Elica turnover -14% in the first 9 months but margins hold up.The good performance of own brands does not compensate for the continuous slowdown in OEM orders in cooking and recently also in heat pumps Board of Directors of Elica SpA approved the results as of 30 September 2023. Revenues fell significantly: 360 million which means -14% compared to the first 9 months of 2022. The weakness of cooking continued, aggravated by a significant slowdown in the heating motors segment.
In this context, Elica managed to defend the margin which remained at 10.4%, no small achievement for an industrial company. In fact, EBITDA fell consistently with sales: -13.4%. The same goes for profits: 9.6 million, i.e. 13.3% less than the first 9 months of last year. Debt did not increase compared to the previous quarter: 47 million.

Cooking: – 14%
The Cooking division, which represents 77% of total turnover, recorded a decline of -14.6% (-13.7% at constant exchange rates and scope). The destocking phase in the OEM area continues , recording a significant double-digit contraction. In other words: Elica’s client brands do not sell and therefore produce less and do not buy components. Elica’s own brands perform better than the market and are more profitableDespite a persistent negative scenario, we proactively and quickly addressed unexpected challenges, integrating these variables into our managerial style, rather than playing defense. The actions and projects launched, both at product and distribution level, will give us the possibility of restarting at double speed as soon as the market becomes receptive again and – even in the event of a still difficult scenario – they will be further levers to pull to start again to grow ” declared Francesco Casoli, President of Elica.