In the first nine months of 2020, the De’Longhi Group has achieved strong financial growth, with revenues of €1.473 billion (about US$1.74 billion), up 13 per cent year-on-year.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) reached €208.7 million, an improvement of 12.1 per cent over 2019.
In the third quarter, the Group achieved revenues of €576.6 million, up by 25.8 per cent year-on-year, with an adjusted EBITDA of €96.9 million, an improvement of 61.1 per cent from 2019.
“We have always been convinced of the strength of our brands and the potential of our products: beyond the contingent conditions of the market, we believe in the superiority of iconic products supported by investment campaigns that accompany their development in the medium term. Therefore, we will continue to invest in innovation, marketing and communication and the current results confirm the correctness of our strategy,” says De’Longhi Group CEO Massimo Garavaglia.
Looking at the shorter term, we still recognise many elements of uncertainty, which make reading the social and economic context still very difficult. With these results behind us, we revise our end-of-year guidance upwards and we are confident that we will be able to close 2020 with organic growth in revenues at a high single digit rate and an adjusted EBITDA increasing both in value and as a percentage of revenues. In the longer term, we remain focused on the execution of our strategy, according to the value creation model that has guided us so far.”
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