Strictly Private & Confidential · BoardBoard Report
November 2025
Contents
A defining year for GymNation
This has been a defining year. We have grown from 20 to 30 open gyms, crossed 146,000 members, and delivered run-rate EBITDA of USD 28.7 million while staying ahead of budget on revenue and yield.
The story behind those numbers matters more than the numbers themselves. Every new site has passed the same uncompromising selection test that has seen us reject over 300 locations in twelve months. That discipline protects the member experience, and the member experience protects long-term value.
Saudi Arabia has been the standout. Newly opened clubs are maturing faster than plan, and the pipeline gives us real confidence in the path from 34 to a forecast 58 open gyms by the end of 2026.
In the UAE, our mature estate continues to compound. Yield management and ancillary revenue, from Boditrax to the media network, are adding high-margin income on top of strong membership trading.
We are not complacent. Technology and funding are the two areas we are pushing hardest, to make sure the platform and the balance sheet can carry the growth ahead of us.
We enter 2026 with momentum, a disciplined plan, and a brand that earns attention rather than buying it. The opportunity in front of us, including South East Asia, is the largest in our history.
Where the business stands
An honest read on the business
v.2026 retail-led format in build; studio and lighting upgrades rolling out across new sites.
Disruptive, high-earned-media campaigns; consistent membership sales ahead of budget.
30 open, 34 by year end, disciplined pipeline securing 2026–27 growth.
ARPM ahead of budget on yield management and ancillary growth.
Core integrations complete; CDP and app roadmap maturing.
Funding process underway to support the accelerated rollout.
Financing the next phase of growth
The business is funded to deliver its committed 2026 rollout, with a process underway to underwrite the wider pipeline.
Performance year-to-date has been excellent, and the strength of cash generation gives us a solid base from which to fund growth. EBITDA to operating cash conversion of approximately 145% (pre-expansionary capex) underpins the plan.
We are progressing a funding process to support the acceleration from 34 to a forecast 58 open gyms by the end of 2026, alongside the contracted pipeline that secures growth into 2027.
The priority is to match committed capital to the highest-return sites while preserving balance-sheet flexibility. Capex discipline and rigorous site selection remain central to protecting long-term membership value.
We will update the board on terms as the process concludes; the rollout plan is fully funded for its committed phase in the interim.
Rollout
58 open gyms forecast by the end of 2026, with a pipeline of 295 identified sites securing growth into 2027.
Thirty gyms open, and accelerating
We currently have 30 open gyms as at November 2025 and are scheduled to open a further four sites (three in Saudi Arabia and one in Bahrain) before year end. This is up from 20 gyms at the start of the year.
Growth has been deliberate. While the pace has accelerated, every site has passed strict selection criteria; over 300 sites have been rejected in the past twelve months for unsuitability.
The estate is well balanced across UAE and KSA, with Bahrain now established as a third market. The 2026 plan takes us toward 58 open gyms, with the pipeline supporting 66 contracted sites.
Disciplined rollout protects the brand and the member experience, which in turn protects long-term membership value and equity creation.
Estate by region
Mature core estate; 16 open, scaling toward 24 by end 2026.
Fastest-growing market; 17 open, 34→66 contracted pipeline.
New market; Atrium Mall trading five months ahead of plan.
58 open gyms forecast by the end of 2026 (66 contracted sites based on current pipeline). Dots indicate forecast sites; filled dots are open today.
Sixteen clubs across the Emirates
Run-rate EBITDA and member mix by emirate.
Placeholder figures for template review.
A disciplined, high-quality pipeline
It's a numbers game
A proven brand that landlords and partners want in their developments.
From 20 to 30 open gyms in a single year, with momentum building.
Relationships across the region's leading mall and real-estate owners.
Over 300 sites rejected in 12 months, so only the best convert.
Scale and reputation drive better terms on rent and fit-out.
Sustained category leadership across the GCC fitness market.
Financial Update
YTD trading to October 2025: run-rate EBITDA, membership, yield and cash.
A strong year, ahead on every metric
Performance year-to-date, and since the July board meeting, has been excellent. Growth across all key metrics has been driven not only by the opening of eight new sites but also by the continued strong maturation of the existing estate.
Run-rate EBITDA reached USD 28.7 million as of October 2025, with revenue 6% ahead of budget on stronger yield and ancillary income.
UAE EBITDA bridge vs budget
UAE actual YTD AED 52.9m, AED 8.2m ahead of budget
The path to USD 45m at maturity
USD 28.7m today → USD 45.3m at full maturity of the current estate
RR EBITDA contribution by site
KSA clubs performing strongly despite still maturing
Average revenue per member
ARPM up across 2025 on yield and ancillary focus
Churn by month of maturity
Churn rises as clubs pass their 1-year anniversary
Members vs budget by site
| Oct-25 Members | Comparative | ||||
|---|---|---|---|---|---|
| Site | Actual | Budget | Var | Sep-25 | MoM |
| MatureAl Quoz | 5,469 | 5,509 | (40) | 5,428 | 41 |
| Bur Dubai | 6,766 | 6,460 | 306 | 6,728 | 38 |
| Mirdif | 8,134 | 7,998 | 136 | 8,094 | 40 |
| Mature sites | 62,100 | 59,730 | 2,370 | 61,729 | 371 |
| Semi-matureAl Ain | 5,515 | 5,236 | 279 | 5,484 | 31 |
| Al Zahia (Men) | 5,083 | 4,473 | 610 | 5,083 | 0 |
| Semi-mature sites | 23,026 | 20,636 | 2,390 | 22,902 | 124 |
| Total | 88,576 | 84,476 | 4,100 | 87,607 | 969 |
Numbers shown are placeholder, transcribed in the style of the November deck. Real figures will be confirmed before sign-off.
Site-by-site EBITDA bridges
Budget 2026
Membership volumes and turnover forecast to grow approximately 69% on prior year.
A step-change in scale
Current forecasts show membership transaction volumes and turnover increasing by approximately 69% on the 2025 prior year.
Growth is driven by opening a further 24 gyms (12 new leases), the continued maturing of gyms opened in 2025, and yield and ancillary gains across the estate.
The UAE estate sees reported EBITDA increase from AED 80.7m to AED 87.9m (+9%), with a corresponding uplift in forecast mature EBITDA end point.
The growth from 34 gyms at the end of 2025 to a forecast 58 by the end of 2026 underpins the step-change in run-rate EBITDA toward maturity.
Ancillary Revenue
New, recurring, high-margin revenue streams layered onto the core membership business.
Turning body data into recurring revenue
We launched a Boditrax body-analysis trial in Downtown Dubai in June. From June to September, members could buy scans directly on the scanner, averaging around AED 5,000 per club per month.
In October we introduced Boditrax into the membership journey, and it is now rolling out across the estate as a recurring, high-margin ancillary stream.
Monetising our footfall
Our media sales partnership with out-of-home specialist The Media Connector launched in January 2025.
Following a slow first half while the client pipeline was built, revenue has ramped through the year as advertisers recognise the value of reaching our high-frequency, health-focused audience in-club.
Ancillary channels
| Channel | Partner | Model | Status |
|---|---|---|---|
| Supplements (UAE) | Life Pharmacy | 12% revenue share | Live |
| Supplements (KSA) | Dr Nutrition | Revenue share | Live |
| Body analysis | Boditrax | Owned, in-journey | Rolling out |
| Media network | The Media Connector | OOH ad sales | Ramping |
Life Pharmacy manages operations and costs; GymNation receives a 12% revenue share. Channels are deliberately partner-light to protect margin and member experience.
Product
GymNation v.2026: open-flow, retail-focused spaces that remove friction and unlock high-value ancillary revenue.
Reception, reimagined as retail
In 2026 we transform reception areas into open-flow, retail-focused spaces. Modular retail, nutrition and hydration enhance service and unlock a new ancillary revenue stream.
Product & TechNovember 2025A nutrition and retail destination
The new retail format brings nutrition, supplements and hydration into a dedicated, high-traffic zone at the front of the club.
Studios are being revamped with a nightclub-grade lighting and energy experience, and all new sites move to track lighting that is better for members during training.
Technology
A connected platform: integrations complete, with a data and app roadmap driving value.
The technology stack
Bloomreach integration complete, unifying customer data across the estate.
Fisikal integration complete for classes and scheduling.
Nayax and Surepay integration complete for live vending sales reports.
New app screens in design and rollout across booking, referrals and training.
Single source of truth for membership, yield and churn analytics.
Next phase: data-driven offers and retention journeys.
A redesigned member experience
The new app brings booking, referrals, training plans and personalised offers into one place, built bilingually for the region.
Earning attention, not buying it
GymNation marketing is built to earn attention, not buy it. In 2025 a run of disruptive, reactive campaigns turned local stunts into global coverage.
From roasting London on its own buses to pranking the World's Strongest Men, each idea was engineered to travel, generating hundreds of earned media pieces at a fraction of paid cost.
Owning functional fitness in the UAE
GymNation became the home of Hyrox-style functional fitness in the region, with year-round programming that built community and drove acquisition. The campaign film travelled across social and earned media.
Creative, disruptive, reactive
Newsjacking and stunt-led activations that keep the brand culturally present across the region.
Partnership activations and PR drops building toward the January membership peak.
A mix of in-house and leading creative agencies, scaling the disruptive playbook across all markets.
International Expansion
Disciplined GCC growth alongside a high-growth, emerging opportunity across South East Asia.
Building scale in the Kingdom
Target metros and projected run-rate.
Placeholder figures for template review.
A focused entry in Bahrain
Single-metro market with high density potential.
Placeholder figures for template review.
Doha as the Qatar beachhead
Concentrated, high-spend metropolitan market.
Placeholder figures for template review.
The Southeast Asia playing field
Indicative addressable membership by market (millions).
Indicative addressable membership (millions). Placeholder estimates for template review.
Why the region, and why now
Large, high-growth, emerging economies with a young, increasingly health-conscious population.
Operationally unsophisticated incumbents, from sales to marketing, leaving a clear gap.
Attractive unit economics relative to fit-out and rent, with strong membership demand.
A natural next chapter that extends the GymNation model into a new high-growth region.
Manageable currency exposure within a disciplined capital-allocation framework.
ExpansionNovember 2025An unsophisticated market, ripe for disruption
We viewed 34 sites in Kuala Lumpur and 12 in Bangkok across former gyms, office blocks and shopping malls.
Both markets are operationally unsophisticated, from sales to marketing, still relying on old methods of selling on paper and manual lead capture. That is precisely the gap GymNation is built to exploit.
Thailand: a tourism-led opportunity
Bangkok anchor plus resort-city expansion.
Placeholder figures for template review.
Malaysia: twin-metro strategy
Kuala Lumpur and Penang lead the entry.
Placeholder figures for template review.
China: tier-one metro entry
Four megacities anchor the China opportunity.
Placeholder figures for template review.