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Investing.com -- Basic-Fit ( AMS (VIE:AMS2):BFIT) on Tueaday reiterated its full-year guidance following a positive first half of 2025, with the fitness chain showing improved operating leverage and membership growth.
The company reported a 16% increase in revenues to €677 million for the first half, in line with consensus expectations. Underlying EBITDA less rent grew 8% to €150 million, though this fell 5% short of the €158 million consensus forecast.
Membership numbers rose 10% to 4.51 million, while average revenue per member per month increased 4% to €24.73. The company opened 53 new clubs during the first half (41 in Q1 and 12 in Q2), bringing its total to 1,628 locations.
Basic-Fit maintained its full-year 2025 guidance, targeting 100 new club openings and revenues between €1,375-1,425 million, representing approximately 15% growth at the midpoint. The company expects underlying EBITDA less rent to reach €330-370 million, implying 12% growth.
The fitness chain reported that costs as a percentage of revenue decreased to 11.0% from 12.7% previously. Memberships for 24/7 clubs in France, Germany and Spain are increasing in line with expectations, with 256,000 memberships added in the first half of 2025 compared to 177,000 organic additions in the same period last year, despite fewer club openings.
Basic-Fit is continuing discussions with potential franchise partners and plans to provide a market update on its franchising plans before the end of 2025.
The company’s current share price of €26.92 represents a price-to-target ratio of 4% based on a price target of €28.00.
Jefferies analysts note that despite recent share price strength, Basic-Fit’s valuation remains at 8.4x EV/EBITDA for FY25E, expected to fall to 5.5x as newly opened units mature.
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