Basic-Fit NV: 1H26 results: Heading in the right direction, guidance upgraded

Research evidence excerpt

Basic-Fit NV: 1H26 results: Heading in the right direction, guidance upgraded

Estimates unchanged

Post 1H26 results, we have modestly increased our 2026 revenue forecast by 1.6%, Natasha Brilliant

mainly reflecting the addition of 41 wellyou clubs, partially offset by lower assumptions Analyst

natasha.brilliant@ubs.comfor Basic-Fit and Clever Fit openings. With underlying assumptions otherwise

+44-20-7567 0645

unchanged, the higher revenue base drives an 11% increase in our 2026 EPS forecast,

with EPS estimates for subsequent years rising by approximately 7–9%. Chiara Tomesani

Analyst

chiara.tomesani@ubs.com

Key comments from the call

+44-20-7567 3438

See inside for full notes, but in particular we would highlight: 1) Management expects a

Louise Wiseur, CFAsignificant step-up in FCF in 2H26; 2) Clever Fit integration is progressing well, with

some early procurement and marketing synergies already being realised; 3) The wellyou louise.wiseur@ubs.com

acquisition remains on track to close in 3Q26. +33-14-888 3051

Valuation: €47.50 PT (from €43.50), Buy

Basic-Fit trades on 6.9x 12m fwd EV/EBITDA and 17.0x P/E, a 24% and 29% discount to

its average post-COVID of 9.0x and 23.9x respectively. Our PT increases to €47.50 from

€43.50, reflecting our updated estimates and a roll-forward of our model by a couple of

months since we last published. Our price target is derived using a DCF (9.1% WACC,

2% Tg) and an EV/EBITDA multiple (6.8x).

Highlights (€m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 1,047 1,215 1,421 1,665 1,909 2,129 2,333 2,527

EBIT (UBS) 91 124 152 248 410 555 686 804

Net earnings (UBS) 27 43 54 124 230 337 428 512

EPS (UBS, diluted) (€) 0.38 0.59 0.76 1.71 3.20 4.77 6.04 7.23

DPS (net) (€) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00