Slides
Page 1
Strictly private & confidential Cesena – March 26th, 2025 FY 2024 Financial Results Investor Relations
Page 2
Speakers Strictly private & confidential Nerio Alessandri Founder, Chairman & CEO William Marabini Chief Financial Officer Michele Bertacco Investor Relations Director
Page 3
Disclaimer Strictly private & confidential 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 and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Technogym S.p.A.’s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Technogym S.p.A. to control or estimate. You are cautioned not to place undue reliance on the forward- looking statements contained herein, which are made only as of the date of this presentation. Technogym S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. Any reference to past performance or trends or activities of the Technogym Group shall not be taken as a representation or indication that such performance, trends or activities will continue in the future. This presentation does not constitute an offer to sell or the solicitation of an offer to buy Technogym’ssecurities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto or constitute a recommendation regarding the securities of Technogym. Technogym’ssecurities referred to in this document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. William Marabini, the Manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154-bis, paragraph 2, of the Legislative Decree no. 58 of February 24, 1998, the accounting information contained herein correspond to document results ,books and accounting records. Some figures related to previous periods were reclassified for a better representation of balance sheet and the profit and loss statements.
Page 4
Index Strictly private & confidential 4 > Nerio Alessandri’ s Opening Remarks Opening 40 years A Growth Story From Paris to Cortina A Global Love Brand > Another Y ear of Investments and Innovation Technogym App Technogym Unique Digital Ecosystem Technogym Check Up Strength and Med New Boutiques > What’ s Next Technogym Evolution Long-term Drivers The Healthness Era > FY 2024 Financial Resuls > Closing Remarks
Page 5
5Strictly private & confidential 5Strictly private & confidential Nerio Alessandri
Page 6
40
Page 7
► Note: 2022 turnover as rounded Consensus estimates 1983 1984 1986 1990 1994 1998 2002 2006 2010 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 € 901 m€m 40+ years of GROWTH, PROFIT, CASH GENERATION Technogym’s track record
Page 9
And now, Milano – Cortina 2026
Page 10
15 Subsidiaries 53 Boutiques 85+ Exclusive Independent Partners USA Canada Italy Germany BeneluxUK France Portugal Spain Arabia UAE Australia Hong- Kong Japan China Technogym in 120 Countries: Global Brand
Page 11
Strictly private & confidential 11 70 Mln T echnogym Users worldwide
Page 12
Strictly private & confidential ANOTHER YEAR OF INVESTMENTS AND INNOVATION
Page 13
Technogym App
Page 14
14Strictly private & confidential Technogym Digital Ecosystem – A Personalized Wellness Experience AI & DATA DRIVEN
Page 15
15Strictly private & confidential Technogym Digital Ecosystem is an Open Platform that integrates with third party platforms, equipment and devices and consumers apps and wearables for a seamless connected experience Technogym Digital Ecosystem – The Open Platform to connect all personal data
Page 16
Strictly private & confidential Technogym Checkup
Page 17
Strength T echnogym Biostrength
Page 18
Connected Dumbbells
Page 19
Functional Training Universe
Page 20
Medical New Rev Line
Page 21
New Y ork London Paris Hamburg New Openings Paris
Page 22
Strictly private & confidential WHAT’S NEXT? TheFuture of Wellness
Page 23
BIOMECHANICS Bodybuilding Era ELECTRONICS Fitness Era DIGITAL Wellness Era AI & DATA HEALTHNESSTM + + + For over 40 years, we have continued to redefine the concept of fitness, well-being, and health. HealthnessTM, a further step towards our growth
Page 24
Health is Wealth ▪ From life-span to health-span ▪ Physical activity to contribute to good mental health and keep a balanced lifestyle ▪ Renewed focus on healthy nutrition Increased interest of consumers for longevity and wellbeing 1 ▪ Prevention ▪ Increased attention towards activities to secure healthy living ▪ Willingness of elderly people to increase spending on health products Ageing population emphasizes prevention and health needs 2 ▪ Reduction of increasing healthcare costs ▪ Increase quality of care and prevention Governments aiming to reduce healthcare costs 3 ▪ Increase workforce productivity and talent retention ▪ Reduce health expenses ▪ Provide attractive, but cost efficient benefit plans Corporate focus on employee's wellness and HC cost reduction 4 Health Market as top-of-mind priority
Page 25
Welcome to the HealthnessTM era 25 Strictly private & confidential After 40 years of Wellness, Technogym launches Healthness and becomes a Life Science Company GENETICS ACCOUNT FOR ONLY 20% OF HEALTH, WHILE LIFESTYLE FACTORS CONTRIBUTE 80% The ability to predict diseases before they manifest, using Data and Artificial Intelligence (AI), represent one of the greatest revolutions of our time. Physical exercise is considered a true medicine, and Healthness represents preventive healthcare, to improve physical performance and ensure healthy longevity.
Page 26
26Strictly private & confidential Current Market Space Potential Market Space Fitness Healthness
Page 27
Strictly private & confidential FY 2024 Financial Results
Page 28
Strictly private & confidentialStrictly private & confidential € millions 2024 FY All Key Performance Indicators improving 2024 vs 2023 +8.7% +12.4% +14.6% +21.7 +15.7% +36.7 P&L 178 122 90 152 101 78 Revenue EBITDA ADJ EBIT ADJ Net profit ADJ 901 808 2024 2023 160 116 127 71 Net Fin. Position Free Cash Flow 2024 vs 2023 +11.5% +17.3% +20.7% +33.3 MLN +15.0% +44.9 MLN Balance sheet
Page 29
Strictly private & confidentialStrictly private & confidential 2023 FY 2024 FY 2024 FY @costant FX 808.1 901.3 902.5 Revenue growth at constant FX +11.7% +11.5% +11.7% Porto Montenegro € millions
Page 30
Strictly private & confidentialStrictly private & confidential 378.1 (46.8%) 128.6 (15.9%) 108.7 (13.5%) 115.7 (14.3%) 2023 FY 416.1 (46.2%) 146.4 (16.2%) 126.4 (14.0%) 122.2 (13.6%) 90.1 (10.0%) 2024 FY EUROPE (EXCL. ITA) AMERICAS MEIA APAC ITA 808.1 901.3 76.9 (9.5%) +11.5% 2024 vs Y-1 +10.1% +13.9% +16.3% +5.6% +17.1% London Strong growth in MEIA, Americas & Europe
Page 31
Strictly private & confidentialStrictly private & confidential 642.4 (79.5%) 165.7 (20.5%) 2023 FY 716.9 (79.5%) 184.4 (20.5%) 2024 FY BtoB BtoC 808.1 901.3 +11.5% 2024 vs Y-1 +11.6% +11.3% Madrid Growth in both segments
Page 32
Strictly private & confidentialStrictly private & confidential 540.7 (66.9%) 190.6 (23.6%) 61.1 (7.6%)15.6 (1.9%) 2023 FY 596.6 (66.2%) 215.6 (23.9%) 64.9 (7.2%)24.3 (2.7%) 2024 FY FIELD SALES DISTRIBUTORS INSIDE SALES* RETAIL 808.1 901.3 +11.5% 2024 vs Y-1 +10.3% +13.1% +6.1% +55.7% Milan * includes E-Commerce and Teleselling channels Strong growth in Retail and Distributors
Page 33
Strictly private & confidentialStrictly private & confidential Comments Statutory Profit & Loss FY 2024 € millions FY 2024 % on sales FY 2023 % on sales Var. Var. % Total Revenue 901.3 808.1 93.2 11.5% Cost of raw, ancillary and consumable materials and goods for resale (288.7) (32.0%) (269.8) (33.4%) (18.9) 7.0% of which (cost) non recurrent (0.0) (0.0) (0.0) Service, Rentals and leases (239.1) (26.5%) (213.6) (26.4%) (25.5) 11.9% of which (cost) non recurrent (0.8) (1.6) 0.9 Personnel cost (191.3) (21.2%) (167.7) (20.7%) (23.7) 14.1% of which (cost) non recurrent (2.1) (1.8) (0.4) Depreciations, amortisations and write-downs (51.8) (5.7%) (45.7) (5.7%) (6.0) 13.2% of which (cost) non recurrent (0.0) (0.0) 0.0 Provision for risk and charges (4.7) (0.5%) (8.5) (1.1%) 3.9 (45.3%) of which (cost) non recurrent (0.2) (3.4) 3.3 Other operations cost (6.8) (0.8%) (9.8) (1.2%) 3.0 (30.3%) of which (cost) non recurrent (0.1) (1.5) 1.5 Share of result in investments consolidated at equity method 0.1 0.0% 4.4 0.5% (4.3) (98.4%) of which (cost) non recurrent 0.0 4.5 (4.5) Net operating income 119.0 13.2% 97.4 12.1% 21.6 22.2% Financial income and (expenses) and from investments 4.0 0.4% 3.0 0.4% 1.0 31.6% Profit (loss) before tax 123.0 13.6% 100.4 12.4% 22.6 22.5% Taxes (33.8) (3.8%) (23.2) (2.9%) (10.6) 45.7% of which (cost) non recurrent 0.0 (1.0) 1.0 Profit (loss) 89.1 9.9% 77.2 9.5% 11.9 15.5% Profit (loss) for the year of minority interests (2.1) (0.2%) (3.5) (0.4%) 1.5 (41.2%) Profit (loss) attributable to owners of the parent 87.0 9.7% 73.6 9.1% 13.4 18.2% Adjusted EBIT 122.1 13.6% 101.2 12.5% 20.9 20.7% -3.0 -0.4 Adjusted EBITDA 178.4 19.8% 152.0 18.8% 26.4 17.3% Profit (loss) adjusted 90.2 10.0% 78.4 9.7% 11.8 15.0% ▪ Revenue grew +11.5% (+11.7% at constant F/X), mainly driven by volumes growth and an improved product mix; ▪ Cost efficiency on raw materials, components and international freight costs; increase on service costs and rental following the volume growth and new offices/boutiques; ▪ Personnel costs growths aimed at investing in salesforce, operations and new skills; ▪ Higher amortization, reflecting ongoing investments in digital transformation and operational excellence; ▪ Provision for risk and other operation costs reduced because of non-recurring costs incurred in the previous year; ▪ Share of result in investments impacted in previous year by TG Emirates evaluation; ▪ EBITDA adjusted at 19.8%, growing 1.0pp from previous year (+17.3% growth).
Page 34
Strictly private & confidentialStrictly private & confidential Trade working capital 119,8 132,8 103,6 110,9 -155,4 -179,1 2023 FY 2024 FY INVENTORIES TRADE RECEIVABLES TRADE PAYABLES 68.0 64.6 % on Sales rolling LTM IFRS Balance DSO IFRS Balance DPO Inventory Turnover 7.2% 42 111 5.3x 8.4% 5.1x 43 106
Page 35
Strictly private & confidentialStrictly private & confidential 18,8 19,9 16,5 19,1 2023 FY 2024 FY PPE INTANGIBLES 35.3 39.0 4.4% 4.3% % ON REVENUE Capex: Investing in Digital, IT, Retail
Page 36
Strictly private & confidentialStrictly private & confidential Cash Conversion Cash Flows from operat. activities NWC -39.0 Capex Free Cash Flow (before Tax) -34.8 Tax paid Free Cash Flow 177.0 13.2 151.2 116.4 2023 FY Cash Flows from operat. activities -14.8 NWC -35.3 Capex Free Cash Flow (before Tax) -24.4 Tax paid Free Cash Flow 145.9 95.9 71.5 Cash Conversion 63.2% 2024 FY Free cash flow shown remarkable result 86.2%
Page 37
Strictly private & confidentialStrictly private & confidential 229,0 270,7 -102,2 -110,7 0.0 2023 FY 0.0 2024 FY CASH AND DEPOSITS BANK DEBTS OTH. FIN. DEBTS 126.8 160.1 Net Financial Position improving YoY
Page 38
Strictly private & confidentialStrictly private & confidential Net Financial Position at € 160.1 m 126,8 170,6 207,2 160,143,8 177,0 13,2 0,4 IFRS16 Lease debt 2023 Dec. excl. IFRS16 CF from operat. activities NWC -39.0 Capex -34.8 2024 Dec. excl. IFRS16 -47.1 IFRS16 Lease debt 2024 December Financial, leases costs and other * -11.9 Dividends from other JV, linked and other companies Own Shares -13.1 Dividend paid -55.2 Taxes2023 December +33.3 +36.6 * Payment rental IFRS16 -10,6 m€; Lease DLL -5,9 m€; net financial income +3,7 m€; impact of converting liquidity in currency and others +0,9m€
Page 39
Strictly private & confidentialStrictly private & confidential * Balance sheet net financial position adj for Trade pay due > 12m excludes all the trade payables that will be due after 12 months from the date of reporting, according to ESMA guidelines on 4th March 2021 Balance Sheet December 2024 € millions FY 2024 % on sales FY 2023 % on sales Var. % Inventories 110.9 12.3% 103.6 12.8% 7.1% Trade receivables 132.8 14.7% 119.8 14.8% 10.9% Trade payables (179.1) (19.9%) (155.4) (19.2%) 15.3% Trade Working Capital 64.6 7.2% 68.0 8.4% -4.9% Other current assets/(liabilities) (83.6) (9.3%) (78.0) (9.7%) 7.1% Current tax liabilities (15.4) (1.7%) (9.2) (1.1%) 67.9% Provisions (28.2) (3.1%) (19.5) (2.4%) 45.0% Net Working Capital (62.7) -7.0% (38.7) -4.8% 61.8% Property, plant and equipment 178.0 19.8% 171.6 21.2% 3.8% Intangible assets 51.9 5.8% 55.7 6.9% (6.8%) Goodwill 1.0 0.1% 1.0 0.1% 0.0% Investments in joint ventures 1.2 0.1% 1.2 0.1% 6.0% Employee benefit obligations (2.5) (0.3%) (2.6) (0.3%) (4.5%) Other non current asset and (liabilities) 59.7 6.6% 48.7 6.0% 22.5% Net Fixed Capital 289.4 32.1% 275.5 34.1% 5.0% Net Invested Capital 226.7 25.2% 236.8 29.3% -4.3% Shareholders' Equity 386.8 42.9% 363.7 45.0% 6.3% Net financial position adj for Trade pay due > 12m * (160.1) (17.8%) (126.9) (15.7%) 26.1% Total Source of Funding 226.7 25.2% 236.8 29.3% -4.3% NFP (Cash) (170.6 m€) excluding IFRS16 NFP (Cash) (207.2 m€) excluding IFRS16
Page 40
Strictly private & confidential CLOSING REMARKS Nerio Alessandri
Page 41
THE DREAM TECHNOGYM BECOMES THE PRESCRIBED “MEDICINE” Doctors Government & InsuranceTrainers
Page 42
42Strictly private & confidential TECHNOGYM IS THE ONLY ASPIRATIONAL “MEDICINE”
Page 43
Strictly private & confidential
Page 44
Strictly private & confidential Q&A