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The Gym Group (GYM) investor relations material
The Gym Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue increased 8% year-over-year to £121.0m, driven by a 4% rise in average members and a 4% increase in ARPMM; closing membership up 5% year-over-year to 949k.
Group Adjusted EBITDA Less Normalised Rent rose 24% to £27.4m, reflecting operational leverage and outpacing cost inflation.
Free cash flow grew 8% to £25.1m, supporting new site openings, refurbishments, and technology investments.
UK gym market penetration reached 16.6%, with structural growth tailwinds and strong Gen Z engagement.
On track to open 14–16 new sites in 2025 and 18–22 in 2026, all funded from free cash flow.
Financial highlights
Average members in H1: 953,000, up 4% year-over-year; ARPMM up 4% to £21.16.
Statutory profit before tax: £3.3m, up from £0.2m; adjusted profit before tax: £4.9m, up from £0.5m.
Adjusted diluted EPS was 2.7p, up from 0.3p; statutory diluted EPS was 1.8p, up from 0.1p.
Net debt reduced by £10.1m to £51.2m; leverage ratio improved to 1.0x from 1.3x.
EBITDA margin improved to 23%, up 3% year-over-year.
Outlook and guidance
Trading momentum continued into July and August, supporting confidence in delivering ~3% like-for-like revenue growth for the full year; like-for-like cost growth expected at ~2%.
Full-year Group Adjusted EBITDA Less Normalised Rent expected at the top end of £50.6m–£52.8m analyst range.
Plan to open 14–16 new sites in 2025 and 18–22 in 2026, all funded from free cash flow.
CapEx for 2025 expected at ~£50m; year-end net debt expected to return to ~£60m due to H2 CapEx and working capital unwind.
No cash tax expected until 2028 due to prior losses and capital allowances.
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