Basic Fit (BFIT) Q1 2026 TU earnings summary

Executive summary

• Ended Q1 2026 with 2,184 clubs, a 35% increase year-over-year, and 6.0 million members, up from 4.7 million in Q1 2025, including Clever Fit owned and franchise clubs.

• Group revenue rose 34% year-over-year to €396 million, with Basic-Fit branded revenue up 15% to €380 million.

• Net club growth was 28–33 clubs in Q1, with most openings in France, Spain, and Germany.

• Franchise expansion continues, with 5 new Clever Fit franchise clubs opened and plans to introduce Basic-Fit branded franchises.

• Average revenue per Basic-Fit member increased 3% to €24.95.

Financial highlights

• Membership per club increased 8% year-over-year to 2,981.

• Franchise revenue contribution was €5.3 million in Q1, with full-year Clever Fit turnover expected at €60–70 million.

• Underlying EBITDA less rent guidance raised by €10 million, now expected at €415–455 million.

• Revenue guidance for 2026 set at €1.64–1.69 billion, with leverage ratio just over 2x and positive free cash flow improvement.

• Owned club revenue increased 18% to €387 million.

Outlook and guidance

• Net club growth for 2026 expected to be around 50 owned clubs, with additional acquisitions on top.

• Positive membership trends and yield improvements expected to support continued revenue and EBITDA growth.

• Franchise contribution to revenue and EBITDA expected to remain limited near-term as scale builds.

• Targeting 200 Basic-Fit clubs in Germany by 2027 to enable nationwide marketing.

• Significant improvement in positive free cash flow projected.