Basic Fit (BFIT) Q4 2024 earnings summary

Executive summary

• Achieved double-digit growth in clubs, memberships, revenue, and underlying EBITDA less rent in 2024, with all KPIs showing strong CAGRs since 2016.

• Club network expanded to 1,575 by year-end 2024, with 4.25 million members and continued strong momentum into early 2025.

• Net profit reached €8 million, reversing a €2.7 million loss in 2023; underlying net profit up 59% to €44 million.

• Strategic focus on capital efficiency, slower club expansion, and a €40 million share buyback program for 2025.

• Strong start to 2025 with 202,000 new memberships in January and February.

Financial highlights

• Revenue rose 16% year-over-year to €1.215 billion; underlying EBITDA less rent increased 20% to €313 million.

• Club EBITDA less rent margin stable at 38.3%; mature club ROIC at 34%.

• Operating profit up 36% to €123.5 million; free cash flow before new clubs at €156 million (€2.36/share).

• Marketing costs decreased to 5% of revenue; overhead (excluding marketing) reduced to 7.2%.

• Maintenance capex per club increased to €58,000, driven by targeted investments and sustainability initiatives.

Outlook and guidance

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

• Plan to open around 100 new clubs per year in 2025 and 2026, focusing on capital efficiency and market leadership.

• Leverage ratio targeted to fall below 2x by 2026, supported by positive free cash flow after expansion.

• Share buyback program of €40 million to be initiated in 2025, with execution expected to complete within 12 months.

• Overhead (including marketing) as a percentage of revenue expected to decrease to 11.5–12.0%.