Gym Group Plc · LSE:GYM
Gym — The Gym Group — FY2025 Earnings Presentation
49 slides from Gym's earnings presentation, Mar 11, 2026
Slide 1: Full Year Results 11 March 2026
FULL YEAR RESULTS 11 March 2026
Slide 2: Overview
Overview Will Orr Financial Results Luke Tait Next Chapter Growth Plan – Progress Report Will Orr Summary Will Orr Full Year Results - 2025 2
Slide 3: Overview
OVERVIEW Will Orr Chief Executive Officer Full Year Results - 2025 3
Slide 4: Strong momentum continues
Strong momentum continues Closing Membership Revenue up 8% Group Adj. EBITDA LNR up 4% to £244.9m (2024: £226.3m) up 19% to 923k (2024: 891k) to £56.7m (2024: £47.7m) Yield up 4% vs 2024 LFL 1 up 3% Robust & Growing Market Strengthening the Core Accelerated Rollout of Quality Sites UK gym penetratio
Slide 5: Financial Result
FINANCIAL RESULT Luke Tait Chief Financial Officer Full Year Results - 2025 5
Slide 6: Financial summary
Financial summary Average Members ARPMM 1 Revenue Group Adjusted EBITDA Less Normalised Rent (LNR) 1 945k £21.60 £244.9m £56.7m +4% +4% +8% +19% +39k vs PY +£0.79 vs PY +£18.6m vs PY +£9.0m vs PY (2024: 906k) (2024: £20.81) (2024: £226.3m) (2024: £47.7m) Statutory Profit before 1 Non - Property Net
Slide 7: Strong EBITDA LNR growth of 19%
Strong EBITDA LNR 1 growth of 19% £m 2025 2024 YoY % £m Revenue 244.9 226.3 18.6 8% (5.8) Cost of Sales (2.9) (2.9) - - 18.6 (1.2) (2.6) Gross Profit 242.0 223.4 18.6 8% Site Costs 2 (Excl. Normalised Rent) (115.4) (109.6) (5.8) (5%) Central Costs (Excl. Normalised Rent) (27.7) (26.5) (1.2) (5%) 56.
Slide 8: EBITDA LNR converting well to PBT and EPS
EBITDA LNR converting well to PBT and EPS £m 2025 2024 YoY % Group Adjusted EBITDA LNR 56.7 47.7 9.0 19% Add back Normalised Rent 1 42.2 39.6 Share Based Payments (5.5) (3.4) (2.1) (62%) Strong trading and share price growth, delay in grants last year Depreciation & Amortisation (62.4) (60.1) (2.3)
Slide 9: Revenue growth of 8%
Revenue growth of 8% ARPMM Average Standard Headline Rate (£) Like - for - Like Revenue 1 22.00 +4% £26.00 £25.64 Members 21.50 21.00 £25.00 +£1.11 100% £24.00 20.50 £23.00 Yield 20.00 £22.00 103% 19.50 £21.00 19.00 Revenue 18.50 £20.00 103% 18.00 £19.00 2023 2024 2025 2023 2024 2025 1. Like-for-lik
Slide 10: Successful cost control in an inflationary environment
Successful cost control in an inflationary environment Full year LFL site cost increase of 1% • H1 cost reduction of 1% • H2 cost increase of 3% H2 increase driven by: • Non-commodity electricity rate increase of 44% in Q4; although commodity rates dropping • Increase in NIC & Uniform Business Rate
Slide 11: Strong free cash flow generated
Strong free cash flow generated £m 5.3 (17.3) (1.8) (4.6) 56.7 44.7 (33.9) 38.3 (0.3) (2.1) 2.0 Group Adj. Movement in Maintenance Free Cash Flow Non -Underlying Net interest on Free Cash Flow Expansionary Refinancing fees EBT Share Cash Flow Before EBITDA LNR Working Capital Capex Before Non - Item
Slide 12: Reinvesting free cash flow to drive the business
Reinvesting free cash flow 1 to drive the business Capital expenditure and additions £m 2025 2024 2 YoY Maintenance Property 14.7 12.3 20% Property maintenance spend 6% of revenue in 2025 (2024: 5%) as we continue to invest in existing sites Tech & Data 2.6 2.5 4% Maintenance Capex 1 17.3 14.8 17% N
Slide 13: Net debt reduced by £2.0m vs Dec 2024
Net debt reduced by £2.0m vs Dec 2024 Amend & Extend £m 2025 2024 Agreed June 2025 Bank facility 102.0 90.0 Bank borrowings (62.0) (61.0) Total facilities increased to £102m Cash & cash equivalents 3.0 3.0 Bank net debt (59.0) (58.0) Non -property lease indebtedness (0.3) (3.3) RCF £57m and Term Loa
Slide 14: Mature site ROIC increased by 2 ppts year on year
Mature site ROIC increased by 2 ppts year on year Mature site ROIC 1 30% 27% 25% 21% 2023 2024 2025 2025 Excl. 13 Workforce 2 Gyms Expect further progress on Mature Site ROIC 1. Estate consists of 202 organic mature gyms, this excludes 30 acquired gyms and 28 maturing gyms. 2. Sites with a workforce
Slide 15: New sites performing well
New sites performing well Revenue vs mature target 1 100% Year of ROIC Gyms Opening Performance 80% 2022 25 Achieving 30% 60% 2023 6 Tracking to c.25% 40% 2024 12 On track for 30% 20% Progressing well with 2025 16 strong initial volume 0% 1 2 2022 3 average 4 5 6 7 2023 8average 9 10 11 2024 12 aver
Slide 16: Delivering against our capital allocation policy
Delivering against our capital allocation policy 1 Maintenance Capex • Continuing at c.6% of revenue 2 Target Leverage <2.0x • Leverage Dec 2025 at 1.0x, down from 2.0x at Dec 2022 3 Organic New Site Growth • Accelerating target to c.75 sites over 3 years 4 Shareholder Returns • Commenced £10m share
Slide 17: Current Trading and Outlook
Current Trading and Outlook Current Trading Run Rate & Rollout EBITDA LNR Guidance • Revenue year to date up 9% vs • Run Rate EBITDA LNR1 for 2025 • LFL revenue growth of c.3% Feb 2025 – average members up of c.£65m when adjusting for 4% and ARPMM up 5% sites open but not yet mature at • LFL cost in
Slide 18: Next Chapter Growth Plan – Progress Report
NEXT CHAPTER GRO – PROGRESS REPORT Will Orr Chief Executive Officer Full Year Results - 2025 18
Slide 19: Investment case: sustained growth from free cash flow
Investment case: sustained growth from free cash flow Robust and growing Multiple growth drivers market …to reinvest Price optimisation in high quality Low cost new site and yield enhancement model taking expansion share New customer volume Data - driven around existing sites and tech - enabled Rete
Slide 20: Demand for gyms continues to grow
Demand for gyms continues to grow Change 2012 - 25 UK Gym Market 16.6% Total +4.5 ppts 15.9% 14.6% 15.1% 4.5% 4.7% Low Cost +4.2 ppts 12.1% 3.8% 4.1% £6.5bn 0.5% Market Size Gym Rest of 11.6% 11.0% 11.4% 11.9% 10.8% 4.1% CAGR 2012 -25 Penetration Market +0.3 ppts (% of Population) 2012 2022 2023 202
Slide 21: Macro consumer trends contribute to structural growth
Macro consumer trends contribute to structural growth Fitness IQ Growing awareness of benefits; broadens equipment usage Mental Health Now a leading motivator for our members Strength Desire to feel and look strong Social Media Amplifying interest in fitness; building our community Value for Money S
Slide 22: Gen Z particularly engaged in fitness and our proposition
Gen Z: 1997-2012 (14–29 years old) Gen Z particularly engaged in fitness and our proposition Prioritise fitness spend TGG attractive to this group % of Gen Z ranking category as 1 st / 2 nd priority for discretionary spend 1 Generation Split: UK Population & TGG Average Members 2 Silent Gen 6% 3% He
Slide 23: Our winning proposition continues to resonate well
Our winning proposition continues to resonate well Members visiting more frequently Higher proportion scoring us 5/5 From £15.99/month % Members Visiting 4+ Times per Month 1 % Member Satisfaction Scoring 5 out of 5 2 High quality kit Value Free classes +90 bps +150 bps +90 bps +460 bps No contract
Slide 24: A clear plan: The Next Chapter
A clear plan: The Next Chapter Drive like -for -like revenue and Create funds for future growth generate cash options Accelerate Strengthen Rollout of Broaden our the Core Quality Growth S ites Full Year Results - 2025 24
Slide 25: A clear plan: The Next Chapter
A clear plan: The Next Chapter Drive like -for -like revenue and Create funds for future growth generate cash options Accelerate Strengthen Rollout of Broaden our the Core Quality Growth S ites Full Year Results - 2025 25
Slide 26: We continued to Strengthen The Core in 2025
We continued to Strengthen The Core in 2025 Revenue management Acquisition Retention New Member Pricing More Memorable Brand Long Term Memberships Continued to sustainably increase headline +16% membership volume on Savers +33% unprompted awareness vs 2024 rates; headroom remains strong and Students
Slide 27: Pricing opportunity remains: strong market position
Pricing opportunity remains: strong market position TGG remains the lowest cost national gym chain, with mid - market players priced 60% higher on average Average monthly fee among top gym players (£, all locations) 1 Price gap to TGG £25.64 Dec 25 % Other £27.31 £2 +7 % Low Cost Mid - Market £40.93
Slide 28: Pricing opportunity remains: good value perception
Pricing opportunity remains: good value perception Continued opportunity to price ahead of inflation Simon - Kucher Price / Value Map (Latest View Aug 2025) Headroom remains in competing locations High Position on the chart continues Average difference to The Gym Group in competing to indicate room
Slide 29: We are strengthening our brand
We are strengthening our brand Several changes to improve appeal and memorability … … helping to grow brand awareness Unprompted awareness near our gyms 1 18-44 target audience within 3 miles of TGG gym +33% 31% 28% 23% Norwich Sweet Briar Distinctive tone of voice More modern visual identity Update
Slide 30: Our web conversion programme is paying off
Our web conversion programme is paying off Continuing to improve web traffic conversion % of non -member traffic who purchase a gym membership 2025 Key Drivers 13.5% 12.7% 12.8% 1 Better showcasing product & proposition 11.5% 2 Simplifying and de - cluttering 3 Emphasising value 4 Brand enhancement
Slide 31: Our app is driving engagement and revenue
Our app is driving engagement and revenue 2025 Key Improvements Hi Kerri! 1 More personalised onboarding journey 2 +184% YoY digital workouts 3 Better personal dashboard driving visits 4 93% of add - ons via app 5 +16% YoY rejoiners via app Full Year Results - 2025 31
Slide 32: A clear plan: The Next Chapter
A clear plan: The Next Chapter Drive like -for -like revenue and Create funds for future growth generate cash options Accelerate Strengthen Rollout of Broaden our the Core Quality Growth S ites Full Year Results - 2025 32
Slide 33: Increased pace of rollout with proven location criteria
Increased pace of rollout with proven location criteria 16 new sites opened in 2025 London Stratford London Greenford London Swiss Cottage London Hendon Greater London and Urban Residential Areas with high population density London Camberwell London White City London Old Kent Road Loughborough Junct
Slide 34: Elevated site design and driving value perception
Elevated site design and driving value perception Developed with 5 core principles Build on current strengths Evolved look & feel for Gen Z Optimised kit mix for latest trends Shared spaces for socialising & clearer zoning Smart cost engineering Full Year Results - 2025 34
Slide 35: Elevated gym design and format video
Elevated gym design and format video Please visit www.tggplc.com to view 35
Slide 36: Strong early membership volume at 2025 new sites
Strong early membership volume at 2025 new sites First 3 months’ performance 1 Key Drivers of Out - Performance +22% 92% Data - driven site selection 76% Faster Membership Improved site design Build 2022/2023 2025 Optimised launch strategy Sites Sites Strengthen The Core improvements Higher Customer
Slide 37: Performance supports acceleration of self-funded rollout
Performance supports acceleration of self - funded rollout New Site rollout and targets by year, 2024 – 2028 Maturation of 2024 -25 sites generates c.75 new sites over 3 years 2025 Run Rate EBITDA LNR of c.£65m 1 with an average 30% ROIC 26-30 24-28 20 -22 16 12 2024 2025 2026 2027 2028 1. Run Rate
Slide 38: Maximising returns on 2025 enhancement capex
Maximising returns on 2025 enhancement capex Encouraging early Data - led gym selection Refurb and re - market approach performance Newcastle East Local market m ember Before headroom Higher Customer Satisfaction Competitive intensity Increased Membership Volume Financial performance After Increased
Slide 39: A clear plan: The Next Chapter
A clear plan: The Next Chapter Drive like -for -like revenue and Create funds for future growth generate cash options Accelerate Strengthen Rollout of Broaden our the Core Quality Growth S ites Full Year Results - 2025 39
Slide 40: New B2B2C channel rolled out and assessing other opportunities
New B2B2C channel rolled out and assessing other opportunities Continuing to investigate adjacent opportunities National rollout of Wellhub For example: after successful pilot New channels & formats New products & services 400+ Employers New markets Key quality hurdles: 190 site trial confirmed incr
Slide 41: Summary
SUMMARY Will Orr Chief Executive Officer Full Year Results - 2025 41
Slide 42: We have built good momentum
We have built good momentum TGG Financial Performance, 2023 - 25, £m +10% p.a. Delivered 245 Sustainably 226 Revenue 204 2025 change vs 2023 +12.5% Social Value Created 23% EBITDA % 21% 19% Margin +5 ppts Employee engagement to 9.0 / 10.0 EBITDA LNR 57 419 39 48 People supported to Level 3 PT 2023 2
Slide 43: Summary & Outlook
Summary & Outlook 1 Advantaged business model in a large market with structural growth 2 Multiple LFL growth opportunities and significant white space 3 FY25 Group Adjusted EBITDA LNR of +19% and +2ppts on mature site ROIC to 27% 4 Accelerating self - funded rollout 5 Commenced £10m share buyback 6
Slide 44: Q&A
Q&A
Slide 45: Appendix
APPENDIX Full Year Results - 2025 45
Slide 46: Advantaged business model
Advantaged business model Revenue – Virtuous Circle • No contract & flexible membership options drives c.3x volume of members compared with contract gyms • High value, low cost model drives highly competitive headline rates Kit - led gyms • Gyms are kit -led • Kit focus reduces gym team size • No po
Slide 47: Business KPIs (5 year)
Business KPIs (5 year) Financial (£m) 2025 2024 2023 2022 2021 YoY Revenue 244.9 226.3 204.0 172.9 106.0 8% Group Adj. EBITDA Less Normalised Rent (LNR) 1 56.7 47.7 38.5 38.0 5.7 19% Free Cash Flow1, 2 38.3 34.9 25.7 15.1 1.1 10% Expansionary Capital Expenditure1, 3 33.9 25.2 16.4 41.4 28.1 35% Non-
Slide 48: Definition of non-statutory measures
Definition of non - statutory measures LTM Group Adjusted EBITDA Less Normalised Rent (LNR) Maintenance capital expenditure Operating profit before depreciation, amortisation, share based payments Costs of replacement gym equipment and premises refurbishment and and non -underlying items; less Norma
Slide 49: Forward-looking statement disclaimer
Forward - looking statement disclaimer This presentation and information communicated verbally to you may contain certain projections and other forward -looking stateme nts with respect to the financial condition, results of operations, businesses and prospects of The Gym Group plc. These statements