Basic-Fit N V Ord

Hello and welcome to BasicFIT Q3 2025 Trading Update call and live audio webcast. Please note that today's conference is being recorded and for the duration of the call, your lines will be unlisted only. However, you will have the opportunity to ask questions at the end of the call. If you require assistance at any point, please press star zero and you will be connected to an operator. I will now turn the call over to your host for today's conference, Richard Teeker, Head of Investor Relations. Sir, you may begin.

Well, thank you and good afternoon and welcome everyone to our Q3 2025 conference call and webcast. And with me today are CEO René Moos and our CFO Maurice de Glier. This call is as usual being broadcast live on our website and a recording of this call will be available shortly afterwards. As usual, I would also like to point out that our safe harbor applies. We will start with René, who will discuss the highlights and the operational developments during the first nine months, and we will then move to René, who will reiterate our outlook. After these prepared remarks, we will open the call for questions, and with that, René, I hand it over to you.

Thank you, Richard, and welcome everyone to today's call. In the first nine months of 2025, Basic Fit continued to see strong member ingrowth across all countries, putting us in a good position for the fourth quarter and the full year. We announced in March that we took the decision to slow down club openings over the course of 2025 and 2026 to focus on improving our balance sheet, lowering our net leverage ratio to below two times 2026. as well as starting a 40 million euro share buyback program. All of this with the intention of delivering value to our shareholders. With this in mind, in the first nine months of 2025, we increased our club count by 78, bringing our total club number to 1,653. Most of our new club openings were in our growth markets, France and Spain, and followed by the Benelux in Germany. Year-to-date, we've opened 82 clubs and remain on track to reach our target of around 100 club openings in 2025. At the end of Q3, we had 4.73 million BasicFit members across all of our countries. The positive membership development seen in the first half of the year continued in the third quarter, with a growth of 218,000 memberships. This is 95% higher than the same period last year. This increase is all the more impressive when we take into account that Basic Fit opened 54% fewer clubs over the first nine months compared to the same period last year. This considerably stronger performance was driven by solid membership development in all countries. with visible ingrowth in both our mature and immature clubs. At the end of the third quarter, our 1,217 mature clubs had an average of 3,176 members. This is up from 3,074 members at the end of the second quarter. Looking at some country-specific details now in the Benelux, our countries continue to perform well. Spanish clubs continue to be on track supported by national marketing campaigns. In France, with the management change we did and the higher levels of maintenance seen this year and last year, we have delivered the anticipated structural improvement resulting in higher member satisfaction and an improved membership development. Furthermore, we expect a 35 million euro in additional cost for staffed 24-7 clubs to be fully mitigated on a run rate basis by year end. In Germany, increased brand awareness is supporting our incremental and targeted rollout strategy, which saw improved membership ingrowth, giving us confidence that we are on the right path there. Total revenue for the first nine months was 1,034,000,000, a 60% increase over the same period last year. Stronger revenue was boosted by the new membership structure we introduced at the beginning of this year. This moved our average revenue per member to 2460. The average revenue per member was lower than that was announced in the second quarter of 2025. I'd briefly like to explain why. The first one is mathematical. Due to the strong number of joiners in Q3, especially in the month of September, combined with the limited amount of time that these members had to contribute to the revenue, it slightly lowered the average for the first nine months. Additionally, the strong growth of France and Spain, where VAT rates are higher, has also had a modest impact. The underlying trend in average revenue per member remains very positive, and we expect it to continue increasing in the next couple of years. Let's now look at how we are upgrading the member experience. As the largest fitness chain in Europe, we continue to evolve to meet the ever-changing needs of our members. Our aim has always been to give our members the best possible value for money experience and to make fitness accessible for everyone. How are we doing that? Moving to a 24-7 model gives our members the freedom, convenience to work out how they want and when they want. In the first nine months of 2025, we continue to expand our 24-7 model into Germany and Spain. When 24-7 is not possible, for example in a residential building or for zoning reasons, we extended the opening hours. In selected clubs in the Benelux, we introduced strength circuit training and relax and recovery zones. capturing the fitness and wellness trends seen across the fitness landscape with the aim of further increasing the uptake of the ultimate membership. These services, in addition to improvements in club operation and maintenance, are also having an impact on member sentiment. For the first nine months, we had an average Google review score of 4.3 across our countries. This upward trend proves that we're giving our members what they want. And with that, I will hand it over to Maurice for the final slides.