Basic-Fit Results in line with our lowered estimates

After decreasing our estimates earlier this week, Basic-Fit reports results perfectly in line with our expectations. In 1H24, mature members/club dropped further towards 3175 vs 3250 guided over the medium term. The drop in mature members per club (KBCSe 3200/club medium term) was the key driver behind our estimates cuts earlier this week. The underlying EBITDA less rent came in at EUR 139m vs EUR 142m expected. Club openings were slightly higher than expected and membership growth slightly below. In the short run we believe pressure on BFIT will continue given the difficulty in balancing the trade-off between growth and a healthy balance sheet. In the long run we repeat our EUR 30.0 TP and accumulate rating. Analyst call at 14.30 CET.