- Revenue increased by 16% to €1,215 million (2023: €1,047 million)
- Underlying EBITDA less rent increased by 20% to €313 million (2023: €261 million)
- Underlying net profit increased by 59% to €43.6 million (2023: €27.5 million)
- Net profit of €8.0 million (2023: minus €2.7 million)
FULL-YEAR OPERATIONAL HIGHLIGHTS
- 173 net club openings, expanding the network to 1,575 clubs
- Number of memberships increased by 12% year-on-year to 4.25 million (2023: 3.80 million)v - Further improvement of operating leverage as overhead cost decreased to 7.2% of revenue (2023: 7.8%)
- Marketing cost decreased as a percentage of revenue to 5.0% (2023: 5.4%)
- Targeted investments in France to further enhance member satisfaction resulted in higher review scores
OUTLOOK 2025
- Revenue of between €1.375 billion and €1.425 billion
- Further improvement of member experience by increasing number of 24/7 clubs and extending opening hours will increase cost base by €35 million, to be mitigated in time by an increase in the number of memberships
- Underlying EBITDA less rent of between €330 million and €370 million
- Continued improvement of operating leverage; overhead including marketing costs as a percentage of revenue to decrease to between 11.5% and 12.0%
- Positive free cash flow expected in 2025
STRATEGY UPDATE
- Consolidation of Basic-Fit's pan-European leader status through existing club upgrades and more targeted new club expansion
- Continue to be the fastest growing fitness operator in Europe opening approximately 100 clubs a year in 2025 and 2026
- More capital-efficient strategy to enable reaching the below 2x leverage target by 2026 while enabling the launch of a €40 million share buy-back programme in 2025
RENE MOOS, CEO BASIC-FIT
"We had a very strong 2024, recording significant increases in all key metrics. Revenue and underlying EBITDA less rent increased by 16% and 20% respectively.
The clubs we opened in 2023 and 2024 performed well with the 2023 clubs showing strong growth rates and the 2024 clubs outperforming those opened in 2018 and 2019, supported by successful founding member campaigns.
Clubs opened in COVID-impacted periods (2020, 2021, and 2022) continued to gain memberships, and although growth remains below initial expectations, the steady increase is a positive sign for future performance.
We started 2025 well with a strong inflow of memberships in the important months of January and February.
At the end of February we had 4.46 million memberships which is an increase of 202 thousand in the first two months of the year. A strong result considering the 19 fewer club openings in the period compared to the first two months of 2024.
Alongside our strong financial performance, we care deeply about delivering measurable social and environmental benefits. We continuously focus on making fitness accessible to as many people as possible in the most sustainable way.
Looking ahead, we remain committed to our long-term vision without compromising on short term results. Accordingly, for 2025 and 2026 we are adjusting the pace of club openings while we allow our existing clubs to grow. We will open approximately 100 clubs a year in 2025 and 2026. As we aim to be the clear market leader in the countries in which we operate, our long-term goal remains to operate between 3,000 and 3,500 clubs within our existing markets. At the new growth pace, we will remain the fastest growing fitness chain in Europe, whilst generating a significant amount of cash. This more capital-efficient strategy will enable us to reach the below 2x leverage target by 2026 while enabling shareholder returns through the launch of a €40 million share buy-back programme in 2025.
In 2024, we successfully tested 24/7 staffed club openings in France since unstaffed operations are not permitted in France. The positive results led to an expansion to 333 24/7 clubs in France early 2025. Also in Spain and Germany, we are extending the opening hours of the clubs. The additional costs of the extended hours (approximately €35 million in 2025) are expected to be offset by increased membership levels at these clubs as of 2026, positioning us even better for sustainable growth.
I have full confidence that by continuously catering to our members' evolving needs and remaining accessible to everyone, we will further strengthen our market leadership and consolidate our position as Europe's strongest fitness brand."
Download press release:
https://corporate.basic-fit.com/docs/Full%20Year%202024%20Results?q=4f1IkXjhoJ2nB0qhYV0dRD
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