Gym Group Plc · LSE:GYM
Gym — The Gym Group — Corporate Update (June 2026)
34 slides from Gym's corporate update, June 2026
Slide 1: The Gym Group Site Visit June 2026
THE GYM GROUP SITE VISIT June 2026
Slide 2: 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 Retentio
Slide 3: Market Overview
MARKET OVERVIEW 3
Slide 4: 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% Market +0.3 ppts 4.1% CAGR 2012-25 Penetration (% of Population) 2012 2022 2023 2024
Slide 5: 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 6: Increasing tailwind from Gen Z
Increasing tailwind from Gen Z High & growing fitness engagement Fitness spend is a priority Key Gen Z fitness attitudes % of Gen Z exercising at least 2x per week1 % of Gen Z ranking category as 1st / 2nd priority for discretionary spend2 +11ppts Highly engaged (gym visits & frequency) (+18%) Healt
Slide 7: PwC identify headroom of 600-850 additional UK low-cost gyms
PwC identify headroom of 600-850 additional UK low-cost gyms PwC assessment of low-cost gym market ‘full potential’ This provides 10-15 years of further Number of low-cost gyms expansion for low-cost gyms Existing gyms Additional headroom 1,350 – 1,600 And potential for further growth over time 1,20
Slide 8: Next Chapter Growth Plan
NEXT CHAPTER GROWTH PLAN 8
Slide 9: The Next Chapter growth plan
The Next Chapter growth plan Drive like-for-like revenue and Create funds for future growth generate cash options Accelerate Strengthen rollout of Broaden our the core quality growth sites 9
Slide 10: Gradual acceleration of site openings
Self funded opening programme Gradual acceleration 12 new sites in 2024; 16 in 2025; 20+ in 2026 of site Increased target from 50 sites to 75 over 3 years openings Returns on new openings to deliver ROIC of 30% Working with Savills nationally as well as local agents Accelerate New site Building qual
Slide 11: 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 12: Strong early membership volume at 2025 new sites
Strong early membership volume at 2025 new sites First 3 months’ performance1 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 Sati
Slide 13: 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.£65m1 with an average 30% ROIC 26-30 24-28 20-22 16 12 2024 2025 2026 2027 2028 1. Run Rate EBITD
Slide 14: Mature site economics
Mature site economics New £m Mature Mature Site ROIC 30% incl. rent-free openings Include landlord contributions and rent-free periods Number of gyms 189 Number of gyms c.75 to take right commercial decision Revenue 1.0 Revenue 1.2 Excludes 13 workforce-impacted gyms that reduce 2025 ROIC by c.3ppts
Slide 15: Typical site cost breakdown
Typical site cost breakdown Spend Category Initial Capex % Policy Depr. Average Annual Cost (£k) Years Depr. Years Charge (£k) Gym Equipment Building works and related costs £1,050 70% 10-15 15 £70 Fixtures and Fittings £150 10% 5-7 6 £25 Gym Equipment £300 20% 5-10 8 £38 19% £1,500 £133 48% 70% ofm
Slide 16: Site Selection & Process
SITE SELECTION & PROCESS 16
Slide 17: Site acquisition process
Site acquisition process Turning sites into secured deals through structured appraisals and negotiations Site Identification & Feasibility • Site sourcing Governance & Governance & • Demographic profiling Approvals – Stage 1 Approvals – Final • Membership appraisal • Business case • Property Committ
Slide 18: Site identification and feasibility
Site identification and feasibility Optimising site identification to expand pipeline Spatial modelling to provide highly accurate site appraisals Cross-functional site review to leverage local insight & mitigate risks Enhancement of proposition through format optimisation Delivery & opening with co
Slide 19: Elevating Our Proposition
ELEVATING OUR PROPOSITION 19
Slide 20: 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 20
Slide 21: Fly-through video shown of Lincoln Tritton Retail Park
Fly-through video shown of Lincoln Tritton Retail Park 21
Slide 22: Pricing & Revenue Management: Pricing headroom remains an opportunity
Pricing & Revenue Management Pricing headroom remains an opportunity Continued opportunity to price ahead of inflation Value for money maintained despite increasing prices Simon-Kucher Price / Value Map (Latest View Aug 2025) TGG Value for money High TGG Headline Rate (0 to 10) Position on the chart
Slide 23: Pricing opportunity remains: strong market position
Pricing & Revenue Management 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 £2 +7% £27.31 Low
Slide 24: Maximising returns on enhancement capex
Maximising returns on enhancement capex Encouraging early Data-led gym selection Refurb and re-market approach performance Newcastle East Local market member Before headroom Higher Customer Satisfaction Competitive intensity Increased Membership Volume Financial performance After Increased Prices Me
Slide 25: Maintenance capex expected at c6% of revenue
Maintenance capex expected at c6% of revenue Typical lease length of 15 years Years 1-10 maintenance spend averages £30k p.a. Mid-life refresh spend of c£300k between years 8-12, depending on usage Years 10-15 average spend c£50k p.a. Lifecycle of typical lease average maintenance capex of £50k p.a.
Slide 26: 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 27: 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 202
Slide 28: Summary & Outlook
Summary & Outlook 1 Large market with structural growth tailwinds 2 Advantaged, labour-light business model 3 Multiple LFL growth opportunities supporting further mature site ROIC improvement 4 Guidance upgraded for FY26: strong peak trading period +9% revenue growth, with LFL +3% 5 Significant whit
Slide 29: Appendix
APPENDIX 29
Slide 30: Loughborough Junction Fact Pack
Loughborough Junction Fact Pack Opening date Site Build Cost Member nos - appraisal 30 December 2025 £1.8m 4,000 Size of site Lease length Member nos - current 19,150 sq ft 15 years, with 10y break 3,272 Standard monthly rate Ultimate rate Nearest TGG sites £29.99 (64% of members) £36.99 (26% of mem
Slide 31: Stockwell Fact Pack
Stockwell Fact Pack Opening date Site Build Cost Member nos - current 30 March 2012 £1.5m 4,015 Size of site Lease length Member nos - ave per site 16,905 sq ft 20 years, with 15y break C3,800 Standard monthly rate Ultimate rate Nearest TGG sites £31.99 (40% of members) £40.99 (14% of members) Vauxh
Slide 32: 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 33: 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 pools
Slide 34: Forward-looking statement disclaimer
Forward-looking statement disclaimer This presentation and information communicated verbally to you may contain certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of The Gym Group plc. These statements are