The Gym Group said today it expects full-year earnings to reach the top of analyst estimates, attributing the upgrade to continued momentum in the first half of the fiscal year.
Earnings guidance and analyst consensus
The budget gym operator now anticipates fiscal 2026 EBITDA less normalized rent will be at the top end of the consensus range. Management's update implies roughly a 1% uplift to the consensus figure. The company-compiled consensus sits at A361.1 million, with the highest broker estimate at A362.0 million.
Revenue and like-for-like targets
The Gym Group reaffirmed it is on course to deliver 3% like-for-like revenue growth for fiscal 2026, the same rate achieved in the first half. Like-for-like cost growth is now expected to fall at the lower end of the previously guided 3% to 4% range.
First-half financials
For the first six months, EBITDA less normalized rent rose 12% to A330.8 million. Free cash flow increased by 10% to A327.7 million, while adjusted profit before tax grew 31% to A36.4 million. The company reported leverage of 1.0 times at the half-year point.
Overall revenue for the first half climbed 10% year-over-year to A3133.1 million, and on a like-for-like basis revenue advanced 3%. Total memberships expanded 7.4% from the end of 2025 to 0.99 million. Average memberships rose 5% year-over-year to 1.0 million, and average revenue per member per month increased 5% to A322.14.
Expansion and refurbishment programme
The operator opened four new sites in the first half and currently has 11 locations under construction. The company continues to target at least 20 new site openings for the full year and expects to open approximately 75 over the next three years. Management said these openings will be funded from free cash flow.
Refurbishment activity also featured in the update. Three sites were refurbished in the first half, with a further 18 planned for the second half of the year. The ten sites refurbished in 2025 delivered a 10% membership uplift and are on track to generate a 30% return on invested capital.
This update provides a clear signalling of operational momentum across membership, revenue per member and cash generation while confirming the company is pursuing organic expansion and targeted capital recycling through refurbishments.