Gym Group Plc · LSE:GYM
Gym — The Gym Group — H1 2026 Earnings Presentation
44 slides from Gym's earnings presentation, Sep 9, 2026
Slide 1: Half Year Results
HALF YEAR RESULTS 9 September 2026
Slide 2: Overview
Overview Will Orr Financial Results Luke Tait Next Chapter Growth Plan – Progress Report Will Orr Summary Will Orr 2
Slide 3: Overview
OVERVIEW Will Orr Chief Executive Officer Half Year Results - 2026 3
Slide 4: Strong first half performance
Strong first half performance Average Members up 5% Revenue up 10% Group Adj. EBITDA LNR2 up to 1,002k (H1 2025: 953k) vs H1 2025 12% vs H1 2025 Yield up 5% Like-for-Like1 up 3% vs H1 2025 vs H1 2025 Robust & Growing Market Strengthening the Core Accelerating Rollout of Quality Sites UK gym penetrat
Slide 5: Financial Result
FINANCIAL RESULT Luke Tait Chief Financial Officer Half Year Results - 2026 5
Slide 6: Financial summary
Financial summary Average Members ARPMM1 Revenue Group Adjusted EBITDA Less Normalised Rent (LNR)1 1,002k £22.14 £133.1m £30.8m +5% +5% +10% +12% +49k vs PY +£0.98 vs PY +£12.1m vs PY +£3.4m vs PY (H1 2025: 953k) (H1 2025: £21.16) (H1 2025: £121.0m) (H1 2025: £27.4m) Adjusted Profit before Free Cash
Slide 7: Strong EBITDA LNR growth of 12%
Strong EBITDA LNR1 growth of 12% £m H1 2026 H1 20252 YoY % £m Revenue 133.1 121.0 12.1 10% (6.5) Cost of Sales (2.1) (1.8) (0.3) (17%) 12.1 (0.9) (1.3) Gross Profit 131.0 119.2 11.8 10% Site Costs (Excl. Normalised Rent) (63.7) (57.5) (6.2) (11%) Central Costs (Excl. Normalised Rent) (14.3) (13.4) (
Slide 8: Adjusted PBT growth of 31%
Adjusted PBT1 growth of 31% £m H1 2026 H1 2025 YoY % Group Adjusted EBITDA LNR 30.8 27.4 3.4 12% Add back Normalised Rent2 22.2 20.9 Depreciation & Amortisation (32.6) (30.5) (2.1) (7%) Net Financing Costs (10.9) (10.4) (0.5) (5%) Share Based Payments (3.1) (2.5) (0.6) (24%) Share price growth and s
Slide 9: Revenue growth of 10%
Revenue growth of 10% Total Estate Like - for - Like 1 Gyms Average Members ARPMM k £ Average Members +5% 100% 25.00 1000 +5% 20.00 800 ARPMM 103% 15.00 600 10.00 400 Revenue 103% 200 5.00 0 0.00 H1 2025 H1 2026 H1 2025 H1 2026 1. Like-for-like includes all sites open as at 31 December 2023 Half Yea
Slide 10: Continued effective cost control
Continued effective cost control H1 - LFL site costs up 3.5% H2 – LFL site cost increase expected to slow • Utilities • Utilities Reduced commodity prices offset Q4 2025 non-commodity increases Non-commodity price increase annualises Q4 Savings from peer-to-peer matching programme & energy efficienc
Slide 11: Strong free cash flow generation
Strong free cash flow1 generation £m 7.4 (7.1) (1.2) (2.2) (18.5) 30.8 31.1 27.7 (4.1) (3.8) 1.3 EBITDA LNR1 Working Capital Maintenance Operating Non-Underlying Net Interest Free Cash Flow1 Expansionary EBT Share Share Cash Flow Before Capex Free Cash Flow Items Capex Purchase and Buyback Movement
Slide 12: Reinvesting free cash flow to drive the business
Reinvesting free cash flow1 to drive the business Capital expenditure and additions £m H1 2026 H1 2025 YoY Maintenance Property 5.9 6.2 (5%) Property maintenance spend 4% of revenue in H1 2026 (H1 2025: 5%); expect full year to track to c.6% Tech & Data 1.2 1.1 9% Maintenance Capex1 7.1 7.3 (3%) 3 m
Slide 13: Net debt in line with FY25 year end
Net debt in line with FY25 year end Facilities Amended £m H1 2026 FY 2025 H1 2025 Agreed June 2026 Bank facility 117.0 102.0 102.0 Bank borrowings (67.0) (62.0) (59.0) Total facilities increased to £117m Cash & cash equivalents 9.0 3.0 9.3 Bank net debt (58.0) (59.0) (49.7) Non-property lease indebt
Slide 14: New sites performing well
New sites performing well Revenue vs mature target1 100% Year of ROIC Opening Gyms Performance 80% 2023 6 Tracking to c.25% 60% 2024 12 Tracking to >30% 40% Progressing well with strong 2025 16 initial volume 20% 2023 average 2024 average 2025 average 0% 0 1 2 3 4 5 6 7 8 9 post-opening 10 11 12 13
Slide 15: Capital allocation policy
Capital allocation policy 1 Maintenance Capex • Property maintenance spend continuing at c.6% of revenue 2 Leverage • Targeting below 2.0x 3 Organic New Site Growth • Accelerated target of c.75 sites over 3 years 4 Shareholder Returns • £10m share buyback in progress Half Year Results - 2026 15
Slide 16: Full Year Outlook
Full Year Outlook Full Year Outlook & Guidance Capital Allocation Update • Remain on track to deliver 3% LFL revenue growth • Opened 4 new gyms to date; on site at a further 11; for the full year and another 5 exchanged • LFL cost inflation expected to be at lower end of • Expect to deliver at least
Slide 17: Next Chapter Growth Plan – Progress Report
NEXT CHAPTER GRO – PROGRESS REPORT Will Orr Chief Executive Officer Half Year Results - 2026 17
Slide 18: Investment case: sustained growth from free cash flow
Investment case: sustained growth from free cash flow Multiple growth drivers Robust and growing market Price optimisation …to reinvest and yield enhancement in high quality Low cost new site model taking New customer volume expansion share around existing sites Data-driven Retention of members for
Slide 19: Demand for gyms continues to grow
Demand for gyms continues to grow Change 2012 - 26 New data UK Gym Market 17.6% Total +5.5 ppts 16.6% High Value 15.9% 15.1% Low Cost +4.6 ppts 5.1% £7.3bn 4.5% 4.7% (HVLC) 12.1% 4.1% 0.5% Market Size Gym 5.1% CAGR 2016-26 Penetration 11.6% 11.0% 11.4% 11.9% 12.5% Rest of +0.9 ppts Market (% of Popu
Slide 20: Generational shift in fitness engagement
Generational shift in fitness engagement Most engaged gym generation yet Fitness spend continues to be a leading priority % ever had a gym membership by age group1 % of Gen Z ranking category as 1st or 2nd priority for discretionary spend2 Change YoY 85% Health & Fitness 55% +11 ppts Structural tail
Slide 21: GLP-1s: An emerging tailwind
GLP-1s: An emerging tailwind PwC report “What GLP-1 means for consumer markets” (June 2026)1 Consumption changes during and after GLP-1 usage PwC Headlines for Fitness: Higher consumption during GLP-1 treatment, sustained after treatment ends Rapidly Growing Grocery – Indulgence / Snacking UK users
Slide 22: 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 Sites Half Year Results - 2026 22
Slide 23: 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 Sites Half Year Results - 2026 23
Slide 24: We continued to Strengthen the Core in H1
We continued to Strengthen the Core in H1 Revenue Management Acquisition Retention New Member Pricing More Memorable Brand Fixed Term Memberships Continued to sustainably increase headline +5 ppts increase in unprompted brand Increased again – now 10% of membership rates; headroom remains strong awa
Slide 25: Pricing opportunity remains: strong market position
Pricing opportunity remains: strong market position With other players also increasing prices, headroom remains strong All Locations: Average monthly fee among top gym players, £1 Price gap to TGG In competing locations TGG £26.91 average price difference £ % to The Gym Group2 : Other HVLC £28.13 +£
Slide 26: Pricing opportunity remains: good value perception
Pricing opportunity remains: good value perception Continued opportunity to price ahead of inflation High value for money maintained despite increasing prices Simon-Kucher Price / Value Map (Latest View Aug 2026) High TGG Headline Rate TGG Value for money (0 to 10) Position on the chart continues to
Slide 27: Investing in tech to increase profitability and reduce risk
Investing in tech to increase profitability and reduce risk Major recent developments Member Digital Security & AI Infrastructure Management Channels Operations Migration to modern, App and website Applying AI to Modernisation of Investment into in- cloud-native SaaS performance increase speed, clou
Slide 28: 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 Sites Half Year Results - 2026 28
Slide 29: Continuing to elevate our product
Continuing to elevate our product Welcome Areas Kit Innovation Zoning Lincoln Tritton Norwich Sweet Briar Bradford Group Exercise Areas Lighting Changing Rooms Lincoln Tritton London Hackney London Hackney Half Year Results - 2026 29
Slide 30: Continuing to accelerate self-funded rollout
Continuing to accelerate self-funded rollout New Site Rollout and Targets by Year c.75 new sites over 3 years with an average 30% ROIC 26-30 24-28 20-22 Leeds Crown Point 2026 2027 2028 Half Year Results - 2026 30
Slide 31: Strong UK headroom for High Value Low Cost gyms
Strong UK headroom for High Value Low Cost gyms PwC Updated Assessment of UK HVLC Gym Market Number of HVLC gyms Potential for 10+ years of further expansion for Total 1,500 – 1,750 HVLC gyms potential 1,350 – 1,600 1,200 – 1,400 600-850 Increased headroom 600-850 (and further potential) Additional
Slide 32: Accelerating refurb programme based on strong returns
Accelerating refurb programme based on strong returns 2025 major refurbs performing well... …enabling acceleration in 2026 21 Over 10% higher customer satisfaction 10 +10% membership growth On track to deliver 30% ROIC 2025 2026 2026 spend consistent with capital allocation policy Half Year Results
Slide 33: Elevated design in over 25% of estate by year end
Elevated design in over 25% of estate by year end Expected new design coverage by Dec 2026: New Major Sites1 Refurbs 41 31 sites sites Over 25% of estate by end of 2026 1. New sites = 4 in 2024 + 16 in 2025 + 21 in 2026 (mid point of 20-22 target) Half Year Results - 2026 33
Slide 34: 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 Sites Half Year Results - 2026 34
Slide 35: Progress on incremental growth opportunities
Progress on incremental growth opportunities 1 New Channels Wellhub ahead of expectations Key quality hurdles: Aligned to core competencies Tests of smaller catchment and larger 2 New Formats “destination” gyms going well Highly incremental High returns New Products & Exploring partnerships in broad
Slide 36: Summary
SUMMARY Will Orr Chief Executive Officer Half Year Results - 2026 36
Slide 37: 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 HY26 Group Adjusted EBITDA LNR growth of +12%, driving further progress in mature site ROIC 4 Accelerated self-funded rollout and major refurbs – b
Slide 38: Q&A
Q&A
Slide 39: Appendix
APPENDIX Half Year Results - 2026 39
Slide 40: 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 41: 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 42: Business KPIs (5 year)
Business KPIs (5 year) Financial (£m) H1 2026 H1 2025 H1 2024 H1 2023 H1 2022 YoY Revenue 133.1 121.0 112.1 99.8 84.2 +10% Group Adj. EBITDA Less Normalised Rent (LNR) 1 30.8 27.4 22.1 17.2 17.0 +12% Free Cash Flow1, 2 27.7 25.1 23.3 14.2 6.9 +10% Expansionary Capital Expenditure1, 3 (18.5) (12.6) (
Slide 43: Definition of non-statutory measures
Definition of non-statutory measures Group Adjusted EBITDA Less Normalised Rent (LNR) / EBITDA LNR Adjusted Earnings Operating profit before depreciation, amortisation, share based payments Profit for the period before non-underlying items and the related tax. and non-underlying items; less Normalis
Slide 44: 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