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Technogym SpA (BIT:TGYM) shares rose 4.06% on July 31, 2025, after the fitness equipment manufacturer reported strong first-half results, with significant growth in both revenue and profitability metrics.
Introduction & Market Context
The Italian fitness equipment maker presented its H1 2025 financial results, showcasing double-digit growth across key performance indicators. The company’s stock closed at €12.80, up €0.52 from the previous close, as investors responded positively to the results.
Nerio Alessandri, Technogym’s Founder, Chairman and CEO, expressed confidence in the company’s trajectory: "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 with confidence."
Quarterly Performance Highlights
Technogym reported total revenue of €459 million for H1 2025, representing a 14.1% increase compared to €402 million in the same period last year. This growth was consistent across all regions, with particularly strong performance in the Americas and Italy.
As shown in the following financial overview, profitability metrics showed even stronger improvement, with adjusted EBITDA increasing 27.2% to €85 million and adjusted net profit surging 34.4% to €44 million:
The company’s growth was geographically balanced, with all regions showing positive performance. The Americas led with 20.2% growth, followed by Italy (+18.2%) and Europe excluding Italy (+15.4%). The Middle East, India, and Africa (MEIA) region grew by 12.0%, while Asia-Pacific showed more modest growth at 2.4%.
The following regional breakdown illustrates Technogym’s global growth pattern:
Both business segments contributed to the company’s performance, with BtoB (business-to-business) sales rising 15.1% to €363.5 million, representing 79.2% of total revenue. The BtoC (business-to-consumer) segment grew by 10.4% to €95.3 million, accounting for 20.8% of revenue.
Looking at sales channels, Technogym saw particularly strong growth in its retail operations, which surged 48.4% compared to H1 2024. Field Sales, which represent the largest channel at 65.0% of revenue, grew 15.2%. Distributor sales increased 14.0%, while Inside Sales (including e-commerce and teleselling) was the only channel to decline, falling 5.6%.
Strategic Initiatives
During the first half of 2025, Technogym launched several strategic initiatives to strengthen its market position. In February, the company introduced "Healthness," described as an evolution of wellness that represents preventive healthcare to improve physical performance and ensure healthy longevity.
The company continued to reinforce its luxury positioning through the release of "The Art of Wellness" book with luxury publisher Assouline in March, followed by an exhibition during Milan Design Week 2025.
Technogym also expanded its product portfolio with several new launches, including the Technogym Reform for Pilates, new Personal Tools, the ARTIS LUXURY product line, and five new Selection models. Additionally, the company launched Pure Strength, a new platform dedicated to strength training designed for various fitness communities.
The company’s brand visibility was enhanced through partnerships, including becoming the official gym equipment provider for Formula 1, and through temporary stores in premium locations such as Ibiza and Porto Cervo.
Detailed Financial Analysis
Technogym’s profitability showed significant improvement, with adjusted EBITDA margin expanding from 16.6% in H1 2024 to 18.5% in H1 2025. The company attributed this to volume growth, product mix improvement, and cost reductions in raw materials, components, and international transport.
The statutory profit and loss statement reveals the details behind the company’s improved profitability:
Capital expenditure (Capex) as a percentage of revenue was 3.9% for recurring investments, totaling €17.9 million. Including special projects, Capex reached 5.2% of revenue (€23.8 million), with investments focused on digital capabilities, research and development, and retail expansion.
The company maintained strong cash flow generation, with free cash flow recurring before taxes of €70.7 million and cash conversion of 86.0%, slightly down from 90.0% in H1 2024. After tax payments of €26.5 million, recurring free cash flow was €44.2 million.
Technogym’s balance sheet remained solid, with a net financial position of €84.1 million as of June 2025, compared to €160.1 million at the end of 2024. The company noted that excluding IFRS 16 lease liabilities, its net cash position would be €132.8 million.
Forward-Looking Statements
Looking ahead, Technogym expressed confidence in its strategic direction, emphasizing the growing importance of wellness, health, and healthy longevity as priorities for both individuals and governments.
The company continues to invest in digital capabilities, research and development, and retail expansion to support future growth. With strong performance across all regions and most sales channels, Technogym appears well-positioned to capitalize on global fitness and wellness trends.
Alessandri concluded: "Technogym remains committed to creating long-term value for all stakeholders and contributing to healthy longevity across the globe."
Full presentation:
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