Basic Fit (BFIT) Q3 2025 TU earnings summary

Executive summary

• Achieved strong growth in clubs, memberships, and revenue for the first nine months of 2025, with all key metrics showing double-digit increases year-over-year.

• Memberships increased by 13% to 4.73 million, with organic growth outpacing the previous year despite fewer club openings.

• Club network expanded by 78 to 1,653 clubs, with most new openings in France and Spain.

• Enhanced member experience through 24/7 club availability, new training zones, and improved customer ratings across all countries.

• Club openings slowed to focus on balance sheet improvement and a €40 million share buyback program.

Financial highlights

• Total revenue for the first nine months reached €1.034 billion, up 16% year-over-year.

• Fitness revenue rose to €994 million; other revenue increased to €40 million, supported by retail sales of NXT Level products.

• Membership grew by 218,000 in Q3, 95% higher than the same period last year, despite 54% fewer club openings.

• Average revenue per member per month was €24.60, up 3% year-over-year, slightly lower than Q2 due to new joiners and higher VAT in France and Spain.

• Mature clubs averaged 3,176 members at Q3 end, up from 3,074 in Q2.

Outlook and guidance

• Revenue for 2025 expected between €1.375 and €1.425 billion; underlying EBITDA less rent projected at €330–370 million.

• Positive free cash flow anticipated in 2025.

• On track to open around 100 clubs in 2025, with 82 opened year-to-date.

• Overhead including marketing costs as a percentage of revenue projected to decrease to 11.5–12.0%.

• Committed to reducing leverage to below 2x adjusted EBITDA in 2026.