Financial Reports

Experience and Expertise

STIGA has over 90 years of garden products experience. This knowledge base has proven invaluable during 2024 as our organisation navigated through a year shaped by economic uncertainty shifting consumer preferences and a growing demand for sustainable solutions. Our ability to optimise production, manage supply chains efficiently and continue investing in innovation has positioned us to meet market demands while maintaining financial discipline.

I am delighted with our organisation’s performance, which saw Stiga increase its overall market share to 8.7%. This achievement was driven by robust development across the three channels: Traditional Trade, Mass Market, and E-commerce.

While maintaining our leading position in ride-on products within Traditional Trade, we made significant strides in Mass Market, thanks to branded sales, which grew from 62% to 69% of the Group’s total. The E-commerce channel experienced a 50% sales increase, now accounting for 5% of the Group’s total revenue. The ongoing development of channels and mix continues to drive steady margin growth, which improved again in 2024, continuing the positive trend of the past five years.

Alignment with Changing Market Dynamics

In three key areas – Online & Digital, Battery power, and Autonomous capability – Stiga continues to enhance convenience for consumers while contributing to the sustainability of our planet. The organisation is well-positioned to respond to these dynamics and has introduced a product line designed for future growth.

We maintain a dominant position in battery ride-on technology with over 50% market share, which serves as the benchmark for expanding into battery handheld and walk-behind products. This innovation also aligns with our future growth in the commercial sector set to be unveiled soon.

Our patented Navigation Technology AGS leads the robotics industry, establishing Stiga as the technical frontrunner in this sector. On the digital front, our APP features streamline the consumer experience, making setup procedures quick and effortless.

Solid Growth in Sales and Profitability

In 2024, STIGA achieved an increase in sales compared to the previous year, driven primarily by strong performances in key markets such as the UK, Poland, and the Benelux region. Battery-powered products, including autonomous robots, played a pivotal role in this growth, now representing 12% of total sales – up from 10% in 2023. This shift towards sustainable and technologically advanced products continues to be a cornerstone of our success.

Our Adjusted EBITDA reached in 2024 the value of EUR 49.4 million, when excluding non-recurring cost items related to market and product research, legal and redundancy costs. The EBITDA reported value of EUR 47.2 million marked an impressive 41% growth compared to 2023. This substantial growth in profitability was achieved through higher sales, enhanced margins, and a disciplined approach to managing operating expenses.

Strengthened Financial Position & Market Strategy

STIGA’s Net Financial Position reached a value of EUR 80.4 million marking a significant improvement of EUR 31.7 million. This positive movement reflects our enhanced operational efficiency, including improved cash collection and higher payables, that enabled the early repayment of EUR 24.6 million long-term debt due in August 2024. Furthermore, in 2024, we refined our market focus, optimising our presence across 87 countries. We have entered five promising new markets while strengthening our activities in key regions, particularly in our Export business.

Continued Investment in Innovation

Capital expenditure remained steady at EUR 12.2 million, in line with 2023, allowing us to maintain our focus on research and development. Our continued investments are driving innovation, particularly in the battery-powered and robotic technology segments, as we expand our product range and reinforce our technological leadership. Our mission remains to drive innovation and lead the garden care industry towards a smarter, more sustainable, and interconnected future.

Looking Ahead – Building on Our Momentum

Looking ahead, STIGA is focused on further strengthening its market position. We remain committed to increasing the sales of our branded products and expanding our leadership in robotic and battery technologies. We are making strategic investments in advanced technologies, proprietary patents, predictive solutions, and AI to enhance the customer experience – delivering greater efficiency, accessibility, and performance. Robotic lawnmowers represent a significant growth opportunity, defining the future of garden care and serving as a key pillar of sustainable gardening.
Equally important is our transition from petrol to battery-powered products. We now have the largest range of battery-powered ride-on and autonomous products in the market. This sits well with the global imperative for clean and sustainable products but also aligns with structural changes in the market.
As technology evolves at an unprecedented pace, we remain steadfast in our commitment to consumer convenience and innovation. Our focus is on creating cutting-edge, intuitive, and seamless experiences for our customers, ensuring they enjoy their gardens while STIGA remains at the forefront of the industry.

Thank you once again for your continued trust and support as we work towards reshaping the future of gardening.

STIGA’s most significant results in 2024 include:

 

• Sales registered +2% vs. 2023, mainly in UK, Poland and Benelux. Battery products (including Robots) represented 12% of total sales (10% in 2023);
• Adjusted EBITDA was EUR 49.4 million, due to higher sales, higher margin and lower Operating Expenses mostly related to a more efficient marketing, selling and after sales spending (-10% vs 2023);
• Net Financial Position was EUR 80.4 million, +31.7 million vs. 2023 (+28%), driven by the decrease of Trade Working Capital due to increase of payables and better cash collection;
• In 2024 we refined our market focus to 87 countries, exiting 10 low value destinations and entering in five new markets, optimising our presence in our core Export regions;
• Average employees rose notably in France and Germany, although the total fell by 70 Full Time Equivalent (-5% vs. 2023), primarily in Italy, as a result of reduced production volumes and the adoption of a new organisational structure;
• Capex at EUR 12.2 million was in line with 2023, still allowing the continuation of the R&D programme of investments aimed at developing and enhancing new technologies such as AI, vision, sensing, and autonomy;
• The future plans are aimed to strengthen our market position with a focus on sales of branded products, robotic technology and battery range.

Continuing to drive positive change

2024 has been a year of resilience and strategic growth for STIGA. In an ever-changing global environment, we have remained steadfast in our commitment to responsible business practices, innovation, and long-term sustainability. As we look ahead, our focus is clear: to continue evolving while upholding our dedication to sustainable solutions that benefit both people and the planet.
Sustainability is not merely an aspiration for STIGA – it is embedded in the very foundation of our business. Our expertise in lawn care and our passion for greener spaces drive us to create products and innovations that enhance the environment while delivering exceptional performance. Our Environmental, Social, and Governance (ESG) initiatives remain central to our strategy, ensuring we make tangible progress in reducing our ecological footprint and promoting responsible practices across all areas of our operations. A key achievement this year has been the attainment of the Gender Equality Certification UNI PdR 125:2022 at our Italian site, a milestone that underscores our commitment to fostering an inclusive and diverse workplace.
Product innovation remains a vital component of our sustainable transition. In 2024, we made significant strides in expanding our range of battery and electric-powered solutions, increasing their share to 27% of total sales. This shift is a critical step towards reducing emissions and enhancing energy efficiency, ensuring that STIGA remains at the forefront of sustainable gardening solutions.

Additionally, we are incorporating recyclable materials and improving product circularity, reinforcing our dedication to responsible manufacturing. By implementing circular economy principles, we are designing products that are easier to maintain, repair, and recycle, further extending their lifecycle and reducing environmental impact.
Another important milestone has been our membership in the UN Global Compact, aligning STIGA with global efforts to uphold human rights, environmental stewardship, and ethical business conduct. This step further integrates sustainability into our core operations, ensuring accountability and progress in our goals. We are also intensifying efforts to make our facilities more eco-friendly. A significant portion of the electricity used across our production plants and offices now comes from renewable sources, and we are actively increasing self-produced energy.
As we move forward, we recognise that our responsibilities extend beyond compliance – they are about shaping a better future. The urgency of sustainability has never been greater, and STIGA is committed to being a leader in responsible innovation. With clear goals and a forward-thinking approach, we are prepared to meet the challenges ahead while continuing to drive positive change. On behalf of the Board, I extend my gratitude to our employees, partners, and stakeholders for their continued trust and support.
Together, we will build on our achievements, embracing sustainability as a cornerstone of STIGA’s success.