KBRA assigns preliminary ratings to three classes of notes from Planet Fitness Master Issuer LLC, Series 2025-1 (Planet Fitness 2025-1 or Series 2025-1 Notes), a whole business securitization (WBS). In conjunction with the issuance of the Series 2025-1 Notes, the Series 2022-1, Class A-2-I Notes are expected to be repaid at which time KBRA will withdraw the ratings. At that time, KBRA also anticipates affirming the ratings on the Master Issuer’s outstanding Series 2019-1, Class A-2 Notes, Series 2022-1, Class A-1 Notes, Series 2022-1, Class A-2-II Notes, Series 2024-1, Class A-2-I Notes, and Series 2024-1, Class A-2-II Notes (the Existing Notes, and together with the Series 2025-1 Notes, the Notes). The ratings are consistent with the results of our cash flow analysis following the addition of the Series 2025-1 Notes.

Planet Fitness Holdings, Inc. (“Planet Fitness” or the “Company”) is the Manager and operator of the Planet Fitness system, best known for providing a non-intimidating, high-value fitness experience with memberships starting at $15 per month and a Black Card option at $24.99 per month. As of September 30, 2025, the system totaled 2,795 clubs, including 2,514 franchised locations and 281 company-owned locations across all 50 U.S. states, the District of Columbia, Puerto Rico, and 164 international locations. The pledged collateral consists of 2,631 U.S. and U.S. territory locations, approximately 90% franchised by unit count and roughly 50% by securitized collections from franchise royalties and fees. For the last twelve months ended September 30, 2025, the Company generated approximately $5.2 billion in systemwide sales.

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Related Publications

• Planet Fitness Master Issuer LLC, Series 2024-1 New Issue Report
• Planet Fitness Master Issuer LLC Comprehensive Surveillance Report

Methodologies

• Structured Finance: Global Structured Finance Counterparty Methodology
• ABS: Whole Business Securitization (WBS) ABS Global Rating Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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