Planet Fitness (PLNT) Raymond James & Associates’ 46th Annual Institutional Investors Conference 2025 summary

Strategic imperatives and brand evolution

• Focus on refining brand promise and marketing to resonate with today's consumer, especially Gen Z and Millennials.

• Enhancing member experience both inside clubs (equipment mix, floor plan) and outside (app engagement).

• Emphasis on a welcoming, judgment-free environment to reduce intimidation for new members.

• Strategic imperatives include brand, member experience, format optimization, and accelerating growth.

Growth model and franchisee engagement

• New Growth Model reduced build costs by 10%, improving unlevered IRR to high 20s.

• Classic Card price increase and equipment investments supported by 65% of clubs, indicating strong franchisee buy-in.

• Franchisees appreciate leadership's partnership and focus on next growth chapter.

Club expansion and real estate

• Targeting 160-170 new club openings in 2024, aiming to return to 200+ annually.

• Growth levers include top-line initiatives, improved unit economics, real estate availability, and interest rates.

• Tight strip mall retail space (4% vacancy) impacts expansion; retail closures may ease constraints.