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One of the Leading Global Franchisors of Boutique Health & Wellness Brands INVESTOR PRESENTATION As of December 31, 2025 | Reported on February 26, 2026
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Legal Disclaimer 2 The information contained in this presentation is provided solely for the purpose of acquainting the readers with Xponential Fitness, Inc. (the “Company,” “Xponential” or “we”) and its business operations, strategies and financial performance. This pres entation and any accompanying information contained in this presentation is provided solely for the purpose of acquainting the readers with Company and its business operations, strategies and financial performance. This presentation and any accompanying oral statements is not an off er to sell nor is it a solicitation of any offer to buy any securities and conveys no right, title or interest in the Company or the products of its business activities . Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements that are based on current expectations, estimates, forecasts and projectio ns of future performance based on management’s judgment, beliefs, current trends, and anticipated financial performance. Thes e forward-looking statements include, without limitation, statements relating to expected growth of our business; projected number of new studio openings; profitability; anticipated industry trends; projected financial and performance information such as system -wide sales; projected annual revenue, Adjusted EBITDA, statements under the section “2026 Outlook” and other statements on the slides “Xponential is one of the Leading Global Franc hisors in the $37B+ Boutique Fitness Industry,” “High Recurring Revenue Model, Predictable Free Cash Flow”, and “Financial Summary”; our compet itive position in the boutique fitness and broader health and wellness industry; and our ability to execute our business strategies and our str ategic growth drivers. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materiall y from those contained in the forward- looking statements. These factors include, but are not limited to, franchisees’ ability to generate sufficient revenues; our ability to anticipate and satisfy consumer preferences; risks related to loss of reputation and brand awareness; our ability to manage changes in executive leadership; our ability to attract and retain key senior management and key employees; risks relating to expansion into international markets ; macroeconomic conditions or economic downturns; geopolitical uncertainty, including the impact of the presidential administrat ion in the U.S. trade policies and tariffs; general economic conditions and industry trends; and other risks as described in our SEC filings, including our Annual Report on Form 10-K for the full year ended December 31, 2025 to be filed by Xponential with the SEC and other periodic reports filed wit h the SEC. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ mat erially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward -looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forwa rd-looking statements. All information provided in this presentation is as of today’s date, unless otherwise stated, and Xponent ial undertakes no duty to update such information, except as required under applicable law. Market Data and Non-GAAP Financial Measures This presentation includes statistical and other industry and market data that we obtained from industry publications and res earch, surveys, studies and other similar third -party sources, as well as our estimates based on such data and on our internal sour ces. Such data and estimates involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. We believe that the i nformation from these third-party sources is reliable; however, we have not independently verified them, we make no representation as to their accuracy or completeness and we do not undertake to update the data from such sources after the date of this presentation. Further, ou r business and the industry in which we operate is subject to a high degree of risk and uncertainty, which could cause results t o differ materially from those expressed in the estimates made by the third-party sources and by us. In addition to our results determined in accordance with GAAP, we believe non-GAAP financial measures are useful in evaluating our operating performance. We use certain non-GAAP financial information in this presentation, such as EBITDA, Adjusted EBITDA, free cash flow conversion, net debt, adjusted net income (loss), and adjusted net earnings (loss) per share, which exclude certain non -operating or non-recurring items, including but not limited to, equity-based compensation and related employer payroll taxes, acquisition and transaction expe nses (income), litigation expenses , financial transaction fees and related expenses, tax receivable agreement remeasurement, impairment of goodwill an d other assets, loss on brand divestitures and wind down (excluding impairments), executive transition costs, non -recurring rebranding expenses, transformation initiative costs, contract settlement costs, charges incurred in connection with our restructuring plan, and loss on debt ext inguishment that we do not believe reflect our underlying business performance and affect comparability, to evaluate our ongoing operations and for internal planning and forecasting purposes. We also use net leverage, a non -GAAP financial measure, in this presentation (as defined and reconciled he rein), to evaluate our overall liquidity and financial flexibility to pursue operational strategies and to evaluate our capit al structure, and our ability to service our long-term debt obligations. We use unlevered cash flow because it provides investors with a supplemental view of the cash -generating performance of our business that is independent of our capital structure and financing decisions . We use net debt as a supplemental measure of its liquidity performance to monitor and evaluate the Company's overall liquidity and financial flexibility to pursue operational strategie s and to evaluate its capital structure and ability to service its long -term debt obligations. We believe that non-GAAP financial information, when taken collectively with comparable GAAP financial measures, is helpful to investors because it provides consistency and comparability with past finan cial performance and provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. However, non -GAAP financial information is presented for supplemental informational purposes o nly, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial inform ation presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly titled non -GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non -GAAP financial measures as tools for comparison. We seek to compensate such limitations by providing a detailed reconciliation for the non -GAAP financial measures to the most direc tly comparable financial measures stated in accordance with GAAP. Investors are encouraged to review the related GAAP financi al measures and the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures and not rely on any single financia l measure to evaluate our business. We are not able to provide a quantitative reconciliation of the estimated full -year Adjusted EBITDA for the fiscal year ending December 31, 2026 without unreasonable efforts to the most directly comparable GAAP financial measure due to the high variability, complexity a nd low visibility with respect to certain items such as taxes, TRA remeasurements, and income and expense from changes in fair value of contingent c onsideration from acquisitions. We are also unable to provide a reconciliation of forward-looking unlevered cash flow to the most directly comparable GAAP measure because the information necessary to reconcile this measure is not available without unreasonable effort, as it would require forecasting items that are not reasonably predictable. We expect the variability of these items to have a potentially u npredictable and potentially significant impact on future GAAP financial results, and, as such, we also believe that any reconciliations provided would imply a degree of precision that would be confusing or misleading to investors. Notice Regarding Franchise Offers for Xponential Fitness Brands Xponential owns a portfolio of brands (collectively, the “XPO Brands”) including BFT®, Club Pilates®, Pure Barre®, StretchLab®, and Yoga Six®. This message is not an offer to sell, or the solicitation of an offer to buy any of the XPO Brands’ franchi ses. This message is intended for information purposes only. The XPO Brand franchises are offered solely by means of the franchise disclosure document issued b y: BFT Franchise SPV, LLC; Club Pilates Franchise SPV, LLC; PB Franchising SPV, LLC; Stretch Lab Franchise SPV, LLC; and Yoga Si x Franchise SPV, LLC (collectively, the “Franchisors”), respectively, each with their principal business address located at 17877 Von Karman Ave., Suite 100, Irvine, California 92614 and telephone number (949) 346 -3000. The brand names and logos used in this presentation are r egistered and common law trademarks of each of the applicable Franchisors and Xponential. Certain states and foreign countries have laws governing the offer and sale of franchises. If you are a prospective franchisee who is a resident of one of these states or foreign countries , the Franchisors will not offer you a franchise unless and until the respective brand has complied with all applicable legal requirements in that jurisdiction. Cur rently, the following states regulate the offer and sale of franchises: California, Hawaii, Illinois, Indiana, Maryland, Michiga n, Minnesota, New York, North Dakota, Oregon, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin. Please contact us at salesinfo@xponential.com for an updated list of jurisdictions where XPO Brands’ franchises can be offered and sold. FOR THE STATE OF NEW YORK: This advertisement is no t an offering. An offering can only be made by a prospectus filed first with the Department of Law of the State of New York. Such filing does not consti tute approval by the Department of Law. FOR THE STATE OF MINNESOTA: MN Franchise Registration Numbers: BFT 10695; Club Pilates 1 0692; Pure Barre 10694; Stretch Lab 10690; and Yoga Six 10688KPI
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Business Overview 3
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is one of the leading global franchisors in the $37B+ boutique fitness industry(1). Our Mission is to deliver the talents, assets, and capabilities that franchise brands need to grow successfully. Our Vision is to become a world class platform of premium franchise brands, offering curated experiences throughout our members’ fitness journeys. Five brands across popular modalities. 41. Source: Research & Markets, “Boutique Gym Studios Market: Analysis By Exercise Type, By Age Group, By Gender, By Revenue Stre am, By Region Size and Trends - Forecast up to 2030”
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1. Source: CMI, “Global Health and Fitness Club Market 2025 -2034” 2. Source: Research & Markets, “Boutique Gym Studios Market: Analysis By Exercise Type, By Age Group, By Gender, By Revenue Stre am, By Region Size and Trends - Forecast up to 2030” 3. Source: Athletech News, April 2025, “US Gyms Are Skewing Younger, More Male, Data Shows.” • Retail studio space • Structured, class-based programming focused on a specific fitness modality • Social, community-driven environment supported by passionate coaches and committed consumers • Affluent, loyal, and highly engaged consumer • Consumers prioritize community, variety, and wellness integration in fitness choices • High demand for personalized, social workouts among Gen Z and younger cohorts(2) • Consumers under 25 counted for 31% of all U.S. fitness members in 2024, +10% from 2015(3) • Global market projected to reach ~$60B(2) by 2030 $37B+ 2024 Boutique Fitness Market Size(2) ~8% ’24 - ’30E Boutique Fitness Market CAGR(2) ~$124B 2024 Total Fitness Market Size(1) ~8% ’24 - ’34E Total Fitness Market CAGR(1) Large and Growing Global Fitness Industry What is Boutique Fitness? 5
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CEO Leadership CFO COO, NORTH AMERICA CPO Strengthening Leadership to Optimize Operations Fabienne Lopez Tim Weiderhoft John Meloun Gavin O’Connor Mike Nuzzo President, International Bob Kaufman Chief Legal Counsel and Administrative Officer 6
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Total U.S. Studios Open(1) Xponential Highlights(2) 3,000+ Global Studios Open +7% vs. 2024 $1.7B+ LTM System-Wide Sales +13% vs. 2024 770K+ Total Members +5% vs. 2024 5,300+ Global License Sold +3% vs. 2024 Note: All KPI information is presented on an adjusted basis to include historical information of all brands owned as December 31, 2025 and to exclude historical information of divested brands. 1. Source for non-Xponential brands: Company websites accessed on February 15, 2026. 2. All data as of December 31, 2025. Please see the Company’s 10-Q SEC filing for the period ended 12/31/2025 for detail on definitions. 3. Adjusted EBITDA is a non-GAAP financial measure. See appendix for reconciliation to net loss, the most directly comparable GAAP financial measure. $315M LTM Revenue -2% vs. 2024 $112M LTM Adj. EBITDA(3) -4% vs. 2024 Xponential is one of the Leading Global Franchisors in $37B+ Boutique Fitness Industry 7 2,530 1,300 721 418 388 227 179 166 139 80 59 56
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Studio Storefronts • Convenient, high-visibility retail locations • Approximate size: 1,500-2,500 square feet • Operating in non-traditional locations Retail Operations • Curated mix of branded and third-party products • High-margin, recurring revenue stream • Consumer brand experience extends outside of the studio Class Sessions • Small instructor-led group formats • Evolving formats with added variety • Community-driven atmosphere across flexible locations (indoor, outdoor, digital) Xponential’s Boutique Offering at a Glance 8
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918 1,249 1,474 1,762 2,200 2,612 2,896 3,097 2018 2019 2020 2021 2022 2023 2024 2025 North America International 1. Xponential’s health & wellness verticals include Pilates, barre, stretching, functional training and yoga. All data as of December 31, 202 5. All KPI information is presented on an adjusted basis to include historical information of all brands owned as December 31, 2025 and to exclude historical information of divested brands. 2. Acquired prior to the formation of Xponential Fitness. 3. The number of franchise licenses sold reflects the cumulative number of licenses sold by us (or, outside of North America, by our master franchisees), since inception through the date indicated. Licenses sold are presented gross of terminations. The num ber of licenses sold does not typically include license renewals or licenses issued in connection with a change in ownership of oper ating studios. Acquired Mar 2015(2) Nov 2017 Jul 2018 Oct 2018 Oct 2021 Open Studios(3) 1,414 531 194 625 333 Licenses Sold(3) 1,996 1,012 637 806 790 Global Studios Xponential’s Evolution From One to Five Brands in Key Health & Wellness Verticals(1) 9
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Key Strategic Pillars 10
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Create a Culture of Innovation Become a Data-Driven Company Deliver a World-Class Member Experience Expand our International Footprint Be the Franchisor of Choice in Health and Wellness1 2 3 4 5 Key Strategic Pillars 11
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• Identify and select franchisee candidates • Assist franchisees with site selection and studio build-out • Deliver studio-level instructor and management training • Drive member acquisition and engagement prior to studio launch • Offer ongoing operational support backed by extensive data analytics and performance tracking Pillar 1: Be the Franchisor of Choice in Health and Wellness Established Model to Rapidly Scale Franchised Boutique Fitness Concepts 12 1
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Franchisor – recurring revenue, asset-light model with strong free cash flow conversion Franchisee – strong studio economics, multi- brand opportunity, adaptable operating model Customer – Five unique brands, premium value and consistency, expert instruction Strong New Studio Performance Attractive Returns on Invested Capital Franchisees Reinvest into Our System Successful Franchisees Pillar 1: Be the Franchisor of Choice in Health and Wellness Platform Synergies for All Stakeholders Strong Value Proposition for All Parties 13 1
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1. References to North America throughout this presentation include the United States, U.S. territories and Canada. 2. U.S. population excluding Alaska and Hawaii per Buxton Company, as of January 2026. 3. Includes: Club Pilates, StretchLab, Pure Barre, BFT, and YogaSix. 4. As of December 31, 2025. • 66% of U.S. population lives within 10 miles of an Xponential studio(2) • Buxton estimates potential for ~6,300 studios in U.S. alone(3) • Franchisees contractually committed to opening 800+ new North American studios(4) 1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor 1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor 1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor1395042_1.wor 97 140 386 242 105 Canada Pillar 1: Be the Franchisor of Choice in Health and Wellness Significant Current Presence, Visibility to Further Growth Across North America(1) 14 1
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1. Pricing is based on a minimum threshold that franchisees must charge to customers. Average excludes StretchLab which typicall y prices between $34-$104 per session for an 8x per month recurring membership. 2. Represents North American studios as of December 31, 2025. Typical Consumer: • Majority Female, 20 - 60 years old • 5% Male in 2019, 7% today for Club Pilates • Bachelor’s degree • Household income of $167K+ annually for all brands Consumers Can Purchase: • Recurring memberships, or walk-in classes • 4x, 8x or unlimited classes/month memberships • 8x membership: average price of $14-$36 per class(1) • XPLUS multi-brand access membership Engaged Membership Base(2): • 770K+ growing membership base • ~90% of members on recurring memberships • Average $140/member/month Pillar 2: Deliver a World-Class Member Experience Passionate, Growing and Loyal Consumer Base 15 2
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Expand Revenue Across All Franchised Studio Formats Leverage Technology for Seamless, Personalized Experiences Track & Optimize Every Step of the Member Journey Reduce Attrition & Increase Lifetime Value Drive Greater Member Engagement & Spend Deliver Consistent, Best-in- Class Service at Every Touchpoint Pillar 2: Deliver a World-Class Member Experience Engaging Members and Driving Lifetime Value 16 2
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Engaging Members Across Channels to Drive Brand Loyalty Impactful Member Experience Targeted Marketing Continuous Engagement Pillar 2: Deliver a World-Class Member Experience Enhancing the Consumer Path to Purchase & Lifetime Value 17 2
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Aggregators Health and HSA/FSA Strategic Partnerships Pillar 2: Deliver a World-Class Member Experience Partnerships: Expanding Revenue & Brand Value Beyond the Studio 18 2 Use Partnerships to Promote Engagement and Reach New Audiences
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• Building a centralized data warehouse to power insights and decision-making • Establishing a consumer insights team to track trends and behavior • Creating brand-specific member profiles to deepen understanding and personalization • Advancing AI capabilities to unlock targeted use cases and efficiencies Pillar 3: Become a Data-Driven Company Building A Modern, Unified Analytics Platform 19 3
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Efficiency / Productivity Continuous Improvement Challenging Status Quo Enhance Member Experience Reduce Build Out Costs Better Franchisee Support Improve Supply Chain Pillar 4: Create a Culture of Innovation Culture of Innovation 20 4
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491 767 192 Total Studios Open Licenses Sold for Studios Not Yet Opened Studios Contractually Obligated to Open Note: Please see the Company’s 10-K SEC filing for the period ended 12/31/2025 for detail on definitions. 1. Source: CMI, “Global Health and Fitness Club Market 2025-2034” 2. As of December 31, 2025. Includes the United States and Canada. 3. As of December 31, 2025. Large International Opportunity • Xponential partners with experienced master franchisees to deploy an asset light global expansion strategy • Focused on attractive international markets with the largest opportunity • Extensive white space to continue international expansion $124B 2024 Total Fitness Market Size(1) 29 Total Countries with Contracts in Place(2) Significant Embedded International Growth(3) Visibility to +1.6x Growth Pillar 5: Expand our Global Footprint Grow Brands and Studio Base Internationally 21 5
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Top 10 International Markets by Development Obligation(1) 10 53 6 80 6 6927 25 0 65 86 194 # of Open Studios Total Master Obligations Not Yet Open # # 57 25 Mexico France Germany U.K. Saudi Arabia Japan Singapore Australia 221 54 22 5 Pillar 5: Expand our Global Footprint 4 38 Spain 0 30 Belgium 1. As of December 31, 2025.
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Financial Overview 23
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1. For full year ended December 31, 2025. Note: Recurring revenue includes contributions from divested brands CycleBar, Rumble, and Lindora, through their respective divestiture dates in the third quarter of 2025. 2. Based on midpoint of 2026 outlook range. 3. Free Cash Flow Conversion = (Adjusted EBITDA – CapEx) / Adjusted EBITDA; Adjusted EBITDA is a non-GAAP financial measure. See appendix for reconciliation to net loss, the most directly comparable GAAP financial measure. Asset-Light High Recurring Revenue Attractive Incremental Margins ~3% of Revenue CapEx(2) ~90% Free Cash Flow Conversion (2)(3) Leveraging Fixed SG&A ~100% Margin Royalties, International, & Other Revenue Streams Minimal Head Count Growth ~78% Recurring Revenue(1) 24 High Recurring Revenue Model, Predictable Free Cash Flow
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• Drive continued revenue growth from our large and growing studio base • Leverage centralized SG&A to scale efficiently across all brands • Accelerate high-margin royalty revenue through new studio openings • Expand internationally with high margin pass through • Deliver strong free cash flow conversion with low capital requirements 25 Expanding Operating Margins and Driving Free Cash Flow Conversion
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41% 4%5%11% 11% 8% 9% 12% 78% Recurring Revenue 1. Totals may not add to 100% due to rounding. Note: Recurring revenue includes contributions from divested brands CycleBar, Rumble, and Lindora, through their respective divestiture dates in the third quarter of 2025. Recurring Revenue Franchise Revenue Royalty Revenue Merchandise Revenue Franchise Marketing Fund Equipment Revenue Other Service Revenue Training Fees Franchise Territory Fees Technology Fees Franchise Revenue – Franchise territory fees, ~7% royalty fees, technology fees, transfer fees and instructor training Equipment Revenue – Sales of equipment to franchisees and related rebates Merchandise Revenue – Branded and non-branded merchandise sales to franchisees and related rebates Marketing Fund Revenue – 2% of gross sales Other Service Revenue – Other rebates, company- owned studio revenue, XPLUS revenue Revenue Overview 78% Recurring Revenue for Year Ended December 31, 2025(1) 26 Revenue Overview
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Metric 2023 2024 2025 2023 vs. 2024 % Change 2024 vs. 2025 % Change Global Gross New Studio Openings(1) 480 429 341 -11% -21% Global Licenses Sold(2) 4,885 5,192 5,371 +6% +3% Quarterly AUV (Run Rate)(3) ($Ks) $643 $695 $683 +8% -2% Same Store Sales(4) (%) 17% 7% 0% -- -- Total Members(5) (Ks) 626 734 774 +17% +5% Total Visits(6) (Ms) 43.0 52.8 59.2 +23% +12% Note: Please see the Company’s 10-K SEC filing for the period ended 12/31/2025 for more detail on definitions. All KPI informati on is presented on an adjusted basis to include historical information of all brands owned as December 31, 2025 and to exclud e historical information of divested brands. 1. Metrics are as of December 31 of year presented, unless noted otherwise. 2. The number of global licenses sold reflects the cumulative number of licenses sold by us (or, outside of North America, by ou r master franchisees), since inception through the date indicated. Licenses sold are presented gross of terminations. The number of licenses sold does not typically include license renewals or licenses issued in connection with a change in ownership of operating studios. 3. Quarterly AUV (run rate), or “Run-Rate Average Unit Volume”, consists of average quarterly sales for all traditional studio loca tions in North America that had opened at least six calendar months ago as of the beginning of the respective quarter, and th at have non-zero sales in the respective quarter (including nominal or negative sales figures; the only figures excluded are exact $0 amounts in the quarter), multiplied by four. 4. Same store sales refer to period-over-period sales comparisons for the base of studios. We define the same store sales base to i nclude monthly sales for any traditional studio location in North America. If the studio has generated at least 13 months of consecutive positive sales and opened at least 13 calendars months ago as of any month within the measurement period, the respective comp arable months will be included. 5. We define as members any individuals that have a monthly membership agreement with one of our studios. 6. Includes in-studio and live-stream visits. 27 Continued Growth and Increased Member Engagement
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North America Run-Rate AUV(2) ($K) North America System-Wide Sales(1) ($M) Note: Please see the Company’s 10-K SEC filing for the period ended 12/31/2025 for more detail on definitions. All KPI information is presented on an adjusted basis to include historical information of all brands owned as December 31, 2 025 and to exclude historical information of divested brands. 1. System-wide sales represents gross sales by all North America -based studios. We receive approximately 7% and 2% of the sales by franchisees as royalty revenue and marketing fund revenue, respectively. 2. Quarterly AUV (run rate), or “Run-Rate Average Unit Volume”, consists of average quarterly sales for all traditional studio loca tions in North America that had opened at least six calendar months ago as of the beginning of the respective quarter, and th at have non- zero sales in the respective quarter (including nominal or negative sales figures; the only figures excluded are exact $0 amo unts in the quarter), multiplied by four. 28 System-Wide Sales and AUV Momentum Across the Xponential Platform $343 $355 $380 $391 $426 $429 $438 $432 $447 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 $643 $639 $658 $654 $695 $685 $686 $668 $683 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
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$72 $100 $116 $112 $105 2022 2023 2024 2025 2026* $243 $318 $320 $315 $265 2022 2023 2024 2025 2026* Note: All KPI information is presented on an adjusted basis to include historical information of all brands owned as December 31, 2025 and to exclude historical information of divested brands. 1. System-wide sales represents gross sales by all North America-based studios. We receive approximately 7% and 2% of the sales by franchisees as royalty revenue and marketing fund revenue, respectively. 2. Adjusted EBITDA is a non-GAAP financial measure. See appendix for reconciliation to net loss, the most directly comparable GAAP financial measure. Global Open Studios North American System-Wide Sales(1) ($M) CAGR 10% CAGR 18% Revenue ($M) Adj. EBITDA ($M)(2) Margin: 39.6%29.8% 31.6% 36.3% 35.5% CAGR: 10%CAGR: 2% *2026 represents midpoint of guidance range. 2026 global open studios net of closures assumed in 2026. 29 Financial Summary 2,200 2,612 2,896 3,097 3,257 2022 2023 2024 2025 2026* $900 $1,235 $1,551 $1,746 $1,760 2022 2023 2024 2025 2026*
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Investment Highlights 30 • Highly experienced management team with operational expertise • Diversified market leader positioned for long-term growth and scale • Passionate, expanding, and highly loyal consumer base • Established model that rapidly scales boutique fitness concepts • Asset-light franchise structure with predictable, high-margin recurring revenues drives free cash flow conversion • Highly attractive and predictable studio-level economics • Large, growing franchisee base with organic growth
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Appendix 31
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Note: All KPI information is presented on an adjusted basis to include historical information of all brands owned as December 31, 2025 and to exclude historical information of divested brands. 1. AUV (LTM as of period end) consists of the average sales for the trailing 12 calendar months for all traditional studio locat ions in North America that opened at least 13 calendar months ago as of the measurement date and that have generated positive sa les for each of the last 13 calendar months as of the measurement date. 2. Same store sales refer to period-over-period sales comparisons for the base of studios. We define the same store sales base to i nclude monthly sales for any traditional studio location in North America. If the studio has generated at least 13 months of consecutive positive sales and opened at least 13 calendars months ago as of any month within the measurement period, the respective comparable months will be included. North America Same Store Sales(2)North America Last 12 Month AUVs ($K)(1) Last 12 Month Average Unit Volumes and Same Store Sales 32 $406 $449 $478 $501 $525 $553 $577 $600 $631 $644 $656 $666 $680 $692 $701 $701 $695 58% 52% 30% 21% 20% 22% 17% 16% 15% 9% 8% 6% 7% 6% 2% -1% -4%
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Note: All KPI information is presented on an adjusted basis to include historical information of all brands owned as December 31, 2025 and to exclude historical information of divested brands. Studio KPIs – Pro Forma for All Acquisitions and Divestitures 33 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 System-Wide Sales System-Wide Sales – North America ($000s) 258,567 278,671 298,903 314,435 343,417 354,768 379,604 391,401 425,634 429,059 438,209 432,184 446,682 Same Store Sales Same Store Sales – North America (%) 20% 22% 17% 16% 15% 9% 8% 6% 7% 6% 2% -1% -4% # Studios North America Gross New Studio Openings – in period 90 65 96 87 122 77 83 89 78 85 59 57 51 Net Studios Permanently Closed – in period 0 -2 0 -14 -35 -17 -27 -25 -34 -27 -25 -20 -20 Total Studios Open – end of period 1,903 1,966 2,062 2,135 2,222 2,282 2,338 2,402 2,446 2,504 2,538 2,575 2,606 International Gross New Studio Openings – in period 43 33 27 25 25 23 16 27 36 21 20 21 27 Net Studios Permanently Closed – in period -1 -1 -2 -12 -2 -4 -8 -15 -15 -4 -5 -12 -27 Total Studios Open – end of period 297 329 354 367 390 409 417 429 450 467 482 491 491 Global Gross New Studio Openings – in period 133 98 123 112 147 100 99 116 114 106 79 78 78 Net Studios Permanently Closed – in period -1 -3 -2 -26 -37 -21 -35 -40 -49 -31 -30 -32 -47 Total Studios Open – end of period 2,200 2,295 2,416 2,502 2,612 2,691 2,755 2,831 2,896 2,971 3,020 3,066 3,097
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FY 2026 Guidance – As of February 26, 2026(1) Note: We define Adjusted EBITDA as EBITDA (net income/loss before interest, taxes, depreciation and amortization), adjusted f or the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include equity-based compensation and related employer payroll taxes, acquisition and transaction expenses (income) (including change in contingent consideration and transaction bonuses), litigation expenses (consisting of legal and related fees for specific pro ceedings that arise outside of the ordinary course of our business net of insurance reimbursements), fees for financial transactions, such as secondary public offering expenses for which we do not receive proceeds (including bonuses paid to executives related to completion of such transactions) and other contemplated corporate transactions, expense related to the remeasurement of our TRA obligation, expense related to loss on impairment or write down of goodwill and other noncurrent assets, loss and expenses related to brand divestitures and w ind down (including expenses directly related to the divested or wound down brands for arrangements that existed prior to divestiture or wind dow n), transformation initiative costs (primarily consisting of third-party professional consulting fees related to modifications of our business strategy and cost saving initiatives), other income (consisting of royalties received from divested brands), and restructuring and related char ges incurred in connection with our restructuring plan that we do not believe reflect our underlying business performance and aff ect comparability. Adjusted EBITDA is a non-GAAP financial measure. We are not able to provide a quantitative reconciliation of the estimated full-year Adjusted EBITDA for fiscal year ending December 31, 2025, without unreasonable efforts to the most directly comparable GAAP financial measure due to the high variability, complexity and l ow visibility with respect to certain items such as taxes, TRA remeasurements, and income and expense from changes in fair value of contingent consideration from acquisitions. We expect the variability of these items to have a potentially unpredictable and potentially significant impact on future GAAP financial results, and, as such, we also believe that any reconciliations provided would imply a degree of precision that would be confusing or misleading to investors. 1. Percentage change vs. 2025 for net new studio openings and system-wide sales, in line with overall KPI presentation, is pro forma for brand divestitures 34 ($ in millions) Low Range Guidance High Range Guidance 2025(1) % Change vs. 2025 at Midpoint(1) Net New Studio Openings (Global) 150 170 201 -20% System-wide Sales (North America) $1,720 $1,800 $1,746 1% Revenue $260.0 $270.0 $315 -16% Adjusted EBITDA $100.0 $110.0 $112 -6%
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Strong system- wide sales growth driven by continued consumer engagement Note: The accompanying financial information for the three months ended December 31, 2024, has been corrected from amounts previous ly reported. The details of the corrections of 2024 financials were included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. 1. Adjusted EBITDA is a non-GAAP financial measure. See appendix for reconciliation to net income (loss), the most directly compara ble GAAP financial measure. 2. System-wide sales represents gross sales by all North America -based studios. We receive approximately 7% and 2% of the sales by franchisees as royalty revenue and marketing fund revenue, respectively. 3. Same store sales refer to period-over-period sales comparisons for the base of studios. We define the same store sales base to i nclude monthly sales for any traditional studio location in North America. If the studio has generated at least 13 months of consecutive positive sales and opened at least 13 calendars months ago as of any month within the measurement period, the respective comparable months will be included. 4. Quarterly AUV (run rate) consists of average quarterly sales for all traditional studio locations in North America that had o pened at least six calendar months ago as of the beginning of the respective quarter, and that have non -zero sales in the respective quarter (including nominal or negative sales figures; the only figures excluded are exact $0 amounts in the quarter), multiplied by four. 5. We define as members any individuals that have a monthly membership agreement with one of our studios. 6. Includes in-studio and live-stream visits. 35 Q4 2025 Performance ($ in millions) Q4 2025 Q4 2024 % Change Revenue $83 $83 ~0% Adjusted EBITDA(1) $23 $31 -26% Gross New Studio Openings (Global) 78 114 -32% System-Wide Sales(2) (North America) ($Ms) $447 $426 5% Same Store Sales(3) (North America) -4% 7% N/A Q4 AUV (Run Rate)(4) (thousands; North America) $683 $695 -2% Total Members(5) (thousands) 774 734 5% Total Visits(6) (millions) 14 13 6% Q4 2025
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Note: The above adjusted net income (loss) per share is computed by dividing the adjusted net income (loss) attributable to h olders of Class A common stock by the weighted average shares of Class A common stock outstanding during the period. Total share count does not include potential future shares vested upon achieving certain earn-out thresholds. Net income, however, continues to take into account the non-cash contingent liability primarily attributable to Rumble. Adjusted net income (loss) is a non-GAAP financial measure that excludes certain amounts and is used to supplement net income (l oss). Adjusted net income (loss) assumes that all net income (loss) is attributable to Xponential Fitness, Inc., which assume s the full exchange of all outstanding Class B common stock for shares of Class A common stock of Xponential Fitness, Inc., adjusted for the impact of c ertain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. Adjusted net income (lo ss) per share, diluted, is calculated by dividing adjusted net income (loss) by the total weighted-average shares of Class A common stock outstanding plus any dilutive securities and assuming the full conversion of all outstanding Class B common stock. Total share count does not include potential future shares vested upon achieving certain earn-out thresholds. 36 Reconciliation of GAAP to Non-GAAP Measures: Adjusted Net Earnings (Loss) Per Share In $ thousands, except per share amounts Q4 2025 Q4 2024 2025 2024 Net loss ($45,612) ($62,454) ($53,671) ($98,696) Acquisition and transaction expenses (income) $534 $1,924 ($6,948) $8,886 TRA remeasurement ($1,342) $85 ($11) $998 Impairment of goodwill and other noncurrent assets $307 $45,957 $32,718 $62,551 Loss and expenses due to brand divestitures and wind down (excluding impairments) $1,570 $548 $5,570 $1,820 Restructuring and related charges (excluding impairments) ($14) $6,884 $3,979 $26,287 Adjusted net income (loss) ($44,557) ($7,056) ($18,363) $1,846 Adjusted net income (loss) attributable to noncontrolling interest ($12,458) ($2,252) ($5,253) $832 Adjusted net income (loss) attributable to Xponential Fitness, Inc. ($32,099) ($4,804) ($13,110) $1,014 Dividends on preferred shares — ($1,292) ($4,061) ($5,200) Adjusted loss per share - basic and diluted numerator ($32,099) ($6,096) ($17,171) ($4,186) Adjusted net loss per share - basic and diluted ($0.91) ($0.19) ($0.49) ($0.13)
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Note: We define Adjusted EBITDA as EBITDA (net income/loss before interest, taxes, depreciation and amortization), adjusted f or the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include equity-based compensation and related employer payroll taxes, acquisition and transaction expenses (income) (including change in contingen t consideration and transaction bonuses), litigation expenses (consisting of legal and related fees for specific proceedings tha t arise outside of the ordinary course of our business net of insurance reimbursements), fees for financial transactions, such as secondary public offering e xpenses for which we do not receive proceeds (including bonuses paid to executives related to completion of such transactions) a nd other contemplated corporate transactions, expense related to the remeasurement of our TRA obligation, expense related to loss on impairment or write down of goodwill and other noncurrent assets, loss and expenses related to brand divestitures and wind down (including expenses direc tly related to the divested or wound down brands for arrangements that existed prior to divestiture or wind down), transformation initiative costs (primaril y consisting of third-party professional consulting fees related to modifications of our business strategy and cost saving initiati ves), other income (consisting of royalties received from divested brands), and restructuring and related charges incurred in connection with our restructuring plan that we do not believe reflect our underlying business performance and affect comparability. Adjusted EBITDA is a non -GAAP financial measure. 37 In $ thousands Q4 2025 Q4 2024 2025 2024 Net loss ($45,612) ($62,454) ($53,671) ($98,696) Interest expense, net $11,111 $11,013 $45,977 $44,426 Income taxes $259 ($558) $1,322 ($342) Depreciation and amortization $2,419 $4,534 $12,027 $17,713 EBITDA ($31,823) ($47,465) $5,655 ($36,899) Equity-based compensation $4,567 $2,344 $12,908 $15,465 Employer payroll taxes related to equity-based compensation $20 $21 $290 $436 Acquisition and transaction expenses (income) $534 $1,924 ($6,948) $8,886 Litigation expenses $21,755 $18,054 $30,097 $32,575 Financial transaction fees and related expenses ($64) — $408 $620 TRA remeasurement ($1,342) $85 ($11) $998 Impairment of goodwill and other noncurrent assets $307 $45,957 $32,718 $62,551 Loss and expenses due to brand divestitures and wind down (excluding impairments) $1,570 $548 $5,570 $1,820 Executive transition costs — — $7 $690 Non-recurring rebranding expenses — — — $331 Transformation initiative costs — $1,287 $874 $1,287 Contract settlement costs — $1,170 $1,170 Other income $37 — ($1,096) — Loss on debt extinguishment $27,327 — $27,327 — Restructuring and related charges (excluding impairments) ($14) $6,884 $3,979 $26,287 Adjusted EBITDA $22,874 $30,809 $111,778 $116,217 Margin 28% 37% 35% 36% Reconciliation of GAAP to Non-GAAP Measures: Adjusted EBITDA
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38 Net Loss Per Share In $ thousands, except per share amounts Q4 2025 Q4 2024 2025 2024 Numerator: Net loss attributable to XPO Inc. ($45,612) ($62,454) ($53,671) ($98,696) Less: net loss attributable to noncontrolling interests $16,001 $19,565 $19,880 $33,747 Less: dividends on preferred shares — ($1,898) ($5,694) ($7,809) Less: deemed dividend from redemption of convertible preferred stock ($11,655) — ($11,655) — Net loss attributable to XPO Inc. - basic and diluted ($41,266) ($44,787) ($51,140) ($72,758) Denominator: Weighted average shares of Class A common stock outstanding - basic and diluted 35,206 32,879 34,804 31,999 Net loss per share attributable to Class A common stock - basic and diluted ($1.17) ($1.36) ($1.47) ($2.27)
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39 Same Store Sales – 2-Year Stacked Basis(1) Note: Management is providing a two-year stacked same store sales analysis, a non -GAAP measure, because management believes this metric is useful to investors and analysts as it aids in showing cumulative growth while minimizing short -term volatility. It i s not recommended that the two-year-stacked analysis be considered a substitute for the Company’s operating results as reported in accordance with GAAP. In formation is presented on an adjusted basis to include historical information of all brands owned as December 31, 2025 and to exclude historical information of divested brands. 1. Same store sales refer to period-over-period sales comparisons for the base of studios. We define same store sales to include mo nthly sales for any traditional studio location in North America. If the studio has generated at least 13 months of consecuti ve positive sales and opened at least 13 calendar months ago as of any month within the measurement period, the respective comparable months will be inclu ded. Please see the Company’s 10-K SEC filing for the period ended 12/31/2025 for more detail. 22% 17% 16% 15% 9% 8% 6% 7% 9% 8% 6% 7% 6% 2% -1% -4% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 +2.3%
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40 Same Store Sales – 2-Year Stacked Basis(1) Note: Management is providing a two-year stacked same store sales analysis, a non -GAAP measure, because management believes this metric is useful to investors and analysts as it aids in showing cumulative growth while minimizing short -term volatility. It i s not recommended that the two-year-stacked analysis be considered a substitute for the Company’s operating results as reported in accordance with GAAP. In formation is presented on an adjusted basis to include historical information of all brands owned as December 31, 2025 and to exclude historical information of divested brands. 1. Same store sales refer to period-over-period sales comparisons for the base of studios. We define same store sales to include mo nthly sales for any traditional studio location in North America. If the studio has generated at least 13 months of consecuti ve positive sales and opened at least 13 calendar months ago as of any month within the measurement period, the respective comparable months will be inclu ded. Please see the Company’s 10-K SEC filing for the period ended 12/31/2025 for more detail. Three Months Ended December 31, Same store sales - 2-year stacked basis (%) 2025 2024 Same store sales growth (individual period) (4.3%) 6.6% Same store sales growth (two-year stacked) 2.3%
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1. Adjusted EBITDA is a non-GAAP financial measure. See appendix for reconciliation to net loss, the most directly comparable GAAP financial measure. ($ in millions) December 31, 2025 As Reported Cash, Cash Equivalents and Restricted Cash $46 Total Debt $525 Net Debt $479 LTM Adj. EBITDA(1) $112 Net Debt / LTM Adj. EBITDA(1) 4.3x • Franchised business model with highly predictable and recurring revenue streams and limited on-going capital requirements creates visibility into cash available to service debt obligations • As business continues to grow, overall EBITDA and margin are expected to increase, reducing Net Leverage Ratio • During the fourth quarter of 2025, Xponential Fitness entered into a new five-year, $525 million term loan and $25 million revolving credit facility, including the full repurchase of all prior outstanding convertible preferred stock • Company continues to actively evaluate opportunities to optimize balance sheet and lower cost of capital 41 Capital Structure Supports Continued Growth
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ChairmanBoard of Directors CEO, Director Lead Independent Director Director Director Director Director Rachel Lee Jair Clarke Bruce Haase Mike Nuzzo Lily Yang Chelsea Grayson Mark Grabowski 42
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43 One of the Leading Global Franchisors of Boutique Health & Wellness Brands CONTACT: Addo Investor Relations investor@xponential.com