Technogym, Cesena, Italy, reported record revenues of €721.5 million ($782.2 million) in 2022, an 18 percent increase from €611 million ($662.4 million) in 2021 (or 15 percent increase at constant exchange rates), the company reported on March 29.
2022 revenues were up 29 percent in the business-to-business segment, driven by the club segment — which is returning to 2019 revenue levels — the hospitality and residential segment as well as the health corporate and performance segment. Both of the last two segments achieved their highest results in the company’s history.
Technogym had double-digit growth on all continents, especially in North America where it increased 46 percent (especially in the United States) and in Europe where it had an increase of 14 percent.
The data reflects the company's speed and flexibility in adapting first to the challenges posed by the pandemic in 2021, with significant growth in the consumer segment, and then resuming in 2022 with a 29 percent growth in the commercial segment, according to Technogym, which went public on the Milan Stock Exchange in 2016.
The business-to-consumer segment slowed compared to 2021, but it came in 83 percent higher than in 2019, which demonstrates the ongoing interest of end-users for hybrid training solutions that include the at-home workouts, according to Technogym.
Adjusted EBITDA for 2022 was €132 million ($143.1 million), up 23 percent, and is now close to the record achieved pre-pandemic in 2019 with an adjusted EBITDA margin of 18.3 percent.
Adjusted net profit grew by 29 percent to €66 million ($71.5 million), allowing for a proposed dividend of €0.25 (27 cents) per share.
The net financial position is positive at €122 million ($132.25 million), an improvement of €26 million ($28.2 million) compared to 2021, thanks to the significant cash generation recorded in the fiscal year.
“Our uniqueness has been even more evident as customers continued to show their support thanks to our record investments in digital innovation and AI,” Technogym President and CEO Nerio Alessandri said. “This allows us to strengthen our value proposition and brand equity, thanks to the Technogym Ecosystem, able to offer our fans an unparalleled training experience and to support industry operators in this phase of market recovery.”
At the IHRSA 2023 conference and trade show in San Diego March 20-23, Technogym unveiled Universe, a module functional strength system, and its digital ecosystem, an open platform that can be integrated with software applications (membership software, marketing and payment platforms, body analysis and assessment devices) already used by the club or with members’ consumer apps and wearable devices to personalize the training experience. The ecosystem includes connected equipment, apps and on-demand video training content.