Slide 1: World Gym Corporation 2Q25 Analyst Meeting
World Gym Corporation 2Q25 Analyst Meeting Sep 30 2025 STRICTLY PRIVATE AND CONFIDENTIAL
Slide 2: 2Q25 Operating Results
.. MYZeNE 2Q25 Operating Results The Largest Fitness Brand in Taiwan. We are NO.1
Slide 3: 2Q 2025 Operation Highlights
2Q 2025 Operation Highlights Revenue Gross Profit Gross Margin NT$ 2.71bn NT$ 429mn 15.8 % +5.5% QoQ +7.4% QoQ +0.3 ppts QoQ +10.0% YoY -0.5% YoY -1.7 ppts YoY Operating Profit OP margin Net Incom NT$ 143mn 5.3 % NT$ 80mn +51.2% QoQ +1.6 ppts QoQ EPS NT$ 0.73 -19.1% YoY -1.9 ppts YoY 3
Slide 4: Strong momentum with improving profitability
Strong momentum with improving profitability World Gym Quarterly Revenue World Gym Quarterly Margins (NT$mn) 2022 2023 2024 2025 GPM OPM 2,800 20% 16% 2,600 12% 2,400 8% 2,200 4% 2,000 0% 1Q 2Q 3Q 4Q 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 • Annual revenue continues to
Slide 5: 1H 2025 Cash Flows – Strong operating cash inflow
1H 2025 Cash Flows – Strong operating cash inflow NT$mn 1H25 1H24 Cash at beginning of the period 570 424 Cash flows from operations 1,438 1,087 Capex (692) (500) Investments and others (63) 99 Cash flows from financing activities (433) 89 Cash at end of the period 820 1,199 5
Slide 6: 1H 2025 Balance sheet highlight
1H 2025 Balance sheet highlight NT$mn 1H25 % 1H24 % Current assets 1,828 10% 2,068 12% Cash and equivalents 820 4% 1,199 7% Non-current assets 16,833 90% 15,461 88% Total assets 18,661 100% 17,529 100% Current liabilities 5,946 32% 5,019 29% Non-current liabilities 9,915 53% 9,126 52% Total liabilit
Slide 7: Positive Trends
Positive Trends The Largest Fitness Brand in Taiwan. We are NO.1
Slide 8: Accelerating recent revenue growth
Accelerating recent revenue growth 8
Slide 9: New club membership + PT trends
New club membership + PT trends 9
Slide 10: Decreasing rental costs
uss 1.10 1.00 0.90 0.80 0.70 0.60 Covid Rent Holiday 0.50 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 World Gym is the tenant of choice for landlords, allowing it to secure very attractive lease terms for new clubs that continue to improve year over year STOCK SYMBOL
Slide 11: Strengthening retention trends
Strengthening retention trends 11
Slide 12: World Gym Undervalued Relative to Peers
World Gym Undervalued Relative to Peers Company Name Total Members (K) 19,700 4,839 1,500 813 891 900 Total # of clubs (Unit) 2,722 1,743 175 6,265 245 271 LTM Company Revenue (US$mn) 1,129 1,046 2,730 318 283 364 (3) Market Cap (US$mn) 9,521 2,278 6,352 381 387 285 Non-Membership Revenue % Total <1
Slide 13: Sustained high dividend policies
Sustained high dividend policies World Gym cash dividend per share (NT$) 5.86 5.93 5.50 5.50 2021 2022 2023 2024 Dividend payout ( % ) 1,912% 201% 167% 186% Dividend yield ( % ) 7.17% 7.17% 7.64% 7.73% Capex (NT$mn) 1,111 1,023 878 1,327 Capex to sales (%) 14% 12% 9% 13% 1. Based on cl osi ng pri ce
Slide 14: Better Dividend Yield Compared to Peers
Better Dividend Yield Compared to Peers Dividend Yield of Taiwan Gym and Domestic Demand Stocks Company Market Cap Dividend Yield 2025/9/16 US$mn 2022 2023 2024 World Gym 274 7.2% 7.6% 7.7% Power Wind 407 1.0% 1.3% 2.7% TW Fitness Peers Median 4.1% 4.5% 5.2% Chunghwa Telecom 34,003 3.5% 3.6% 3.6% Ta
Slide 15: World Gym at a glance
World Gym at a glance Revenue breakdown (2024) Taiwan Gym Market Share (2024) Membership PT income By revenue 20% 50% 49% 53% Financials 27% (NT$mn) 9,465 9,817 By # of 8,863 9,428 8,159 7,834 6% 6,352 members 5,076 57% 296 72 492 42 32 304 350 352 37% 2001 Founded Taiwan’s largest gym 2017 2018 201
Slide 16: Two decades of stellar growth
Two decades of stellar growth # of clubs (2012–2024) CAGR 2012-2024: 16% 128 118 111 106 97 80 63 50 43 36 32 26 21 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 16
Slide 17: Still room for growth in Taiwan
Still room for growth in Taiwan Taipei New Taipei Taoyuan Hsinchu Miaoli 2030 Potential 2030 Potential Population WG/FF clubs Population WG/FF clubs penetration Market Size1 penetration Market Size1 7mn ~19.0% ~140 clubs 52/22 3.9mn ~11.0% ~60 clubs 20/11 Yilan Hualien Taitung Taichung Changhua Nant
Slide 18: Favorable demographics trends
Favorable demographics trends 18
Slide 19: New marketing platform for targeted member reach
New marketing platform for targeted member reach College students - DAM system for younger aged College Age – DAM platform engagement with younger demographic 19
Slide 20: Professionals and Families – enrollment and Recovery Zone
Professionals – Membership through Families – Recovery Zone Egype or sales link Professionals – Families -Opening Recovery Areas Online enrollment via Epype or sales-provided link & Cold Plunge, Sauna, Red Light, Compression and Oxygen Treatments
Slide 21: Middle Aged and Retired - Longevity Programs; International - New Website
Middle Aged and Retired - Longevity International - New Website Programs Multi-language Interface
Slide 22: Future expansion plans and Outlook
Future expansion plans and Outlook 250 new clubs 250 new clubs, including 100 in Thailand Direct owned 500 2,000 Franchised 22
Slide 23: Thailand is the best starting point for overseas expansion
Thailand is the best starting point for overseas expansion Solid population & Strong economy and Strategic entry point from Low build-up cost market competition offers profitability growth potential consumption growth foundation 70mn population ranked Expected strong GDP growth Current players charg
Slide 24: Ongoing expansion and profit optimization for LT shareholder value
Ongoing expansion and profit optimization for LT shareholder value Ongoing expansion Improving profitability Better shareholder return Double growth engines Cost controls for Strong performance in Taiwan for expanding better club profitability coupled with overseas operations expansion to improve sh
Slide 25: World Gym
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