Business and financial review
Key figures
| Key figures (In € millions)1 | 2025 | 2024 | Change |
|---|---|---|---|
| Total revenue | 1,420.5 | 1,215.2 | 17% |
| of which club revenue | 1,398.8 | 1,204.2 | 16% |
| of which non-club revenue | 21.7 | 10.9 | 98% |
| Club personnel costs | (261.2) | (191.7) | 36% |
| Other club operating costs | (343.2) | (292.7) | 17% |
| Club EBITDA | 794.3 | 719.8 | 10% |
| Overhead | (157.4) | (147.9) | 6% |
| EBITDA | 636.9 | 571.9 | 11% |
| Depreciation and impairment tangibles | (216.1) | (203.9) | 6% |
| Amortisation and impairment intangibles | (13.8) | (11.8) | 16% |
| Depreciation right-of-use assets | (256.4) | (232.7) | 10% |
| Operating profit | 150.7 | 123.5 | 22% |
| Cash finance costs2 | (46.2) | (46.2) | 0% |
| Non-cash finance costs3 | (26.0) | (12.1) | 115% |
| Interest lease liabilities | (59.0) | (52.7) | 12% |
| Income from associates | 1.3 | 1.0 | 30% |
| Corporate income tax | (6.4) | (5.5) | 17% |
| Net profit | 14.3 | 8.0 | 79% |
| Attributable to: | |||
| Equity holders of the parent | 14.5 | 8.0 | 81% |
| Non-controlling interests | (0.2) | 0.0 | |
| 14.3 | 8.0 |
- Totals are based on non-rounded figures
- Cash finance costs related to bank and other loans and the convertible bond, SWAP settlement results and other cash finance costs
- Non-cash finance costs related to the convertible bond accrual, interest rate hedge valuation results and amortisation of debt arranging fees
Underlying key figures
| Underlying key figures | 2025 | 2024 | Change |
|---|---|---|---|
| Club EBITDA | 794.3 | 719.8 | 10% |
| Rent costs (opened clubs) | (295.1) | (265.8) | 11% |
| Exceptional items (clubs) | 5.8 | 7.6 | -24% |
| Underlying club EBITDA less rent (opened clubs) | 505.0 | 461.7 | 9% |
| EBITDA | 636.9 | 571.9 | 11% |
| Rent costs clubs and overhead, incl. car leases | (301.3) | (271.4) | 11% |
| Exceptional items - total | 12.6 | 12.3 | 3% |
| Underlying EBITDA less rent1 | 348.3 | 312.9 | 11% |
| Underlying net profit2 | 54.3 | 43.6 | 24% |
| Basic underlying net profit per share (in €) | 0.83 | 0.66 | 25% |
| Diluted underlying net profit per share (in €) | 0.81 | 0.65 | 24% |
- Including €3.6 million related to Clever Fit
- Adjusted for IFRS 16, PPA related amortisation, IRS valuation differences and non-cash convertible bond interest charges, exceptional items, one-offs and the related tax effects.
Club network and membership development
Club network and membership development
| Geographical club split | Year-end 2025 | Net openings/ acquisitions 2025 | Year-end 2024 |
|---|---|---|---|
| Owned clubs | |||
| Netherlands | 246 | 5 | 241 |
| Belgium | 236 | 7 | 229 |
| Luxembourg | 10 | - | 10 |
| France | 894 | 36 | 858 |
| Spain | 230 | 21 | 209 |
| Germany | 44 | 16 | 28 |
| Subtotal Basic-Fit clubs (owned) | 1,660 | 85 | 1,575 |
| Germany1 | 23 | 23 | - |
| Austria | 33 | 33 | - |
| Subtotal Clever Fit clubs (owned) | 56 | 56 | - |
| Total owned clubs | 1,716 | 141 | 1,575 |
| Franchise clubs | |||
| Germany | 377 | 377 | - |
| Austria | 16 | 16 | - |
| Switzerland | 23 | 23 | - |
| Slovenia | 15 | 15 | - |
| Romania | 2 | 2 | - |
| Croatia | 1 | 1 | - |
| Czech Republic | 1 | 1 | - |
| Total franchise clubs | 435 | 435 | - |
| Total owned clubs and franchise clubs | 2,151 | 576 | 1,575 |
- Including 17 clubs for which Basic-Fit entered into a purchase agreement prior to year-end, but control was not transferred as per 31 December 2025
The group's club base (including Basic-Fit and Clever Fit owned and franchise clubs) totalled 2,151 clubs, compared with 1,575 clubs at the end of 2024. The increase was mainly driven by the acquisition of Clever Fit in November 2025 (493 clubs at purchase date, 491 clubs as of 31 December 2025) and partly by net growth in owned Basic-Fit clubs (85 clubs).
Of the total network, 435 clubs are franchised and 1,716 are owned (including Basic-Fit and Clever Fit). The 56 owned Clever Fit clubs at the end of 2025 will be rebranded into Basic-Fit clubs in 2026. These 56 owned Clever Fit clubs include 17 clubs for which Basic-Fit entered into a purchase agreement to acquire these clubs from an existing franchise. Prior to year-end, control for these 17 clubs had not been transferred.
In 2024, all 1,575 clubs were Basic-Fit owned clubs.
Basic-Fit owned clubs
In 2025, the Basic-Fit owned club network increased by net 85 clubs – 92 openings and 7 closures – to 1,660 clubs. This was a year-on-year increase of 5.4%. Our growth markets of France (+36 clubs; +4.2% year-on-year), Spain (+21 clubs; +10% year-on-year) and Germany (+16 clubs, +57% year-on-year) accounted for 86% of the growth in our network. In the Netherlands, the number of clubs increased by 5 to 246 clubs and in Belgium we expanded our network by 7 clubs to 236.
| Membership development | |||
|---|---|---|---|
| In millions, end of period | 2025 | 2024 | change |
| Start of the year | 4.25 | 3.80 | 12% |
| First quarter | 4.47 | 4.05 | 10% |
| Second quarter | 4.51 | 4.09 | 10% |
| Third quarter | 4.73 | 4.20 | 13% |
| Fourth quarter1 | 4.82 | 4.25 | 13% |
- Basic-Fit (excluding Clever Fit)
As a group, we ended the year with 5.8 million memberships (including Basic-Fit and Clever Fit owned and franchise clubs) which was an increase of 36% year-on-year compared to the 4.25 million memberships at the end 2024. The increase is the result of strong growth in the Basic-Fit owned club network and the acquisition of Clever Fit in November 2025.
Memberships Basic-Fit owned clubs
In 2025, the membership base in Basic-Fit owned clubs increased by 564 thousand to 4.82 million, representing 13% year-on-year growth. The strong membership development was supported by all countries and has continued in the first months of 2026. The year-on-year growth was driven by the growth segment consisting of France, Germany and Spain. The growth in these countries was supported by the introduction of 24/7 clubs and extended opening hours, as well as the successful founding member campaigns. A founding membership, which is offered only for a limited time around the opening of a club, grants access to that club at a life-time discounted price. The aim is to attract as many new members as possible early on, accelerating the time to cash flow break-even. The average memberships per club increased by 201, growing from 2,701 memberships in 2024 to 2,902 memberships in 2025.
In Spain, the strong member ingrowth was due to a combination of national marketing campaigns, successful founding member campaigns, and the extended opening hours and further roll out of 24/7 clubs further improving the service to our members.
In France, we further improved the member experience by making investments into the maintenance of our French club network. We also increased the number of 24/7 clubs available in the market to more than 300 and extended opening hours for many clubs to further meet member demand. Finally, in 2025, Basic-Fit became a sponsor for the Tour de France giving the brand further visibility and exposure before the important September sales period.
Our retention department aims to keep members at Basic-Fit for as long as possible and key to this is to get members to visit a club on a regular basis. When members subscribe, we help them create their fitness habits by offering training plans adjusted to their goals, levels and preferences.
An example of this is our Fitbuddies, launched in the Dutch market in the third quarter of 2025. Half-coach, half AI-cheerleader, Fitbuddies aim to build good habits and make fitness a habit our members will love.
In addition to Fitbuddies, we also keep members engaged by cheering them during their fitness journey by showing them their progress and offering little rewards like recommended workouts, a day pass to train with their friends, or discounts at our webshops that keep them going. When they fall out of their rhythm, we immediately provide them with the motivation they need to get back into training. When members cancel their membership, we continue to encourage them to keep working out at the club so they can maintain their healthy habits and we offer them the possibility to reverse their cancellation. Finally, we offer selected active members - who cancel their membership - a limited promotional period to convince them to remain a member. And when people do leave, we listen to their feedback and use their input to optimise members’ experience in both the club and digitally. The average length of stay of a member was 24 months in 2025, compared with 23 months in 2024.
Revenue
Revenue
| Revenue split | |||
|---|---|---|---|
| In € millions1 | 2025 | 2024 | change |
| Club revenue | 1,398.8 | 1,204.2 | 16% |
| of which fitness revenue | 1,361.6 | 1,171.5 | 16% |
| of which other club revenue | 37.2 | 32.8 | 14% |
| Non-club revenue2 | 21.7 | 10.9 | 98% |
| Total revenue | 1,420.5 | 1,215.2 | 17% |
- Totals are based on non-rounded figures
- Including €4.8 million Clever Fit franchise revenue in 2025
In 2025, total group revenue increased by 17% to €1,420 million (2024: €1,215 million). Fitness revenue increased by 16% to €1,362 million (2024: €1,171 million). Growth was driven by the expansion of our club network, a continued increase in membership levels and an increase in the average revenue per member per month.
Other club revenue increased to €37.2 million (2024: €32.8 million) and includes income from our personal trainer concepts, physiotherapists, day passes, vending and advertising revenue via the screens in our clubs. The increase in this revenue reflects our growing club network.
Non-club revenue, which includes sales from our webshop and NXT Level nutritional products to retailers, as well as franchise fees increased by 98% to €21.7 million (2024: €10.9 million). The increase in non-club revenue can largely be attributed to an increase in NXT Level sales and franchise fees.
| Geographic revenue split | |||
|---|---|---|---|
| In € millions1 | 2025 | 2024 | change |
| Benelux | 562.5 | 522.1 | 8% |
| France, Spain & Germany | 847.1 | 693.1 | 22% |
| Clever Fit2 | 10.8 | - | - |
| Total revenue | 1,420.5 | 1,215.2 | 17% |
- Totals are based on non-rounded figures
- Revenue as of acquisition November 2025 (2 months)
Revenue Basic-Fit owned clubs
All our markets contributed to revenue growth with our growth segment of France, Germany and Spain being responsible for 75% of the growth in revenue.
At the end of 2024, Basic-Fit introduced a new membership pricing structure, optimising the price-to-value proposition. Since the new pricing structure was implemented, we've seen approximately half of all new joiners opting for the higher tiers of Premium and Ultimate memberships which is driving yield improvements. The results in 2025 showed an increase in yield of 2.8% to €24.91 compared with €24.24, in 2024. We anticipate yield improvements to continue into 2026 as we welcome more new members at the higher membership pricing structure.
Underlying club EBITDA less rent
Underlying club EBITDA less rent
For the group, underlying club EBITDA less rent, which is club EBITDA adjusted for exceptional items and minus the invoiced rent costs of clubs, increased by 9% to €505 million in 2025 (2024: €462 million).
Club operating costs (rent costs of clubs, club personnel costs and other club operating costs) increased by 20% to €900 million (2024: €750 million). Next to the increase of our owned club network, the increase is explained by the roll out of the staffed 24/7 model in France and the extended opening hours outside of the Benelux countries. The extra members accumulated through this strategy have been offsetting the associated €35 million annual net costs, on a run-rate basis, as of the end of 2025.
The exceptional items in club EBITDA amounted to €5.8 million (2024: €7.6 million). Exceptional items mainly relate to one-off costs associated with the Clever Fit acquisition, as well as costs associated with cancelled or closed clubs and the rent costs of clubs that have yet to open.
The 1,216 mature clubs on average reported an underlying club EBITDA of €369 thousand per club compared with €399 thousand in 2024. The lower average reported underlying club EBITDA less rent can be attributed to the cost of the staffed 24/7 clubs and extended opening hours. In addition, of the clubs added to the mature club base in 2025, more than 35% were opened in rural areas and have on average fewer members and a lower underlying EBITDA whilst having fairly similar ROIC. The return on invested capital (ROIC) of our mature clubs in 2025 was 31%, above our target of 30%.
Underlying EBITDA less rent
Underlying EBITDA less rent
For the group, underlying EBITDA less rent, which is EBITDA adjusted for exceptional items and minus invoiced rent costs, increased by 11% to €348 million, compared with €313 million in 2024. Excluding Clever Fit, underlying EBITDA less rent increased to €344.7 million.
We achieved operating leverage (defined as international and country overhead and marketing as a percentage of revenue) in 2025 for the third year in a row, declining to 11.1% from 12.2% in 2024. Excluding marketing costs, overhead came in at €89.0 million or 6.3% of revenue in 2025, compared with €87.2 million or 7.2% of revenue in 2024. The improvement was the result of the increased focus on efficiencies at our head offices.
Marketing costs as a percentage of revenue fell to 4.8% (2024: 5.0%).
The underlying EBITDA less rent is adjusted for exceptional items which amounted to €12.6 million (2024: €12.3 million). The additional exceptional charges not included in club EBITDA in 2025 consist of various amounts, such as costs related to the Clever Fit acquisition, one-off severance payments, an employee engagement event, claims and legal costs.
Depreciation & amortisation
Depreciation & amortisation
Depreciation and impairment of tangibles amounted to €216 million, compared with €204 million in 2024. Depreciation of right-of-use assets increased to €256 million from €233 million in 2024. The increase was mainly driven by the growth of our club network. Amortisation and impairment of intangibles amounted to €13.8 million, compared with €11.8 million in 2024.
Operating profit
Operating profit
Operating profit increased by 22% to €151 million, compared with €124 million in 2024. Drivers for the strong increase were similar to those behind our higher EBITDA.
Financing costs
Financing costs
Cash finance costs came in at €46.2 million in 2025 and were similar to 2024. Lower average interest rates mitigated the impact of the higher average level of bank debt.
The non-cash finance costs in 2025 were €26.0 million (2024: €12.1 million). The increase in non-cash finance costs in 2025 is mainly explained by a catch-up adjustment in interest expenses of €16.6 million based on the expected maturity of the convertible bond. Management's judgement on the expected maturity changed after assessments at the end of June 2025 and December 2025. According to these assessments, the likelihood of bondholders exercising their put option has increased. This has resulted in the (non-cash) catch-up adjustment, which was added to the regular accretion of interest related to the liability component of the convertible bond, which amounted to €26.8 million (2024: €9.7 million). The higher non-cash finance cost as a result of this catch-up adjustment was partly compensated by interest rate swaps valuation differences (2025: positive result €2.2 million, 2024: negative result €1.4 million).
The interest on lease liabilities was €59.0 million, compared with €52.7 million in 2024.
Corporate income tax
Corporate income tax
The corporate income tax expense for the year was €6.4 million (2024: €5.5 million expense), representing an effective tax rate of 31.1% (2024: 40.7%). The expense includes an amount of €1.3 million (2024: €1.2 million) related to the CVAE tax (‘Cotisation sur la Valeur Ajoutée des Entreprises’) in France, €7.6 million current tax charges (2024: €4.3 million charges) and €2.5 million deferred tax benefits (2024: €20 thousand charges). Despite the availability of loss carry-forwards, current tax charges are applicable due to restrictions to offset taxable profits in several jurisdictions.
Net profit and underlying net profit
Net profit and underlying net profit
The net profit for the full year 2025 was €14.3 million compared with €8.0 million in 2024. The underlying net profit, which is the reported net profit adjusted for IFRS 16 (lease accounting), PPA-related amortisation, interest rate swaps valuation differences and non-cash convertible bond interest charges, exceptional items, one-offs and the related tax effects, was a profit of €54.3 million (2024: €43.6million).
| Reconciliation net profit to underlying net profit1 | ||
|---|---|---|
| In € millions | 2025 | 2024 |
| Net profit | 14.3 | 8.0 |
| IFRS 16 adjustments | 14.2 | 14.1 |
| PPA amortisation | 2.5 | 2.7 |
| Valuation differences IRS (non-cash) | (2.2) | 1.4 |
| Non-cash interest convertible loan | 26.8 | 9.7 |
| Exceptional items | 12.6 | 12.3 |
| One-offs | 0.0 | 7.9 |
| COVID-19 rent credits | 0.0 | 0.0 |
| Tax effects (25.8%) | (13.9) | (12.4) |
| Underlying net profit | 54.3 | 43.6 |
- Totals are based on non-rounded figures
Net debt and liquidity
Net debt and liquidity
Net debt (excluding lease liabilities) stood at €1,113 million at year-end 2025, compared with €938 million at year-end 2024. The year-on-year increase was due to the financing of the Clever Fit transaction. The net debt/adjusted EBITDA1 leverage ratio was 2.7 at year-end 2025 (year-end 2024: 2.6).
Net debt including lease liabilities stood at €3,048 million at year-end 2025, compared with €2,767 million at year-end 2024.
Including undrawn facilities, the company had access to €474 million in cash and cash equivalents at year-end 2025. Cash and cash equivalents on the balance sheet totalled €115 million at year-end 2025 (year-end 2024: €57 million).
Basic-Fit has €304 million in senior unsecured convertible bonds maturing in June 2028, with a put option for the bondholders in June 2026. To ensure we can meet any redemption requests from convertible bondholders, €290 million of a secured bilateral facilities has been earmarked to cover potential exercises of the 2026 put option. Basic-Fit is confident in the breadth of suitable options available to it to meet redemption requests while maintaining comfortable liquidity.
- Adjusted EBITDA under the bank covenants is defined as the underlying EBITDA less rent adjusted for permitted pro forma adjustments, which are capped at 15% of the total adjusted EBITDA.
Capital expenditure
Capital expenditure
The initial average capex for the newly built clubs we opened in 2025 was €1.33 million per club (2024: €1.30 million). Regardless of the initial capex for a club, we continue to only sign a lease contract for a new club if we expect to achieve a ROIC of at least 30% at maturity.
Maintenance capex totalled €99.2 million in 2025 (2024: €86.2 million) with an average maintenance cost per club of €60 thousand (2024: €58 thousand).
Other capex totalled €31.0 million (2024: €19.3 million), covering investments in innovations, sustainability programmes and software development. The increase was primarily driven by renovations at Basic-Fit headquarters, innovations including a new and updated club design and wellness zone, investments in 24/7 clubs, energy transition initiatives, and software developments.
Free cash flow
Free cash flow
In the year under review, Basic-Fit recorded free cash flow before acquisitions of €26.1 million compared with negative €88.3 million in 2024. The strong improvement is mainly the result of the slower pace of club openings.
Outlook
Outlook
The positive membership trends seen throughout 2025 continued into the first two months of 2026. We are therefore positive about our ability to make another step-up in revenue and profitability in 2026. The step-up in both revenue and profitability is evidence that our execution in 2025 has positioned the Group well for continued success in 2026.
In January we announced that we expect to limit new Basic-Fit owned club openings to net 50 clubs in our existing markets in 2026 as we focus on the integration of the Clever Fit franchising business and the profitability of our existing club base. By limiting growth and increasing the profitability, we expect to significantly improve the positive free cash flow.
Longer-term, we continue to see strong growth opportunities in the under-penetrated European fitness market. Through franchising, we believe we can grow in a capital light manner and can continue to cater to the ever-evolving needs of our members as we will solidify our position as Europe's strongest value for money fitness brand. We anticipate giving a broader strategy update at our Capital Markets Day on 21 April 2026.