Slide 1: Strategy Update
STRATEGY UPDATE René Moos CEO
Slide 2: High-quality deliverable growth: Basic-Fit journey
HIGH-QUALITY DELIVERABLE GROWTH Basic-Fit journey Sustained growth at scale 2016 2013 2010 IPO listing 1984 Basic-Fit/HealthCity split up Euronext Amsterdam Acquisition of Basic-Fit: Big conversion wave Stronger than Our team started 28 HVLP clubs ever post-COVID mid - market brand 6 clubs in first
Slide 3: Consistent growth delivery over years
CONSISTENT GROWTH DELIVERY OVER YEARS All KPI’s have double digit CAGRs (2016 – 2025) # of clubs # of memberships ('000s) 4,933 2,000 5,000 1,716 4,254 1,575 3,802 1,600 4,000 1,402 3,352 1,200 1,200 3,000 1,015 905 2,221 2,220 2,001 784 1,843 2,000 1,520 800 629 521 1,211 419 1,000 400 0 0 2016 201
Slide 4: Basic-Fit: the clear European leader
BASIC-FIT: THE CLEAR EUROPEAN LEADER Further growth potential Netherlands 248 clubs Belgium Germany 241 clubs 456 clubs 12 Luxembourg 10 clubs Czech Republic countries (number # 1 in 5) 1 club 2,184* Austria 49 clubs Switzerland clubs 23 clubs Romania France Slovenia 2 clubs 900 clubs 15 clubs 6M+ C
Slide 5: Succeeding in very different environments – growth & resilience
SUCCEDING IN VERY DIFFERENT ENVIRONMENTS – GROWTH & RESILIENCE Unique position to deliver returns enhancing growth ERA 3: HIGH-QUALITY GROWTH ERA 2: PANDEMIC & (2025-30) RECOVERY (2020-24) ERA 1: RAPID SCALE UP Continued organic rollout (2016-19) Maintain club growth Refined operating model Rapid ro
Slide 6: Beyond 2026
BEYOND 2026 Growth, cash flow, and return on capital at increasing scale MARKET BASIC-FIT MULTI-VERTICAL DISCIPLINED OPPORTUNITY UNIQUELY APPROACH FOR FINANCIAL POSITIONED TO GROWTH APPROACH Fitness DELIVER penetration & Organic: steady Growth: white space: Scale of estate reliable returns steady, r
Slide 7: The Opportunity
THE OPPORTUNITY 7
Slide 8: European fitness markets: rising penetration and significant potential
EUROPEAN FITNESS MARKETS: RISING PENETRATION AND SIGNIFICANT POTENTIAL STILL TO CAPTURE Average fitness penetration rate (5-country* Average) ~54M HUGE MARKET GROWTH 25% 23.4% OPPORTUNITY Core market penetration below +14.3M US levels: clear growth headroom 20% MEMBERS OF WHITE SPACE ~40M VS. US PEN
Slide 9: We strive to become the go-to #1 player in all of our markets
WE STRIVE TO BECOME THE GO-TO #1 PLAYER IN ALL OF OUR MARKETS TOP AIM #1 BE #1 2 Incumbent markets Growth markets New markets (NL & BE) (FR & ES) (DE, AT & CH) #1 2X 4X WHEN COMBINE BRANDS LARGER THAN NEXT COMPETITOR* LARGER THAN NEXT COMPETITOR* #2 3X #2 SECOND LARGEST IN MARKET* LARGER THAN NEXT C
Slide 10: Uniquely Positioned to Deliver Growth
UNIQUELY POSITIONED TO DELIVER GROWTH 10
Slide 11: Unique advantages: a resilient business model
UNIQUE ADVANTAGES: A RESILIENT BUSINESS MODEL Scale of estate Strong, Pan-European brand Tailored offering Industry-leading enabled tech Multi-lever growth opportunities Member pricing for any budget 11
Slide 12: Approach to delivering Group ROCE
APPROACH TO DELIVERING GROUP ROCE Unique position to deliver returns enhancing growth Growing Delivering Organic club Inorganic rollout Franchise Optimal group ROCE 12
Slide 13: Multi-vertical approach to deliver growth
MULTI-VERTICAL APPROACH TO DELIVER GROWTH 13
Slide 14: Our growth: positioned to deliver double-digit growth in 2026
OUR GROWTH: POSITIONED TO DELIVER DOUBLE- DIGIT GROWTH IN 2026 ORGANIC INORGANIC FRANCHISING 50 (net) clubs per year in Focus on current markets, Pursuing franchise 2026 utilise consolidation opportunities in France to start and Germany Continue to increase avg Specific M&A criteria to member per cl
Slide 15: Inorganic growth: scale for market leadership
INORGANIC GROWTH: SCALE FOR MARKET LEADERSHIP FRANCHISE M&A BOLT-ON M&A Purchase existing Clever Bolt-on clubs to quickly Fit franchisees increase market footprint- DACH Convert to Basic-Fit Target criteria: Resell to new franchisee Similar club characteristics EBITDA growth opportunity Small to med
Slide 16: Double digit returns & growth with bolt-on M&A
DOUBLE DIGIT RETURNS & GROWTH WITH BOLT- ON M&A Purchased in Spain 42* McFit Clubs in 2024 Revenue post-acquisition: + 43% Underlying EBITDA post-acquisition: + 52% Avg members per club post- acquisition: +60% Purchased 493 Clever Fit clubs in 2025 EBITDA Q1 2026: €7 million EBITDA expectations 2026
Slide 17: Franchising: longer-term strategic benefits
FRANCHISING: LONGER-TERM STRATEGIC BENEFITS ROCE ENHANCING OVER TIME PRIORITY GROWTH REGION IS DACH, NEXT STEPS IN FRANCE CLEVER FIT & BASIC-FIT FRANCHISE STRONG LONGER- TERM OPPORTUNITY 17
Slide 18: Operations & Franchise
OPERATIONS & FRANCHISE Redouane Zekkri COO
Slide 19: Best operator, best markets
BEST OPERATOR, BEST MARKETS Basic-Fit’s strategic flywheel THE BASIC-FIT PROPOSITION 1 BEST MARKETS: The new era SIGNIFICANT OPPORTUNITY REMAINS refinement Structural long- Underpenetrated Fragmented term growth + markets + competition OPTIMALLY BEST INVESTING MARKETS 3 1 2 BEST OPERATOR: THE LOWEST
Slide 20: Best markets
BEST MARKETS For sustainable long-term growth and to increase our current 6M members 7.83M GROWING MARKET Incumbent, growth & new markets Projected gym members over next 10 years at same penetration growth rate as previous decade UNDERPENETRATED MARKETS WITH RISING FITNESS PENETRATION Always been a
Slide 21: Basic-Fit: the clear European leader
BASIC-FIT: THE CLEAR EUROPEAN LEADER Further growth potential Netherlands 248 clubs Belgium Germany 241 clubs 456 clubs 12 Luxembourg 10 clubs Czech Republic countries (number # 1 in 5) 1 club 2,184* Austria 49 clubs Switzerland clubs 23 clubs Romania France Slovenia 2 clubs 900 clubs 15 clubs 6M+ C
Slide 22: Huge market growth opportunity
HUGE MARKET GROWTH OPPORTUNITY PROJECTION OF EXTRA GYM MEMBERS WITH US PENETRATION RATE +722K +1.5M +4.9M +5M +7M 25.0% 23.4% 20.2% 20.0% 18.3% 18.0% 17.6% 16.4% 15.6% 14.8% 15.0% 14.1% 13.4% 11.7% 11.6% 10.1% 10.6% 2016 10.0% 7.8% 2026 6.8% 2036 5.0% 0.0% NETHERLANDS BELGIUM FRANCE SPAIN GERMANY +3
Slide 23: Netherlands: clear market leader
INCUMBENT MARKET NETHERLANDS: CLEAR MARKET LEADER FITNESS PENETRATION RATE KEY TAKEAWAYS & MARKET SHARE Twice as many clubs as number 2 25 23.4 20.2 Most affordable gym membership on the market 20 18.3 16.4 Potential to open at least 100 clubs 15 10 5 0 Fitness penetration NL COMPETITIVE LANDSCAPE 2
Slide 24: Belgium: by far the market leader
INCUMBENT MARKET BELGIUM: BY FAR THE MARKET LEADER FITNESS PENETRATION RATE KEY TAKEAWAYS & MARKET SHARE Twice as big as the top 4 competitors combined 25 23.4 Most affordable gym membership on the market 20 13.4 Potential to open at least 100 clubs 15 10.1 10 6.8 5 0 Fitness penetration BELUX COMPE
Slide 25: France: explosive growth
GROWTH MARKET FRANCE: EXPLOSIVE GROWTH FITNESS PENETRATION RATE KEY TAKEAWAYS & MARKET SHARE Twice as many clubs opened than the top 4 25 23.4 Highly fragmented franchise-focused fitness market 20 15.6 Potential to open hundreds of clubs 15 11.7 10 7.8 5 0 Fitness penetration FR COMPETITIVE LANDSCAP
Slide 26: Spain: approaching market leadership
GROWTH MARKET SPAIN: APPROACHING MARKET LEADERSHIP FITNESS PENETRATION RATE KEY TAKEAWAYS & MARKET SHARE Organic growth champion 25 23.4 Highly-fragmented market with many 20 17.6 fast growing (local & international) competitors 14.1 15 Potential to open hundreds of clubs 10.6 10 5 0 Fitness penetra
Slide 27: Germany: fitness acceleration
NEW MARKET GERMANY: FITNESS ACCELERATION FITNESS PENETRATION RATE KEY TAKEAWAYS & MARKET SHARE Market leader with both brands combined 25 23.4 Highly-fragmented market with only 16% of clubs part 20 18.0 of major chains (acquisition opportunities) 14.8 15 11.6 Potential to open hundreds of clubs 10
Slide 28: Austria & Switzerland: our next opportunities
NEW MARKET AUSTRIA & SWITZERLAND: OUR NEXT OPPORTUNITIES FITNESS PENETRATION RATE KEY TAKEAWAYS & MARKET SHARE AUSTRIA Fragmented competition 30 23.4 No real high-value low-price champions 19.6 20 14.1 Market leadership feasible 8.6 10 0 Fitness penetration AT 2016 2026 PRICE/ AUSTRIA +/- 2016 2026
Slide 29: Best operator
BEST OPERATOR Costs control discipline and extensive experience => Superior return Average membership ramp-up per 2025 new club Controlled capex to open a club Members per club 4,000 Rent negotiation power 3,000 1 employee per shift & unstaffed operations 2,000 Peer-leading break-even on big-box gym
Slide 30: Cost control discipline
COST CONTROL DISCIPLINE How do we keep low break-even at 1,400 – 1,500 members and enhance return? SCALE ENABLES US TO: LEAN STAFFING MODEL: TECHNOLOGY: Build clubs 1 employee per shift Automation Source equipment Unstaffed operations Centralisation Negotiate rents Remote support Self-service develo
Slide 31: Extending our efficient operating strategy
EXTENDING OUR EFFICIENT OPERATING STRATEGY France’s change to staffless 198 CLUBS OPEN STAFFLESS IN 2026 At least (and increasing) €10 million From 1AM to 6AM starting May 1st saving per year THE CONDITIONS: ALL REQUIREMENTS COVERED BY OUR SYSTEMS Max 19 members with reservation system 15 years of I
Slide 32: Basic-Fit: the logical choice
BASIC-FIT: THE LOGICAL CHOICE How do we fill our clubs? HIGHLY VISIBLE ALWAYS NEARBY (Data driven marketing) (Clusters) ATTRACTIVE VALUE ALWAYS AVAILABLE (Low price) (24/7) HIGH QUALITY VERY RESPONSIVE (Automative customer (Product focus) care focus) 32
Slide 33: 24/7 clubs – accelerating our members/club
24/7 CLUBS – ACCELERATING OUR MEMBERS/CLUB Consistently growing member count across all countries In all Great Cost Always countries USP effective accessible Relative growth (%) in average members per club for 24/7 clubs per GREAT RESULTS country THANKS TO: 140 FR 130 ES 120 DE 15Y IT investments 11
Slide 34: Optimally investing
OPTIMALLY INVESTING Accelerating growth at lower capital intensity and higher return 1 2 3 ORGANIC INORGANIC FRANCHISE Key focus on incumbent markets Strategically and Growth and New markets opportunistically Proven model since 2016 Asset-light expansion mode Acquisition of existing clubs Best-in-cl
Slide 35: Germany – employing all 3 verticals, dual-brand strategy
GERMANY – EMPLOYING ALL 3 VERTICALS DUAL-BRAND STRATEGY TO CONTROL THE MARKET DOUBLE IN SIZE Opportunity: 1,000 clubs in next 10 years Baden - Württemberg Bayern Berlin Brandenburg Bremen across both brands 2 2 2 2 2 3 2 2 2 3 2 2 2 2 2 2 2 2 3 3 3 2 2 2 2 3 3 2 2 3 3 2 Hessen Hamburg Mecklenburg -
Slide 36: France – a key franchising market
FRANCE – A KEY FRANCHISING MARKET To reach the 1,400 club milestone TOP FRANCHISE COUNTRIES GLOBALLY 1 US 2 CHINA 3 FRANCE 4 BRAZIL 5 CANADA FRANCHISE COUNTRY GROWTH OPPORTUNITY ADVANTAGES France = European franchise leader Potential to open 500 new clubs Local entrepreneurs control costs €93.7B fra
Slide 37: Potential in France for 500 clubs in franchise
POTENTIAL IN FRANCE FOR 500 CLUBS IN FRANCHISE? Q1 2025 openings show strong results Q1 2025 OPENINGS 17 CLUBS OPENED 2021: 531 2023: 777 ALL CLUBS ON TRACK / 2024: 856 2026: 908 OVERPERFORMING 37
Slide 38: The logical choice for franchisees
THE LOGICAL CHOICE FOR FRANCHISEES Centralised model supported by technology, local intelligence & track record FRANCHISEES CAN LEVERAGE BASIC-FIT’S... Model tested on thousands of clubs Established, leading brand & marketing power MEANING BETTER... Organic expansion track record Openings SUPERIOR E
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Slide 40: Ready to shape the next decades
READY TO SHAPE THE NEXT DECADES With organic, inorganic & franchise BEST MARKETS BEST OPERATOR OPTIMALLY INVESTING Adapt to the markets Cost control & ROCE discipline Build 2 solid bases Boost the fitness penetration rate Remain the logical choice Capitalise on what we created Win the competition ba
Slide 41: Build to Scale
BUILD TO SCALE Erica van Vonderen – Hahn Chief Commercial Officer
Slide 42: Member value creation engine
THE MEMBER VALUE CR M CREATION N ENGINE IO ce In UT er n FR m ov EC m at AN EX o i on E-c CHI KEEP LOCAL SE GROW MEMBER OBSESSION D i ng i g ita d an l VALUE B r Co m munication MARKETS 42
Slide 43: As demand and supply evolve, Basic-Fit is capturing the shift
AS DEMAND AND SUPPLY CONTINUALLY EVOLVE, BASIC-FIT IS ALREADY CAPTURING THE SHIFT DEMAND EVOLVES SUPPLY BROADENS Feel good & longevity Traditional gyms Lifestyle community Boutiques Personalisation Specialist Digital OUR ALREADY BUILT AND PROVEN MODEL IS ALREADY MONETIZING THIS SHIFT Accessible Affo
Slide 44: We engage all customer segments: 49% of base is Gen-Z
WE ENGAGE ALL CUSTOMER SEGMENTS: 49% OF BASE IS GEN-Z (THE FASTEST GROWING) Gen Z is our fastest growing cohort +47% Baby Boomer Gen X Millennial Gen Z 2023 2025 44 Source: Internal 2023 - 2025 member data
Slide 45: Grow
GROW KEEP GROW MEMBER OBSESSION VALUE
Slide 46: Grow better
GROW GROW BETTER More efficiently gaining new members, delivered by: BETTER BETTER BETTER BRAND CREATIVE INVESTMENTS Lower cost per joiner while maintaining or increasing the quality of our members 46
Slide 47: Better brand
GROW BETTER BRAND THE BAG CREATORS PARTNERS CAMPAIGN GROWING THE MARKET 8.5M +805M +55% +91% In market Video views on TikTok Membership intent Awareness in mature market +10% In France & Spain 47
Slide 48: Better brand: The Bag
GROW BETTER BRAND THE BAG 8.5M In market 48 Source: Internal data 2023-2025
Slide 49: Better brand: The Bag
GROW BETTER BRAND THE BAG 8.5M In market 49 Source: Internal data 2023-2025
Slide 50: Better brand
GROW BETTER BRAND THE BAG CREATORS PARTNERS CAMPAIGN GROWING THE MARKET 8.5M +805M +55% +91% In market Video views on TikTok Membership intent Awareness in mature market +10% In France & Spain 50
Slide 51: Creators build reach and quality
GROW CREATORS BUILD REACH AND QUALITY 890,000 ENGAGEMENT views 58,000 likes 51 Source: TikTok Account Report January 2026
Slide 52: Better brand
GROW BETTER BRAND THE BAG CREATORS PARTNERS CAMPAIGN GROWING THE MARKET 8.5M +805M +55% +91% In market Video views on TikTok Membership intent Awareness in mature market +10% In France & Spain 52
Slide 53: Better brand: Partners
GROW BETTER BRAND PARTNERS +55% Membership intent 53 Source: Tour de France Brand Lift Study 2025
Slide 54: Better brand
GROW BETTER BRAND THE BAG CREATORS PARTNERS CAMPAIGN GROWING THE MARKET 8.5M +805M +55% +91% In market Video views on TikTok Membership intent Awareness in mature market +10% In France & Spain 54
Slide 55: Better brand: Campaign
GROW BETTER BRAND CAMPAIGN GROWING THE MARKET +91% Awareness in mature markets +10% In France & Spain 55 Source: Brand Health Report 2023-2025
Slide 56: Better brand
GROW BETTER BRAND THE BAG CREATORS PARTNERS CAMPAIGN GROWING THE MARKET 8.5M +805M +55% +91% In market Video views on TikTok Membership intent Awareness in mature market +10% In France & Spain 56
Slide 57: Better creative
GROW BETTER CREATIVE NEW DESIGN DESIGN SYSTEM IMPACTFUL FORMATS MODULAR SYSTEM IMPLEMENTED -30% 49% >1M time saved Top of mind From a 1.000 to 1M on development ad variations 57 Source: Internal data 2023-2025
Slide 58: Better investments
GROW BETTER INVESTMENTS NEW CLUBS NEUROSCIENCE MEDIA MIX MODEL >1000 10% >30% Members on day 30 Best commercials Sales +33% -9% Cost per joiner day 30 58 Source: Internal data 2023 – 2025, Neurensics Ad Test October 2025
Slide 59: More efficient growth, delivered
GROW MORE EFFICIENT GROWTH, DELIVERED Higher Sales >30% 2025 VS 2023 >10% JPC VS 2023 (on more mature state) Lower acquisition costs & Lower cost per member COST PER JOINER DOWN 9% SINCE 2024 Faster maturity of new clubs +33% MORE MEMBERS AFTER 30 DAYS VS 2023 More efficient marketing spend MARKETIN
Slide 60: Keep
KEEP KEEP GROW MEMBER OBSESSION VALUE
Slide 61: Keep members longer
KEEP KEEP MEMBERS LONGER Optimally retaining existing members, delivered by: BUILDING BUILDING BUILDING EXPERIENCE HABITS SERVICE “Positive word-of-mouth from happy members is the cheapest acquisition channel there is.” 61
Slide 62: Building experience
KEEP BUILDING EXPERIENCE 85% Answered by AI NEW CLUB DESIGN GOOGLE REVIEWS IMPROVED PRODUCT +13% +54% Always adjusting Higher review rating More clubs with >4* Google rating to changing consumer needs 62 Source: Internal Google My Business Report 2023 – 2025, Internal data 2023 - 2025
Slide 63: Building experience
KEEP BUILDING EXPERIENCE NEW CLUB DESIGN +13% Higher review rating 63 Source: Internal Google My Business Report (Q1’26 vs Q3’25)
Slide 64: Building experience
KEEP BUILDING EXPERIENCE 85% Answered by AI NEW CLUB DESIGN GOOGLE REVIEWS IMPROVED PRODUCT +13% +54% Always adjusting Higher review rating More clubs with >4* Google rating to changing consumer needs 64 Source: Internal Google My Business Report 2023 – 2025, Internal data 2023 - 2025
Slide 65: Building habits
KEEP BUILDING HABITS ONBOARDING REWARDING MEMBERS BRING MEMBERS +53% +33% +45% Completed first 6 visits 4 per week Increase in streak length Joiners from Member Get Member programme +27% +90% Members with activity streaks Converted friends 65 Source: Internal data 2023 - 2025
Slide 66: How we build habits
KEEP HOW WE BUILD HABITS >9% DATA OF 5.0M Length of stay MEMBERS Start Name Gender Age RECOMMENDER Membership Reason to join Demographics 24 months ENGAGEMENT Length of stay DATA Club visits Fitness goals Add-ons bought Website App PERSONALISATION 66 Source: Annual Report 2023 - 2025, Internal Data
Slide 67: Improving service at lower cost
KEEP IMPROVING SERVICE AT LOWER COST AI CHATBOT NEED FOR CONTACT MY BASIC-FIT OUTSOURCED ALMOST 90% -13% +101% -24% of cases solved Cases per 100 members Self Service Sessions total costs of by chatbot customer service >40% Reduction cost per member 67 Source: Internal data, My Basic-Fit Google Anal
Slide 68: Longer member lifetime delivered
KEEP LONGER MEMBER LIFETIME DELIVERED Longer member lifetime LENGTH OF STAY UP >9% (2025 VS 2023) Stronger member satisfaction +54% MORE CLUBS WITH >4.0★ ON GOOGLE Lower service friction CASES PER 100 MEMBERS DOWN 13% Lower cost of service >40% REDUCTION IN COST PER MEMBER 68 Source: Internal Data 2
Slide 69: Value
VALUE KEEP GROW MEMBER OBSESSION VALUE 69
Slide 70: Increase member value
VALUE INCREASE MEMBER VALUE Optimally unlocking full member value through innovation, delivered by: IMPROVED IMPROVED IMPROVED IMPROVED OFFERING UPSELLING SECONDARY PRODUCT REVENUE “Keeping a low entry point while capturing full market potential value” 70
Slide 71: Increase member value
VALUE INCREASE MEMBER VALUE INTRODUCTION DATA DRIVEN ULTIMATE INNOVATIONS RECOMMENDER >40% +64% IMPROVED Joiners choose Member OFFERING Ultimate PERSONALISATION UPSELLING upgrades BEYOND REVENUE TEST & RETAIL MEDIA LEARN +44% ‘25 vs ’23 VENDING +166% Upgrades IMPROVED +75% IMPROVED to Ultimate SECON
Slide 72: Increase member value delivered
VALUE INCREASE MEMBER VALUE DELIVERED Higher revenue per member +6% YIELD IMPROVEMENT (2025 vs 2023) Stronger mix on new joiners >40% OF JOINERS CHOOSE ULTIMATE More value unlocked from existing members +64% MEMBER UPGRADES Higher revenue beyond membership SECONDARY REVENUE CONTINUES TO SHOW DOUBLE
Slide 73: We structurally improved the economics of the business
WE DIDN’T JUST GROW. WE STRUCTURALLLY IMPROVED THE ECONOMICS OF THE BUSINESS INPUT OUTPUT KEEP Data GROW GROW >30% Sales MEMBER Creative OBSESSION KEEP Tech >9% Length of stay VALUE VALUE +6% Yield per member TRANSFERABLE ACROSS ORGANIC-, INORGANIC- AND FRANCHISE CLUBS 73
Slide 74: Driving Growth & Returns
DRIVING GROWTH & RETURNS
Slide 75: Financial Framework
FINANCIAL FRAMEWORK Maurice de Kleer Chief Financial Officer
Slide 76: Consistent growth delivery over years
CONSISTENT GROWTH DELIVERY OVER YEARS All KPI’s have double digit CAGRs (2016 – 2025) # of clubs # of memberships ('000s) 4,933 2,000 5,000 1,716 4,254 1,575 3,802 1,600 4,000 1,402 3,352 1,200 1,200 3,000 1,015 905 2,221 2,220 2,001 784 1,843 2,000 1,520 800 629 521 1,211 419 1,000 400 0 0 2016 201
Slide 77: Efficient cost structure intensified
EFFICIENT COST STRUCTURE INTENSIFIED Basic-Fit owned clubs LOW BREAK- EVEN OPERATIONAL POINT ECONOMIES OF EXCELLENCE Efficient build-out and low- SCALE Scale drives cost structure lead to fast Lower cost per club professionalization payback period of back-office services DIGITAL VALUE INCREASED BUYI
Slide 78: A new era, a new focus
A NEW ERA, A NEW FOCUS From pure growth to high quality growth GROWTH & HIGH-QUALITY RETURNS PANDEMIC & RECOVERY (2025-30) (2020-24) RAPID SCALE UP European fitness market still (2016-19) Maintain high pace of club underpenetrated growth Focus on rapid roll-out of Multi vertical approach new owned c
Slide 79: Return on capital is key guiding principle
RETURN ON CAPITAL IS KEY GUIDING PRINCIPLE SITE ROIC GROUP ROCE Guiding principle for organic Main return metric for the group investment decisions on a club level Defined as group EBIT divided by total assets minus current Defined as the average mature liabilities club EBITDA less rent divided by t
Slide 80: Shift in emphasis to deliver growth and ROCE enhancement
SHIFT IN EMPHASIS TO DELIVER GROWTH AND ROCE ENHANCEMENT IN THE NEW ERA NEW ERA POWERED BY A MULTI- VERTICAL GROWTH STRATEGY THAT CREATES OPTIONALITY ORGANIC NEW ERA OBJECTIVE Deliver continued growth, with an enhanced focus on INORGANIC profitability, cash generation & capital efficiency FRANCHISE
Slide 81: Delivering ROCE enhancing growth
DELIVERING ROCE ENHANCING GROWTH Three-way growth strategy to optimise key ROCE drivers MEDIUM-TERM GROUP GROWTH APPROACHES KEY ROCE DRIVERS TARGET Organic Inorganic Asset Franchise turn Margin ROCE low to Cash mid teens % genera- tion 81
Slide 82: Delivering ROCE enhancing growth
DELIVERING ROCE ENHANCING GROWTH Diversified across three growth approaches ORGANIC ROCE INORGANIC ENHANCING GROWTH FRANCHISE 82
Slide 83: Steadily growing the owned-club estate
STEADILY GROWING THE OWNED-CLUB ESTATE History of strong growth of owned clubs * CURRENT DEVELOPMENT (# clubs) 1,716 28 net new owned club openings Q1 2026 1,575 1,402 On track to open around 50 net new owned clubs in 2026 1,200 1,015 905 784 629 521 419 GOING FORWARD 50 – 70 net new owned club open
Slide 84: Continued rapid membership growth
CONTINUED RAPID MEMBERSHIP GROWTH New club openings and further growth of memberships per owned club History of total memberships at owned clubs CURRENT DEVELOPMENT (millions) 4.93 5.1 million memberships Q1 2026 4.25 Up 682,000 or 15% year on year 3.80 3.35 2.22 2.22 2.00 1.84 1.52 1.21 GOING FORWA
Slide 85: Maturation of club network
MATURATION OF CLUB NETWORK Growth of memberships per club increases with maturation History of maturation of club network MATURATION OF CLUB NETWORK Recovery and continued Strong membership ingrowth in the first Rapid scale up Pandemic two years growth A club is seen as mature when it is at least 24
Slide 86: The members per club opportunity
THE MEMBERS PER CLUB OPPORTUNITY Memberships per club development to result in further ROCE enhancement zero incremental cost · zero new capex · 100% cash conversion €300 X 300 => €90K X 1.7K = > €150M Annual fee Estimated Revenues Clubs per member incremental per club YE 2025 Every additional membe
Slide 87: Yield growth initiated in recent years
YIELD GROWTH INITIATED IN RECENT YEARS Membership structure optimisation and mix effect History of average yield in owned Basic-Fit clubs CURRENT DEVELOPMENT (€ per month, ex VAT) Q1 average yield of €24.95 24.91 Up 3% year on year 23.53 24.24 22.86 23% memberships of base are Premium 20.56 and 25%
Slide 88: The 4 drivers of organic growth
THE 4 DRIVERS OF ORGANIC GROWTH STEADILY CONTINUED GROWING THE MEMBERSHIP OWNED-CLUB GROWTH ESTATE MATURATION OF FURTHER YIELD CLUB NETWORK GROWTH 88
Slide 89: Delivering ROCE enhancing growth
DELIVERING ROCE ENHANCING GROWTH Diversified across three growth approaches ORGANIC ROCE INORGANIC ENHANCING GROWTH FRANCHISE 89
Slide 90: Inorganic growth to speed up strategy execution
INORGANIC GROWTH TO SPEED UP STRATEGY EXECUTION A key lever to create value – selectively applied FINANCIALLY DISCIPLINED STRATEGIC FOCUS AREAS APPROACH Scale & strategy-driven acquisitions – Group ROCE enhancing in the medium- targets delivering member base growth, term - ensuring consistent capita
Slide 91: Recent inorganic initiatives
RECENT INORGANIC INITIATIVES Clever Fit integration and franchise opportunity EBITDA MULTIPLE TO DECREASE ON IMPROVED PROFITABILITY: 11-12X 8X 3-6X Revenue €65 million Underlying Clubs Membership EBITDA less rent Purchase price 493 c. 1 million €22 million €160 million 2024 2025 2027E 39 company own
Slide 92: Delivering ROCE enhancing growth
DELIVERING ROCE ENHANCING GROWTH Diversified across three growth approaches ORGANIC ROCE INORGANIC ENHANCING GROWTH FRANCHISE 92
Slide 93: The franchising opportunity
THE FRANCHISING OPPORTUNITY Growth and ROCE enhancing in the medium-term Capex light Medium-term focus franchising in Germany Pure margin and France and cash flow Optimising club network enabling Way of enhancing cluster management returns from the existing brand Accelerate rollout of franchise club
Slide 94: Franchise economics
FRANCHISE ECONOMICS ROYALTIES GROUP AND LOCAL FEES MARKETING FROM SERVICES CONTRIBUTION 7% 7% € Royalties and marketing contributions may vary and could initially be lower to speed up growth 94
Slide 95: Franchise contribution to Group ROCE
FRANCHISE CONTRIBUTION TO GROUP ROCE Illustrative group ROCE development with franchise contribution when adding 1,000 franchise clubs GROUP ROCE % TIME ROCE Organic ROCE Organic & Franchise 95
Slide 96: Delivering ROCE enhancing growth
DELIVERING ROCE ENHANCING GROWTH Diversified across three growth approaches ORGANIC ROCE INORGANIC ENHANCING GROWTH FRANCHISE 96
Slide 97: Revenue bridge
REVENUE BRIDGE 2026 revenue growth mainly organically driven DOUBLE-DIGIT GROWTH 1,640 – 1,690 Low single-digit other growth Low single digit yield 1,420 growth High single-digit membership growth High single-digit Low single-digit yield-driven member growth growth Clever Fit full-year effect & limi
Slide 98: Underlying EBITDA less rent bridge
UNDERLYING EBITDA LESS RENT BRIDGE 2026 EBITDA growth driven by revenue growth and operating leverage 24.5% C. 26% margin margin UP 20% - 30% 415 - 455 +5pp. margin expansion 348 largely driven by improved performance of existing network Energy costs are 80% fixed in 2026 and 50% 2027 24/7 model sav
Slide 99: Capital allocation hierarchy
CAPITAL ALLOCATION HIERARCHY FOCUSED ON TARGETED INVESTMENT & A STRONG BALANCE SHEET 1 2 3 4 ORGANIC INORGANIC BALANCE SHEET SHAREHOLDER INVESTMENT INVESTMENT EFFICIENCY DISTRIBUTIONS FOR GROWTH FOR GROWTH Capital light growth Potential to return New club rollout Selective infill provides financial
Slide 100: Reducing capex across the multi-verticals
REDUCING CAPEX ACROSS THE MULTI-VERTICALS Capital allocation strategy provides financial flexibility SLOWED DOWN …AND REDUCED …AND FURTHER ORGANIC ROLLOUT… AVERAGE CAPEX... ENHANCE ROCE THROUGH 155 €332 Average net Average new club rollout capex c. €210 FRANCHISING c. 60 AND capex New club openings*
Slide 101: Disciplined investment framework
DISCIPLINED INVESTMENT FRAMEWORK BUSINESS INVESTMENT FOCUS DEVELOPMENT CRITERIA ON RETURN ORGANIC: INVESTMENT CRITERIA FOR ROIC / ROCE AS KEY CAPITAL ORGANIC: RETURNS STEERING METRIC: 50-70 net new clubs per year, remaining Europe’s most scaled Expected club ROIC at maturity to Mature club ROIC over
Slide 102: Solid financing structure
SOLID FINANCING STRUCTURE New €308 million CB to mature in 2031; replacing Debt maturity more expensive short term bank facilities (millions) Financial flexibility to invest in multi-vertical growth 70 730 180 Main bank facility to mature in 2029 330 145 159 Ample available liquidity to repay 2026 C
Slide 103: Solid financing structure
SOLID FINANCING STRUCTURE New €308 million CB to mature in 2031; replacing Debt maturity more expensive short term bank facilities (millions) Financial flexibility to invest in multi-vertical growth 70 730 180 Main bank facility to mature in 2029 308 145 159 Ample available liquidity to repay 2026 C
Slide 104: Guidance
GUIDANCE Sustained delivery of profitable growth 2026 MEDIUM-TERM Revenue of between €1.64 billion and Multi-vertical growth approach €1.69 billion Accelerate rollout of franchise clubs Underlying EBITDA less rent of between €415 million and €455 Significant improvement in positive million free cash
Slide 105: Thank you!
THANK YOU!