Report
Basic-Fit 1Q26 trading update: guidance increase due to regulatory tailwinds
BFIT announced its trading update in line with our expectations. The underlying EBITDA guidance increases by €10.0m on the back of regulatory tailwinds in France and Belgium, which we still believe to be conservative. Likely some energy cost increases (80% hedged in 2026) are offset by regulatory tailwinds. Membership growth continues to be strong at +215k members on 33 new club openings vs +213 on 46 new club openings in 1Q25. The average number of memberships increases further to 2,981 vs 2,902 in FY25. We reiterate our BUY rating and € 41.0 TP.
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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