Full Year 2024 Basic-Fit NV Earnings Call Transcript
Key Points
- Basic-Fit NV (BSFFF) reported a 16% increase in revenue to EUR1,215 million for 2024, with underlying EBITDA less rent growing by 20% to EUR313 million.
- The company expanded its club network to 1,575 clubs and increased its membership base to 4,250,000, reflecting a 12% year-on-year growth.
- Basic-Fit NV (BSFFF) successfully implemented a 24/7 unstaffed club model in Benelux, enhancing member accessibility and convenience.
- The company plans to initiate a EUR40 million share repurchase program in 2025, reflecting a commitment to enhancing shareholder value.
- Basic-Fit NV (BSFFF) aims to achieve a leverage target of below 2 times adjusted EBITDA by 2026, ensuring a strong financial position for future growth.
- The average EBITDA per mature club was reported at EUR399,000, below the target of EUR460,000, with expectations to reach the target by 2026 or 2027.
- The company has reduced its club opening plans to 100 new clubs per year for 2025 and 2026, indicating a slowdown in expansion.
- The 24/7 staffed club model in France incurs additional costs of EUR35 million annually, with profitability expected only by 2026.
- Basic-Fit NV (BSFFF) faces regulatory challenges in France, preventing the implementation of unstaffed clubs, which increases operational costs.
- The franchise model launch has been delayed, with monetization expected only by 2026 or 2027, impacting potential revenue streams.
Hello and welcome to Basic-Fit's 2024 full year results conference call and webcast. Please note that today's conference is being recorded. (Operator Instructions)
I will now turn the call over to your host for today's conference, Richard Piekaar, Head of Investor Relations. Sir, you may begin.
Thank you, Laura. And good afternoon and welcome to our first call during which we will discuss our results over the full year 2024.
With me today are CEO, Rene Moos, who you all know well; and our new CFO, Maurice de Kleer, who will present the results of Basic-Fit for the first time. Some of you have had the opportunity to meet Maurice already in the past months, and those of you who did not will get the opportunity in the coming period.
This call is being broadcast live on our website, and the recording of the call will be available shortly afterwards.
As usual, I would like to point out that Safe Harbor suffice. We will start with Rene, who will discuss the highlights
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