Basic Fit (BFIT) Q1 2025 TU earnings summary

Executive summary

• Revenue rose 17% year-on-year to €332 million in Q1 2025, driven by strong membership growth and higher average revenue per member, despite one less sales day due to the leap year.

• Memberships increased by 213,000 in the quarter, reaching 4.47 million, with notable growth in France and Spain.

• Club network expanded by 41 clubs year-to-date, totaling 1,616 clubs across six countries.

• New membership structure introduced in early 2025, with positive uptake for higher-tier options, supporting yield improvement.

• New €200 million revolving credit facility secured to support liquidity and potential convertible bond repayment in June 2026.

Financial highlights

• Revenue for Q1 2025: €332 million, up 17% from €284 million in Q1 2024.

• Fitness revenue increased 16% to €317 million; other revenue up 42% to €15 million, mainly from NXT Level Sports Nutrition retail sales.

• Average revenue per member per month rose to €24.25 from €23.57 year-on-year.

• Membership base up 10% year-on-year to 4.47 million; club count up 7% year-on-year.

Outlook and guidance

• 2025 revenue expected between €1.375 billion and €1.425 billion.

• Underlying EBITDA less rent forecasted at €330–370 million for 2025.

• Overhead including marketing projected at 11.5–12% of revenue.

• Positive free cash flow and a €40 million share repurchase program planned for 2025.

• Approximately 100 new club openings targeted for 2025.