Basic-Fit N.V., - Basic-Fit press release: RECORD MEMBERSHIP GROWTH FOR BASIC-FIT

BASIC-FIT PRESS RELEASE

HALF-YEAR RESULTS 2022

Hoofddorp, 29 July 2022

RECORD MEMBERSHIP GROWTH FOR BASIC-FIT

Strong recovery continues with membership base up 45% year-on-year

H1 OPERATIONAL HIGHLIGHTS

107 net club openings, growing the network to 1,122 clubs

Number of memberships increased by 45% year-on-year to 2.92 million (H1 2021:

2.01 million)

Average number of memberships at mature clubs increased to 3,138 (YE 2021: 2,646)

H1 FINANCIAL HIGHLIGHTS

Revenue of €355 million (H1 2021: €53 million)

Underlying EBITDA of €60.2 million (H1 2021: minus €12.5 million)

Net loss of €28 million (H1 2021: net loss €126 million)

June 2022 produced first net profit after start of the COVID-19 pandemic €181 million available liquidity

OUTLOOK 2022

Membership growth of 1.3 million to around 3.5 million Network expected to grow to around 1,250 clubs

Revenue of between €800 and €850 million and underlying EBITDA of around €225 million

RENE MOOS, CEO BASIC-FIT:

'In line with our accelerated growth ambitions, we grew our network by a record 107 clubs to 1,122 in the first half of the year. We are on track to grow our network to around 1,250 clubs this year and 2,000 clubs by 2025.

I am very pleased to see the strong growth of our membership base. We are confident that by the end of the year our mature clubs will be back at the average membership level of before the COVID-19 pandemic.

To support the positive momentum of our membership growth, we have been spending more on marketing and will continue to do so in the second half of the year. We now expect to increase our membership base by 1.3 million to around 3.5 million memberships in 2022.

One of the drivers of our strong performance are our attractive membership prices. To cope with today's inflationary environment, we have been successfully increasing the uptake of the Premium membership. In the month of June, over 35% of joiners chose a Premium membership. This compares to 23% of Premium memberships in our base at the start of the year. This will result in a gradual increase of the average yield per membership. We will continue with a further optimisation of our membership structure in the second half of the year to solidify the positive yield development."

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KEY FIGURES

H1 2022

H1 2021

CHANGE

(In € millions)	unaudited	unaudited
Total revenue	354.6	53.0	570%
Club revenue	351.8	52.1	575%
Non-club revenue	2.8	0.8	234%
Club operating costs	(147.4)	(52.5)	181%
Personnel costs	(58.2)	(8.4)	593%
Other	(89.2)	(44.1)	102%
Club EBITDA	204.4	(0.4)
Overhead	(58.5)	(19.8)	196%
EBITDA	145.9	(20.2)
D&A	(155.9)	(137.3)	14%
Depreciation and impairment tangibles	(69.6)	(61.0)	14%
Amortisation and impairment intangibles	(4.2)	(4.7)	-10%
Depreciation right-of-use assets	(82.1)	(71.6)	15%
COVID-19 rent credits	1.1	16.9	-94%
EBIT	(8.9)	(140.5)	-94%
Finance costs	(12.2)	(10.6)	15%
Interest lease liabilities	(15.9)	(16.6)	-4%
Corporation tax	8.9	42.1	-79%
Net result	(28.0)	(125.6)	-78%
Underlying key figures
Club EBITDA	204.4	(0.4)
Rent costs (opened clubs)	(90.3)	(63.0)	43%
Exceptional items - clubs	1.5	0.1	1278%
Exceptional items - clubs - COVID-19	4.3	72.0	-94%
Underlying Club EBITDA (opened clubs)	120.0	8.7	1273%
EBITDA	145.9	(20.2)
Rent costs clubs and overhead, incl. car leases	(92.1)	(64.6)	43%
Exceptional items - total	2.1	0.3	635%
Exceptional items - total - COVID-19	4.3	72.0	-94%
Underlying EBITDA	60.2	(12.5)
Underlying net result*	(20.6)	(65.6)	-69%
Basic underlying result per share (in €)	(0.31)	(1.06)	-70%
Diluted underlying result per share (in €)	(0.29)	(1.06)	-73%

• Adjusted for IFRS 16, purchase price allocation-related amortisation, IRS valuation differences, exceptional items, one-offs and the related tax effects. Totals are based on non-rounded figures.

CLUB NETWORK AND MEMBERSHIP DEVELOPMENT

Geographic club split

	H1 2022	FY 2021	H1 2021
Netherlands	224	216	216
Belgium	213	205	205
Luxembourg	10	10	10
France	608	528	492
Spain	67	56	50
Total	1,122	1,015	973

In line with our accelerated club growth strategy, we expanded our network by a record 107 clubs (109 openings and 2 closures) to 1,122 clubs in the first half of 2022. Over the past twelve months we have added 149 clubs to our network (+15% year-on-year). Most of the new clubs that we

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opened in the first half of the year were located in our growth markets France (80) and Spain (11). Compared to a year ago, we expanded our network in these countries by 116 (+24%) and 17 (+34%) clubs respectively. In the Netherlands and Belgium, we expanded our network by eight clubs each. We now operate 224 clubs in the Netherlands and 213 in Belgium.

Membership development

In millions, end of period	2022	2021	change
Start of the year	2.22	2.00	11%
First quarter	2.63	1.80	46%
Second quarter	2.92	2.01	45%
Third quarter		2.21
Fourth quarter		2.22

In the first half of the year, our membership base increased by 700 thousand or 32% to 2.92 million. Compared to the first half of 2021, memberships increased by 45%. The strong performance in the first half of 2022 is broad-based, with both mature and immature clubs growing strongly in all countries.

A club is considered mature when it is at least 24 months old at the start of the calendar year. Because of the pandemic, we temporarily report mature club performance based on the current 503 clubs that were mature before the start of the pandemic in 2020.

Our 503 mature clubs had on average 3,138 memberships at the end of the first half of 2022, compared to 2,646 memberships at the start of the year.

REVENUE

Revenue split

	H1 2022	H1 2021	change
In € millions	unaudited	unaudited
Club revenue	351.8	52.1	575%
o.w. Fitness revenue	343.0	50.5	579%
o.w. Other club revenue	8.8	1.6	437%
Non-club revenue	2.8	0.8	234%
Total revenue	354.6	53.0	570%

Totals are based on non-rounded figures

Group revenue increased to €355 million, compared to €53 million in the first half of 2021. The increase in fitness revenue to €343 million (H1 2021: €50.5 million) was the result of all our clubs being open for the entire period (except for the first two weeks in January for our Dutch clubs), in combination with strong membership growth. In the first half of 2021, our clubs were closed for 81% of the time, which resulted in a considerable loss of revenue. The average revenue per member per month was €22.22 (H1 2021: €4.20).

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During the last months of the reporting period, we intensified our efforts to promote our Premium membership by adding more benefits to this membership. The Premium membership costs €29.99/4 weeks, compared to the Comfort membership which costs €19.99/4 weeks. We aim to grow the uptake of Premium memberships as this positively influences our average revenue per membership per month. At the end of the first half of 2022, Premium memberships accounted for 26% of our total memberships, compared to 23% at the start of the year. We currently see an uptake of the Premium membership of well over 35%. By adding more benefits to the Premium membership, we expect the uptake to increase further.

Other club revenue increased to €8.8 million (H1 2021: €1.6 million) and includes income from our personal trainer concepts, physiotherapists, day passes, vending and advertising revenue via the screens in our clubs. Non-club revenue increased to €2.8 million (H1 2021: €0.8 million).

Geographic revenue split

	H1 2022	H1 2021	change
In € millions	unaudited	unaudited
Benelux	161.4	25.1	544%
France & Spain	193.2	27.9	593%
Total revenue	354.6	53.0	570%

Totals are based on non-rounded figures

Both our geographic segments, the Benelux and France & Spain, recorded strong revenue growth compared to the first half of 2021, thanks to clubs being open for the entire period (except for the first two weeks in January 2022 for our Dutch clubs) and the strong recovery of memberships at mature clubs and strong ingrowth of memberships at new and immature clubs.

UNDERLYING CLUB EBITDA

Underlying Club EBITDA, which is club EBITDA of open clubs excluding exceptional items and adjusted for rent costs, was €120 million (H1 2021: €8.7 million).

Club operating costs (rent, personnel and other) amounted to €238 million (H1 2021: €116 million). The increase in club operating costs is the result of our growing club network and the absence of discounts on rents from our landlords and government support for wages and fixed costs, that we received in H1 2021.

The reported exceptional items of €5.8 million (H1 2021: 72.1 million), relate for €4.3 million (H1 2021: €72.0 million) to COVID-19.

The impact from the general inflationary environment was limited on our club operating costs. We did experience modest rent and wage increases, whilst our utility unit costs were flat thanks to fixed price contracts that we have in place. We have low fixed energy unit prices for the full year 2022 and for a large part of our energy consumption in 2023.

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UNDERLYING EBITDA

Underlying EBITDA, which is EBITDA excluding exceptional items and adjusted for rent costs, showed a strong recovery with €60.2 million reported in the period compared to a loss of €12.5 million in H1 2021.

Total overhead expenses increased to €58.5 million (H1 2021: €19.8 million), due to an increase in

international overhead to €20.5 million (H1 2021: €10.2 million) and an increase in country

overhead to €38.1 million (H1 2021: €9.6 million).

The main driver for the increase in country overhead costs were marketing expenses, which increased by approximately €25 million compared to last year, a period in which clubs were closed for 81% of the time. We also decided to increase our marketing spend as a percentage of revenue as we want to benefit from our strength in our local markets and to end the year with as many members as possible to have a strong start next year. For the full year 2022, we now expect to spend approximately 6% of revenue on marketing, compared to our earlier guidance of 4-5%.

DEPRECIATION & AMORTISATION

Depreciation and impairment of tangibles were €69.6 million, compared to €61.0 million in H1 2021. Depreciation of right-of-use assets increased to €82.1 million from €71.6 million in H1 2021. The increase of both line items was driven by the strong growth of our club network in 2021 and the first half of 2022. Amortisation costs amounted to €4.2 million, compared to €4.7 million in H1 2021.

COVID-19 RENT CREDITS

COVID-19 rent credits in the period amounted to €1.1 million (H1 2021: €16.9 million) and relate to property rent discounts received from our landlords that did not result in amendments of lease contracts. In the event of lease contract amendments, we re-measuredright-of-use assets and lease liabilities on our balance sheet. The reported €1.1 million in the period reflects the finalisation of rent negotiations for a number of clubs that were temporarily closed during 2021.

OPERATING RESULT

The operating result (EBIT) came in at a lower loss of €8.9 million compared to last year (H1 2021: loss €140.5 million) when clubs were closed for 81% of the time. The small loss in the period is the result of underutilisation of our network as we lost memberships during 2020 and 2021, as a result of temporary club closures and higher marketing spend.

FINANCING COSTS

Total finance costs came in at €28.1 million in H1 2022, compared to €27.2 million in H1 2021. Finance costs related to borrowings increased by €1.6 million to €12.2 million in H1 2022. The year- on-year increase reflects a higher average level of bank and convertible bond debt than a year ago. Interest rate swap charges and valuation differences resulted in a €2.7 million benefit (H1 2021 €1.0 million benefit).

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