Basic-Fit: Acquisition of 41 clubs in Germany

Research evidence excerpt

Basic-Fit: Acquisition of 41 clubs in Germany

2 July 2026

Estimate Change

Flavien Baudemont

+33 1 42 14 81 51

Global Hotels & Leisure flavien.baudemont@bernsteinsg.com

Basic-Fit NV

Rating

Outperform

Price Target

BFIT.NA 43.00 EUR

Basic-Fit announced on 1 July the acquisition of Wellyou, a German value-for-money fitness

Close Date 1 Jul 2026

operator, in a €53m all-cash transaction. Wellyou operates 41 corporate-owned clubs,

BFIT.NA Close Price (EUR) 32.92

primarily located in Northern Germany. Closing is expected in 3Q26, subject to antitrust

Price Target (EUR) 43.00

approval, with club refitting likely extending through 4Q26. The acquisition price implies a

Upside/(Downside) 31%

2025 Club EBITDA multiple of 5.3x, corresponding to a Club EBITDA of c.€10m, and we

52-Week Range 34.76/22.84

estimate Wellyou generates annual revenues of c.€35m (2.5% of BFIT FY25 sales).

EDME 1,589.34

Wellyou provides exposure to regions where Basic-Fit currently has a limited presence, while FYE Dec

club overlap appears minimal as we estimate that no more than five clubs overlap with the Div Yield NA

Clever-Fit network. Although not mentioned in the press release, we will be watching closely Market Cap (EUR) (M) 2,173

to see whether Wellyou's pay-as-you-train model (link) is retained following integration. The EV (EUR) (M) 5,219

concept could offer Basic-Fit an alternative to the day pass and potentially support the Performance YTD 1M 6M 12M

development of more flexible membership options. Absolute (%) 11.4 8.1 11.4 32.2

EDME (%) 8.1 2.5 7.4 18.6

The acquisition confirms that Germany remains the group's largest long-term expansion Relative (%) 3.3 5.6 4.0 13.6

opportunity, and represents another step towards achieving critical mass in the country.