Technogym (TGYM.MI): Double-digit ordervolume growth to support a reacceleration of organic growth, but pricing to take time to support margins.

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Technogym (TGYM.MI): Double-digit ordervolume growth to support a reacceleration of organic growth, but pricing to take time to support margins.

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03 Aug 2026 11:30:00 ET │ 14 pages

Technogym (TGYM.MI)

Double-digit order volume growth to support a reacceleration of organic

growth, but pricing to take time to support margins.

CITI'S TAKE Neutral

Price (31 Jul 26 17:30) €13.51 H1 results saw a modest shortfall in EBITDA vs Visible Alpha expectations

Target price €15.00↓ as well as a increase in CapEx guidance given ongoing investment in

Slovakia manufacturing footprint, boutiques and the Healthness Lab from €21.50

extension to the Cesena Technogym Village HQ. Group sales growth also Expected share price return 11.0%

decelerated, although with order backlog growth up double digits in Expected dividend yield 3.1%

volume terms (and the July price rise having not impacted order growth), Expected total return 14.1%

we expect organic growth accelerates each quarter over the next year. We Market Cap €2,720M

see c.11% share price appreciation from these levels, but with limited

US$3,136M visibility into catalysts for rerating, and an uncertain margin recovery

progression, we maintain our Neutral rating.

Estimate changes — With TGYM's 1H26 adj. EBITDA falling c.6% short of our Leo CarringtonAC

estimates (and c.2% below Visible Alpha consensus - see H1 adj. EBITDA -2.4% +44-20-7986-0811

below (already reduced) consensus expectations, but July price increases to begin leo.carrington@citi.com

offsetting costs), we lower our FY26-28 adj. EBITDA forecasts by c.4-4.5%, which Ajay Nandal

drives our FY26-28E EPS lower by c.5-6%. For FY26, we assume 2H26 adj. EBITDA

+91-22-4277-5017margin to be down 20bps YoY (vs -107bps YoY in 1H26) as the price hikes and better