DeLonghi Q1 Report 2023

The Group posted revenues of €602.4 million in the first three months of 2023, a decrease of 18.1% against the same period of 2022 during which the growth rate was quite high (+8.4% against the same period of 2021). Net the discontinued portable air conditioning business, revenues were 15.4% lower. The performance reflects lower volumes which were only partially offset by the pricing actions taken at the end of 2022, the improved mix and a positive exchange effect.

Consolidated revenues fell 18.1% in comparison with the prior year (when 8.4% growth against 2021 was recorded) to €602.4 million in the first quarter of 2023 which reflects the complicated conditions of the current macroeconomic situation. The impacts due to lower volumes were only partially offset by the pricing actions taken at the end of 2022, by the improved mix and positive exchange effect.

In the first quarter of 2023 a few non-recurring items, including net income of €1.2 million (net charges of €6.6 million in the same period of 2022), were recognized. This item includes gains on the revised valuation of assets in Ukraine as activity resumed partially in a few areas of the country which resulted in the collection of almost all of the receivables and in a partial sale of the stock, as well as the economic impact of the purchase price allocation stemming from recent acquisitions.