PLNT Taking Over the Planet... Australian Franchisee Acquired

Research evidence excerpt

PLNT Taking Over the Planet... Australian Franchisee Acquired

USA | Fitness & Wellness

Planet Fitness EquityJulyResearch20, 2026

FLASH NOTEPLNT Taking Over the Planet... Australian

RATING BUYFranchisee Acquired

PRICE $55.25^

Franchise Equity Partners acquired Bravo Fit, PLNT's Australian franchisee,

positioning the business for an accelerated next phase of expansion. We view PRICE TARGET | % TO PT $133.00 | +141%

the deal as further evidence that PLNT's HVLP model continues to resonate 52W HIGH-LOW $114.47 - $37.03

internationally and can support a significantly larger global footprint. With just FLOAT (%) | ADV MM (USD) 98.6% | 98.68

32 clubs open today and rights for up to ~100 additional locations, Australia MARKET CAP $4.4B

highlights the substantial unit growth runway that remains ahead for PLNT. TICKER PLNT ^Prior trading day's closing price unless otherwise

noted.

The News. Planet Fitness announced that Franchise Equity Partners (FEP) has acquired Bravo

Fit, the company's Australian franchisee, from existing shareholders including PLNT, which sold

its minority ownership stake as part of the transaction. Bravo Fit currently operates 32 clubs in

Australia and holds development rights for up to 100 additional locations. Management stated that

Bravo Fit's leadership team will remain in place and that the transaction provides additional capital

to accelerate expansion across the market.

Our Take. We view this announcement positively as it validates PLNT's international expansion

strategy, where penetration is low and the runway for expansion is still significant. PLNT initially

partnered with Bravo Fit to establish the brand in Australia and is now monetizing that investment