RBC Elements™: US Restaurants & Fitness Mobile App Tracker

研报英文原文证据摘录

RBC Elements™: US Restaurants & Fitness Mobile App Tracker

RBC Capital Markets, LLC

Logan Reich, CFA (Analyst)

(646) 618-6870,

logan.reich@rbccm.com

Emir Akdogan (Senior

Associate)

(212) 301-1601,

emir.akdogan@rbccm.com

June 8, 2026

RBC Elements™: US Restaurants & Fitness MobileRESEARCH App Tracker

Our view: Callouts from our monthly Apptopia mobile app data tracker:

1. PLNT (-): May downloads declined 11.4% on a y/y basis, though on a tougher compare, where the

2yr stack accelerated to 16.7% (from 3.2% in April). Recall, in 2Q25 the company added ~200k net

members. Consensus is looking for a 20k net member decline in Q2. And while the company lapped the

systemwide rollout of click-to-cancel on May 14th, management noted they anticipate monthly churnEQUITY will be towards the high end of the 3-4% historical range given mix shift towards younger cohorts who

typically churn at higher rates. We estimate that every 25 bps of monthly churn translates roughly to

160k members on the quarter. And as the company works to adjust their marketing towards their core

customer, which could take a few quarters, we limit our expectations around a NT improvement to net

member growth.

2. SBUX (-): May downloads decelerated on 1yr basis to 2.0% from 15.6% in April and to -39.5% on

2yr stack from -13.7% in April. While downloads can be volatile, MAUs also decelerated to 7.2% y/y

from 9.9% in April and importantly, DAU/MAU ratio (measure of frequency) declined 16 bps y/y vs. 28

bps expansion in April. The app usage data appears to support our previously held view (see our 3/17

downgrade) that the new rewards program (relaunched 3/10) effectively reduces the maximum number

of stars users can earn, hence lowering the incentive for their most frequent customers.

3.