Good afternoon and welcome everyone to our results conference call and webcast. With me today are CEO, René Moos, and our CFO, Maurice de Kleer. This call is being broadcast live on our website, a recording of the call will be available shortly afterwards. As usual, I would like to point out that Safe Harbor applies. We will start with René, who will discuss the highlights and the operational developments during the first half, followed by a more detailed look at the financial results from Maurice. After these prepared remarks, we will open the call for questions, the call will finish no later than 3:00 P.M. With that, René, I hand it over to you. Thank you, Richard, welcome everyone to today's call. We have delivered a strong first half of 2026 with double-digit growth across every headline metric. Our club network grew 35% year-on-year to 2,192 clubs. Our membership base grew with 34% to 6.1 million. Revenue increased by 18% to EUR 800 million. Underlying EBITDA, less rent, increased by 36% to EUR 204 million. Our results fully reflect the strength of our underlying business, the underlying EBITDA, less rent, is even tracking ahead of where we need to be to deliver our full year outlook, which I will come back to later in the call. The club and membership growth rates are elevated by the consolidation of Clever Fit, which we acquired last year. Stripping that out, our organic Basic-Fit branded network is still growing very strongly, as I'll show you on the next slide. Looking specifically at our Basic-Fit branded own clubs, so excluded the Clever Fit acquisition, we ended the first half with 1,696 clubs, up 4% year-on-year. 5.1 million memberships, up 13% year-on-year. The average number of members per Basic-Fit club increased by 229 year-on-year to 2,999. This compares to 2,902 members per club at year-end 2025, so up 97 members on average per club. This confirms that our organic growth engine remains strong while we integrate Clever Fit and are in the process of closing the wellyou acquisition in Germany, which we will discuss shortly. Let's now look in more detail at our club network development. At the end of June 2026, we operated 2,192 clubs, up from 2,151 at the end of 2025. A net increase of 41 clubs in the first half year. Of this growth, owned clubs added 35 net new clubs to reach 1,751, while our franchise network added six net new clubs to reach 441. The majority of our club openings were concentrated in our growth countries. Germany added 19 net clubs, Spain added 11, France added 8 clubs. As part of the sharpening our focus on market leadership in our core countries, we discontinued our franchise operations in Romania and the Czech Republic during the period. With the organic club growth of 35 clubs, we are on track to reach our target of around 50 clubs in 2026. Let's move to the membership development slide. As mentioned, we continue to see strong momentum in our membership growth. As of 30 June 2026, we reached 6.1 million memberships, a 34% year-on-year increase. Growth was recorded in every country in which we operate, with particularly strong performance in France and Spain. Our membership base of Basic-Fit branded clubs increased by 269,000 in the first half of 2026, up from 256,000 in the first half of 2025. This despite of fewer opening this year. On a year-on-year basis, our total membership base increased by 1.5 million. This was driven by the consolidation of the Clever Fit acquisition, together with the 576,000 growth in our Basic-Fit clubs. Let's now turn to our multi-vertical growth strategy. As many of you will recall from our Capital Markets Day, we spoke about Basic-Fit entering a new era. The first era was about rapid expansion and building scale in a stable environment. The second era, spanning the pandemic and recovery that followed, was about resilience. We kept investing through extreme uncertainty. We are now firmly in our third era, an era of quality, capital-efficient growth. In this new era, growth remains essential, but it increasingly needs to translate into stronger returns, cash flow, and capital discipline. That is also why we introduced Group ROCE as our new guiding metric. Alongside our long-standing mature club hurdle of a return on invested capital of 30%. Group ROCE let us steer capital to whatever route generates the best return at any point in time. Our medium-term return target for the group within the next three to five years is low to mid-teens. This is powered by three complementary growth verticals rather than a single expansion route. Organic growth remains our core engine for the coming years. Inorganic growth adds speed and strategic advantage where the returns are sufficiently attractive, drawing on our scale and integration knowhow. Franchising over the medium term adds a capital-light route that leverages our existing brand and scale and can meaningfully accelerate our group returns. Combining these three routes gives us more flexibility to allocate capital to the best return opportunities, and over time, that will lift our group returns by optimizing the capital intensity behind our future earnings growth. The franchise growth was started with the acquisition of Clever Fit. In the coming period, we will launch our Basic-Fit franchise, and in the coming years, it will contribute meaningful to our returns. It's now too early to give any guidance on that. We continue to see interesting inorganic growth opportunities. The acquisition of wellyou that we expect to close in the coming months is a good example of bolt-on acquisition that we aim to do. Which brings me to the next slide. Let's turn to the wellyou acquisition in Germany. The acquisition of wellyou is fully consistent with the multi-vertical growth strategy we set out on the Capital Markets Day in 2026. In addition, it is important for us as it accelerates our path to critical mass in Germany. The transaction adds 41 owned clubs, mainly located in Northern Germany, and around 110,000 members across the acquired locations. The purchase price of EUR 52 million, cash and debt-free, represents a multiple of 5.3x 2025 club EBITDA. We have received government approval, and the transaction is expected to close in the third quarter of 2026. Once closed, the transaction will expand our German-owned club footprint from 74 to 115 clubs. Rebranding the wellyou clubs to Basic-Fit will bring it closer to the goal to reach the 200 branded Basic-Fit clubs in Germany, which is the critical mass we need to unlock national marketing campaigns and build strong brand recognition. All clubs and network will benefit from this, as we have seen previously in Spain and in France. Let's move to the operational performance. Since this year, new clubs are being built with a refreshed club design after the extensive testing last year and showing us good results. Those present at our CMD in April this year, and who joined us with our field trip, have seen clubs with a new look and feel in real life. For those that could not be there, we give some impression on these slides. This refreshed look is important as we believe our members expect our clubs to always look fresh and well-maintained. This will help both for the retention of our members, but also contribute to the attraction of new members. Through the maintenance cycles, we will bring the new colors and lighting to our existing clubs over time. The changes to the visual identity of our clubs support our member value creation engine. The engine is based on three core drivers: grow, keep, and value. We focus on grow. We acquire members efficiently. This is delivered through brand strength, creative excellence, and smart investment. Keep, we retain members longer is the focus point, and this is delivered through experience design, habit formation, and service quality. Value, we increase the revenue per member. This is delivered through involving offering targeted upsell and secondary revenue streams. Combined, this ensures we optimize member per club under both our owned and franchise models and ensure that new club openings reach break even increasingly quickly over time. This de-risks our growth strategy. In the past period, we made some major improvements to boost the member value creation engine. Behind the refreshed look of our clubs, we continue to improve our service to our members. More clubs have extended opening hours, which many are open 24/7. This mainly applies to the growth countries Germany, France, and Spain. As in the Benelux countries, the vast majority of our clubs have been already open 24/7. We are continuing with the testing of our relax and recovery zones in our clubs as this fits the more holistic trend towards well-being. We have expanded the testing and will evaluate the results. We can further optimize the perceived value of our offering by our members. In the same trend towards well-being, there is also increased demand for health information and guidance. We are facilitating this with our improved body composition measurement and tracking. Our Body Analyzer 2.0 offers more details and broader information about one's body composition and tracks the progress that you're making as you continue to work out in our clubs. We also continue to build on the service in our app through our Fitbuddies and developing even more engaging virtual group classes. We help our members stay motivated, engaged and active. This all supports our mission to make fitness accessible to everyone and getting people to love their fitness habits. Let's now turn to the updated outlook for 2026. As mentioned, we are on track to achieve our target of 50 net club openings and membership continue to develop well. We are therefore confirming our revenue guidance of between EUR 1.64 billion and EUR 1.69 billion. As our focus on cost control is paying off and operating leverage is kicking in, we are now also able to increase our expectations for underlying EBITDA less rent for the second time this year to a range of EUR 430 million- EUR 460 million, compared to the old range of EUR 415 million -EUR 455 million. We confirm our expectation of a significant improvement in positive free cash flow compared to last year. Like last year, the second half of the year will be significantly more cash generating than the first half of the year. With this positive note, I would now like to hand over to Maurice, who will elaborate on our financial results. Yes. Thank you, René. Before I turn to the numbers, I would like to take a brief moment to mark a special milestone. On the 10th of June, we celebrated 10 years since Basic-Fit listing on Euronext Amsterdam. On that day, I had the honor of sounding the gong at the Amsterdam Stock Exchange, together with a group of fellow Basic-Fit colleagues, many of whom have been with the company since long before the IPO. They helped shape the company and make the success of the last 10 years possible, and they continue to do so today. Let's move to a well-known slide highlighting the success of this period. We continue to show this slide in our presentation as it perfectly visualizes the strong growth over the last 10 years. In this decade, every one of our key performance indicators increased by a double-digit compound annual rate. Between 2016 and the first half of 2026, our club network grew at 19% per year, our membership base at 18% a year, revenue at 21% per year, and underlying EBITDA less rent at 19% per year. We can see the success of our previous strategic cycles and will continue this growth trajectory. Our new era of quality growth will maintain the momentum through our multi-vertical growth strategy, while at the same time focusing on quality returns. With that as the backdrop, let me turn to the results for the first half of this year. Total revenue increased 18% to EUR 800 million, and within that, club revenue grew 17% to EUR 783 million. This strong growth was driven primarily by the excellent membership development in our clubs in France and Spain. ARPU, defined as average club revenue per member per month of owned clubs, came in at EUR 25.64 per month, up 1% year-on-year from EUR 25.46. We changed the underlying metric for our ARPU calculation from fitness revenue to club revenue following our new reporting structure and to better reflect the economic value per member. Founding membership campaigns and flat other club revenues muted ARPU growth. This is in line with our expectations, and ARPU will continue to increase going forward. As part of our new era of quality growth, we are prioritizing cost control and operational excellence. We have hired key personnel across procurement, property, and facility management to drive further organization of our operations. These improvements are already delivering results. The underlying EBITDA less rent increased by 36% to EUR 204 million, with disciplined cost control, including the hedging of energy costs being a significant contributor to this growth. Operating profit increased by 67% to EUR 96 million. Continued operating leverage is playing a major role in that improvement as an increased number of members per club drives up returns per club. This strong EBIT improvement is also a good outcome for our ROCE focus. Net profit was EUR 24 million, compared with a loss of EUR 8 million in the first half of 2025. Free cash flow improved to EUR 25 million from a EUR -57 million in 2025, which I will come back to shortly. Let's take a close look now at CapEx on the next slide. Expansion CapEx was EUR 39 million, down from EUR 68 million a year ago, explained by the lower number of club openings this year. The average investment per newly built club increased to EUR 1.47 million from EUR 1.38 million in the first half of 2025, reflecting the increased size of the new clubs opened in the first half of this year. We continue, as you may know, to only sign a lease for a new club if we expect a future club ROIC of at least 30%. Maintenance CapEx. Maintenance CapEx was EUR 54 million or EUR 31,000 per club, compared with EUR 36,000 per club a year ago. We continue to expect approximately EUR 60,000 per club for the full year. Other CapEx was EUR 11 million compared with EUR 9 million a year ago, we continue to expect approximately EUR 25 million for full year. Let's now look into our free cash flow generation in the first half of 2026. Free cash flow came in at EUR 25 million in the first half, a strong improvement from the EUR -57 million in the same period last year. The main driver behind the strong improvement versus last year is the EUR 55 million higher EBITDA. The lower maintenance and expansion CapEx, as discussed in the previous slides, in combination with a less negative working capital, offset slightly higher interest tax and other CapEx cash outs. In summary, this leaves us with a positive free cash flow after expansion CapEx, which we expect to increase further in the second half thanks to continued EBITDA growth and fewer club openings. First half performance shows we are on track for the significant free cash flow improvement we have guided for the full year and validates our strategic focus on improving ROCE. Let's move over to an overview of our liquidity on the next slide. We finished the first half of 2026 with excess of to liquidity of EUR 359 million. Our cash balance grew EUR 30 million to EUR 145 million at the end of June. This growth came from two main sources. Free cash flow contributed EUR 25 million. As you may know, in April, we issued a new EUR 308 million convertible bonds maturing in 2031. After repaying the previous convertible and other loans, this added EUR 21 million to our cash position. This was partly offset by EUR 16 million cash outflow relating to financing costs and other items. The new convertible allows us to replace more expensive short-term bank facilities and slightly reduce our overall financing costs. This strengthens our financial flexibility. Together with our undrawn RCF facilities, we have EUR 359 million in total liquidity. This gives us substantial room to fund both organic and inorganic growth from our existing cash position. Let's take a look at our future debt obligations. In April, we issued a new EUR 308 million senior unsecured convertible bond maturing in 2031 and used part of the proceeds to fund the June put option on our existing 2021 convertible bond. This replaced more expensive short-term bank facilities and extended our debt maturity profile. Bondholders representing EUR 138 million in nominal value exercised that put option, while holders of EUR 166 million did not exercise it. With our main bank facility maturing in 2029, we have no short-term debt obligations outstanding. Our net leverage ratio improved to 2.3x at the end of June from 2.7 x at both the year end 2025 and a year ago. Together with our free cash flow generation and our EUR 145 million cash position, this gives us sufficient financial flexibility to execute on our multi-vertical growth strategy. With that, let me look back to our 2026 guidance. To conclude, the results we have outlined today demonstrate strong progress against our guidance. Revenue growth, improving profitability, and positive free cash flow momentum give us confidence to reiterate our revenue guidance and raise our underlying EBITDA less rent guidance for the second time this year. Our leverage ratio is also on track to reach just over 2 x by year end. This performance reflects the continued execution of our multi-vertical growth strategy, combining organic, inorganic, and franchise growth, and it reinforces the new era of quality growth we set out to deliver. With that, I will end the presentation, and we can move to the Q&A. Operator, please open the line. Thank you. We are now ready for the question and answer session. If you would like to ask a question, please press the hashtag followed by the number five on your telephone keypad. Please ensure that the mute function on your telephone is switched off to allow your signal to reach our equipment. If you find that your question has already been answered, you may remove yourself from the queue by pressing hashtag six. The first question comes from Natasha Brilliant from UBS. Natasha, go ahead. The next question comes from Natasha Brilliant from UBS. Please go ahead. Thank you very much for taking my questions. I've got three questions, if I may. The first one is if you could just give us an update about the Clever Fit integration. How are those conversations going with the franchisees? Have you had any learnings or any changes into how you're thinking about it? Can you tell us how many Clever Fit franchise gyms have converted to Basic-Fit in the first half? My second question is just around the average members per club. For the Basic-Fit owned clubs, it's up 8% year-over-year. Can we think about a similar trajectory for the full year? My last question is back at the CMD, you talked about the possibility of maybe selling some clubs in France for a franchise opportunity. I just wondered if there have been any conversations or anything you can share about that, please. Thank you. Yes. Something to share about the Clever Fit learnings. I think it's going very well. We are working very closely with the franchisees. There's a new franchise board installed with eight people on it, and it's working very well with us. What we have seen is that we have improved already some of the suppliers contracts or suppliers of equipment and so on, for better deals for the franchisees. On marketing, we have taken some really good steps already, but it's still early days. There's still a lot to improve, which is good for Basic-Fit, but also for the Clever Fit franchisees. Your questions about how many clubs have been converted, it's a bit too early for that. We are definitely in different conversations with franchisees. I think what is important, especially for Germany, is that we first reach the 200 Basic-Fit clubs in Germany so we can start the national campaign. It also makes sense to really join that group. Since the Basic-Fit name currently with around 60- 70 locations is just a very small footprint. We are in conversations about converting. We have also some franchisees that have currently Clever Fit clubs that want to open Basic-Fit franchise clubs. That will take some time before that starts. Again, the focus first should be to reach the 200 clubs and start national marketing. The average member base that increased in the first few months is-- Well, we don't give any guidance for the rest of the year. We do expect as of last year and the years before that also you will see growth in the second half of 2026. The questions about the CMD selling franchise, I think it's pretty much the same story. We are having several conversations. It will take some time if and before some transaction will occur. Perfect. Thank you very much. Thank you. The next question comes from Robert Jan Vos from ABN AMRO - ODDO BHF. Robert Jan, go ahead. Yes. Hi, good afternoon. I have a few questions as well. First, the free cash flow guidance. If I take the updated EBITDA guidance plus the impact from lower expansion CapEx. Yeah, free cash flow should be at least EUR 50 million-EUR 80 million higher in the second half versus H1. My question probably to Maurice is that it or are there additional positive drivers for free cash flow in the second half? My second question, also related to free cash flow. Can you explain the working capital component? It's quite different from the working capital component in the consolidated cash flow statement. How should we bridge that? My third question is, what do you mean by a ramp-up in franchise revenue in H2 versus H1? Maybe you can quantify this a little bit. Thank you. Yeah. Thank you, Robert Jan. Three good questions. Maybe first about free cash flow and looking forward. As you've seen, we made in the first half of this year a significant improvement of our free cash flow. If you compare the negative of the first six months, 2025 and the EUR +25 million free cash flow in 2026. We're taking steps in the right direction. Also important to see that there is quite some seasonality in our free cash flow. If you look at 2025 and you compare the first half and second half of that year, then you see really a ramp-up in the second half. That's what we expect also for the second half of 2026. That's also reflecting of course, in our, let's say, adjusted guidance on EBITDA for this year. If you look specifically at working capital, yeah, that is something that tends to fluctuate also because of a lot of timing differences. When you pay for example, new club openings, et cetera. That influences the working capital. What we also start to do is that actually we're paying our suppliers much sooner than in the past. That has an impact on fluctuations in working capital. If you look at franchise, and that is specifically then the Clever Fit franchise, of course. You compare, for example, the last two months in 2025 and first six months of 2026. The main difference is actually now the commissions that we have received On, for example, fitness equipment and et cetera, which tend to be more at the end of the book year, of the calendar year. We expect also for the coming six months, an increase in our fitness revenue-- franchise revenue. That explains the difference between first six months, 2026, and the last two months of 2025. Okay. Maybe to come back on free cash flow. First on working capital, I understand what you say, but why is there such a significant difference between the bridge in your press release on free cash flow for the working capital component versus what you show in working capital movements in the consolidated cash flow statement? I think it's EUR 20 million in the cash flow statement, and it's EUR 35 million in the bridge that you show in the press release. Why is there a big difference there? Yeah, I think that, as I said, it has to do with the timing differences. Yeah. In CapEx. We will get back on that. Yeah look at it into more detail, and we come back to it. A lot of them is about timing. Yeah. Okay. Thanks. The next question comes from Leo Carrington from Citigroup. Leo, go ahead. Good afternoon. Thank you for taking my questions. If I could take three bits all around CapEx. Firstly, and free cash flow. Firstly, in terms of the free cash flow outlook for the year, refer to an improvement in H2 barring any unforeseen circumstances. Is that a particular risk that you see or investments you're considering making? Just wondering if there's anything specific in that comment. Secondly, in terms of the maintenance CapEx, it appears to be synchronized towards H2 this year. Any particular reason it's H2 loaded? Lastly, in terms of the expansion CapEx, I get the point about the larger clubs driving up the CapEx per club. Is this something that we should expect for 2027 and beyond too? Or does the size factor in the CapEx per club normalize somewhat going forward? Thank you. Thank you, Leo. Your first question was on expansion CapEx, yeah? Any risks or surprises in there? No, I don't think there will be any major differences between, let's say, the first half of this year. Of course, as you know, based on that multi-vertical growth strategy, we're always looking for, let's say, bolt-on acquisitions, if that really fits our profile. That's difficult, of course, to predict. Also, the timing of that. No risks or surprises there, I would say. If you look at maintenance CapEx, you've seen that we are pretty well in line with our expectations for the full year and lower in the first six months of 2026 compared to the first six months of 2025. Also that has to do partially with some timing differences. Some of our maintenance is only done in, let's say, the non-campaigning months. We are always in a, let's say, in a timing squeeze to do that maintenance CapEx without hindering a lot of our members. There's also, for example, some one-time deep cleaning programs that can be either in the second half of the year or the first half of the year. Again, as I said, we expect to come in around that EUR 60,000 for a club on average. Expansion CapEx, yeah. That's what I shared. Mainly due to opening of bigger clubs. We have also higher expansion CapEx per club. If you look forward, then probably it will tend again to a lower amount because of a larger amount of clubs opened then, and will tend more to the average. That's what we expect. Of course, there's also an element that the club openings that we do in the new look and feel, certainly in this phase, has a, let's say, an upward effect on our expansion CapEx. Maybe- [Okay. Thank you Leo]. Yeah, sure. Thank you. I was just going to add, my first question was, yes, about CapEx, but also free cash flow outlook generally. I just wanted to check that in that outlook comment about barring unforeseen developments, there wasn't anything in particular to call out there. No, you're right. Just like, no. Not anything new or anything particular for six months. No. Thank you very much. Yeah. Next question comes from Baudemont Flavien from Bernstein. Baudemont, go ahead. Yes. Good afternoon, congratulations for the results. I have two questions on my side. First, can you give us an update on the Clever Fit branded owned club in Germany and Austria? Did you already refurbish them into Basic-Fit club, if not, are they going to be converted by the end of the year? The second question is on the cost. Can you have more color on the trajectory of the overhead cost excluding the Clever Fit effects? Yes. If you look at the owned Clever Fit clubs, they are currently in Germany being built to change to Basic-Fit clubs. I think the first two clubs are finished. In Germany it's going smooth. Austria, it will take a bit more time because we have to get approval from local authorities. Been working on that already for quite a few months. We're not sure when that will be done, we will not change labels in our sales period, like September, October, or January, February. Or we can do it in November, December, if that's not the case, we will postpone it till summer next year. It all depends on authority approval, so it's not in our hands. If you look at the questions about overhead, I think the overhead is slightly higher than the first half of last year. Reason is clear. Last year we did not have the overhead of Clever Fit in our numbers. This year we have. That is the big difference, we think that we're optimizing the head office cost as we speak. The second half it will be better, the percentage will be lower. Okay. It's clear. Thank you. Thank you. The next question comes from Lynn Hautekeete from KBC Securities. Lynn, go ahead. Hi. Good afternoon, everyone. Thank you for taking my questions. I have two left. Congratulations on upgrading your EBITDA guidance. I was just wondering in which buckets do you see the particular cost reductions? Especially there might be an inflationary environment coming up, that's already one of them. Secondly, is part of it also related to an anticipation of further personnel cost reductions in France on the 24/7 clubs? Well, I can answer your last question. I think yes, the second half we will have definitely less cost than we had in the first half because it took some time to convert all the clubs to the system, and we did it gradually. The second half of this year, we have all the clubs that we converted to the staffless system. We have them for the full six months. For sure, it will be lesser cost, lower cost in the second half of this year. Maurice, can you- Yes, of course, Lynn. Thank you for your questions. If you look at costs, we're still making quite some progress in our procurement department. We are much more efficient and effective in using that purchase power that we have. That's one thing. Of course, as we said before, we're still also focusing continuously on our overhead. That certainly as expressed in percentage of revenue, that will come down in the second half of this year. Further to, let's say procurement, we see the main advantages in still reducing, let's say the maintenance OpEx and maintenance CapEx for the second half of this year. Okay. That's clear. For my second question, it's already been touched upon very briefly in the beginning of the Q&A. It's indeed on the Clever Fit revenue coming down. If I extrapolate the fourth quarter of last year, you would've had around EUR 19 million. That came down to EUR 16 million in the first quarter this year, then EUR 14.8 million in the second quarter. I'm just wondering if it's fully related to the commissions on the fitness equipment or if something else is going on there. No, good question. We made a, let's say, breakdown of that revenue streams, and it is about commissions, which are of course, very subject to timing, subject to, of course, the decisions made by franchisees doing their investments in new fitness equipment. If you look at, actually at EBITDA for Clever Fit in the first six months, which is also part of our half year results, you see that we've made EUR 11.5 million EBITDA. We expect that actually to increase in the second half of this year and that comes in the guidance that we already shared before. We are actually quite happy with where we are today with Clever Fit. Still needs, of course, needs attention, still needs some work. It's going in the right direction. All right. Thank you, Maurice. Thank you. The next question comes from Marc Zwartsenburg from ING. Marc, go ahead. Good afternoon. two questions from me. First, coming back again on the free cash flow. We had EUR 25 million in the first half. We're having a higher guidance for the full year, more EBITDA in the second half. Also, our net working capital last year was, in the end for the full year, a positive, a huge swing from first half to second half. Given normal seasonality and not knowing about the timing and you're opening not that many clubs in the second half, I guess it could not be that far off from last year. I would then guess that you will have, with the extra EBITDA, lower club openings and the net working capital swing, which is tens of million positive in the second half, you should get a triple-digit free cash flow in the second half. Is there anything wrong in what I'm saying now? Is there any color I miss? Well, it's a very good question, Marc. Always, I think that's, let's say, the fluctuations in the working capital are a bit less predictable, of course. We're getting, of course, in a much more, let's say, mature phase of Basic-Fit where we expect to see that even out over time. We expect those fluctuations to become less and less. I think you're in the right direction. We are not giving specific guidance on, let's say, the free cash flow. We are, of course, considering to do that in the future a bit more. We haven't done it so far. Part of that is, of course, that fluctuations in the working capital. Yeah, because that should get more predictable with less club rollout, et cetera. Yeah. Correct. Sure. On your outlook, you're basically raising the midpoint of your guidance by EUR 15 million, 15. Part of it is explained by a further postponement of the VAT increase in Belgium. Well, let's say EUR 4 million for extra three months. Then you have the contribution from wellyou acquisition and looking at the multiple, and since EBITDA is geared to second half, if you consider at least a quarter or four months of contribution, it can be something like EUR 5 million or so. Then you're already close to EUR 10 million. The midpoint only increased by EUR 5 million then underlying. Looking at your membership enrolled, which is trending above last year, and I think also above expectations, you only need 10,000-15,000 extra members on average on the year to get to that number. Isn't it then a fair conclusion that you're still being very cautious in your outlook? Because there's not that much added if you add the external factors that are just there. Marc, maybe to start, we started the year with a guidance of EUR 405 million, EUR 445 million. We increased it with EUR 10 million on the low end and the high end. Now in mid, we now increase it again EUR 15 the low end and EUR 5 in. In mid, again EUR 10. Two times EUR 10 million increase from the beginning of this year. You're talking about the VAT, that is already also what's included already in the first EUR 10 million we talked about, and we don't know exactly when it raises. It could be that in August that will be the higher number. Overall, the EUR 430 million and EUR 460 million, which we are giving guidance on now, is something we feel comfortable and in the midpoint, it's EUR 445 million. We think it is something that we feel good about. Overall, I don't think we are keeping it extremely low. This is what we think we're going to reach. Yeah. Okay, fair enough. You mentioned the VAT with it. Yeah, part of the EUR 4 million increase is also a bit of VAT, and then we had, of course, the savings in France, et cetera. Yeah. In the line. We increased EUR 20 million. The wellyou, of course, is. Let's say we close the deal in September, then you have one quarter, so that's EUR 2 million. The VAT is, I don't think. No, not really. Last quarter is the strongest. Yeah. All the members contribute. Okay, well. Yeah, not the [crosstalk]. Well, okay. Fair enough. Okay. You feel comfortable with your outlook and let's say I'm also trying to guess maybe that I missed something. Maybe there's a bit of extra cost somewhere for redesign or indeed. No some maintenance or whatever. That's not the case. Okay. No. All right. Those were my questions. Thank you very much. Thank you. Thank you. The next question comes from Jeremy Kincaid from Van Lanschot Kempen. Jeremy, go ahead. Good afternoon. Two questions from my side. First, could you just talk about the state or condition of the wellyou locations or clubs and give us an idea of how much CapEx you expect to spend to rebrand those? Then my second question is on France. If I look at the revenue per location in France, it's gone up maybe around 14% this half compared to the first half of last year. Could you talk to why that increase looks so strong? Is it a regional versus city split, or is it due to the fact that the locations that are now 24/7 are getting a lot more members? Yeah, I can start with the first one, wellyou. I think we are still working on the CapEx cost, but there's for sure CapEx involved. I think we have a good side of the wellyou transaction, is that their average ARPU is much lower than ours. I think that's a very good opportunity to actually get them in our system and that way increase the turnover to what they have currently. For that, I think we see very good upside on that wellyou transaction. They have a lot of newer clubs also, it's not only the 41 clubs, but they also have three clubs that they're currently building. We think it's a very strong brand and a good group of people. We were happy that we could do this transaction. The CapEx cost will be there, but we don't have the exact number yet. It's not that we have to change the equipment, but of course we have to rebrand it, paint it, and put the camera system in. It will be, for sure, around something like EUR 250,000 per club. It will be a substantial amount. It could be something around that number. We're still working on that. Yes, Jeremy, as for your second question, specifically for France and the revenue development there. If we look at France, we are of course very happy with the results in the first six months. We really think that the investments that we made in opening those clubs 24/7, where that was possible, are really paying off. If 24/7 is not possible, we go for extended opening hours to get a better member experience than we had before. It's also really at, let's say, steering at operational excellence. We developed a specific set of KPIs for staff in France, working with that for now for a year. We heavily invested in the maintenance of our clubs, not only the clubs, but also the equipment. We also invested in extra equipment on our clubs. I think all in all that is what now is delivering the positive results in France right now. Let me be very clear, we are not there yet. That coin has two sides. We are not there yet, but there is also huge upside potential in France for us. Great. Thank you. Thank you. Just a reminder, if you want to ask a question, please press hashtag five on your telephone keypad. We have reached the end of today's conference call. I would like to hand the call over to Richard Piekaar for any closing remarks. Please go ahead. Well, thank you, [Martijn], and thank everyone for dialing in for today's call. If any other questions come up, we are here to answer your calls. Stay in touch. Have a nice day. Bye-bye.