N4 GROUP, a leading player in fitness, sports nutrition, health and wellness
Stéphane VISCUSO,
Founder, Chairman and Chief Executive Officer
It is with great pride and determination that we are taking a first key step today in N4 GROUP’s proposed initial public offering on Euronext Growth® Paris. Since founding FitnessBoutique in Voiron in 1999, we have gradually built our Group around a simple conviction: to make fitness, sports nutrition, health and wellness more accessible, more effective and more appealing. What began as an entrepreneurial idea has grown over more than 25 years into an integrated, profitable and well-structured family group with expertise spanning product innovation, formulation, marketing and omnichannel distribution. Through N4 Labs, our industrial facility, we now also control a significant share of our production.
Today, N4 GROUP has strong, distinctive assets: a portfolio of 14 complementary brands; a FitnessBoutique network of 115 stores; long-standing e-commerce expertise; a growing presence in mass retail and pharmacies; and strong partnerships with public figures and ambassadors who connect directly with fitness, performance and wellness communities. This momentum is backed by tangible results.
The proposed IPO should enable us to accelerate this trajectory by strengthening our industrial capabilities, continuing to expand our distribution channels in France and across Europe, and broadening our offering to serve every type of consumer. I would like to thank our teams, franchisees, partners, ambassadors and customers, who have helped make N4 GROUP what it is today. This first step is above all the result of their commitment and trust, and marks the beginning of a new phase of development for the Group.
N4 GROUP in 3 minutes
N4 Group
A family-owned company that has become one of the leading players in fitness, sports nutrition, health and wellness.
Performance, health and wellness: driving sustained growth in the appeal of sports nutrition and fitness
(1) Eurobarometer survey reveals that 45% of Europeans do not engage in any physical activity — EOC EU Office.
(2) Company information, Mordor Intelligence, IMARC, Market Research Future
(3) YouTube, main channel, April 2026
N4 Group a major player in fitness and sports nutrition, health and wellness
01
Large, fast-growing target markets
- The European sports nutrition market is estimated at €5.5bn in 2025 (8.8% CAGR from 2025 to 2030), while the European home fitness equipment market is valued at €3.6bn in 2025 (4.6% CAGR from 2025 to 2030)1.
- Favourable long-term trends: preventive health, wellness, home fitness, premiumisation and digitalisation
(1) Sources: company, Mordor Intelligence, Euromonitor, Xerfi
02
A broad portfolio of 14 distinctive, complementary brands
- 14 brands across two divisions: Fitness, Health and Performance Nutrition; and Cardio and Strength Training Equipment
- The most comprehensive strategic positioning in the European market, at the intersection of sports nutrition and wellness and fitness equipment, covering the vast majority of needs, uses and communities
03
An integrated business model, from science to consumer appeal
- N4 Labs: an integrated, proprietary and scalable industrial platform constituting a structural competitive advantage
- 100 to 120 new product references launched each year; 100% of batches tested by external laboratories
04
An omnichannel distribution network: turning consumer appeal into sales
- Three distribution channels: e-commerce; mass retail; and specialist retail, including FitnessBoutique (115+ stores), pharmacies, para-pharmacies and specialist stores
- Exclusive influencers, 50 elite sports ambassadors and more than 1,000 partners help build consumer appeal, brand awareness and trust among engaged communities
05
Profitable growth and strong cash generation
- Revenue of €91.1m as at 31 March 2026, up 31% versus 2025, and EBIT margin of 17%
- An asset-light, cash-generative model, with 2026 free cash flow (FCF) of €10.5m and an FCF/EBITDA ratio of 66%, despite industrial investment in 2025
06
A clear strategy: to become the European leader in fitness, sports nutrition, health and wellness
- A focused roadmap for measured expansion across Europe
- 2027 targets: revenue above €100m and an EBIT margin of 20%
- 2029 targets: revenue above €150m (including 10% from international markets) and an EBIT margin of 25%
Financial targets
2027 targets
Revenue above €100m and EBIT margin of 20%
2029 targets
Revenue above €150m and EBIT margin of 25%
N4 Group shares
terms
N4 Group shares
Indicative offering timetable
Time remaining until the subscription period closes:
Offering details
Offering structure
- Public offering in France (at least 10% of the offering);
- Institutional placement in France and Europe
Indicative price range
- Between €XX and €XX per share
Initial offering size
- Issuance of XXX new shares, representing approximately €XXX XXXm
- Issuance of XXX additional new shares, representing approximately €XXX XXXm
Extension Clause
- Up to XX additional existing shares offered for sale, representing XX% of the initial offering size
Over-allotment Option
- Up to XX new shares, representing XX% of the offering size assuming full exercise of the Extension Clause
Total gross offering amount
- €XXm assuming full exercise of the Extension Clause and the Over-allotment Option
Subscription commitments
- Total commitments of €XXm from XX
Lock-up and standstill commitments
- Company: 180 days
documentation
Press releases
Documentation

NEWCAP
Mathilde Bohin and Louis-Victor Delouvrier
+33 (0)1 44 71 94 94
n4group@newcap.eu



