Basic-Fit FY25 results: results and outlook in line with trading update

Basic-Fit reports its FY25 1.0% above its trading update given in January 2026 at €348.0m underlying EBITDA less rent vs €344.0m in January, +11.0% YoY. The outlook is unchanged at €1.64-1.69B revenue (incl. Clever Fit) and €405.0m-€445.0m underlying EBITDA less rent. In the first 10 weeks of FY26, membership growth continued at + 200k members, in line with the growth of the 220k members in 1Q25 but likely at a lower amount of new club openings (+41 in 1Q25 vs unknown now). Basic-Fit reports a positive free cash flow before acquisitions (-+€ 170m) of €26.1m or €0.41 per share vs. €-88.3m in FY24. Basic-Fit promised a positive free cash flow for multiple years and left shareholders disappointed as a result of expansive club growth funded by its own balance sheet at high leverage >2,5x. The shift from a club owned model to a franchise model unlocks shareholder reward potential. We think the focus this year will still be on bringing leverage down.