Technogym (TGYM) Q2 2026 earnings summary

Executive summary

• Revenue increased by 7.4% year-over-year to €492.6 million (€493 million reported in some sources) in H1 2026, driven by strong B2B and B2C performance, especially in Europe and retail/distributor channels.

• Adjusted EBITDA reached €85.7 million (up 1.1%), with margin at 17.4% (down from 18.5%) due to higher transport and raw material costs.

• Adjusted EBIT was €58.5 million (up 3.3%), and adjusted net profit was €43.8 million, nearly flat year-over-year.

• Net financial position was positive at €88.6 million (down from €156 million at year-end), mainly due to dividend payments and investments.

• Free cash flow recurring before taxes was €39.5 million, with a cash conversion rate of 47% (down from 86%).

Financial highlights

• Revenue at constant FX grew 9.0% year-over-year.

• Europe (excluding Italy) saw revenue growth of 11.4%, Italy 8.0%, MEIA 8.6%, APAC 2.0%, while Americas declined by 1.1%.

• B2B revenue grew 8.5%, B2C by 3.1%.

• Distributors/wholesale and retail channels posted strong growth, up 22.6% and 28.4% respectively.

• Cost of raw materials, energy, and service costs increased due to global macroeconomic and political factors.

Outlook and guidance

• Management expects continued growth, supported by wellness megatrends and a positive order backlog.

• Ongoing investments in R&D, digital ecosystem, and global expansion, with 2026 capex expected at €80 million.

• Price increases and operational efficiency measures implemented to protect margins.