BASIC-FIT

DECEMBER 2023

CONTENTS

01

02

03

04

05

06

Recap 2023 CMD

History & track record

The opportunity

Our growth strategy

Why our model works

Sustainability

07 Appendix

RECAP

202 NET CLUB GROWTH YTD

238 (+7)

Netherlands

222 (+3)

Belgium

10 (-)

780 (+133)

Luxembourg

France

140 (+50)

Spain

4Increase in club count versus year-end 2022

12 (+9)

Germany

1,402 clubs compared to

1,200 at the end of 2022

France: 133 net club growth (+21% vs. 2022)

Spain: 50 net club growth (+56% vs. 2022)

12 clubs in Germany; gradual acceleration of club openings in 2024 and onwards

BACK ON TRACK

Memberships 2019 - Oct 2023

4.0

3.5

3.0

2.5

2.0

1.5

2019

2020

2021

2022

2023

Normalisation of growth trends in France in H2 2023

Successful founding member campaigns

Since Q2 2023 churn has normalised to ca. 4%/month

We expect to end 2023 with 3.8 million memberships

5

HAVE DOUBLED SINCE 2021

Premium memberships (% of total)

44%

2019

2020

2021

2022

2023

2024

2019 - 2022…

6* Under the assumption that current membership structure does not change

Penetration rate increased from 23% in 2021 to 44%

Perceived value continues to drive Premium take-up rate

Further increase expected to more than 50% in 2024*

Positive impact on yield, but cannibalisation on joiners

PREMIUM AND PRICING DRIVE FURTHER YIELD INCREASE

Average yield (€ per month, ex VAT)

29.5

9M 2023 yield of €23.28

More than

More than

FY2023 yield at least €23.50

2024 & 2025 upward trend*:

  • Around 55% Premium membership uptake
  • Price increase Comfort to €24.99/4wks

23.5+ €1.00/4-wks yearly indexation legacy Comfort + Decreasing legacy memberships

-/- Founding members

17.5

2016

2017

2018

2019

2022

2023

2024

2025

7* 2023 represents Company guidance of at least €23,50. 2024 & 2025 bars show expected trend.

  • Under the assumption that current membership structure does not change

STABLE AVERAGE MEMBERSHIPS

Mature club average memberships

1,000

4,000

750

3,500

500

3,000

250

2,500

0

2,000

1H19

FY19

1H20

FY20

1H21

FY21

1H22

FY22

1H23

# Mature clubs (L.H)

# Memberships (R.H.)

8

* Based on 9M 2023

Mature clubs account for 64%* of total clubs and 79%* of total club revenue

Average mature club memberships around 3,300 in 2023

Medium term effects from club mix (regional) and cannibalisation from high Premium membership uptake. Short term effect from COVID club vintages 2019, 2020 & 2021

OPENINGS PIPELINE

Club network is expected to grow in line with long-term targets

Flexibility in timing of openings in case of M&A transactions and/or macro developments

Club openings pipeline (# clubs)

> 400

400

202

224

200

106

83

-

Net openings

Under

Contracts

Contracts being

Sites being

YTD 9 November

construction

signed

negotiated

researched

9

NO SIGNIFICANT DEBT REPAYMENTS NEXT THREE YEARS

Maturity of debt facilities

750

Extension

Limited debt repayments in medium-term:

  1. GO-C:€13 million repaid in H1 2023
  1. Schuldschein: €18 million redemption Oct 2024

500

250

option

Syndicated facilities: €650** million due June 2027 + options to extend by two years to June 2029

€150*** million undrawn / uncommitted revolving

facility accordion

Convertible bond loan €303.7 million;

Maturity June 2028, conversion price €50.63/share

-

2023

2024

2025

2026

2027

2028*

2029

Debt excl. convertible

Undrawn

Convertible 100% redemption

Net debt/adj. EBITDA ratio of 2.57 as of June 2023.

Mid-term target net debt/adj. EBITDA ratio below 2.0

  • Convertible bondholders have a put option for an early redemption in June 2026
  • Syndicated facilities: €545 million drawn as of June 30, 2023

10 *** Not included in the €400 million revolving facility

Attachments

Disclaimer

Basic Fit NV published this content on 30 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2023 08:12:17 UTC.