[PPT] - AUGUST 2019 1 FORWARD-LOOKING STATEMENT DISCLAIMER This PowerPoint Presentation

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AUGUST 2019

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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 a number of factors which could cause actual results or developments 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

r 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.

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FORWARD-LOOKING STATEMENT DISCLAIMER

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ANOTHER HALF YEAR OF STRONG PROGRESS

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Openings in 2019 so far Penetration of premium price product

16 .9%

+ 2 easyGym sites converted

Members TGG App uses per month

796,000

10.6%

vs 2018 (incl easyGym)

Increase in Average Revenue per Member per Month Awarded Gold standard Investors In People ‘First Steps’ campaign offering free off-peak membership to 16- 18 year olds over the summer Low cost gym market share of

24% 5.6% +700,000 8

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OPERATIONAL KPIS

1 5 10 16 32 40 55 74 89 128 158 165 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 45.5 60.0 73.5 91.4 123.9 58.3 74.0 2014 2015 2016 2017 2018 2018 H1 2019 H1

26.9%

3

7 26 58 96 166 225 293 376 448 607 724 796 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1 16.9 20.7 25.4 30.6 39.1 18.8 24.0 2014 2015 2016 2017 2018 2018 H1 2019 H1

28.0%

Gyms

165 Open sites as at H1 2019 (1)

Revenue £’m

£74.0m

Members

796k

Group Adjusted EBITDA £’m (2)

£24.0m

CAGR: 28.5% CAGR: 23.3% CAGR: 25.4%

1. 8 new sites opened in H1 2019 and one site recently closed – the former easyGym site in Birmingham. This site has been mothballed due to higher than expected costs to convert to The Gym and members have been transferred to our nearby Birmingham City gym. 2. Group Adjusted EBITDA is now calculated under an IFRS16 basis which excludes IAS17 Property Rent charges, to maintain a comparable measure Cash Rent paid in the period is added back as an expense

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PROGRESS ACROSS ALL METRICS

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Estate Members Revenue Group Adjusted EBITDA Adjusted PBT (1) Basic Adjusted EPS(1) Non-Property Net Debt Interim dividend per share

165 sites

(H1 2018: 147 sites2)

796,000

10.6% vs PY

(H1 2018: 720,000)

£74.0m

26.9% vs H1 2018

£24.0m

28.0% vs H1 2018

(H1 2018: £18.8m)

£7.1m

53.3% vs PY

(2018: £4.6m)

4.0p

Per share (2018: 2.8p)

£47.2m

As at June 2019

0.45p

(H1 2018 Interim: 0.35p)

Av. Member

growth

+20%

ARPMM growth

+5.6%

1.Adjusted PBT and EPS based on the new method of calculating KPIs

2. Proforma easyGym sites and members were included in the H1 2018 metrics

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SUMMARY OF KPI CHANGES & PERFORMANCE

IFRS 16

Unless otherwise stated all financial metrics will

now be stated using IFRS 16 as the basis (1)

New KPIs have been used to continue to show

the operating performance of the business

Revenue remains the same under both

standards

IFRS 16 EBITDA removes the rent charge from

the P&L. Adjusted EBITDA adds back the cash rent paid for the period Other Changes

Amortisation relating to IT/software is no

longer excluded from Adjusted PBT/EPS

Depreciation – UEL on gym equipment

extended (3)

1. Further information in relation to the Company’s KPIs and IFRS 16 can be found in the link: https://www.tggplc.com/media/93415/tgg-ifrs-presentation-02july2019.pdf 2. Adjusted PBT/EPS has to date included an adjustment to remove all amortisation, as the majority related to acquired intangibles (brand, customer lists, contracts). As the business has grown, investment in software (and associated amortisation) has increased, so from 2019 Adjusted PBT/EPS is no longer adjusted for amortisation of IT/software (but will continue to be adjusted for non-IT amortisation)

Metrics (£'m) Post IFRS 16 Pre-IFRS16 H1 2019 H1 2018 % Change H1 2019 H1 2018 % Change Revenue 74.0 58.3

26.9%

74.0 58.3

26.9%

Group Adjusted EBITDA 24.0 18.8

28.0%

22.6 17.5

28.9%

Group Adjusted PBT (2) 7.1 4.6

53.3%

9.1 6.7

36.4%

Basic Adjusted EPS 4.0 2.8

42.9%

5.1 4.0

27.5%

Group Operating Cash Flow 18.7 16.4

13.8%

18.7 16.4

13.8%

Free Cash Flow 16.0 13.6

17.9%

16.0 13.6

17.9%

Non Property Net Debt (4) 47.2 21.6

118.7%

47.2 21.6

118.7%

3. From 1 Jan, 2019 Useful Economic Life (UEL) on equipment has increased from 5.5 years to 7 years on cardio equipment and 7 to 9 years on strength equipment 4. Net Debt is significantly higher than in H1 2018 due to the financing of EasyGym acquisition, Net Debt at Dec 2018 was £46.0m

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+26% growth in site EBITDA broadly in line

with growth in revenue helped by: – improved profitability of Lifestyle sites due to closures in H1 2018 –

ngoing maturity of the organic estate

–

ffset by the inclusion of the easyGym

sites which currently have a lower site EBITDA profitability than the organic estate

Central cost of £6.5m – decreasing costs as a

percentage of revenue as we gain the benefits

f our growing scale
IFRS16 reduces quantum PBT and earnings in

both years, increasing the percentage growth rate

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1. Pre-opening costs means the costs associated with new site openings, which primarily consist of staff costs, marketing and now excludes rent

GROUP INCOME STATEMENT

£’m H1 2019 H1 2018 % Change Number of Gyms 165 147 12.2% Revenue 74.0 58.3 26.9% Site EBITDA 30.5 24.3 25.5% Site EBITDA Margin 41.2% 41.6% (4)bps Central Costs (6.5) (5.5) 18.2% Group Adjusted EBITDA 24.0 18.8 28.0% Group Adjusted EBITDA Margin 32.5% 32.2% 0.3bps Group Adjusted EBITDA before pre-opening costs (1) 24.6 19.3 27.5% Adjusted PBT 7.1 4.6 53.3% Adjusted Earnings 5.5 3.5 54.7% Basic Adjusted EPS 4.0 2.8 42.9%

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REVENUE GROWTH SUPPORTED BY INCREASE IN ARPMM

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14.65 15.47 0.41 0.20 0.16 0.05 ARPMM H1 2018 Increased LIVE IT. Penetration easyGym PT Rental Net Price Movement ARPMM H1 2019 ARPMM Growth H1 2018 to H1 2019

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GROUP ADJUSTED EBITDA INCREASED 28%

18.8 24.0 0.5 2.1 3.6 (1.0) Group Adjusted EBITDA H1 2018 2008 - 2017

penings

2018 and 2019

penings

Acquired Lifestyle and EasyGym sites Central Costs Group Adjusted EBITDA H1 2019

£m

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Maintenance

5 major refits in H1 2019 as well as significant kit

enhancement in 23 sites

Maintenance capex for 2019 as a whole expected

to be 6-7% of revenue Expansionary

Total initial capex higher than prior year due to

more openings(1). (Note: £1.4m capex for H1

penings spent in H2 2018)
8 H1 2019 sites opened at an average cost of

£1.33m per site

easyGym: £2.1m deferred consideration paid
n initial acquisition and £0.4m for conversions

in H1 2019

Product enhancement & IT relating to app

launch & data analysis tools including pricing & churn

Reduction in expansionary capex vs H1 2018

due to fully converted Lifestyle estate

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CAPITAL EXPENDITURE

1. H1 2019 has 8 new openings while H1 2018 had 6. 2. Capex cashflow excludes cashflows relating to business combinations.

H1 2019 H1 2018 % Change Initial Capex 9.7 9.2 easyGym consideration 2.1

Product Enhancement & IT

1.3 1.2 easyGym conversions 0.4

Lifestyle conversions
4.8

ERP

1.1

Other

0.3

Expansionary Capex 13.6 16.6 (17.8%) Maintenance Capex 3.3 3.2 1.7% Capex Creditor:

Expansionary Capex

2.3 3.2

Maintenance Capex

0.7 0.3 Total Cashflow Capex 19.8 23.3 (14.6%)

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Non-Property Net Debt (4)

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1. Group Operating Cash Flow is calculated as Group Adjusted EBITDA less working capital and less maintenance capital expenditures 2. Group Operating Cash Flow Conversion is calculated as Group Operating Cash Flow as a percentage of Group Adjusted EBITDA 3. Free Cash Flow is calculated as Group Operating Cash Flow less tax and interest paid and exceptional items 4. Net Debt Movement from FY2018 (£46.0m) to H1 2019 (£47.2m)

GROUP CASH FLOW- NET DEBT MOVEMENT

24.0 18.7 16.0 (1.2) 1.5 3.9 2.4 0.3 15.9 (1.3) Group Adjusted EBITDA Working Capital Maintenance Capex Group Operating Cash Flow Tax and interest paid Exceptionals Free Cash Flow Expansionary capex Dividends Net Movement in Non- Property Net Debt

Free Cash Flow (3)

£16.0m

(2018: £13.6m)

£47.2m

(2018: £21.6m)

(1)

£m

(4)

Operating Cashflow Conversion(2)

77.8%

(2018: 87.5%)

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15 to 20 organic openings, second half openings weighted to end of year
New site fit-out costs expected to be between £1.3 million and £1.4 million per site
£3.5m to £4.0m of capital spend on IT projects
Maintenance capital expenditure maintained between 6% and 7% of revenue
Depreciation (on a Pre IFRS16 basis) expected to be circa 15% of revenue
Central costs to be 8.0% to 8.5% of revenue
Long term employee incentive costs expected to be c.£1.8m
Future tax effective rate, after adjusting for amortisation and exceptional items,

expected to be 23% in 2019 (2018: 21.8%)

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GUIDANCE FOR 2019

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STRATEGIC AND OPERATIONAL PROGRESS

MARKET OPPORTUNITY HIGH QUALITY ESTATE INFRASTRUCTURE DEVELOPMENT DEVELOPMENT OF BUSINESS MODEL

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Memberships of health and

fitness clubs have been in structural growth for many years

During the Global Financial

Crisis growth rates flattened but didn’t decline

The private sector has been

driving the increase in penetration since 2012, led by the emergence of low- cost gyms

Average membership fees

remained stable during the Global Financial Crisis and then started to decline with the growth of low cost gyms in 2012/2013.

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Source: LDC State of the Industry Report 2019

7.3 10.5 4.6 5.1 11.9 15.6 2 4 6 8 10 12 14 16 18 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

%

Penetration Rates for Health & Fitness Clubs in the UK

Private Public Total Penetration £42.07 £41.14 £28.39 £30.10 £25.00 £30.00 £35.00 £40.00 £45.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Average Headline Rate for Health & Fitness Clubs in the UK

Private Public

1. MARKET OPPORTUNITY:

UK MARKET GROWTH IN LONG-TERM GROWTH

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1. MARKET OPPORTUNITY:

LOW COST GYMS DRIVING UK MARKET GROWTH

3.3 3.4 3.4 3.3 3.4 4.1 4.0 4.2 4.1 4.2 1.3 1.9 2.2 2.5 2.8

2015 2016 2017 2018 2019

UK gym membership penetration

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Source: Leisure Database Company 2019 State of the UK Fitness Industry Report. As at 31 March 2019

5.2% 5.2% 5.1% 5.0% 5.1% 6.4% 6.1% 6.4% 6.2% 6.3% 2.0% 2.9% 3.4% 3.7% 4.2%

2015 2016 2017 2018 2019

Members (millions) Penetration of UK population

14.2% 14.9% 14.9% 15.6% 5 year CAGR

21% 1% 1%

Market growth driven by low cost Limited growth from traditional providers Public membership stagnant

75
25

25 75 125 2011 2012 2013 2014 2015 2016 2017 2018 2019

Net growth in number of gyms

Public: 2,729

Number of UK gyms

Traditional private independent: 2,307 Traditional private multi-club: 1,520 Low cost: Mar 2019: 683

Low Cost Traditional private Public

8.7 9.3 9.8 9.9 10.4

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22.59 21.39 21.02 19.63 18.74 17.94 energie Fitness Pure Gym Sports Direct/Everlast JD gyms Xercise4less The Gym

54 4 11 11 12 21 37 52 76 158 222 Other Easy Gym Simply Gym TruGym 24/7 Fitness JD Gyms Sports Direct / Everlast Xercise4Less energie Fitness The Gym Pure Gym 11

(3)

Market share vs low cost competitors

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1. LDC 2019 State of the UK Fitness Industry Report as at March 2019 with Company estimates for the growth from March 19 to June 19
2. Low cost defined as majority of membership options <£25 per month
3. energie Fitness excludes “energie Club” & “energie fitness for women” gyms which aren’t classified as low cost
4. Average headline rates as at June 2019 (no contract option if available)

Anytime Fitness (June 2019 154 down from 161 in December 2019) and Snap Fitness (June 2019 65 up from 63 in December 2019) are 24/7 operated but not defined as low cost gyms as per LDC and so not shown in the chart above

1. MARKET OPPORTUNITY:

TAKING SHARE AS A PRICE LEADING OPERATOR

Number of clubs of top 10 operators

O = Owned

F = Franchise

24%

TGG estimated share

f low cost market

Pricing vs low cost competitors

Average headline rate per month (no contract)

236 165 77 52 25 34 12 11 4

24/7 Ownership structure

O O O/F O O O O O O F

(4) (1) (2)

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Expansion in 2019 so far from 8 organic openings and conversion of remaining acquisition sites Strong pipeline for further organic growth

Strong covenant for landlords due to low

gearing and Plc status

Continue to target +30% ROCE at maturity
Excess space becoming available from retailers

(Kidderminster - previously Carpetright and Colliers Wood – Mothercare)

Expecting to open 15-20 sites in 2019
First small box gym to be opened in Newark by

year end

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2. GROWING OUR HIGH QUALITY ESTATE:

FLEXIBLE MODEL SUPPORTS ROLLOUT

Number of gyms by Brand The Gym EasyGym Total As at 31 December 2018 155 3 158 Organic Openings 8 8 Closures

1
1

Conversions to The Gym brand 2

2
As at 30 June 2019

165

165

Northampton

Retail Park: 13,638 sq.ft.

pened - 01 February 2019

Ipswich

Leisure Park 12,647 sq.ft.

pened – 27 June 2019

Hove

Redevelopment of High Street building 19,095 sq.ft.

pened – 30 May 2019

16,750

Average sq.ft.

across estate in H1 2019 Kidderminster

Retail Park 13,832 sq.ft.

pened - 13 June

2019

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2. GROWING OUR HIGH QUALITY ESTATE:

INTEGRATION OF ACQUISITION SITES

All acquisition sites have been converted and integrated to the TGG brand within one year of acquisition
Acquisitions targeting 20% ROCE as per acquisition model
Remaining easyGyms at Oxford Street and Birmingham Kings Heath converted in H1 2019. Birmingham

Corporation Street was mothballed on June 28th due to high conversion costs

23% growth in revenue vs H1 2018 in Lifestyle sites
LIVE IT penetration in easyGym sites of 16% despite only being converted for less than one year

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1. TGG organic openings excluding acquisitions and pre-open sites 2. TGG headline rates as at June 2019.

Average Headline Rate Average Sq. Ft.

Lifestyle

£16.32

vs

The Gym (1/2)

£17.94

Lifestyle

vs

The Gym(1) easyGym

£20.32

vs

easyGym

vs

19,300 16,750 20,750

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2. GROWING OUR HIGH QUALITY ESTATE:

SMALL BOX GYMS OPPORTUNITY

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One site selected for opening in 2019 (Newark)

Sites targeted from 5,000-9,000 square feet
Catchment areas targeted based on:
Populations of 25,000- 60,000 within a 15

min drivetime

Membership potential between 1,500-

4,000 members

Innovative design enables useable gym space

to be larger than some standard format gyms (80%+ target)

Expected fit out costs of circa £0.7m- £0.75m
Target ROCE to be aligned with the standard

format (30%)

Site selection for 2020 and beyond underway.

CGI image of Newark

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Marketing 2019 so far

Media investment behind ‘So I Can’ continues into H2

building on brand and trading success of the January 2019 campaign

Successfully launched ‘First Steps’ campaign offering free
ff-peak membership to 16-18 year olds over the summer

– New media channels used such as Snapchat – Engaged Big Narstie to front the campaign

IT developments

Member app launched in December 2018 being used more

than 700,000 times a month

New capability built to deliver data-driven yield

management

2019 H2 priorities:

– Further development of data science capability to model member behaviour and location performance – Complete the rollout of new revenue opportunities including Yanga and digital advertising screens – Launch the Apple Watch app

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3. INFRASTRUCTURE DEVELOPMENT:

MARKETING & IT

https://www.youtube.com/watch?v=mwQwoh0As9I

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4. DEVELOPMENT OF BUSINESS MODEL:

LIVE IT

16.9% of all members had LIVE IT

membership by June 2019 (11.7% in Dec 2018)

Increased opportunity to continue to

grow yield among sites in city clusters eg. Manchester & London

Higher penetration in new joiners, which

means overall penetration expected to grow further

Multi-gym access the most

popular feature

The incremental contribution of LIVE IT to

ARPMM was £0.41 in H1 2019

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Multiple gym access Unlimited access and training Discounts and perks Bring a friend Free classes Free WiFi Unlimited Fitness & Body Composition measurements Unlimited access and training Discounts and perks Free WiFi Free classes

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New model for Personal Trainers (New Gym Team) enhances our member experience

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4. DEVELOPMENT OF BUSINESS MODEL:

MARKET LEADING PERSONAL TRAINER MODEL

Update on Progress

All sites will be successfully operating on NGT model as of

1st September 2019 Cost

As previously guided the model will result in an incremental

annual cost to the Group of £1 million from 2019

New Gym Team Model

PTs are now part-time employees for c.12 hours per week

for which they are paid a salary

They also operate a self-employed PT business from our gyms

– for which they pay rent

HMRC regulatory clearance received on the new model
Model delivers a better member experience and greater

consistency of service leading to higher member satisfaction

Enables more influence over PTs and what they do in the gym
PTs also receive support and training, access to discounted

professional insurance and services that allow them to continue to improve their skills as well their businesses

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SUMMARY & OUTLOOK

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Strong first half of the year, building on strategic investments made over the last two years:

Good growth in membership to 796,000
Strong increase in ARPMM (5.6% vs H1 2018)
All Lifestyle and easyGym sites now converted to The Gym
8 new sites opened (vs 6 in H1 2018)
LIVE IT penetration at 16.9%

On track to deliver our operational and financial targets for 2019:

First two months of H2 trading well and in line with our expectations
LIVE IT penetration continues to grow, supporting growth in overall yield
New Gym Team PT model operational across full estate as of 1 September 2019
15-20 new site openings in 2019, in addition to first small box gym in Newark

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1. Expansionary capital expenditure in 2017 includes Lifestyle acquisition and 2018 includes easyGym acquisition 2. Average number of members is calculated as the total number of members (excluding sites not open at the period end) divided by the number of months in the period 3. 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

KPIS

£'m H1 2019 H1 2018 H1 2017 H1 2016 18-19 % change YE 2018 Financial Data Revenue 74.0 58.3 42.8 36.1 26.9% 123.9 Group Adjusted EBITDA 24.0 18.8 14.6 12.9 28.0% 39.1 Group Adjusted EBITDA before POC 24.6 19.3 15.2 13.6 27.5% 40.3 Group Operating Cash Flow 18.7 16.4 13.0 13.5 13.8% 34.0 Group Operating Cash Flow Conversion 77.8% 87.5% 89.3% 104.9% 86.9% Expansionary Capital Expenditure 15.9 19.8 11.2 8.5 (27.6%) 57.6 Non-Property Net Debt 47.2 21.6 4.6 2.5 118.7% 46.0 Operational Total gyms in operation 165 147 95 80 12.2% 158 Total number of members ('000) 796 720 508 424 10.6% 724 Average number of members ('000) 797 664 495 420 20.1% 693 Average revenue per member per month (£) 15.47 14.65 14.42 14.31 5.6% 14.89

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FINANCIAL MODEL: MATURE SITES AS AT FY 2018

Technology led model with high margins and returns

Low operating costs
Leases(1) typically fixed

rental uplifts

Fit-out costs reducing

with scale Mature site economics (2) Maturity: Members

Consistent maturity profile

with member outcome dependent on sq footage per site

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1. Newer leases generally have initial terms of 15 years, with upwards-only rent adjustments every five years, typically either by fixed increases or increases in line with RPI or CPI
2. Pre IFRS16 Actual Mature gym site metrics in 2018 based off 89 Mature sites open to 31 Dec 2016
3. Fixed property costs include cash rent, rates, service charge and landlord insurance
4. Other opex includes all other costs below gross profit, the principal costs are marketing, staff, utilities, cleaning, repairs and maintenance and

administration costs such as travel

Maturity: Site EBITDA

Site EBITDA lags number

growth

Initial losses from pre-opening

costs

Average Mature Gym Site Members (#) Average estate

LTM EBITDA

(£m) 2018 2017 Revenue £0.97 £0.98 Gross profit 99% 99% Fixed property costs(3) 26% 26% Other opex (4) 28% 26% EBITDA £0.44 £0.46 EBITDA margin 45% 47% Average capital cost £1.44 £1.46 Current capital cost £1.33 £1.35 Mature ROCE 31% 32%

2000 4000 6000 8000

3 -1 1

3 5 7 9 11 13 15 17 19 21 23

£m

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Rolling Average Square Footage (1)

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PROPERTY

Increase in average square footage in 2017 and 2018 is due to Lifestyle and easyGym acquisitions which had larger gyms than typical Gym Group sites

16,750

Average square footage in H1 2019

15,000 15,500 16,000 16,500 17,000 17,500 18,000 18,500 19,000 19,500 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 H1

83

South East Map of all 165 Locations

55

Inside M25

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THE GYM GROUP TEAM

29 Richard Darwin Chief Executive Officer

CEO September 2018

Previously CFO since May 2015

Formerly CFO of Essenden plc (now

Ten Entertainment Group plc) and Paramount Restaurants

Held senior roles at Diageo plc,

Hard Rock Cafe International and The Rank Group Plc

Mark George Chief Financial Officer

CFO since October 2018
Previously Deputy CFO of Auto

Trader plc and Finance director roles at Asos and Tesco

Jonathan Spaven Property Director

Property Director since October

2013

Previously Director of Property at

Matalan and agent roles for KwikSave, Iceland Frozen Foods and MFI Hygena

Ann-marie Murphy People and Development Director

Joined The Gym Group in May 2018
Previous roles include HR Director

for New Look, TUI Travel plc

Currently finishing an Executive

Coaching Qualification at Henley Business School

Jasper McIntosh Chief Information Officer

IT Director since June 2014, and

primary IT and digital consultant to The Gym Group since 2011

Previously co-founded two

technology consultancies and served as a director for three digital agencies

Nick Henwood Chief Operating Officer

Joined the team in August 2016
Previously Operations Director at

David Lloyd Leisure, Mothercare and Autoglass

Barney Harrison Chief Commercial Officer

Joined the team in October 2016
Previously held several Head of

Marketing and Acquisition roles at Sky

David Melhuish Head of Property Development

Joined The Gym Group in April 2013
Successfully opened c.100 gyms to

date

Previously Head of Development

& Facilities at Central England Co-operative