PVOLVE

Data Based On: 10 Qualified Franchised Studios operated for at least 12 full months as of December 31, 2025, properly reported their financial results to us, and operated on a full-time basis for the entire Covered Period.

* Average annual gross revenue for Qualified Franchised Studios is $525,439 (from Page 3, Covered Period SUM). Total average annual expenses are $557,348, calculated as the sum of all average annual costs listed on Page 8 (COGS Excluding Labor: $20,940, Labor Expenses: $233,269, Rent: $142,708, Other General and Administrative Expenses: $66,895, Marketing Expenses: $39,004, Franchise Fees: $46,502, Equipment Replenishment: $8,030). Average Gross Profit = Average Gross Revenue - COGS Excluding Labor = $525,439 - $20,940 = $504,499. Average Net Profit (Operating Profit) and Average EBITDA are calculated as Average Gross Revenue - Total Average Annual Expenses, given that expenses explicitly exclude interest, income/other taxes, depreciation, and amortization as per Note to Part II on Page 9. Thus, Average Net Profit / Average EBITDA = $525,439 - $557,348 = -$31,909. EBITDA margin = Average EBITDA / Average Gross Revenue = -$31,909 / $525,439 = -0.0607. Best guess profit range is set to the calculated average net profit/EBITDA, as no other ranges or specific profit calculations were provided.