 2022 (+15.0% currency neutral)
- EBITDA Adj: Euro 59.4 million, +14.6% compared to Euro 51,8 million in the first half of 2022
- Net Profit Adj: Euro 28.1 million, +12.6% compared to Euro 25.0 million in the first half of 2022
- Net Financial Position: positive for Euro 72.2 million as of June 30 2023, improved compared to Euro 46.4 million as of June 30 2023.
Nerio Alessandri, Chairman and CEO of Technogym, commented: “Our strategy, aimed at investing in long-term profitable and sustainable growth, yielded excellent short-term results as well. In the first six months of the year, we recorded a double-digit increase in all key financial indicators, in line with the plans communicated during the recent Investor Wellness Day.
Technogym, together with the creation of economic value for customers and shareholders, contributes to social value for individuals, via improved health and quality of life. This is in-line with one of the main goals of the United Nations, the "Good Health and Wellbeing Goal," which seeks to reduce the mortality rate from non-communicable diseases by one-third by 2030 through prevention and the promotion of healthy lifestyles.
Technogym's vision, which has been promoting wellness for 30 years and has developed a unique ecosystem capable of personalizing training programs and exercise regimens for everyone, represents one of the main market trends. "Technogym is Medicine" is our challenge for the future, aiming to become the new "sustainable and aspirational medicine" through prevention and care protocols, promoting healthy longevity with our world-class solutions.
Alongside the growing focus on the health market, sport remains crucial to our business strategy and brand development. With just one year left until the Paris 2024 Olympics, Technogym will play a prominent role as the exclusive and official supplier, providing smart equipment and services for the preparation of over 15,000 athletes”.
Cesena (Italy), August 2 2023 – The Board of Directors of Technogym S.p.A. (EXM: TGYM), the wellness company, reviewed and approved today the consolidated financial report as of June 30 2023, prepared in accordance with the International Accounting Standards (IAS/IFRS).
During the first half of the year, Technogym experienced significant growth in its Business-to-Business (BtoB) segment, with double-digit increase across all its sub-segments. The Business-to-Consumer (BtoC) segment also showed signs of normalization, with the second quarter recording growth compared to the same period in 2022.
The company's performance in terms of Adjusted EBITDA improved compared to the previous year, primarily due to increased sales volumes and a favorable product mix. Technogym achieved growth in profitability while continuing to invest in innovation to enhance its wellness solutions.
Technogym achieved a positive Net Financial Position of Euro 72.2 million, showing an improvement compared to Euro 46.4 million as of June 30 2022, but a decrease compared to Euro 122 million as of December 31 2022.
During the first half, Technogym launched Technogym Run and further strengthened its digital ecosystem, enhancing the user experience of the Technogym App and incorporating artificial intelligence models capable of adapting to the needs of over 50 million users. This resulted in a 30% increase in performance for equivalent training time.
The brand positioning as Prestige in the BtoC market and Premium in the BtoB market has benefited from additional communication investments, including major industry trade shows and digital campaigns to reach new users. The company has built a strong community with a presence in over 85 thousand professional centers and 400,000 homes.