On Thursday, August 6, 2026, Smart Fit (SMFT3) reported recurring net income of R$ 204 million in the second quarter of 2026 (2Q26), up 8% compared to 2Q25. The recurring net margin was 9.4%, versus 10.6% a year earlier, impacted by higher financial expenses and a higher effective income tax/social contribution (IR/CSLL) rate.
In the same period, net revenue reached R$ 2.177 billion, an increase of 22% versus 2Q25 and 4% compared to 1Q26. According to the company, the performance reflects a 19% rise in revenue from Smart Fit’s own gyms and 47% growth in the “Other” revenue line. The average ticket at own gyms rose 10% versus 2Q25, with gains across all regions, and the total number of gym members reached 5.582 million, 8% above a year earlier.
EBITDA (earnings before interest, taxes, depreciation and amortization) excluding IFRS 16/CPC06 (R2) totaled R$ 712 million in 2Q26, up 24% over 2Q25, with a margin of 32.7%, 0.5 percentage point higher than the previous year. Over the last 12 months, adjusted EBITDA reached R$ 2.58 billion, with a margin of 32.0%. Cash gross profit was R$ 1.131 billion, an increase of 24% versus 2Q25, and the cash gross margin reached 51.9%, 1.1 percentage point above the same quarter of 2025.
Selling, general and administrative expenses totaled R$ 405 million, a 25% increase compared to 2Q25 and equivalent to 18.6% of net revenue, 0.5 percentage point above a year earlier. General and administrative expenses came to R$ 233 million, up 31% and 10.7% of net revenue, driven by higher investments in structuring new businesses, while selling expenses totaled R$ 161 million, an increase of 17% and 7.4% of net revenue.
In working capital and investments, Smart Fit reported operating cash generation of R$ 529 million in 2Q26, converting 74% of EBITDA into cash. Total capex was R$ 625 million, 37% higher than in 2Q25, with R$ 463 million for expansion and R$ 152 million for maintenance. Adjusted net debt rose from R$ 4.197 billion at the end of 1Q26 to R$ 4.614 billion at the end of 2Q26, resulting in financial leverage of 1.78 times EBITDA for the last 12 months, while financial leverage calculated without IFRS 16 stood at 1.20 times.
On the operating side, the group’s gym network totaled 2,170 units in 16 countries at the end of 2Q26, with 57 net openings in the quarter and 352 in the last 12 months. The company reported that 66% of Smart Fit’s own gyms were considered mature in the period, with a gross margin of around 51% for thirteen consecutive quarters. Management also highlighted that the TotalPass corporate benefits unit ended the quarter with more than 2.2 million end users and helped the “Other” revenue line account for 11% of net revenue and 17% of consolidated cash gross profit.
