Technogym posted €493 million in H1 2026 revenues, up 7.4 percent on H1 2025. EBITDA margin contracted from 18.5 to 17.4 percent, pressured by raw material costs. Retail was the strongest channel at +28.4 percent; the Americas was the only geography in decline at -1.1 percent.
H1 2026 revenues and EBITDA
Technogym posted consolidated revenues of €493 million in the first half of 2026, marking a 7.4 percent increase versus €459 million in the first half of 2025, or a 9 percent growth at constant exchange rates. Adjusted EBITDA for the first half of 2026 came in at €85.7 million, representing a 1.1 percent increase from the first half of 2025.
Adjusted EBITDA margin came in at 17.4 percent, down from 18.5 percent in the first half of 2025, due to pressure on production costs, brought on by external factors like the ongoing wars and the unusual trend in specific raw materials tied to data center production.
Adjusted net income recorded a slight increase to €43.8 million, compared to €43.6 million in the first half of 2025.
The revenue increase in the first half of 2026 was driven by growth in both the commercial (+8.5%) and consumer businesses (+3.1%), versus a demanding comparison with first-half 2025’s double-digit growth (+14% in the prior-year period).
Sales by geography and channel
By geography:
● Italy continued its positive trend, posting solid growth (+8%);
● Europe excluding Italy showed an 11.4% increase;
● sales in the Americas were down 1.1%, impacted by a particularly challenging comparison against first-half 2025, which had grown 20 percent, as well as by an unfavorable currency effect;
● the Middle East and Africa region delivered an 8.6% sales increase.
By channel, retail delivered the strongest performance (+28.4 percent), benefiting from both expanded territorial presence and higher productivity. Wholesale posted growth of over 22 percent. Inside Sales showed a marked recovery (+4.5 percent) versus the first quarter, reversing the prior trend.
Technogym CEO on strategic priorities
Summarizing some of the key events in the period, Nerio Alessandri, Chairman and CEO of Technogym, said: “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 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.”
The first half of 2026 was also marked by Technogym’s tenth experience as the Official and Exclusive Supplier of the Olympic and Paralympic Games at the Milano Cortina 2026 Winter Games. For this edition, Technogym set up 22 training centers for more than 3,500 athletes across the six Olympic Villages and competition venues.
