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SATS (SATS) investor relations material
SATS Q3 2025 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 (Q&A) earnings summary28 Oct, 2025
Executive summary
Achieved strong operational and financial momentum in Q3 2025, progressing toward the mid-term EBITDA ambition of NOK 1.1 billion.
Member engagement and satisfaction increased, with total workouts up 7% year-over-year, driven by 4% member growth and higher activity per member.
Group training visits rose 10%, reflecting operational focus and boosting loyalty, ARPM, and member satisfaction.
Revenues and EBITDA grew across all markets, with Sweden showing particularly strong progress due to product and operational enhancements.
EBITDA before IFRS 16 rose 13% to NOK 192 million, and profit for the period increased 38% to NOK 98 million compared to Q3 2024.
Financial highlights
Revenues for Q3 2025 reached NOK 1,293 million, up 8% year-over-year.
EBITDA before IFRS 16 was NOK 192 million (up 13%), and EBIT before IFRS 16 was NOK 137 million (up 8%).
Operating cash flow reached NOK 142 million, with a cash conversion rate of 74%.
Free cash flow was NOK 125 million in Q3 2025.
Net debt to EBITDA before IFRS 16 improved to 1.3x, reflecting stable leverage.
Outlook and guidance
The company targets a mid-term EBITDA before IFRS 16 of NOK 1.1 billion, expecting gradual progress.
Strategic focus on core operations, product innovation, and operational efficiency.
Targeting 8-12 new club openings per year, with quality prioritized over quantity.
Denmark's VAT change on group/personal training in 2026 expected to have no material financial impact.
Capital allocation remains disciplined, with CAPEX focused on club capacity and quality improvements.
How does exceeding 50% capital return align with growth?
What underpins the "no material financial impact" assessment for Denmark's VAT change?
Detail Sweden's product and operational enhancements.
How does Q3 campaign timing affect Q4 yield?
Swedish margin target vs. Norwegian levels?
How does churn impact marketing investment?
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Frequently asked questions
Sats ASA is a Norwegian company that provides fitness and training services. It was established in 1995, and its headquarters are located in Oslo. The company's activities include fitness clubs, group exercise classes, personal training, physiotherapy, and wellness. Through Sats Elixia, the company also operates in Denmark, Finland, and Sweden.
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