SMFT & BFT | Hybrid Models Unlocking Structural Competitive Advantage

Research evidence excerpt

SMFT & BFT | Hybrid Models Unlocking Structural Competitive Advantage

Latin America | Lifestyle & Growth Platforms EquityJuneResearch22, 2026

Exhibit 1 - TotalPass | WellHub: MAUs YoYSMFT & BFT | Hybrid Models Unlocking

250%

212% 214%Structural Competitive Advantage Growth Brazil

200% 186%

150%

103%

93% 88% 87%We 150% believe SmartFit's hybrid model, combining its leading gym network with 83% 79% 100%

47% 82% 71% 63% 69% 52% 40% 39% 39% 35% 50% 27% 19%the fast-growing TotalPass platform, positions it uniquely across both B2C

and B2B channels, enhancing revenue diversification and improving visibility 0% Q1 Q2 Q3 Q4 Q1 Q2

TotalPass BZ Wellhub BZthrough recurring corporate contracts. TotalPass is scaling rapidly (9% revs, . 2019 2020 2021 2022 2023 2024 2025 2026

~15% gross profit, 2.1m members), with growing market share in Brazil (34%) Source: JEF, Sensor Tower

and a dominant position in Mexico (80%) supporting incremental growth and Exhibit 2 - SMTF | BFT NTM PER (x)

ROIC.

TotalPass as a Key Growth and Margin Lever for SMFT. While near-term concerns focus on lower

unit economics of B2B users versus traditional memberships, this reflects mix and early-stage

scale. TotalPass continues to capture a disproportionate share of market (55% marginal today) and

is outpacing Wellhub (88% vs 20% YoY growth in 2025) in Brazil, expanding SmartFit’s addressable

market and driving utilization across its network. Over time, scale benefits, better pricing dynamics, .

and improved usage patterns should support margin normalization, while increasing exposure to Source: FactSet, Jefferies

corporate clients enhances revenue resilience.

Integration Advantage vs. Peers and Aggregators. SmartFit’s ownership of both the supply side