The Beachbody Company (BODY) Noble Capital Markets June 2026 Emerging Growth Virtual Equity Conference summary

Strategic transformation and business model evolution

• Transitioned from a multi-level marketing model to a multi-channel approach, including direct-to-consumer, Amazon, and retail, with the MLM model fully exited by January 2025.

• Reduced EBITDA breakeven from $900 million to $180 million and cut sales and marketing expenses from 53% to 35% over three years.

• Achieved 10 consecutive quarters of positive adjusted EBITDA and three consecutive quarters of positive net income, with nearly $70 million in EBITDA generated.

• Completed financial turnaround a year and a half ahead of schedule, enabling early launch of new products and distribution channels.

• Positioned for year-on-year comparability starting Q3 2026, with legacy MLM effects phased out.

Product innovation and market positioning

• Launched new fitness and nutrition products, including 10 Minute Body, P90X Generation Next, and a P90X nutritional supplement line.

• Entered retail for the first time, with Shakeology now available in Sprouts and launching in all Vitamin Shoppe stores by late summer.

• Developed energy drinks under the Insanity and P90X brands, with test markets planned for late summer 2026 and potential national rollout in 2027.

• Focused on holistic wellness, integrating fitness programs, nutritional supplements, and meal plans under the BODi Wellness brand.

• Targeting both fitness enthusiasts and new exercisers, especially those on GLP-1 drugs, with tailored programs and products.

Financial performance and capital allocation

• Improved free cash flow from negative $300 million in 2021 to positive $17.4 million in 2025.

• Reduced debt from $50 million to $25 million and refinanced to lower interest expenses by 44%.

• Maintains a net cash position, prioritizing investments in product innovation, retail expansion, and long-term shareholder value.

• Emphasizes measured retail growth, focusing on sell-through and replenishment before scaling volume.

• Expects 2026 to be foundational for retail presence, with significant growth anticipated in 2027.