Technogym 1H26 Results: Highlights from the call

Research evidence excerpt

Technogym 1H26 Results: Highlights from the call

Global Research

31 July 2026ab

Technogym Equities

Italy1H26 Results: Highlights from the call

Consumer Services

12-month rating Neutral

Slowdown in growth/margins as anticipated, but perhaps not as bad as feared

Investor expectations going in to the 1H results update were low, with many concerned 12m price target €21.00

about both top-line trends and profitability. While growth of 6% (cc) in Q2 represented a

slowdown vs recent quarters, and higher freight and procurement costs weighed on the

Price (30 Jul 2026) €14.02

margin, it seems that the release did not bring any incremental bad news, and the shares

finished up 3% on the day. For the results detail, please see here. Below we highlight the RIC: TGYM.MI BBG: TGYM IM

key points from the conference call.

Trading data and key metrics

52-wk range €21.78-13.37

Key takeaways from the conference call

Market cap. €2.82b/US$3.25b

1. 2Q growth - The company posted cc growth of 5.8% in 2Q, sequentially down

Shares o/s 201m (ORD)

from 12.6% in 1Q, with management noting delays in international shipments

Free float 62%

linked to the ongoing conflict and some production delays, which pushed some

deliveries beyond the originally scheduled dates and weighed on 2Q revenue Avg. daily volume ('000) 352

performance. Management indicated that there had been little change in Avg. daily value (m) €5.9

underlying demand/order book dynamics. Common s/h equity (12/26E) €0.39b

P/BV (12/26E) 7.3x

2. Cost inflation - Management flagged continued pressure from raw materials, Net debt to EBITDA (12/26E) NM

components and freight, with signs that these pressures are meaningfully easing.

Electronic components, notably memory, remain difficult to source given AI and EPS (UBS, diluted) (EUR)

demand.