The Ariston Group announced net revenues of 760 million euro in the first quarter of 2023 (Q1), marking a global increase of 37.6% compared to Q1 2022 and an advance of EBITDA (earnings before interest, tax, depreciation and amortization) of 44.6%. At the same time, the group announced that Maurizio Brusadelli will become CEO in August, succeeding Laurent Jacquemin, who will retire as CEO from July 27, but will remain in the Council as a non-executive member.
“We are reaping the rewards of our investments: the decision to continue to focus on renewable energy sources is paying off and we are benefiting from the solid partnership with our new colleagues at Wolf- Brink,” commented Paolo Merloni, Group Executive Chairman.
“Regarding the succession to the position of CEO, I have known Laurent Jacquemin for over 30 years and have a deep admiration for his humanity and generosity, in addition to his managerial qualities. I want to express my gratitude for his dedication to Ariston and am delighted that he will remain on the Board as a non-executive member. I look forward to welcoming Maurizio Brusadelli as the new CEO of the Ariston Group. Maurizio brings to Ariston the professional, managerial and human skills demonstrated in his long career and in his first interactions with us. It can rely on a world-class management team, the skills and passion of the more than 10,000 people who are part of the Ariston Group, and I am sure that this combination will be extremely beneficial to our trend of accelerated, sustainable and profitable growth.
Finally, a word of thanks to the team that managed the succession process in accordance with the best corporate governance practices, ensuring quality, confidentiality and creating all the conditions for a smooth transition.”
“I am preparing for a new stage of my life, which I would like to dedicate to non-profit humanitarian activities and in which I hope to spend more time with my family. At the same time, I would like to say that I am proud of what the Ariston Group has achieved so far. Thanks to the involvement of an extraordinary team, we have been able to develop and expand our company and we will continue to grow together,” added Laurent Jacquemin, CEO.
“I believe that the choice of Maurizio Brusadelli as my successor is the best choice and I wish him success in office. Finally, I would like to thank Executive Chairman Paolo Merloni and Honorary Chairman Francesco Merloni for their support, trust and friendship, and for over thirty years of fruitful collaboration.”
Net income amounted to 759.7 million euro, an increase of 37.6% from 552.1 million euro in the first quarter of 2022.
The highest growth was recorded in Europe, in the Thermal Comfort division, also taking into account the acquisition of Wolf-Brink (formerly CENTROTEC Climate Systems), which allowed the Group to capitalize on the opportunity created by the increased demand for sustainable solutions in Germany and other key European markets.
The EBITDA result reached 97.3 million euro, up 44.6% from 67.2 million in Q1 2022, while EBIT stood at 70.4 million euro, up 51, 2% compared to 46.6 million euro in Q1 2022.
Adjusted EBITDA amounted to 98.6 million euro, an increase of 40.6% from 70.1 million euro in the first quarter of 2022, with an increase in the margin to net revenues from 12.7% to 13%.
