- Technogym reported H1 2026 revenue of €493 million, up 7.4% YoY (9.0% at constant FX), with adjusted net profit stable at €43.8 million.
- Adjusted EBITDA reached €85.7 million (margin 17.4%), affected by rising raw material and freight costs amid geopolitical tensions.
- Europe (ex-Italy) led regional growth at +11.4%; B2B grew 8.5% and distributors surged 22.6%, while the Americas declined 1.1% due to shipping delays.
- The company invested €26 million in H1 toward AI, new products, and a new manufacturing plant, with full-year investments targeted at €80 million.
- CEO Nerio Alessandri positioned 2026 as a “transition year” toward Vision 2031, shifting from fitness to the “Healthness” concept of preventive medicine and healthy longevity.
Technogym S.p.A. (BIT: TGYM), the global leader in fitness and wellness technology, today announced its financial results for the first half of 2026, reporting revenue of €493 million, a 7.4% increase year-over-year (9.0% at constant exchange rates). Adjusted net profit reached €43.8 million, remaining stable compared to the same period in 2025, as the company navigated rising input costs while accelerating investments in innovation and production capacity.
Financial Performance Highlights
The Cesena-based company delivered solid top-line growth driven by higher volumes across both professional and consumer segments. Adjusted EBITDA reached €85.7 million, up 1.1% year-over-year, while adjusted EBIT climbed 3.3% to €58.5 million. Adjusted net profit held firm at €43.8 million, representing 8.9% of revenues.
The adjusted EBITDA margin stood at 17.4%, down from 18.5% in the prior-year period, reflecting pressure from increased raw material costs, higher freight expenses, and geopolitical disruptions that affected shipping timelines. Despite these headwinds, free cash flow on a recurring basis before taxes remained robust at €39.5 million, and the company maintained a healthy net financial position of €88.6 million.
Regional and Channel Growth
Europe remained the primary growth engine, with revenue in markets outside Italy rising 11.4% year-over-year. The Americas saw a slight contraction of 1.1%, partially affected by delivery delays tied to international shipping disruptions. Management emphasized that underlying demand and order trends remained unchanged, with order volumes and backlogs posting double-digit growth across all regions.
On the channel side, B2B revenue grew 8.5%, outpacing B2C growth of 3.1%. The distributor network delivered exceptional performance with 22.6% growth, while the retail channel surged 28.4%, underscoring the strength of Technogym’s diversified go-to-market strategy.
Strategic Investments and Vision 2031
Technogym invested €26 million in the first half of 2026 toward production expansion, new product development, artificial intelligence technologies, and a new manufacturing facility. The company expects total investments for the full year to reach approximately €80 million, reinforcing its commitment to long-term growth.
Chairman and CEO Nerio Alessandri designated 2026 as a “transition year” — a pivotal phase following the record-setting performance of 2025 and the foundation for the company’s “Vision 2031” strategy. This strategic roadmap marks a shift from traditional fitness toward “Healthness,” a concept centered on preventive medicine and healthy longevity. The transformation rests on three pillars: the creation of a new Healthness Lab within the Technogym Village campus, the construction of a new production facility, and the deep integration of artificial intelligence across products and services.
The Healthness concept, unveiled at Technogym’s 25th Wellness Congress, leverages three decades of data collected on the Mywellness platform — connecting 25 million users within a global community of 70 million — alongside AI-powered assessment tools such as the Technogym Checkup, which analyzes psycho-physical and cognitive parameters to deliver precision training programs that can improve results by approximately 30% compared to standard programs.
Navigating Macro Headwinds
Geopolitical tensions and ongoing conflicts have driven up industrial costs and caused intermittent shipping delays, temporarily slowing some deliveries in the second quarter. To offset rising input costs, Technogym implemented mid-single-digit price adjustments in July 2026, with the full benefit expected to materialize from the fourth quarter onward as the order backlog clears.
UBS responded to the results by upgrading Technogym from “Neutral” to “Buy,” raising its 12-month target price to €21.30. The bank noted that the valuation — approximately 11 times 2027 estimated EV/EBITDA — offered an attractive entry point, and that earnings expectations had stabilized following the H1 report, with limited downside risk absent a significant macro deterioration.
“2025 was a record year. 2026 is a transition year, aimed at realizing the changes necessary to start a new era for Technogym,” said Nerio Alessandri, Chairman and CEO of Technogym. “Despite the difficult macroeconomic scenario and the increase in costs due to ongoing conflicts, Technogym continues to grow and invest in innovation. We remain confident in the potential of the wellness and health markets and are ready to lead their evolution — inspiring more people to live better, longer, and healthier lives.”
About Technogym
Founded in 1983 in Cesena, Italy, Technogym is a global leader in fitness, wellness, and health technology. The company serves approximately 600,000 locations worldwide and connects a global community of 70 million users through its digital platform. Combining cutting-edge biomechanics, exclusive design, and artificial intelligence, Technogym occupies a unique position at the intersection of luxury living, professional fitness, and preventive health. Listed on the Borsa Italiana (BIT: TGYM), Technogym has achieved a 20% compound annual revenue growth rate since its founding. The company’s mission is rooted in the belief that health is wealth — “Let’s move for a better world.”
