MET W/ MGMT...PLNT's Durability Sets the Stage For Reacceleration Ahead

研报英文原文证据摘录

MET W/ MGMT...PLNT's Durability Sets the Stage For Reacceleration Ahead

USA | Fitness & Wellness

Planet Fitness EquityJuneResearch16, 2026

FLASH NOTEMET W/ MGMT...PLNT's Durability Sets the

RATING BUYStage For Reacceleration Ahead

PRICE $49.98^

We met with PLNT’s Colleen Keating (CEO), Bill Bode (COO), and Stacey

Caravella (IR) for an investor dinner at our Nantucket Consumer Conference, PRICE TARGET | % TO PT $133.00 | +166%

where management reinforced the durability of the model. Recent softness 52W HIGH-LOW $114.47 - $37.03

in net member adds appears transient and fixable. With a marketing reset FLOAT (%) | ADV MM (USD) 98.7% | 165.41

underway, demand intact, and strong unit economics supporting development, MARKET CAP $4.0B

we see a clear path to reaccelerating growth and share gains. TICKER PLNT ^Prior trading day's closing price unless otherwise

noted.

Demand Tailwinds Remain Strong & PLNT Is Still Winning the Category. PLNT mgmt

continues to emphasize that we are in the "golden age of fitness", with demand expanding

across demographics and younger cohorts in particular driving participation. PLNT’s accessible,

value-oriented positioning continues to resonate with consumers, reinforcing its leadership and

supporting its ability to take share in the growing HVLP space.

Recent Noise Doesn't Reflect a Break in the Story. The recent slowdown in net member adds

was driven by a combination of transient factors, including weather disruptions, elevated churn

(following last year's click-to-cancel implementation), and marketing execution. While weather

created near-term volatility, mgmt emphasized that the bulk of the impact was internally driven,

particularly around messaging and targeting. We view this as key, as it suggests the softness is not