New Risk • Mar 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: €0.22 (vs €0.12 in FY 2024) Full year 2025 results: EPS: €0.22 (up from €0.12 in FY 2024). Revenue: €1.42b (up 17% from FY 2024). Net income: €14.5m (up 81% from FY 2024). Profit margin: 1.0% (up from 0.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Tillkännagivande • Mar 12
Basic-Fit N.V., Annual General Meeting, May 06, 2026 Basic-Fit N.V., Annual General Meeting, May 06, 2026. Buy Or Sell Opportunity • Feb 11
Now 21% undervalued Over the last 90 days, the stock has risen 30% to €31.11. The fair value is estimated to be €39.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jan 27
Now 23% undervalued Over the last 90 days, the stock has risen 27% to €32.90. The fair value is estimated to be €42.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company became loss making. Tillkännagivande • Oct 28
Basic-Fit N.V. (ENXTAM:BFIT) entered into an agreement to acquire Clever Fit GmbH for approximately €180 million. Basic-Fit N.V. (ENXTAM:BFIT) entered into an agreement to acquire Clever Fit GmbH for approximately €180 million on October 27, 2025. Under the terms of the transaction, Basic-Fit N.V. would pay €160 million in cash and €15 million earn-out over a 3-year period. To finance the acquisition, Basic-Fit has secured €180 million in committed financing from its banking partners - ABN AMRO, ING Bank, and Rabobank - maturing in June 2028. Following closing, Basic-Fit will explore opportunities to enhance the value proposition for the current franchisees.
For the period ending December 31, 2024, Clever Fit GmbH reported total revenue of €50 million and EBITDA of €14.5 million.
The transaction is expected to be completed before the end of 2025 and requires no regulatory approval. Reported Earnings • Jul 31
First half 2025 earnings released: €0.12 loss per share (vs €0.064 profit in 1H 2024) First half 2025 results: €0.12 loss per share (down from €0.064 profit in 1H 2024). Revenue: €677.3m (up 16% from 1H 2024). Net loss: €7.90m (down 288% from profit in 1H 2024). Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: €0.12 (vs €0.041 loss in FY 2023) Full year 2024 results: EPS: €0.12 (up from €0.041 loss in FY 2023). Revenue: €1.22b (up 16% from FY 2023). Net income: €8.00m (up €10.7m from FY 2023). Profit margin: 0.7% (up from net loss in FY 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 132% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Tillkännagivande • Mar 13
Basic-Fit N.V., Annual General Meeting, May 06, 2025 Basic-Fit N.V., Annual General Meeting, May 06, 2025. New Risk • Mar 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Recent Insider Transactions • Dec 10
CFO & Member of the Management Board recently bought €211k worth of stock On the 5th of December, Hans van der Aar bought around 10k shares on-market at roughly €21.10 per share. This transaction amounted to 7.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Hans has been a buyer over the last 12 months, purchasing a net total of €391k worth in shares. Tillkännagivande • Oct 03
Buckley Capital Management Sends Letter to Basic-Fit Recommending Strategic Review with the Intention to Sell the Business On September 30, 2024, Buckley Capital Management, LLC issued an open letter to Basic-Fit N.V.'s Board of Directors and management team regarding opportunities to maximize value for all shareholders. Buckley Capital Management stated that it has valued its ongoing dialogue with the Company’s Chief Financial Officer, Hans Van Der Aar, and Investor Relations Manager, John David Roeg, since August 2022. During this period, it has raised concerns and offered recommendations to drive the Company’s long-term growth. Buckley Capital Management added that in its most recent meeting on August 26, 2024, it was disappointed to hear of the management’s lack of interest in exploring a sale of the Company, especially given the significant value this would unlock. Based on conversations it has had with various industry participants, it is confident that there is significant interest from private equity, and it implores the Company’s management and the Board to initiate a strategic review process. Buckley Capital Management expressed its view that the Company has a set of highly valuable assets that position it well to operate as a private entity. It is important for the Board to consider the potential value-creation opportunities that a sale of the Company could offer. New Risk • Jul 28
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Tillkännagivande • May 25
Weon SL agreed to acquire Five Holmes Place clubs from Basic-Fit N.V. (ENXTAM:BFIT). Weon SL agreed to acquire Five Holmes Place clubs from Basic-Fit N.V. (ENXTAM:BFIT) on May 23, 2024. The transaction is expected to close in June. Reported Earnings • Mar 15
Full year 2023 earnings released: €0.04 loss per share (vs €0.056 loss in FY 2022) Full year 2023 results: €0.04 loss per share (improved from €0.056 loss in FY 2022). Revenue: €1.05b (up 32% from FY 2022). Net loss: €2.68m (loss narrowed 27% from FY 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €19.82, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 18x in the Hospitality industry in the United Kingdom. Total loss to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.61 per share. Recent Insider Transactions • Jan 21
Founder recently sold €45m worth of stock On the 17th of January, René Moos sold around 2m shares on-market at roughly €26.54 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was René's only on-market trade for the last 12 months. Tillkännagivande • Dec 23
Basic-Fit N.V. to Report Fiscal Year 2023 Results on Mar 14, 2024 Basic-Fit N.V. announced that they will report fiscal year 2023 results on Mar 14, 2024 Reported Earnings • Jul 27
First half 2023 earnings released: €0.093 loss per share (vs €0.42 loss in 1H 2022) First half 2023 results: €0.093 loss per share (improved from €0.42 loss in 1H 2022). Revenue: €500.4m (up 41% from 1H 2022). Net loss: €6.12m (loss narrowed 78% from 1H 2022). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. New Risk • Jul 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 15
Full year 2022 earnings released: €0.06 loss per share (vs €2.34 loss in FY 2021) Full year 2022 results: €0.06 loss per share (improved from €2.34 loss in FY 2021). Revenue: €794.6m (up 133% from FY 2021). Net loss: €3.69m (loss narrowed 98% from FY 2021). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. Recent Insider Transactions • Nov 06
Chairman of the Management Board & CEO recently bought €3.3m worth of stock On the 3rd of November, René Moos bought around 150k shares on-market at roughly €22.08 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was René's only on-market trade for the last 12 months. Reported Earnings • Aug 03
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up €125.6m from 1H 2021). Profit margin: (up from net loss in 1H 2021). Over the next year, revenue is forecast to grow 45%, compared to a 27% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Tillkännagivande • Jun 30
Basic-Fit N.V. to Report Fiscal Year 2022 Results on Mar 14, 2023 Basic-Fit N.V. announced that they will report fiscal year 2022 results on Mar 14, 2023 Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: €2.34 loss per share (down from €2.17 loss in FY 2020). Revenue: €340.7m (down 9.6% from FY 2020). Net loss: €150.0m (loss widened 20% from FY 2020). Revenue missed analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 132%, compared to a 40% growth forecast for the restaurants industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 27
First half 2021 earnings released: €2.02 loss per share (vs €0.94 loss in 1H 2020) The company reported a poor first half result with increased losses, weaker revenues and weaker control over costs. First half 2021 results: Revenue: €53.0m (down 71% from 1H 2020). Net loss: €125.6m (loss widened 142% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 134 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 11
Full year 2020 earnings released: €2.17 loss per share (vs €0.20 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €376.8m (down 27% from FY 2019). Net loss: €125.2m (down €136.2m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 139 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Mar 11
Revenue misses expectations Revenue missed analyst estimates by 7.5%. Over the next year, revenue is forecast to grow 54% while theHospitality industry in the United Kingdom is not expected to grow. Is New 90 Day High Low • Feb 08
New 90-day high: €32.65 The company is up 13% from its price of €28.86 on 10 November 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €70.81 per share. Recent Insider Transactions • Dec 17
Member of the Supervisory Board recently sold €104k worth of stock On the 10th of December, J. C. Willemse sold around 32k shares on-market at roughly €3.25 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Is New 90 Day High Low • Dec 09
New 90-day high: €32.55 The company is up 32% from its price of €24.71 on 10 September 2020. The British market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €63.02 per share. 
