Premium Fitness: Technogym's Growth Has Slowed. What Are Analysts Expecting?
Among Technogym's clients are 46 hotels featured in the "World's 50 Best Hotels 2026" ranking / Photo: www.technogym.com
Fitness equipment from the Italian company Technogym can be found in five-star hotels, Olympic gyms, and private residences. In 2025, the company surpassed €1 billion in revenue for the first time, but by the end of the first nine months of 2026, its growth had slowed—by more than half. Technogym’s stock is currently trading about 30% below its May high, but most analysts recommend buying it. How Technogym became a luxury company, who generates its main revenue, and how it can return to double-digit growth—read about it in this Oninvest article.
How Exercise Equipment Became Part of Interior Design
In the early 1980s, the gym attended by the company’s founder, Nerio Alessandri, was frequented mainly by bodybuilders, and the equipment there consisted of benches, dumbbells, and barbells. In 1983, 22-year-old Alessandri built a piece of exercise equipment in his family’s garage that made it easier and safer to do squats, and sold it to a local gym. Three years later, Technogym released the Unica—a compact system that replaced several pieces of equipment and could fit in a home.
Technogym currently offers several lines of equipment designed for different types of workouts and spaces. In 2006, Italian architect and designer Antonio Citterio designed the Kinesis Personal wall-mounted trainer for Technogym. He concealed the mechanism behind mirrored panels so that the machine would blend into a home’s interior—this model marked the beginning of the Personal Line. Customers in the UAE placed the Kinesis in plain view in their living rooms, just like a sofa or a bookcase, Alessandri explained. The gold-colored version was particularly popular there—in the company’s Austrian catalog, the gold Kinesis with brown leather trim is priced at €18,360.
In collaboration with Dior, Technogym has released a limited-edition collection for home workouts. According to the company, the collection has won more than 60 design awards, including the Compasso d’Oro and the Red Dot.
Who Buys Technogym Exercise Equipment?
Today, Technogym’s main source of revenue comes from sales to businesses. In the first nine months of 2026, these sales grew by 7.1%—B2B sales accounted for €608.3 million, or 81% of the group’s total revenue. Meanwhile, sales to private customers rose by 2.2% to €143.7 million.
Technogym’s clients include the fitness chains Virgin Active and Life Time, as well as the Four Seasons, Hilton, and Marriott hotel groups. According to Technogym itself, 46 of the 50 hotels on the “The 50 Best Hotels 2026” list use its equipment. For these clients, the company designs gyms, supplies and maintains exercise equipment, trains staff, and offers a digital platform for engaging with guests. In 2025, new corporate wellness centers opened at companies such as Morgan Stanley, Samsung, and Siemens. The company has also supplied equipment for ten Olympic Games, including the 2026 Games in Milan and Cortina.
Revenue is rising, but cash flow has declined
In 2025, Technogym’s revenue grew by 13.1% to €1.02 billion, while adjusted net income rose by 33% to nearly €120 million. In the first nine months of 2026, revenue growth slowed to 6.1% (to €752 million) after growing 14% a year earlier. Sales grew fastest in Europe excluding Italy (+9.7%) and in Italy itself (+7%). In the Asia-Pacific region, revenue declined by 1.3%.
In its nine-month results, the company disclosed only sales figures. In the first half of the year, adjusted EBITDA rose by 1.1% to €85.7 million, while its margin declined from 18.5% to 17.4%. Technogym attributed this to higher costs for transportation, raw materials, and components. In addition, the company reported in its earnings release that it raised product prices in July.
Free cash flow, excluding one-time investments, decreased from €44.2 million to €20 million. Technogym attributed this to an increase in inventories of finished goods and components in anticipation of sales and production in the second half of the year.
In its semi-annual report, the company estimated total investments for 2026 at approximately €80 million, and in its nine-month report, it described them as record-breaking. To become a provider of comprehensive health solutions, the company is integrating AI into its fitness equipment and services, expanding its production capacity in Slovakia, and building the Healthness Lab research facility. In this way, Technogym is developing its offerings in the areas of personalized training and preventive care. One of the products in this field is Technogym Checkup, an AI-powered station that assesses physical fitness and helps users select a training program.
What Analysts Are Expecting
Following the release of the nine-month sales results, analysts at Equita SIM lowered their price target for Technogym shares from €22 to €18, while those at Intesa Sanpaolo lowered theirs from €18 to €17, maintaining a “buy” recommendation. Based on these targets, the company’s shares could rise by 12% and 18%, respectively, from the closing price on November 12.
Even before the data was released, on October 22, BofA Securities analyst Thierry Cota lowered his price target from €16 to €14 and maintained a neutral rating. BofA calculated the target price based in part on the multiples of comparable companies, such as fitness equipment manufacturer Johnson Health Tech and luxury brands like LVMH and Hermès (the report is available at the Oninvest editorial office).
Thierry Cota expected sales growth to return to the low double digits in the fourth quarter. In his view, this could be driven by orders for equipment from the Sand Stone line—which were still being fulfilled in October—and the price increase in July. For 2027, BofA lowered its revenue growth forecast from 9% to 7.8%, citing weak consumer demand for luxury goods and deteriorating outlook for the Middle East. The bank has lowered its forecast for the recovery of the adjusted EBITDA margin in 2027 and does not expect a full return to 2025 levels until at least 2028.
The next important event for investors is Technogym's 2026 earnings report, which is expected in March 2027.
Seven analysts who track the company’s performance recommend buying its stock, and three recommend holding it. The average target price is €17.64—16% higher than the closing price on November 12. The highest target price set by analysts, $24.50, implies growth potential of more than 60%.
