Basic Fit (BFIT) investor relations material

Executive summary

• Revenue grew 18% year-over-year to EUR 800 million in H1 2026, with underlying EBITDA less rent up 36% to EUR 204 million and operating profit up 67% to EUR 96 million.

• Memberships rose 34% to 6.1 million, driven by organic growth and the Clever Fit acquisition.

• Club network expanded 35% year-over-year to 2,192 clubs, with 35 net owned club openings and 6 net franchise openings in H1 2026.

• Net profit turned positive, reaching EUR 25 million, reversing a EUR 8 million loss in H1 2025; free cash flow improved to EUR 25 million from EUR -57 million.

• Strategic focus shifted to quality, capital-efficient growth, emphasizing returns, cash flow, and capital discipline, with Group ROCE as a new guiding metric.

Financial highlights

• Club revenue increased 17% to EUR 783 million, mainly from France and Spain; ARPU for owned clubs was EUR 25.64/month, up 1% year-over-year.

• Underlying EBITDA less rent margin increased to 26% (from 22% in H1 2025); underlying club EBITDA less rent rose 25% to EUR 283 million.

• EBIT rose 67% to EUR 96 million; overhead and marketing costs increased 23% to EUR 91.7 million.

• Depreciation and amortisation up 12% to EUR 263.7 million, reflecting network growth and acquisitions.

• Free cash flow improved by EUR 82 million to EUR 25 million.

Outlook and guidance

• Full-year 2026 revenue guidance confirmed at EUR 1.64–1.69 billion.

• Underlying EBITDA less rent guidance raised to EUR 430–460 million.

• Significant improvement in positive free cash flow anticipated; H2 expected to be more cash-generative.

• Leverage ratio expected to reduce to just over 2x by year-end.

• Net growth of 50 owned clubs expected in 2026.