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RESULTS PRESENTATION 2Q26 GRUPO smart fit smart 7530 fit BIO N Tp Q 20 I
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DISCLAIMER This presentation contains forward-looking statements and information related to the Company that reflect the current views and/or expectations of the Company and its Management regarding its performance, business, and future events. Forward-looking statements include, without limitation, any statements containing forecasts, estimates and projections regarding future results, performance, or objectives, as well as terms such as “we believe”, “we anticipate”, “we expect”, “we estimate”, “we project”, and other expressions of similar meaning. Such forward-looking statements are subject to risks, uncertainties and future events. We caution investors that several factors may cause actual results to diǙer materially from the plans, objectives, expectations, projections, and intentions expressed in this presentation. Under no circumstances shall the Company, its subsidiaries, Board members, oǜcers, agents, or employees be liable to any third party (including investors) for any investment decision made based on the information and statements contained in this presentation, or for any resulting, consequential, or specific damages. Information regarding competitive positioning, including market projections referred to throughout this presentation, as well as information regarding the potential of the markets in which the Company operates, was obtained through internal research, market research, publicly available information, and business publications. This presentation and its contents are proprietary information of the Company and may not be reproduced or circulated, in whole or in part, without the Company’s prior written consent.
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2Q26 HIGHLIGHTS SOLID 19% GROWTH IN THE CLUB NETWORK VS. 2Q25, WITH 352 CLUBS ADDED IN THE LTM, TOTALING 2,170 CLUBS ACROSS 16 COUNTRIES NET REVENUE OF R$ 2.2 BILLION IN 2Q26, STRONG GROWTH OF 22% VS. 2Q25 AND 4% VS. 1Q26 CASH GROSS PROFIT1 OF R$ 1.1 BILLION IN 2Q26, UP BY 24% OVER 2Q25, WITH A RECORD CASH GROSS MARGIN OF 51.9%, AN EXPANSION OF 1.1 p.p. VS. 2Q25 RECORD EBITDA1 OF R$ 712 MILLION IN 2Q26, A SOLID GROWTH OF 24% VS. 2Q25, WITH A MARGIN OF 32.7%, AN EXPANSION OF 0.5 p.p. VS. 2Q25 RECURRING NET INCOME2 OF R$ 204 MILLION IN 2Q26, UP BY 8% OVER 2Q25, WITH A RECURRING NET MARGIN OF 9.4% (1) Excludes the effects of IFRS 16/CPC 06 (R2); (2) “Recurring Net Income” excludes non-recurring acquisition-related impacts, primarily the remeasurement of the Company’s equityinterests in the FitMaster, Panama/Costa Rica, and Velocity operations, as well as other acquisitions, in addition to non-recurring financial expenses of R$21.1 million in 2Q26, net ofincome tax and social contribution, related to the prepayment of the 7th debenture issuance (1st series) and the 9th debenture issuance, as well as other liability management initiatives. STRONG OPERATING CASH GENERATION OF R$ 2.4 BILLION IN LTM 2Q26, REPRESENTING A HIGH EBITDA CONVERSION OF 92%
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R$8.1 BILLION IN NET REVENUE (CAGR: +29%) R$2.6 BILLION IN EBITDA (32% CAGR), WITH A 32.1% MARGIN (VS. 27.8% IN 2019) R$2.4 BILLION OVER THE LTM, WITH A 92% EBITDA-TO-OPERATING CASH CONVERSION STRONG REVENUE GROWTH WITH ENHANCED PROFITABILITY STRONG OPERATING CASH GENERATION Consolidated leadership in the HVLP¹ segment across the main Latin American markets, supported by the continuous evolution of products and the development of new business verticals 5 YEARS SINCE THE IPO: HIGH GROWTH, PROFITABILITY AND DIVERSIFICATION (1) HVLP = High-Value & Low-Price; (2) Rating assigned by Fitch Ratings; (3) Includes only Smart Fit branded clubs Financial Evolution: 2019 vs. LTM 2Q26 OTHER HIGHLIGHTS SINCE THE IPO SMFT3 included in +70 benchmark Indices, including 9 FTSE and 12 B3 Indices ~R$1.3 billion distributed to shareholders through Interest on Equity (IoE) since 2023 Company Rating2 upgraded to AA+(bra) 4 RESULTS DIVERSIFICATION CASH GROSS PROFIT (% | R$ M) BY SEGMENT: 49% 34% 27% 21% 24% 44% 2019 2Q26 LTMBrazilMexicoOther Countries CASH GROSS PROFIT (% | R$ M) BY REGION3: 3,410 820 CAGR 2019 – 2Q26 LTM +45% +24% +21% +30% CAGR 90% 85% 10% 15% 20192Q26 LTM +41% +29% 951 CAGR 2019 – 2Q26 LTM +30% CAGR4,098
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Revenue diversification and operational integration, expanding the Group’s addressable market 5 YEARS SINCE THE IPO: ECOSYSTEM STRENGTH AND BRAND SYNERGIES BUs operate complementarily across diǙerent segments of the fitness market Strong brands that enhance the customer journey and expand the Company’s TAM 5 INTEGRATED PLATFORM 2,170 CLUBS 1,746 OWNED CLUBS 311 rooms THE GROUP: +47,000 PARTNER FITNESS FACILITIES3 THE PARTNER NETWORK: THE ECOSYSTEM: 311 ROOMS 192 STUDIOS 8 MILLION CLIENTS1 Operational excellence drives ecosystem evolution and long-term value creation Integration across businesses strengthens the Group’s and each BU’s value proposition STUDIOS 2,126 clubs vs. 950 in 2Q21 44 clubs2 vs. 31 in 2Q21 / AGGREGATORS +47,000 partners Brazil and Mexico (1) “Clients” includes club members and the TotalPass user base (B2C clients). Digital customers are excluded; (2) Includes 2 Nation clubs in 2Q26 and included 3 O2 clubs in 2Q21; (3) Including proprietary brands.
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Líder em downloads por 6 meses consecutivos 67% 77% 75% 33% 23% 25% 2Q25 1Q26 2Q2644% 56% 53% 56% 44% 47% 2Q25 1Q26 2Q2627% 34% 35% 73% 66% 65% 2Q25 1Q26 2Q26 TOTALPASS IN NUMBERS IN BRAZIL¹ MARKET SHARE OF USERS Sensor Tower: Monthly Active Users (EoP) SHARE OF DOWNLOADS Sensor Tower: Downloads on major app stores (EoP) Leader in downloads for 6 consecutive months TOTALPASS IN NUMBERS IN MEXICO¹ MARKET SHARE OF USERS Sensor Tower: Monthly Active Users (EoP) SHARE OF DOWNLOADS Sensor Tower: Downloads on major app stores (EoP) TotalPass Other (1) Source: Sensor Tower. The Active Users data are estimates generated using sampling and artificial intelligence, based on a proprietary panel of millions of users. Therefore, they do not represent the market in its entirety. Additionally, the data refer to the end of the period; (2) Company proprietary data, based on paying users; (3) "Others" includes royalties received from franchises in Brazil and other countries (except Mexico), as well as revenue from other brands operated by the Company in Brazil, including TotalPass Brazil, Queima Diária, and BeOn (Studios), and FitMaster and TotalPass Mexico in Mexico. Investment in branding Acquisition of new contracts with HR departments Increased perceived value of the benefit among employees GROWTH DRIVERS In the consolidated results, the “Other”³ line reached 11% of net revenue and 17% of cash gross profit (vs. 9% and 12% in 2Q25, respectively), mainly driven by TotalPass Brazil TOTALPASS WITHIN THE SMART FIT GROUP End users (+7% vs. 1Q26 and +70% vs. 2Q25) B2C MEMBER BASE2 +8 p.p. +8 p.p. +9 p.p. STRONG TOTALPASS PERFORMANCE IN 2Q26 Significant market share gains in Brazil and continued leadership in Mexico, with more than 2.2 million end users 2.2M 79% 81% 79% 21% 19% 21% 2Q25 1Q26 2Q26
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BREAKDOWN OF THE CLUB NETWORK BY REGION EVOLUTION OF SMART FIT-OWNED CLUBS BY AGING2 +352 LTM +57 in 2Q26 +19% +3% EVOLUTION OF THE NUMBER OF CLUBS¹ EXPANSION OF THE CLUB NETWORK (1) Considers all Company clubs (excluding Studios); (2) A club is considered mature when it has been operating for at least 24 months at the start of the calendar year. 7 Addition of 57 clubs in 2Q26, totaling 2,170 in 16 countries 33% 38% 47% 48% 47% 30% 25% 21% 24% 22% 37% 36% 32% 28% 30% 4Q234Q244Q252Q262Q26 Current Footprint Net additions LTM 588 650 788 954 1,127 268 321 402 476 581 856 971 1,190 1,430 1,708 69% 67% 66% 67% 66% 2Q22 2Q23 2Q24 2Q25 2Q26MatureNon mature% Mature856 1,000 1,025 403 471 488 559 642 657 1,818 2,113 2,170 2Q25 1Q26 2Q26BrazilMexicoOther Countries
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(# ‘000 at the end of the period) Other Countries Brazil Mexico +8% MEMBER BASE IN CLUBS1 (Annualized | R$ million) AVERAGE NET REVENUE PER SMART FIT-OWNED CLUB Annualized average net revenue per owned club remained flat vs. 2Q25 and 1Q26 CONTINUOUS GROWTH IN MEMBERS AND REVENUE In 2Q26, the member base in clubs surpassed 5.6 million (+8% vs. 2Q25) (1) The member base in clubs does not include aggregator members (TotalPass and FitMaster). 8 2,282 2,250 2,216 2,346 2,248 1,110 1,116 1,079 1,189 1,255 1,760 1,862 1,915 2,047 2,080 5,151 5,228 5,210 5,582 5,582 2Q253Q254Q251Q262Q26 4.5 4.5 4.3 4.4 4.5 2Q253Q254Q251Q262Q26
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CHANGES IN NET REVENUE (R$ million) EVOLUTION OF NET REVENUE (R$ million) +22% +4% Net revenue totaled R$ 2,177 million in 2Q26, a solid 22% increase vs. 2Q25, reflecting the 19% increase in revenue from Smart Fit-owned clubs and the robust 47% growth in the “Others” line vs. 2Q25 The average ticket from Smart Fit-owned clubs increased by 10% over 2Q25, with growth across all operating regions In the last 12 months, net revenue reached a record R$ 8,052 million NET REVENUE 9 1,791 1,824 1,948 2,102 2,177 2Q25 3Q25 4Q25 1Q26 2Q26 1,791 2,177 2Q252Q26
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CHANGES IN CASH GROSS PROFIT1 (R$ million) +4% +0.1p.p. % of Net Revenue EVOLUTION OF CASH GROSS PROFIT (R$ million) CASH GROSS PROFIT 10 Cash gross profit totaled R$ 1,131 million in 2Q26, up by 24% over 2Q25, reflecting the strong performance of the “Others” line, in addition to the consistent maturation of clubs opened over the past years and the maintenance of the margin levels in mature clubs at solid levels Cash gross margin reached a record 51.9% in 2Q26 (+1.1 p.p. vs. 2Q25), supported by operational resilience and the solid performance of clubs in the ramp-up process, as well as the performance of the “Others” line (1) Excludes the effects of IFRS 16/CPC06 (R2); +24% +1.1p.p. 911 906 972 1,089 1,131 50.9% 49.6% 49.9% 51.8% 51.9% 2Q253Q254Q251Q262Q26911 1,131 50.9% 51.9% 2Q25 2Q26
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86% 80% 2% 3% 12% 17% 2Q25 2Q26Smart Fit(Owned)Bio Ritmo andOthers (Owned))Others CASH GROSS PROFIT BEFORE PRE-OPERATING COSTS By Segment (%) and variation vs. 2Q25 (p.p.) In 2Q26, the Company’s gross margin before pre-operating costs expanded by 1.0 p.p. vs. 2Q25, reaching 52.8% The “Others” segment maintained a margin level higher than the Company’s other segments, ending the period at 84.7% an expansion of 15.1p.p. compared to 2Q25, primarily driven by the higher contribution of TotalPass Brazil. Positive impact on gross margin due to the increased share of the “Others” segment, which accounted for 17% of cash gross profit before pre-operating costs in 2Q26 (vs. 12% in 2Q25) BREAKDOWN OF THE CASH GROSS MARGIN BEFORE PRE-OPERATING COSTS By segment | 2Q26 vs. 2Q25 (%) Increase of 1.0p.p. vs. 2Q25 +1.0p.p. CASH GROSS MARGIN BEFORE PRE-OPERATING COSTS Note: Pre-operating costs refer to those related to new club openings; “Bio Ritmo and others” includes operations under the Bio Ritmo and Nation CT brands. "Others" includes royalties received from franchises in Brazil and other countries (except Mexico), as well as revenue from other brands operated by the Company in Brazil, including TotalPass, Queima Diária, and Studios and, in Mexico, TotalPass and FitMaster. 11 +5.2p.p. +0.4p.p. (5.6)p.p. 51.8% 50.3% 44.0% 69.6% 52.8% 49.0% 48.6% 84.7% Cash Gross Profit Ex. Pre-Op. CostsSmart Fit (Owned) Bio Ritmo and Others(Owned)Others2Q252Q26
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Newer Vintage Units Older Vintage Units (1) A club is considered mature when it has been operating for at least 24 months at the start of the calendar year. Considering only Smart Fit-owned clubs; SOLID GROSS MARGIN OF MATURE CLUBS For the thirteenth consecutive quarter, mature club margin¹ remained at a solid 51%, while the maturation of clubs opened in recent years remained consistent with historical levels GROSS MARGIN BY VINTAGE UNIT1 12 Annualized cash gross profit per club of R$ 2.4 million Annualized cash gross profit per club of R$ 2.5 million 52% 52% 52% 52% 51% Mature 51% 54% 55% 56% 55% Vintage 20242Q253Q254Q251Q262Q2637% 48% Vintage 2025
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178 185 202 222 233 138 127 133 172 161 7 9 22 16 10 323 322 357 410 405 18.0% 17.6% 18.3% 19.5% 18.6% 2Q25 3Q25 4Q25 1Q26 2Q26178 233 138 161 7 10 323 405 18.0% 18.6% 0100200300400500600 2Q25 2Q26 Selling, general, and administrative expenses totaled R$ 405 million in 2Q26, +25% vs. 2Q25, accounting for 18.6% of net revenue, +0.5p.p. over the previous year General and administrative (G&A) expenses totaled R$ 233 million in 2Q26, +31% vs. 2Q25, accounting for 10.7% of net revenue (+0.8 p.p. vs. 2Q25), reflecting higher investments in structuring new businesses. Excluding the impact of TP Mexico consolidation, as of 1Q26, G&A grew by 25% over 2Q25, accounting for 10.3% of net revenue Selling expenses totaled R$ 161 million in 2Q26, +17% vs. 2Q25, accounting for 7.4% of net revenue (-0.3 p.p. vs. 2Q25) CHANGES IN EXPENSES (R$ million) EVOLUTION IN EXPENSES (R$ million) Selling G&A Pre-operational % of Net Revenue EXPENSES 13 +25% (0.9)p.p. (1)% +0.5p.p. (1) Excludes the effects of IFRS 16/CPC06 (R2);
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576 586 610 672 712 32.1% 32.1% 31.3% 32.0% 32.7% 2Q253Q254Q251Q262Q26% of Net Revenue (1): “Adjusted EBITDA” excludes the non-recurring impact due to the non-recurring profit of R$ 10.7 million recognized in 4Q25 related to the remeasurement of the stake held in FitMaster. EBITDA totaled R$ 712 million in 2Q26, the highest level ever recorded for a quarter, posting a significant 24% increase vs. 2Q25, with a margin of 32.7% (+0.5p.p. vs. 2Q25) Over the last 12 months, Adj. EBITDA1 totaled R$ 2,580 million, with a margin of 32.0% EBITDA before pre-operating expenses totaled R$ 740 million in 2Q26, up by 23% over 2Q25, with a margin of 34.0% (+0.5 p.p. vs. 2Q25) VARIATION OF EBITDA (R$ million) EVOLUTION IN EBITDA (R$ million) EBITDA 14 +24% +0.5p.p. +0.7p.p. +6% 576 712 32.1% 32.7% 2Q252Q26
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189 177 235 207 204 10.6% 9.7% 12.0% 9.8% 9.4% 2Q253Q254Q251Q262Q26 For a better analysis of our operational performance, all indicators exclude the effects of IFRS 16 related to commercial leases for clubs and offices. “Recurring Net Income (Loss)” excludes non-recurring acquisition-related impacts, primarily the remeasurement of the Company’s equity interests in the FitMaster, Panama/Costa Rica, and Velocity operations, as well as other acquisitions, in addition to non-recurring financial expenses of R$21.1 million in 2Q26, net of income tax and social contribution, related to the prepayment of the 7th debenture issuance (1st series) and the 9th debenture issuance, as well as other liability management initiatives. Recurring Net Margin (0.5)p.p. (2)% (1.2)p.p. +8% Recurring net income increased by 8% over 2Q25, totaling R$204 million, resulting in a 9.4% margin (-1.2 p.p. vs. 2Q25), reflecting solid EBITDA growth during the period, partially offset by higher financial expenses and a higher effective income tax and social contribution rate. Over the last 12 months, recurring net income totaled R$822 million, with a recurring net margin of 10.2%. CHANGES IN RECURRING NET INCOME (R$ million) EVOLUTION IN RECURRING NET INCOME (R$ million) RECURRING NET INCOME 15 189 204 10.6% 9.4% 2Q25 2Q26
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4,197 4,614 712 33 96 119 633 313 1Q26 Adj.NetDebt EBITDA Non-CashItemsIncome Taxand SocialContributionpaid WorkingCapitalVariation InvestmentActivities OtherActivities 2Q26 Adj.NetDebt (1) “Adjusted Net Debt” is calculated based on the definition set forth in the Company’s debenture indentures. For further details, see the debenture indentures; (2) Includes mainly asset write-offs, deferred revenue, and provisions; (3) Includes sales and service taxes; (4) Starting in 1Q25, the Company began using working capital variations according to the Cash Flow Statement in the financial statements; (5) Excludes investments related to right-of-use assignments associated with the acquisition of commercial locations. +37% CAPEX5 (R$ million) Net debt increased by R$ 417 million during the quarter Operating cash generation totaled R$ 529 million, with investments of R$ 633 million, of which R$ 463 million were related to expansion Capex Other activities added R$ 313 million to adjusted net debt Capex totaled R$625 million, up by 37% over 2Q25; Expansion Capex increased by 30% over 2Q25, driven by: (i) club openings in 1H26; (ii) clubs under construction; and (iii) changes in the brand mix; Maintenance Capex totaled R$152 million, up by 73% over 2Q25, reflecting the strategy of preserving a high-standard offering, the increase in the number of mature clubs, as well as the club enlargement process. 16 CHANGES IN ADJUSTED NET DEBT¹ (R$ million) 2 3 4 OCG ofR$ 529 M, with a74% EBITDA-to-cash conversion rateOCG totaled R$2.4 billion in the LTM, with a strong conversion of 92% CHANGES IN ADJUSTED NET DEBT AND CAPEX Solid EBITDA-to-operating cash conversion alongside accelerated investments 356 463 88 152 13 10 457 625 2Q252Q26Innovation and Corp. Maintenance Expansion
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44% 25% 31% Net Debt1 Financial Leverage - Covenant2 Financial Leverage3 LEVERAGE AT HEALTHY LEVELS Diversified capital structure across the geographies where we operate, with eǜcient and agile management ADJUSTED NET DEBT1 AND FINANCIAL LEVERAGE2,3 (R$ million) GROSS DEBT AMORTIZATION SCHEDULE4 (R$ million) NET DEBT BY REGION (%) Combination of operational cash generation and local funding 17 Brazil Other Countries Mexico (1) “Net Debt” follows the definition established in the Company’s debentures. For more details, see the indenture; (2) The “Financial Leverage – Covenant” indicator considers the “Adjusted Net Debt” indicator divided by “LTM EBITDA”, using the definitions of net debt and EBITDA established in the Company’s debentures; (3) The “Financial Leverage” indicator considers the “Adjusted Net Debt” metric, based on the definition established in the Company’s debentures, and the “LTM EBITDA” metric, excluding the effects of IFRS 16 related to lease liabilities associated with the rental of clubs and offices; (4) “Gross Debt” includes loans, financing, and operating leases (excluding real estate leases) with financial institutions, both short- and long-term, outstanding as of the end of June 2026. 3,294 3,398 4,098 4,197 4,614 1.63x 1.57x 1.78x 1.71x 1.78x 1.08x 1.04x 1.19x 1.14x 1.20x 2Q25 3Q25 4Q25 1Q26 2Q26 2,627 632 839 1,147 1,640 1,581 829 250 167 67 67 Cash2026202720282029203020312032203320342035
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