Slide 1: Lender Presentation
Lender Presentation August 2026 1 P A R A D I S E V A L L E Y 1
Slide 2: Use of Non-GAAP Financial Measures and Key Performance Indicators
Use of Non-GAAP Financial Measures and Key Performance Indicators This presentation includes certain financial measures that are not presented in accordance with GAAP, including Adjusted EBITDA, free cash flow, cash interest expense and net debt and ratios and calculations with respect thereto. Thes
Slide 3: Agenda
AGENDA 1. Transaction Overview 2. Company Overview 3. Key Credit Highlights 4. Financial Overview 5. Appendix 33
Slide 4: Transaction Overview
81nidZpGqzkSDMpD Transaction Overview 4
Slide 5: Executive Summary
Executive Summary Life Time, Inc. (“Life Time” or the “Company”), the “Healthy Way of Life Company,” has established itself as a premium lifestyle and leisure brand offering premium health, fitness and wellness experiences to a community of more than 1.6 million individual members(1) • The Company o
Slide 6: Sources, Uses and Pro Forma Capitalization
Sources, Uses and Pro Forma Capitalization ($ in millions) Sources of Funds Uses of Funds Repriced Term Loan(1) $985 Reprice Existing Term Loan B $985 Total Sources $985 Total Uses $985 PRO FORMA CAPITALIZATION As of xTTM Pro Forma xTTM Adjustments 6/30/2026 EBITDA(4) 6/30/2026 EBITDA(4) Cash $224 $
Slide 7: Summary of Terms
Summary of Terms Borrower: Life Time, Inc. (the “Borrower”) Guarantors: Same as existing Term Loan B Security: Same as existing Term Loan B Amount: ~$985 million (same as existing Term Loan B) Coupon: S+175 bps OID: Par SOFR Floor: 0.00% (same as existing Term Loan B) Maturity: November 5, 2031 (sam
Slide 8: Transaction Timeline
Transaction Timeline August 2026 M T W T F 3 4 5 6 7 10 11 12 13 14 17 18 19 20 21 24 25 26 27 28 31 Denotes Key Dates Date Key Transaction Milestones August 3, 2026 • Lender call at 11:00 AM ET August 5, 2026 • Lender commitments due by 5:00 PM ET Thereafter • Closing and funding 8
Slide 9: Company Overview
81nidZpGqzkSDMpD Company Overview 9
Slide 10: Life Time has a Unique Strategic Position
Life Time has a Unique Strategic Position 195 1.6M+ / 910k+ Total Clubs (1) Individual Members / Memberships (1) $3,182M $896M TTM Adjusted EBITDA (3) TTM Total Revenue 1.4x ~28% Net Debt Leverage (1) Adjusted EBITDA Margin (3) 24+ YEAR HISTORY OF CONSISTENTLY DELIVERING REVENUE AND EARNINGS GROWTH(
Slide 11: Diversified Portfolio in High End Markets Across North America
Diversified Portfolio in High End Markets Across North America 32 States 1 Canadian Province(1) Total Club Footprint: ~19mm sq ft Average Club Size: ~96k sq ft Flexible Real Estate Strategy: ~72% of clubs leased(1) 81% of new centers leased since 2015 $3.0bn gross book value of owned club real estat
Slide 12: Life Time Operates Across The Large Addressable Health & Wellness Market
Life Time Operates Across The Large Addressable Health & Wellness Market (1) • ~$6.8 Trillion Global Market ~$2.3 Trillion North American Market S PA S & H E A LT H Y E AT I N G WORKPLACE WELLNESS O T H E R H E A LT H & FITNESS CLUBS PERSONALIZED AND NUTRITION WELLNESS R E A L E S TAT E W E L L N E
Slide 13: Key Credit Highlights
81nidZpGqzkSDMpD Key Credit Highlights 13
Slide 14: Key Credit Highlights
Key Credit Highlights Trusted, Premium Leisure Highly Predictable Recurring Difficult to Replicate Impressive Track Record of 1 Brand Offering Highly 2 Model & Scale 3 Financial Performance 4 Subscription-Based Differentiated Experiences Revenue Model 126M $3.0B / $2.4B 22.8% 70%+ T T M Q 2 2 0 2 6
Slide 15: Trusted, Premium Leisure Brand Offering Highly Differentiated Experiences
1 Trusted, Premium Leisure Brand Offering Highly Differentiated Experiences …DRIVING INCREASED MEMBER ENGAGEMENT… 151 ~$3,709 TTM Q2 2026 Average Annual Visits Per TTM Q2 2026 Average Revenue Per Center Membership(1), Up ~41% Since 2019 Center Membership(1), Up ~75% Since 2019 126M TTM Q2 2026 Total
Slide 16: Difficult to Replicate Model & Scale
PRUDENTIAL CENTER, MA WINTER PARK, FL 2 Difficult to Replicate Model & Scale HIGH-PROFILE PREMIUM REAL ESTATE FOOTPRINT OF 195 CLUBS(1) WITH SIGNIFICANT PORTFOLIO OF OWNED REAL ESTATE AND ATTRACTIVE REAL ESTATE COVERAGE WEST BOCA, FL $3.0B (2) $2.4B (2) BOULDER, CO Gross Book Value Net Book Value 2.
Slide 17: Impressive Track Record of Revenue Growth
3 Impressive Track Record of Revenue Growth Elevation of Brand to Higher Level Life Time as a Lifestyle Brand & Reposition to High-End Refinement of Resort-Like Format with Focus on Top Tier Markets Transition to Asset-Light Model Leisure Brand Total Revenue ($ in millions) $3,363 $2,995 Take-Privat
Slide 18: Consistent and Expanding Margin
3 Consistent and Expanding Margin Elevation of Brand to Higher Level Life Time as a Lifestyle Brand & Reposition to High-End Refinement of Resort-Like Format with Focus on Top Tier Markets Transition to Asset-Light Model Leisure Brand Adjusted EBITDA(1) and Rent ($ in millions) $381 Take-Private in
Slide 19: Leverage Profile Over Time
3 Leverage Profile Over Time • The Company has aggressively focused on strengthening its balance sheet through continued deleveraging and achieving positive free cash flow • Life Time leverages sale-leasebacks to accelerate growth. In Q2 2026, the Company executed sale-leaseback transactions for net
Slide 20: Our Highly Recurring Revenue Model
4 Our Highly Recurring Revenue Model Center Revenue $3,092 ($ in millions) Membership Dues + Enrollment Fees In Center Business $2,909 $2,547 Government mandated $2,154 closures & restrictions $1,851 $2,241 $1,702 $1,770 $2,111 $1,854 $1,287 $1,557 $1,208 $1,113 $1,252 $930 $907 $651 $797 $851 $589
Slide 21: Loyal & Engaged Multi-Generational Membership Base With Attractive Demographics
5 Loyal & Engaged Multi-Generational Membership Base With Attractive Demographics (1) $161,000 ~73% ~44% ~77% Member Median Household Income of Members Own a Home of Members are Under 35 of Members are Under 55 Years of Age Years of Age 1.4x ~61% ~60% Balanced Median Household Income of Members are
Slide 22: Revenue Growth & Memberships
5 Revenue Growth & Memberships • Our revenue growth strategy is unchanged: open new clubs, increase member engagement, optimize memberships and increase revenue per membership • In Q2 2026, center revenue grew 13.8% year-over-year and comparable center revenue grew 9.1% year-over-year, illustrating
Slide 23: Membership Update
5 Membership Update Qualified Medical mix (membership counts in thousands) Q2 2025 Q2 2026 2026E Membership count, end of period 849.6 860.0 838 – 848 Center memberships y/y change 2.0% 1.2% 2 - 3% Membership count, end of period 108.8 88.2 83.5 - 87.5 Qualified Medical y/y change 6.5% (18.9%) (11)
Slide 24: Highly Engaged Membership Base
5 Highly Engaged Membership Base REVENUE PER MEMBERSHIP MEMBER VISITS CLUBS ARE HIGHLY IS GROWING CONTINUE TO INCREASE UTILIZED +81% +44% +3% $331 13.2 60,877 61,115 12.7 59,076 58,062 $296 12.0 55,873 In- 11.3 $265 95 Center 10.6 49,992 Business $234 84 9.1 $213 75 $183 67 66 66 236 Dues 212 190 14
Slide 25: Nation's Largest Pickleball Provider / 55+ Community
5 NATION’S LARGEST 55+ COMMUNITY PICKLEBALL PROVIDER(1) FOR ACTIVE OLDER ADULTS 875+ 249K+ 615K+ 274K+ Dedicated Courts(2) Sessions Per Month(3) Participations Per Month(3) Participations Per Month(3) 3.0M+ 15% 23% 13% Participations(4) Year-Over-Year Increase in Year-Over-Year Increase in Year-Over
Slide 26: Flexible Asset-Light Real Estate Model With Attractive Returns on Capital
6 Flexible Asset-Light Real Estate Model With Attractive Returns on Capital Pre Sale-Leaseback Strategy Post Sale-Leaseback Strategy(1) Prior Public Company (Pre-2015) Today (Post-2015) Traditional Traditional Living/ Center Growth Mall / Retail Urban Suburban Suburban Residential Types Development
Slide 27: Significant White Space Opportunities
6 Significant White Space Opportunities Flexible development strategy supports a robust pipeline of high-return club opportunities LAND & CONSTRUCTION CONTRIBUTIONS FROM: GROUND UP SUBURBAN DEVELOPMENTS MALL / RETAIL DEVELOPMENT PARTNERS MULTI-FAMILY RESIDENTIAL DEVELOPERS OFFICE OWNERS/DEVELOPERS C
Slide 28: New Club Pipeline
7 New Club Pipeline We expect to open 14 clubs in 2026 and 12-14+ clubs in 2027 with the majority of these locations planned as large format, ground up construction clubs. We have opened seven of the 14 clubs planned for 2026 and remain on track to open the remaining seven clubs in the fourth quarte
Slide 29: Talented, Proven Management Team
8 Talented, Proven Management Team – Founder & CEO Plus Long Tenured and Newer Executives BAHRAM AKRADI ERIK WEAVER Founder, Chairman and Chief Executive Officer Executive Vice President and Chief Financial Officer Mr. Akradi has over 35 years experience in healthy way of life Joined the Company in
Slide 30: Financial Overview
81nidZpGqzkSDMpD Financial Overview 30
Slide 31: Historical Financial Profile
Historical Financial Profile CENTERS 189 195 171 179 161 146 149 151 2019A 2020A 2021A 2022A 2023A 2024A 2025A Q2 ’26A CENTER MEMBERSHIPS (000’S) 854 812 822 860 725 763 649 501 2019A 2020A 2021A 2022A 2023A 2024A 2025A Q2 ’26A 31
Slide 32: Historical Financial Profile (cont.)
Historical Financial Profile (cont.) TOTAL REVENUE ($M) $3,182 $3,363(3) $2,995 $2,621 $2,217 $1,900 $1,823 $1,318 $948 0 2019A 2020A 2021A 2022A 2023A 2024A 2025A TTM Q2'26 2026E ADJUSTED EBITDA & RENT EXPENSE ($M)(2) Rent Expense Adjusted EBITDA $359 $381(3) $339 $305 $275 $166 $948(3) $245 $825 $
Slide 33: Historical Financial Profile (cont.)
Historical Financial Profile (cont.) CASH FLOW FROM OPERATING ACTIVITIES ($M) $871 $899 $575 $463 $359 $201 $(20) $(96) 2019A 2020A 2021A 2022A 2023A 2024A 2025A TTM Q2 ’26 NET PROCEEDS FROM SALE-LEASEBACK TRANSACTIONS(1) ($M) $373 $289 $236 $238 $195 $212 $123 $74 2019A 2020A 2021A 2022A 2023A 2024
Slide 34: Appendix
34 Appendix 81nidZpGqzkSDMpD
Slide 35: Significant Underlying Real Estate Value
Significant Underlying Real Estate Value As of June 30, 2026 ($ in millions) Gross Book Value Net Book Value Collateral - mandatory TLB prepayment on SLB(1) $843 $609 Collateral - no mandatory TLB prepayment on SLB 61 46 No collateral (ground leases) - mandatory TLB prepayment on 442 262 SLB(1) No c
Slide 36: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Fiscal Year Ended TTM Adjustment detail ($ in millions) Dec-23 Dec-24 Dec-25 Jun-25 Jun-26 1. 1 Share-based compensation expense is associated with stock options, restricted stock units, performance stock units, Life Time’s Net income $76 $156 $374 $22
Slide 37: Reconciliation of Net Income (Loss) to Adjusted EBITDA 2001A – 2025A and 2026E
Reconciliation of Net Income (Loss) to Adjusted EBITDA 2001A – 2025A and 2026E ($MM) TTM Ended: 12/31/2001 12/31/2002 12/31/2003 12/31/2004 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009 Net Income $4 $7 $21 $29 $41 $51 $68 $72 $71 Interest Expense, net of Interest Income 12 15 19 18 14 17 2
Slide 38: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Fiscal Year TTM(1) ($ in millions) 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 6/30/2026 Net Cash Flow Provided by $359 ($96) ($20) $201 $463 $575 $871 $899 Operating Activities Capital Expenditures, net of (624) (266) (329) (591) (69
Slide 39: Historical Net Debt and Leverage Calculation
Historical Net Debt and Leverage Calculation 2015 2019 2021 Q2 2025 Q2 2026 ($ in millions) Current maturities of debt $30 $36 $23 $23 $32 Long-term debt, net of current portion 1,926 2,224 1,776 1,493 1,466 Total Debt $1,956 $2,260 $1,799 $1,516 $1,498 Less: Fair value adjustment 6 3 2 0 0 Less: Un
Slide 40: Reconciliation of Interest Coverage Ratio
Reconciliation of Interest Coverage Ratio Fiscal Year TTM(1) ($ in millions) 2015 2019 2021 Q2 2025 Q2 2026 Interest expense, net of interest income $108 $129 $225 $120 $68 Less: Accrued interest (non-cash) 14 (1) 21 (21) (8) Less: Debt issuance cost amortization 13 11 27 14 4 Less: Debt issuance co