FY 2024 Financial Results

Cesena – March 26th, 2025 Investor Relations

Speakers

Nerio Alessandri Founder, Chairman & CEO

William Marabini Chief Financial Officer

Michele Bertacco Investor Relations Director

Disclaimer

This 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 forwardlooking 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.

Index

> Nerio Alessandri's Opening Remarks

Opening 40 years A Growth Story From Paris to Cortina A Global Love Brand

> Another Year of Investments and Innovation

Technogym App Technogym Unique Digital Ecosystem Technogym Check Up Strength and Med New Boutiques

> What's Next

Technogym Evolution Long-term Drivers The Healthness Era

> FY 2024 Financial Resuls

> Closing Remarks

Nerio Alessandri

ECHNOGym

rsa: distribution and commercial use strictly prohibited

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Technogym's track record

1983 1984 1986 1990 1994 1998 2002 2006 2010 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

40+ years of GROWTH, PROFIT, CASH GENERATION

► Note: 2022 turnover as rounded Consensus estimates

PARIS 2024

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And now, Milano - Cortina 2026

Technogym in 120 Countries: Global Brand

Technogym Users WOT C Wic

ANOTHER YEAR OF INVESTMENTS AND INNOVATION

Technogym App

Technogym Digital Ecosystem – A Personalized Wellness Experience

Technogym Digital Ecosystem – The Open Platform to connect all personal data

Technogym Digital Ecosystem is an Open Platform that integrates with third party platforms, equipment and devices and consumers apps and wearables for a seamless connected experience

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MOBILITY 100

Technogym Checkup

TechnoGym

Connected Dumbbells

Medical New Rev Line

WHAT'S NEXT? The Future of Wellness

HealthnessTM, a further step towards our growth

Health Market as top-of-mind priority

Increased interest of consumers for longevity and wellbeing

From life-span to health-span
Physical activity to contribute to good mental health and keep a balanced lifestyle
Renewed focus on healthy nutrition

Ageing population emphasizes prevention and health needs

Prevention
Increased attention towards activities to secure healthy living
Willingness of elderly people to increase spending on health products

3

Governments aiming to reduce healthcare costs

Reduction of increasing healthcare costs
Increase quality of care and prevention

Corporate focus on employee's wellness and HC cost reduction

Increase workforce productivity and talent retention
Reduce health expenses
Provide attractive, but cost efficient benefit plans

Health is Wealth

Welcome to the HealthnessTM era

After 40 years of Wellness, Technogym launches Healthness and becomes a Life Science Company

GENETICS ACCOUNT FOR ONLY 20% OF HEALTH, WHILE LIFESTYLE FACTORS CONTRIBUTE 80%

The ability to predict diseases before they manifest, using Data and Artificial Intelligence (AI), represent one of the greatest revolutions of our time.

Physical exercise is considered a true medicine, and Healthness represents preventive healthcare, to improve physical performance and ensure healthy longevity.

Current Market Space

Healthness

Fitness

Potential Market Space

FY 2024 Financial Results

2024 FY All Key Performance Indicators improving

€ millions

901.3 902.5

Revenue growth at constant FX +11.7%

+11.7%

Porto Montenegro

@costant FX

€ millions

London

Strong growth in MEIA, Americas & Europe

	+11.5%
	901.3		2024 vs Y-1
808.1
378.1 (46.8%)	416.1 (46.2%)	EUROPE (EXCL. ITA)	+10.1%
128.6	146.4 (16.2%)	AMERICAS	+13.9%
(15.9%) 108.7	126.4 (14.0%)	MEIA	+16.3%
(13.5%) 115.7 (14.3%)	122.2 (13.6%)	APAC	+5.6%
76.9 (9.5%)	90.1 (10.0%)	ITA	+17.1%
2023 FY	2024 FY

Growth in both segments

Strong growth in Retail and Distributors

* includes E-Commerce and Teleselling channels

Statutory Profit & Loss FY 2024

€ millions	FY 2024	% on sales	FY 2023	% on sales	Var.	Var. %
Total Revenue	901.3		808.1		93.2	11.5%
Cost of raw, ancillary and consumable materials and goods for resale	(288.7)	(32.0%)	(269.8)	(33.4%)	(18.9)	7.0%
of which (cost) non recurrent	(0.0)		(0.0)		(0.0)
Service , Rentals and leases	(239.1)	(26.5%)	(213.6)	(26.4%)	(25.5)	11.9%
of which (cost) non recurrent	(0.8)		(1.6)		0.9
Personnel cost	(191.3)	(21.2%)	(167.7)	(20.7%)	(23.7)	14.1%
(cost) of which non recurrent	(2.1)		(1.8)		(0.4)
Depreciations, amortisations and write-downs	(51.8)	(5.7%)	(45.7)	(5.7%)	(6.0)	13.2%
of which (cost) non recurrent	(0.0)		(0.0)		0.0
Provision for risk and charges	(4.7)	(0.5%)	(8.5)	(1.1%)	3.9	(45.3%)
of which (cost) non recurrent	(0.2)		(3.4)		3.3
Other operations cost	(6.8)	(0.8%)	(9.8)	(1.2%)	3.0	(30.3%)
of which (cost) non recurrent	(0.1)		(1.5)		1.5
Share of result in investments consolidated at equity method	0.1	0.0%	4.4	0.5%	(4.3)	(98.4%)
of which (cost) non recurrent	0.0		4.5		(4.5)
Net operating income	119.0	13.2%	97.4	12.1%	21.6	22.2%
Financial income and (expenses) and from investments	4.0	0.4%	3.0	0.4%	1.0	31.6%
Profit (loss) before tax	123.0	13.6%	100.4	12.4%	22.6	22.5%
Taxes of (cost) which non recurrent	(33.8) 0.0	(3.8%)	(23.2) (1.0)	(2.9%)	(10.6) 1.0	45.7%
Profit (loss)	89.1	9.9%	77.2	9.5%	11.9	15.5%
Profit (loss) for year of the minority interests	(2.1)	(0.2%)	(3.5)	(0.4%)	1.5	(41.2%)
Profit (loss) attributable owners of the to parent	87.0	9.7%	73.6	9.1%	13.4	18.2%
Adjusted EBIT	122.1	13.6%	101.2	12.5%	20.9	20.7%
Adjusted EBITDA	-3.0 178.4	19.8%	-0.4 152.0	18.8%	26.4	17.3%
Profit (loss) adjusted	90.2	10.0%	78.4	9.7%	11.8	15.0%

Comments

Revenue grew +11.5% (+11.7% at constant F/X), mainly driven by volumes growth and an improved product mix;
Cost efficiency on raw materials, components and international freight costs; increase on service costs and rental following the volume growth and new offices/boutiques;
Personnel costs growths aimed at investing in salesforce, operations and new skills;
Higher amortization, reflecting ongoing investments in digital transformation and operational excellence;
Provision for risk and other operation costs reduced because of non-recurring costs incurred in the previous year;
Share of result in investments impacted in previous year by TG Emirates evaluation;
EBITDA adjusted at 19.8%, growing 1.0pp from previous year (+17.3% growth).

Trade working capital

Capex: Investing in Digital, IT, Retail

Free cash flow shown remarkable result

Net Financial Position improving YoY

Net Financial Position at € 160.1 m

* Payment rental IFRS16 -10,6 m€; Lease DLL -5,9 m€; net financial income +3,7 m€; impact of converting liquidity in currency and others +0,9m€

Balance Sheet December 2024

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€ millions		FY 2024	% on sales	FY 2023	% on sales	Var. %

Inventories		110.9	12.3%	103.6	12.8%	7.1%
Trade receivables		132.8	14.7%	119.8	14.8%	10.9%
Trade payables		(179.1)	(19.9%)	(155.4)	(19.2%)	15.3%
Trade Working Capital		64.6	7.2%	68.0	8.4%	-4.9%
Other current assets/(liabilities)		(83.6)	(9.3%)	(78.0)	(9.7%)	7.1%
Current tax liabilities		(15.4)	(1.7%)	(9.2)	(1.1%)	67.9%
Provisions		(28.2)	(3.1%)	(19.5)	(2.4%)	45.0%
Net Working Capital		(62.7)	-7.0%	(38.7)	-4.8%	61.8%
Property, plant and equipment		178.0	19.8%	171.6	21.2%	3.8%
Intangible assets		51.9	5.8%	55.7	6.9%	(6.8%)
Goodwill		1.0	0.1%	1.0	0.1%	0.0%
Investments in joint ventures		1.2	0.1%	1.2	0.1%	6.0%
Employee benefit obligations		(2.5)	(0.3%)	(2.6)	(0.3%)	(4.5%)
Other non current asset and (liabilities)		59.7	6.6%	48.7	6.0%	22.5%
Net Fixed Capital		289.4	32.1%	275.5	34.1%	5.0%
Net Invested Capital		226.7	25.2%	236.8	29.3%	-4.3%
Shareholders' Equity		386.8	42.9%	363.7	45.0%	6.3%
Net financial position adj for Trade pay due > 12m *		(160.1)	(17.8%)	(126.9)	(15.7%)	26.1%
Total Source of Funding		226.7	25.2%	236.8	29.3%	-4.3%
	NFP (Cash)		NFP (Cash)
(207.2 m€) excluding IFRS16			(170.6 m€) excluding IFRS16

* 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 2021