Morning Notes : ABN NA, BFIT NA, BEKB BB, VGP BB, AUTL US

: ABN NA, BFIT NA, BEKB BB, VGP BB, AUTL US

Basic-Fit VAT from 6% to 12% on sports in Belgium

Yesterday, the Belgian federal government announced an agreement on the federal budget, which includes raising VAT on sports subscriptions from 6.0% to 12.0%. The BeNeLux region remains Basic-Fit's key profit driver, delivering a 46.5% EBITDA less rent margin in 1H25 compared to 12.0% across its other markets. For Belgium, we forecast FY25 revenue of approximately €250 million and underlying EBITDA less rent of €115 million. If the additional 6.0% VAT is absorbed without price adjustments, this ...

Basic-Fit/Acquisition Clever Fit – Clever? Fit?/BUY

BUY reiterated and TP increased from €33.0 to €35.00. We have not yet included the Clever Fit acquisition into our estimates or fair value as we lack the financial details. In this report we have made an extensive analysis of the earnings accretion and value creation of Clever Fit, based on early assumptions. Although we also have some concerns regarding the uncertainty around rebranding, capex needs, improving fundamentals and timing of rebranding, we also see the upside potential, strategic im...

ING Benelux Favourites/Weekly performance and valuation update

The ING Benelux Favourites list comprises ASM, Basic-Fit, DSM-Firmenich, Lotus Bakeries, SBM Offshore, Vopak, Wolters Kluwer and Xior.

Benelux Morning Notes

Aedifica and Cofinimmo: Update about the deal. BAM Group: Preview - you have this and you have that. Basic-Fit: Investor call highlights Clever Fit acquisition. dsm-firmenich: Symrise 3Q25 results. KPN: Odido reduces fibre prices for higher speeds, increases prices for lower speeds. KPN: In line EBITDAal on lower revenues, guidance reiterated. Philips: 3Q25 preview, strong 4Q25 needed. Sif Group: Preview - boosting factory output and profit. Vastned: Strong progress on synergies,...

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

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

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 FY25/2...

Basic-Fit N.V. : Acquisition of franchise platform Clever Fit

Credit Morning 10/27/2025

IQ: EBITDA still down on a y/y basis, but some positive FCF generation seen during the quarter|

Morning Crédit 27/10/2025

IQ: EBITDA still down on a y/y basis, but some positive FCF generation seen during the quarter|

Basic-Fit EUR 175m acquisition of Clever Fit

Basic-Fit has announced the acquisition of Clever Fit, a leading fitness operator in the DACH region (Germany, Austria, Switzerland) with 493 clubs (454 franchise+39 owned) across 6 countries. The franchise model breaks with traditional club owned strategy of Basic-Fit as it will explore this model in existing markets (France/Spain). The transaction value is EUR 160m+15m earnout spread out over 3 years. This values Clever fit at 11.0X EV/EBITDA (excl. earnout) while Basic-Fit currently trades at...

Benelux Morning Notes

Allfunds Group PLC: 3Q25 Preview. Ahold Delhaize: Amazon to invest €1.4bn in the Netherlands. ASM International: 3Q25 preview – derisked estimates. Basic-Fit: Acquires low-cost franchise operator Clever Fit; now Germany market leader. JDE Peet's: Ad hoc progress update. Lotus Bakeries: Product recall for waffles in Belgium. Melexis: 3Q25 preview, slow cyclical recovery

Morning Notes : BAR BB, BFIT NA, EXM BB, HYL BB, UCB BB, JDEP NA, MRUS...

: BAR BB, BFIT NA, EXM BB, HYL BB, UCB BB, JDEP NA, MRUS US

Credit Morning 10/17/2025

US regional banks and market nervousness|BBVA : Failure of the takeover bid for Banco Sabadell|

Morning Crédit 17/10/2025

Banques régionales américaines et nervosité des marchés|BBVA : Echec de l’OPA sur Banco Sabadell|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/17/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 17/10/2025

Basic-Fit N.V. : Solid membership growth and sales of € 357m in Q3; ou...

Benelux Morning Notes

ABN AMRO: 3Q may still support shares to CMD. Aedifica: €13m investment in the Netherlands. Basic-Fit: Strong 3Q25 results; beat on membership ingrowth, on track to reiterated FY25. BE Semiconductor Industries: 3Q25 Preview, order intake is key. IMCD: Acquisition of Dong Yang FT. RELX: Preview 9M25. Signify: 3Q25 preview, more back-end loaded. Staffing: Manpower 3Q25 in line on better revenue trend, 4Q25 outlook cautious. WDP: Results in line, guidance reconfirmed

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 hig...