Fitness Market Outlook 2025, by BDO

We have prepared the sixth edition of our Fitness Market Study in Spain to analyze the current situation of sports facility operators, understand their growth prospects, and identify the main trends and challenges that will shape the sector’s evolution in the short and medium term. Based on the assessments and insights of executives from the country’s leading companies, complemented with a quantitative analysis, the report provides an accurate overview of the sector’s current state and the strategies operators are using to navigate this new stage of maturity.

81.1% of the sports industry in Spain has recovered pre-pandemic profitability levels, confirming that financial normalization is a reality for the vast majority of the sector, according to the sixth edition of the Fitness Market Outlook in Spain 2025, produced by one of the world’s largest professional services organizations. Only 8.1% of operators expect to recover these levels in 2025 or 2026, demonstrating that the adjustment cycle has been completed.

The sector is entering a maturity phase, as 40.5% of companies do not expect to open any new gyms by the end of 2025, compared to 24.4% at the beginning of the year. Investment focus has shifted from new openings to modernization, with facility renovations (26.7%) and technology/digitalization (25.6%) becoming the top investment priorities, ahead of new openings (23.3%).

Regarding risks, competition emerges as the main challenge for business models (24.6%), overtaking rising energy costs (20.5%) for the first time. At the sector level, excessive indebtedness (28.9%) remains the primary concern, followed by the reduction in consumers’ purchasing power (25.6%) and rising energy costs (25.2%).

The industry’s response to increased competition has been to redefine its value proposition. Service personalization reaches 35.2% as a customer acquisition strategy, its historical high and more than 10 points above 2024. Competing on price disappears as a strategy, whereas in 2024 it was still considered by 2.4% of companies. Meanwhile, 75.7% of operators plan to raise prices in 2025, although 43.2% will do so by adding new health, wellness, and personalized training services.

About our report

To prepare the study, we conducted interviews with executives from leading operators and industry representatives in Spain to capture their concerns and perspectives firsthand. Additionally, we carried out an opinion survey to determine the sector’s current status and the companies operating within it.

The study includes contributions from more than forty of the most prominent companies in the sector, with the concession-based segment providing the highest share of responses (29.7%). Middle-market companies contributed 27%, boutique gyms 16.2%, followed by low-cost and premium segments with 13.5% each.

Regarding investment financing, 34.7% of companies will use internal resources, and 32% will rely on bank financing, reflecting a more self-sufficient and prudent sector focused on strengthening its structure rather than pursuing aggressive growth.

In terms of corporate transactions, 48.6% of companies believe mergers and acquisitions (M&A) will be the main mechanism through which leading companies gain market share. However, only 24.3% expect to participate in any M&A deals in the next 12 months, nearly 5 percentage points lower than the previous year and the lowest level since 2019.

“The sector has completed its recovery. Eight out of ten companies have already reached pre-pandemic profitability, and confidence in growth remains high. However, we have observed a significant shift in company strategies. After years of strong expansion, the focus is now on improving existing facilities—that is, renovating and enhancing service quality before opening new centers. Competition is intense, forcing the sector to rethink its business model. The response has been clear, with companies betting on differentiation through personalization. In this context, seeking non-bank financing alternatives to fund these investments without relying solely on traditional credit becomes especially relevant,” says Pablo Simón, Partner in BDO’s Deal Advisory area.

The report notes that 94.6% of operators consider the current size of leading companies sufficient to compete—the highest figure in the series and 22 points higher than in 2024.

“The sector has completed its recovery. Eight out of ten companies have already reached pre-pandemic profitability, and confidence in growth remains high. In this context, seeking non-bank financing alternatives to fund these investments without relying solely on traditional credit is particularly important,”
—Pablo Simón, Partner, Debt & Restructuring, BDO

To obtain the full report, request it at this link.