Leejam Sports Co. · TADAWUL:1830
Leejam Sports — Q1 2025 Earnings Presentation
30 slides from Leejam Sports's earnings presentation, May 2025
Slide 1: Earnings Presentation Q1 2025
Earnings Presentation Q1 2025
Slide 2: Disclaimer
DISCLAIMER All information included in this document is for general use only and has not been independently verified, nor does it constitute or form part of any invitation or inducement to engage in any investment activity, nor does it constitute an offer or invitation or recommendation to buy or su
Slide 3: Executive Summary
Executive Summary
Slide 4: Revenue grew in Q1 2025 with new centers pressuring margins
Revenue grew in Q1 2025 with 30 new center added vs. 2024 pressuring margins, LFL margins still strong Q1 369 +8% 130 (6%) 89 (9%) 172 +2% 71 (25%) 2025 Revenue Gross Profit Operating Profit EBTIDA Net Profit SAR Million Confidential and Proprietary Information 4
Slide 5: Members count and activities remain strong despite Q1 being slow
Members count and activities remain strong despite Q1 being slow 225 +30 144 +16 61 +11 161 +21 44 +6 20 +3 Total Centers, Male Centers Female Centers Big Box Centers Xpress Centers Studios & Studios and Academies Academies 445K +12% 9M +1% 262K +11% 90K +7% 678K -15% 5 End of Period Total Visits Co
Slide 6: Comprehensive Coverage Across the Fitness Market
Comprehensive Coverage Across the Fitness Market, with Dedicated Solutions for Every Market Segment Concept Studios & Premium Tier Middle Tier Low Cost, High Value Academies 4 Centers 157 Centers 44 Centers 20 Centers 4 Male Centers 101 Male Centers 39 Male Centers 12 Male Centers 0 Ladies' Centers
Slide 7: Network Expansion & Members Trend
Network Expansion & Members Trend
Slide 8: Center Movement between Q1 2024 and Q1 2025
Center Movement During between Q1 2024 and Q1 2025 225 +30 Centers 195 Openings 13 10 7 Fitness Time 3 205 +27 Centers 0 Centers 178 BigBox Male BigBox Female Xpress Male Xpress Female Concept Studio Closure 1 1 1 0 0 Concept BigBox Male BigBox Female Xpress Male Xpress Female Concept Studio Studios
Slide 9: Memberships continue its growth fueled by center opening
Memberships continue its growth fueled by center opening… Total QE Members Period Average Members Total QE Members / Segment QE Members / Center In Thousand In Thousand In Thousand In Thousand 445 Female Female 97 -6% 480 103 Female Female 2.1 -23% 1.6 398 +14.8% Male Male 349 399 +12% +21% 296 Male
Slide 10: Subscription mix gradually returning to shorter durations
Subscription mix gradually returning to historical level of shorter durations Sold Subscriptions Sold Subscriptions Sold Subscriptions % of % of % of Total Q3 2023 Q3 2024 Total Q4 2023 Q4 2024 Total Q1 2024 Q1 2025 Sold Sold 52% Sold 65% 48% 62% Units Units Units 50% 39% 20% 22% 17% 17% 17% 15% 17%
Slide 11: Financial Review
LecANM Financial Review
Slide 12: Financial Performance (Consolidated)
Financial Performance (Consolidated) REVENUE GROSS PROFIT In Millions SAR In Millions SAR 368.9 340.4 138.2 129.6 +8% (6%) Q1 2024 Q1 2025 Q1 2024 Q1 2025 EBITDA NET PROFIT* In Millions SAR In Millions SAR 94.2 70.9 167.7 171.9 +2% (25%) Q1 2024 Q1 2025 Q1 2024 Q1 2025 Confidential and Proprietary I
Slide 13: Financial Margins
Financial Margins GROSS PROFIT MARGIN EBITDA MARGIN Group FT Only Group FT Only 49% 50% 47% 47% 41% 41% 35% 36% (3%) (5%) (3%) (6%) Q1 2024 Q1 2025 Q1 2024 Q1 2025 NET PROFIT MARGIN* • New centers are performing as anticipated and will need to go though the Group FT Only typical ramp up period 18-24
Slide 14: Strong financial position, solid returns, and low leverage level
Strong financial position, solid returns, and low leverage level CR & DEBT RATIOS ROE, ROIC, ROCE Current Ratio = Total CA / (TCL-Deferred Revenue) ROE = TTM Net Profit /Total Equity D/E Ratio = (Total Liability – Deferred Revenue) / Total Equity ROIC = TTM Net Profit / Invested Capital ROCE = TTM E
Slide 15: Healthy cash flows, despite high capex and dividends
Healthy cash flows, despite high capex and dividends All Amounts in million (SAR) Free Cash Flow (24) Q1 2025* 90 108 108 (43) (114) 55 (16) (62) (13) (5) Operating CF, Net Other Investment Net. Lease Payments Finance cost paid Cash at End Cash as of Beginning CapEx Loan Borrowings. Net Divident pai
Slide 16: Q1 2025 COR, G&A and S&M
Q1 2025 COR, G&A and S&M COR G&A and S&M In Millions SAR In Millions SAR COR COR / Center S&M G&A 239 202 31 35 1.1 1.2 9 5 Q1-24 Q1-25 Q1-24 Q1-25 Key notes Key notes • An increase of 17% in overall cost of revenue compared to Q1 An increase in G&A and S&M expenses by 6% due to: 2024 due to the net
Slide 17: Strong financial position to fund future expansion
Strong financial position to fund future expansion Cash In Millions& CE* SAR Loans Deferred Revenue In Millions SAR In Millions SAR In Millions SAR 474 440 Deferred Revenue Deferred Revenue / Center 297 415 8.0 400 7.0 6.0 (7%) +4% 5.0 4.0 3.0 55 2.3 2.0 (81%) 2.0 1.0 Q1-24 Q1-25 Q1-24 Q1-25 Q1-24 Q
Slide 18: Segmental Performance
LEEUAM Segmental Performance
Slide 19: Segment Performance – Source
Segment Performance – Source By Source By Sector In Millions SAR In Millions SAR Q1-24 Q1-25 Q1 2024 Q1 2025 +10% 312 283 +9% 365 336 +1% 48 48 +37% (40)% (27)% 4 6 6 3 5 3 Sub & Member PT Rental Other Fitness Time Other Confidential and Proprietary Information 19
Slide 20: Fitness Time: Female segment strong growth, margins affected
For Fitness Time, Female segment showed strong growth while male segment dominates, margins affected by record openings in 2024 REVENUE GROSS PROFIT GP Margin In Millions SAR In Millions SAR In Millions SAR Male Female Male Female Male Female Female +13% 99 Female Female Female 32 87 (6%) 31 Female
Slide 21: Performance per Center
LEEUAM Performance per Center
Slide 22: Fitness Time Only per Center Performance
Fitness Time Only per Center Performance REVENUE vs REVENUE PER CENTER In Millions SAR 2.3 2.1 Revenue Per Center Revenue 2.2 2.1 2.1 2.0 2.1 2.1 1.9 1.9 1.9 1.9 1.9 1.9 1.8 1.8 1.8 1.8 1.7 1.8 1.7 1.8 1.6 1.7 1.6 1.6 1.1 392 397 412 337 347 336 337 365 267 0.2 277 301 225 238 230 261 232 233 264 18
Slide 23: Decline in per center KPIs as new centers ramp up
Decline in per center KPIs as new centers still in the ramp-up phase. REVENUE PER CENTER GROSS PROFIT PER CENTER GP Margin In Millions SAR In Millions SAR Female Female 1.77 Female 0.65 Female (7%) 1.65 37% (20%) Female Female 0.52 (5%) 32% Male (5%) Male Male (17%) Male Male 1.95 0.83 Male 1.85 0.6
Slide 24: Outlook
LEEUAM Outlook
Slide 25: Outlook: 2025 growth drivers and project pipeline
Balance Sheet Deferred Revenue Pipeline In Millions SAR 2025 growth will be driven by: Deferred revenue balance as 31-Mar-25 Amount to be recognized in Q2 2025 • Price driven growth in LFL centers. • Volume driven growth in Non-LFL Centers 415 • Improving customer experience, member retention & serv
Slide 26: Appendix
Appendix
Slide 27: Audited Financial Statements (Statement of P&L and OCI)
Audited Financial Statements (Statement of P&L and OCI) Q1 2025 Q1 2024 Q1 2025 Q1 2024 Revenue 368,888,009 340,395,989 Net profit for the period 70,535,994 94,178,485 Cost of revenue (239,259,172) (202,154,507) ───────── ───────── Other comprehensive income GROSS PROFIT 129,628,837 138,241,482 Item
Slide 28: Audited Financial Statements (Statement of financial position)
Audited Financial Statements (Statement of financial position) 31 March 2025 31 December 2024 31 March 2025 31 December 2024 ASSETS NON-CURRENT LIABILITIES NON-CURRENT ASSETS Borrowings 197,578,742 225,957,411 Lease liabilities 1,328,530,635 1,275,789,904 Property and equipment 2,133,654,496 2,057,6
Slide 29: Audited Financial Statements (Statement of cash flows)
Audited Financial Statements (Statement of cash flows) Q1 2025 Q1 2024 Q1 2025 Q1 2024 OPERATING ACTIVITIES Profit before zakat and income tax 72,409,705 96,366,246 FINANCING ACTIVITIES Profit from discontinued operations 200,000 519,056 Proceeds from borrowings 137,000,000 261,374,500 Adjustments t
Slide 30: Thank You! Q&A
Thank You! Q&A For enquires, please contact the Investor Relations Department at: investor.relations@leejam.com.sa
Leejam Sports Company — Q1 2025 Earnings Presentation on 6ix