Street Calls of the Week
Investing.cim -- Basic-Fit on Friday reported a 16% rise in third-quarter revenue to €357 million and added 218,000 members, a 95% increase from the same period last year, while reaffirming its full-year guidance for club openings, revenue, and EBITDA.
Revenue for the first nine months rose 16% year-over-year to €1.03 billion. Total memberships reached 4.73 million, up 13% from the same period in 2024.
The company’s underlying EBITDA, excluding rent, is expected to be between €330 million and €370 million for FY25, implying 12% growth at the midpoint.
Average monthly revenue per member increased 3% year-over-year to €24.60, slightly down from €24.73 in the first half due to strong new membership growth in September.
The club-opening program is on track, with 82 new gyms opened year-to-date and 100 expected by the end of the fiscal year.
Growth was concentrated in France, where 35 new clubs raised the total to 893. Other markets included 227 clubs in Spain, 245 in the Netherlands, 235 in Belgium, and 43 in Germany.
Jefferies noted that the company continues to plan updates on franchising before the end of FY25. No new information was provided regarding staff-less gyms in France.
Despite the growth metrics, Jefferies flagged that valuation remains low relative to Basic-Fit’s expansion, citing an FY26 EV/EBITDA multiple of 6.7x.