KBC Securities - Basic-Fit NV (BFIT) Basic-Fit Strategic transformation of the business model

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KBC Securities

Lynn Hautekeete

Basic-Fit Strategic transformation of the business model

In this note we zoom further on the EUR 160m acquisition of Clever Fit announced yesterday. During the analyst call the management referred to the CMD of 21/04/2026 for most operational questions on the deal, which limits visibility in the next 5 months at increased leverage. Basic-Fit is executing a strategic transformation in its business model, shifting toward a franchise-led expansion as its club owned model on the current balance sheet limits the full growth potential. We revised our FY25/26 figures, excl. one-offs and potential incremental capex, and reach similar leverage as guided by the company. We reiterate our € 26.0 TP and Hold recommendation.

28/10/2025 1 EN

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.

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NL0011872650 Euronext Amsterdam Netherlands

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Lynn Hautekeete

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Basic-Fit Strategic transformation of the business model

We are a financial services provider for several types of professional clients, each with distinct needs.

Benelux Morning Notes

Morning Notes : BFIT NA, HYL BB, KPN NA, AUTL US

Aedifica Pre-notification ends, approval within 55 business days

Autolus Aucatzyl phase 1 maintains SLE responses with longer follow up

Hyloris Signs agreement with Orion for Tranexamic Acid RTU in Europe

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