By Brazil Stock Guide – Smart Fit (B3: SMFT3), Latin America’s largest fitness chain, delivered record results in the third quarter of 2025 and marked its first step into Africa with the opening of a gym in Morocco — expanding its footprint to 16 countries. The group ended the quarter with 1,867 gyms, up 17% year-on-year, reinforcing its leadership in the region and its growing international scale.
Net revenue rose 28% to R$1.82 billion, while recurring net income jumped 43% to R$177 million. The company posted EBITDA of R$585 million, up 33%, with a margin of 32.1%, supported by the ramp-up of new units and a premium pricing strategy across key markets.
Expansion and diversification
About 80% of the gyms are company-owned, reflecting Smart Fit’s strategy to capture full operational value and maintain execution control. Brazil accounts for 47% of the network, Mexico for 22%, and other countries for 31%. Over the past 12 months, Smart Fit added 276 gyms and reaffirmed its 2025 guidance of 340–360 openings, with 252 locations currently under construction.
Membership and digital platforms
The member base reached 5.2 million, up 8% from a year earlier. Digital products — including Queima Diária, Smart Fit Nutri, and Smart Fit Coach — totaled 439,000 digital-only clients, a 35% year-on-year increase. The TotalPass corporate wellness platform continued to scale, connecting 37,000 partner gyms across Brazil and Mexico and strengthening the ecosystem of recurring, high-value customers.
Margins and cash generation
Cash gross profit rose 28% to R$906 million, with a 49.6% margin, while mature gyms maintained around 52%, underscoring the business model’s resilience. Operating cash flow reached R$605 million, a 103% conversion rate. Over the last 12 months, the company generated R$2.2 billion in EBITDA and R$704 million in recurring net income, with a net margin of 10.3%.