REG - Gym Group PLC (The) - The Gym Group PLC 2025 Full Year Results
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RNS Number : 1143W Gym Group PLC (The) 11 March 2026
11 March 2026
The Gym Group plc
('The Gym Group', 'the Group' or 'the Company')
2025 Full Year Results
Strong progress, strategic delivery and continuing momentum
Leading low cost gym operator, The Gym Group, announces its full year results
for the year ended 31 December 2025.
Key Financial Metrics 1
Year ended 31 December 2025 Year ended 31 December 2024 Movement
Revenue (£m) 244.9 226.3 +8%
Group Adjusted EBITDA (£m) 98.9 87.3 +13%
Group Adjusted EBITDA Less Normalised Rent (£m) 56.7 47.7 +19%
Adjusted Profit before Tax (£m) 10.6 3.6 +194%
Statutory Profit before Tax (£m) 7.4 2.5 +196%
Statutory Profit after Tax (£m) 7.4 4.4 +68%
Adjusted Diluted Earnings Per Share (p) 5.3 2.9 +83%
Statutory Diluted Earnings Per Share (p) 4.0 2.4 +67%
Free Cash Flow 2 (£m) 38.3 34.9 +10%
Non-Property Net Debt (£m) (as at year end) (59.3) (61.3) Reduced by £2.0m
Financial Highlights
• Revenue for the year up 8%, with average members up 4% and average revenue per
member per month ('ARPMM') up 4%; like-for-like 3 revenue grew 3%
• Group Adjusted EBITDA Less Normalised Rent at £56.7m was 19% ahead of the
prior year driven by strong delivery of like-for-like growth and new site
performance alongside good cost control
• Strong earnings progression, with Adjusted Diluted Earnings Per Share up 83%
year on year
• Strong free cash flow generation, up 10% to £38.3m, funding all 16 new site
openings, enhancements to existing sites and continued technology investment,
including in new member management and payment capabilities
• Non-Property Net Debt at £59.3m reduced by £2.0m (Dec 2024: £61.3m),
resulting in reduced Adjusted Leverage(1) to 1.0x; bank facilities increased
to £102m (was £90m) and maturity extended to June 2028
Business and Operational Highlights
• Next Chapter growth plan delivering; sustained pricing opportunity supporting
yield growth, plus advantaged, labour-light business model, delivering strong
growth in site performance
• Continued momentum in Return on Invested Capital ('ROIC') of Mature Gym
Sites(1) at 27% (2024: 25%); ROIC increases to 30% after excluding 13
workforce-dependent gyms 4
• Continued high levels of member engagement and satisfaction sustained, with
94% of members rating The Gym Group 4 or 5 out of 5 for overall satisfaction;
proportion of members visiting 4+ times a month increased by 150bps
• 16 new sites opened in 2025, contributing to Run Rate EBITDA Less Normalised
Rent(1) of c.£65m. 37 gyms now trading in the new, enhanced format and
performing well with positive member feedback
• Employee engagement score maintained at 9 out of 10, with an 88% completion
rate; continue to rank in the top 5% 5 of consumer services businesses for
overall engagement
Current Trading and Outlook
• Trading momentum remained strong in our peak recruitment months of January and
February; revenue after two months has grown by 9% year on year; like-for-like
revenue up 3%
• Accelerating new site openings programme to take full advantage of the
available white space and market growth opportunity; expect to deliver c.75
new sites over the next three years funded from free cashflow, with at least
20 new site openings planned in 2026
• Share buyback programme of up to £10m launched in January 2026, consistent
with capital allocation policy; leverage expected to remain below 2.0x
• Group Adjusted EBITDA Less Normalised Rent for FY26 expected to be at the top
end of the analysts' forecast range 6
Will Orr, CEO of The Gym Group, commented:
"This has been another year of strong progress for the Group, exceeding both
our own and the market's expectations. Our Next Chapter growth plan is
delivering, and we see significant opportunities ahead in a market with
structural growth tailwinds. The resulting momentum has produced a strong
profit outturn in 2025 and we have made a good start to 2026. Group Adjusted
EBITDA Less Normalised Rent for FY26 is expected to be at the top end of the
analysts' forecast range and we confirmed plans in January to accelerate our
expansion, targeting c.75 new, organically funded sites over the next three
years, whilst also returning cash to shareholders. These results are a
testament to the hard work of our expert teams, who are committed to
delivering for our members and our investors."
A live audio webcast of the analyst presentation will be available at 9:00
a.m. today via the following link:
https://storm-virtual-uk.zoom.us/webinar/register/WN_pyiNcr3PSCWwW9JZllnF5A
(https://storm-virtual-uk.zoom.us/webinar/register/WN_pyiNcr3PSCWwW9JZllnF5A)
A copy of the presentation and recording of the webcast will be published on
the Company's website.
For further information, please contact:
The Gym Group via Team Lewis
Will Orr, CEO
Luke Tait, CFO
Katharine Wynne, Investor Relations
Team Lewis (Financial PR) +44 (0)20 7802 2617/2657
Justine Warren
Tim Pearson
Forward-Looking Statements
This announcement includes statements that are, or may be deemed to be,
'forward-looking statements'. By their nature, such statements involve risk
and uncertainty since they relate to future events and circumstances. Actual
results may, and often do, differ materially from any forward-looking
statements. Any forward-looking statements in this announcement reflect
management's view with respect to future events as at the date of this
announcement. Save as required by law or by the Listing Rules of the UK
Listing Authority, the Company undertakes no obligation to publicly revise any
forward-looking statements in this announcement following any change in its
expectations or to reflect subsequent events or circumstances following the
date of this announcement.
Notes for Editors
The Gym Group was a pioneer of the low cost gym model and offers 24/7 opening
and flexible, no contract memberships. As at 31 December 2025, we operated
260 7 high quality sites across the UK with over 900,000 members nationwide.
Our gyms have c.70 million visits per annum and score highly on member
satisfaction. The Gym Group is the world's first gym operator to have its
science-based net-zero emission reduction targets validated by the Science
Based Targets initiative (SBTi).
Sites opened in 2025 are: London Stratford, Stevenage, London Greenford,
Edinburgh Meadowbank, Norwich Sweet Briar, Tunbridge Wells, London Swiss
Cottage, London Hendon, Sheffield Heeley, London Camberwell, London White
City, Manchester Trafford Retail Park, London Old Kent Road, Midsomer Norton,
Bradford Great Horton and London Loughborough Junction.
LEI Number: 213800VCU9TBANZIN455
CEO Review
The Gym Group leadership team is focused on delivering sustained growth. A
winning high value, low cost proposition, delivered by an advantaged business
model, in a health and fitness market with structural growth tailwinds, means
we are well positioned to build on our progress to date.
The second year of our Next Chapter growth plan has resulted in further strong
growth in all of our key financial metrics. Group Adjusted EBITDA Less
Normalised Rent increased 19% to £56.7m and Free Cash Flow was up 10% to
£38.3m, £33.9m of which we reinvested in expansionary capital expenditure to
generate further growth.
Next Chapter Recap
Our Next Chapter growth plan is focused on delivering sustained growth from
free cash flow in the highly robust market for health and fitness, within
which the high value, low cost gym sector is showing particularly strong
growth.
The first strategic priority of this growth plan is always to 'Strengthen the
Core' of our existing business, driving like-for-like growth to increase
returns from the mature estate and deliver our medium term target of 30% ROIC
in our mature sites. 'Strengthen the Core' includes pricing and revenue
management, cost-effective member acquisition and improving member retention.
The second part of the plan is to 'Accelerate Rollout of Quality Sites'. From
our original target of opening 50 high quality, high returning sites over
three years, we have upgraded our expansion plan to c.75 sites over the next
three years. We will continue to target a hurdle rate of 30% ROIC and fund
this programme from free cash flow.
The third part of the plan is to 'Broaden our Growth', which involves using
our surplus cash flow to invest for growth in new channels, new adjacencies
and/or new markets. We have now rolled out a partnership with leading
corporate wellness platform, Wellhub, after a successful trial, giving us
access to an incremental source of demand via major corporate employers. We
continue to explore new opportunities to drive future growth.
Improving our Already Winning Format
Health and fitness is increasingly prioritised by Gen Z, who rank this
category as first or second priority for their discretionary spend according
to our Gen Z Fitness Pulse Report. This cohort formed 44% of our average
members in 2025 and, according to our report, 73% of them exercise at least
twice a week. Our 24/7, high value, conveniently located gyms meet their needs
at an average headline rate in December 2025 for a Standard membership of just
£25.64.
As at the end of February 2026, we have 999,000 members, up 8% since last year
end. The proportion of members visiting 4+ times per month has increased by
150bps. This remains a core KPI as more members visiting more frequently
builds habits and improves retention, leading to revenue growth as well as an
increase in the Social Value 8 we create. In 2025, we created £1bn of Social
Value, up from £962m in 2024.
Customer satisfaction measures show that our proposition continues to deliver
for our members. Our value for money score has been maintained at 7.9 and the
Simon-Kucher Price/Value map, which plots the perceived value we provide
relative to the price members pay, continues to show that our members value
our proposition more highly than the price they pay.
We have made significant progress in driving value perception and will make
further strides in 2026 as we open more new sites in our elevated, more
premium design format, which is receiving very positive customer feedback. By
the end of 2025, 37 gyms were trading in this format which includes the 16 new
sites opened in the year as well as a number of existing sites which were
retrofitted with key elements of the design funded from our maintenance
capital expenditure budget.
Investing in Data and Technology
As well as investing in our gyms, we have stepped up investment in our major
technology and data platforms to support our proposition. In 2025, we
commenced a programme to replace and upgrade our member management and payment
systems. This introduces a new set of market-leading business and member
capabilities, accelerating the pace of innovation and creating a step change
in operational performance, scalability and efficiency when it comes to
delivering tech-enabled strategic initiatives. For example, the new systems
will enable us to implement innovations such as a member referral programme
and new member retention strategies, and improve payment failure rates.
This is a phased programme over 2025 and 2026, using tested technology, and we
expect these developments to support the already strong progress we are seeing
from the Next Chapter growth plan.
Strengthening the Core Drives Mature Site ROIC
We delivered a key measure of success for the 'Strengthen the Core' programme
in FY24, by achieving our original target of a four-point ROIC improvement in
mature sites well ahead of time. Accordingly, we increased our medium term
target to 30% ROIC and are on track to deliver this. In FY25, Mature Site ROIC
was 27% (30% excluding the 13 workforce-dependent gyms(4)); this compares with
25% in FY24 and 21% in FY23.
Our aim was to deliver like-for-like growth ahead of cost inflation, driving
yield whilst maintaining like-for-like volume. Yield improvements are driven
by higher headline rates for new members, repricing of the existing member
base and more cost-effective promotional activity. Our average headline price
for a Standard membership in December 2025 was £25.64, up 4% year on year,
and we also grew average revenue per member per month ('ARPMM') 4% to £21.60.
The headline price gap with key competitors has remained broadly constant
while that gap versus the mid-market has continued to widen, as our advantaged
business model has enabled us to mitigate site cost pressures.
Across our revenue management and customer acquisition activity, we deploy
comprehensive data analysis and rigorous AB testing. This enables us to
optimise the pricing opportunity, whilst minimising the natural volume
attrition that arises from competition. The maturing of our off-peak pricing
proposition has helped to support member retention and, together with other
initiatives around member engagement and rejoiner activity, we have seen
further progress in average member tenure in 2025. Like-for-like membership
volumes have remained stable year on year.
Accelerating Three Year Rollout from 50 to c.75 Sites
Our Next Chapter growth plan targets an accelerating rollout of high quality
sites, delivering 30% ROIC and funded from free cash flow. Our analysis
confirms that significant white space opportunity exists within the UK as the
gym market continues to grow and our stronger site returns open up more
potential locations for The Gym Group.
We opened 16 new gyms in 2025, at the top end of our guidance of 14-16
openings, with a busy opening programme in December, ahead of the January
trading peak. The Run Rate EBITDA Less Normalised Rent of all sites open at 31
December 2025 is expected to be c.£65m when all sites reach maturity.
In 2025, we developed and refined the new elevated site format, building on
our existing format strengths and establishing a fresh, compelling,
contemporary design. This has been applied to all new gyms and a scalable,
cost-effective model has been developed for refurbishing the existing estate
within our existing maintenance capital expenditure budgets.
Our site design activity operates in tandem with ongoing cost efficiency
projects to refine the operating model, optimise energy usage and innovate on
build cost management. We are also incorporating smart value engineering, such
as utilising the exposed shell of the gym and darker paintwork which requires
less frequent maintenance. These enhancements further underpin our confidence
that new sites will continue to deliver average ROIC of c.30%, in line with
our plan.
As well as enhanced site design, we have continued to refine the approach to
launching our new gyms. This is resulting in a more rapid ramping up of member
volumes, so that these sites could potentially mature more rapidly than
previous openings.
In 2026, we expect to open at least 20 new sites and have confirmed our
intention to accelerate our expansion plan to c.75 sites over the coming three
years, maintaining our hurdle rate of 30% ROIC. We have a strong site
pipeline, and although we expect openings to continue to be back-end weighted,
we will aim to smooth the opening schedule as much as possible. We expect a
good proportion of new sites will open in the Greater London area, where
returns remain very attractive, but also see opportunities nationwide to
expand into new trade areas. We are also testing new formats that can work in
different types of location, such as a smaller format gym in Hendon; a large
20,000 sq ft 'destination' gym in Norwich; and a smaller catchment location in
Midsomer Norton.
Alongside our new sites, we will roll out further the refurbishment of our
existing sites, prioritising those sites where data analysis has identified
the most headroom opportunity on membership. We will use these refurbishments
as an opportunity to 're-market' these locations, maximising the local
opportunity.
We expect to have at least 70 sites operating in the new format by the end of
2026 and the programme of expansion and investment will continue to be funded
from free cash flow.
Broadening our Growth via New Channel
With headroom on both mature site performance and accelerating site rollout,
most of our focus has been in those two parts of the Next Chapter growth plan.
We have, however, continued to assess a number of options to broaden our
medium term sources of growth.
One area we have begun to develop is new channels, with the aim of reaching
incremental sources of customer demand. The Gym Group already has a number of
corporate partners, providing high value, low cost gym access to their
employees, and is growing this revenue stream. To accelerate this, we piloted
a partnership with Wellhub, a B2B2C health and fitness channel accessing more
than 1.5 million employees across 400+ UK employers. The pilot initially
involved 190 of our gyms and demonstrated clear evidence of incremental
demand, so has now been rolled out across the estate.
We will continue to assess opportunities for further growth in new channels,
new adjacencies and/or new markets.
Summary and Outlook
The Gym Group has a winning high value, low cost proposition with an
advantaged business model, that is well placed to thrive in the growing health
and fitness market. We have a clear strategy and our Next Chapter growth plan
is delivering excellent progress in profitability. We have achieved our
targeted returns on mature sites well ahead of our expectations and our new
sites are performing strongly. The strong trading performance continues to
provide confidence that the Group's business model and strategy is delivering,
which has encouraged us to accelerate our three year site opening programme.
There remain multiple further opportunities to drive growth within our mature
estate through yield and revenue management, customer acquisition and
retention. Together with initiatives to support volume through new channels
and targeting headroom opportunity in refurbished sites, this activity should
allow us to deliver like-for-like revenue growth that will offset inflationary
cost pressures. Our accelerated expansion programme and reinvestment in mature
sites, as well as our technology platforms, will continue to be funded from
free cash flow.
In light of these strong results and outlook for the Group, the Board
determined, in January 2026, that there was surplus financing capacity and
therefore authorised a share buyback of up to £10m, to be completed by the
year end. This is consistent with our capital allocation policy.
The momentum has continued into 2026, with trading in the first two months of
the new financial year continuing to be strong. FY26 Group Adjusted EBITDA
Less Normalised Rent is expected to be at the top end of the analysts'
forecast range(6). Further details on the FY26 financial guidance can be found
in the Financial Review.
Finally, we would not have delivered these excellent results without the
efforts of our fantastic team. I am delighted to work with a group of
committed, expert people who have worked hard to deliver a great performance
in 2025, and a strong start to 2026.
Financial Review
Presentation of Results
This Financial Review uses a combination of statutory and non-statutory
measures to discuss performance in the year. The definitions of the
non-statutory key performance indicators can be found in the 'Definition of
Non-Statutory Measures' section.
To assist stakeholders in understanding the financial performance of the
Group, aid comparability between years and provide a clearer link between the
Financial Review and the Consolidated Financial Statements, we have adopted a
three-column format for presenting the Consolidated Statement of Comprehensive
Income in which we separately disclose underlying trading and non-underlying
items.
Non-underlying items are income or expenses that are material by their size
and/or nature and are not considered to be incurred in the normal course of
business. They are classified as non-underlying items on the face of the
Consolidated Statement of Comprehensive Income within their relevant category.
Further information about what has been included in non-underlying items can
be found in Note 5 to the Consolidated Financial Information.
Summary Financial Information(1)
Year ended 31 December 2025 Year ended 31 December 2024 Movement
Total Number of Gyms at Year End 260 245 +6%
Total Number of Members at Year End ('000) 923 891 +4%
Revenue (£m) 244.9 226.3 +8%
Group Adjusted EBITDA (£m) 98.9 87.3 +13%
Group Adjusted EBITDA Less Normalised Rent (£m) 56.7 47.7 +19%
Adjusted Profit before Tax (£m) 10.6 3.6 +194%
Statutory Profit before Tax (£m) 7.4 2.5 +196%
Statutory Profit after Tax (£m) 7.4 4.4 +68%
Net Cash Inflow from Operating Activities (£m) 102.3 95.1 +8%
Free Cash Flow(2) (£m) 38.3 34.9 +10%
Non-Property Net Debt (£m) (as at year end) (59.3) (61.3) Reduced by £2.0m
Adjusted Leverage 1.0 1.3 Down by 0.3x
Return on Invested Capital ('ROIC') on Mature Sites 27% 25% +2 ppts
Results for the Year
Year ended 31 December 2025 Year ended 31 December 2024
Underlying result Non-underlying items Total Underlying result Non-underlying items Total
£m £m £m £m £m £m
Revenue 244.9 - 244.9 226.3 - 226.3
Cost of sales (2.9) - (2.9) (2.9) - (2.9)
Gross profit 242.0 - 242.0 223.4 - 223.4
Other income - - - 0.1 - 0.1
Operating expenses (before depreciation, amortisation and impairment) (148.6) (2.1) (150.7) (139.6) (0.4) (140.0)
Depreciation, amortisation and impairment (62.4) (0.9) (63.3) (60.1) (0.5) (60.6)
Operating profit 31.0 (3.0) 28.0 23.8 (0.9) 22.9
Finance costs (20.9) (0.2) (21.1) (20.7) (0.2) (20.9)
Finance income 0.5 - 0.5 0.5 - 0.5
Profit before tax 10.6 (3.2) 7.4 3.6 (1.1) 2.5
Tax (charge)/credit (0.7) 0.7 - 1.8 0.1 1.9
Profit for the year attributable to equity shareholders 9.9 (2.5) 7.4 5.4 (1.0) 4.4
Earnings per share (p)
Basic 5.6 4.2 3.0 2.5
Diluted 5.3 4.0 2.9 2.4
Revenue
Trading in 2025 remained strong, demonstrating the continued resilience of the
low cost gym model. Revenue increased by 8% to £244.9m (2024: £226.3m),
reflecting 4% higher average membership numbers throughout the year and a 4%
increase in yield.
The average membership number in the year was 945,000 compared with 906,000 in
the prior year; and we closed the year with 923,000 members which was up 4% on
31 December 2024.
The average headline price of a Standard membership increased to £25.64 in
December 2025 compared with £24.53 in December 2024, as a result of higher
joining fees and price increases for new members, and selective repricing of
the base membership. As a result, average revenue per member per month
('ARPMM') in 2025 was up 4% to £21.60 compared with £20.81 in 2024. The
proportion of members taking our premium membership was 29% in December 2025
compared with 30% in December 2024.
Like-for-like revenue (based on all sites open as at 31 December 2022)
increased by 3% year on year.
Cost of Sales
Cost of sales, which includes the costs associated with the generation of
ancillary income as well as call centre costs and payment processing costs,
were in line with the prior year at £2.9m (2024: £2.9m).
Underlying Operating Expenses (before Depreciation, Amortisation and
Impairment)
Underlying operating expenses (before depreciation, amortisation and
impairment) are made up as follows:
Year ended 31 December 2025 Year ended 31 December 2024
£m £m
Site costs before Normalised Rent 115.4 109.7
Site Normalised Rent 42.0 39.2
Site costs including Normalised Rent 157.4 148.9
Central Support Office costs 27.7 26.5
Central Support Office Normalised Rent 0.2 0.4
Central Support Office costs including Normalised Rent 27.9 26.9
Share based payments 5.5 3.4
190.8 179.2
Less: Normalised Rent (42.2) (39.6)
Underlying operating expenses (before depreciation, amortisation and 148.6 139.6
impairment)
Site Costs Including Normalised Rent
In 2025, site costs including Normalised Rent increased by 6% to £157.4m
(2024: £148.9m). Excluding the impact of new sites opened in FY24 and FY25,
site costs increased by 1%.
The fixed costs associated with running the sites (predominantly business
rates and service charges) increased by £3.1m year on year reflecting the
larger estate and increased Uniform Business Rates ('UBRs'), as well as lower
refunds from historic business rates challenges.
Controllable site costs increased by £2.6m year on year, reflecting the
larger estate, higher National Living Wage and National Insurance costs
(impacting both staff costs and cleaning) and a 44% increase in electricity
non-commodity rates in the last quarter. These increases were partially offset
by the normalisation of electricity commodity prices and cost optimisation
across a number of cost lines, most notably marketing, energy efficiency, and
repairs and maintenance.
Site Normalised Rent, which is defined as the contractual rent payable,
recognised in the monthly period to which it relates, increased by £2.8m in
the year, reflecting the larger estate size and rent reviews in the mature
estate.
Central Support Office Costs Including Normalised Rent
Central Support Office costs excluding Normalised Rent increased in the year
by £1.2m to £27.7m (2024: £26.5m), reflecting inflationary pay increases
and higher fixed costs (building rates and service charges) associated with
the new head office. However, Central Normalised Rent decreased to £0.2m
(2024: £0.4m) as a result of a rent free period on the new head office.
Share Based Payments
The charge for share based payments (including related employer's national
insurance) in the year amounted to £5.5m (2024: £3.4m), reflecting continued
strong trading performance and share price growth. In addition, the prior year
charge was lower due to delays in granting awards under the 2024 schemes.
In January 2024, the Group established an Employee Benefit Trust ('EBT') to
purchase shares in order to minimise dilution associated with the share based
payments. During the year, the EBT purchased 1,433,184 shares at a cost of
£2.0m (2024: 2,834,928 shares at a cost of £3.5m).
Underlying Depreciation and Amortisation
Underlying depreciation and amortisation charges in the year amounted to
£62.4m (2024: £60.1m), made up of £24.4m (2024: £24.6m) on property, plant
and equipment, £31.3m (2024: £29.4m) on right-of-use assets, and £6.7m
(2024: £6.1m) on intangible assets. The increases year on year reflect the
larger estate and the continued investment in technology, partly offset by the
impact of the revision of the useful economic life of certain gym and other
equipment from 1 January 2025 as noted in the Annual Report and Accounts 2024
(page 132).
Group Adjusted EBITDA Less Normalised Rent
The Group's key profit metric is Group Adjusted EBITDA Less Normalised Rent as
the Directors believe that this measure best reflects the underlying
profitability of the business. Group Adjusted EBITDA Less Normalised Rent is
reconciled to Operating Profit as follows:
Year ended 31 December 2025 Year ended 31 December 2024
£m £m
Operating Profit 28.0 22.9
Non-underlying operating items (see below) 3.0 0.9
Share based payments 5.5 3.4
Underlying depreciation and amortisation 62.4 60.1
Group Adjusted EBITDA 98.9 87.3
Normalised Rent 9 (42.2) (39.6)
Group Adjusted EBITDA Less Normalised Rent 56.7 47.7
Group Adjusted EBITDA Less Normalised Rent was 19% ahead of the prior year at
£56.7m (2024: £47.7m), as the strong trading and increased revenue continued
to be supported by tight control of operating costs. This in turn drove a two
percentage point increase in the Return on Invested Capital ('ROIC') of mature
sites, increasing from 25% in FY24 to 27% in FY25 (30% after excluding 13
workforce-dependent gyms(4)).
Underlying Finance Costs
Underlying finance costs increased in the year by £0.2m to £20.9m (2024:
£20.7m). The finance costs associated with our bank borrowings (comprising
interest payable and fee amortisation less capitalised interest) decreased by
£0.7m to £4.5m (2024: £5.2m), reflecting the lower average net debt
throughout the year and lower interest rates. The weighted average interest
rate applicable to the Group's bank borrowings during 2025 was 7.1% (2024:
8.2%).
The implied interest relating to the lease liabilities was £16.4m (2024:
£15.5m) as the impact of additional property leases due to the increased
estate was partially offset by a reduction in non-property leases.
Non-Underlying Items
Non-underlying items are costs or income which the Directors believe, due to
their size or nature, are not the result of normal operating performance. They
are therefore separately disclosed on the face of the Consolidated Statement
of Comprehensive Income to allow a more comparable view of underlying trading
performance.
Year ended 31 December 2025 Year ended 31 December 2024
£m £m
Affecting operating expenses (before depreciation, amortisation and
impairment)
Costs of major strategic projects and investments 2.1 0.2
Restructuring and reorganisation costs (including site closures) - 0.2
2.1 0.4
Affecting depreciation, amortisation and impairment
Impairment of property, plant and equipment, right-of-use assets and 0.8 0.4
intangible assets
Amortisation of business combination intangible assets 0.1 0.1
0.9 0.5
Affecting finance costs
Refinancing costs and remeasurement of borrowings 0.2 0.2
0.2 0.2
Total all non-underlying items before tax 3.2 1.1
Tax on non-underlying items (0.7) (0.1)
Total non-underlying charge in the Consolidated Statement of Comprehensive 2.5 1.0
Income
Non-underlying items affecting operating expenses (before depreciation,
amortisation and impairment) increased in the year to £2.1m (2024: £0.4m).
The £2.1m reflects the non-capitalisable costs (including £1.1m of employee
costs) incurred to date on the implementation of the new member management and
payment systems to replace legacy technology and introduce market-leading
business and member capabilities to further accelerate delivery of our
strategic initiatives.
Non-underlying costs affecting depreciation, amortisation and impairment in
the year amounted to £0.9m (2024: £0.5m), of which £0.8m (2024: £0.4m)
relates to the partial impairment of four sites (2024: one site). The
remaining £0.1m (2024: £0.1m) relates to the amortisation of business
combination intangibles acquired as part of the Lifestyle, easyGym and Fitness
First acquisitions.
Non-underlying items affecting finance costs amounted to £0.2m (2024: £0.2m)
and relates to the remeasurement of the Revolving Credit Facility ('RCF') and
Term Loan as a result of the amendment and extension of the Group's banking
facilities.
Taxation
The tax charge for the year was £nil (2024: credit of £1.9m). Net deferred
tax assets recognised at 31 December 2025 amounted to £18.2m (31 December
2024: £18.2m). Deferred tax assets are recognised in respect of those tax
losses and other temporary differences only to the extent it is considered
probable that the assets will be recoverable. This involves an assessment of
when those assets are likely to be recovered, and a judgement as to whether or
not there will be sufficient taxable profits available to offset the assets.
A deferred tax asset of £13.6m (2024: £12.1m) has been recognised in respect
of trading losses. The trading losses were incurred as a result of the
Covid-19 pandemic and the subsequent cost-of-living crisis, together with the
introduction in March 2021 of the temporary enhanced capital allowances regime
(the 'super-deduction tax break').
Losses for which no deferred tax asset has been recognised amount to £5.2m
(2024: £16.1m), resulting in an unrecognised deferred tax asset of £1.3m
(2024: £4.0m) using a 25% tax rate. There is no time limit for utilising
trade losses in the UK. We expect the deferred tax assets to start to unwind
in 2026.
Earnings
As a result of the factors discussed above, the statutory profit before tax
was £7.4m (2024: £2.5m) and the statutory profit after tax was £7.4m (2024:
£4.4m).
Adjusted profit before tax is calculated by taking the statutory profit before
tax and adding back the non-underlying items. Adjusted profit before tax in
2025 was £10.6m (2024: £3.6m). Adjusted profit after tax was £9.9m (2024:
£5.4m).
The basic and diluted earnings per share was 4.2p and 4.0p respectively (2024:
2.5p and 2.4p), and the adjusted basic and diluted earnings per share was 5.6p
and 5.3p respectively (2024: 3.0p and 2.9p).
Cash Flow
Year ended 31 December 2025 Year ended 31 December 2024(2)
£m £m
Group Adjusted EBITDA Less Normalised Rent 56.7 47.7
Movement in working capital 5.3 8.7
Maintenance capital expenditure (17.3) (14.8)
Free cash flow before non-underlying items, interest and tax 44.7 41.6
Non-underlying items (1.8) (0.9)
Net interest paid (4.6) (5.8)
Taxation - -
Free cash flow 10 38.3 34.9
Expansionary capital expenditure (33.9) (25.2)
Refinancing fees (0.3) (0.8)
Purchase of own shares by EBT (2.0) (3.5)
Net cost of share schemes settlement (0.1) (0.3)
Cash flow before movement in debt 2.0 5.1
Net decrease in non-property lease indebtedness (3.0) (5.6)
Net drawdown of borrowings 1.0 2.0
Net cash flow - 1.5
Free cash flow generated in the year was £38.3m (2024: £34.9m). The increase
year on year is due to the strong trading performance which resulted in £9.0m
additional EBITDA Less Normalised Rent. This was partly offset by a return to
more normal levels of working capital inflow. Maintenance capital expenditure
also increased in the year by £2.5m to £17.3m, reflecting the larger estate
as well as expenditure on kit enhancements and refurbishments in a number of
gyms.
Expansionary capital expenditure in the year amounted to £33.9m (2024:
£25.2m) and relates to the fit-out of the 16 new gyms we opened as well as
continued investment in technology and data, including the new member
management and payment capabilities which are expected to go live in 2026.
Balance Sheet and Net Debt
At 31 December 2025 At 31 December 2024
£m £m
Non-current assets 602.4 573.1
Current assets 13.5 12.5
Current liabilities (88.9) (77.6)
Net current liabilities (75.4) (65.1)
Non-current liabilities (385.3) (376.4)
Net assets 141.7 131.6
Net debt (59.3) (61.3)
At 31 December 2025, non-current assets increased by £29.3m as a result of
higher property, plant and equipment and right-of-use assets predominantly due
to the new gyms. Intangible assets also increased as a result of the
investments made to date in the new member management and payment
capabilities.
Net current liabilities at 31 December 2025 increased by £10.3m, reflecting
higher capital expenditure payables at year end due to opening seven gyms in
December.
Non-current liabilities increased by £8.9m, as the recognition of lease
liabilities in relation to new sites more than offset payments made in
relation to existing leases.
As at 31 December 2025, the Group had Non-Property Net Debt of £59.3m (31
December 2024: £61.3m) comprising drawn facilities of £62.0m and
non-property leases of £0.3m, less cash of £3.0m. The Directors believe that
this measure of net debt best reflects the financial health of the business.
In addition, it is a key constituent of the Adjusted Leverage covenant
included in the Group's banking agreement. At 31 December 2025, Adjusted
Leverage was 1.0 times (December 2024: 1.3 times), significantly below the
banking covenant threshold of 3.0 times; and Fixed Charge Cover was 2.1 times
(December 2024: 1.9 times).
Banking Facilities
On 12 June 2025, the Group agreed a one year extension to the existing bank
facilities as well as an increase in the available RCF facility of £12m. As a
result, the Group now has in place a combined £102m facility, consisting of
£45m of Term Loan and £57m of RCF, which is due to mature in June 2028.
Funds borrowed under the facility continue to bear interest at a minimum
annual rate of 2.75% above the Sterling Overnight Index Average ('SONIA'); and
undrawn funds under the RCF continue to bear interest at a minimum annual rate
of 1.1%.
The facilities agreement also continues to be subject to quarterly financial
covenant tests on Adjusted Leverage and Fixed Charge Cover (both terms defined
in the 'Definition of Non-Statutory Measures' section). Adjusted Leverage must
not exceed 3.0 times and the Fixed Charge Cover must be greater than 1.5
times.
Terms permit the distribution of surplus cash flow to shareholders.
Capital Allocation Policy
We continue to deliver against our capital allocation policy which prioritises
investment in capital expenditure to enhance and maintain the condition of the
estate, with enhancements prioritised by commercial returns. This is followed
by investing free cash flow in organic new site growth, whilst maintaining
Adjusted Leverage below 2.0 times. We then retain the option to return excess
capital to shareholders.
The Directors are not proposing a dividend for the current year. However, in
January 2026, having established that sufficient distributable reserves
existed, the Board determined that there was surplus financing capacity and,
in line with our capital allocation policy, commenced a share buyback
programme of up to £10m. The programme is expected to be completed by the end
of 2026 and will allow for sustained purchasing over a number of months, with
execution guided by a disciplined, strategic framework in order to maximise
returns.
Going Concern
The Board has reviewed the financial plan and downside scenarios of the Group
and has a reasonable expectation that the Group has adequate resources to
continue in operational existence for the period to 30 June 2027. As a result,
the Directors continue to adopt the going concern basis in preparing the
Consolidated Financial Statements. In making this assessment, consideration
has been given to the current and future expected trading performance; the
Group's current and forecast liquidity position; and the mitigating actions
that can be deployed in the event of reasonable downside scenarios. Further
detail is provided in Note 2 to the Consolidated Financial Information.
Current Trading and Outlook
Trading in the first two months of the new financial year has remained strong.
Revenue after two months has grown by 9% year on year, reflecting a 4%
increase in average members and a 5% increase in ARPMM. Like-for-like revenue
for the two months was up 3%, driven largely by price increases implemented in
2025 and early 2026. Membership at the end of February 2026 was 999,000, up 8%
versus the end of 2025.
In 2026, we expect to incur £60-65m in capital expenditure to fund the
opening of at least 20 new sites as well as the continued refurbishment of our
mature estate, with all costs continuing to be financed from free cash flow.
The investment in the member management and payment capabilities will also
continue in 2026. We have also confirmed our intention to accelerate our
expansion plan to c.75 sites over the coming three years, maintaining our
hurdle rate of 30% ROIC.
We expect like-for-like revenue in 2026 to increase by c.3% and like-for-like
site costs to increase by 3-4%, whilst Central Support Office costs as a % of
revenue are expected to fall below 11%. The like-for-like site cost increases
reflect the annualisation of higher employment costs and the increased Uniform
Business Rates ('UBRs') and electricity non-commodity rates in the second half
of 2025. As a result, we expect cost inflation in the first half of 2026 to be
higher than in the second half. FY26 Group Adjusted EBITDA Less Normalised
Rent is expected to be at the top end of the analysts' forecast range(6).
Definition of Non-Statutory Measures
• Group Adjusted EBITDA - operating profit before depreciation, amortisation,
share based payments and non-underlying items.
• Normalised Rent - the contractual rent payable, recognised in the monthly
period to which it relates.
• Group Adjusted EBITDA Less Normalised Rent - Group Adjusted EBITDA after
deducting Normalised Rent. A reconciliation of Operating Profit to Group
Adjusted EBITDA Less Normalised Rent is included below the Consolidated
Statement of Comprehensive Income in the Consolidated Financial Information
section.
• Run Rate EBITDA Less Normalised Rent - Group Adjusted EBITDA Less Normalised
Rent adjusted to include projected mature performance of gyms less than two
years old at the end of the period.
• Adjusted Profit Before Tax - profit before tax before non-underlying items.
• Adjusted Earnings - profit for the year before non-underlying items and the
related tax.
• Basic/Diluted Adjusted EPS - Adjusted Earnings divided by the basic/diluted
weighted average number of shares.
• Free Cash Flow - Group Adjusted EBITDA Less Normalised Rent and movement in
working capital, less maintenance capital expenditure, cash non-underlying
items, bank and non-property lease interest and tax. A reconciliation of Net
Cash Inflow from Operating Activities to Free Cash Flow is included in Note 12
to the Consolidated Financial Information.
• Non-Property Net Debt - bank and non-property lease debt less cash and cash
equivalents. See Note 10 to the Consolidated Financial Information for the
breakdown.
• Mature Gym Site EBITDA Less Normalised Rent - Group Adjusted EBITDA Less
Normalised Rent contributed by mature sites. Mature sites are defined as those
sites that have been open for 24 months or more at the year end and exclude
acquisition sites.
• Return on Invested Capital ('ROIC') of Mature Gym Sites - Mature Gym Site
EBITDA Less Normalised Rent divided by total capital initially invested in the
mature sites (after capital contributions and rent free amounts).
• Maintenance Capital Expenditure - costs of replacement gym equipment and
premises refurbishment and technology maintenance spend.
• Expansionary Capital Expenditure - costs of fit-out of new gyms (both organic
and acquired), technology projects and other strategic projects. It is stated
net of contributions from landlords.
• Adjusted Leverage - Non-Property Net Debt divided by LTM Group Adjusted EBITDA
Less Normalised Rent.
• Fixed Charge Cover - LTM Group Adjusted EBITDA divided by LTM Finance Costs
(excluding interest costs on property leases) less Finance Income plus
Normalised Rent.
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2025
Year ended 31 December 2025 Year ended 31 December 2024
Underlying Non-underlying (Note 5) Total Underlying Non-underlying (Note 5) Total
Note £m £m £m £m £m £m
Revenue 4 244.9 - 244.9 226.3 - 226.3
Cost of sales (2.9) - (2.9) (2.9) - (2.9)
Gross profit 242.0 - 242.0 223.4 - 223.4
Other income - - - 0.1 - 0.1
Operating expenses (before depreciation, amortisation and impairment) (148.6) (2.1) (150.7) (139.6) (0.4) (140.0)
Depreciation, amortisation and impairment (62.4) (0.9) (63.3) (60.1) (0.5) (60.6)
Operating profit 31.0 (3.0) 28.0 23.8 (0.9) 22.9
Finance costs (20.9) (0.2) (21.1) (20.7) (0.2) (20.9)
Finance income 0.5 - 0.5 0.5 - 0.5
Profit before tax 10.6 (3.2) 7.4 3.6 (1.1) 2.5
Tax (charge)/credit 6 (0.7) 0.7 - 1.8 0.1 1.9
Profit for the year attributable to equity shareholders 9.9 (2.5) 7.4 5.4 (1.0) 4.4
Other comprehensive income for the year - - - - - -
Total comprehensive income attributable to equity shareholders 9.9 (2.5) 7.4 5.4 (1.0) 4.4
Earnings per share (p) 7
Basic 4.2 2.5
Diluted 4.0 2.4
Reconciliation of Operating Profit to Group Adjusted EBITDA Less Normalised
Rent(1)
Year ended Year ended
31 December 2025 31 December 2024
Note £m £m
Operating Profit 28.0 22.9
Add back: Non-underlying operating items 5 3.0 0.9
Share based payments (included in Operating expenses) 14 5.5 3.4
Underlying depreciation and amortisation 62.4 60.1
Group Adjusted EBITDA 98.9 87.3
Less: Normalised Rent(2) (42.2) (39.6)
Group Adjusted EBITDA Less Normalised Rent(1) 56.7 47.7
1 Group Adjusted EBITDA Less Normalised Rent is a non-statutory
metric used internally by management and externally by investors. It is
calculated as operating profit before depreciation, amortisation, share based
payments and non-underlying items, and after deducting Normalised Rent.
2 Normalised Rent is the contractual rent payable, recognised in
the monthly period to which it relates.
Consolidated Statement of Financial Position
As at 31 December 2025
31 December 2025 31 December 2024
Note £m £m
Non-current assets
Intangible assets 13.9 10.4
Goodwill 81.8 81.8
Property, plant and equipment 8 202.8 181.2
Right-of-use assets 9 284.7 280.5
Investments in financial assets 1.0 1.0
Deferred tax assets 6 18.2 18.2
Total non-current assets 602.4 573.1
Current assets
Inventories 0.6 0.7
Trade and other receivables 9.9 8.8
Cash and cash equivalents 3.0 3.0
Total current assets 13.5 12.5
Total assets 615.9 585.6
Current liabilities
Trade and other payables 61.8 49.5
Lease liabilities 9 26.7 27.6
Dilapidations provision 0.4 0.5
Total current liabilities 88.9 77.6
Non-current liabilities
Borrowings 10 62.2 61.3
Lease liabilities 9 320.8 312.9
Dilapidations provision 2.3 2.2
Total non-current liabilities 385.3 376.4
Total liabilities 474.2 454.0
Net assets 141.7 131.6
Capital and reserves
Own shares held 0.1 0.1
Share premium 190.1 189.9
Own shares reserve - EBT (4.6) (3.0)
Merger reserve 39.9 39.9
Retained deficit (83.8) (95.3)
Total equity shareholders' funds 141.7 131.6
Consolidated Statement of Changes in Equity
For the year ended 31 December 2025
Own shares held Share premium Own shares reserve - EBT Merger reserve Retained deficit Total
Note £m £m £m £m £m £m
At 1 January 2024 0.1 189.8 - 39.9 (101.8) 128.0
Profit for the year - - - - 4.4 4.4
Other comprehensive income for the year - - - - - -
Profit for the year and total comprehensive income - - - - 4.4 4.4
Share based payments 14 - - - - 2.9 2.9
Issue of Ordinary share capital - 0.1 - - - 0.1
Purchase of own shares by EBT - - (3.5) - - (3.5)
Exercise of share options - - 0.5 - (0.8) (0.3)
At 31 December 2024 0.1 189.9 (3.0) 39.9 (95.3) 131.6
Profit for the year - - - - 7.4 7.4
Other comprehensive income for the year - - - - - -
Profit for the year and total comprehensive income - - - - 7.4 7.4
Share based payments 14 - - - - 4.7 4.7
Issue of Ordinary share capital - 0.2 - - - 0.2
Purchase of own shares by EBT - - (2.0) - - (2.0)
Exercise of share options - - 0.4 - (0.6) (0.2)
At 31 December 2025 0.1 190.1 (4.6) 39.9 (83.8) 141.7
Consolidated Cash Flow Statement
For the year ended 31 December 2025
Year ended 31 December 2025 Year ended 31 December 2024
Note £m £m
Cash flows from operating activities
Profit before tax 7.4 2.5
Adjustments for:
Finance costs 21.1 20.9
Finance income (0.5) (0.5)
Non-underlying operating items 3.0 0.9
Underlying depreciation and amortisation 62.4 60.1
Share based payments and associated NICs 14 5.5 3.4
Decrease in inventories 0.1 -
(Increase)/decrease in trade and other receivables (0.5) 2.3
Increase in trade and other payables 5.7 6.1
(Decrease)/increase in provisions (0.1) 0.3
Cash generated from operations 104.1 96.0
Tax (paid)/received - -
Net cash inflow from operating activities before non-underlying items 104.1 96.0
Non-underlying operating items 5 (1.8) (0.9)
Net cash inflow from operating activities 12 102.3 95.1
Cash flows from investing activities
Purchase of property, plant and equipment (41.1) (33.0)
Purchase of intangible assets (10.1) (7.0)
Bank interest received 0.5 0.5
Net cash outflow used in investing activities (50.7) (39.5)
Cash flows from financing activities
Repayment of lease liability principal (28.9) (30.2)
Lease interest paid (16.4) (15.5)
Bank interest paid (4.9) (5.8)
Repayments of bank loans (7.0) (3.0)
Drawdown of bank loans 8.0 5.0
Payment of financing fees (0.3) (0.8)
Purchase of own shares by EBT 14 (2.0) (3.5)
Settlement of share based payments through EBT 14 (0.3) (0.4)
Proceeds from issue of Ordinary shares 0.2 0.1
Net cash outflow from financing activities (51.6) (54.1)
Net increase in cash and cash equivalents - 1.5
Cash and cash equivalents at the start of the year 3.0 1.5
Cash and cash equivalents at the end of the year 3.0 3.0
Notes to the Consolidated Financial Information
1. General Information
The Gym Group plc ('the Company') and its subsidiaries ('the Group') operate
high value, low cost, 24/7, no contract gyms. The Company is a public limited
company whose shares are publicly traded on the London Stock Exchange and is
incorporated and domiciled in the United Kingdom. The registered address of
the Company is 2nd Floor, Arding & Hobbs, 7 St. John's Road, London, SW11
1QN, United Kingdom.
The financial information set out in this report does not constitute statutory
accounts for the years ended 31 December 2025 or 2024 within the meaning of
sections 435(1) and (2) of the Companies Act 2006, nor does it contain
sufficient information to comply with the disclosure requirements of
International Financial Reporting Standards.
An unqualified report on the consolidated financial statements for the year
ended 2024 was given by the Group's auditor, Ernst & Young LLP. Ernst
& Young LLP was appointed as auditor on 28 July 2015 and, by law, the
external audit must be put to tender at least every ten years. As a result, a
formal and competitive tender process was conducted towards the end of 2024 at
the conclusion of which, the Board approved the appointment of Grant Thornton
UK LLP as the Group's external auditor for the financial year ending 31
December 2025. An unqualified report on the consolidated financial statements
for the year ended 2025 was given by the Group's auditor, Grant Thornton UK
LLP. Each year's report did not include a modified opinion and did not contain
any statement under section 498(2) or (3) of the Companies Act 2006.
The consolidated financial statements for the year ended 31 December 2024 have
been filed with the Registrar of Companies, and those for 2025 will be
delivered in due course subject to their approval by the Company's
shareholders at the Company's Annual General Meeting on 7 May 2026.
2. Basis of Preparation
The financial statements have been prepared in accordance with the Listing
Rules and the Disclosure Guidance and Transparency Rules of the United Kingdom
Financial Conduct Authority (where applicable) and United Kingdom adopted
international accounting standards. The accounting policies applied are
consistent with those described in the Annual Report and Accounts of the Group
for the year ended 31 December 2024. The functional currency of each entity in
the Group is pound sterling. The consolidated financial statements are
presented in pound sterling and all values are rounded to the nearest one
hundred thousand pounds, except where otherwise indicated.
The consolidated financial statements have been prepared on a going concern
basis under the historical cost convention as modified by the recognition of
derivative financial instruments, financial assets and other financial
liabilities at fair value through the profit and loss and the recognition of
financial assets at fair value through other comprehensive income.
The consolidated financial statements provide comparative information in
respect of the previous period.
Going Concern
In assessing the going concern position of the Group for the year ended 31
December 2025, the Directors have considered the following:
· the Group's trading performance in 2025 and throughout the traditional January
and February 2026 peak period;
· the future expected trading performance of the Group to 30 June 2027 (the
going concern period), including membership levels and behaviours in light
of the continued difficult macroeconomic environment; and
· the Group's financing arrangements and relationship with its lenders and
shareholders.
Trading in 2025 was strong, with membership at the end of December 2025
reaching 923,000, an increase of 4% from the end of December 2024. Average
revenue per member per month ('ARPMM') for the year was £21.60, up 4% from
£20.81 in the prior year. As a result, revenue increased by 8% to £244.9m
(2024: £226.3m), and Group Adjusted EBITDA Less Normalised
Rent at £56.7m was 19% better than in 2024.
The Group also reported strong cash generation in the year, with Free Cash
Flow of £38.3m (see Note 12 to the Consolidated Financial Information for a
reconciliation to Net Cash Inflow from Operating Activities) being generated
and used to fund 16 new site openings and major refurbishments and
enhancements to the mature sites, as well as significant investment
in technology.
On 12 June 2025, the Group agreed a one year extension to the existing bank
facilities as well as an increase in the available RCF facility of £12m. As a
result, the Group now has in place a combined £102m facility, consisting of
£45m of Term Loan and £57m of RCF, which is due to mature in June 2028.
Drawings under the facility continue to be subject to quarterly financial
covenant tests on Adjusted Leverage (Non-Property Net Debt divided by Group
Adjusted EBITDA Less Normalised Rent must not exceed 3.0 times) and Fixed
Charge Cover (Adjusted EBITDAR to Net Finance Charges plus Normalised Rent
must be greater than 1.5 times).
As at 31 December 2025, the Group had Non-Property Net Debt (including
non-property leases) of £59.3m, consisting of £62.0m drawn debt under the
RCF, £0.3m of non-property leases and £3.0m of cash. The Directors believe
that this measure of net debt best reflects the financial health of the
business. In addition, it is a key constituent of the Adjusted Leverage
covenant included in the Group's banking agreement as noted above. Headroom
under the bank facilities at 31 December 2025 (drawn debt less cash) was
£43.0m. Adjusted Leverage was 1.0 times and Fixed Charge Cover was 2.1 times.
Following the January and February 2026 peak trading period, closing
membership at 28 February 2026 was 999,000, an increase of 8% on the
position at 31 December 2025, demonstrating that the low cost gym
model remains resilient and spend on gym membership continues to be
prioritised.
Despite the continued strong trading performance, the Directors have continued
to take a cautious approach to planning. The base case forecast for the period
to 30 June 2027 anticipates some growth in yields across the whole
estate as a result of pricing optimisation actions identified as part of
the Next Chapter growth plan. Modest increases in membership levels
are driven largely by the sites opened in 2024 and 2025, and not by growth in
the mature estate.
In addition, whilst the Directors have planned for an acceleration of the new
site opening programme throughout the plan period, all new sites are assumed
to be self-financed. Under this scenario, the financial covenants are passed
with headroom, and the Group can operate comfortably within its financing
facilities.
The Directors have also considered a severe downside scenario in which
membership numbers in the mature estate decline by approximately 4%. Yields
continue to grow, but at a much more modest rate than in the base case. In
this scenario, the number of new site openings is reduced to conserve cash,
expenditure on maintenance and marketing is reduced slightly, and
discretionary performance-related bonuses and share based payment funding are
removed. The share buyback programme is also paused. Under this scenario, the
financial covenants continue to be passed, and the Group continues to operate
within its financing facilities.
The Directors have also considered a reverse stress test scenario to ascertain
the extent of the downturn in trading that would be required to breach the
Group's banking covenants or liquidity requirements. Mitigating actions
assumed in this scenario include moving to a minimum level of maintenance and
technology capital expenditure; further reducing controllable
operating costs and marketing expenditure; and pausing the new site opening
programme in order to preserve cash. In this scenario, membership numbers
would need to decline steadily from April 2026 to June 2027 to the point
where closing membership at 30 June 2027 was 27% lower than the base case.
Under this scenario, the Fixed Charge Cover covenant would be breached
in June 2027. The Group would, however, continue to operate within its
current level of debt capacity and the Adjusted Leverage ratio would not be
breached.
In the event of a reverse stress test scenario, the Directors would introduce
additional measures to mitigate the impact on the Group's covenants and
liquidity, including: (i) even greater reductions in controllable operating
costs, marketing and capital expenditure; (ii) discussions with lenders to
secure a covenant waiver; and (iii) deferral of, or reductions in,
rent payments to landlords. The Directors consider the reverse stress test
scenario to be highly unlikely.
Conclusion
The Board has reviewed the financial plan and downside scenarios of the Group
and has a reasonable expectation that the Group has adequate resources to
continue in operational existence for the period to 30 June 2027. As a
result, the Directors continue to adopt the going concern basis in preparing
the consolidated financial statements. In making this assessment,
consideration has been given to the current and future expected trading
performance; the Group's current and forecast liquidity position and the
support received to date from our lenders and shareholders; and the
mitigating actions that can be deployed in the event of reasonable downside
scenarios.
3. New and Amended IFRS Standards
New and Amended IFRS Standards that are Effective for the Current Year
There were no new standards or amendments to standards in the year that had a
material impact on the Group's consolidated financial statements for the year
ended 31 December 2025.
New and Revised IFRS Standards that are In Issue but not yet Effective
Standard Effective for periods beginning on or after
Amendments to the Classification and Measurement of Financial Instruments - 1 January 2026
Amendments to IFRS 9 and IFRS 7
Annual Improvements to IFRS Accounting Standards - Volume 11 1 January 2026
IFRS 18 Presentation and Disclosure in Financial Statements 1 January 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures 1 January 2027
It is not expected that the adoption of the above new and amended standards
will have a material impact on the financial statements of the Group in future
periods, with the exception of IFRS 18.
IFRS 18 - Presentation and Disclosure in Financial Statements
IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1
unchanged and complementing them with new requirements. In addition, some IAS
1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has
made minor amendments to IAS 7 and IAS 33 Earnings per Share.
IFRS 18 introduces new requirements to:
· present specified categories and defined subtotals in the statement of profit
or loss;
· provide disclosures on management-defined performance measures ('MPMs') in the
notes to the financial statements; and
· improve aggregation and disaggregation.
The Group is required to apply IFRS 18 for its financial year beginning on 1
January 2027 and the amendments to IAS 7 and IAS 33, as well as the revised
IAS 8 and IFRS 7, will become effective at the same time. IFRS 18 requires
retrospective application with specific transition provisions.
The Directors are still assessing the impact of the application of these
amendments on the presentation of the Group's consolidated financial
statements. Some of the possible impacts have been disclosed below.
IFRS 18 introduces five defined categories in the statement of profit and loss
(Operating, Investing, Financing, Income Taxes and Discontinued Operations).
It is expected that finance income will move into the 'Investing' category. A
new subtotal of 'Profit before financing and tax' will be introduced, which
will include the finance income amount.
IFRS 18 also requires the disclosure of all MPMs within a single note to the
financial statements. Some of the current alternative performance measures may
constitute MPMs under IFRS 18 and would therefore fall into the scope of these
requirements.
4. Revenue
The principal revenue streams for the Group are membership income, rental
income from personal trainers and ancillary income. The majority of revenue is
derived from contracts with members and all revenue arises in the United
Kingdom.
Disaggregation of Revenue
In the following table, revenue is disaggregated by major products and service
lines and timing of revenue recognition.
Year ended 31 December 2025 Year ended 31 December 2024
£m £m
Major products/service lines
Membership income 232.6 214.9
Rental income from personal trainers 8.6 8.2
Ancillary income 3.7 3.2
244.9 226.3
Timing of revenue recognition
Products transferred at a point in time 4.3 3.7
Products and services transferred over time 240.6 222.6
244.9 226.3
Contract liabilities at 31 December 2025 amounted to £17.6m (2024: £15.8m).
Contract liabilities relate to membership fees received at the start of a
contract, where the Group has the obligation to provide a gym membership over
a period of time, and are included within trade and other payables. The
contract liability balance increases as the Group's membership numbers
increase. The Group does not receive any consideration greater than 12 months
in advance from members. Hence the total contract liability as at 31 December
2024 of £15.8m has been recognised as revenue during the year ended 31
December 2025.
5. Non-Underlying Items
Year ended 31 December 2025 Year ended 31 December 2024
£m £m
Affecting operating expenses (before depreciation, amortisation and
impairment)
Costs of major strategic projects and investments 2.1 0.2
Restructuring and reorganisation costs (including site closures) - 0.2
Total affecting operating expenses (before depreciation, amortisation and 2.1 0.4
impairment)
Affecting depreciation, amortisation and impairment
Impairment of property, plant and equipment, right-of-use assets and 0.8 0.4
intangible assets
Amortisation of business combination intangible assets 0.1 0.1
Total affecting depreciation, amortisation and impairment 0.9 0.5
Total affecting operating expenses 3.0 0.9
Affecting finance costs
Refinancing costs and remeasurement of borrowings 0.2 0.2
Total affecting finance costs 0.2 0.2
Total all non-underlying items before tax 3.2 1.1
Tax on non-underlying items (0.7) (0.1)
Total non-underlying charge in the Consolidated Statement of Comprehensive 2.5 1.0
Income
Non-underlying items affecting operating expenses (before depreciation,
amortisation and impairment) increased in the year to £2.1m (2024: £0.4).
The £2.1m reflects the non-capitalisable costs (including £1.1m of employee
costs) incurred to date on the implementation of the new member management and
payment systems to replace legacy technology and introduce market-leading
business and member capabilities to further accelerate delivery of our
strategic initiatives.
Non-underlying costs affecting depreciation, amortisation and impairment in
the year amounted to £0.9m (2024: £0.5m), of which £0.8m (2024: £0.4m)
relates to the partial impairment of four sites (2024: one site). The
remaining £0.1m (2024: £0.1m) relates to the amortisation of business
combination intangibles acquired as part of the Lifestyle, easyGym and Fitness
First acquisitions.
Non-underlying items affecting finance costs amounted to £0.2m (2024: £0.2m)
and relates to the remeasurement of the RCF and Term Loan as a result of the
amendment and extension of the Group's banking facilities.
Tax on non-underlying items represents the tax charge or credit arising on the
Group's non-underlying items calculated at the current tax rate.
Reconciliation of Non-Underlying Operating Items to Cash Flow
Year ended 31 December 2025 Year ended 31 December 2024
£m £m
Non-underlying items affecting operating expenses 3.0 0.9
Less: Non-underlying items affecting depreciation, amortisation and impairment (0.9) (0.5)
Add: Opening accruals - 0.5
Less: Closing accruals (0.3) -
Cash outflow from non-underlying operating items 1.8 0.9
6. Taxation
The tax charge in the Consolidated Statement of Comprehensive Income is broken
down as follows:
Year ended 31 December 2025 Year ended 31 December 2024
£m £m
Current income tax
Current tax on profits for the year - -
Total current income tax - -
Deferred tax
Origination and reversal of temporary differences - 1.9
Total deferred tax - 1.9
Tax (charge)/credit - 1.9
Deferred tax assets are recognised in respect of those tax losses and other
temporary differences only to the extent it is considered probable that the
assets will be recoverable. This involves an assessment of when those assets
are likely to be recovered, and a judgement as to whether or not there will
be sufficient taxable profits available to offset the assets.
In assessing the probability of recovery, the Directors reviewed the Group's
three year plan that underpinned the going concern and viability assessment,
and the goodwill and property, plant and equipment impairment testing.
However, the cash flows, particularly in the outer years, were then
risk-adjusted to reflect the uncertainty inherent to the future.
Under the Base Case assumptions, forecast taxable profits over the planning
period would support the recognition of a deferred tax asset of £19.5m.
However, forecast profits in the later years of the plan are inherently
subject to greater estimation uncertainty, particularly in respect of mature
membership levels, pricing and membership growth, margin performance and the
pace of new site openings. In light of this uncertainty, the Directors have
exercised judgement in limiting the recognised balance to £18.2m, being the
amount considered probable of recovery based on the weight of available
evidence at the reporting date. The Directors have also considered reasonably
possible downside assumptions as part of their broader forecasting and
viability assessment process. Under those assumptions, the recoverable amount
within the three year plan period would reduce by approximately £1.7m. This
sensitivity reflects reasonably possible changes in key assumptions at the
reporting date. Any future reduction in the deferred tax asset is expected to
arise primarily through the normal utilisation of tax losses against taxable
profits rather than from a reassessment of recoverability. The Directors
therefore believe that there is convincing evidence to support the recognition
of deferred tax assets of £18.2m (2024: £18.2m) in the Group's balance
sheet at 31 December 2025, which are forecast to be recovered within three
years.
A deferred tax asset of £13.6m (2024: £12.1m) has been recognised in respect
of trading losses. The trading losses were incurred as a result of the
Covid-19 pandemic and the subsequent cost-of-living crisis, together with the
introduction in March 2021 of the temporary enhanced capital allowances regime
(the 'super-deduction tax break'). Losses for which no deferred tax asset has
been recognised amount to £5.2m (2024: £16.1m), resulting in an unrecognised
deferred tax asset of £1.3m (2024: £4.0m) using a 25% tax rate. There is no
time limit for utilising trade losses in the UK.
A deferred tax asset of £1.4m (2024: £3.1m) has arisen on accelerated
capital allowances, whereby the tax written-down value is higher than the net
book value. No deferred tax asset has arisen on intangible assets (2024:
£nil). Other deferred tax assets of £3.2m (2024: £3.0m) include temporary
differences on the accounting for the various share schemes and an IFRS 16
adoption adjustment.
The deferred tax assets and liabilities have been measured using the rates
expected to apply in the reporting periods when the timing differences
reverse.
There are no material uncertain tax provisions at 31 December 2025 (2024:
£nil). However, judgement has necessarily been applied in estimating the
impact and timing of utilisation of capital allowances and tax losses which
could give rise to prior period adjustments in future years.
7. Earnings Per Share
Basic earnings per share is calculated by dividing the profit attributable to
equity shareholders by the weighted average number of Ordinary shares
outstanding during the year, excluding unvested shares held pursuant to The
Gym Group plc's share based long term incentive schemes.
Diluted earnings per share is calculated by adjusting the weighted average
number of Ordinary shares outstanding to assume conversion of all dilutive
potential Ordinary shares. During the year ended 31 December 2025, the Group
had potentially dilutive shares in the form of share options and unvested
shares issued pursuant to The Gym Group plc's share based long term incentive
schemes.
Year ended 31 December 2025 Year ended 31 December 2024
Profit (£m)
Profit for the year attributable to equity shareholders 7.4 4.4
Adjustment for non-underlying items 2.5 1.0
Adjusted profit for the year attributable to equity shareholders 9.9 5.4
Weighted average number of Ordinary shares for basic earnings per share 176,039,282 177,153,298
Effect of dilution from share options 10,045,438 7,503,376
Weighted average number of Ordinary shares adjusted for the effect of dilution 186,084,720 184,656,674
Earnings per share (p)
Basic earnings per share 4.2 2.5
Diluted earnings per share 4.0 2.4
Adjusted basic earnings per share 5.6 3.0
Adjusted diluted earnings per share 5.3 2.9
The weighted average number of Ordinary shares excludes the shares that are
held by the EBT (see Note 14) as these are classified as Own shares reserve -
EBT.
8. Property, Plant and Equipment
Assets under construction Leasehold improvements Fixtures, fittings and equipment Gym and other equipment Computer equipment Total
£m £m £m £m £m £m
Cost
At 1 January 2024 1.8 251.2 11.9 94.3 6.3 365.5
Additions 0.9 23.4 0.3 9.0 1.5 35.1
Disposals (0.2) (1.8) (0.1) (11.7) - (13.8)
Transfers (1.6) 0.7 - 0.6 - (0.3)
At 31 December 2024 0.9 273.5 12.1 92.2 7.8 386.5
Additions 1.1 32.9 0.6 10.6 1.0 46.2
Disposals - (3.2) (0.5) (3.8) (1.0) (8.5)
Transfers (0.8) 0.8 - - - -
At 31 December 2025 1.2 304.0 12.2 99.0 7.8 424.2
Accumulated depreciation
At 1 January 2024 - (111.4) (10.1) (67.5) (4.8) (193.8)
Charge for the year - (16.5) (0.4) (6.7) (1.0) (24.6)
Disposals - 1.6 0.1 11.7 - 13.4
Transfers - - - 0.1 - 0.1
Impairment - (0.4) - - - (0.4)
At 31 December 2024 - (126.7) (10.4) (62.4) (5.8) (205.3)
Charge for the year - (17.4) (0.4) (5.5) (1.1) (24.4)
Disposals - 3.2 0.5 3.8 1.0 8.5
Impairment - (0.2) - - - (0.2)
At 31 December 2025 - (141.1) (10.3) (64.1) (5.9) (221.4)
Net book value
At 31 December 2024 0.9 146.8 1.7 29.8 2.0 181.2
At 31 December 2025 1.2 162.9 1.9 34.9 1.9 202.8
Included within additions for the year is £0.4m of capitalised interest
(2024: £0.4m) and a net movement of £4.7m of accrued capital expenditure
(2024: £5.5m).
The Group had £3.0m of commitments that were contracted but not provided as
at 31 December 2025 relating to contracts for the fit-out of new gyms where
works have not yet commenced (2024: £5.9m).
9. Right-of-Use Assets and Leases
Amounts recognised in the Consolidated Statement of Financial Position in
respect of right-of-use assets are as follows:
Property leases Non-property leases Total
£m £m £m
Cost
At 1 January 2024 434.3 18.3 452.6
Additions 32.0 0.2 32.2
Disposals (2.5) (0.1) (2.6)
At 31 December 2024 463.8 18.4 482.2
Additions 36.8 - 36.8
Disposals (6.2) - (6.2)
At 31 December 2025 494.4 18.4 512.8
Accumulated depreciation
At 1 January 2024 (170.4) (4.1) (174.5)
Charge for the year (27.0) (2.4) (29.4)
Disposals 2.3 - 2.3
Transfers - (0.1) (0.1)
At 31 December 2024 (195.1) (6.6) (201.7)
Charge for the year (28.9) (2.4) (31.3)
Disposals 5.5 - 5.5
Impairment (0.6) - (0.6)
At 31 December 2025 (219.1) (9.0) (228.1)
Net book value
At 31 December 2024 268.7 11.8 280.5
At 31 December 2025 275.3 9.4 284.7
The split of lease liabilities between current and non-current is as follows:
31 December 2025 31 December 2024
£m £m
Current 26.7 27.6
Non-current 320.8 312.9
Total lease liabilities 347.5 340.5
10. Borrowings and Non-Property Net Debt
The carrying value of the Group's bank borrowings at 31 December 2025 was
£62.2m (2024: £61.3m) and the fair value was £62.0m (2024: £61.0m).
During the first half of 2025, the Group had in place a combined £90m
Revolving Credit Facility ('RCF') which was syndicated to a three-lender panel
of NatWest, HSBC and Barclays. The facility was due to mature in June 2027.
On 12 June 2025, the Group agreed a one year extension to the existing bank
facilities, as well as an increase in the available RCF facility of £12m. As
a result, the Group now has in place a combined £102m facility, consisting of
£45m of Term Loan and £57m of RCF, which is due to mature in June 2028. All
other terms remain unchanged.
Funds borrowed under the facility bear interest at a minimum annual rate of
2.75% (2024: 2.75%) above the Sterling Overnight Index Average ('SONIA'); and
undrawn funds bear interest at a minimum annual rate of 1.1% (2024: 1.1%). The
average interest rate paid in the year on drawn funds was 7.1% (2024: 8.2%).
The facility is subject to quarterly financial covenant tests on Adjusted
Leverage and Fixed Charge Cover (both terms defined in the 'Definition of
Non-Statutory Measures' section). Adjusted Leverage must not exceed 3.0 times
and the Fixed Charge Cover must be greater than 1.5 times.
At 31 December 2025, the Group had drawn down £17.0m under the RCF (2024:
£16.0m) and £45.0m under the Term Loan (2024: £45.0m), leaving £40.0m
(2024: £29.0m) undrawn and available. The £62.0m is repayable in June 2028.
Adjusted Leverage was 1.0 times (2024: 1.3 times) and Fixed Charge Cover was
2.1 times (2024: 1.9 times).
The Group's borrowings are held at amortised cost using the effective interest
method. Each reporting period, the Group reviews its cash flow forecasts and
if these have changed since the previous reporting period (other than as a
result of changes in floating interest rates), the borrowings are remeasured
using the original effective interest rate. Any remeasurement of borrowings is
treated as non-underlying and excluded from Adjusted Earnings.
Non-Property Net Debt at the year end was made up as follows:
31 December 2025 31 December 2024
£m £m
Bank borrowings 62.0 61.0
Non-property leases (Note 11) 0.3 3.3
Less: Cash and cash equivalents (3.0) (3.0)
Non-Property Net Debt 59.3 61.3
11. Financial Liabilities
The table below sets out the changes in liabilities arising from financing
activities.
Borrowings Non-property lease liabilities Property lease liabilities Total lease liabilities
£m £m £m £m
At 1 January 2024 58.9 8.9 330.3 339.2
Repayments of interest and principal (8.8) (6.1) (39.6) (45.7)
Interest expense 5.4 0.5 15.0 15.5
Drawdowns 5.0 - - -
New leases and modifications - - 31.5 31.5
Other 0.8 - - -
At 31 December 2024 61.3 3.3 337.2 340.5
Repayments of interest and principal (11.9) (3.2) (42.1) (45.3)
Interest expense 4.9 0.2 16.2 16.4
Drawdowns 8.0 - - -
New leases and modifications - - 36.8 36.8
Lease disposals - - (0.9) (0.9)
Other (0.1) - - -
At 31 December 2025 62.2 0.3 347.2 347.5
Included in 'Other' is the effect of changes to amortised cost on borrowings
using the effective interest rate method and accrued interest.
12. Net Cash Inflow from Operating Activities
The Directors believe that Free Cash Flow is the measure that best reflects
the amount of cash available to the Group for investing in new sites and
technology, and for enhancing existing sites. As such, Free Cash Flow is
included within the Key Performance Indicators section of the Annual Report
and Accounts 2025 and referenced in both the Financial Review and Going
Concern note. A reconciliation of Net Cash Inflow from Operating Activities to
Free Cash Flow is included below.
Reconciliation of Net Cash Inflow from Operating Activities to Free Cash Flow
31 December 2025 31 December 2024
£m £m
Net Cash Inflow from Operating Activities 102.3 95.1
Less: Property lease payments made (Note 11) (42.1) (39.6)
Less: Maintenance capital expenditure(1) (17.3) (14.8)
Less: Bank and non-property lease interest paid (5.1) (6.3)
Add: Bank interest received 0.5 0.5
Free Cash Flow(1) 38.3 34.9
1 Free Cash Flow for FY24 has been restated to reallocate £2.6m
of Technology and Data spend from Expansionary Capital Expenditure to
Maintenance Capital Expenditure to bring it into line with the presentation of
Technology and Data spend in FY25.
13. Issued Capital
The total number of shares in issue as at 31 December 2025 was 179,622,261
(2024: 179,287,837).
14. Share Based Payments and Employee Benefit Trust
The Group operates share based compensation arrangements under The Gym Group
plc Incentive Plan ('TGG Incentive Plan'), The Gym Group plc Share Incentive
Plan - Matching Shares ('SIP'), The Gym Group plc Share Incentive Plan - Free
Shares ('SIP - Free Shares'), The Gym Group plc Performance Share Plan
('PSP'), and The Gym Group plc Save as You Earn Plan ('SAYE').
During the year, a total of 4,645,867 (2024: 4,841,361) shares were granted
under the TGG Incentive Plan, the PSP, the SIP and the SAYE. The PSP and TGG
Incentive Plan awards all vest within three years and are subject to continued
employment. The TGG Incentive Plan and certain PSP options are also subject to
achievement of certain performance targets.
For the year ended 31 December 2025, the Group recognised a total charge of
£5.5m (2024: £3.4m) in respect of the Group's share based payment
arrangements and related employer's national insurance.
In 2024, the Group established an Employee Benefit Trust ('EBT') to purchase
shares in order to minimise dilution associated with the share based payments.
During the year ended 31 December 2025, the EBT purchased 1,433,184 shares
(2024: 2,834,928) at a cost of £2.0m (2024: £3.5m). As at 31 December 2025,
the EBT held 3,659,556 shares (2024: 2,479,863) at a value of £4.6m (2024:
£3.0m). The shares held in the EBT at 31 December 2025 have been classified
as Own shares reserve - EBT in the Consolidated Statement of Financial
Position.
During the year, the Group made income tax payments on behalf of employees of
£0.3m (2024: £0.4m) in the form of cash as part of a net settlement process
on share based payments. The settlement in cash reduced the future funding
requirement to the EBT and has accordingly been classified as a financing
activity in the Consolidated Cash Flow Statement.
15. Subsequent Events
Subsequent to the year end, the Group commenced a share buyback programme of
up to £10m. As at 10 March 2026, the Group had repurchased 1,103,789 of its
shares through the share buyback programme. Further information can be found
in the Financial Review.
1 Refer to the 'Definition of Non-Statutory Measures' section for
definitions of non-statutory measures used in the table.
2 Free Cash Flow for FY24 has been restated to reallocate £2.6m of
Technology and Data spend from Expansionary Capital Expenditure to Maintenance
Capital Expenditure to bring it into line with the presentation of Technology
and Data spend in FY25.
3 Like-for-like revenue vs 2024 includes all sites open as at 31 December
2022.
4 Sites with a workforce index of more than 120 (workforce
population/residential adult population *100), without car parking or a
significant student population.
5 Based on companies included in the Peakon benchmark. Peakon is software
developed by Workday that is designed to gather, analyse, and improve
employee sentiment.
6 Current Company-compiled analysts' forecast range is £59.6m to £60.7m.
Consensus forecasts are published on The Gym Group corporate website and may
be found at https://www.tggplc.com (https://www.tggplc.com) .
(( 7 )) Opened the year with 245 gyms with 16 new openings and 1 closure in
the year.
8 The Social Value Model created by Sheffield Hallam University focuses on
member participation and the health benefits of regular exercise. It
calculates the financial value resulting from reduced GP visits, enhanced life
satisfaction, personal development and the growth of social and community
connections.
9 Normalised Rent is the contractual rent payable, recognised in the monthly
period to which it relates.
10 A reconciliation of Net Cash Inflow from Operating Activities to Free
Cash Flow has been included in Note 12 to the Consolidated Financial
Information.
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