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Strictly private & confidential H1 2026 Results Cesena, Italy –July 30th, 2026Technogym Investor Relations
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2 Strictly private & confidentialSpeakers
Nerio Alessandri
Founder, Chairman & CEOWilliam Marabini Chief Financial OfficerMichele Bertacco Investor Relations Director
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3 Strictly private & confidentialThis presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person .
This presentation might contain certain forward -looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries . These forward -looking statements are based on Technogym S.p.A.’s current expectations and projections about future events . Because these forward -looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Technogym S.p.A. to control or estimate . You are cautioned not to place undue reliance on the forward -looking statements contained herein, which are made only as of the date of this presentation . Technogym S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward -looking statements to reflect events or circumstances after the date of this presentation .
Any reference to past performance or trends or activities of the Technogym Group shall not be taken as a representation or indication that such performance, trends or activities will continue in the future .
This presentation does not constitute an offer to sell or the solicitation of an offer to buy Technogym’s securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto or constitute a recommendation regarding the securities of Technogym .
Technogym’s securities referred to in this document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements .
William Marabini, the Manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154-bis, paragraph 2, of the Legislative Decree no. 58 of February 24, 1998 , the accounting information contained herein correspond to document results ,books and accounting records .
Some figures related to previous periods were reclassified for a better representation of balance sheet and the profit and loss statements .Disclaimer
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4 Strictly private & confidential
Opening remarks
Nerio Alessandri
Latest news
Michele Bertacco
Financials
William Marabini
Closing Remarks
Nerio Alessandri
Q&AAgenda
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5 Strictly private & confidentialOPENING
REMARKS
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6 Strictly private & confidential
Nerio Alessandri
Technogym Founder and CEO key comments 6 Strictly private & confidential
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7 Strictly private & confidential Technogym Key Highlights
1B+ TURNOVER,
~20% CAGR SINCE 198370+ MILLION
USERS WORLDWIDE600,000 +
INSTALLATIONS
2,500+
EMPLOYEES WW120+
COUNTRIES50+
RETAIL BOUTIQUES
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8 Strictly private & confidentialLATEST
NEWS
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9 Strictly private & confidential A glimpse of the Champions @ Technogym Village in H1
KIMI ANTONELLI CHARLES LECLERC MARC MARQUEZ LORENZO MUSETTI
9 Strictly private & confidential
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10 Strictly private & confidential 10 Strictly private & confidential Technogym TOP EMPLOYER 2026
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11 Strictly private & confidential 11 Strictly private & confidential Technogym @ Olympic Games –February
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12 Strictly private & confidential 12 Strictly private & confidential Technogym Harrods boutique opening –London, March
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13 Strictly private & confidentialTechnogym Social Campaign Campaign overview :
■ran from 10 to 27 March 2026 ■150,000 participants across 141 countries Results summary :
■1 billion MOVEs collected ■Technogym enabled to donate a total of 1 million school meals to support children in need Key evidences :
■outstanding results
■Demonstration of the strength of the Technogym community and the value of a shared commitment to a healthier, more active and more inclusive future
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14 Strictly private & confidential 14 Strictly private & confidentialHFA –San Diego, March
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15 Strictly private & confidential 15 Strictly private & confidentialFIBO –Cologne, April
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16 Strictly private & confidential Healthness House @ FIBO –Cologne, April 16 Strictly private & confidential
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17 Strictly private & confidential Unica 40thBirthday –Milan, April 17 Strictly private & confidential
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18 Strictly private & confidential 18 Strictly private & confidentialSalone del Mobile –Milan, April
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19 Strictly private & confidential 19 Strictly private & confidentialRimini Wellness, June
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20 Strictly private & confidential 20 Strictly private & confidentialRUN X Challenge –Technogym Village, June
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21 Strictly private & confidential Waterfront pop-up store, Porto Cervo 21 Strictly private & confidential
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22 Strictly private & confidentialPRODUCT
INNOVATION
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23 Strictly private & confidential
FITNESS
BUILD YOUR BODY
WELLNESS
TRAIN IN STYLE
SPORTNESS
POWER YOUR PERFORMANCE
HEALTHNESS
EXTEND YOUR HEALTHSPAN
23 Strictly private & confidentialNEW Products for any End -User
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24 Strictly private & confidential 24 Strictly private & confidentialNEW Personal Sand Stone x LUXURY
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25 Strictly private & confidential NEW Technogym Reform x PILATES
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26 Strictly private & confidential NEW Technogym Cable Stations x STRENGTH 26 Strictly private & confidential
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27 Strictly private & confidential 27 Strictly private & confidentialNEW Technogym Rigs x FUNCTIONAL FITNESS
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28 Strictly private & confidential NEW Technogym TeamGO x HYBRID TRAINING AI
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29 Strictly private & confidential 29 Strictly private & confidentialNEW RUN X Format x RUNNING
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30 Strictly private & confidentialNEW Technogym Ecosystem –Partnership with Google AI 30 Strictly private & confidentialTechnogym has integrated Google Cloud AI and Gemini models into its platform to deliver hyper -personalized workouts for users, optimize management and retention for operators, and support its connected equipment on a secure, scalable data infrastructure
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31 Strictly private & confidential 31 Strictly private & confidentialNEW Technogym Checkup
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32 Strictly private & confidential 32 Strictly private & confidentialNEW Technogym School
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33 Strictly private & confidentialLONG TERM
INVESTMENTS
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34 Strictly private & confidential 34 Strictly private & confidentialTechnogym Slovakia –New production plant
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35 Strictly private & confidential Technogym Village –New solar power plant 35 Strictly private & confidential
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36 Strictly private & confidentialNEW LUXURY LIVING
TOP LOCATIONS
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37 Strictly private & confidential 37 Strictly private & confidentialHotel DuCap –Heden –Roc, France
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38 Strictly private & confidential 38 Strictly private & confidential125 Greenwich Street –New York, USA
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39 Strictly private & confidential 39 Strictly private & confidential All England Lawn Tennis and Criquet Club –Wimbledon, UK
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40 Strictly private & confidential 40 Strictly private & confidentialLifetime Fitness –Multiple locations, USA
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41 Strictly private & confidentialH1 2026
FINANCIALS
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42 Strictly private & confidential€ millions P&L
Balance sheet86
58
4485
57
44Revenue
EBITDA ADJ
EBIT ADJ
Net profit ADJ493 459 20Net Fin. Position* Free Cash Flow* 95 90 44H1 2026 summary
2026 2025
* NFP and FCF recurring: excluding CapEx for “special investment projects”
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43 Strictly private & confidential
H1 2025 H1 2026 H1 2026
@constant FX458.8492.6500.2Revenue up +9.0% net of FX Strictly private & confidential
+7.4%
+9.0%
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44 Strictly private & confidential213.4
(46.5% )
77.0
(16.8% )
60.9
(13.3% )
59.7
(13.0% )
H1 2025237.7
(48.3% )
76.2
(15.5% )
66.2
(13.4% )
60.9
(12.4% )
51.5
(10.5% )
H1 2026EUROPE
(EXCL. ITA)
AMERICAS*
MEIA
APAC
ITA458.8492.6
47.7
(10.4% )
+7.4%
2026 vs PY
+11.4%
-1.1%
+8.6%
+2.0%
+8.0%
* includes North America and LatamSignificant growth in Europe Strictly private & confidential
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B: 110R: 223
G: 229
B: 239MAIN COLORS SECONDARY COLORS
45 Strictly private & confidential363.5
(79.2% )
95.3
(20.8% )
H1 2025394.3
(80.0% )
98.3
(20.0% )
H1 2026BtoB
BtoC458.8492.6
+7.4%
2026 vs PY
+8.5%
+3.1%Growth both in Commercial and
Private
Strictly private & confidential
Base
colorsBase
colorsR: 255
G: 250
B: 204
R: 191
G: 191
B: 191
R: 71
G: 71
B: 71
R: 0
G: 0
B: 0R: 255
G: 240
B: 102
R: 255
G: 226
B: 0
R: 191
G: 173
B: 0
R: 127
G: 115
B: 0
R: 80
G: 72
B: 0R: 143
G: 143
B: 143R: 242
G: 242
B: 242
R: 216
G: 216
B: 216R: 221
G: 218
B: 206
R: 182
G: 182
B: 173
R: 146
G: 146
B: 140R: 111
G: 141
B: 185R: 157
G: 177
B: 207R: 195
G: 207
B: 225
R: 76
G: 108
B: 156
R: 54
G: 77
B: 110R: 223
G: 229
B: 239MAIN COLORS SECONDARY COLORS
46 Strictly private & confidential305.1
(66.5% )
107.7
(23.5% )
30.4
(6.6% ) 15.6
(3.4% )
H1 2025308.7
(62.7% )
132.0
(26.8% )
31.7
(6.4% ) 20.1
(4.1% )
H1 2026FIELD SALES*
DISTRIBUTORS*
INSIDE SALES **
RETAIL458.8492.6
+7.4%2026 vs PY
+1.2%
+22.6%
+4.5%
+28.4%
** includes E -Commerce and Teleselling channelsDistributors and Retail driving growth Strictly private & confidential
* Prior -year comparative figures have been restated to ensure a like -for-like comparison
Base
colorsBase
colorsR: 255
G: 250
B: 204
R: 191
G: 191
B: 191
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G: 71
B: 71
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G: 0
B: 0R: 255
G: 240
B: 102
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G: 173
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G: 115
B: 0
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G: 72
B: 0R: 143
G: 143
B: 143R: 242
G: 242
B: 242
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G: 216
B: 216R: 221
G: 218
B: 206
R: 182
G: 182
B: 173
R: 146
G: 146
B: 140R: 111
G: 141
B: 185R: 157
G: 177
B: 207R: 195
G: 207
B: 225
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B: 110R: 223
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B: 239MAIN COLORS SECONDARY COLORS
47 Strictly private & confidential▪Revenue grew +7.4% to 493 m€ (+9.0% at constant F/X), mainly driven by volumes growth .
▪The increase in cost incidence of raw material and components is mainly due to the current global political and macroeconomic environment; service costs were also higher, reflecting higher transportation costs linked to rising fuel prices.
▪Growth in personnel costs driven by investments in the salesforce.
▪EBIT adjusted +3.3% vs PYCommentsStatutory Profit & Loss H1 2026 € millions H1 2026% on salesH1 2025% on salesVar. Var. % Total Revenue 492.6 458.8 33.8 7.4% Cost of raw, ancillary and consumable materials and goods for resale(155.0) (31.5%) (140.3) (30.6%) (14.7) 10.5% of which (cost) non recurrent 0.0 0.0 0.0 Service, Rentals and leases (138.4) (28.1%) (126.8) (27.6%) (11.6) 9.1% of which (cost) non recurrent (0.1) (0.2) 0.1 Personnel cost (111.1) (22.5%) (106.2) (23.1%) (4.9) 4.6% of which (cost) non recurrent (1.1) (2.0) 0.9 Depreciations, amortisations and write-downs (26.5) (5.4%) (26.5) (5.8%) 0.0 (0.1%) of which (cost) non recurrent 0.0 (0.0) 0.0 Provision for risk and charges (0.8) (0.2%) (1.8) (0.4%) 1.0 (55.0%) of which (cost) non recurrent 0.0 (0.0) 0.0 Other operations cost (3.7) (0.7%) (3.2) (0.7%) (0.5) 13.9% of which (cost) non recurrent 0.0 (0.4) 0.4 Share of result in investments consolidated at equity method0.0 0.0% 0.0 0.0% 0.0 19.6% of which (cost) non recurrent 0.0 0.0 0.0 Net operating income 57.2 11.6% 54.0 11.8% 3.2 6.0% Financial income and (expenses) and from investments 1.0 0.2% 1.3 0.3% (0.2) (18.3%) Profit (loss) before tax 58.3 11.8% 55.3 12.0% 3.0 5.5% Taxes (15.9) (3.2%) (13.9) (3.0%) (1.9) 14.0% of which (cost) non recurrent (0.2) (0.2) (0.1) Profit (loss) 42.4 8.6% 41.3 9.0% 1.1 2.6% Profit (loss) for the year of minority interests (0.2) (0.0%) (0.5) (0.1%) 0.4 (70.0%) Profit (loss) attributable to owners of the parent 42.3 8.6% 40.8 8.9% 1.4 3.5% Adjusted EBIT 58.5 11.9% 56.6 12.3% 1.9 3.3%
-1.2 -2.6
Adjusted EBITDA 85.7 17.4% 84.8 18.5% 0.9 1.1% Profit (loss) adjusted 43.8 8.9% 43.6 9.5% 0.1 0.3%
Base
colorsBase
colorsR: 255
G: 250
B: 204
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G: 191
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G: 226
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G: 173
B: 0
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G: 115
B: 0
R: 80
G: 72
B: 0R: 143
G: 143
B: 143R: 242
G: 242
B: 242
R: 216
G: 216
B: 216R: 221
G: 218
B: 206
R: 182
G: 182
B: 173
R: 146
G: 146
B: 140R: 111
G: 141
B: 185R: 157
G: 177
B: 207R: 195
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48 Strictly private & confidential
H1 2025 2025 FY H1 2026INVENTORIES
TR. RECEIVABLES
TR. PAYABLES48.249.471.8
130.4
98.8
-181.0112.0
131.8
-194.4146.9
139.1
-214.2
% on Sales rolling LTM IFRS Balance DSO IFRS Balance DPOInventory Turnover
6.8%
44
1155.0x
5.0%
4.9x
35 106
Strictly private & confidentialTrade working capital
4.8%
43
1116.0x
Base
colorsBase
colorsR: 255
G: 250
B: 204
R: 191
G: 191
B: 191
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G: 71
B: 71
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G: 0
B: 0R: 255
G: 240
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G: 226
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R: 191
G: 173
B: 0
R: 127
G: 115
B: 0
R: 80
G: 72
B: 0R: 143
G: 143
B: 143R: 242
G: 242
B: 242
R: 216
G: 216
B: 216R: 221
G: 218
B: 206
R: 182
G: 182
B: 173
R: 146
G: 146
B: 140R: 111
G: 141
B: 185R: 157
G: 177
B: 207R: 195
G: 207
B: 225
R: 76
G: 108
B: 156
R: 54
G: 77
B: 110R: 223
G: 229
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49 Strictly private & confidential
5.2%
5.3% % ON REVENUE
Strictly private & confidentialCapEx
H1 2025 H1 2026PPE
INTANGIBLES23.826.3
14.5
9.215.2
11.1
(5.9) (6.1) o/w special projects ( CapEx ) * 17.9 20.3 CapEx «recurring »** ** CapEx recurring: excluding “special investment projects”* Plant expansion in Slovakia% on Revenue 3.9% 4.1%
Base
colorsBase
colorsR: 255
G: 250
B: 204
R: 191
G: 191
B: 191
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G: 71
B: 71
R: 0
G: 0
B: 0R: 255
G: 240
B: 102
R: 255
G: 226
B: 0
R: 191
G: 173
B: 0
R: 127
G: 115
B: 0
R: 80
G: 72
B: 0R: 143
G: 143
B: 143R: 242
G: 242
B: 242
R: 216
G: 216
B: 216R: 221
G: 218
B: 206
R: 182
G: 182
B: 173
R: 146
G: 146
B: 140R: 111
G: 141
B: 185R: 157
G: 177
B: 207R: 195
G: 207
B: 225
R: 76
G: 108
B: 156
R: 54
G: 77
B: 110R: 223
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B: 239MAIN COLORS SECONDARY COLORS
50 Strictly private & confidentialCash Conversion
recurring
46.7%
H1
2025Cash Conversion
recurring
86.0%H1
2026Free cash flow Cash Flows from
operat. activities-23.7
NWC-20.3
CapEx FCF recurring
before Taxes-19.5
Taxes paid FCF
recurring-6.1
Special projects
(CapEx)FCF
reported83.5
39.5
20.013.9
Cash Flows from
operat. activitiesNWC-17.9
CapEx FCF recurring
before Taxes-26.5
Taxes paid FCF
recurring-5.9
Special projects
(CapEx)FCF
reported85.0 3.6
70.7
44.238.3
Base
colorsBase
colorsR: 255
G: 250
B: 204
R: 191
G: 191
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G: 71
B: 71
R: 0
G: 0
B: 0R: 255
G: 240
B: 102
R: 255
G: 226
B: 0
R: 191
G: 173
B: 0
R: 127
G: 115
B: 0
R: 80
G: 72
B: 0R: 143
G: 143
B: 143R: 242
G: 242
B: 242
R: 216
G: 216
B: 216R: 221
G: 218
B: 206
R: 182
G: 182
B: 173
R: 146
G: 146
B: 140R: 111
G: 141
B: 185R: 157
G: 177
B: 207R: 195
G: 207
B: 225
R: 76
G: 108
B: 156
R: 54
G: 77
B: 110R: 223
G: 229
B: 239MAIN COLORS SECONDARY COLORS
51 Strictly private & confidential0.0
-3.5
H1 20250.0 -3.8
FY 2025-1.5
-3.8
H1 2026CASH, DEPOSITS,
CASH EQUIV.
OTHER &
DERIVATES
BANK DEBTS
LEASING
EXPOSURE
IFRS 1684.1156.0 88.6
166.2
-30.0
-48.7214.7
-1.3
-53.7214.4
-65.0
-55.4Net Financial Position Strictly private & confidential 5.9 12.9 6.1 o/w special projects ( CapEx ) 90.0 168.8 94.7 NFP « recurring »*
* NFP recurring: excluding CapEx for “special investment projects”
Base
colorsBase
colorsR: 255
G: 250
B: 204
R: 191
G: 191
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G: 71
B: 71
R: 0
G: 0
B: 0R: 255
G: 240
B: 102
R: 255
G: 226
B: 0
R: 191
G: 173
B: 0
R: 127
G: 115
B: 0
R: 80
G: 72
B: 0R: 143
G: 143
B: 143R: 242
G: 242
B: 242
R: 216
G: 216
B: 216R: 221
G: 218
B: 206
R: 182
G: 182
B: 173
R: 146
G: 146
B: 140R: 111
G: 141
B: 185R: 157
G: 177
B: 207R: 195
G: 207
B: 225
R: 76
G: 108
B: 156
R: 54
G: 77
B: 110R: 223
G: 229
B: 239MAIN COLORS SECONDARY COLORS
52 Strictly private & confidentialNet Financial Position walk
JUNE
2026
«reported»-23.7
JUNE
2026
«recurring»DEC.
2025
«reported»IFRS16
Lease
debtDEC.
2025
excl.
IFRS16Excluding
CapEx
(Special
projects)CF from
operat.
activitiesNWC-26.3
CapEx-19.5
Taxes-74.5
Dividends
paid-5.0
Financial,
leases costs
and other-55.4
IFRS16
Lease
debt156.053.7
JUNE
2026
excl.
IFRS1683.5
144.0
88.66.1 94.7209.6-65.6M
* Payment rental IFRS16 -7.0m€; net financial expenses +0.8m€; impact of converting liquidity in currency +1.1m€.*-67.4M
Base
colorsBase
colorsR: 255
G: 250
B: 204
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G: 0
B: 0R: 255
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R: 255
G: 226
B: 0
R: 191
G: 173
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R: 127
G: 115
B: 0
R: 80
G: 72
B: 0R: 143
G: 143
B: 143R: 242
G: 242
B: 242
R: 216
G: 216
B: 216R: 221
G: 218
B: 206
R: 182
G: 182
B: 173
R: 146
G: 146
B: 140R: 111
G: 141
B: 185R: 157
G: 177
B: 207R: 195
G: 207
B: 225
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53 Strictly private & confidential € millions H1 2026% on LTM salesFY 2025% on LTM
salesVar. %
Inventories 146.9 14.0% 112.0 11.0% 31.2% Trade receivables 139.1 13.2% 131.8 12.9% 5.5% Trade payables (214.2) (20.3%) (194.4) (19.1%) 10.2% Trade Working Capital 71.8 6.8% 49.4 4.8% 45.3% Other current assets/(liabilities) (96.6) (9.2%) (106.1) (10.4%) (8.9%) Current tax liabilities (17.9) (1.7%) (4.1) (0.4%) 341.8% Provisions (28.7) (2.7%) (33.8) (3.3%) (15.3%) Net Working Capital (71.4) (6.8%) (94.6) (9.3%) (24.5%) Property, plant and equipment 213.8 20.3% 205.9 20.2% 3.8% Intangible assets 56.5 5.4% 55.5 5.4% 1.8% Goodwill 0.9 0.1% 0.9 0.1% 3.1% Investments in joint ventures 1.1 0.1% 1.1 0.1% 0.7% Employee benefit obligations (3.3) (0.3%) (3.2) (0.3%) 3.3% Other non current asset and (liabilities) 18.6 1.8% 13.7 1.3% 35.5% Net Fixed Capital 287.6 27.3% 273.9 26.9% 5.0% Net Invested Capital 216.2 20.5% 179.3 17.6% 20.6% Shareholders' Equity 305.9 29.0% 336.4 33.0% (9.1%) Net financial position adj for Trade pay due > 12m * (89.7) (8.5%) (157.0) (15.4%) (42.9%) Total Source of Funding 216.2 20.5% 179.3 17.6% 20.6%Balance Sheet June 2026
* Balance sheet net financial position adj for Trade pay due > 12m excludes all the trade payables that will be due after 12 months from the date of reporting, according to ESMA guidelines on 4th March 2021NFP (Cash) (209.6 m€) excluding
IFRS16NFP (Cash)
(144.0m €) excluding
IFRS16
Base
colorsBase
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G: 250
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G: 72
B: 0R: 143
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B: 143R: 242
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B: 216R: 221
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B: 173
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B: 140R: 111
G: 141
B: 185R: 157
G: 177
B: 207R: 195
G: 207
B: 225
R: 76
G: 108
B: 156
R: 54
G: 77
B: 110R: 223
G: 229
B: 239MAIN COLORS SECONDARY COLORS
54 Strictly private & confidentialCLOSING REMARKS
Base
colorsBase
colorsR: 255
G: 250
B: 204
R: 191
G: 191
B: 191
R: 71
G: 71
B: 71
R: 0
G: 0
B: 0R: 255
G: 240
B: 102
R: 255
G: 226
B: 0
R: 191
G: 173
B: 0
R: 127
G: 115
B: 0
R: 80
G: 72
B: 0R: 143
G: 143
B: 143R: 242
G: 242
B: 242
R: 216
G: 216
B: 216R: 221
G: 218
B: 206
R: 182
G: 182
B: 173
R: 146
G: 146
B: 140R: 111
G: 141
B: 185R: 157
G: 177
B: 207R: 195
G: 207
B: 225
R: 76
G: 108
B: 156
R: 54
G: 77
B: 110R: 223
G: 229
B: 239MAIN COLORS SECONDARY COLORS
55 Strictly private & confidential