The consolidated results for the first quarter of 2022 have been approved by the board of directors of De 'Longhi SpA. Massimo Garavaglia, CEO of De' Longhi commented: “We are very satisfied with the results of this first quarter, even more significant in light of the difficult comparison with the first quarter of 2021 which had recorded exceptional results with a constant growth in turnover of around 60%. At the start of the year, our group is responding with determination to the numerous challenges posed by a highly complex and rapidly evolving macroeconomic and geopolitical scenario, in which cost inflation and difficulties in supply chains are added to fears of impacts on dynamics of consumption due to the military escalation in Eastern Europe. However, even in the presence of a strongly evolving macroeconomic context, in light of the current elements we do not modify the previous guidance".

"In conclusion, we remain convinced that the strategy of focusing on the core categories, in particular that of coffee, of constant investment in the product and brands, of geographical development and discipline in price management, remains the winning strategy for the creation of value in the medium and long term”, he concluded.

The Group reported revenues up 8.4% to € 735.5 million (+ 5.5% on a like-for-like basis); an adjusted Ebitda of € 100.1 million, equal to 13.6% of revenues compared to 18.9% in 2021 (but an improvement compared to 10.7% in 2020); an operating result (Ebit) of € 69.1 million, equal to 9.4% of revenues compared to 14.9% of the previous year; a net profit of € 50.6 million, equal to 6.9% of revenues; a positive net financial position of € 274.6 million, which was contributed by a positive cash flow before dividends and acquisitions of € 170.7 million in the 12 months.