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SATS (SATS) investor relations material
SATS Q2 2025 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 delivered 10% revenue growth to NOK 1,393 million, 35% EBIT increase, and record club activity, driven by higher membership, group training, and increased workout frequency across all markets.
EBITDA before IFRS 16 reached NOK 269 million (up 23%), and the NOK 800 million EBITDA (LTM) target set in 2022 was achieved ahead of schedule.
Dividend of 50% of H1 net profit (NOK 0.63/share, NOK 127 million total) and share buybacks pushed capital return above the 50% minimum target.
Membership grew 3% to 739,000, with strong activity uplift among youth and seniors.
Financial highlights
Revenues up 10% year-over-year to NOK 1,393 million; ARPM up 7% to NOK 621.
EBIT before IFRS 16 up 35% to NOK 215 million; EBITDA before IFRS 16 up 23% to NOK 269 million.
Profit for the period: NOK 162 million, up from NOK 103 million in Q2 2024; earnings per share: NOK 0.80.
Free cash flow at NOK 38 million, down 71% due to timing effects; net debt reduced by 11% to NOK 1,053 million; leverage ratio improved to 1.3x from 1.7x.
EBITDA margin before IFRS 16: 19%; EBIT margin before IFRS 16: 15%.
Outlook and guidance
Mid-term EBITDA ambition set at NOK 1.1 billion, with gradual improvements and continued investment in product and group training.
Plans for 8-12 new club openings per year, with disciplined CAPEX and operational efficiency focus.
No change in cost guidance; input costs such as wages and energy may rise above inflation, but cost discipline remains a focus.
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