This article first appeared on GuruFocus .
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Revenue:EUR1.42 billion, a 17% increase year on year.
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Underlying EBITDA less Rent:EUR348 million, an 11% increase.
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Net Profit:EUR14.3 million, a 79% increase.
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Free Cash Flow:Positive EUR26 million.
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Number of Clubs:Increased by 37% to 2,151 clubs.
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Membership Growth:Increased by 36% to 5.8 million members.
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Average Revenue per Member per Month (ARPU):Increased by 2.8% to EUR24.91.
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Expansion CapEx:Average newly built club cost EUR1.33 million.
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Maintenance CapEx:Averaged EUR60,000 per club.
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Available Liquidity:EUR474 million at year-end 2025.
Release Date: March 11, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Basic-Fit NV ( BSFFF ) achieved a 17% year-on-year revenue increase, reaching EUR1.42 billion, driven by club network expansion and membership growth.
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The company successfully integrated Clever Fit, Europe's largest fitness franchisor, enhancing its market presence in Germany and other DACH countries.
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Memberships grew by 36% to 5.8 million, supported by the Clever Fit acquisition and organic growth in key markets like France, Spain, and Germany.
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Basic-Fit NV ( BSFFF ) recorded a positive free cash flow of EUR26 million in 2025, marking the first year of positive free cash flow.
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The company fixed energy prices for over 75% of its expected consumption in 2026, mitigating the impact of energy market volatility on financial results.
Negative Points
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The integration of Clever Fit is still in early stages, with ongoing discussions about rebranding and potential challenges in aligning systems.
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A social engineering scam at Clever Fit resulted in an unauthorized outflow of EUR4.2 million, highlighting potential vulnerabilities in financial controls.
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The EBITDA per mature club decreased in 2025 due to additional costs from the 24/7 club model and expansion into rural areas.
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Pending legislation in France regarding 24/7 club operations without staff remains unresolved, impacting cost structures.
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There is minimal headroom for impairment tests on the goodwill paid for Clever Fit, indicating potential risks if profitability improvements do not materialize as expected.
Q & A Highlights
Q: Can you provide details on the total price paid for the gyms acquired from Clever Fit and the rationale behind these acquisitions? Also, what are your plans regarding M&A versus buybacks or deleveraging? A: The acquisition of Clever Fit included 17 clubs from a franchisee, and discussions for further acquisitions are ongoing. Details on the total investment will be shared at the Investor Day on April 21. Regarding M&A, our focus remains on countries where we currently operate, particularly Germany, France, and Spain, with Austria also being a logical area for growth. We prioritize these regions over entering new markets.
Q: What is the expected membership ARPU and mature club EBITDA for 2026? A: While we do not provide specific guidance on ARPU and club EBITDA, we anticipate positive trends. The yield is expected to increase due to the pricing structure introduced in January 2025, with a gradual shift in our membership base towards higher membership tiers.
Q: Can you elaborate on the membership growth for owned and franchise gyms, particularly those acquired from Clever Fit? A: The growth for our 1,660 clubs was approximately 200,000 net, surpassing 3,000 members per club on average. The 56 Clever Fit clubs saw a slight increase, though not as significant as the owned clubs. Franchise systems are not yet fully integrated, so growth data is limited, but no substantial increase has been observed.
Q: Regarding the social engineering scam at Clever Fit, what actions have been taken, and what is the potential financial impact? A: The scam resulted in a EUR4.2 million unauthorized outflow. We have taken measures to retrieve the funds and prevent future incidents. The maximum risk is EUR4.25 million, and further details will be shared after the investigation concludes.
Q: What are the plans for countries where Basic-Fit has a limited presence, such as Romania, Croatia, and the Czech Republic? A: We aim to focus on countries where we can achieve a leading market position. While growth in one or two of these countries is possible, it is likely that we will exit some markets to maintain our strategic focus.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
