Viva Leisure Limited (ASX:VVA) has created a new subsidiary, Meridium Global, to house its payments and technology Assets as the company evaluates potential opportunities for the platform.

The move, announced alongside Viva Leisure’s FY2026 results, represents a structural change rather than a confirmed sale or separation transaction. The company has stated that a strategic review is underway to assess how the technology Business can create further value for shareholders.

Meridium Global will operate separately from Viva Leisure’s fitness network, with the objective of giving the payments and technology platform its own strategic direction.

From fitness operator to technology-enabled platform

Viva Leisure has traditionally been recognised as a fitness network operator, operating brands including Club Lime, Plus Fitness, World Gym Australia and other fitness concepts.

During FY2026, the company highlighted the development of two connected businesses:

  • A health and fitness network across Australia and other markets.
  • A technology and payments platform supporting membership management, payments, access control and member analytics.

Viva reported 534 open locations and 694,243 network members at 30 June 2026. Corporate membership increased to 275,688 members, while total network membership grew 11.8% compared with the previous year.

The company said FY2026 was focused on network optimisation, with fewer new corporate club openings but higher average membership levels across existing locations.

Meridium Global becomes a separate business unit

Meridium Global will hold Viva Leisure’s internally developed technology and payments assets.

The platform includes systems supporting:

  • Membership billing.
  • Payment processing.
  • Access control.
  • Fitness applications.
  • Member data analytics.

Viva reported that the Payments and Technology segment generated Revenue of $7.1 million in FY2026, representing 39.8% growth on a like-for-like basis.

On a standalone basis, Meridium Global’s EBITDA increased from $3.7 million in FY2025 to $13.4 million in FY2026 before inter-segment eliminations.

The company said the creation of Meridium Global provides a separate structure for the technology platform while allowing it to evaluate future opportunities.

Strategic review does not confirm a sale

Viva Leisure has not announced a sale, external investor agreement or public listing for Meridium Global.

The company has stated that the strategic review is intended to assess how value can be best realised from the technology assets.

Potential outcomes could include different ownership structures, partnerships or other strategic arrangements, but no specific transaction has been confirmed.

The separation of the technology platform allows Viva to assess opportunities independently while maintaining the existing relationship between the technology systems and its fitness network.

FY2026 financial performance

Viva Leisure delivered record financial results for FY2026.

The company reported:

  • Revenue of $237.1 million, up 12.2%.
  • Adjusted EBITDA of $112.3 million, up 13.3%.
  • Underlying NPAT of $18.9 million, up 46.4%.
  • Statutory NPAT of $12.8 million, up 144.5%.
  • Adjusted free Cash Flow of $35.1 million.

The company also reduced net Leverage from 2.04 times to 1.77 times.

Viva declared its first Dividend since listing, with a fully Franked Dividend of 3.0 cents per share.

Fitness network continues expansion

Alongside the technology review, Viva continues developing its core fitness operations.

The company reported 534 open locations at the end of FY2026, including corporate and Franchise locations.

Average membership per corporate club increased to 1,351, while portfolio utilisation exceeded 80% for the first time.

Viva said it intends to increase the pace of corporate club openings from FY2027, with a focus on expanding its network while maintaining operational efficiency.

The company has also outlined a long-term target of reaching one million network members by FY2029.

Viva 360 and data capabilities

Viva has continued developing its internal analytics platform, Viva 360.

The platform is designed to combine member data from across the network to support areas such as customer engagement and retention management.

The company reported that its churn prediction model is built on member data and has been deployed across its operations.

Viva expects further technology deployment to support member retention, operational efficiency and customer insights.

Growth opportunities and challenges

The creation of Meridium Global provides Viva with an opportunity to evaluate the technology platform separately from the fitness network.

However, the future development of the business depends on factors including adoption by external customers, commercial partnerships and the ability to scale technology services beyond Viva’s own operations.

The company also continues to manage the challenges of operating a large fitness network, including membership growth, competition and maintaining profitability across locations.

What to watch next

Key areas to monitor include updates from Viva Leisure regarding the Meridium Global strategic review and whether any formal transaction or Partnership structure is announced.

Investors will also follow:

  • Growth in payments and technology revenue.
  • Meridium Global EBITDA performance.
  • Fitness membership trends.
  • New club openings.
  • Progress towards the one million member target.

Until further announcements are made, Meridium Global remains a strategic initiative rather than a completed transaction.

Key Takeaways

Viva Leisure (ASX:VVA) has established Meridium Global to separately manage its payments and technology assets.

The company reported FY2026 revenue of $237.1 million, adjusted EBITDA of $112.3 million and underlying NPAT of $18.9 million.

Meridium Global’s standalone EBITDA increased to $13.4 million in FY2026, highlighting the growing contribution of technology-related activities.

The company is reviewing strategic Options for the platform, but no sale, listing or external Investment has been confirmed.