The first membership price increase in more than 25 years helped Planet Fitness achieve full-year revenue growth of more than 10 per cent in 2024.

The company closed out the financial year with 19.7 million members and a total of 2,722 clubs, following the launch of 150 new sites during the year.

Total revenue increased by 10.3 per cent from the prior year to US£1.2 billion. System-wide sales increased to US$4.8 billion from US$4.5 billion the previous year and adjusted EBITDA increased by US$52.3 million to US$487.7 million.

"We had strong results in 2024 and closed out the year with 19.7 million members, posting revenue growth of more than 10 per cent and growing adjusted EBITDA by approximately 12 per cent," said CEO, Colleen Keating.

"To further enhance the attractiveness of our returns for our franchisees, we rolled out a new economic model for opening and operating a Planet Fitness club and raised the new member Classic Card price for the first time in more than 25 years.

“Additionally, we continue to make meaningful progress executing our strategic imperatives of redefining our brand, enhancing member experience, refining our product and optimising our format, and accelerating club openings.

“As consumers continue to prioritise health and wellness, we are well positioned to grow our brand, strengthen our industry leading position and ultimately deliver increased shareholder value."

The outlook for 2025 includes new equipment placements of around 130 to 140 in franchisee-owned locations and 160 to 170 new clubs.

Sales growth is expected to be in the 5 to 6 per cent range, while revenue and EBITDA is projected to rise by around 10 per cent.

Capital expenditure is expected to increase by around 25 per cent, driven by additional clubs in the corporate-owned portfolio.

Since Keating took over as CEO last June there have been some changes to the management team, including the appointment of Jay Stasz as chief financial officer late last year and earlier this year changes to the leadership team were announced with two newly created roles.

At the start of 2024, the company also announced its intention to expand in Spain, saying the Iberian market offered great potential.