We use a number of financial and non-financial key performance indicators (‘KPIs’) to measure our performance over time. We select KPIs that demonstrate the financial and operational performance underpinning our strategic drivers.
Revenue (£m)
Definition
Revenue is generated from membership fees, non-refundable joining fees, rental income from personal trainers and other ancillary services, including the sale of goods through vending machines, advertising through the use of media screens and the sale of day memberships.
Link to strategic goals
- Strengthen the Core – Pricing and Revenue Management
- Strengthen the Core – Member Acquisition
- Strengthen the Core – Member Retention
- Accelerate Rollout of Quality Sites
2025 performance
Revenue for the year increased by 8%, with average members up 4% to 945,000 (2024: 906,000) and ARPMM up 4% (see Non-financial KPIs). Like-for-like revenue grew 3% year on year.
Group Adjusted EBITDA Less Normalised Rent (£m)
Definition
Operating Profit before depreciation, amortisation, long term employee incentive costs and non-underlying items, and after deducting Normalised Rent. Normalised Rent is the contractual rent payable, recognised in the monthly period to which it relates.
See page 25 of the 2025 Annual Report for a reconciliation to Operating Profit.
Link to strategic goals
- Strengthen the Core – Pricing and Revenue Management
- Strengthen the Core – Member Acquisition
- Strengthen the Core – Member Retention
- Accelerate Rollout of Quality Sites
2025 performance
Group Adjusted EBITDA Less Normalised Rent increased by 19% in the year as a result of continued strong trading performance and tight control of operating costs.
Return on Invested Capital (%) (1)
Definition
Group Adjusted EBITDA Less Normalised Rent contributed by mature sites, divided by total capital initially invested in the mature sites (after capital contributions and rent free amounts). Mature sites are defined as those sites that have been open for 24 months or more at the period end and exclude acquisition sites.
See page 142 of the 2025 Annual Report for the number of mature sites and Group Adjusted EBITDA Less
Normalised Rent contributed by mature sites.
Link to strategic goals
- Strengthen the Core – Pricing and Revenue Management
- Strengthen the Core – Member Acquisition
- Strengthen the Core – Member Retention
- Accelerate Rollout of Quality Sites
2025 performance
ROIC contributed by mature sites increased by 200bps in the year as a result of continued strong delivery against the ‘Strengthen the Core’ element of our Next Chapter growth plan.
Free Cash Flow (£m) (4)
Definition
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.
See Note 24 to the consolidated financial statements on page 130 of the 2025 Annul Report for a reconciliation to Net Cash Inflow From Operating Activities.
Link to strategic goals
- Strengthen the Core – Pricing and Revenue Management
- Strengthen the Core – Member Acquisition
- Strengthen the Core – Member Retention
- Accelerate Rollout of Quality Sites
2025 performance
Free Cash Flow increased by 10% to £38.3m, reflecting the strong trading performance.
Adjusted Leverage (x)
Definition
Non-Property Net Debt as a proportion of Group Adjusted EBITDA Less Normalised Rent.
Non-Property Net Debt is defined as bank and non-property lease debt less cash and cash equivalents and is the leverage measure used in the Group’s banking covenants.
Link to strategic goals
- Strengthen the Core – Pricing and Revenue Management
- Strengthen the Core – Member Acquisition
- Strengthen the Core – Member Retention
- Accelerate Rollout of Quality Sites
2025 performance
Adjusted Leverage fell again in 2025, reflecting the improved trading performance and disciplined site rollout.
Total number of gyms
Definition
Number of gyms open at the end of the year.
Link to strategic goals
- Accelerate Rollout of Quality Sites
2025 performance
We opened 16 new gyms during 2025 and closed one, taking the total number of gyms at 31 December 2025 to 260. We continue to focus our opening programme on Greater London and urban residential areas where we have historically seen the best returns.
Total number of members ('000)
Definition
Total gym memberships at the end of the year.
Link to strategic goals
- Strengthen the Core – Member Acquisition
- Strengthen the Core – Member Retention
- Accelerate Rollout of Quality Sites
2025 performance
We closed the year with 923,000 members, an increase of 4% year on year. The increase reflects the full year impact of sites opened in 2024 as well as the incremental volume from new sites opened in 2025. See the Financial Review on pages 22 to 29 of the 2025 Annual Report for further details.
Average Revenue per Member per Month ('ARPMM') (£) (1)
Definition
Revenue divided by the average number of members divided by the number of months in the period.
Link to strategic goals
- Strengthen the Core – Pricing and Revenue Management
2025 performance
ARPMM increased by 4% in 2025, driven by an increase in the average headline price of a Standard membership of £1.11 as well as some selective repricing of the membership base. See the Financial Review on pages 22 to 29 of the 2025 Annual Report for further details.
Members that visit 4+ times in a month (%) (2)
Definition
A measure of how committed and enthusiastic employees are about their work and the organisation.
We use four engagement categories (Engagement, Belief, Loyalty, Satisfaction) to calculate a score on a 0-10 scale, and all responses are averaged out to give a score out of 10.
Link to strategic goals
- Strengthen the Core
- Accelerate Rollout of Quality Sites
- Broaden our Growth
2025 performance
In 2025, we maintained our employee engagement score at 9 out of 10, with an 88% completion rate. As a result, we continue to rank in the top 5% of the Peakon benchmark within the consumer services businesses for overall engagement.
Employee engagement score (3)
Definition
A measure of how committed and enthusiastic employees are about their work and the organisation.
We use four engagement categories (Engagement, Belief, Loyalty, Satisfaction) to calculate a score on a 0-10 scale, and all responses are averaged out to give a score out of 10.
Link to strategic goals
Strengthen the Core
Accelerate Rollout of Quality Sites
Broaden our Growth
2025 performance
In 2025, we maintained our employee engagement score at 9 out of 10, with an 88% completion rate. As a result, we continue to rank in the top 5% of the Peakon benchmark within the consumer services businesses for overall engagement.
1 In order to provide better year on year comparability for ARPMM and ROIC, the figure presented for 2021 has been adjusted to exclude the impact of UK Government-enforced closure periods as a result of the Covid-19 pandemic.
2 The figures for 4+ visits for 2024 and earlier have been restated to include like-for-like sites only and to exclude Saver members, members on freeze and members who have joined in a gym’s pre-opening period to ensure comparability across periods. Further adjustments and restatements may occur in 2026 as we continue to refine this KPI.
3 In 2023, we changed the way we measure employee engagement. We partnered with Peakon, an engagement specialist, and adopted a more accurate and comprehensive approach using a 0-10 scale rating system, moving away from a percentage score. Due to the change in methodology, a precise comparison to 2022 and 2021 cannot be made. These are therefore included for indicative purposes only.
4 Free Cash Flow for 2024 and earlier has been restated to reallocate a proportion 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 2025.