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Basic-Fit N V Ord
7/28/2026
This call will start shortly. Hello and welcome to the 2026 half year results conference call and webcast. Please note that today's conference is being recorded and for the duration of the call your lines will be on listen only. However, you will have the opportunity to ask questions at the end of the call. If you require assistance at any point, please call our support number provided in the invite email to you. I will now turn the call over to your host for today's conference, Richard Piekaar, Head of Investor Relations. Sir, you may begin.
Thank you and good afternoon and welcome everyone to our results conference call and webcast. And with me today are CEO René Moos and our CFO Maurice de Kleer. This call is being broadcast live on our website and the recording of the call will be available shortly afterwards. And as usual, I would like to point out that safe harbor applies. We will start with René, who will discuss the highlights and the operational developments during the first half, followed by a more detailed look at the financial results for Maurice. After these prepared remarks, we will open the call for questions and the call will finish no later than 3 o'clock. And with that, René, I hand it over to you.
Thank you, Richard, and welcome everyone to today's call. We have delivered a strong first half of 2026 with double digit growth across every headline metric. Our club network grew 35% year-on-year to 2,192 clubs and our membership base grew with 34% to 6.1 million. Revenue increased by 18% to 800 million euro and underlying EBITDA less rent increased by 36% to 204 million euro. Our results fully reflect the strength of our underlying business and the underlying EBITDA laser end is even tracking ahead where we need to be to deliver our full year outlook, which I will come back to later in the call. The Clubman membership growth rates are elevated by the consolidation of CleverFit, which we acquired last year. Stripping that out, our organic Basic Fit branded network is still growing very strongly. as I'll show you on the next slide. Looking specifically at our Basic Fit branded owned clubs, so excluded the CleverFit acquisition, we ended the first half with 1,696 clubs up 4% year-on-year and 5.1 million memberships up 13% year-on-year. The average number of members per Basic Fit Club increased by 229 year-on-year to 2,999. This compares to 2,902 members per club at year-end 2025, so up 97 members on average per club. This confirms that our organic growth engine remains strong while we integrate CleverFit and are in the process of closing the value acquisition in Germany, which we will discuss shortly. Let's now look in more detail at our club network development. At the end of June 2026, we operated 2,192 clubs, up from 2,151 at the end of 2025. A net increase of 41 clubs in the first half year. Of this growth, owned clubs added 35 net new clubs to reach 1,751, while our franchise network added six net new clubs to reach 441. The majority of our club openings were concentrated in our growth countries. Germany added 19, Netclubs, Spain added 11 and France added 8 clubs. As part of the sharpening our focus on market leadership in our core countries, we discontinued our franchise operations in Romania and the Czech Republic during the period. With the organic club growth of 35 clubs, we are on track to reach our target of around 50 clubs in 2026. Let's move to the membership development slide. As mentioned, we continue to see strong momentum in our membership growth. As of 30 June 2026, we reached 6.1 million memberships, a 34% year-on-year increase. Growth was recorded in every country in which we operate with particularly strong performance in France and Spain. Our membership base of Basic Fit branded clubs increased by 200 69,000 in the first half of 2026, up from 256,000 in the first half of 2025. This despite of fewer opening this year. On a year-on-year basis, our total membership base increased by 1.5 million. This was driven by the consolidation of the CleverFit acquisition together with the 576,000 growth in our basic fit clubs. Let's now turn to our multifactorial growth strategy. As many of you will recall from our capital markets day, we spoke about basic fit entering a new era. The first era was about rapid expansion and building scale in a stable environment. The second era spanning the pandemic and recovery that followed was about resilience. We kept investing through extreme uncertainty. We are now firmly in our third era, an era of quality capital efficient growth. In this new era, growth remains essential, but it increasingly needs to translate into stronger returns, cash flow and capital discipline. That is also why we introduced Group Roki as our new guiding metric. alongside our long-standing mature club hurdle of a return of invested capital of 30%. Group Roki let us steer capital to whatever route generates the best return at any point in time. A medium-term return target for the group within the next three to five years is low to mid-teens. This is powered by three complementary growth verticals rather than a single expansion route. Organic growth remains our core engine for the coming years. Inorganic growth adds speed and strategic advantage where the returns are sufficiently attractive, drawing on our scale and integration know-how. and franchising of the medium term as a capital light route that leverage our existing brand and scale and can meaningfully accelerate our group returns. Combining these three routes gives us more flexibility to allocate capital to the best return opportunities and over time that will lift our group returns by optimizing the capital intensity behind our future earnings growth. The franchise growth was started with acquisition of CleverFit. In the coming period we will launch our basic fit franchise and in the coming years it will contribute meaningful to our returns. But it's now too early to give any guidance on that. We continue to see interesting inorganic growth opportunities. The acquisition of value that we expect to close in the coming months is a good example of bolt-on acquisition that we aim to do. Which brings me to the next slide. Let's turn to the value acquisition in Germany. The acquisition of value is fully consistent with the multifederal growth strategy we set out on the Capital Markets Day in 2026. In addition, it is important for us as it accelerates our path to critical mass in Germany. The transaction has 41 owned clubs, mainly located in northern Germany and around 110,000 members across the acquired locations. The purchase price of 52 million cash and debt free represents a multiple of 5.3 times 2025 club EBITDA. We have received government approval and the transaction is expected to close in the third quarter of 2026. Once closed, the transaction will expand our German-owned club footprint from 74 to 115 clubs. Rebranding the value clubs to Basic Fit will bring it closer to the goal to reach the 200 branded basic fit clubs in Germany, which is the critical mass we need to unlock national marketing campaigns and build strong brand recognition. All clubs and networks will benefit from this, as we have seen previously in Spain and in France. Let's move to the operational performance. Since this year, new clubs are being built with a refreshed club design. After the extensive testing last year, and showing us good results. Those present at our CMD in April this year and who joined us with our field trip have seen clubs with a new look and feel in real life. But for those that could not be there, we give some impression on this slide. This refreshed look is important as we believe our members expect our clubs to always look fresh and well maintained. This will help both for the retention of our members but also contribute to the attraction of new members. Through the maintenance cycles we will bring the new colours and lighting to our existing clubs over time. The changes to the visual identity of our club support our member value creation engine. The engine is based on three core drivers. Grow, Keep and Value. We focus on grow, so we acquire members efficiently. This is delivered through brand strength, creative excellence and smart investment. Keep, we retain members longer, is the focus point. and this is delivered through experience design, habit formation and service quality. Value, we increase the revenue per member. This is delivered through an involving offering, targeted upsell and secondary revenue streams. Combined, this ensures we optimize member per club under both our own and franchise models. and ensure that new club openings reach break-even increasingly quickly over time. This de-risks our growth strategy. In the past period, we made some major improvements to boost the member value creation engine. Behind the refreshed look of our clubs, we continue to improve our service to our members. More clubs have extended opening hours, of which many are open 24-7. This mainly applies to the growth countries Germany, France and Spain. As in the Benelux countries, the vast majority of our clubs have been already open 24-7. We are continuing with the testing of our relax and recovery zones in our clubs, as this fits the more holistic trend towards well-being. We have expanded the testing and will evaluate the results so we can further optimize the perceived value of our offering by our members. In the same trend towards well-being, there is also increased demand for health information and guidance. We are facilitating this with our improved body composition measurement and tracking Our Body Analyzer 2.0 offers more details and broader information about one's body composition and tracks the progress that you're making as you continue to work out in our clubs. We also continue to build on the service in our app through our fit bodies and developing even more engaging virtual group classes. We help our members stay motivated, engaged and active. This all supports our mission to make fitness accessible to everyone and getting people to love their fitness habits. Let's now turn to the updated outlook for 2026. As mentioned, we are on track to achieve our target of 50 NetClub openings and membership continue to develop well. We are therefore confirming our revenue guidance of between 1.64 billion and 1.69 billion euro. As our focus on cost control is paying off and operating leverage is kicking in, we are now also able to increase our expectations for underlying EBITDA less rent for the second time this year to a range of 430 to 460 million euro compared to the old range of 415 to 455 million euro. We confirm our expectation of a significant improvement in positive free cash flow compared to last year. And like last year, the second half of the year will be significantly more cash generating than the first half of the year. And with this positive note, I would now like to hand over to Maurice, who will elaborate on our financial results.
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