Xponential Fitness, Inc. · NYSE:XPOF
Xponential Fitness — Q1 2026 Earnings Presentation
41 slides from Xponential Fitness's earnings presentation, May 7, 2026
Slide 1: One of the Leading Global Franchisors of Boutique Health & Wellness Brands
One of the Leading Global Franchisors of Boutique Health & Wellness Brands INVESTOR PRESENTATION As of March 31, 2026 | Reported on May 7, 2026
Slide 2: Legal Disclaimer
Legal Disclaimer The information contained in this presentation is provided solely for the purpose of acquainting the readers with Xponential Fitness, Inc. (the “Company,” “Xponential” or “we”) and its business operations, strategies and financial performance. This presentation and any accompanying
Slide 3: Business Overview
Business Overview 3
Slide 4: Leading global franchisor in the $37B+ boutique fitness industry
Our Mission is to deliver the talents, assets, and capabilities that franchise brands need to grow successfully. is one of the leading global franchisors in the $37B+ Our Vision is to become a world class platform of premium boutique fitness industry(1). franchise brands, offering curated experience
Slide 5: What is Boutique Fitness? Large and Growing Global Fitness Industry
What is Boutique Fitness? • Retail studio space • Structured, class-based programming focused on Large and Growing Global a specific fitness modality Fitness Industry • Social, community-driven environment supported by passionate coaches and committed consumers ~$124B ~8% 2024 ’24 - ’34E • Affluent,
Slide 6: Leadership
Leadership Mike Nuzzo Robert Julian Chief Executive Officer Chief Financial Officer Strengthening Leadership to Optimize Operations Tim Weiderhoft Erik Quade Chief Operating Officer Chief Information / Technology Officer Fabienne Lopez Gavin O’Connor Chief People Officer Chief Legal Officer and Chie
Slide 7: Xponential is one of the Leading Global Franchisors in $37B+ Boutique Fitness Industry
Xponential is one of the Leading Global Franchisors in $37B+ Boutique Fitness Industry Total U.S. Studios Open(1) Xponential Highlights(2) 2,552 3,100+ 5,300+ Global Studios Open Global License Sold +8% vs. 2024 +4% vs. 2024 1,296 714 $1.7B+ 800K+ LTM System-Wide Sales(3) Total Members 434 413 +13%
Slide 8: Xponential's Boutique Offering at a Glance
Xponential’s Boutique Offering at a Glance Studio Retail Class Storefronts Operations Sessions • Convenient, high-visibility retail • Curated mix of branded and third-party • Small instructor-led group formats locations products • Evolving formats with added variety • Approximate size: 1,500-2,500 s
Slide 9: Xponential's Evolution From One to Five Brands
Xponential’s Evolution From One to Five Brands in Key Health & Wellness Verticals(1) Acquired Mar 2015(2) Nov 2017 Jul 2018 Oct 2018 Oct 2021 Open Studios(3) 1,459 531 192 622 333 Licenses Sold(3) 2,016 1,018 636 806 793 Global Studios 3,097 3,137 2,896 2,612 2,200 1,762 1,474 1,249 918 2018 2019 20
Slide 10: Key Strategic Pillars
Key Strategic Pillars 10
Slide 11: Key Strategic Pillars
Key Strategic Pillars 1 Be the Franchisor of Choice in Health and Wellness 2 Deliver a World-Class Member Experience 3 Become a Data-Driven Company 4 Create a Culture of Innovation 5 Expand our International Footprint 11
Slide 12: Established Model to Rapidly Scale Franchised Boutique Fitness Concepts
Pillar 1: Be the Franchisor of Choice in Health and Wellness 1 Established Model to Rapidly Scale Franchised Boutique Fitness Concepts • Identify and select franchisee candidates • Assist franchisees with site selection and studio build-out • Deliver studio-level instructor and management training •
Slide 13: Platform Synergies for All Stakeholders
Pillar 1: Be the Franchisor of Choice in Health and Wellness 1 Platform Synergies for All Stakeholders Strong Value Proposition for All Parties Strong New Successful Franchisor – recurring revenue, asset-light model Studio with strong free cash flow conversion Franchisees Performance Franchisee – st
Slide 14: Significant Current Presence, Visibility to Further Growth Across North America
Pillar 1: Be the Franchisor of Choice in Health and Wellness 1 Significant Current Presence, Visibility to Further Growth Across North America(1) Canada 143 • 66% of U.S. population lives within 10 miles of an Xponential studio(2) 106 97 • Buxton estimates potential for 390 ~6,300 studios in U.S. al
Slide 15: Passionate, Growing and Loyal Consumer Base
Pillar 2: Deliver a World-Class Member Experience 2 Passionate, Growing and Loyal Consumer Base Typical Consumer: • Majority Female, 20 - 60 years old • Bachelor’s degree • Household income of $171K+ annually for all brands Consumers Can Purchase: • Recurring memberships, or walk-in classes • 4x, 8x
Slide 16: Engaging Members and Driving Lifetime Value
Pillar 2: Deliver a World-Class Member Experience 2 Engaging Members and Driving Lifetime Value Track & Leverage Expand Optimize Technology Revenue Every Step for Across All of the Seamless, Franchised Member Personalized Studio Journey Experiences Formats Deliver Consistent, Reduce Drive Greater Be
Slide 17: Enhancing the Consumer Path to Purchase & Lifetime Value
Pillar 2: Deliver a World-Class Member Experience 2 Enhancing the Consumer Path to Purchase & Lifetime Value Impactful Member Targeted Marketing Continuous Experience Engagement Engaging Members Across Channels to Drive Brand Loyalty 17
Slide 18: Partnerships: Expanding Revenue & Brand Value Beyond the Studio
Pillar 2: Deliver a World-Class Member Experience 2 Partnerships: Expanding Revenue & Brand Value Beyond the Studio Health Strategic Aggregators and HSA/FSA Partnerships Use Partnerships to Promote Engagement and Reach New Audiences 18
Slide 19: Building A Modern, Unified Analytics Platform
Pillar 3: Become a Data-Driven Company 3 Building A Modern, Unified Analytics Platform • Building a centralized data warehouse to power insights and decision-making • Establishing a consumer insights team to track trends and behavior • Creating brand-specific member profiles to deepen understanding
Slide 20: Culture of Innovation
Pillar 4: Create a Culture of Innovation 4 Culture of Innovation Enhance Member Reduce Build Experience Out Costs Challenging Status Quo Continuous Improvement Efficiency / Productivity Better Franchisee Improve Support Supply Chain 20
Slide 21: Grow Brands and Studio Base Internationally
Pillar 5: Expand our Global Footprint 5 Grow Brands and Studio Base Internationally Large International Significant Embedded Opportunity International Growth(3) • Xponential partners with experienced master franchisees to deploy an asset light global Visibility to +1.5x $124B Growth expansion strate
Slide 22: Top International Markets by Development Obligation
5 Top 10 International Markets by Development Obligation(1) Pillar 5: Expand our Global Footprint 1 U.K. 11 52 29 Belgium 6 80 Germany 87 193 Japan Mexico 1 11 64 64 France Spain 31 21 58 Saudi Arabia 38 4 Singapore 26 Australia 226 48 # # of Open Studios # Total Master Obligations Not Yet Open 22 1
Slide 23: Financial Overview
Financial Overview 23
Slide 24: High Recurring Revenue Model, Predictable Free Cash Flow
High Recurring Revenue Model, Predictable Free Cash Flow High Recurring ~87% ~100% Margin Recurring Royalties, International, Revenue Revenue(1) & Other Revenue Streams Attractive Incremental Leveraging Minimal Margins Fixed SG&A Head Count Growth ~3% of Revenue ~90% Asset-Light Free Cash Flow CapEx
Slide 25: Expanding Operating Margins and Driving Free Cash Flow Conversion
Expanding Operating Margins and Driving Free Cash Flow Conversion • Drive continued revenue growth from our large and growing studio base • Leverage centralized SG&A to scale efficiently across all brands • Accelerate high-margin royalty revenue through new studio openings • Expand internationally w
Slide 26: Revenue Overview
Revenue Overview 87% Recurring Revenue for Quarter Ended March 31, Revenue Overview 2026(1)(2) Franchise Revenue – Franchise territory fees, ~7% Recurring Revenue Franchise royalty fees, technology fees, transfer fees and Marketing Fund Franchise Revenue instructor training 14% Equipment Revenue – S
Slide 27: Continued Growth and Increased Member Engagement
Continued Growth and Increased Member Engagement Metric 2023 2024 2025 2023 vs. 2024 2024 vs. 2025 % Change % Change Global Gross New Studio 480 429 341 -11% -21% Openings(1) Global Licenses Sold(2) 4,885 5,192 5,371 +6% +3% Quarterly AUV (Run Rate)(3) ($Ks) $643 $695 $683 +8% -2% Same Store Sales(4
Slide 28: System-Wide Sales and AUV Momentum Across the Xponential Platform
System-Wide Sales and AUV Momentum Across the Xponential Platform North America System-Wide Sales(1) North America Run-Rate AUV(2) ($M) ($K) $438 $447 $437 $426 $429 $432 $695 $685 $686 $683 $658 $654 $668 $662 $391 $639 $380 $355 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q1-24 Q2-24 Q3-
Slide 29: Financial Summary
Financial Summary Global Open Studios North American System-Wide Sales(1) ($M) CAGR 10% CAGR 18% 3,097 3,257 $1,746 $1,760 2,896 120 $1,551 2,612 2,200 $1,235 $900 $1,323 3,137 $437 2022 2023 2024 2025 2026* 2022 2023 2024 2025 2026* Revenue ($M) Adj. EBITDA ($M)(2) CAGR: 2% CAGR: 10% $318 $320 $315
Slide 30: Investment Highlights
Investment Highlights • Highly experienced management team with operational expertise • Diversified market leader positioned for long-term growth and scale • Passionate, expanding, and highly loyal consumer base • Established model that rapidly scales boutique fitness concepts • Asset-light franchis
Slide 31: Appendix
Appendix 31
Slide 32: Last 12 Month Average Unit Volumes and Same Store Sales
Last 12 Month Average Unit Volumes and Same Store Sales North America Last 12 Month AUVs ($K)(1) North America Same Store Sales(2) $680 $692 $701 $701 $695 $688 $656 $666 $631 $644 52% $600 $577 $553 $525 $501 $478 $449 30% 22% 21% 20% 17% 16% 15% 9% 8% 6% 7% 6% 2% -1% -4% -6% Note: All KPI informat
Slide 33: Studio KPIs – Pro Forma for All Acquisitions and Divestitures
Studio KPIs – Pro Forma for All Acquisitions and Divestitures Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 System-Wide Sales System-Wide Sales – North America ($000s) 278,671 298,903 314,435 343,417 354,768 379,604 391,401 425,634 429,059 438,209 432,184 446,682 436,
Slide 34: FY 2026 Guidance – As of May 7, 2026
FY 2026 Guidance – As of May 7, 2026(1) Low Range High Range % Change vs. 2025 ($ in millions) 2025(1) Guidance Guidance at Midpoint(1) Net New Studio Openings (Global) 150 170 201 -20% System-wide Sales (North America) $1,720 $1,800 $1,746 1% Revenue $260.0 $270.0 $315 -16% Adjusted EBITDA $100.0 $
Slide 35: Q1 2026 Performance
Q1 2026 Performance ($ in millions) Q1 2026 Q1 2025 % Change Revenue $61 $77 -21% Q1 2026 Adjusted EBITDA(1) $20 $27 -25% Continued Gross New Studio Openings (Global) 66 106 -38% system-wide sales growth and System-Wide Sales(2) (North America) ($Ms) $437 $429 2% visits driven by Same Store Sales(3)
Slide 36: Reconciliation of GAAP to Non-GAAP Measures: Adjusted Net Earnings (Loss) Per Share
Reconciliation of GAAP to Non-GAAP Measures: Adjusted Net Earnings (Loss) Per Share In $ thousands, except per share amounts Q1 2026 Q1 2025 Net loss ($820) ($2,659) Acquisition and transaction income ($3,187) ($8,638) TRA remeasurement — $1,084 Impairment of goodwill and other noncurrent assets — $
Slide 37: Reconciliation of GAAP to Non-GAAP Measures: Adjusted EBITDA
Reconciliation of GAAP to Non-GAAP Measures: Adjusted EBITDA In $ thousands Q1 2026 Q1 2025 Net loss ($820) ($2,659) Interest expense, net $13,857 $10,769 Income taxes $6 $485 Depreciation and amortization $2,252 $2,956 EBITDA $15,295 $11,551 Equity-based compensation $1,984 $3,281 Employer payroll
Slide 38: Net Loss Per Share
Net Loss Per Share In $ thousands, except per share amounts Q1 2026 Q1 2025 Numerator: Net loss attributable to XPO Inc. ($820) ($2,659) Less: net loss attributable to noncontrolling interests $95 $1,304 Less: dividends on preferred shares — ($1,898) Net loss attributable to XPO Inc. - basic and dil
Slide 39: Capital Structure Supports Continued Growth
Capital Structure Supports Continued Growth • Franchised business model with highly predictable and ($ in millions) March 31, 2026 recurring revenue streams and limited on-going capital As Reported requirements creates visibility into cash available to service debt obligations Cash, Cash Equivalents
Slide 40: Board of Directors
Mark Grabowski Mike Nuzzo Board of Chairman CEO, Director Directors Rachel Lee Nicole Haughey Lead Independent Director Director Lily Yang Director 40
Slide 41: Addo Investor Relations investor@xponential.com
One of the Leading Global Franchisors of Boutique Health & Wellness Brands CONTACT: Addo Investor Relations investor@xponential.com 41