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Smartfit (SMFT3) investor relations material
Smartfit Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved 19% year-over-year growth in club network, reaching 1,818 units across 15 countries, with guidance for 340–360 new openings in 2025 and 80% expected to be owned units.
Net revenue rose 32% year-over-year to R$1.8 billion in 2Q25, driven by a 16% increase in average member base and a 10% rise in average ticket price.
Record EBITDA of R$576 million, up 32% year-over-year, with a 32.1% margin and 90% conversion to operating cash flow.
Recurring net income reached R$189 million, a 32% increase year-over-year, with a recurring net margin of 10.6%.
TotalPass business unit continues to gain scale and profitability, narrowing the gap between check-ins and revenue.
Financial highlights
Net revenue for 2Q25 was R$1.8B, up 32% vs. 2Q24 and 7% sequentially from 1Q25.
EBITDA margin was 32.1% in 2Q25, stable year-over-year and up 1.1 p.p. sequentially.
Cash gross margin reached a record 50.9% in 2Q25, up 0.9 p.p. year-over-year.
Operating cash flow was R$521M in 2Q25, with 90% EBITDA conversion.
Recurring net income margin increased to 10.6% in 2Q25, up 2.2 p.p. year-over-year.
Outlook and guidance
Guidance for 2025 remains 340–360 new club openings, with 80% as owned units, a 15% increase over 2024.
Expansion is supported by strong financial position, disciplined capital allocation, and favorable market conditions.
CapEx reduction initiatives in Brazil are being extended to Mexico and other countries for long-term growth.
No acceleration planned for franchise buybacks; focus remains on opening new stores to increase capillarity.
The gap between TotalPass check-ins and revenue is expected to continue narrowing through year-end, though not to zero.
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