Average number of members at mature clubs back at pre-COVID level
FIRST NINE MONTHS HIGHLIGHTS

Number of clubs increased by 165 year-on-year to 1,160 (YTD up 145 clubs)
Number of memberships increased 42% to 3.15 million from 2.22 million at the start of the year
Take-up rate Premium membership by joiners increased to around 50%
Average revenue per member increased to €22.50 a month
Revenue of €563 million (YTD 2021: €186 million)
€174 million available liquidity

OUTLOOK & RECENT DEVELOPMENTS

Average number of members at mature clubs passed the 3,300 mark in October
Revised guidance for 2022: around 3.35 million memberships, revenue of approximately €800 million and underlying EBITDA of between €200 million and €205 million
Club count of 1,200 expected at year-end
Leverage ratio (net debt / adjusted EBITDA) of close to 3.0 times expected at year-end
Long-term target of 3,000 to 3,500 clubs by 2030 reiterated

RENE MOOS, CEO BASIC-FIT:

"In the third quarter we continued to see a strong development of our membership base with high joiner numbers and leaver numbers below the level that we saw prior to the outbreak of the COVID-19 pandemic. The membership development continued to be healthy in October. The recovery of our mature clubs was strong as well, as expected, and we passed the 3,300
memberships mark already in October.

During the year we experienced increasing delays in obtaining licenses for the construction of new clubs. As a result, we now expect to end 2022 with 1,200 clubs. About 50 clubs that were originally planned to open in the second half of 2022, are now expected to open in January 2023. Considering the current inflationary environment and the energy pricing development in Europe, we will be flexible with our club openings programme in 2023. In line with our longer-term guidance, we expect to open between 200 and 300 clubs. Depending on the macro-economic environment this could be at the lower or higher end of the range. There is no change in our long-term target of growing our network to 3,000 to 3,500 clubs by 2030.

As a result of the lower number of club openings and the shift in timing of club openings towards the back end of the year, we now expect to end the year with around 3.35 million memberships, an increase of 50%. We expect to report revenue of approximately €800 million in 2022. Underlying EBITDA is expected to come in between €200 million and €205 million, compared to the prior guidance of around €225 million.

We are pleased with the increasing uptake of Premium memberships, which has a positive effect on the average revenue per membership going forward. At the start of the year the uptake was in the mid-twenties, and we have seen it increase to around 50% of joiners in the third quarter. With the recovery of the mature club membership base, and with the important January and February months still ahead, we expect that the average number of members at mature clubs will reach a higher level in 2023 than in 2019. The expected higher yield and higher number of memberships per mature club in 2023 will help the company to absorb the impact of inflation on operating costs and to get back to the average underlying mature club EBITDA of 2019, whilst maintaining a very competitive membership pricing of €19.99."

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tijd 10.07
Basic Fit EUR 25,84 -4,72 vol. 203.561