The Gym Group (GYM) Q4 2025 TU earnings summary

Executive summary

• Positive trading momentum continued in H2 2025, with full year results expected slightly above the top end of analyst forecasts.

• The Next Chapter growth strategy is delivering, with significant market opportunities and structural growth tailwinds identified.

• Entered the key new-year member recruitment period well prepared, with a high value, low cost offering resonating with consumers.

Financial highlights

• Revenue for 2025 increased by 8% to £244.9m, with like-for-like revenue growth of 3% year-over-year.

• Average members grew 4% to 945,000, and average revenue per member per month rose 4% to £21.60.

• Net debt at year-end was £59.3m, £5m below analyst consensus expectations.

• Group Adjusted EBITDA Less Normalised Rent for FY25 expected slightly above the top end of the consensus range of £52.5-54.9m.

Outlook and guidance

• FY26 Group Adjusted EBITDA Less Normalised Rent expected slightly above the top end of the consensus range of £55.2-59.3m.

• Plan to open approximately 75 new sites over the next three years, with around 20 new sites in 2026.

• Ongoing reinvestment in existing estate and major technology platforms.