Report
Basic-Fit 3Q25 trading update: total members already ahead of FY25 CSS
This morning, Basic-Fit published its 3Q25 trading update, showing strong Q3 member growth of +218k vs +110k last year (+95% YoY), despite a -54% YoY decline in club openings. Total members reached 4.73m, already ahead of the FY25 CSS target of 4.64m and our 4.69m (street high). At this pace, 4.8m by year-end looks achievable (+50k in 4Q24). Revenue was in line at €1.034bn vs €1.024bn KBCSe (+16% YoY), but average revenue per member came in soft at €24.60 (-0.5% QoQ). While flattish yield in high-ingrowth quarters (1Q/3Q) is seasonal, the drop may reflect either weaker premium uptake or higher discounts for new joiners (i.e., founding offers). Given the scale of membership growth , we lean toward the latter, but will seek clarity during the 14:00 CET analyst call. FY25 guidance of € 330-370m underlying EBITDA less rent was reiterated. We expect a positive price reaction today. Hold recommendation and € 26.0 TP reiterated.
Underlying
Basic-Fit NV
Basic-Fit NV is an operator of fitness centers based in the Netherlands. The Company operates more than 350 fitness clubs in the Netherlands, Belgium, France and Spain.
Provider
KBC Securities
We are a financial services provider for several types of professional clients, each with distinct needs.
Lynn Hautekeete
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