Adjusted EBITDA increased by 25% to €155 million

Revenue increased by 28% to €515 million (2018: €402 million)
Adjusted club EBITDA increased by 26% to €222 million (2018: €177 million)
Adjusted EBITDA increased by 25% to €155 million (2018: €124 million)
Adjusted net earnings2 increased by 20% to €32.8 million (2018: €27.4 million)

155 net club openings, growing the network to 784 clubs (up 25% year on year)
Total number of memberships increased to 2.22 million (up 21% year on year)
Now market leader in France with close to 1 million members
Other revenue increased by 36% to €13.8 million (2018: €10.1 million)

To date, we have not seen any negative impact of COVID-19 on the business and currently do not foresee any supply issues from our main suppliers
Robust club openings pipeline with more than 500 clubs; barring unforeseen developments relating to COVID-19, we expect to open around 150 clubs in 2020

Rene Moos, CEO Basic-Fit: “2019 was again a very good year in which we delivered on our growth plans by adding a record 155 clubs to our network. This includes the successfully rebranded and integrated Fitland clubs which we acquired in July. The integration was executed swiftly and within budget, a good achievement. 2019 was also the first full year with the new membership structure. This had a positive impact on the average revenue per member. The increased yield and the growth in average number of members at our mature clubs resulted in the further strengthening of our mature club EBITDA to 50.5%

At Basic-Fit we believe that everyone deserves to be fit and feel great. We aim to achieve that by making fitness accessible to as many people as possible. Opening clubs close to where people live or work is one of the ways we aim to achieve this. In November, we announced a next step in the acceleration of the pace of club openings to around 150 clubs a year for the coming three years; 25 more than the prior target. For 2020 we are well under way to reach that target with 40 club openings in the first two months of the year.

As always we will continue to be disciplined in following our strict site selection process and only open clubs when we expect them to reach a return on invested capital of at least 30% at maturity.”