1) Strong Membership and Revenue Growth - Basic-Fit reported a 10% YoY increase in membership, reaching 4.47 million members. - Revenue for Q1 2025 was EUR 332 million, a 17% increase from the previous year. - The average revenue per member per month rose to EUR 24.25, up from EUR 23.57 in Q1 2024. - The company opened 41 new clubs, bringing the total to 1,616, with significant growth in France and Spain.

2) Strategic Club Expansion and Membership Structure - The club network expanded significantly, with 70 new clubs in France and 11 in Spain. - A new membership structure was introduced, featuring three tiers: Comfort, Premium, and Ultimate, with prices ranging from EUR 24.99 to EUR 34.99. - Initial uptake of the new membership options has been positive, particularly for the Premium and Ultimate tiers.

3) Operational Challenges and Cost Management - The introduction of 24/7 clubs in France is expected to incur additional costs of EUR 35 million, but management is confident in achieving the necessary membership growth to offset these costs by 2026. - The company is exploring a more cost-effective operational model for its clubs in France, potentially transitioning to a self-service model if regulations allow.

4) Financial Guidance and Liquidity Position - Basic-Fit maintains its full-year guidance for 2025, targeting revenue between EUR 1.375 billion and EUR 1.425 billion and underlying EBITDA less rent of EUR 330 million to EUR 370 million. - A new EUR 200 million revolving credit facility has been secured, enhancing financial flexibility and liquidity. - The company plans to initiate a EUR 40 million share repurchase program in Q2 2025 and aims to reduce leverage to below 2x by 2026.

5) Outlook and Market Conditions - Management expressed confidence in achieving growth targets despite potential macroeconomic challenges, citing the resilience of the fitness sector during economic downturns. - There was no significant mention of bad debt increases or negative impacts from recent macroeconomic conditions, indicating stable membership retention and payment discipline.

Bottom line: Basic-Fit is on a strong growth trajectory, with solid membership and revenue increases, strategic club expansions, and a robust financial outlook. The company is well-positioned to navigate operational challenges and macroeconomic uncertainties, making it an attractive prospect for shareholders.