1、USA|Fitness&WellnessEquity ResearchSeptember 17,2025 RandalJ.Konik*|Equity Analyst(212)708-2719|CoreyTarlowe*|Equity Analyst(212)323-7541|Ty-LynnJohnson*|Equity Associate+1(212)778-8339|CarlosGallagher*|Equity Associate+1(786)535-2025|MinaSolujic*|Equity Associate+1(212)444-4298|Fitness Data Tracker

2、:Industry Trends RemainHealthy Despite Slight SlowdownKey takeaways for August:1)Fitness Foot traffic remains robust 2)PLNT foottraffic remains strong;3)web engagement moderates but still positive.Seeinside for additional data for August 2025.Our alternative data tracker scans trends across multiple

3、 inputsGoogle search trends,web traffic,and foot trafficto better gauge consumer behavior and interest.Foot Traffic Levels.On a local SSS rolling 3-month basis,foot traffic levels at Planet Fitnessincreased 8%in August(vs.+8%in July).Traffic to Crunch Fitness and LA Fitness both increased6%YoY(vs.+7

4、%and+8%in July,respectively)in August.Foot traffic levels(on a local SSS rolling3-month basis)at boutique gym operators,including Club Pilates(XPOF)and Pure Barre(XPOF),decreased 0.5%YoY(vs.+0.3%in July)and increased 0.3%YoY(vs.-1.7%in July),respectively.Web Visit Trends.Web visits to Planet Fitness

5、 increased 9%YoY in August(vs.+15%in July).Additionally,web visits to Crunch Fitness increased 1%YoY in August(vs.+12%in July).Further,web visits to 24-Hour Fitness decreased 22%YoY(vs.-10%in July).As it pertains to boutiquefitness peers,web visits to Club Pilates(XPOF)increased 14%YoY in August(vs.

6、+10%in July),while visits to Pure Barre(XPOF)increased 21%YoY(vs.-10%in July).Digital fitness peers likeTonal witnessed web visits decline 9%YoY in August(vs.-25%in July),while PTON declined 31%YoY in August(vs.-28%in July).Search Interest Levels.We track four generic fitness keywords to understand