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HALF YEAR RESULTS 9 September 2026
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2 Overview Will Orr Financial Results Luke Tait Next Chapter Growth Plan – Progress Report Will Orr Summary Will Orr
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OVERVIEW 3 Will Orr Chief Executive Officer Half Year Results - 2026
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Strong first half performance 4 Average Members up 5% to 1,002k (H1 2025: 953k) Yield up 5% vs H1 2025 Revenue up 10% vs H1 2025 Like-for-Like1 up 3% vs H1 2025 Group Adj. EBITDA LNR2 up 12% vs H1 2025 Strengthening the Core Driving further progress on mature site performance and ROIC Accelerating Rollout of Quality Sites Expect to open at least 20 sites in 2026; funded from free cash flow Robust & Growing Market UK gym penetration reached new high of c.18% Half Year Results - 20261. Like-for-like includes all sites open as at 31 December 2023 2 Refer to appendix for definitions of non-statutory measures
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5 FINANCIAL RESULTS Luke Tait Chief Financial Officer Half Year Results - 2026
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Financial summary Half Year Results - 2026 6 Average Members 1,002k +5% +49k vs PY (H1 2025: 953k) ARPMM1 £22.14 +5% +£0.98 vs PY (H1 2025: £21.16) Revenue £133.1m +10% +£12.1m vs PY (H1 2025: £121.0m) Group Adjusted EBITDA Less Normalised Rent (LNR)1 £30.8m +12% +£3.4m vs PY (H1 2025: £27.4m) Adjusted Profit before Tax1 £6.4m +31% +£1.5m vs PY (H1 2025: £4.9m) Free Cash Flow1 £27.7m +10% +£2.6m vs PY (H1 2025: £25.1m) Non-Property Net Debt1 £(58.0)m Increased by £6.8m (H1 2025: £(51.2)m) Adj. Leverage1 1.0x In line with PY (H1 2025: 1.0x) 1. Refer to appendix for definitions of non-statutory measures
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Strong EBITDA LNR1 growth of 12% Half Year Results - 2026 7 £m H1 2026 H1 20252 YoY % Revenue 133.1 121.0 12.1 10% Cost of Sales (2.1) (1.8) (0.3) (17%) Gross Profit 131.0 119.2 11.8 10% Site Costs (Excl. Normalised Rent) (63.7) (57.5) (6.2) (11%) Central Costs (Excl. Normalised Rent) (14.3) (13.4) (0.9) (7%) Normalised Rent3 (22.2) (20.9) (1.3) (6%) Group Adjusted EBITDA LNR 30.8 27.4 3.4 12% EBITDA LNR Margin 23.1% 22.6% 0.5 ppts £m 27.4 30.8 12.1 H1 2025 EBITDA LNR Revenue (6.5) Cost of Sales & Site Costs (0.9) Central Costs (1.3) Normalised Rent H1 2026 EBITDA LNR 1. Refer to appendix for definitions of non-statutory measures 2. For the six months ended 30 June 2025, £0.4m of bank transaction fees have been reclassified from Operating expenses to Co st of sales to better reflect the nature of these costs and align with the current period presentation 3. Normalised Rent includes £0.2m (H1 2025: £0.2m) relating to the Central Support Office
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Adjusted PBT1 growth of 31% Half Year Results - 2026 8 £m H1 2026 H1 2025 YoY % Group Adjusted EBITDA LNR 30.8 27.4 3.4 12% Add back Normalised Rent2 22.2 20.9 Depreciation & Amortisation (32.6) (30.5) (2.1) (7%) Net Financing Costs (10.9) (10.4) (0.5) (5%) Share Based Payments (3.1) (2.5) (0.6) (24%) Adjusted Profit Before Tax1 6.4 4.9 1.5 31% Total Non-Underlying Items (1.5) (1.6) 0.1 6% Profit Before Tax 4.9 3.3 1.6 48% Tax charge (0.6) - (0.6) Profit After Tax 4.3 3.3 1.0 30% Adjusted Diluted EPS1,3 2.9p 2.4p 0.5p 21% Statutory Diluted EPS 2.3p 1.8p 0.5p 28% 1. Refer to appendix for definitions of non-statutory measures 2. Normalised Rent includes £0.2m (H1 2025: £0.2m) relating to the Central Support Office 3. Adjusted Diluted EPS for H1 2025 has 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 EPS. Share price growth and strong performance of 2025 scheme Non-capital costs of new member management & payment systems ETR for FY26 expected to be c.18%; no material cash tax expected until 2030
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Average Members 100% ARPMM 103% Revenue 103% Total Estate 0.00 5.00 10.00 15.00 20.00 25.00 H1 2025 H1 2026 Revenue growth of 10% Half Year Results - 2026 9 Average Members ARPMM +5% 1. Like-for-like includes all sites open as at 31 December 2023 Like - for - Like 1 Gyms 0 200 400 600 800 1000 H1 2025 H1 2026 k £ +5%
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Continued effective cost control Half Year Results - 2026 10 • Utilities Reduced commodity prices offset Q4 2025 non-commodity increases Savings from peer-to-peer matching programme & energy efficiency • Staff Costs & Cleaning National Living Wage increases National Insurance increase annualised Q2 • Marketing Additional investment in brand awareness • Utilities Non-commodity price increase annualises Q4 Commodity rates now fixed to October 2028, with further reduction in commodity rates secured • Staff Costs & Cleaning Time management software optimising scheduling H1 - LFL site costs up 3.5% H2 – LFL site cost increase expected to slow Expect FY LFL site costs at lower end of guided range of 3-4%
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Strong free cash flow1 generation Half Year Results - 2026 11 10% increase in free cash flow, funding accelerated rollout £m 30.8 31.1 27.7 1.3 7.4 EBITDA LNR1 Working Capital (7.1) Maintenance Capex Operating Free Cash Flow (1.2) Non-Underlying Items (2.2) Net Interest Free Cash Flow1 (18.5) Expansionary Capex (4.1) EBT Share Purchase and Settlement 2 (3.8) Share Buyback Cash Flow Before Movement in Debt 1. Refer to appendix for definitions of non-statutory measures 2. Includes £0.1m of refinancing fees
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Reinvesting free cash flow1 to drive the business Half Year Results - 2026 12 £m H1 2026 H1 2025 YoY Property 5.9 6.2 (5%) Tech & Data 1.2 1.1 9% Maintenance Capex1 7.1 7.3 (3%) New Sites 12.9 10.0 29% Tech & Data 2.1 1.9 11% Member Management & Payments systems 3.5 0.7 400% Expansionary Capex1 18.5 12.6 47% Total Cash Flow Capex 25.6 19.9 29% Movement in Capex Creditor2 (4.5) (1.1) (309%) Fixed Asset Additions 21.1 18.8 12% Expansionary 4 new openings in H1; on site at a further 11, expect to open at least 20 by year end Member Management & Payments system update well progressed, with all members successfully migrated Maintenance Property maintenance spend 4% of revenue in H1 2026 (H1 2025: 5%); expect full year to track to c.6% 3 major refurbishments in H1; 18 are planned in H2, of which 12 have been completed since June Capital expenditure and additions 1. Refer to appendix for definitions of non-statutory measures 2. H1 2026 includes movement in capex creditors of £4.9m in PPE, £(0.3)m in intangible assets and £(0.1)m of capitalised int erest
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Net debt in line with FY25 year end Half Year Results - 2026 13 £m H1 2026 FY 2025 H1 2025 Bank facility 117.0 102.0 102.0 Bank borrowings (67.0) (62.0) (59.0) Cash & cash equivalents 9.0 3.0 9.3 Bank net debt (58.0) (59.0) (49.7) Non-property lease indebtedness - (0.3) (1.5) Non-Property Net Debt1 (58.0) (59.3) (51.2) Adjusted Leverage1 1.0x 1.0x 1.0x Fixed Charge Cover1 2.2x 2.1x 2.1x 1 Refer to appendix for definitions of non-statutory measures Adjusted Leverage held at 1.0x Agreed June 2026 Total facilities increased to £117m Term Loan £60m and RCF £57m Maturity at June 2028 Facilities Amended
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New sites performing well Half Year Results - 2026 14 Revenue vs mature target1 1Averages include a minimum of five open gyms 0% 20% 40% 60% 80% 100% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 2023 average 2024 average 2025 average Year of Opening Gyms ROIC Performance 2023 6 Tracking to c.25% 2024 12 Tracking to >30% 2025 16 Progressing well with strong initial volume 18Months post-opening0
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Capital allocation policy Half Year Results - 2026 15 Maintenance Capex • Property maintenance spend continuing at c.6% of revenue 1 Leverage • Targeting below 2.0x2 Organic New Site Growth • Accelerated target of c.75 sites over 3 years3 Shareholder Returns • £10m share buyback in progress4
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Full Year Outlook Half Year Results - 2026 16 • Opened 4 new gyms to date; on site at a further 11; and another 5 exchanged • Expect to deliver at least 20 new openings • 15 major refurbishments to date, with 6 further gyms to be completed by year end • Expect full year capital expenditure to be £60-65m, as previously guided • Expect £10m share buyback to be completed by year end Capital Allocation Update • Remain on track to deliver 3% LFL revenue growth for the full year • LFL cost inflation expected to be at lower end of guided range of 3-4% • Expect full year Group Adj. EBITDA LNR at top end of analysts’ forecast range of £60.5m - 62.0m1 Full Year Outlook & Guidance 1. Current Company-compiled analysts’ forecast range
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Half Year Results - 2026 Will Orr Chief Executive Officer NEXT CHAPTER GROWTH PLAN – PROGRESS REPORT 17
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Investment case: sustained growth from free cash flow Half Year Results - 2026 18 Data-driven and tech-enabled Robust and growing market Low cost model taking share Multiple growth drivers Winning proposition and advantaged business model …to reinvest in high quality new site expansion Generating higher free cash flow Multiple growth drivers New customer volume around existing sites Price optimisation and yield enhancement Retention of members for longer Quality new sites in white space
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Demand for gyms continues to grow Half Year Results - 2026 19 HVLC Share of Market (% of Members) 4% Gym Penetration (% of Population) +5.5 pptsTotal Change 2012 - 26 12.1m Gym Members £7.3bn Market Size UK Gym Market 5.1% CAGR 2016-26 2.7% CAGR 2016-26 +25 ppts Source: Leisure DB / Evolve - State of the UK Fitness Industry Report 2026, TGG analysis Note: Adjusted low cost sector based on LDB / Evolve definition, which includes TGG, PureGym, JD and other smaller operators. Consistent set of operators used for all years, apart from 2026 which excludes 24/7 Fitness and Lifestyle Fitness 29% 11.6% 11.0% 11.4% 11.9% 12.5% 0.5% 4.1% 4.5% 4.7% 5.1% 2012 2023 2024 2025 2026 12.1% 15.1% 15.9% 16.6% 17.6% +4.6 ppts High Value Low Cost (HVLC) +0.9 pptsRest of Market New data
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Generational shift in fitness engagement 20 Fitness spend continues to be a leading priorityMost engaged gym generation yet % ever had a gym membership by age group1 % of Gen Z ranking category as 1st or 2nd priority for discretionary spend2 1. UK Active, UK Health & Fitness Market Report 2026: “Are you currently or have you ever been, a member of a gym or leisure facility?” – unweighted average taken across age bands 2. The Gym Group’s Gen Z Fitness Pulse Report 2026. Survey conducted by OnePoll. 2,000 respondents, aged 16-29. Survey question: Thinking about your monthly spending, excluding fixed costs (e.g. rent, mortgage, utility bills) and weekly grocery shopping, please rank the following personal purchases based on how m uch you prioritise them when budgeting your monthly spending Note: 47% of TGG members are Gen Z (H1 2026 average) Half Year Results - 2026 85% 72% 47% 16-34 35-54 55+ Structural tailwind: higher proportion of younger generations have or have had a gym membership 55% 36% 34% 33% 22% 20% Health & Fitness Socialising with Friends Streaming Services Going out to Eat / Drink Fashion & Accessories Travel & Holidays e.g. cinemas +11 ppts Change YoY -1 ppts -6 ppts -3 ppts -2 ppts +1 ppts
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GLP-1s: An emerging tailwind 21Half Year Results - 2026 Temporary Change Permanent Change Higher consumption during GLP-1 treatment, sustained after treatment ends Fitness Grocery - Fresh Apparel Vitamins, Minerals, Supplements Restaurants Grocery – Indulgence / Snacking Beer, Wine and Spirits Decrease Increase During GLP-1 treatment PwC report “What GLP-1 means for consumer markets” (June 2026)1 Consumption changes during and after GLP-1 usage Higher Fitness Spend Consumers spend more on Fitness during and after GLP-1s Structural Opportunity Fitness can anchor the GLP-1 ecosystem Rapidly Growing UK users forecast to increase from c.3m in 2026 to c.7m in 2027 PwC Headlines for Fitness: 1. PwC report “Appetite for disruption: What GLP-1 means for consumer markets” (June 2026). 2,300+ Survey respondents.
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A clear plan: The Next Chapter Half Year Results - 2026 22 Strengthen the Core Drive like-for-like revenue and generate cash Create funds for future growth options Accelerate Rollout of Quality Sites Broaden our Growth
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A clear plan: The Next Chapter Half Year Results - 2026 23 Strengthen the Core Drive like-for-like revenue and generate cash Create funds for future growth options Accelerate Rollout of Quality Sites Broaden our Growth
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Retention Fixed Term Memberships Increased again – now 10% of membership base Payment Success +6% card payment success rate from process improvements Member Tenure Average member tenure up +4% to c. 18.5 months Revenue Management New Member Pricing Continued to sustainably increase headline rates; headroom remains strong Optimising Promotions Improvement in revenue through tailoring offers by rejoin propensity Add-Ons Driving Revenue +26% ARPMM from members buying add-ons We continued to Strengthen the Core in H1 Half Year Results - 2026 24 Acquisition More Memorable Brand +5 ppts increase in unprompted brand awareness Social Media Gains +11% national and +7% local followers Web Conversion +10% increase in web conversion rate All figures H1 2026 vs H1 2025, unless stated otherwise
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£ % +£1 +5% +£15 +55% +£105 +391% Pricing opportunity remains: strong market position Half Year Results - 2026 25 All Locations: Average monthly fee among top gym players, £1 With other players also increasing prices, headroom remains strong 1. Prices based on a single adult monthly peak membership fee, or closest equivalent . Other High Value Low Cost includes: PureGym, JD Gyms. Mid-Market: Energie Fitness, Everyone Active, Snap Fitness, Places Leisure, GLL, Everlast, Anytime Fitness. Premium: Bannatyne, Nuffield Health, Virgin Active, David Lloyd. Prices reflect actuals as of Jun 26 2. Difference between Standard membership rates at gyms with a competitor gym within 1 mile £26.91 £28.13 £41.62 TGG Other HVLC Mid Market Premium £132.02 Price gap to TGG In competing locations average price difference to The Gym Group2 : Jun 2026 +£1.45 +£4.18
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Pricing opportunity remains: good value perception 26 £23.94 £25.10 £26.91 Jun 24 Jun 25 Jun 26 +£1.81 7.9 7.9 7.8 2024 2025 2026 TGG Headline Rate TGG Value for money (0 to 10) Continued opportunity to price ahead of inflation Simon-Kucher Price / Value Map (Latest View Aug 2026) High value for money maintained despite increasing prices Source: Simon-Kucher Pricing Surveys, July-August 2023, 2024, 2025, 2026 Perceived valueLow High High Low Perceived price Position on the chart continues to indicate room for all major low cost brands to increase prices while still delivering great value for money Low cost gym sector Half Year Results - 2026
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Investing in tech to increase profitability and reduce risk 27Half Year Results - 2026 Digital Channels App and website performance enhancements, new A/B testing capabilities and new features Member Management Migration to modern, cloud-native SaaS platforms for member management and payments AI Applying AI to increase speed, productivity and decision-making Infrastructure Modernisation of cloud, data and network infrastructure across the estate Security & Operations Investment into in- house Information Security team, automated security tools and enhanced in-gym monitoring Enhancing revenue and optimising costs Mitigating risk Major recent developments Driving sales conversion and member experience Bringing new commercial capabilities and faster innovation Estimated 30% faster software development Improving speed, resilience and scalability Resulting in better issue detection, resolution & reliability
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A clear plan: The Next Chapter Half Year Results - 2026 28 Strengthen the Core Drive like-for-like revenue and generate cash Create funds for future growth options Accelerate Rollout of Quality Sites Broaden our Growth
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Continuing to elevate our product Half Year Results - 2026 29 Changing Rooms London Hackney Lighting London Hackney Zoning Bradford Welcome Areas Lincoln Tritton Kit Innovation Norwich Sweet Briar Group Exercise Areas Lincoln Tritton
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Continuing to accelerate self-funded rollout 30 New Site Rollout and Targets by Year 2026 2027 2028 20-22 24-28 26-30 c.75 new sites over 3 years with an average 30% ROIC Leeds Crown Point Half Year Results - 2026
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Strong UK headroom for High Value Low Cost gyms Half Year Results - 2026 31 PwC Updated Assessment of UK HVLC Gym Market Number of HVLC gyms 654 756 884 550-750 As at Jan 2019 600-850 As at Jan 2024 600-850 As at Jan 2026 Existing gyms Additional headroom 1,200 – 1,400 1,350 – 1,600 1,500 – 1,750Total potential Potential for 10+ years of further expansion for HVLC gyms Increased headroom (and further potential) driven by: Increased fitness demand in growing population Increasing ability for HVLC to operate in diverse trade areas
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Accelerating refurb programme based on strong returns Half Year Results - 2026 32 10 21 2025 2026 …enabling acceleration in 2026 2026 spend consistent with capital allocation policy Over 10% higher customer satisfaction +10% membership growth On track to deliver 30% ROIC 2025 major refurbs performing well...
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Half Year Results - 2026 33 Elevated design in over 25% of estate by year end Expected new design coverage by Dec 2026: New Sites1 Major Refurbs 41 sites 31 sites Over 25% of estate by end of 2026 1. New sites = 4 in 2024 + 16 in 2025 + 21 in 2026 (mid point of 20-22 target)
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A clear plan: The Next Chapter Half Year Results - 2026 34 Strengthen the Core Drive like-for-like revenue and generate cash Create funds for future growth options Accelerate Rollout of Quality Sites Broaden our Growth
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Progress on incremental growth opportunities Half Year Results - 2026 35 Key quality hurdles: Aligned to core competencies Highly incremental High returns 2 Tests of smaller catchment and larger “destination” gyms going well 1 Wellhub ahead of expectations 3 Exploring partnerships in broader health and fitness ecosystem New Channels New Formats New Products & Services
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SUMMARY Will Orr Chief Executive Officer Half Year Results - 2026 36
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Summary & Outlook 37Half Year Results - 2026 Advantaged business model in a large market with structural growth HY26 Group Adjusted EBITDA LNR growth of +12%, driving further progress in mature site ROIC £10m share buyback ongoing Multiple LFL growth opportunities and significant white space Accelerated self-funded rollout and major refurbs – both achieving 30% ROIC Expecting 2026 Group Adjusted EBITDA LNR at top end of analysts’ forecast range of £ 60.5m - 62.0m1 1. Current Company-compiled analysts’ forecast range 1 2 3 4 5 6
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Q&A
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Half Year Results - 2026 39 APPENDIX
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Macro consumer trends contribute to structural growth Half Year Results - 2026 40 Mental Health Now a leading motivator for our members Growing awareness of benefits; broadens equipment usageFitness IQ Desire to feel and look strongStrength Amplifying interest in fitness; building our communitySocial Media Strong value propositions showing resilience and squeezing mid-marketValue for Money c.3m people seeking to maintain lower weight and avoid muscle lossGLP-1s
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Advantaged business model Half Year Results - 2026 • No contract & flexible membership options drives c.3x volume of members compared with contract gyms • High value, low cost model drives highly competitive headline rates Revenue – Virtuous Circle • Gyms are kit-led • Kit focus reduces gym team size • No pools – water & heating & rent Kit-led Gyms • Digital customer interactions – no sales team/receptionist • Typically, 2 full time employees; 4 fitness trainers c.12 hrs per week • Rental income for personal training hours offsets FT costs Labour Light Model 41 Half Year Results - 2026
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Business KPIs (5 year) Half Year Results - 2026 42 Financial (£m) H1 2026 H1 2025 H1 2024 H1 2023 H1 2022 YoY Revenue 133.1 121.0 112.1 99.8 84.2 +10% Group Adj. EBITDA Less Normalised Rent (LNR) 1 30.8 27.4 22.1 17.2 17.0 +12% Free Cash Flow1, 2 27.7 25.1 23.3 14.2 6.9 +10% Expansionary Capital Expenditure1, 3 (18.5) (12.6) (10.0) (7.6) (15.0) -47% Non-Property Net Debt1 (58.0) (51.2) (54.6) (69.7) (57.6) -13% Operational Gyms in operation 264 247 237 230 212 +7% Members at period end (‘000) 991 949 905 867 790 +4% Average members (‘000) 1,002 953 914 884 810 +5% Average revenue per member per month (ARPMM) (£) 1 22.14 21.16 20.44 18.81 17.36 +5% 1. Refer to page 43 for definitions of non-statutory measures 2. Free Cash Flow for 2024 and earlier has been restated to reallocate a proportion of Technology and Data spend from Expansi onary Capital Expenditure to Maintenance Capital Expenditure to bring it into line with the presentation of Technology and Data spend in 2025 and 2026 3. Expansionary Capital Expenditure for 2024 and earlier has been restated to reallocate a proportion of Technology and Data spend from Expansionary Capital Expenditure to Maintenance Capital Expenditure to bring it into line with the presentation of Technology and Data spend in 2025 and 2026
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Group Adjusted EBITDA Less Normalised Rent (LNR) / EBITDA LNR Operating profit before depreciation, amortisation, share based payments and non-underlying items; less Normalised Rent. Normalised Rent The contractual rent payable, recognised in the period to which it relates. Average Revenue per Member per Month (ARPMM) Average revenue per member per month is calculated as revenue divided by the average number of members divided by the number of months in the period. Non-Property Net Debt Bank and non-property lease debt less cash and cash equivalents. Free Cash Flow Group Adjusted EBITDA LNR and movement in working capital, less maintenance capital expenditure, cash non-underlying items, bank and non- property lease interest and tax. Adjusted Leverage / Leverage Ratio Non-Property Net Debt divided by LTM Group Adjusted EBITDA LNR. Adjusted Profit before Tax (PBT) Profit before tax before non-underlying items. Adjusted Earnings Profit for the period before non-underlying items and the related tax. Adjusted Diluted Earnings Per Share (EPS) Adjusted Earnings divided by the diluted weighted average number of shares. Maintenance capital expenditure Costs of replacement gym equipment and premises refurbishment and technology maintenance spend. Expansionary capital expenditure Costs of fit-out of new gyms (both organic and acquired), technology projects and other strategic projects. It is stated net of contributions from landlords. Fixed Charge Cover LTM Group Adjusted EBITDA divided by LTM Finance costs (excluding interest costs on property leases) less LTM Finance income plus LTM Normalised Rent. Return On Invested Capital ('ROIC') of mature gym sites Mature gym site EBITDA LNR divided by total capital initially invested in the mature sites (after capital contributions from landlords & rent free amounts). Definition of non-statutory measures Half Year Results - 2026 43
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Forward-looking statement disclaimer This presentation and information communicated verbally to you may contain certain projections and other forward-looking statements with respect to the financial condition, results of operations, businesses and prospects of The Gym Group plc. These statements are based on current expectations and involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future. There are several factors which could cause actual results or development s to differ materially from those expressed or implied by these forward-looking statements. Any of the assumptions underlying these forward-looking statements could prove inaccurate or incorrect and therefore any results contemplated in the forward-looking statements may not actually be achieved. Nothing contained in this presentation or communicated verbally should be construed as a profit forecast or profit estimate. Investors or other recipients are cautioned not to place undue reliance on any forward-looking statements contained herein. The Gym Group plc undertakes no obligation to update or revise (publicly or otherwise) any forward -looking statement, whether as a result of new information, future events or other circumstances. Neither this presentation nor any verbal communication shall constitute an invitation or inducement to any person to subscribe for or otherwise acquire securities in The Gym Group plc. Half Year Results - 2026 44