Forward-Looking Statements Certain statements in this discussion and analysis are forward-looking statements within the meaning of federal securities regulations. Forward-looking statements in this discussion and analysis include, but are not limited to, our plans, strategies and prospects, both business and financial, including our financial outlook, growth, business initiatives, membership count, engagement and mix, cost efficiencies and margin expansion, capital expenditures and free cash flow, improvements to our balance sheet, net debt and leverage, capital expenditures, interest expense, consumer demand, industry and economic trends, tax rates and expense, rent expense, expected number, size and timing of new center openings and successful signings and closings of center takeovers and sale-leaseback transactions (including the amount, pricing and timing thereof), possible or assumed future actions, business strategies, events or results of operations. Generally, forward-looking statements are not based on historical facts but instead represent only our current beliefs and assumptions regarding future events. All forward-looking statements are, by nature, subject to risks, uncertainties and other factors. This discussion and analysis does not purport to identify factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements. You should understand that forward-looking statements are not guarantees of performance or results and are preliminary in nature. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “assumes,” “expects,” “anticipates,” “intends,” “continues,” “projects,” “predicts,” “estimates,” “plans,” “potential,” “may increase,” “may result,” “will result,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “foreseeable,” “may,” and “could” as well as the negative version of these words or similar terms and phrases are generally forward-looking in nature and not historical facts. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. The forward-looking statements contained in this discussion and analysis are based on management’s current beliefs and assumptions and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Actual results may differ materially from these expectations due to numerous factors, many of which are beyond our control, including risks relating to our business operations and the growth of our business, risks relating to our brand, risks relating to our technological operations, risks relating to our capital structure and lease obligations, risks relating to our human capital, risks relating to legal compliance and risk management and risks relating to ownership of our common stock and the other important factors discussed under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) and as such risk factors may be updated from time to time in our periodic filings with the SEC that are accessible on the SEC’s website at www.sec.gov. Since it is not possible to foresee all such factors, these factors should not be considered as complete or exhaustive. Consequently, we caution investors not to place undue reliance on any forward-looking statements, as no forward-looking statement can be guaranteed, and actual results may vary materially. Additionally, our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments or other strategic transactions we may make. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. Forward-looking statements speak only as of the date of this report. We do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Overview Business and Strategy Life Time, the “Healthy Way of Life Company,” is a premier lifestyle and leisure brand offering premium health, fitness and wellness experiences to a community of more than 1.6 million individual members, who together comprise more than 910,000 memberships, as of June 30, 2026. We are a leading innovator in the industry having successfully created a leisure model that incorporates the country club wellness lifestyle within a fitness and active living community. We have earned the trust of our members for over 30 years to make their lives healthier and happier by offering them the best places, programs and performers. We deliver high-quality experiences through our omni-channel physical and digital ecosystem that includes 195 centers—distinctive, resort-like athletic country club destinations—across 32 states in the United States and one province in Canada. Our continuous commitment to members has resulted in strong brand loyalty and fueled our strong, long-term financial performance. 23 Table of Contents Our luxurious athletic country clubs total nearly 19 million of indoor square feet and over seven million of outdoor square feet in the aggregate. Our centers are located in affluent suburban and urban locations. Depending on the size and location of a center, we offer expansive fitness floors with top-of-the-line equipment, spacious locker rooms, group fitness studios and spaces, recovery spaces, indoor and outdoor pools and bistros, indoor and outdoor tennis courts, indoor and outdoor pickleball courts, basketball courts, LifeSpa, LifeCafe and our childcare and Kids Academy learning spaces. Our premium service offerings are delivered by over 52,000 Life Time team members, including over 11,700 certified fitness professionals, ranging from personal trainers to studio performers. We believe that no other company in the United States delivers the same quality and breadth of health, fitness and wellness experiences that we deliver, which has enabled us to consistently grow our annual membership dues and in-center revenue. Our members are highly engaged and draw inspiration from the experiences and community we have created. The value our members place on our community is reflected in the continued strength and growth of our average revenue per center membership, center usage and the visits to our athletic country clubs. Our average revenue per center membership, which includes membership dues and in-center revenue, increased to $1,923 for the six months ended June 30, 2026 as compared to $1,733 for the six months ended June 30, 2025. Total visits to our clubs were over 65 million for the six months ended June 30, 2026 as compared to over 62 million for the six months ended June 30, 2025, and average visits per membership to our centers remained strong at 78 for the six months ended June 30, 2026. We offer a variety of memberships, including singles, couples and families, with different levels of membership dues, which can vary significantly based on numerous factors, including number of members, membership type, usage patterns, location and membership tenure. Our membership mix has been improving with couples and families comprising increasingly larger portions of our total memberships and qualified memberships administered through medical insurance providers decreasing. Our couples and family memberships have historically been more engaged with higher retention and higher average monthly dues. Our qualified medical memberships have significantly lower average monthly dues and we are limiting their offering, along with certain of these third-party administrated programs having been terminated and more potentially terminating or expiring. We have been able to successfully convert many of these qualified medical memberships that have terminated to direct memberships with minimal impact on membership dues. With these membership dynamics and our premium, high-use model, our center membership growth has been smaller than our total Center revenue growth and we expect that trend to continue, including because our clubs are typically reaching their desired utilization and revenue with fewer memberships. Our total Center revenue increased to $1,605.0 million for the six months ended June 30, 2026 as compared to $1,421.5 million for the six months ended June 30, 2025. We believe it will continue to grow as we open new centers in desirable locations across the country, new members join at higher membership dues rates, our new centers ramp to expected performance and we continue to execute on our strategic initiatives discussed below. Our new centers on average have taken three to four years to ramp to expected performance; however, many of our newer centers are ramping faster than this historical average. As of June 30, 2026, we had 31 centers open for less than three years and 18 new centers under construction. We are expanding the number of our centers using an asset-light model that targets affluent markets with higher income members, higher average revenue per center membership and higher returns on invested capital. As we open these new centers in more affluent markets, our average revenue per center membership should naturally increase. We believe we have significant opportunities to continue expanding our portfolio of premium centers in an asset-light manner. We have opened seven new centers in 2026 to date and expect to open 14 new centers in 2026. We are targeting 12 to 14 new centers on average per year. We also expect a larger percentage of our new centers will be large format ground up construction builds as compared to 2024 and 2025. We also continue to execute several strategic initiatives on a club-by-club basis that are driving revenue, engagement, membership optimization and expansion as we elevate and broaden our member experiences and allow members to integrate health, fitness and wellness into their lives with greater ease and frequency. These strategic initiatives include pickleball, Dynamic Personal Training, Dynamic Stretch, small group training such as Alpha, GTX, Ultra Fit, MB360, CTR and Hybrid XT, our ARORA community focused on members aged 55 years and older, and LT Games, a unique hybrid-athletic competition. We are refining our MIORA performance and longevity health offering, which has a total of eight locations. We have also been executing on enhanced offerings to accelerate growth beyond our centers. Our digital platform is delivering a true omni-channel experience through our integrated digital app, including live streaming fitness classes, remote goal-based personal training, nutrition and weight loss support and curated award-winning health, fitness and wellness content. We are continuing to invest in our digital capabilities, including artificial intelligence such as L•AI•C, our first generative, artificial intelligence driven healthy way of life personal companion with personalized content and recommendations, to strengthen our relationships with our members, reach more people looking for a Healthy Way of Life and more comprehensively address their 24 Table of Contents health, fitness and wellness needs so that they can engage and connect with Life Time at any time or place. Additionally, we are selling our LTH nutritional products more broadly on e-commerce platforms. We also continue to expand our “Healthy Way of Life” ecosystem in response to the desire of our members to holistically integrate health and wellness into every aspect of their daily lives. In 2018, we launched Life Time Work, an asset-light branded co-working model that offers premium work spaces in close proximity to our athletic country clubs and integrates ergonomic furnishings and promotes a healthy working environment. Life Time Work members also have the ability to receive access to all of our resort-like athletic country club destinations across the United States and Canada. We have also begun to dedicate space within many of our athletic country clubs for work lounges that have a design aesthetic similar to our Life Time Work locations. Additionally, our Life Time Living locations, which are also an asset-light model, offer luxury wellness-oriented residences in close proximity to our athletic country clubs. As of June 30, 2026, we had 15 Life Time Work and four Life Time Living locations open and operating. Our Life Time Living concept is generating interest from new property developers and presenting opportunities for new center development and deal terms that were not previously available to us. Our omni-channel platform continues to grow as we expand our footprint with new centers and nearby work and living spaces, as well as strengthen our digital capabilities. Macroeconomy, Geopolitical and Policy Environments We continue to monitor the macroeconomic, geopolitical and policy environments and their impact on our business, including with respect to inflation, the war in Iran, interest rates, tariffs, taxes and labor, as well as a potential economic recession or low growth and general economic and political conditions. There continues to be macroeconomic and geopolitical uncertainty in many markets around the world, including as a result of military operations in the Middle East, the international unrest, and new or elevated tariffs, which combined have increased certain of our expenses and capital expenditures, but have not had a material impact on our business. We continue to analyze the potential impact of these events and any resulting downstream impacts, including higher inflation and any disruption to the supply chain. Despite these headwinds, we have experienced growth in our revenue and expanded our operating margins. We will continue to monitor the macroeconomic, geopolitical and policy environments and while any future uncertainty or volatility, a decline in the U.S. or global economy, or the public perception that any of these events may occur, could adversely affect our business and results of operations, we believe that our business is resilient and has performed well historically during different economic cycles including during a recession. Non-GAAP Financial Measures This discussion and analysis includes certain financial measures that are not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), including Adjusted net income, Adjusted net income per common share, Adjusted EBITDA, free cash flow and ratios related thereto. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, these non-GAAP financial measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of the Company’s non-GAAP financial measures to the corresponding GAAP measures should be carefully evaluated. Adjusted Net Income We define Adjusted net income as net income excluding the impact of share-based compensation expense as well as (gain) loss on sale-leaseback transactions, capital transaction costs, legal settlements, asset impairment, severance and other items that are not indicative of our ongoing operations, less the tax effect of these adjustments. Adjusted EBITDA We define Adjusted EBITDA as net income before interest expense, net, provision for income taxes and depreciation and amortization, excluding the impact of share-based compensation expense as well as (gain) loss on sale-leaseback transactions, capital transaction costs, legal settlements, asset impairment, severance and other items that are not indicative of our ongoing operations. Management uses Adjusted net income and Adjusted EBITDA to evaluate the Company’s performance. We believe that Adjusted net income and Adjusted EBITDA are important metrics for management, investors and analysts as they remove the impact of items that we do not believe are indicative of our core operating performance and allows for consistent comparison of our operating results over time and relative to our peers. We use Adjusted net income and Adjusted EBITDA to supplement GAAP measures of performance in evaluating the effectiveness of our business strategies and to establish annual budgets and forecasts. We also use Adjusted EBITDA or variations thereof to establish incentive compensation for management. 25 Table of Contents Free Cash Flow We define free cash flow as net cash provided by operating activities less capital expenditures, net of construction reimbursements, plus net proceeds from sale-leaseback transactions and land sales. We believe free cash flow assists investors and analysts in evaluating our liquidity and cash flows, including our ability to make principal payments on our indebtedness and to fund our capital expenditures and working capital requirements. Our management considers free cash flow to be a key indicator of our liquidity and we present this metric to our board of directors. Additionally, we believe free cash flow is frequently used by analysts, investors and other interested parties in the evaluation of companies in our industry. Adjusted net income, Adjusted EBITDA and free cash flow should be considered in addition to, and not as a substitute for or superior to, financial measures calculated in accordance with GAAP. These are not measurements of our financial performance under GAAP and should not be considered as alternatives to net income or any other performance measures derived in accordance with GAAP or as an alternative to net cash provided by operating activities as a measure of our liquidity and may not be comparable to other similarly titled measures of other businesses. Adjusted net income, Adjusted EBITDA and free cash flow have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analysis of our operating results or cash flows as reported under GAAP. Furthermore, we compensate for the limitations described above by relying primarily on our GAAP results and using Adjusted net income, Adjusted EBITDA and free cash flow only for supplemental purposes. See our condensed consolidated financial statements included elsewhere in this report for our GAAP results. Non-GAAP Measurements and Key Performance Indicators We prepare and analyze various non-GAAP performance metrics and key performance indicators to assess the performance of our business and allocate resources. For more information regarding our non-GAAP performance metrics, see “—Non-GAAP Financial Measures” above. These are not measurements of our financial performance under GAAP and should not be considered as alternatives to any other performance measures derived in accordance with GAAP. Set forth below are certain GAAP and non-GAAP measurements and key performance indicators for the three and six months ended June 30, 2026 and 2025. The following information has been presented consistently for all periods presented. 26 Table of Contents Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 ($ in thousands, except for Average Center revenue per center membership data) Membership Data Center memberships 860,041 849,643 860,041 849,643 On-hold memberships 50,479 49,207 50,479 49,207 Total memberships 910,520 898,850 910,520 898,850 Revenue Data Membership dues and enrollment fees 71.3 % 71.7 % 72.2 % 72.4 % In-center revenue 28.7 % 28.3 % 27.8 % 27.6 % Total Center revenue 100.0 % 100.0 % 100.0 % 100.0 % Membership dues and enrollment fees $ 597,244 $ 527,309 $ 1,158,698 $ 1,028,962 In-center revenue 240,158 208,556 446,270 392,557 Total Center revenue $ 837,402 $ 735,865 $ 1,604,968 $ 1,421,519 Average Center revenue per center membership (1) $ 993 $ 888 $ 1,923 $ 1,733 Comparable center revenue (2) 9.1% 11.2% 8.9 % 12.0 % Center Data Net new center openings (3) 5 4 6 5 Total centers (end of period) (3) 195 184 195 184 Total center square footage (end of period) (4) 18,800,000 18,000,000 18,800,000 18,000,000 GAAP and Non-GAAP Financial Measures Net income $ 101,358 $ 72,102 $ 189,456 $ 148,244 Net income margin (5) 11.7 % 9.5 % 11.4 % 10.1 % Adjusted net income (6) $ 109,827 $ 84,144 $ 206,057 $ 159,764 Adjusted net income margin (6) 12.7 % 11.1 % 12.5 % 10.9 % Adjusted EBITDA (7) $ 246,532 $ 210,978 $ 473,187 $ 402,565 Adjusted EBITDA margin (7) 28.5 % 27.7 % 28.6 % 27.4 % Center operations expense $ 453,732 $ 403,925 $ 860,436 $ 774,912 Pre-opening expenses (8) $ 1,911 $ 1,066 $ 4,123 $ 2,439 Rent $ 94,339 $ 83,190 $ 184,230 $ 164,355 Non-cash rent expense (open properties) (9) $ 7,672 $ 5,739 $ 9,423 $ 8,059 Non-cash rent expense (properties under development) (9) $ 603 $ 3,921 $ 1,206 $ 5,004 Net cash provided by operating activities $ 209,558 $ 195,698 $ 408,351 $ 379,554 Free cash flow (10) $ 146,489 $ 112,465 $ 85,266 $ 153,839 (1) We define Average Center revenue per center membership as Center revenue less On-hold revenue, divided by the average number of Center memberships for the period, where the average number of Center memberships for the period is an average derived from dividing the sum of the total Center memberships outstanding at the beginning of the period and at the end of each month during the period by one plus the number of months in each period. 27 Table of Contents (2) We measure the results of our centers based on how long each center has been open as of the most recent measurement period. We include a center, for comparable center revenue purposes, beginning on the first day of the 13th full calendar month of the center’s operation, in order to assess the center’s growth rate after one year of operation. (3) Net new center openings is calculated as the number of centers that opened for the first time to members during the period, less any centers that closed during the period. Total centers (end of period) is the number of centers operational as of the last day of the period. During the three months ended June 30, 2026, we opened five centers. (4) Total center square footage (end of period) reflects the aggregate square footage excluding areas used for tennis courts, outdoor swimming pools, outdoor play areas and stand-alone Work, Sport and Swim locations. We use this metric for evaluating the efficiencies of a center as of the end of the period. These figures are approximations. (5) Net income margin is calculated as net income divided by total revenue. (6) We present Adjusted net income as a supplemental measure of our performance. We define Adjusted net income as net income excluding the impact of share-based compensation expense as well as (gain) loss on sale-leaseback transactions, capital transaction costs, legal settlements, asset impairment, severance and other items that are not indicative of our ongoing operations, less the tax effect of these adjustments. Adjusted net income margin is calculated as Adjusted net income divided by total revenue. The following table provides a reconciliation of net income and income per common share, the most directly comparable GAAP measures, to Adjusted net income and Adjusted net income per common share: Three Months Ended Six Months Ended June 30, June 30, ($ in thousands, except per share data) 2026 2025 2026 2025 Net income $ 101,358 $ 72,102 $ 189,456 $ 148,244 Share-based compensation expense (a) 15,411 16,380 25,959 28,288 (Gain) loss on sale-leaseback transactions (b) (2,035) 12,496 (2,035) 12,496 Capital transaction costs (c) — 611 — 1,531 Legal settlements (d) (4,882) 28 (4,867) 94 Employee retention credits (e) — (12,873) — (12,873) Other (f) 2,747 (11) 3,182 109 Taxes (g) (2,772) (4,589) (5,638) (18,125) Adjusted net income $ 109,827 $ 84,144 $ 206,057 $ 159,764 Income per common share: Basic $ 0.46 $ 0.33 $ 0.85 $ 0.69 Diluted $ 0.45 $ 0.32 $ 0.83 $ 0.66 Adjusted income per common share: Basic $ 0.49 $ 0.38 $ 0.93 $ 0.74 Diluted $ 0.48 $ 0.37 $ 0.91 $ 0.71 Weighted-average common shares outstanding: Basic 222,626 219,286 222,242 215,642 Diluted 227,337 225,511 227,397 224,585 (a) Share-based compensation expense recognized during the three and six months ended June 30, 2026 was associated with stock options, restricted stock units, performance stock units, our employee stock purchase plan (“ESPP”) and liability-classified awards related to our 2026 short-term incentive plan. Share-based compensation expense recognized during the three and six months ended June 30, 2025 was associated with stock options, restricted stock units, performance stock units, our ESPP and liability-classified awards related to our 2025 short-term incentive plan. (b) We adjust for the impact of gains and losses on the sale-leaseback of our properties as they do not reflect costs associated with our ongoing operations. For details on the gain on the sale-leaseback transactions that we recognized during the three and six months ended June 30, 2026, see Note 7, Leases, to our condensed consolidated financial statements in this report. (c) Represents one-time costs related to capital transactions, including debt and equity offerings that are non-recurring in nature. 28 Table of Contents (d) We adjust for the impact of unusual legal settlements or judgments as these costs and proceeds are non-recurring in nature and do not reflect costs or proceeds associated with our normal ongoing operations. Nearly all of the adjustment for the three and six months ended June 30, 2026 is the recognition of settlement proceeds from Zurich for the remaining occurrences of jurisdictions that issued closure orders affecting our club operations in 2020 during the COVID-19 pandemic. These proceeds are offset by legal-related expenses in pursuit of our claim against Zurich of $0.1 million for the three months ended June 30, 2026, and $0.1 million and $0.1 million for the six months ended June 30, 2026 and 2025, respectively. (e) Represents refundable payroll tax credits for employee retention under the CARES Act. (f) Includes (i) a $2.9 million write-down of certain assets within a non-club joint venture resulting from its held-for-sale classification for the three and six months ended June 30, 2026, and (ii) other immaterial transactions or items that are unusual or non-recurring in nature of $(0.1) million for the three months ended June 30, 2026, and $0.3 million and $0.1 million for the six months ended June 30, 2026 and 2025, respectively. (g) Represents the estimated tax effect of the total adjustments made to arrive at Adjusted net income using the effective income tax rates for the respective periods. We updated the Taxes amount used to arrive at Adjusted net income for the six months ended June 30, 2025 to include $12.6 million in income tax benefits resulting from a significant exercise of stock options by our Chief Executive Officer that were set to expire in 2025. This change did not impact our condensed consolidated financial statements prepared in accordance with GAAP, but it did decrease our non-GAAP Adjusted net income and Adjusted income per common share for the six months ended June 30, 2025. (7) We present Adjusted EBITDA as a supplemental measure of our performance. We define Adjusted EBITDA as net income before interest expense, net, provision for income taxes and depreciation and amortization, excluding the impact of share-based compensation expense as well as (gain) loss on sale-leaseback transactions, capital transaction costs, legal settlements, asset impairment, severance and other items that are not indicative of our ongoing operations. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenue. The following table provides a reconciliation of net income, the most directly comparable GAAP measure, to Adjusted EBITDA: Three Months Ended Six Months Ended June 30, June 30, ($ in thousands) 2026 2025 2026 2025 Net income $ 101,358 $ 72,102 $ 189,456 $ 148,244 Interest expense, net of interest income 17,406 21,784 33,103 46,891 Provision for income taxes 33,175 27,473 64,344 33,878 Depreciation and amortization 83,352 72,988 164,045 143,907 Share-based compensation expense (a) 15,411 16,380 25,959 28,288 (Gain) loss on sale-leaseback transactions (b) (2,035) 12,496 (2,035) 12,496 Capital transaction costs (c) — 611 — 1,531 Legal settlements (d) (4,882) 28 (4,867) 94 Employee retention credits (e) — (12,873) — (12,873) Other (f) 2,747 (11) 3,182 109 Adjusted EBITDA $ 246,532 $ 210,978 $ 473,187 $ 402,565 (a) - (f) See the corresponding footnotes to the table in footnote 6 immediately above. (8) Represents non-capital expenditures associated with opening new centers that are incurred prior to the commencement of a new center opening. The number of centers under construction or development, the types of centers and our costs associated with any particular center opening can vary significantly from period to period. (9) Reflects the non-cash portion of our annual GAAP operating lease expense that is greater or less than the cash operating lease payments. Non-cash rent expense for our open properties represents non-cash expense associated with properties that were operating at the end of each period presented. Non-cash rent expense for our properties under development represents non-cash expense associated with properties that are still under development at the end of each period presented. (10) Free cash flow, a non-GAAP financial measure, is calculated as net cash provided by operating activities less capital expenditures, net of construction reimbursements, plus net proceeds from sale-leaseback transactions and land sales. 29 Table of Contents The following table provides a reconciliation from net cash provided by operating activities to free cash flow: Three Months Ended Six Months Ended June 30, June 30, ($ in thousands) 2026 2025 2026 2025 Net cash provided by operating activities $ 209,558 $ 195,698 $ 408,351 $ 379,554 Capital expenditures, net of construction reimbursements (263,260) (222,004) (523,276) (364,486) Proceeds from sale-leaseback transactions 200,191 138,771 200,191 138,771 Free cash flow $ 146,489 $ 112,465 $ 85,266 $ 153,839 Factors Affecting the Comparability of our Results of Operations Impact of Our Asset-light, Flexible Real Estate Strategy on Rent Expense Our asset-light, flexible real estate strategy has allowed us to expand our business by leveraging operating leases and sale-leaseback transactions, among other asset-light opportunities. Approximately 72% of our centers are now leased, including approximately 81% of our new centers opened since 2015, versus a predominantly owned real estate strategy prior to 2015. Rent expense, which includes both cash and non-cash rent expense, will continue to increase as we lease more centers and will therefore impact the comparability of our results of operations. The impact of these increases is dependent upon the timing of our centers under development and the center openings, the timing of sale-leaseback transactions and terms of the leases for the new centers or sale-leaseback transactions. Macroeconomic, Geopolitical and Policy Trends We have been monitoring the macroeconomic, geopolitical and policy environments and their impact on our business, including with respect to inflation, the war in Iran, interest rates, tariffs, taxes and labor, as well as a potential economic recession or low growth and general economic and political conditions. See “—Overview—Macroeconomy, Geopolitical and Policy Environments” for additional information. Critical Accounting Policies and Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate results could differ from those estimates. In recording transactions and balances resulting from business operations, we use estimates based on the best information available. We revise the recorded estimates when better information is available, facts change or we can determine actual amounts. These revisions can affect operating results. Management has evaluated the development and selection of our critical accounting policies and estimates used in the preparation of the Company’s unaudited condensed consolidated financial statements and related notes and believes these policies to be reasonable and appropriate. Certain of these policies involve a higher degree of judgment or complexity and are most significant to reporting our results of operations and financial position, and are, therefore, discussed as critical. Our most significant estimates and assumptions that materially affect the Company’s unaudited condensed consolidated financial statements involve difficult, subjective or complex judgments, which management used while performing goodwill, indefinite-lived intangible and long-lived asset impairment analyses and sale-leaseback arrangements. More information on all of our significant accounting policies can be found in Note 2, “Summary of Significant Accounting Policies” to our audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC. There have been no material changes to our critical accounting policies as compared to the critical accounting policies described in such Annual Report on Form 10-K. 30 Table of Contents Results of Operations Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 The following table sets forth our condensed consolidated statements of operations data (amounts in thousands) and data as a percentage of total revenue for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, As a Percentage of Total Revenue 2026 2025 2026 2025 Revenue: Center revenue $ 837,402 $ 735,865 96.7 % 96.6 % Other revenue 28,594 25,604 3.3 % 3.4 % Total revenue 865,996 761,469 100.0 % 100.0 % Operating expenses: Center operations 453,732 403,925 52.4 % 53.0 % Rent 94,339 83,190 10.9 % 10.9 % General, administrative and marketing 66,028 61,674 7.6 % 8.1 % Depreciation and amortization 83,352 72,988 9.6 % 9.6 % Other operating expense 18,840 31,243 2.2 % 4.1 % Total operating expenses 716,291 653,020 82.7 % 85.7 % Income from operations 149,705 108,449 17.3 % 14.3 % Other (expense) income: Interest expense, net of interest income (17,406) (21,784) (2.0) % (2.9) % Equity in (loss) earnings of affiliates (2,703) 37 (0.3) % — % Other income 4,937 12,873 0.6 % 1.7 % Total other expense (15,172) (8,874) (1.7) % (1.2) % Income before income taxes 134,533 99,575 15.6 % 13.1 % Provision for income taxes 33,175 27,473 3.8 % 3.6 % Net income $ 101,358 $ 72,102 11.8 % 9.5 % Total revenue. The $104.5 million increase in Total revenue for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was due to continued strong growth in membership dues and in-center revenue, driven by higher average dues including from improved membership mix, membership growth in our new and ramping centers and higher member utilization of our in-center offerings, particularly in Dynamic Personal Training. With respect to the $101.5 million increase in Center revenue for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025: •68.9% was from membership dues and enrollment fees, which increased $69.9 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. This increase reflects the higher average monthly dues per Center membership due to continued improvement in membership mix and the growth in our new and ramping centers during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025; and •31.1% was from in-center revenue, which increased $31.6 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. This increase was recognized across all of our primary in-center businesses and reflects the higher utilization of our offerings by our members, particularly Dynamic Personal Training, during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. The $3.0 million increase in Other revenue for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily driven by the improved performance of our events business and Life Time Work locations. 31 Table of Contents Center operations expenses. The $49.8 million increase in Center operations expenses for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily due to operating costs related to our new and ramping centers, additional center operating expenses related to increased club utilization in our mature centers, as well as costs to support in-center business revenue growth. Rent expense. The $11.1 million increase in Rent expense for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily driven by sale-leaseback transactions, taking possession of other leased properties, as well as the recognition of a higher level of contingent rent expense, which is generally determined based on a percentage of center-specific revenue and/or other center-specific financial metrics over contractually specified levels. General, administrative and marketing expenses. The $4.4 million increase in General, administrative and marketing expenses for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily due to increases in incentive and benefit-related expenses. Depreciation and amortization expenses. The $10.4 million increase in Depreciation and amortization expenses for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily due to new center openings and capitalized software development costs. Other operating expense. The $12.4 million decrease in Other operating expense for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily due to a $2.0 million net gain on sale-leaseback transactions during the three months ended June 30, 2026 as compared to a $12.5 million net loss on sale-leaseback transactions during the three months ended June 30, 2025, partially offset by increased costs to support revenue growth. Interest expense, net of interest income. The $4.4 million decrease in Interest expense, net of interest income for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily driven by lower average levels of outstanding borrowings, a lower interest rate largely as a result of the repricing of our Term Loan Facility in August 2025 and increased capitalized interest. Equity in (loss) earnings of affiliates. The $2.7 million change in Equity in (loss) earnings of affiliates for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily related to a $2.9 million write-down of certain assets within a non-club joint venture resulting from its held-for-sale classification. Other income. The $7.9 million decrease in Other income for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily related to $12.9 million in net cash proceeds received in connection with employee retention credits under the CARES Act to provide certain relief as a result of the COVID-19 pandemic for the three months ended June 30, 2025, partially offset by a $4.9 million recognition of settlement proceeds from Zurich in satisfaction of legal claims for the three months ended June 30, 2026. Provision for income taxes. The $5.7 million increase in provision for income taxes for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily driven by an increase in earnings before taxes, partially offset by an increase in the excess tax deduction associated with share-based compensation. The effective tax rate was 24.7% and 27.6% for those same periods, respectively. The effective tax rate applied to our pre-tax income for the three months ended June 30, 2026 is higher than our statutory rate of 21% and is primarily due to the state income tax provisions and deductibility limitations associated with executive compensation, partially offset by the excess tax deduction associated with share-based compensation. Net income. As a result of the factors described above, net income was $101.4 million for the three months ended June 30, 2026 as compared to $72.1 million for the three months ended June 30, 2025. 32 Table of Contents Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 The following table sets forth our condensed consolidated statements of operations data (amounts in thousands) and data as a percentage of total revenue for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, As a Percentage of Total Revenue 2026 2025 2026 2025 Revenue: Center revenue $ 1,604,968 $ 1,421,519 97.0 % 96.9 % Other revenue 49,728 45,991 3.0 % 3.1 % Total revenue 1,654,696 1,467,510 100.0 % 100.0 % Operating expenses: Center operations 860,436 774,912 52.0 % 52.8 % Rent 184,230 164,355 11.1 % 11.2 % General, administrative and marketing 125,659 119,521 7.6 % 8.1 % Depreciation and amortization 164,045 143,907 9.9 % 9.8 % Other operating expense 35,783 48,696 2.2 % 3.3 % Total operating expenses 1,370,153 1,251,391 82.8 % 85.2 % Income from operations 284,543 216,119 17.2 % 14.8 % Other (expense) income: Interest expense, net of interest income (33,103) (46,891) (2.0) % (3.2) % Equity in (loss) earnings of affiliates (2,577) 21 (0.2) % — % Other income 4,937 12,873 0.3 % 0.9 % Total other expense (30,743) (33,997) (1.9) % (2.3) % Income before income taxes 253,800 182,122 15.3 % 12.5 % Provision for income taxes 64,344 33,878 3.9 % 2.3 % Net income $ 189,456 $ 148,244 11.4 % 10.2 % Total revenue. The $187.2 million increase in Total revenue for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was due to continued strong growth in membership dues and in-center revenue, including higher average dues, membership growth in our new and ramping centers and higher member utilization of our in-center offerings, particularly in Dynamic Personal Training. With respect to the $183.4 million increase in Center revenue for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025: •70.7% was from membership dues and enrollment fees, which increased $129.7 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. This increase reflects the higher average monthly dues per Center membership due to continued improvement in membership mix and the growth in our new and ramping centers during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025; and •29.3% was from in-center revenue, which increased $53.7 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. This increase was recognized across all of our primary in-center businesses and reflects the higher utilization of our offerings by our members, particularly Dynamic Personal Training, during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. The $3.7 million increase in Other revenue for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily driven by the improved performance of our events business and Life Time Work locations. 33 Table of Contents Center operations expenses. The $85.5 million increase in Center operations expenses for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily due to operating costs related to our new and ramping centers, additional center operating expenses related to increased club utilization in our mature centers, as well as costs to support in-center business revenue growth. Rent expense. The $19.9 million increase in Rent expense for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily driven by sale-leaseback transactions, taking possession of other leased properties, as well as the recognition of a higher level of contingent rent expense, which is generally determined based on a percentage of center-specific revenue and/or other center-specific financial metrics over contractually specified levels. General, administrative and marketing expenses. The $6.1 million increase in General, administrative and marketing expenses for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily due to increases in incentive and benefit-related expenses, and increases in center support overhead to enhance and broaden our member services and experiences. Depreciation and amortization. The $20.1 million increase in Depreciation and amortization for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily due to new center openings and capitalized software development costs. Other operating expense. The $12.9 million decrease in Other operating expense for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily due to a $2.0 million net gain on sale-leaseback transactions during the six months ended June 30, 2026 as compared to a $12.5 million net loss on sale-leaseback transactions during the six months ended June 30, 2025, partially offset by increased costs to support revenue growth. Interest expense, net of interest income. The $13.8 million decrease in Interest expense, net of interest income for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was driven by lower average levels of outstanding borrowings, a lower interest rate largely as a result of the interest rate swaps entered into in April 2025 and the repricing of our Term Loan Facility in August 2025, and increased capitalized interest. Equity in (loss) earnings of affiliates. The $2.6 million change in Equity in (loss) earnings of affiliates for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily related to a $2.9 million write-down of certain assets within a non-club joint venture resulting from its held-for-sale classification. Other income. The $7.9 million decrease in Other income for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was related to $12.9 million in net cash proceeds received in connection with employee retention credits under the CARES Act to provide certain relief as a result of the COVID-19 pandemic for the six months ended June 30, 2025, partially offset by a $4.9 million recognition of settlement proceeds from Zurich in satisfaction of legal claims for the six months ended June 30, 2026 Provision for income taxes. The $30.5 million increase in provision for income taxes for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily driven by an increase in earnings before taxes and a decrease in the excess tax deduction associated with share-based compensation. The effective tax rate was 25.4% and 18.6% for those same periods, respectively. The effective tax rate applied to our pre-tax income for the six months ended June 30, 2026 is higher than our statutory rate of 21% and is primarily due to the state income tax provisions and deductibility limitations associated with executive compensation, partially offset by the excess tax deduction associated with share-based compensation. Net income. As a result of the factors described above, net income was $189.5 million and $148.2 million for the six months ended June 30, 2026 and 2025, respectively. 34 Table of Contents Liquidity and Capital Resources Liquidity Our principal liquidity needs include the acquisition and development of new centers, lease requirements and debt service, investments in our business and technology and expenditures necessary to maintain and update or enhance our centers and associated equipment and member experiences. We have primarily satisfied our historical liquidity needs with cash flow from operations, drawing on the Revolving Credit Facility, construction reimbursements and through sale-leaseback transactions. As the opportunity arises or as our business needs require, we may seek to raise capital through additional debt or equity financing. There can be no assurance that any such financing would be available on commercially acceptable terms, or at all. Volatility in these markets may increase costs associated with issuing debt instruments or affect our ability to access those markets, which could have an adverse impact on our ability to raise additional capital, to refinance existing debt and/or to react to changing economic and business conditions. In addition, it is possible that our ability to access the credit and capital markets could be limited at a time when we would like or need to do so. As of June 30, 2026, there were no outstanding borrowings under our Revolving Credit Facility and there were $17.9 million of outstanding letters of credit, resulting in total availability under our $650.0 million Revolving Credit Facility of $632.1 million. Total cash and cash equivalents at June 30, 2026 was $223.6 million, resulting in total cash and availability under our Revolving Credit Facility of $855.7 million. The following table sets forth our condensed consolidated statements of cash flows data (amounts in thousands): Six Months Ended June 30, 2026 2025 Net cash provided by operating activities $ 408,351 $ 379,554 Net cash used in investing activities (321,141) (230,651) Net cash (used in) provided by financing activities (60,802) 19,291 Effect of exchange rates on cash and cash equivalents and restricted cash and cash equivalents (329) 177 Increase in cash and cash equivalents and restricted cash and cash equivalents $ 26,079 $ 168,371 Operating Activities The $28.8 million increase in net cash provided by operating activities for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily the result of increased business performance and profitability. Investing Activities Investing activities consist primarily of the acquisition and development of new centers, expenditures necessary to maintain and update or enhance our centers and associated equipment and investments in our business and technology. We fund the purchase of our property, centers and equipment through operating cash flows, proceeds from sale-leaseback transactions, construction reimbursements and draws on our Revolving Credit Facility. The $90.5 million increase in net cash used in investing activities for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily driven by a $158.8 million increase in capital expenditures, partially offset by $61.4 million in higher proceeds from sale-leaseback transactions. 35 Table of Contents The following table reflects capital expenditures by type of expenditure (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Growth capital expenditures (1) $ 190,116 $ 166,977 $ 395,295 $ 260,460 Maintenance capital expenditures (2) 40,672 35,949 72,141 65,352 Modernization and technology capital expenditures (3) 32,472 19,078 55,840 38,674 Total capital expenditures $ 263,260 $ 222,004 $ 523,276 $ 364,486 (1) Consist of new center land and construction, initial major remodels of acquired centers, major remodels of existing centers that expand existing square footage, asset acquisitions including the purchase of previously leased centers and other growth initiatives. (2) Consist of capital expenditures required to maintain the operating condition of our existing centers. (3) Consist of capital expenditures related to updates and enhancements to our existing centers, technology investments and corporate infrastructure. The increase in total capital expenditures for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily driven by an increase in new center construction as we expand our new center openings to 12 to 14 centers per year, most of which will be large format ground up builds in 2026 and 2027, higher modernization and technology expenditures for center remodels, expansion of our CTR small group training and digital and artificial intelligence initiatives, and higher maintenance expenditures for member experiences and operational efficiencies. Financing Activities The $80.1 million increase in net cash used in financing activities for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 was primarily driven by repurchases of our common stock under our Share Repurchase Program, employee tax withholding associated with net share-settled share-based awards and lower proceeds from financing obligations, partially offset by lower net repayments under our Revolving Credit Facility and higher proceeds from stock option exercises. We believe we will generate adequate amounts of cash to meet our requirements and plans for cash in the short-term and long-term and expect to satisfy our short-term and long-term obligations through a combination of cash on hand, funds generated from operations, sale-leaseback transactions, the borrowing capacity available under our Revolving Credit Facility and additional debt and equity financing as needed. Share Repurchase Program On February 19, 2026, our board of directors approved a share repurchase program of up to $500 million of our outstanding common stock (the “Share Repurchase Program”). Repurchases under the Share Repurchase Program may be made from time to time at the discretion of management through open market purchases, block trades, accelerated or other structured share repurchase programs, privately negotiated transactions, Rule 10b5-1 plans or other means, and may include purchases from affiliates. The manner, timing, pricing and amount of any transactions will be subject to the discretion of management and may depend on a variety of factors, including business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors. During the six months ended June 30, 2026, we repurchased approximately 2.6 million shares of our common stock under the Share Repurchase Program for total consideration of approximately $73.4 million. For additional detail on these share repurchases, refer to Part II, Item 2—Unregistered Sales of Equity Securities and Use of Proceeds, in this Quarterly Report on Form 10-Q. As of June 30, 2026, we had approximately $426.6 million of availability remaining under our Share Repurchase Program.