LTH - Premium Pricing Power Persists While New Club Pipeline Visibility Strengthens—We Raise Our 2Q Estimates and PT to $41, Reiterate BUY

Research evidence excerpt

LTH - Premium Pricing Power Persists While New Club Pipeline Visibility Strengthens—We Raise Our 2Q Estimates and PT to $41, Reiterate BUY

June 14, 2026

John Heinbockel john.heinbockel@guggenheimpartners.com LTH - Premium Pricing Power Persists While New

212 381 4135 Club Pipeline Visibility Strengthens—We Raise Our

Steven Forbes, CFA, CPA

steven.forbes@guggenheimpartners.com 2Q Estimates and PT to $41, Reiterate BUY

212 381 4188

Julio Marquez Key Message: The 30% recent share price appreciation (vs. the S&P 500 +9%) reflects, julio.marquez@guggenheimpartners.com finally, recognition of a uniquely premium brand positioning, but we expect an additional 212 823 6605

re-rating alongside accelerating unit expansion and member acquisition during the next

Jacob Nivasch 12-18 months. As detailed in Exhibit 1, the 9.8x 2026E EBITDA is identical to where it

jacob.nivasch@guggenheimpartners.com stood a year ago and a discount to the 10-12% algo despite a wide competitive moat,

212 338 8837 attractive consumer demographics, and above-average profit margins. We believe a

Max Horowitz strong case can be made for a 1.0-1.2x PEG rate with accelerating, expansion-driven

max.horowitz@guggenheimpartners.com member growth the principal catalyst. The 2027 club pipeline is rapidly approaching

212 518 9974 2026 levels, even as multi-faceted pricing and operating initiatives underpin robust per-

member spend. We slightly raise our 2Q top and bottom-line estimates and price target

to a conservative $41 (vs. $36 prior), while reiterating our BUY-rating.

Guggenheim 360°: The Ecosystem of Our Best Research. The Guggenheim 360° LTH BUY series spotlights our analysts' most differentiated work—research that reflects a deep Life Time Group Holdings, Inc.