Viva Leisure (VVA) H2 2026 earnings summary

Executive summary

• FY2026 delivered record results, with revenue of AUD 237.1 million (up 12.2%), adjusted EBITDA of AUD 112.3 million (up 13.3%), and underlying NPAT of AUD 18.9 million (up 46.4%), exceeding all guidance metrics.

• EBITDA margin expanded by 50 basis points to 47.4%, and adjusted free cash flow reached AUD 35.1 million, up 7.7% year-over-year.

• Membership surpassed 700,000, with average members per club at a record 1,351 and portfolio utilisation above 80%.

• The first fully franked dividend of AUD 0.03 per share was declared, with a Dividend Reinvestment Plan available.

• Strategic review underway for the Payments & Technology segment (Meridium Global) to unlock further value.

Financial highlights

• Revenue: AUD 237.1 million, up 12.2% year-over-year; adjusted EBITDA: AUD 112.3 million, up 13.3%; EBITDA margin 47.4%, up 50 bps.

• Underlying NPAT: AUD 18.9 million, up 46.4%; statutory NPAT: AUD 12.8 million, up 144.5%.

• Statutory EPS: AUD 0.131, up 150.6%; underlying EPS: AUD 0.1943, up 54.2%.

• Adjusted free cash flow: AUD 35.1 million, up 7.7%, fully funding growth and buy-back.

• All four revenue streams (Health Clubs, Franchise, Supplements & Other, Payments & Tech) grew year-over-year.

Outlook and guidance

• Targeting one million network members by FY2029, with current membership surpassing 700,000 and growth rate supporting over 900,000 members.

• Plans to reaccelerate greenfield expansion from FY2027, aiming for 20+ new corporate locations and 150+ franchise sites in the pipeline.

• Retention and churn management enhanced by AI-driven Viva 360 platform, with intervention models deployed.

• Refurbishment and rebrand program for Zoo Fit expected to deliver 30%-40% revenue uplift per location within three months of completion.

• Strategic review of Payments & Technology segment (Meridium Global) for potential separation or value realisation.