Interims are strong, reflecting another period of execution against the strategic plan by the new team. We identify three key points: (1) EBITDA margins up 290bps to 22.6% with strong operational gearing; (2) mature site performance and refurbishments driving improving ROCE; (3) trading momentum intact with growth broadened via Wellhub and a strong FY26 pipeline. We upgrade FY25 adj. EBITDA +6% and FY26-27 by +3%/+4%, lifting our 12m TP to 238p (from 205p). We continue to like GYM for its structural growth, self-funded rollout and improving returns. At 5.5x/5.0x YR1/YR2 EV/EBITDA and a 10-12% FCF yield, the shares look anomalously cheap for a business 18+ months into improved execution and upgrade momentum in a structurally attractive space. BUY.