First Read: Basic-Fit NV "SMID Pan-European Conference 2026 - Feedback"

Research evidence excerpt

First Read: Basic-Fit NV "SMID Pan-European Conference 2026 - Feedback"

Global Research

12 May 2026ab

First Read

EquitiesBasic-Fit NV

SMID Pan-European Conference 2026 - Netherlands

Feedback Consumer Services

12-month rating Neutral

12m price target €23.50

Basic-Fit at the SMID Pan-European Conference 2026

We hosted Rene Moos, Chief Executive Officer; Maurice de Kleer, Chief Financial Officer;

Richard Piekaar, Director Treasury, Investor Relations and Corporate Development; and Price (11 May 2026) €28.86

Heather Robertson, Investor Relations Manager at the SMID Pan-European Conference RIC: BFIT.AS BBG: BFIT NA

today, for group meetings.

Trading data and key metrics

Key takeaways 52-wk range €34.12-20.70

Market cap. €1.90b/US$2.24b

Management set a positive tone. Similar to comments at the recent CMD, the team was

constructive on underlying demand and unit economics for the core owned club Shares o/s 66.0m (ORD)

business, highlighting continued improvement in mature club profitability and member Free float 78%

stickiness, with average tenure extending further year to date (from 17 months at the Avg. daily volume ('000) 175

IPO vs 24+ months today). The strategy is increasingly focused on driving returns, Avg. daily value (m) €5.3

underpinned by a more capital-light growth model, enhanced by further M&A (and that Common s/h equity (12/25E) €0.39b

is the priority ahead of shareholder returns). Basic Fit is open to further franchise P/BV (12/25E) 4.8x

opportunities, particularly in France, which is structurally well-set up for a franchise Net debt to EBITDA (12/25E) 4.5x

model. Regulatory headwinds in France, and in particular costs from staffed clubs, have

EPS (UBS, diluted) (EUR)

reduced but perhaps not as much as management had hoped, but there is upside

UBS Cons.