SATS (SATS) investor relations material

Executive summary

• Q1 2026 saw strong operational and financial performance, with increased member activity, satisfaction, and engagement, supporting lower churn and higher earnings per member.

• Revenues, EBITDA, and EBIT all showed strong year-over-year growth, with EBIT per member up 110% since Q1 2023.

• Strategic focus on core business, disciplined investments, and a robust expansion pipeline underpin a positive outlook.

• Shareholder distributions totaled NOK 257 million through dividends and share buybacks.

• Free cash flow increased 38% to NOK 136 million, and leverage ratio improved to 1.1x.

Financial highlights

• Revenues grew 6% year-over-year to NOK 1,483 million; EBITDA before IFRS 16 rose 17% to NOK 217 million; EBIT before IFRS 16 up 22% to NOK 162 million.

• Net profit increased 13% to NOK 106 million; free cash flow up 38% to NOK 136 million; earnings per share rose 16% to NOK 0.53.

• ARPM increased 4% to NOK 649; membership yield up 5%; member base grew 2% year-over-year to 769,000.

• EBITDA margin before IFRS 16 at 15%; EBIT margin at 11%.

• Leverage ratio improved to 1.1x net debt/EBITDA, below target range; equity ratio at 14.8%.

Outlook and guidance

• Expect continued strong operational and financial performance for 2026, with a focus on disciplined capital allocation and club expansion.

• Targeting 8–12 new club openings per year, with emphasis on quality and high-return projects.

• Mid-term ambition for EBITDA before IFRS 16 of NOK 1.1 billion, with gradual progress expected.

• Maintain leverage at the lower end of 1.5x–2.0x net debt/EBITDA and return at least 50% of annual net profit to shareholders.