Underlying EBITDA less rent increased by 26% to €139 million

H1 2024 FINANCIAL HIGHLIGHTS

Revenue increased by 17% to €585 million (H1 2023: €500 million)
Increase in average revenue per member per month to €23.80 (H1 2023:€23.13)
Underlying EBITDA less rent increased by 26% to €139 million (H1 2023: € 110 million)
Net profit of €4.2 million (H1 2023: a loss of €6.1 million)

H1 2024 OPERATIONAL HIGHLIGHTS

Number of memberships increased by 13% year-on-year to 4.1 million (H1 2023: 3.6 million)
Record net club growth of 135 to 1,537 clubs
Successful completion of the acquisition of 47 RSG Spain clubs and consecutive disposal of five Holmes Place clubs

OUTLOOK 2024

Club network to increase to around 1,575 clubs
Revenue of between €1.20 billion to €1.25 billion
Average revenue per member per month to increase to at least €24.50
Underlying EBITDA less rent of between €305 million and €330 million (2023: €261 million)
Free cash flow before new club expansion per share of between €2.60 and €2.95 (2023: €2.09)
ROIC of mature clubs of well over 30%

RENE MOOS, CEO BASIC-FIT:

“We had a solid first half of the year, with memberships increasing by almost 300 thousand to 4.1 million. By the end of June, we expanded our network by 135 clubs, achieving 78% of the targeted club openings for the year. We are making good progress with the conversion of the 42 acquired McFIT clubs in Spain to the Basic-Fit brand and expect to have nearly completed it by the start of the important sales season in September.

The RSG Spain acquisition and the high number of club openings, along with their initial
investments and losses, weighed on the cash flow and profitability in the first half of the year. This trend will reverse in the second half of the year, during which we will open a limited number of clubs, and the clubs opened in the first half of the year will start contributing to the bottom line. Despite the impact of the large number of club openings in the first half of the year, we were able to achieve an increase in the underlying EBITDA less rent of 26% to €139 million.

Operating leverage has had our increased attention during the past year. At our CMD in November 2023 we communicated that we aim to reduce headquarter costs to between 6% and 7% of revenue in the medium term. In the first half of 2024, we made good progress in achieving our goal by reducing headquarter cost to 7.2% of revenue, compared to 8.2% in the first half of 2023.

It is good to see the year-on-year improvement in profitability in the first half of the year and we look forward to an even stronger second half of the year, during which we expect to achieve all our targets for 2024 as communicated in April.”

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