Earnings release
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1 Technogym Board of Directors approves the results of the first semester of 2026 Technogym: revenue +7.4% and long-term investments • Consolidated revenue: EUR 493 million, +7.4% vs EUR 459 million in the first half of 2025; +9% at constant exchange rates • EBITDA Adjusted: EUR 85.7 million, +1% • EBIT adjusted: EUR 58.5 million, +3% • Net profit Adjusted: EUR 43.8 million in line with the first half of 2025 • Investments of €26 million for production expansion and innovation • Net financial position: positive at EUR 89 million as of June 30, 2026 **** Nerio Alessandri, Chairman and CEO , commented: “2025 was a record year. 2026 is a transitional year aimed at implementing the necessary changes to achieve the Technogym Vision 2031, ushering in a new era for Technogym, from Wellness to Healthness. Indeed, this innovation involves significant investments for future growth, including new products and solutions for health, the new Healthness Lab at the Technogym Village, a new manufacturing plant, and AI technologies. However, in the first half of 2026, despite the challenging macroeconomic scenario and increased costs due to ongoing conflicts, Technogym continues to grow and invest in innovation, driven by strong confidence in the global macro-trends of wellness, health, and healthy longevity. During the first half, we strengthened our Technogym Ecosystem, including through our strategic agreement with Google, aimed at delivering an increasingly personalized end -user experience while optimizing operators' business performance. On the product side, the launch of the new Technogym Reform allows us to
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2 capitalize on the pilates trend, which is currently experiencing a strong growth worldwide. We are also investing in Run X, the first- ever global 5K treadmill running championship, developed by Technogym in partnership with World Athletics. Run X is not merely a competition — it is a comprehensive format designed to draw runners, one of the largest sports communities in the world, into fitness and wellness centers. The growing consumer interest in wellness and prevention, the brand's penetration into new high -potential segments such as real estate, longevity, and sports tourism, and our long-term investments make us confident in achieving sustainable and profitable growth objectives.” *** Cesena (Italy), July 30, 2026 – The Board of Directors of Technogym S.p.A. reviewed and approved the condensed consolidated half -year financial report as of June 30, 2026, prepared in accordance with IAS/IFRS accounting principles. The first half of the year showed a revenue increase in both BtoB and BtoC, despite the severe geopolitical situation, the challenges stemming from the ongoing wars, and a particularly demanding comparison against the first half of 2025, which grew of +14%. It is worth noting that the increase would have been higher absent an unfavorable foreign exchange effect. The second quarter was also affected by delays in international shipments linked to the ongoing conflict. These delays pushed deliveries past their originally scheduled dates, impacting revenue performance in the second quarter. Adjusted EBITDA for the first half of 2026 came in at Euro 85.7 million, up +1.1% versus Euro 84.8 million in the first half of 2025. This result benefited from higher sales volumes, along with other contributing factors. On the margin side, these positive dynamics were held back by pressure on production costs, driven by external factors such as the ongoing wars and the anomalous trend in certain raw materials tied to data center production. As a result, Adjusted EBITDA margin came in at 17.4%, down from 18.5% in the first half of 2025. Adjusted net income posted a slight increase to Euro 43.8 million, compared to Euro 43.6 million in the first half of 2025. Net Financial Position was positive at Euro 88.6 million, a decrease versus Euro 156 million at the end of the previous fiscal year.
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3 First half 2026 results The consolidated results have been prepared in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board. 1) Revenues Total revenues for the first half of 2026 amounted to Euro 493 million, up +7% (+9% at constant exchange rates) versus the same period in 2025, driven by growth in both consumer and commercial, despite the comparison with 2025's double-digit growth. Here below is provided a brief revenue analysis for: • Customer type; • Geographic area; • Distribution channel. Revenues by Customer type (In thousands of EUR and percentage change) First Half as of June 30th 2026 2025 26 vs 25 % BtoC 98,292 95,339 2,953 3.1% BtoB 394,291 363,461 30,830 8.5% Total revenues 492,583 458,800 33,783 7.4% Revenues as of June 30 th reflect solid growth in the Commercial business (+ 8.5%) and more moderate growth in Consumer (+3.1%), against a particularly demanding comparison with first-half 2025, which had grown 14% versus the prior-year period. Revenues by Geographic area (In thousands of EUR and percentage change) First Half as of June 30th 2026 2025 26 vs 25 % Europe (without Italy) 237,741 213,441 24,300 11.4% AMERICAS 76,218 77,028 (810) (1.1%) MEIA 66,204 60,941 5,263 8.6% APAC 60,895 59,673 1,222 2.0% Italy 51,525 47,717 3,808 8.0% Total revenues 492,583 458,800 33,783 7.4% From a geographic standpoint, growth in Europe remains firmly confirmed year -to-date, well distributed across countries. Italy continues its positive trend, posting solid growth versus the prior year despite lapping the +18% growth recorded in the first half of 2025. MEIA consolidated the performance delivered
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4 in the first quarter. The AMERICAS region was impacted by a particularly challenging comparison against first-half 2025, which had grown +20%, as well as by an unfavorable currency effect. Revenues by Distribution channel (in thousands of EUR and percentage of change) First Half as of June 30th 2026 2025 (1) 26 vs 25 % Field sales 308,746 305,086 3,660 1.2% Wholesale 132,008 107,685 24,323 22.6% Inside sales 31,739 30,383 1,356 4.5% Retail 20,090 15,646 4,444 28.4% Total revenues 492,583 458,800 33,783 7.4% (1) The comparative data have been restated to allow a uniform comparison By channel, following on from the first quarter, Retail delivered the strongest performance, benefiting from both expanded territorial presence and higher productivity. Wholesale, the channel most closely tied to the BtoB segment, posted excellent growth of over 22%. Inside Sales showed a marked recovery versus the first quarter, reversing the prior trend and posting growth of nearly 5%. 2) Adjusted EBITDA, EBIT and Net Profit Adjusted EBITDA for the first half came in at Euro 85.7 million, an increase of Euro 0.9 million (+1.1%) versus Euro 84. 8 million in the same period of the prior year. This result benefited from higher sales volumes, driven by the BtoB channel, together with improved efficiency in commercial policies and discount management, as well as benefits from certain product re- engineering programs. On the margin side, these positive dynamics were more than offset by higher freight costs and by the trend in procurement costs for raw materials and components. As a result, Adjusted EBITDA margin came in at 17.4%, down from 18.5% in the first half of 2025. Adjusted Operating Result was Euro 58.5 million, up Euro 1.9 million (+3.3%) versus Euro 56.6 million in the first half of 2025. Beyond reflecting the operating trends described above, the result was primarily affected by depreciation and amortization dynamics. Depreciation and amortization for the half year, at Euro 26.5 million, reflects the continuation of industrial investments focused on molds, equipment, and production lines, as well as investments tied to the development of the digital offering and the strengthening of the company's IT processes. Adjusted ROS came in at 11.9% for the half-ended June 30, 2026 (versus 12.3% in the first half of the prior year). Adjusted Group Net Income came in at Euro 43.8 million, a slight increase (+ 0.3%) versus Euro 43.6 million in the first half of 2025, representing 8.9 % of revenues (versus 9.5% in the comparison period). Beyond the operating trends already noted, the result benefited from a positive net financial result of Euro 0.4 million and positive effects from the fair value measurement of equity investments (under IFRS 9) of Euro 0.7 million, net of income taxes for the period of Euro 15.9 million.
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5 Net non-recurring charges as of June 30, 2026 were Euro 1.5 million, primarily related to personnel costs, service fees, and other expenses not attributable to ordinary current operations. 3) Net Financial Position and Free Cash Flow Net Financial Position as of June 30, 2026, which includes the effects of IFRS 16, was positive at Euro 88.6 million, a decrease versus Euro 156 million at the end of the prior fiscal year. The decrease was primarily attributable to dividend payments, the change in Net Working Capital, and net investments in fixed assets. Net Financial Position excluding IFRS 16 effects stood at Euro 144 million. Compared to December 31, 2025, when the Group carried no bank debt, it drew on two short- term revolving credit facilities totaling Euro 65 million. Recurring pre-tax Free Cash Flow generated by the Group as of June 30, 2026 was Euro 39.5 million. This result stems from the net effect of operating cash generation of Euro 83.5 million, a negative change in Net Working Capital of Euro 23.7 million, and recurring investments in fixed assets of Euro 20.3 million. Taking into account taxes paid during the period of Euro 19.5 million, the Group generated Recurring Free Cash Flow of Euro 20 million, versus Euro 44.2 million as of June 30, 2025. The resulting Cash Conversion Rate stood at 47%, versus 86% in the corresponding period of th e prior year. Including non -recurring investments in fixed assets as well, pre-tax Free Cash Flow generated by the Group was Euro 33.4 million, corresponding to a Cash Conversion Rate of 40%. After accounting for the effect of taxes, Free Cash Flow ultimately stood at Euro 13.9 million. Significant events occurred in the period Milan-Cortina Olympics Technogym marked its tenth experience as the Official and Exclusive Supplier of the Olympic and Paralympic Games at Milan-Cortina 2026. For this edition, Technogym set up 22 training centers for over 3,500 athletes across the 6 Olympic Villages and competition venues. Run X Technogym launched RUN X, the first- ever World Treadmill Running Championship, in partnership with World Athletics, the IOC's World Athletics Federation, bringing the running community — one of the largest sports communities in the world — into fitness and wellness clubs. On June 3, the Technogym Village hosted the RUN X Conference, attended by more than 200 industry operators who will take part in the program. Qualifying rounds will begin in October 2026, with the final to be held at the Technogym Village in March 2027. Technogym invests in renewable energy Earlier this year, the new photovoltaic plant at the Technogym Village came online — a facility spanning over 17,000 square meters with more than 2 MW of capacity, capable of generating up to 100% of the energy needed to power the Technogym Village. Summer pop-up stores In keeping with the "prestige" positioning that has always defined Technogym, the Company activated a series of summer pop-up stores in leading international destinations such as Porto Cervo, Ibiza, Marbella, Bodrum, and Porto Montenegro.
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6 Outlook The global macroeconomic and geopolitical environment continues to be characterized by a high level of uncertainty, fueled by the persistence of the ongoing wars. The AI boom and the surge in data center buildout have driven a sharp increase in electronic component costs, while at the same time rising energy costs have pushed up both transportation costs and raw material prices. In response to rising costs, Technogym has implemented a series of targeted actions to protect product margins and drive operational efficiency. In July, the Company also adjusted its price lists, confirming the brand's pricing power. Despite this environment, the megatrends tied to wellness, health, and healthy longevity remain solid, continuing to serve as powerful long -term growth drivers and confirming themselves as structural, non- cyclical trends. In such scenario , the uniqueness of the Technogym ecosystem — which integrates hardware, software, content, and design into a distinctive wellness offering — represents a source of resilience and differentiation, one that Technogym continues to invest in with conviction, in particular by increasingly integrating AI -based technologies. In 2026, the company introduced the Sand Stone version across its entire product range, a remarkable undertaking with a significant impact on investments. At Technogym, this type of comprehensive update typically occurs only every 10 to 15 years, as it involves every aspect of the products: from the mood board, materials, and finishes to the functionalities. The Company continues to invest in research and development as well as in infrastructure, including the expansion of its production facility in Slovakia and the construction of the new Healthness Lab — an extension of the Technogym Village — designed to house research, testing and innovation activities for future products, alongside the ongoing opening of new boutiques worldwide (Miami, Amsterdam and Rome in 202 6) and the strengthening of its sales networks. Total investments for the year 2026 are expected to be approximately 80 million Euro. In light of the first-half results and the positive trend in the order backlog, Technogym looks forward with confidence to the evolution of the current financial year, supported by the uniqueness of its business model, brand positioning, and positive net financial position. Other resolutions The Board of Directors also redefined the scope of executives with strategic responsibilities, identified as the key management personnel referred to in the corporate governance section of the Company's company profile, available on the website at https://www.borsaitaliana.it and https://live.euronext.com. Pursuant to art. 154 -bis, paragraph 2 of the Consolidated Finance Act, the executive in charge of the preparation of financial reports, William Marabini, declares that the accounting data contained in this press release is consistent with entries in the accounting books and records
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7 Consolidated Income Statement (in thousands of EUR) Half year ended 30 June 2026 of which from related party 2025 of which from related party REVENUES Revenue 491,347 59 457,811 27 Other revenues and incomes 1,235 989 Total revenues 492,583 458,800 OPERATING COSTS Purchases and use of raw materials, work in progress and finished goods (154,996) - (140,326) (72) Cost of services (138,366) (1,694) (126,816) (1,286) of which non-recurring income/(expenses) (123) (197) Personnel expenses (111,074) (106,196) of which non-recurring income/(expenses) (1,122) (1,995) Other operating costs (3,690) (14) (3,238) (14) of which non-recurring income/(expenses) - (400) Share of result in equity investments valued with the net equity method 37 31 Depreciation, amortization and impairment losses/(revaluations) (26,458) (944) (26,474) (855) Net provisions (812) (1,805) of which non-recurring income/(expenses) - (39) NET OPERATING INCOME 57,224 53,975 Financial incomes 12,312 11,171 Financial expenses (11,939) (88) (10,324) - of which non-recurring income/(expenses) (34) (8) Net financial expenses 373 847 Income/(expenses) from investments 674 434 PROFIT BEFORE TAX 58,270 55,255 Income tax expenses (15,867) (13,922) of which non-recurring income/(expenses) (218) (159) PROFIT/(LOSS) FOR THE YEAR 42,403 41,333 Profit (loss) attributable to non-controlling interests (151) (504) Profit (loss) attributable to owners of the parent 42,252 40,829 EARNINGS PER SHARE 0.21 0.21
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8 Consolidated Statement of Financial Position (in thousands of EUR) As the date of June 30 As the date of December 31 2026 of which from related party 2025 of which from related party ASSETS Non-current assets Property, plant and equipment 213,807 7,385 205,911 8,294 Intangible assets 57,425 56,388 Deferred tax assets 35,883 31,255 Investments in joint ventures and associates 1,079 1,072 Non-current financial assets 1 - Other non-current assets 45,130 43,571 TOTAL NON-CURRENT ASSETS 353,326 338,197 Current assets Inventory 146,941 111,970 Trade receivables 139,075 70 131,812 53 Current financial assets 3,480 6,927 Assets for derivative financial instruments 55 79 Other current assets 58,196 30 39,177 - Cash and cash equivalents 210,918 207,790 TOTAL CURRENT ASSETS 558,664 497,755 TOTAL ASSETS 911,991 835,953 EQUITY AND LIABILITIES Equity Share capital 10,066 10,066 Share premium reserve 7,616 7,324 Own shares (18,010) (18,010) Other reserves 36,629 20,981 Retained earnings 224,417 197,863 Profit (loss) attributable to owners of the parent 42,252 115,125 Equity attributable to owners of the parent 302,970 333,349 Capital and reserves attributable to non-controlling interests 2,794 2,129 Profit (loss) attributable to non-controlling interests 151 898 Equity attributable to non-controlling interests 2,946 3,027 TOTAL EQUITY 305,915 336,376 Non-current liabilities Non-current financial liabilities 44,592 6,108 43,885 7,473 Deferred tax liabilities 1,447 1,227 Employee benefit obligations 3,315 3,210 Non-current provisions for risks and charges 17,447 16,815 Other non-current liabilities 43,511 43,046 TOTAL NON-CURRENT LIABILITIES 110,313 108,183 Current liabilities Trade payables 214,223 1,084 194,381 1,256 Current tax liabilities 17,923 4,057 Current financial liabilities 80,097 6,886 13,825 6,018 Liabilities for derivative financial instruments 90 45 Current provisions for risks and charges 28,654 33,840 Other current liabilities 154,774 6 145,247 - TOTAL CURRENT LIABILITIES 495,762 391,394 TOTAL EQUITY AND LIABILITIES 911,991 835,953
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9 Consolidated Statement of Cash Flows (in thousands of EUR) Half year ended 30 June 2026 2025 Cash flows from operating activities Consolidated Profit (loss) for the period 42,403 41,333 Adjustments for: Income taxes 15,867 13,922 (Income)/expenses from investments (674) (434) Financial (income)/expenses (373) (847) Depreciation, amortisation and impairment 26,458 26,474 Net provisions (1,176) 3,769 Share of result in equity investments valued with the net equity method (37) (31) Other non-monetary changes 990 769 Cash flows from operations before changes in working capital 83,459 84,956 Change in inventories (32,887) (22,159) Change in trade receivables (7,787) 12,366 Change in trade payables 19,641 2,189 Change in other assets and liabilities (2,697) 11,221 Income taxes paid (19,472) (26,519) Net cash inflow / (outflow) from operating activities (A) 40,257 62,054 of which from related parties (1,853) (1,270) Cash flows from investing activities Investments in property, plant and equipment (17,116) (15,227) Disposals of property, plant and equipment 1,930 682 Investments in intangible assets (11,165) (9,226) Disposals of intangible assets 18 1 Dividends received from other entities - 168 Dividends from investments in Joint Ventures 30 - Sale/(Purchase) of subsidiaries, associates and other entities - (832) Net cash inflow (outflow) from investing activities (B) (26,303) (24,432) of which from related parties - 168 Cash flows from financing activities Capital payment from external shareholders - 223 Reimbursement of leasing costs (IFRS 16) (9,184) (5,597) Non-current financial liabilities (including the current portion) 65,000 30,000 Net change in financial assets and (liabilities) 5,906 (15,130) Dividends paid to shareholders (74,531) (155,057) Net financial income/(expenses) 846 293 Net cash inflow (outflow) from financing activities (C) (11,962) (145,269) of which from related parties (1,032) (827) Net increase (decrease) in cash and cash equivalents (D)=(A)+(B)+(C) 1,992 (107,647) Cash and cash equivalents at the beginning of the year 207,790 268,709 Increase/(decrease) in cash and cash equivalents from 1 January to 30 June 1,992 (107,647) Effects of exchange rate differences on cash and cash equivalents 1,136 (2,529) Cash and cash equivalents at the end of the period 210,918 158,534
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10 Contacts: Michele Bertacco Investor Relations Director investor_relations@technogym.com Enrico Manaresi Press and Media Relations Director emanaresi@technogym.com +393403949108 Notes to the press release Technogym Technogym is a world leading brand in smart equipment and digital technologies for fitness, sport and health for wellness. Technogym offers a complete ecosystem of connected smart equipment, digital services, on -demand training experiences and apps that allow every single end -user to access a completely personalized training experience anytime and anywhere: at home, at the gym, on -the-go. Over 70 million people train with Technogym in 100,000 wellness centers and 500,000 private homes worldwide. Technogym has been Official Supplier to the last 10 Olympic Games and it’s the brand of reference for sport champions and celebrities all over the world. Forward looking statements Certain statements in this press release could constitute forward -looking statements, including references that do not exclusively relate to historical data or current events, and as such, uncertain. These statements are based on a number of assumptions, expectations and other factors that could lead to actual results which differ, even substantially, from those forecasts. There are numerous factors that could generate results and trends tha t are notably different from the forward-looking information in this press release. These elements include but are not limited to the ability to manage the effects of the curren t uncertain international economic scenario, ability to acquire new assets and integrate them effectively, ability to forecast futu re economic conditions and changes in consumer preferences, ability to successfully introduce and market new products, ability to maintain an efficient distributio n system, ability to achieve and manage growth, ability to negotiate and maintain favorable license agreements, currency fluctuations, changes in local conditions, ability to protect intellectual property, problems with information systems, risks associated with inventory, credit and insurance risks, changes in tax regulations, and likewise other political, economic, legal and technological factors and other risks and uncertainties. These forward-looking statements were issued as of today and we shall not be under any obligation to provide any updates and they are not a reliable indication of future performance. Alternative performance indicators This press release provides a number of alternative performance indicators used by management to allow an improved assessment of the business performance and the financial performance and position of the Group. These indicators are not recognized as accounting measures in the context of IFRS and should therefore not be considered as an alternative way to assess the financial performance of the Group and its financial position. Since the calculation of these measures is not governed by the applicable accounting standards, the calculation methods applied by the Company may not be the same as those used by others and therefore these indicators may not be comparable. Therefore, investors should not place undue reliance on this data or information. Thi s press release also contains certain financial, operating and other indicators that have been adjusted to reflect non-recurring extraordinary events and transactions, known as special items. This ‘adjusted’ information was included to allow better comparison of the financial information for all periods; however this information is not recognized as economic or financial data within the scope of the IFRS and/or does not constitute an indication of the historical performanc e of the Company or Group. Therefore, investors should not place undue reliance on this data or information.