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TREVISO, Italy – The Annual General Meeting, held on April 30, in ordinary session, approved the separate financial statements for FY 2024, as proposed by the Board of Directors and approved on 14 March 2025. In the twelve months the De’ Longhi Group reached: revenues at € 3,497.6 million, growing by 7% (+6.6% on a like-for-like basis).
- adjusted Ebitda at € 8 million, equal to 16.0% of revenues (14.4% in 2023);
- net income (pertaining to the Group) at € 7 million, up by 24.1% vs 2023;
- free cash flow before dividends and acquisition at € 1 million;
- cash-positive net financial position at year-end 2024 for € 643.2 million, substantially aligned to 2023
The Annual General Meeting of Shareholders also renewed the Board of Directors and the Board of Statutory Auditors for the three-year period 2025-2027.
Both appointed corporate bodies will remain in office until the date of the annual general meeting that will be called to approve the separate financial statements at 31 December 2027.
The new Board of Directors is composed of 12 (twelve) members, 5 (five) of whom are women and 7 (seven) are men, thus ensuring compliance with the gender balance required by the law in force and by the Articles of Association of De’ Longhi S.p.A. Fabio de’ Longhi has been appointed the Chairman of the Board of Directors by the Annual General Meeting.
The new Board of Directors also confirmed Fabio de’ Longhi as Chief Executive Officer of the Group. Nicola Serafin, confirmed as General Manager of the Group, has joined the Board of Directors.
The members are:
- Fabio de’ Longhi
- Micaela Le Divelec Lemmi
- Silvia de’ Longhi
- Christophe Olivier Cornu
- Carlo Garavaglia
- Cristina Finocchi Mahne
- Carlo Grossi
- Nicola Serafin
- Stefania Petruccioli
- Massimiliano Benedetti
- Luisa Maria Virginia Collina
- Ferruccio Borsani
Among these directors, Micaela Le Divelec Lemmi, Christophe Olivier Cornu, Cristina Finocchi Mahne, Carlo Grossi, Massimiliano Benedetti and Ferruccio Borsani have stated that they meet the independence requirements under the combined provisions of Articles 147-ter(4) and 148(3) of Legislative Decree No. 58/1998 (the ‘Consolidated Law on Finance’) and Article 2, Recommendation No. 7 of the Corporate Governance Code, while Luisa Maria Virginia Collina has stated that she meets only the independence requirements under the Consolidated Law on Finance.
Fabio de’ Longhi has been appointed the Chairman of the Board of Directors by the Annual General Meeting of Shareholders.
All the candidates, with the exception of Ferruccio Borsani, were taken from the slate submitted by the majority shareholder De Longhi Industrial S.A. (owner, also on the date on which the slate was submitted, of a shareholding equal to 53.511% of the share capital of De’ Longhi S.p.A. and 69.408% of total voting rights) which obtained votes in favour equal to 78.82% of the voting rights present or represented.
The Director Ferruccio Borsani was taken from the so-called minority slate submitted by a group of asset management companies and financial intermediaries (jointly owning, on the date on which the slate was submitted, a shareholding equal to 6.7384% of the share capital of De’ Longhi S.p.A.), which obtained votes in favour equal to 21.13% of the voting rights present or represented.
The Annual General Meeting also resolved to set the annual remuneration for each member of the Board of Directors at €55,000.00 and to empower the Board of Directors to define any higher remuneration for directors vested with special duties in accordance with the memorandum of association, pursuant to Art. 2389(3) of the Civil Code.
The new Board of Statutory Auditors – which complies with the gender balance required by the law in force and by the Articles of Association of De’ Longhi S.p.A. – is composed of:
- Cecilia Andreoli (Chairman)
- Marcello Francesco Priori (Standing Auditor)
- Alessandra Dalmonte (Standing Auditor)
- Daniela Travella (Alternate Auditor)
- Gianluca Bolelli (Alternate Auditor)
The Chairman of the new Board of Statutory Auditors, Cecilia Andreoli and the alternate auditor Daniela Travella were taken from the so-called minority slate submitted by a group of asset management companies and financial intermediaries (jointly owning, at the date on which the slate was submitted, a total shareholding equal to 6.7384% of the share capital subscribed and paid up of De’ Longhi S.p.A.) which obtained votes in favour equal to 21.07% of the voting rights present or represented, while the other members were taken from the slate submitted by the majority shareholder De Longhi Industrial S.A. (owner, also on the date on which the slate was submitted, of a shareholding equal to 53.511% of the share capital of De’ Longhi S.p.A. and 69.408% of total voting rights) which obtained votes in favour equal to 78.82% of the voting rights present or represented.
The Annual General Meeting of Shareholders also resolved to set the annual remuneration to be granted to the Chairman of the Board of Statutory Auditors at €77,000 and to each Standing Auditor at €53,000.
The curriculum vitae of each of the members of the Board of Directors and of the Board of Statutory Auditors (with the indication, with regard to the latter, the administrative and audit positions held in other companies as of today’ date) are available on the Company’s website www.delonghigroup.com (section ‘Governance’ – ‘Corporate Bodies’ – ‘Annual General Meeting April 2025’).
Pursuant to article IA.2.6.7 of the Instructions accompanying the Rules of the Markets organised and managed by Borsa Italiana, based on the information made available to the Company, the appointed members of the Board of Directors and of the Board of Statutory Auditors include owners of De’ Longhi shares, who are Fabio de’ Longhi (no. 321,855 shares, of which no. 100.000 owned by his spouse), Nicola Serafin (no. 56,011 shares) and Carlo Grossi (no. 4,330 shares, of which no. 800 owned by his spouse).
The Board of Directors of De’ Longhi, meeting after the Annual General Meeting under the chairmanship of Fabio de’ Longhi, has, among other things:
- confirmed Fabio de’ Longhi as Chief Executive Officer, also in accordance with the Corporate Governance Code;
- appointed Silvia de’ Longhi as Vice-Chairman;
- ascertained the existence of the independence requirements of its members pursuant to the combined provisions of Art. 147-ter(4) and Art. 148(3) of the Consolidated Law on Finance, and Art. 2, Recommendation 7 of the Corporate Governance Code, to which the Company adheres, taking into account, for the latter, the significance criteria relating to the circumstances referred to in points c) and d) of Recommendation No. 7 of the same Code, adopted by the Board of Directors, as set out in the Directors’ Report on the agenda of today’s Annual General Meeting, available on the Company’s website delonghigroup.com (section ‘Governance’ – ‘Corporate Bodies’ – ‘Annual General Meeting April 2025’), and on the 1Info authorised storage mechanism (www.1info.it). The Board of Directors also verified whether its members are executive or not pursuant to the Corporate Governance Code. The results of both the aforementioned checks carried out by the Board of Directors are summarised in the table below;
- established the following Committees within the Board of Directors:
- Remuneration and Appointments Committee and appointing as its members the directors Carlo Grossi (Chair – independent), Ferruccio Borsani (independent) and Carlo Garavaglia (non-executive);
- Control and Risks, Corporate Governance and Sustainability Committee and appointing as its members the directors Micaela Le Divelec Lemmi (Chair – independent), Stefania Petruccioli (non- executive) and Cristina Finocchi Mahne (independent)
- Independent Committee and appointing as its members the independent directors Ferruccio Borsani (Chair), Micaela Le Divelec Lemmi and Carlo Grossi;
- appointed, in accordance with the Corporate Governance Code, the independent director Ferruccio Borsani as Lead Independent Director.
