Elica is forging ahead with its strategic investments, despite facing current market challenges. The launch of Elica’s expanded product line, dubbed “Extraordinary Cooking,” has been well-received by the media. Yet, the overall market conditions remain tough, and this is reflected in Elica’s first-quarter sales figures: a turnover of 117 million euros marks an 8.5% decrease from the same period in 2023, albeit a 4% increase from the preceding quarter. Despite a 6.9% uptick in the US market, it does not offset the sales slump across Europe and beyond, in both volume and value.

The Cooking division saw a 6.2% downturn, impacting even the Own brands segment, which had previously shown robust performance. The Motors division fared even worse, with an 18% decline.

Price pressures have significantly eroded profit margins, with adjusted EBITDA plummeting by 40% compared to the first quarter of the previous year. The net income also took a hit, landing at 440 thousand euros, a steep fall from the 3.9 million euros recorded in the first quarter of 2023.

Nevertheless, Elica’s leadership remains undeterred, securing a 70 million euro loan to fuel future growth initiatives.