Smart Fit 's growth in the first quarter, driven mainly by the increase in its student base through the TotalPass benefits platform, encouraged investors. Around 2:40 PM, shares of the company founded by Edgard Corona had accumulated a gain of 11.5% in trading on Thursday, May 7th, on the B3 stock exchange. The stock even rose more than 13% at the start of trading.
In the first quarter of this year, the company recorded net revenue of R$ 2.1 billion, a 25% increase over the same period of the previous year. Adjusted EBITDA rose 29%, reaching R$ 672 million in the period. Profit increased 47% compared to the first three months of 2025, reaching R$ 207 million.
The number of customers, adding up all the company's brands in the 15 countries where it operates in Latin America, reached 5.6 million in the quarter, a 6% increase over the same period in 2025. And it is precisely this increase that was sustained by the company's platform.
Through TotalPass, the base of partner gyms served in Brazil grew by 47%, exceeding 34,000 locations in approximately 2,000 cities. In Mexico, the network of accredited locations increased by 45%.
With this, TotalPass customers gained access to 44,000 establishments, including gyms and studios owned by Smart Fit . The company increased the number of gyms by 20%, reaching 2,113 units.
Financial analysts at BTG Pactual, Santander, and XP viewed the results presented in the first quarter as exceeding market estimates.
“Smart Fit has become a central theme in our conversations, especially due to the increased penetration of TotalPass, which we see as structural,” say analysts Luiz Guanais, Yan Cesquim, and Beatruz Cendom of BTG.
"The platform delivered another very strong first quarter, further consolidating its position as one of the leading corporate wellness platforms in Latin America," they added.
They also highlight the growth in average ticket price as a key factor in the revenue increase, impacted by the company's new pricing strategy. According to analysts, this occurred after the price adjustment implemented in the 'black' plan at the beginning of 2026, combined with increased user participation.
"In this context, approximately half of the growth in average ticket price came from the greater contribution of revenue generated by TotalPass customer check-ins at these gyms," the bank's report states.
This also explains the revenue growth in the "other" segment, which includes the vertical linked to TotalPass and which doubled in size year-on-year, reaching R$193 million. This volume represents 9% of the company's total revenue.
Revenue from the "Other" segment doubled year-over-year to R$193 million (9% of total revenue), also benefiting from the consolidation of TotalPass in Mexico and FitMaster (with a positive impact of R$27 million on revenue and gross profit).
XP also highlighted the strong growth of regular plans in Brazil through its corporate benefits platform, which, according to analysts, led to an increase in penetration above the level observed in the last three years.
"Despite the consolidated figures being in line, Brazil performed much better than our estimates, mainly due to TotalPass's results, while Mexico and other Latin American countries offset this positive surprise," says the report signed by Danniela Eiger, Pedro Caravina, and Laryssa Sumer.
However, XP analysts also point to a kind of side effect associated with the natural "growing pains." "It was a strong highlight, with the gross margin rising 2.3 percentage points, mainly due to TP's results, while SmartFit's margin remained pressured by the company's expansion," they state.
According to XP's analysis, Mexico remained a negative factor, falling 3.6 percentage points due to higher costs and a limited contribution from the 2025 expansion, caused by volume concentration at the end of the fourth quarter.
The Santander report highlights the company's ability to advance in revenue margin and growth in user volume, both in its own gyms and in the use of corporate benefits. Therefore, analysts had already predicted a positive result in the trading session.
"Overall, we expect a strongly positive market reaction, as the quarter addressed key concerns related to membership growth, gross margin resilience, and TotalPass monetization," says the report signed by Lucas Esteves, Eric Huang, and Vitor Fuziharo.
"This reinforces our thesis that TotalPass is not only occupying idle capacity, but increasingly contributing to the company's profitability," the analysts state.
According to Santander, the focus is also on the company's own gyms in Mexico, which are still in the maturation phase and have registered a drop in margins due to higher costs and services, and the maturation of units opened in 2025.
In the accumulated total for 2026, the company's shares on the B3 stock exchange registered a depreciation of 11.8%. Smart Fit is valued at R$ 12.5 billion.
