The Gym Group (GYM) H1 2026 earnings summary

Executive summary

• Revenue grew 10% year-over-year to £133.1m, with average membership up 5% to over 1 million and ARPMM up 5% to £22.14.

• Group Adjusted EBITDA Less Normalised Rent increased 12% to £30.8m, reflecting strong trading and cost control.

• Free cash flow rose 10% to £27.7m, funding at least 20 new sites and 21 major refurbishments in 2026, all from free cash flow.

• Maintained strong cost discipline and capital allocation, supporting ongoing share buyback and technology investment.

• UK gym penetration reached 17.6–18%, with robust market conditions and younger generations driving growth.

Financial highlights

• Revenue reached £133.1m, up 10% year-over-year; like-for-like revenue up 3%.

• Group Adjusted EBITDA LNR was £30.8m, up 12%; EBITDA margin increased to 23.1%.

• Adjusted profit before tax rose 31% to £6.4m; statutory profit before tax up 48% to £4.9m.

• Free cash flow increased 10% to £27.7m; expansionary CapEx was £18.5m.

• Adjusted diluted EPS up 21% to 2.9p; statutory diluted EPS up 28% to 2.3p.

Outlook and guidance

• On track for full-year like-for-like revenue growth of 3%; cost inflation expected at lower end of 3–4%.

• Full-year Group Adjusted EBITDA LNR expected at the top end of £60.5m–£62.0m analyst forecast.

• At least 20 new gyms and 21 major refurbishments planned for 2026; total CapEx guidance £60–£65m.

• £10m share buyback to be completed by year end.