Basic Fit (BFIT) Q3 2024 TU earnings summary

Executive summary

• Revenue grew 17% year-over-year to €892 million for the first nine months of 2024, driven by club expansion and membership growth.

• Club count increased by 14% to 1,570, with 168 net new clubs opened, mainly in France and Spain; Spain saw the largest expansion, including 42 acquired and mostly rebranded clubs.

• Membership base rose 13% year-over-year to 4.2 million, with all countries contributing to growth and Spain leading.

• Mature club performance improved, with higher average revenue and EBITDA less rent compared to the prior year.

• New management structure in France is fully operational, with ongoing investments in club quality and member experience.

Financial highlights

• Revenue for the first nine months: €892 million, up 17% year-over-year.

• Average revenue per membership per month increased to €23.86, up 3% year-over-year.

• Membership base reached 4.2 million, a 13% increase year-over-year.

• Free cash flow before new club expansion projected at €2.60–€2.95 per share, 24%–41% higher than 2023.

• Underlying EBITDA less rent expected between €305 million and €330 million, up 17%–26% year-over-year.

Outlook and guidance

• On track to reach 1,575 clubs by year-end and full-year revenue between €1.2 billion and €1.25 billion.

• Underlying EBITDA less rent projected between €305 and €330 million for 2024.

• Free cash flow before new club expansion per share forecasted at €2.60–€2.95.

• Average revenue per member per month for 2024 expected at €24–€25, slightly below previous guidance.

• ROIC of mature clubs projected well over 30%.