Basic Fit (BFIT) H1 2025 earnings summary

Executive summary

• Revenue grew 16% year-over-year to €677 million in H1 2025, with memberships up 10% to 4.51 million and 53 net new clubs opened, expanding the network to 1,628 clubs, mainly in France, Spain, and Germany.

• Underlying EBITDA less rent rose 8% to €150 million, with a margin of 33.7%, and underlying net profit increased 5% to €13.7 million.

• Net loss of €7.9 million was mainly due to a one-off non-cash finance cost of €10.8 million related to convertible bond accounting.

• Operational improvements in France led to higher member satisfaction and increased memberships per club.

• On track to achieve 2025 targets, including positive free cash flow, revenue, EBITDA, and leverage reduction.

Financial highlights

• Total revenue increased by 16% year-over-year to €677 million in H1 2025.

• Underlying EBITDA less rent grew 8% to €150 million; club EBITDA up 8% to €368 million.

• Underlying net result up 5% to €13.7 million; reported net result at a loss of €7.9 million due to one-off non-cash finance costs.

• Free cash flow was an outflow of €57.4 million in H1, but positive free cash flow is expected for the full year.

• Overhead costs including marketing reduced to 11% of revenue in H1 2025 (from 12.7% in H1 2024).

Outlook and guidance

• 2025 revenue guidance: €1.375–1.425 billion; underlying EBITDA less rent: €330–370 million.

• On track to open approximately 100 clubs in 2025, maintaining leadership in the European fitness market.

• Expectation to be cash flow positive in 2025.

• Medium-term leverage ratio target below 2.0x adjusted EBITDA by 2026.

• Franchise platform launch planned before year-end.