Business
Basic Fit N : BASIC-FIT REPORTS STRONG START OF THE YEAR WITH REVENUE INCREASING BY 19% TO €396 MILLION
Basic Fit N : BASIC-FIT REPORTS STRONG START OF THE YEAR WITH REVENUE INCREASING BY 19% TO €396
About this update from Basic-fit Nv
BASIC-FIT PRESS RELEASE Q1 2026 TRADING UPDATE BASIC-FIT REPORTS STRONG START OF THE YEAR WITH REVENUE INCREASING BY 19% TO €396 MILLION FIRST THREE MONTHS GROUP HIGHLIGHTS • • • FIRST THREE MONTHS BASIC-FIT BRANDED CLUBS HIGHLIGHTS • • • OUTLOOK 2026 RENE MOOS, CEO BASIC-FIT group underlying EBITDA less rent of between C415 million to €455 million. As I stated at the full year 2025 results, the more modest pace of club openings will further support higher free cash flow generation, reduce financial leverage and allow us to demonstrate the underlying. growing profitability of our existing club base. Additionally. this financial flexibility will allow us to pursue bolt-on M6A opportunities as we look to be part of the market consolidation within Europe. The less capital-intensive growth strategy, combined with positive membership trends and the expected increase in yield per member. will support continued growth in revenue and underlying EBITDA less rent in the coming years. while driving low to mid double-digit returns on capital in the medium term." KPls Q1 2026 g1 2025 change Revenue (S millions) 396 332 19% Clubs 2,184 1,616 35% Memberships (millionsJ 6.0 4.5 34^/a Avg. revenue per Basic-Fit membership (SJ 24.95 24.25 3°/» CLUB NETWORK & MEMBERSHIP DEVELOPMENT In the first three months of 2026. we expanded our club network by 33 clubs. bringing the total to 2,18d. This growth comprised of 28 owned clubs and 5 franchise clubs. Most of our openings in the first quarter occurred in our growth markets of France. Germany, and Spain. Club split 012026 04 2025 012025 Total owned clubs 1.744 1.716 1.616 0.w. Netherlands 248 246 243 0.w. Belgium 201 236 231 0.w. Luxembourg 10 10 10 0.w. France 900 894 875 0.w. Spain 238 230 220 0.w. German v 74 67 37 0.w. Austria 33 33 Total franchise clubs 440 435 Total clubs group 2.184 2.15J 1.616 The Group membership base increased from 4.5 million in the first quarter of 2025 to 6.0 million memberships in the first quarter of 2026. Focusing on the Basic-Fit branded clubs for a like-for-like comparison, memberships increased by 215 thousand in the quarter to 5.0 million. When looking at the average number of memberships per club we saw an increase of 8°/» from 2,76a to 2,981. In the quarter, five franchise clubs were opened under the Clever Fit label in Germany. We continue to see strong interest in both the Basic-Fit and Clever Fit brands in the DACH region and expect to accelerate the franchise club growth in due course. REVENUE DEVELOPMENT Basic-Fit reported a 19°/» increase in group revenue to S396 million over the first three months of 2026 f012025: S332 million1. The increase was the result of the strong growth of the owned club revenue and the addition of franchise revenue, and a slightly lower non-club revenue. The owned club revenue increased 18°/» to S387 million over the first three months of 2026 012025: S328 million1. Franchise revenue was S5.3 million, which was nil in 012025. Non-club revenue was S3.3 million compared with S/+.3 million in g1 2025, mainly as a result of timing. FRANCE 24/7 DEVELOPMENT As communicated on 15 April, we received approval from the French government to operate staffless 24/7 clubs as of 1 May. Under the revised amendment. we believe that approximately 200 clubs will immediately qualify for 24/7 staffless operations. Based on the specifics of the revised amendment we expect to achieve annualised cost savings of approximately S10 million. We expect that over time. further amendments of the regulation will lead to additional cost savings. BELGIAN VAT In of 2025, the Belgian government announced the planned VAT increase on sports and leisure activities from 6°/» to 12°/a. Basic-Fit had anticipated that this increase would take effect in March 2026. Implementation has since been postponed. and it remains unclear whether the proposal will be adopted and. if so. when it will enter into force. The postponement results in a tailwind to our budgeted underlying EBITDA less rent. PUT WAIVER CONVERTIBLE BOND In March 2026. Basic-Fit announced that it had reached an agreement with an institutional investor holding S100 million in aggregate principal amount of its S303.7 million senior unsecured convertible bonds due 17 June 2028 not to exercise the early redemption option on 17 June 2026. In consideration for waiving this put option, Basic-Fit agreed to pay the investor a fee of S2.75 million. The Company also offered an equivalent fee of S27.50 per S1,000 in outstanding principal amount to any other bondholders willing to enter into lock-up undertakings on substantially similar terms. In total. S159 million in nominal value was locked up. FRANCHISE With the acquisition of Clever Fit in November 2025, Basic-Fit launched its franchise business. While still in its early stages. progress has been encouraging: franchisee reception has been positive. with negotiations ongoing and strong interest in both brands across the DACH region. In the coming period, we will introduce Basic-Fit-branded franchise clubs alongside the existing Clever Fit franchise. We expect a number of Clever Fit franchise clubs to transition to owned clubs. while the first Clever Fit franchise locations are expected to be rebranded to Basic-Fit. all with the aim of optimising the club portfolio in line with our brand strategy and return objectives. Following our review of franchise opportunities in our existing growth markets, next to Germany Basic-Fit is considering franchising in France, where we see ample growth opportunities for franchise. To support franchisees in executing a cluster strategy, the refranchising of certain owned clubs may also be considered. Franchising is a key part of how we envision the future of Basic-Fit. In the near term, however, the contribution to revenue and underlying EBITDA less rent is expected to remain limited. as the franchise network will take time to reach meaningful scale. OUTLOOK 2026 Due to the strong start of the year, as well as the changes in the French regulation for staffless clubs and the postponement of the Belgian VAT increase. we are increasing our expectations for 2026 and have increased the guided range for underlying EBITDA less rent by S10 million. We now expect group underlying EBITDA less rent of between S415 million and SPSS million. The guidance for revenue of between S1.6/+ billion and S1.69 billion, net club growth of around 50 clubs. leverage ratio of just over 2.0 times and a significant improvement in positive free cash flow remain unchanged. - END - FOR MORE INFORMATION Basic-Fit Investor Relations investor.reIationsQbasic-fit.com Basic-Fit is listed on Euronext Amsterdam in the Netherlands ISIN: NL0011872650 Symbol: BFIT AUDIO WEBCAST Q1 TRADING UPDATE Date and time: 16 April 2026 at 14:00 CET Link to webcast (corporate.basic-fit.com/investors/financial-resultsJ FINANCIAL CALENDAR CMD 2026 AGM 2026 Half-year 2026 results 03 2026 trading update 21 April 2026 6 May 2026 28 July 2026 21 October 2026 ABOUT BASIC-FIT With more than 2,150 clubs. Basic-Fit is the largest fitness operator and franchisor in Europe. The company operates in twelve countries via two brands and has more than 6 million memberships. 0n a daily basis. members can work on improving their health and fitness in our clubs. Basic-Fit operates a straightforward membership model and offers a high-quality, value-for-money fitness experience that appeals to the fitness needs of all people who care about their personal health and fitness. NOTES TO THE PRESS RELEASE The financials are presented in millions of euros and all values are rounded to the nearest million unless otherwise stated. Change percentages and totals are calculated before rounding. As a consequence. rounded amounts may not add up to the rounded total in all cases. This press release contains inside information within the meaning of Article 7(1J of the EU Market Abuse Regulation. ALTERNATIVE PERFORMANCE MEASURES The financial information in this report includes non-IFRS financial measures and ratios (e.g. underlying club EBITDA less rent, underlying EBITDA less rent. exceptional items, underlying net profit and net debts that are not recognised as measures of financial performance or liquidity under IFRS. In addition, Basic-Fit discloses certain other operational data, such as the number of clubs, number of members and number of countries in which Basic-Fit is present. The non-IFRS financial measures presented are measures used by management to monitor the underlying performance of the business and operations and, have therefore not been audited or reviewed. Furthermore, they may not be indicative of historical operating results, nor are they meant to be predictive of future results. These non-IFRS measures are presented because they are considered important supplementary measurements of Basic-Fit's performance, and we believe that these and similar measures are widely used in the industry in which Basic-Fit operates as a way to evaluate a company's operating performance and liquidity. Not all companies calculate non-IFRS financial measures in the same manner or on a consistent basis. As a result. these measures and ratios may not be comparable to measures used by other companies under the same or similar names. FORWARD-LOOKING STATEMENTS/IMPORTANT NOTICE Some statements in this press release may be considered 'forward-looking statements'. By their nature. forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks. uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations. estimates, forecasts. analyses and projections about the industry in which we operate and management's beliefs and assumptions about possible future events. You are cautioned not to put undue reliance on these forward-looking statements, which only express views as at the date of this press release and are neither predictions nor guarantees of possible future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events. except as may be required under applicable securities law. Term Definition Club EBITDA Club EBITDA margin Underlying club EBITDA less rent (opened clubsJ Underlying club EBITDA less rent margin Overhead EBITDA EBITDA margin Underlying EBITDA less rent Underlying EBITDA less rent marqin Exceptional items EBIT Underlying net proht Basic underlying EPS Diluted underlying EPS Net debt Net debt [excl. lease IiabilitiesJ Mature club ROIC Mature club Mature club revenue Mature club underlying EBITDA less rent Mature club underlying EBITDA less rent margin Fitness revenue Club revenue Yield (ARPUJ per month Free cash flow before acquisitions Expansion capex EBITDA before overhead costs and net result from non-club revenue (webshop and NXT LevelJ Club EBITDA as a percentage of club revenue Club EBITDA adjusted for exceptional items and minus invoiced rent costs of clubs Underlying club EBITDA less rent as a percentage of club revenue Total costs related to [local J headquarters, including all IT development, customer care and marketing Profit (IossJ before interest, taxes, depreciation, amortisation and CoVID-19 rent credit EBITDA as a percentage of total revenue EBITDA adjusted for exceptional items and minus invoiced rent costs Underlying EBITDA less rent as a percentage of total revenue Exceptional items include start-up costs for new countries, costs related to club closures and other costs or profits that are of a one-off nature or do not reflect the normal operations of the business Proht (loss] before interest and taxes Net profit adjusted for IFRS16, PPA amortisation, IRS valuation differences and non-cash convertible bond interest charges, exceptional items, one-offs and the related tax effects Underlying net profit divided by the weig hted average number of shares Underlying net profit divided by the weighted average number of diluted shares Total of long-term and short-term borrowings and IFRS16 lease liabilities, less cash and cash equivalents Total of long-term and short-term borrowings, less cash and cash equivalents Underlying mature club EBITDA less rent as a percentage of the initial investment to build a club Club that has been open for 2s months or more at the start of the year Revenue of mature clubs Underlying EBITDA less rent of mature clubs Underlying EBITDA less rent of mature clubs as a percentage of mature club revenue Revenue from memberships, as well as from add-ons like sports water and personal online coach Total of fitness revenue and other club revenue Fitness revenue divided by average members of the period [divided by number of months in the periodJ Cash generated from operations minus capex, lease and interest payments, adjusted for investments, divestments, and dividends from associates and changes in other hnancial fixed assets Total expenses of newly built clubs, acquisitions, existing club enlargements and expenses for clubs that are not yet open Initial capex newly built club Total expenses newly built clubs divided by the number of newly built clubs Maintenance capex Average maintenance capex per club Capex to maintain the club and replace or refurbish the htness equipment Total maintenance capex divided by the average number of clubs