Smartfit (SMFT3) Company presentation summary

Market leadership and growth

• Holds the top position in Latin America with 2,170 clubs across 16 countries, growing 19% year-over-year and 8% in membership, reaching 5.6 million members as of 2Q26.

• Expanded into Morocco in 2025, marking entry into Africa, and maintains a highly scalable model with broad regional presence.

• Smart Fit is about 10 times larger than its nearest competitor in Latin America, with significant market consolidation opportunities.

• Maintains leadership in Mexico and Brazil, with strong expansion in other Latin American countries.

• The group’s ecosystem includes brands like Bio Ritmo, TotalPass, and several studio concepts, reinforcing its diversified portfolio.

Financial performance and profitability

• Achieved net revenue of R$8.1 billion in the last twelve months, with a 24% CAGR since 2019.

• EBITDA reached R$2.6 billion with a 32% margin, and recurring net income grew 8% year-over-year to R$204 million in 2Q26.

• Cash gross margin before pre-operating costs expanded to 52.8% in 2Q26, with the “Others” segment (mainly TotalPass) contributing a margin of 84.7%.

• Maintains a strong cash position of R$2.6 billion and a diversified, well-managed debt profile.

• High conversion of EBITDA into operational cash, with 92% conversion in the last twelve months.

Operational highlights and expansion

• Added 352 clubs in the last 12 months, with disciplined capital allocation and a focus on profitability.

• Mature clubs consistently deliver a 51% gross margin, and 34% of clubs are still maturing, offering further EBITDA growth potential.

• Expansion is geographically diversified, with 63% of net revenue now coming from outside Brazil.

• Studios segment grew to 180 units, mainly through franchising, and consolidated seven brands under the BEON corporate brand.

• TotalPass, the B2B2C aggregator, surpassed 2.2 million end users, gaining significant market share in Brazil and Mexico.