On track to increase the club network by around 155 clubs in 2019
H1 FINANCIAL HIGHLIGHTS[1]
Revenue increased by 27% to €240 million (H1 2018: €190 million)
Adjusted club EBITDA margin of 43.1% (H1 2018: €43.2%)
Adjusted EBITDA increased by 23% to €69.7 million (H1 2018: €56.7 million)
Adjusted net earnings[2] increased by 9% to €13.0 million (H1 2018: €11.9 million)

H1 OPERATIONAL HIGHLIGHTS
53 net clubs opened in the period and 117 clubs year on year, growing the network to 682 clubs (FY 2018: 629 clubs; H1 2018: 565 clubs)
Acquisition of Fitland, closed in July, solidifies Basic-Fit’s leading position in the Netherlands
Total number of memberships increased by 20% year on year to 2.00 million (H1 2018: 1.67 million)
Other revenue increased by 33% to €6.5 million (H1 2018: €4.9 million)

OUTLOOK 2019
We expect to open around 125 clubs organically and add 30 clubs to our network through the Fitland acquisition, bringing the expected club growth to around 155 clubs in 2019
We reiterate our target of a return on invested capital on mature clubs of at least 30%

Rene Moos, CEO Basic-Fit:
We had a memorable first half of the year, reaching a new milestone of 2 million members. Just after the close of the period, we successfully completed the acquisition of Fitland, the number three player in the Netherlands, which will help us to increase our club network to approximately 785 clubs this year.
The new membership structure and price adjustments truly paid off in the first half of the year. In the period, more than 25% of our new members chose the Premium membership, which offers great value to members with the possibility to work out with friends and share the membership with a family member. The average yield per member per month increased by 5% compared to the first half of last year.
We continue to invest in our ability to innovate and develop new revenue streams and increase the efficiency of our operations. We do this with a long-term view to strengthen the sustainability of our competitive position and to further facilitate operating leverage and operational flexibility.


----------------------------------------------------------------------------------------------------------------
[1] Based on pre IFRS 16 accounting. Full IFRS 16 reporting is provided in the condensed consolidated interim financial statements and notes to these statements
[2] Net earnings before PPA related amortisation, IRS valuation differences, exceptional items, one-offs and the related tax effects.
Note: Adjusted (club) EBITDA, adjusted net earnings and leverage ratio are non-GAAP measures (see page 8)