BASIC-FIT PRESS RELEASE
FULL-YEAR 2025 RESULTS
Hoofddorp, 11 March 202fb
BASIC-FIT REPORTS STRONG RESULTS OVER 2025, MEETING ALL TARGETS FULL-YEAR FINANCIAL HIGHLIGHTS1Group revenue increased by 17% to €1,420 million (2024: €1,215 million)Group underlying EBITDA less rent increased by 11% to €348 million (2024: €313 million)
Group underlying net profit increased by 24% to €54.3 million (2024: €43.fb million)
Group net profit of €14.3 million (2024: €8.0 million)
FULL-YEAR OPERATIONAL HIGHLIGHTS (excluding Clever Fit) 85 net club openings, expanding the network by 5% to 1,fbfb0 Basic-Fit clubs
Number of memberships increased by 13% to 4.82 million (2024: 4.25 million)
Further improvement of operating leverage as overhead cost excluding marketing decreased to fb.7% of revenue (2024: 7.2%)
OUTLOOK 2026 (INCLUDING CLEVER FIT) Strong start of the year with 200K net increase in Basic-Fit memberships in first 10 weeks of 202fb
Revenue of between €1.fb4 billion and €1.fb9 billion
Underlying EBITDA less rent of between €405 million and €445 million
Approximately 50 net owned club openings
Significant improvement in positive free cash flow expected in 202fb
Leverage ratio of just over 2.0 times
RENE MOOS, CEO BASIC-FIT
"Basic-Fit has met all of its financial objectives in 2025 demonstrating strong operational execution. This solid financial performance began with our members who entrust Basic-Fit with their fitness journey.
In 2025, we ended the year with 4.82 million Basic-Fit memberships at our owned clubs, adding 564,000 members compared with the same period last year. The average number of Basic-Fit memberships per club in 2025 increased from 2,701 to 2,902 memberships.
Revenue and underlying EBITDA less rent increased by 17% and 11% respectively. The average revenue per member per month increased from €24.24 in 2024 to €24.91 for Basic-Fit owned clubs in 2025 and we expect to see a further increase in yield throughout 2026.
Our 24/7 model continued to perform well in our growth markets of France, Spain and Germany where we further enhanced the member experience by expanding the number of 24/7 clubs available in these markets, and extended opening hours across many locations to meet member demand. The incremental members gained through this strategy will be a tailwind in 2026.
1 Definitions of alternative performance measures (APM's) used in this press release can be found in the APM section in this press release
In October 2025, we announced that we had acquired Clever Fit, the leading fitness franchisor in Europe. With the acquisition, Basic-Fit became the immediate market leader in Germany and the largest fitness franchisor within Europe. Throughout the course of 2026, we will further integrate Clever Fit into the organisation and utilise the synergies between the two organisations. In the first months after the acquisition we have already been able to improve the profitability of Clever Fit.
To demonstrate our commitment to creating shareholder value we initiated a share buyback programme in 2025, buying back 1 million shares.
Looking at the current year, 2026 is already off to a strong start as memberships at our Basic-Fit owned clubs increased by more than 200 thousand in the first 10 weeks of the year, surpassing 5 million memberships. With these positive developments, we expect the momentum seen in the first two months of 2026 to continue as embedded growth, disciplined investment and operational excellence continues to carve our path forward. As we have fixed the energy prices for more than 75% of our expected energy consumption, we believe that the current volatility in the energy market will have a limited impact on our results. We are therefore positive about our ability to make another step-up in revenue and profitability in 2026.
Furthermore, we announced that we would limit new club openings in 2026 to net 50 in our existing markets. This will support higher free cash flow generation, reduce financial leverage, and allow us to demonstrate the underlying, growing profitability of our existing club base. In addition, it will provide the financial flexibility to pursue M&A opportunities should they arise.
Longer-term, we continue to see strong growth opportunities in the under-penetrated European fitness market. I have full confidence that by continuously catering to the ever-evolving needs of our members, we will solidify our position as Europe's strongest value for money fitness brand."
BUSINESS AND FINANCIAL REVIEW | |||
Key figures (In € millions)1 | 2025 | 2024 | Change |
Total /evenue | 1,420.5 | 1,215.2 | 17% |
of which club revenue | 1,398.8 | 1,204.2 | 1fb% |
of which non-club revenue | 21.7 | 10.9 | 98% |
Club personnel costs | (2fb1.2) | (191.7) | 3fb% |
Other club operating costs | (343.2) | (292.7) | 17% |
Club EBITDA | 794.3 | 719.8 | 10% |
Overhead | (157.4) | (147.9) | fb% |
EBITDA | 636.9 | 571.9 | 11% |
Depreciation and impairment tangibles | (21fb.1) | (203.9) | fb% |
Amortisation and impairment intangibles | (13.8) | (11.8) | 1fb% |
Depreciation right-of-use assets | (25fb.4) | (232.7) | 10% |
Operating profit | 150.7 | 123.5 | 22% |
Cash finance costs2 | (4fb.2) | (4fb.2) | 0% |
Non-cash finance costs3 | (2fb.0) | (12.1) | 115% |
Interest lease liabilities | (59.0) | (52.7) | 12% |
Income from associates | 1.3 | 1.0 | 30% |
Corporate income tax | (fb.4) | (5.5) | 17% |
Net profit | 14.3 | 8.0 | 79% |
Attributable to: | |||
Equity holders of the parent | 14.5 | 8.0 | 81% |
Non-controlling interests | (0.2) | 0.0 | |
14.3 | 8.0 | ||
Unde/lying key figu/es | 2025 | 2024 | Change |
Club EBITDA | 794.3 | 719.8 | 10% |
Rent costs (opened clubs) | (295.1) | (2fb5.8) | 11% |
Exceptional items (clubs) | 5.8 | 7.fb | -24% |
Underlying club EBITDA less rent (opened clubs) | 505.0 | 461.7 | 9% |
EBITDA | 636.9 | 571.9 | 11% |
Rent costs clubs and overhead, incl. car leases | (301.3) | (271.4) | 11% |
Exceptional items - total | 12.fb | 12.3 | 3% |
Underlying EBITDA less rent4 | 348.3 | 312.9 | 11% |
Unde/lying net p/ofit5 | 54.3 | 43.6 | 24% |
Basic unde/lying net p/ofit pe/ sha/e (in €) | 0.83 | 0.66 | 25% |
Diluted unde/lying net p/ofit pe/ sha/e (in €) | 0.81 | 0.65 | 24% |
Totals are based on non-rounded figures
Cash finance costs related to bank and other loans and the convertible bond, SWAP settlement results and other cash finance costs
Non-cash finance costs related to the convertible bond accrual, interest rate hedge valuation results and amortisation of debt arranging fees
Including €3.fb million related to Clever Fit
Adjusted for IFRS 1fb, PPA related amortisation, IRS valuation differences and non-cash convertible bond interest charges, exceptional items, one-offs and the related tax effects.
CLUB NETWORK AND MEMBERSHIP DEVELOPMENT
Geographical club split | Year-end 2025 | Net openings/ acquisitions 2025 | Year-end 2024 |
Owned clubs | |||
Netherlands | 24fb | 5 | 241 |
Belgium | 23fb | 7 | 229 |
Luxembourg | 10 | - | 10 |
France | 894 | 3fb | 858 |
Spain | 230 | 21 | 209 |
Germany | 44 | 1fb | 28 |
Subtotal Basic-Fit clubs (owned) | 1,660 | 85 | 1,575 |
Germany1 | 23 | 23 | - |
Austria | 33 | 33 | - |
Subtotal Clever Fit clubs (owned) | 56 | 56 | - |
Total owned clubs | 1,716 | 141 | 1,575 |
Franchise clubs | |||
Germany | 377 | 377 | - |
Austria | 1fb | 1fb | - |
Switzerland | 23 | 23 | - |
Slovenia | 15 | 15 | - |
Romania | 2 | 2 | - |
Croatia | 1 | 1 | - |
Czech Republic | 1 | 1 | - |
Total franchise clubs | 435 | 435 | - |
Total owned clubs and franchise clubs | 2,151 | 576 | 1,575 |
Including 17 clubs for which Basic-Fit entered into a purchase agreement prior to year-end, but control was not transferred as per 31 December 2025
The group's club base (including Basic-Fit and Clever Fit owned and franchise clubs) totalled 2,151, compared with 1,575 clubs at the end of 2024. The increase was mainly driven by the acquisition of Clever Fit which closed in November 2025 (493 clubs at purchase date, 491 clubs as of 31 December 2025) and partly by net growth in owned Basic-Fit clubs (85 clubs).
Of the total network, 435 clubs are franchised and 1,71fb are owned (including Basic-Fit and Clever Fit). The 5fb owned Clever Fit clubs at the end of 2025 will be rebranded into Basic-Fit clubs in 202fb. These 5fb owned Clever Fit clubs include 17 clubs acquired from an existing franchise. Prior to year-end, control for these 17 clubs had not been transferred.
Basic-Fit owned clubs
In 2025, the Basic-Fit owned club network increased by 85 net clubs - 92 openings and 7 closures - to 1,fbfb0 clubs. This was a year-on-year increase of 5.4%. Our growth markets of France (+3fb clubs; +4.2%% year-on-year), Spain (+21 clubs; +10% year-on-year) and Germany (+1fb clubs, +57% year-on-year) accounted for 8fb% of the growth in our network. In the Netherlands, the number of clubs increased by 5 to 24fb clubs and in Belgium we expanded our network by 7 clubs to 23fb.
Membership development In millions, end of period | 2025 | 2024 | change |
Start of the year | 4.25 | 3.80 | 12% |
First quarter | 4.47 | 4.05 | 10% |
Second quarter | 4.51 | 4.09 | 10% |
Third quarter | 4.73 | 4.20 | 13% |
Fourth quarter1 | 4.82 | 4.25 | 13% |
1 Basic-Fit (excluding Clever Fit) |
As a group, we ended the year with 5.8 million memberships (including Basic-Fit and Clever Fit owned and franchise clubs) which was an increase of 3fb% year-on-year compared with the 4.25 million memberships at the end 2024. The increase is the result of strong growth in the Basic-Fit owned club network and the acquisition of Clever Fit in November 2025.
Memberships Basic-Fit owned clubs
In 2025, the membership base in Basic-Fit owned clubs increased by 5fb4 thousand to 4.82 million, representing 13% year-on-year growth. The strong membership development was supported by all countries and has continued in the first months of 202fb. The year-on-year growth was driven by the growth segment consisting of France, Germany and Spain. The growth in these countries was supported by the introduction of 24/7 clubs
and extended opening hours, as well as the successful founding member campaigns. The average memberships per club increased by 201, growing from 2,701 memberships in 2024 to 2,902 memberships in 2025.
REVENUE | |||
Revenue split | |||
In € millions1 | 2025 | 2024 | change |
Club revenue | 1,398.8 | 1,204.2 | 1fb% |
of which fitness revenue | 1,3fb1.fb | 1,171.5 | 1fb% |
of which other club revenue | 37.2 | 32.8 | 14% |
Non-club revenue2 | 21.7 | 10.9 | 98% |
Total revenue | 1,420.5 | 1,215.2 | 17% |
| |||
In 2025, group revenue increased by 17% to €1,420 million (2024: €1,215 million). Fitness revenue increased by 1fb% to €1,3fb2 million (2024: €1,171 million). Growth was driven by the expansion of our club network, a continued increase in membership levels, and an increase in the average revenue per member per month.
Other club revenue increased to €37.2 million (2024: €32.8 million) and includes income from our personal trainer concepts, physiotherapists, day passes, and vending and advertising revenue via the screens in our clubs. The increase in this revenue reflects our growing club network.
Non-club revenue, which includes sales from our webshop and NXT Level nutritional products to retailers, as well as franchise fees increased by 98% to €21.7 million (2024: €10.9 million). The increase in non-club revenue can largely be attributed to an increase in NXT Level nutritional product sales and franchise fees.
Press release FY2025