Life Time Group (LTH) Investor presentation summary

Executive summary and transaction overview

• Operates 195 centers across 32 states and 1 Canadian province, serving over 1.6 million members as of June 30, 2026.

• Achieved TTM revenue of $3,182 million and Adjusted EBITDA of $896 million, with year-over-year growth of ~13% and ~18% respectively.

• Net debt leverage decreased to 1.4x, and both S&P and Fitch upgraded corporate ratings to BB in Q2 2026.

• Plans to reprice existing ~$985 million Term Loan B, maintaining leverage-neutral profile and refreshing the 101 soft call for 6 months.

• Full-year 2026 revenue and Adjusted EBITDA expected at record levels: $3,350–$3,375 million and $940–$955 million.

Business model and market position

• Generates over 70% of center revenue from recurring subscription dues, supporting predictable cash flows.

• Premium brand with a diversified portfolio in high-end markets, owning $3.0 billion in real estate and leasing 72% of clubs.

• Operates in a $6.8 trillion global health and wellness market, with significant whitespace for expansion.

• Highly engaged, multi-generational membership base with median household income of $161,000 and 77% under age 55.

• Largest pickleball provider in the nation, with 875+ courts and 3.0M+ participations in six months.

Financial performance and growth

• Revenue CAGR of 22.8% from 2021–2025, with consistent margin expansion; Adjusted EBITDA margin reached 28.1% TTM Q2 2026.

• Center revenue grew 13.8% year-over-year in Q2 2026, driven by optimization of membership mix and higher engagement.

• Qualified Medical memberships declined 18.9% year-over-year, while other center memberships grew 4.2%.

• Free cash flow improved to $138 million TTM Q2 2026, with positive operating cash flow and ongoing deleveraging.

• Sale-leaseback transactions generated ~$200 million in Q2 2026, supporting growth and balance sheet strength.