Technogym — Investor Presentation 2026

Mar 19, 2026

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FY 2025 Financial Results

TECHNOGYM

Cesena, Italy – March 19th 2026

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Speakers

Nerio Alessandri
Founder, Chairman & CEO

William Marabini
Chief Financial Officer

Michele Bertacco
Investor Relations Director

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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 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.

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Agenda

• Opening Remarks
  Nerio Alessandri

• 2025 Highlights
  Michele Bertacco

• FY 2025 Financials
  William Marabini

• Closing Remarks
  Nerio Alessandri

• Q&A

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OPENING REMARKS

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CONNECTING

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Technogym's track record of organic growth

1B€+
in 2025

~ 20% CAGR

1984 1986 1990 1994 1998 2002 2006 2010 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

40+ years of GROWTH, PROFIT, CASH GENERATION

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Technogym: a Global Brand

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2025

KEY FACTS

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Technogym invents and launches the Healthness™ concept

Cesena, February 15th

After 40 years of Wellness, Technogym launches Healthness.

Healthness (pending trademark) represents preventive healthcare, to improve physical performance and ensure healthy longevity.

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"The Art of Wellness" Book by Assouline

New York, March 7th

Technogym, in partnership with the prestigious publishing house Assouline, presents the book “The Art of Wellness”

This photographic volume celebrates technogym's design and the vision of the brand that has transformed the functional concept of fitness into an emotional experience by making its products genuine works of art and leveraging science and digital innovation.

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Salone del Mobile

Milano, April 7-13

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FIBO exhibition

Cologne, April 10th-13th

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Rimini Wellness exhibition

Rimini, May 29 – June 1

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Pure Strength Launch

Rimini Wellness

PURE STRENGTH is the new platform dedicated to strength training, designed to meet the needs of various communities, from bodybuilding to functional fitness.

At the core of the offering is the iconic plate-loaded equipment line, designed to deliver maximum biomechanical effectiveness and to target all muscle groups safely and efficiently. The system is completed by a full range of products — including weight plates, barbells, kettlebells other accessories — for a comprehensive and professional workout.

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Technogym x F1

Formula 1® chooses Technogym's gym equipment and wellness program

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New opening – Technogym South Africa

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New opening – Technogym Indonesia

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New opening – Technogym Mexico

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Technogym Activation at Spring Studios, NYC

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Technogym Innovation Outlook Brazil

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New opening – Technogym Saudi

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RUN & RUN & RUN & RUN & RUN

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Technogym at Design Miami

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Philippe Stark – Lily of the Valley, France

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Zaha Hadid Architects – Hotel Romeo, Italy

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Patricia Urquiola – Jumeirah Capri, Italy

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Foster + Partners – Transamerica Pyramid, USA

EmuCry

EmuCry

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Champions train with Technogym

FEDERICA BRIGNONE

CARLOS ALCARAZ

CHAMPIONS

TRAIN WITH TECHNOGYM

CHARLES LECLERC

MARC MARQUEZ

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Champions train with Technogym @Technogym Olympic gyms Milano Cortina

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OLYMPIC AND PARALYMPIC SPONSOR OF MILANO CORTINA 2026

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Sustainability: EcoVadis upgrades Technogym to Platinum Medal

PLATINUM Top 1%

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Sustainability Rating

SEP 2025

Priority criteria & Confidential

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PRODUCT INNOVATIONS

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The Technogym Ecosystem

OPERATOR
Attraction, Retention and Secondary spending

TECHNOGYM
AI

Automation, Anywhere, Engagement

TECHNOGYM
AI COACH

CONSUMER
Superior results, faster

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NEW Technogym Checkup for AI Adaptive Training

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NEW Biostrength

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NEW SAND STONE product line

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NEW Technogym Personal Tools

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NEW Technogym Reform

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STRENGTH – Selection line extension

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IEC 616-174

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NEW Technogym Rigs

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NEW Cable Stations

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NEW Excite+

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2025

NEW LUXURY LIVING

TOP LOCATIONS

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Top CLUB location, Spain

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Top CLUB location, Italy

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Top CLUB location, Belgium

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Top HOSPITALITY location, Thailand

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Top HOSPITALITY location, Bulgaria

www.ecivaw.com

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Top HOSPITALITY location, Germany

IMPROVE YOUR

WELLNESS AGE

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Top HOSPITALITY location, Greece

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EXPLORA I

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Top HEALTH location, USA

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Top HEALTH location, Italy

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Top CORPORATE location: Italy

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Top CORPORATE location, Italy

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Top PERFORMANCE location, UK

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FY 2025

FINANCIALS

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FY 2025 Summary: solid growth across all KPI's

REVENUE

€ 1+ BN

+13.1% YoY

NET PROFIT ADJ

€ 120 M

+33.0% YoY

FCF recurring

€ 130 M

+11.6% YoY

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FY 2025 Summary: Double digit growth

€ millions

Balance sheet

Net Fin. Position 169
Free Cash Flow 116

• NFP and FCF recurring: excluding CapEx for "special investment projects"

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Revenue up +14.6% net of FX

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Increase everywhere with significant expansion in Europe and Americas

• includes North America and Latam

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Growth both in Commercial and Private

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Field Sales and Retail driving growth

• includes E-Commerce and Teleselling channels

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Statutory Profit & Loss FY 2025

€ millions	FY 2025	% on sales	FY 2024	% on sales	Var.	Var. %
Total Revenue	1,019.3		901.3		118.0	13.1%
Cost of raw, ancillary and consumable materials and goods for resale	(321.4)	(31.5%)	(288.7)	(32.0%)	(32.6)	11.3%
of which (cost) non recurrent	0.0		(0.0)		0.0
Service, Rentals and leases	(256.4)	(25.2%)	(239.1)	(26.5%)	(17.4)	7.3%
of which (cost) non recurrent	(0.2)		(0.8)		0.6
Personnel cost	(216.6)	(21.3%)	(191.3)	(21.2%)	(25.3)	13.2%
of which (cost) non recurrent	(4.2)		(2.1)		(2.1)
Depreciations, amortisations and write-downs	(52.3)	(5.1%)	(51.8)	(5.7%)	(0.6)	1.1%
of which (cost) non recurrent	0.0		(0.0)		0.0
Provision for risk and charges	(3.9)	(0.4%)	(4.7)	(0.5%)	0.8	(16.7%)
of which (cost) non recurrent	(0.0)		(0.2)		0.1
Other operations cost	(8.4)	(0.8%)	(6.8)	(0.8%)	(1.6)	23.4%
of which (cost) non recurrent	(0.2)		(0.1)		(0.1)
Share of result in investments consolidated at equity method	(1.0)	(0.1%)	0.1	0.0%	(1.0)	h.v.
of which (cost) non recurrent	0.0		0.0		0.0
Net operating income	159.2	15.6%	119.0	13.2%	40.2	33.8%
Financial income and (expenses) and from investments	0.5	0.0%	4.0	0.4%	(3.5)	(87.4%)
Profit (loss) before tax	159.7	15.7%	123.0	13.6%	36.8	29.9%
Taxes	(43.7)	(4.3%)	(33.8)	(3.8%)	(9.9)	29.2%
of which (cost) non recurrent	(0.2)		0.0		(0.2)
Profit (loss)	116.0	11.4%	89.1	9.9%	26.9	30.2%
Profit (loss) for the year of minority interests	(0.9)	(0.1%)	(2.1)	(0.2%)	1.2	(56.7%)
Profit (loss) attributable to owners of the parent	115.1	11.3%	87.0	9.7%	28.1	32.3%
Adjusted EBIT	163.9	16.1%	122.1	13.6%	41.7	34.2%
Adjusted EBITDA	220.1	21.6%	178.4	19.8%	41.7	23.4%
Profit (loss) adjusted	119.9	11.8%	90.2	10.0%	29.8	33.0%

Comments

• Revenue grew +13.1% to 1,019 m€ (+14.6% at constant F/X), mainly driven by volumes growth and product mix improvement;
• Decrease in cost incidence of raw materials, components and transport; investments in marketing and events, retail (temporary store), new offices (Us and Saudi Arabia)
• Growth in personnel costs driven by investments in the salesforce, operations, and new capabilities supporting our digital ecosystem.
• EBITDA adjusted at 21.6%, growing from 19.8% previous year (+1.8pp).

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Exceptional performance in trade working capital management

64.6	49.4	INVENTORIES
110.9	112.0	TR. RECEIVABLES
132.8	131.8	TR. PAYABLES
-179.1	-194.4
FY 2024	FY 2025
7.2%	4.8%	% on Sales rolling LTM
5.3x	6.0x	Inventory Turnover
42	43	IFRS Balance DSO
111	111	IFRS Balance DPO

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CapEx: Investing in R&D, AI, Digital

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Free cash flow continues the trend of improvement

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Net Financial Position

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Net Financial Position walk

(1) Including minorities.
(2) Payment rental IFRS16 -9.5m€; net financial expenses +0.9m€; impact of converting liquidity in currency -1.9m€ and other -1.1m€.
(3) NFP (Cash) at 209.6m€ including special prj capex (-12.9 m€).

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Balance Sheet December 2025

€ millions	FY 2025	% on sales	FY 2024	% on sales	Var. %
Inventories	112.0	11.0%	110.9	12.3%	1.0%
Trade receivables	131.8	12.9%	132.8	14.7%	(0.8%)
Trade payables	(194.4)	(19.1%)	(179.1)	(19.9%)	8.5%
Trade Working Capital	49.4	4.8%	64.6	7.2%	(23.6%)
Other current assets/(liabilities)	(106.1)	(10.4%)	(83.6)	(9.3%)	26.9%
Current tax liabilities	(4.1)	(0.4%)	(15.4)	(1.7%)	(73.7%)
Provisions	(33.8)	(3.3%)	(28.2)	(3.1%)	19.8%
Net Working Capital	(94.6)	(9.3%)	(62.7)	(7.0%)	50.9%
Property, plant and equipment	205.9	20.2%	178.0	19.8%	15.7%
Intangible assets	55.5	5.4%	51.9	5.8%	6.9%
Goodwill	0.9	0.1%	1.0	0.1%	(9.2%)
Investments in joint ventures	1.1	0.1%	1.2	0.1%	(12.5%)
Employee benefit obligations	(3.2)	(0.3%)	(2.5)	(0.3%)	28.3%
Other non current asset and (liabilities)	13.7	1.3%	59.7	6.6%	(77.0%)
Net Fixed Capital	273.9	26.9%	289.4	32.1%	(5.3%)
Net Invested Capital	179.3	17.6%	226.7	25.2%	(20.9%)
Shareholders' Equity	336.4	33.0%	386.8	42.9%	(13.0%)
Net financial position adj for Trade pay due > 12m *	→ (157.0)	(15.4%)	→ (160.1)	(17.8%)	(1.9%)
Total Source of Funding	179.3	17.6%	226.7	25.2%	(20.9%)

• 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

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CLOSING REMARKS

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HEALTHY PEOPLE

LET'S MOVE

FOR A BETTER WORLD

HEALTHY PLANET®

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