Erfo: Fit&Go Italy slows as Diètnatural grows

The pace of new openings is weighing on Erfo’s results, while Diètnatural Italy is making a positive contribution. According to a KT&Partners update reported by Teleborsa on 21 October 2026, the group’s franchising revenue fell by 3.9% to €4 million in the first half. The figures highlight differing trends across the networks and the role of new openings in the revenue mix.

A first half of contrasting network performance

In the first half of 2026, Erfo recorded total revenue of €5.3 million, up 2% on the same period a year earlier. Within that total, however, franchising revenue declined, while revenue from directly operated stores, referred to as DOS, stood at €0.6 million, down 1.2%.

The Medical business helped offset these declines: revenue reached €0.3 million, an increase of 123%, thanks to Erfo Pharma’s first full six months of operations.

For those in franchising, the most significant point is the difference between the individual networks. Fit&Go Italy recorded a decline of around 35%, reflecting the comparison with a strong wave of openings in the first half of 2025. In the first half of 2026, by contrast, the Italian network added just one net new location.

Diètnatural Italy followed a different trajectory, growing by 6%. Erfo France also helped partly offset the decline, recording growth of 47%, supported in part by the opening of four new Fit&Go centres in France. Understanding the overall result therefore requires a distinction between Fit&Go’s slowdown in Italy and the positive performance of the other businesses.

Why openings affect revenue

The update explains an important mechanism behind Fit&Go’s figures: each new opening generates revenue from equipment sales when the equipment is delivered. Fewer new centres can therefore affect revenue for the period, even when the operating network continues to generate royalties.

KT&Partners notes that royalties continue to benefit from the expansion of the existing network. Sales linked to centre launches and recurring revenue therefore follow different patterns: the former depend on new deliveries, while the latter benefit from the established operating base.

This distinction also helps avoid misinterpreting Fit&Go Italy’s decline of around 35%. That figure should not automatically be read as an equivalent fall in business at individual centres: the update links it to the comparison with the previous wave of openings. When assessing a network, group revenue and individual unit performance need to be considered separately.

Revised forecasts for the end of 2026

In light of the slowdown, KT&Partners has cut its forecast for Erfo’s total revenue in 2026 by 5.2% to €10.1 million. The forecast remains 1.8% above the 2025 figure.

The revision mainly affects franchising: expected revenue has been reduced by 7.7% to €7.8 million, a level 1% below the previous year. KT&Partners now expects Fit&Go to have 134 centres by the end of 2026, including four in France. This is a forecast, not a total already achieved.

The network forecast for Diètnatural Italy has also been scaled back: 107 centres are now expected by year-end, compared with the previous estimate of 110. However, higher sales per centre, supported by a more favourable sales mix, are providing an offset. Network size and the sales performance of existing units thus represent two trends to monitor separately.

What to look at when assessing a network

KT&Partners has maintained its ‘Add’ recommendation on Erfo shares, while revising its fair value estimate from €2.06 to €1.80. The financial valuation therefore sits alongside more cautious operating forecasts, particularly for Fit&Go’s pace of expansion.

For anyone considering becoming a franchisee, the case offers a practical lesson: always distinguish between net openings, revenue linked to new centre launches, royalties and sales per centre. Requesting these figures separately helps clarify how much growth depends on new franchisees joining the network and how much comes from units already in operation.