Slides
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 EARNINGS PRESENTATION 3Q25
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 DISCLAIMER 2 This presentation contains forward-looking statements related to the Company that reflect the current view and/or estimates of the Company and its Management regarding its future performance, businesses and events. Forward- looking statements include, but are not limited to, any statement that contains forecasts, estimates and projections about future results, performance or objectives, as well as terms such as "we believe", "we anticipate", "we expect", "we estimate", "we forecast" and other similar expressions. These forward-looking statements are subject to risks, uncertainties and future events. We caution investors that diverse factors may cause actual results to differ significantly from these plans, objectives, expectations, projections and intentions expressed in this presentation. Under no circumstances will the Company, its subsidiaries, directors, executive officers, agents or employees be liable to third parties (including investors) for any investment decision taken based on information and statements in this presentation, or for any damage caused by such decision, related to or specifically based on such information or statements. Information about competitive position, including market forecasts throughout this presentation, and information on the market potential in which the Company operates, was obtained through internal research, market surveys, information available in public domain and business publications. This presentation and its contents are the property of the Company and cannot be partially or totally reproduced or circulated without prior written consent from the Company.
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 3Q25 HIGHLIGHTS SOLID GROWTH OF 17% IN THE CLUB NETWORK, TOTALING 1,867 UNITS IN 16 COUNTRIES IN 3Q25. WE REMAIN CONFIDENT ABOUT THE GUIDANCE¹ OF 340-360 NEW CLUB OPENINGS IN 2025 NET REVENUE WITH STRONG GROWTH OF 28% VS. 3Q24, REACHING R$1.8 BILLION IN 3Q25 CASH GROSS MARGIN BEFORE PRE-OPERATING COSTS2 OF 50.8% IN 3Q25, +0.3p.p. VS. IN 3Q24, COMBINING STABLE MARGIN OF MATURE CLUBS³ AND CONSISTENT RAMP-UP OF NEW VINTAGES RECORD EBITDA4 OF R$586 M IN 3Q25 (+33% VS. 3Q24), WITH +1.0p.p. IN MARGIN VS. 3Q24 AND ROBUST OPERATING CASH GENERATION OF R$605 M, A HIGH CONVERSION RATE OF 103% RECURRING5 NET INCOME OF R$177 M IN 3Q25, ROBUST GROWTH OF 43% VS. 3Q24, WITH A RECURRING NET MARGIN OF 9.7%, +1.0p.p. VS. 3Q24 (1) According to the guidance disclosed to the market through a Material Fact in March 2025; (2) Excludes the effects of IFRS 16/CPC06 (R2), and also excludes pre-operational costs related to the opening of new units; (3) A unit is considered mature when it has been operating for at least 24 months at the start of the calendar year; (4) Excludes the effects of IFRS 16/CPC06; (5) Excludes the effects from the revaluation of the Company’s stake in Panama and Costa Rica operations and goodwill from other acquisitions, as well as non-recurring financial expenses related to the liability management agenda. 3
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 (1) According to Material Fact disclosed to the market on March 14, 2025, and assuming a midpoint. 2025 GUIDANCE FOR OPENINGS ON TRACK 4 We remain confident and disciplined in our capital allocation process for new clubs, with a proven track record or execution Colombia | Cartagena de Índias Chile | Melipilla CLUB OPENING PIPELINE Reference date: October 31, 2025 195 74 165 158 215 305 340-360 2019 2020 2021 2022 2023 2024 2025 Guidance RATIONALE OF EXPANSION PACE ACCELARATION Strong know-how in site selection and club operations Consistent performance of mature units and solid ramp-up process of new vintages Broad white space, with increasing demand for fitness services Favorable market conditions, combined with long-standing relationships with strategic real estate partners Covid-19Openings in 2025 & 2026 EXECUTION TRACK RECORD Net additions of clubs 340-360 150 252 Guidance 2025 Clubs added in 2025 Under construction 2024 Guidance: 280-300 42% +15%1
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 (1) Considers the average CAPEX of owned units opened until June/2025, compared to the average of the owned units opened in 2024. 5 MEXICO CAPEX: OPTIMIZATION OF INVESTMENTS EVOLUTION IN THE STRATEGIC EXPANSION PILLAR Higher efficiency in investment per sqm High level of customer satisfaction Reduction of ~20%1 NPS in line with historical levels Higher productivity of expansion capex per sqm, maintaining customer experience Strategy to build a more senior expansion team, leveraging solid experience in Smart Fit’s business model Project review based on efficiency gains achieved in projects in Brazil, with enhanced engineering while maintaining quality and safety 1st unit after project review opened in Cancún on April 25. In 9M25, 18 units were added Enhancing operational efficiency while maintaining customer satisfaction EFFICIENCY IN INVESTMENTS TO MAINTAIN PROFITABILITY AND STRATEGIC RESOURCE ALLOCATION Mexico | Tijuana Mexico | Valle Dorado OPTIMIZED CAPEX WHILE MAINTAINING CLUB STANDARDS Mexico | Saltillo Mexico | Cancún CARDIO AREA FREE WEIGHTS AREA STRENGHT EQUIPMENT AREA Mexico | Cumbres Puebla Mexico | Mazatlán FACADE
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 (1) Considers all the Company's clubs (does not consider Studios); (2) A unit is considered mature when it has been operating for at least 24 months at the start of the calendar year. EXPANSION OF CLUB NETWORK GROWTH IN NUMBER OF CLUBS1 Addition of 276 clubs in the last 12 months, including entry into a new country, totaling 1,867 in 3Q25 Other CountriesBrazil Mexico 6 BREAKDOWN OF CLUB NETWORK BY REGION +276 LTM +49 in 3Q25 EVOLUTION OF SMART FIT OWNED CLUB NETWORK BY AGING2 762 856 878 354 403 416 475 559 573 1,591 1,818 1,867 3Q24 2Q25 3Q25 +17% +3% 20% 33% 38% 42% 47% 34% 30% 25% 22% 22% 46% 37% 36% 36% 31% 4Q22 4Q23 4Q24 3Q25 3Q25 Brazil Mexico Other Countries Current FootprintNet additions LTM 452 583 647 788 952 303 302 361 455 519 755 885 1,008 1,243 1,471 60% 66% 64% 63% 65% 3Q21 3Q22 3Q23 3Q24 3Q25 Mature Non mature (%) Mature
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 In 3Q25, the member base in clubs exceeded 5.2 M (+8% vs. 3Q24) MEMBER BASE IN CLUBS1 (#'000 end of period) AVERAGE NET REVENUE PER SMART FIT OWNED CLUB (ANNUALIZED) (R$ million) 7 In 3Q25, the annualized average net revenue per owned club increased by 4% vs. 3Q24, driven by increases in both the average number of members and the average ticket price CONTINUOUS INCREASE IN MEMBER BASE AND REVENUE (1) Member base in clubs does not include TotalPass members Other CountriesBrazil Mexico 2,189 2,190 2,389 2,282 2,250 1,043 1,013 1,114 1,110 1,116 1,593 1,635 1,750 1,760 1,862 4,826 4,839 5,253 5,151 5,228 3Q24 4Q24 1Q25 2Q25 3Q25 +8% 4.3 4.2 4.4 4.5 4.5 3Q24 4Q24 1Q25 2Q25 3Q25 +4% (1%)
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 ➢ Net revenue totaled R$1.8 BN in 3Q25, +28% vs. 3Q24, due to the 12% increase in the average member base in Smart Fit owned clubs, driven by the 19% expansion of the network and the maturation of the units ➢ Moreover, the average ticket price increased by 10% compared to the same period in the previous year, with notable growth in Other Countries and Brazil, primarily driven by effective price adjustments implemented over the past years ➢ In the last 12 months, net revenue reached a record level of R$6.8 BN 8 NET REVENUE EVOLUTION OF NET REVENUE (R$ million) VARIATION IN NET REVENUE (R$ million) 1,422 1,541 1,678 1,791 1,824 3Q24 4Q24 1Q25 2Q25 3Q25 +28% +2% 1,422 1,824 3Q24 3Q25 +28%
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 9 CASH GROSS PROFIT ➢ Cash gross profit reached R$906 M in 3Q25, +28% vs. 3Q24, reflecting the consistent maturation of units inaugurated over the last three years and the sustained margin levels of the mature units in the period ➢ Record cash gross margin of 49.6% in the quarter, in line with 3Q24, reflecting efficient cost management, which offset the increase in expenses related to the opening of new units and the higher costs of gyms in the ramp-up phase ➢ In the last 12 months, cash gross profit totaled R$3.4 BN, resulting in a cash gross margin of 50.3% VARIATION IN CASH GROSS PROFIT 1 (R$ million) EVOLUTION OF CASH GROSS PROFIT (R$ million) Gross Profit % Net Revenue (1) For a better analysis of the performance of our operations, all indicators exclude the effects of IFRS-16, depreciation and amortization. 706 906 49.7% 49.6% 3Q24 3Q25 28% (0.0)p.p. 706 772 851 911 906 49.7% 50.1% 50.7% 50.9% 49.6% 3Q24 4Q24 1Q25 2Q25 3Q25 28% (1.2)p.p. (1%)
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 50.6% 49.5% 46.3% 72.7% 50.8% 50.0% 43.8% 62.7% Cash Gross Margin Before Pre-Operating Costs Smart Fit (Owned) Bio Ritmo and Others (Owned) Others 3Q24 3Q25 Note: Pre-operating costs are those related to the opening of new unit; “Bio Ritmo and others” includes the operations of Bio Ritmo and Nation. Until 2024, this line also included the gym under the O2 brand in Chile, which was converted into a Bio Ritmo unit in 2025; “Others” includes royalties received from franchises in Brazil and international markets (except Mexico), as well as revenue from other brands operated by the Company in Brazil, including TotalPass, Queima Diária and Studios, and in Mexico, Fitmaster. Until 3Q24, the royalties related to franchises in Colombia, which were converted into owned units in 4Q24, were also not included in the “Others” line. 10 CASH GROSS MARGIN BEFORE PRE-OPERATING COSTS CASH GROSS MARGIN BEFORE PRE-OPERATING COSTS BREAKDOWN Per segment | 3Q25 vs. 3Q24 (%) ➢ In 3Q25, SmartFit’s Gross margin before pre-operating costs increased compared to the same period last year, reaching 50.0% (vs. 49.5% in 3Q24) ➢ “Others” remained the segment with the highest margin level within the Company, closing the quarter at 62.7% (vs. 72.7% in 3Q24). It is important to highlight that the segment’s margin was mainly impacted by the consolidation of Fitmaster ➢ There was a positive effect from the mix shift, with the“Others” segment gaining share in Cash Gross Profit before Pre- Operating Costs, reaching 10% of representativeness vs. 7% in 3Q24 CASH GROSS PROFIT BEFORE PRE-OP Per Segment (%) and variation vs. 3Q24 (p.p.) Increase of 0.3p.p. vs. 3Q24 +0.3p.p. (3)p.p. +3p.p. +0p.p. 90% 87% 3% 3% 7% 10% 3Q24 3Q25 Smart Fit (Owned) Bio Ritmo and Others (Owned) Others
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 11 Margin of mature clubs1 was 52%, consistent with the 10 previous quarters, and the maturation of units opened in recent years is in line with historical trends SOLID GROSS MARGIN OF MATURE CLUBS New vintage Older vintage GROSS MARGIN PER VINTAGE1 (1) A unit is considered mature when it has been operating for at least 24 months at the start of the calendar year. Considering only owned Smart Fit clubs Annualized cash gross profit per unit of R$2.2 M Annualized cash gross profit per unit of R$2.4 M 47% 51% 53% 54% 53% Vintage 2023 3Q24 4Q24 1Q25 2Q25 3Q25 52% 52% 53% 52% 52% Mature 42% 51% 54% Vintage 2024
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 SellingG&A Pre-operating % Net Revenue 12 EXPENSES VARIATION IN EXPENSES (R$ million) EVOLUTION OF EXPENSES (R$ million) ➢ Selling, general and administrative expenses totaled R$322 M in 3Q25, +24% vs. 3Q24, representing 17.6% of net revenue, a dilution of 0.6p.p. vs. 3Q24 ➢ Selling expenses totaled R$127 M in 3Q25, +21% vs. 3Q24, representing 7.0% of net revenue (-0.4p.p. vs. 3Q24), a reflection of the concentration in 1H25 of brand-building investments planned for the year ➢ Compared to 2Q25, selling, general, and administrative expenses presented a dilution of 0.4p.p. as a percentage of net revenue, remaining at the same nominal level 144 155 174 178 185 105 115 142 138 12710 12 7 7 9 259 281 324 323 322 18.2% 18.3% 19.3% 18.0% 17.6% 3Q24 4Q24 1Q25 2Q25 3Q25 (0.4)p.p. (0%) +24% +24% 144 185 105 12710 9 259 322 18.2% 17.6% 3Q24 3Q25 (0.6)p.p.
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 442 487 520 576 586 31.1% 31.6% 31.0% 32.1% 32.1% 3Q24 4Q24 1Q25 2Q25 3Q25 +33% +0.0p.p. +2% ➢ EBITDA totaled R$586 M in 3Q25, the highest level ever recorded for a quarter, registering a significant growth of +33% vs. 3Q24 and +2% vs. 2Q25, with a margin of 32.1%, +1.0p.p. vs. 3Q24 and flat vs. 2Q25 ➢ Over the last 12 months, EBITDA totaled R$2.2 BN, resulting in a margin of 31.7% ➢ EBITDA before pre-operating expenses totaled R$617 M in 3Q25, a growth of +33% compared to 3Q24, with a margin of 33.8% (+1.2p.p. vs. 3Q24 and +0.4p.p. vs. 2Q25) 13 EBITDA VARIATION IN EBITDA (R$ million) EVOLUTION OF EBITDA (R$ million) EBITDA % Net Revenue 442 586 31.1% 32.1% 3Q24 3Q25 +1.0p.p. +33%
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 Note: For a better analysis of our operational performance, all indicators exclude the effects of IFRS 16 related to commercial leases regarding the rents of clubs and offices; “Recurring net income (loss)” excludes the impacts related to non-recurring acquisition effects, notably the revaluation of the Company’s stake in the Panama and Costa Rica operations, from Velocity and FitMaster; and non-recurring financial expenses related to the liability management agenda, including R$ 1.8 million after income tax and social contribution related to the partial prepayment of the 8th debenture issuance in 3Q25, and R$ 5.3 million in 3Q24 related to the prepayment of the 5th issue and other bilateral debts in Colombia. 14 RECURRING NET INCOME ➢ Recurring Net Income posted a strong growth of 43% vs. 3Q24, totaling R$177 M in the quarter, reflecting higher EBITDA and a lower tax rate, which offset the increase in depreciation and amortization and in financial expenses ➢ Compared to 2Q25, recurring net income decreased by 7%, due to the positive impact in the previous quarter from recognizing financial income arising from the update of the recoverable credits balance ➢ Over the last 12 months, recurring net income reached R$704 M, with a recurring net margin of 10.3% VARIATION IN RECURRING NET INCOME (R$ million) EVOLUTION OF RECURRING NET INCOME (R$ million) Recurring Net Income Recurring Net Margin 124 197 141 189 177 8.7% 12.8% 8.4% 10.6% 9.7% 3Q24 4Q24 1Q25 2Q25 3Q25 +43% (7%) (0.9)p.p. 124 177 8.7% 9.7% 3Q24 3Q25 +43% +1.0p.p.
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 High conversion of EBITDA into operating cash with accelerated investments in expansion 15 VARIATION IN ADJUSTED NET DEBT AND CAPEX (1) "Adjusted Net Debt" uses the definition of the Company's debentures. For more information, see the indenture; (2) Includes mainly equity income, asset write-offs, deferred revenue and provisions; (3) Includes taxes on sales and services; (4) As of 1Q25, the Company began using changes in working capital as presented in the Statement of Cash Flows of the financial statements; (5) Does not include investments related to right-of-use assignments for the acquisition of commercial spaces. As of 1Q25, capex amounts exclude capitalized financial costs, which totaled R$8.0 million in the quarter Innovation and Corp.MaintenanceExpansion VARIATION IN ADJUSTED NET DEBT1 (R$ million) ➢ Increase in net debt of R$104 M in the quarter ➢ Operating cash flow of R$605 M in the quarter, a higher level compared to the investment of R$562 M, of which R$513 M were related to the Capex ➢ Other activities added R$147 M to adjusted net debt CAPEX5 (R$ million) ➢ Capex of R$513 M (+13% vs. 3Q24) ➢ Expansion capex grew 10% vs. 3Q24, reflecting investments in club openings and units under construction ➢ Maintenance capex of R$72 M in 3Q25. Over the last 12 months, maintenance capex of Smart Fit clubs totaled R$306 M (7.1% of the net revenue of mature units) 2 3 4 389 426 53 7211 15 454 513 3Q24 3Q25 +13% OCF of R$605 M, with 103% EBITDA converted to cash 3,294 3,398 586 11 4 13 562 147 Adjusted Net Debt 2Q25 EBITDA Items of result with no impact in cash IR/CSLL paid Working capital Investment activities Other activities Adjusted Net Debt 3Q25
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 33% 27% 40% LEVERAGE AT HEALTHY LEVELS Diversified capital structure across its regions of operation, supported by efficient and agile management 16 ADJUSTED NET DEBT1 AND FINANCIAL LEVERAGE2,3 (R$ Million) GROSS DEBT AMORTIZATION SCHEDULE4 (R$ Million) A combination of operating cash flow generation and local fundraising to support growth NET DEBT BY REGION (%) Net Debt1 Financial Leverage – Covenant2 Financial Leverage3 Brazil Other Countries Mexico (1) "Net Debt" uses the definition of the Company's debentures. For more information, see the indenture (Portuguese only); (2) The “Financial Leverage - Covenant” indicator is the “Adjusted Net Debt” divided by “EBITDA LTM” using the definition of net debt and EBITDA of the company’s debentures; (3) The "Financial Leverage" indicator considers the "Adjusted Net Debt" indicator, using the definition of the company's debentures, and the "EBITDA LTM" indicator, excluding the effects of IFRS-16 regarding commercial leases related to the rent of clubs and offices; (4) “Gross debt” considers short- and long-term loans, financing, and operating leases (excluding property leases) with financial institutions at the end of 3Q25. 2,326 3,104 3,115 3,294 3,398 1.45x 1.76x 1.65x 1.63x 1.57x 0.94x 1.16x 1.09x 1.08x 1.04x 3Q24 4Q24 1Q25 2Q25 3Q25 2,958 360 724 942 1,519 1,621 850 300 Cash 2025 2026 2027 2028 2029 2030 2031
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R: 197 G: 137 B: 5 R: 255 G: 192 B: 0 R: 253 G: 224 B: 161 R: 99 G: 99 B: 99 R: 166 G: 166 B: 166 R: 234 G: 234 B: 234 R: 252 G: 180 B: 20 17 Q&A Instructions: • To ask questions, click on the Q&A icon at the bottom of the screen. • A request will appear on the screen to activate your microphone. Activate your microphone to ask questions. • Please ask your questions all at once.