Continued strategic delivery underpins strong first half performance
Leading low cost gym operator, The Gym Group, announces its interim results for the six month period ended 30 June 2026.
Key financial metrics1
| Six months ended 30 June 2026 | Six months ended 30 June 2025 | Movement | |
| Revenue (£m) | 133.1 | 121.0 | +10% |
| Group Adjusted EBITDA (£m) | 53.0 | 48.3 | +10% |
| Group Adjusted EBITDA Less Normalised Rent (£m) | 30.8 | 27.4 | +12% |
| Adjusted profit before tax (£m) | 6.4 | 4.9 | +31% |
| Statutory profit before tax (£m) | 4.9 | 3.3 | 48% |
| Statutory profit after tax (£m) | 4.3 | 3.3 | 30% |
| Adjusted Diluted Earnings Per Share (p)2 | 2.9 | 2.4 | 21% |
| Statutory Diluted Earnings Per Share (p) | 2.3 | 1.8 | 28% |
| Free cash flow (£m) | 27.7 | 25.1 | 10% |
| Non-Property Net Debt (£m) (as at period end) | (58.0) | (51.2) | Increased by £6.8m |
Financial highlights
- Revenue for the period increased by 10%, with average members up 5% to 1 million and average revenue per member per month (‘ARPMM’) up 5%; like-for-like3 revenue (including all sites open as at 31 December 2023) grew 3%
- Group Adjusted EBITDA Less Normalised Rent at £30.8m was 12% ahead of the prior year period as revenue growth continues to outpace cost inflation
- Strong free cash flow generated in H1, up 10% to £27.7m, funding new sites, enhancements to existing sites, technology investment and share buyback (£3.8m of the proposed £10m completed in H1)
- Non-Property Net Debt at £58.0m, reduced by £1.3m in the period (Dec 2025: £59.3m); Adjusted Leverage4 maintained at 1.0x; bank facilities increased to £117m in June 2026 (previously £102m)
Business and operational highlights
- Both mature and new sites continue to perform well, reflecting disciplined execution of Next Chapter growth plan, advantaged, labour-light business model and continued appeal of high value, low cost proposition
- Sustained pricing opportunity continues to support yield growth of 5% and underpins further progress towards our 30% ROIC target for the mature estate
- Successfully completed the migration of all members to new member management and payment platforms
- Four new sites opened in H1 and currently on site at a further 11; expect to open at least 20 new sites in 2026, in line with our plan to open c.75 sites over three years, funded from free cashflow
- Elevated site design continues to evolve and be retrofitted into mature estate – 3 sites refurbished in H1; 18 to be completed in H2 (with 12 completed since June); gyms refurbished in 2025 achieving 10% incremental membership
- Continued to build on high levels of member engagement and satisfaction, 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 130bps
Full Year Outlook
- Remain on track to deliver 3% like-for-like revenue growth for the full year, with like-for-like cost growth now expected to be at the lower end of the guided range of 3-4%
- Expect full year Group Adjusted EBITDA Less Normalised Rent to be at the top end of current analysts’ forecast range5
Will Orr, CEO of The Gym Group, commented:
We have delivered another strong set of results, reflecting the continued appeal of our high value, low cost proposition, disciplined execution of our growth strategy and sustained customer demand. Reaching one million members during the period was an encouraging milestone for the Group. I’ve also been pleased to see our elevated gym design supporting performance gains in both new and refurbished gyms. This continued focus on product excellence is one of the ways we can build on the momentum we have. Our teams remain focused on executing our Next Chapter growth plan, including the acceleration of our rollout programme, and we are confident in delivering full year results at the top end of the current analysts’ forecast range5, while creating further value for both shareholders and members.
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_sngY1YMrRpaxBBQIfh1kvQ
Webinar ID
814 9073 5330
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.
2Adjusted Profit After Tax and Adjusted Diluted Earnings Per Share for HY25 have been restated to reflect a reallocation of the tax charge between Underlying and Non-Underlying items, consistent with the presentation adopted in the FY25 financial statements. The restatement has no impact on Statutory Profit After Tax or Statutory Diluted Earnings Per Share.
3Like-for-like vs 2025 includes all sites open as at 31 December 2023.
4Adjusted Leverage calculated as Non-Property Net Debt divided by LTM Group Adjusted EBITDA Less Normalised Rent.
5Current Company-compiled analysts’ forecast range for Group Adjusted EBITDA Less Normalised Rent is £60.5m - £62.0m.
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
Galyna Kulachek
+44 (0)20 7802 2617/2664