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 metrics1
| 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 flow2 (£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-like3 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 Leverage1 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 Sites1 at 27% (2024: 25%); ROIC increases to 30% after excluding 13 workforce-dependent gyms4
- 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 Rent1 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 range6
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
A copy of the presentation and recording of the webcast will be published on the Company’s website.
1Refer to the ‘Definition of Non-Statutory Measures’ section for definitions of non-statutory measures used in the table.
2Free 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.
3Like-for-like revenue vs 2024 includes all sites open as at 31 December 2022.
4Sites with a workforce index of more than 120 (workforce population/residential adult population *100), without car parking or a significant student population.
5Based on companies included in the Peakon benchmark. Peakon is software developed by Workday that is designed to gather, analyse, and improve employee sentiment.
6Current 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.
Download the full announcement
For further information, please contact:
The Gym Group
Will Orr, CEO
Luke Tait, CFO
Katharine Wynne, Investor Relations
via Team Lewis
Team Lewis (Financial PR)
Justine Warren
Tim Pearson
+44 (0)20 7802 2617/2657