In 2023, Terme di Sirmione Spa recorded a significant increase in revenue, closing the year with a turnover of €43.7 million, marking a growth of 8.7% compared to the previous year. Net profit stands at €3.5 million, after considering depreciation, write-downs, and provisions of €3.4 million, and taxes of €1.4 million. EBITDA reached €9.1 million, representing 20.89% of total revenue.
The company, controlled by FGH Franco Gnutti Holding SpA, operates in the thermal-tourism-accommodation sectors with a focus on hospitality, health, and wellness. The product sector also contributes to the company’s growth. An important role is played by the subsidiary Golf Bogliaco S.r.l., which manages a historic golf course and related accommodation facilities, generating over €2 million in revenue in 2023.
All operational areas have shown positive results. In particular, the Health sector has experienced a significant recovery after the pre-Covid decline and the difficulties caused by the pandemic. The thermal wellness center Aquaria, recognized as one of the main attractions in the province of Brescia according to a study commissioned by Visit Brescia, continues its steady growth.
Terme di Sirmione’s own brand products have seen an increase in revenue thanks to the decisive contribution of Acqua di Sirmione, a leader in the nasal solutions market in Italy. This product is distributed by the multinational company A. Menarini Industrie Farmaceutiche S.r.l., present in over 99% of Italian pharmacies.
Engineer Margherita De Angeli, General Manager of the company, emphasizes the importance of recovering volumes in the health sector: “For over a hundred years, we have been treating people thanks to the properties of sulfurous-saline-bromine thermal water and sulfur hydrogen.” These characteristics are also fundamental for the growth of thermal wellness, which finds expression in the Medical SPA Aquaria under the guidance of the new Medical Director Dr. Emanuele Clò.
The total number of employees reached 462 in 2023, with 270 permanent employees. The company continues to face challenges related to the reduction of arrivals from Germany and difficulties in finding qualified personnel. To improve job attractiveness in an area characterized by undeclared work, Terme di Sirmione invests in stabilizing its workforce through a dedicated corporate academy for training and a renewed welfare plan.
Investments totaling €4.3 million were made during the year, mainly for the restyling of the historic Hotel Fonte Boiola and the thermal department dedicated to health and care. Significant resources have also been allocated to the digital and information technology field to improve management and commercial activities through advanced systems such as the Salesforce CRM, which has allowed mapping nearly 800,000 customers and reaching around 3.8 million annual contacts.
The Knight of Labor Giacomo Gnutti highlights the importance of protecting thermal waters as a national heritage: “It is essential to distinguish between true thermal waters and unqualified commercial offerings based on simple heated water.” Gnutti also emphasizes the importance of providing correct scientific information to the medical profession and transparent communication to customers.
The General Meeting on May 11 confirmed EY as the Audit Firm for the three-year period until 2026. The Board of Directors sees Giacomo Gnutti as President and CEO, supported by Vice Presidents Giovanbattista Cerioli and Giorgio Santi, along with other directors Marco Bonometti, Margherita De Angeli (also General Manager), Renzo Iorio, Paolo Negroni, Alberto Palazzani, and Alessandro Sassi.
In conclusion, Terme di Sirmione continues to be an economic and tourist pillar on Lake Garda thanks to its solid financial results and strategic investments aimed at sustainable and innovative development of its services.
Italian Version
