Smartfit (SMFT3) Q2 2026 earnings summary

Executive summary

• Achieved 22% year-over-year net revenue growth in Q2 2026, reaching R$2.18 billion, driven by network expansion and strong performance in new business lines and digital services.

• Club network expanded by 19% year-over-year, adding 352 clubs in the last twelve months for a total of 2,170 clubs across 16 countries, reinforcing leadership in Latin America.

• Member base reached 5.6 million, up 8% year-over-year, with TotalPass B2B platform members up 70% to 2.2 million.

• TotalPass and asset-light businesses contributed significantly to growth and profitability.

• Diversified revenue streams and continued leadership in Latin America.

Financial highlights

• Net revenue reached R$2,177 million in Q2 2026, up 22% year-over-year and 4% sequentially.

• Cash gross profit rose 24% to R$1,131 million, with a record cash gross margin of 51.9% (+1.1 p.p. YoY).

• EBITDA hit R$712 million (+24% YoY), with a margin of 32.7% (+0.5 p.p. YoY).

• Recurring net income increased 8% to R$204 million, margin 9.4%.

• CAPEX totaled R$625 million (+37% YoY), mainly for expansion and maintenance.

Outlook and guidance

• Guidance maintained for 330–350 club openings in 2026, with 80% expected to be owned clubs.

• Expansion pipeline remains robust, with 134 clubs under construction and over 200 signed agreements for future openings.

• Focus on network expansion, operational integration, and ecosystem evolution to drive long-term value.