Basic Fit (BFIT) Investor presentation summary

H1 2026 performance highlights

• Total clubs reached 2,192, up 35% year-on-year, with memberships at 6.1 million, up 34% year-on-year.

• Revenue grew 18% to €800 million, and underlying EBITDA less rent rose 36% to €204 million.

• Net profit improved by €82 million to €25 million, and free cash flow increased by €31 million to €24 million.

• Growth was driven by the Clever Fit acquisition and strong performance in France and Spain.

• Basic-Fit branded owned clubs saw memberships rise to 5.1 million, up 13% year-on-year.

Strategic growth and market opportunity

• Multi-vertical growth strategy focuses on organic, inorganic, and franchise expansion.

• Cluster strategy and detailed market analysis drive organic growth and high ROIC (>30%).

• Bolt-on acquisitions, such as wellyou in Germany, accelerate scale and brand presence.

• Franchising enables capital-light expansion, especially in France and Germany.

• European fitness market remains underpenetrated, with significant white space for growth.

Financial outlook and capital allocation

• 2026 revenue expected between €1.64–€1.69 billion, with underlying EBITDA less rent of €430–€460 million.

• Free cash flow is set to improve significantly, supported by disciplined capital allocation.

• Expansion capex per new club is €1.4–€1.5 million, with maintenance capex at €60k per club.

• Leverage ratio targeted to decline below 2x, with potential for shareholder distributions.

• New €308 million convertible bond maturing in 2031 enhances financial flexibility.