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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
SATS
SATS (SATS) investor relations material
SATS Q3 2026 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 (Q&A) earnings summary27 Oct, 2026
Executive summary
Revenue rose 7% currency-adjusted; EBITDA before IFRS 16 increased 25% to NOK 235m as higher member value and cost discipline improved profitability.
Activity strengthened: workouts per member increased 2%, group-training participation rose 6%, and group-training workouts increased 4%.
Volume faced pressure from club closures and Danish VAT changes; membership was reported down 0.5% in CEO commentary and 1% in key figures.
Financial highlights
Revenue was NOK 1,324m, up 2% reported and 7% currency-adjusted; ARPM was NOK 590, up 2% reported and 7% currency-adjusted.
EBITDA before IFRS 16 was NOK 235m, up 22% reported and 25% currency-adjusted; margin rose to 18% from 15%.
EBIT before IFRS 16 rose 33% reported and 35% currency-adjusted to NOK 182m; margin was 14%.
Net profit rose 37% to NOK 133m; EPS increased 43% to NOK 0.69.
Q3 free cash flow was NOK 132m; total costs increased 3.5% currency-adjusted, below revenue growth, while direct costs rose 11%.
Outlook and guidance
EBITDA ambition remains NOK 1.1bn before IFRS 16; LTM EBITDA was NOK 988m.
Long-term ambitions include a 15% EBIT margin and cash conversion of 55% of EBITDA before expansion capex; LTM EBIT margin was 13.6% and cash conversion 64%.
Maintenance capex target is 5% of revenue; LTM was 3.9% due to project timing, with higher Q4 spending expected to bring 2026 to target.
Target remains 8–12 annual club openings over time, with quality prioritized; 18 openings are committed through 2028.
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Latest events from SATS
- Q4 revenue and EBITDA rebounded as membership grew and leverage fell to 2.3x.SATS
Q4 2023 - Higher member value lifted Q3 earnings as leverage held at 1.1x.SATSQ3 2026
- Revenue and EBITDA rebounded in Q4 as leverage fell to 2.3x.SATSQ4 2023 (Q&A)
- Q2 2026 delivered strong revenue, profit, and cash flow growth with high shareholder returns.SATSQ2 2026 (Q&A)
- Q2 2026 saw revenue and margin growth, strong cash flow, and high shareholder returns.SATSQ2 2026
- Market leader in Nordic fitness, targeting growth and strong shareholder returns.SATSInvestor presentation
- Record Q3 EBITDA and 8% revenue growth, with strong liquidity and capital returns planned.SATSQ3 2024 (Q&A)
- Mid-term EBITDA target raised to NOK 1.1bn, with 8–12 new clubs yearly and 50%+ net profit distribution.SATSCMD 2025
- Q4 2024 saw 7% revenue and 87% EBIT growth, margin expansion, and a NOK 100m share buyback.SATSQ4 2024 (Q&A)
Next SATS earnings date
Q4 20269 Feb, 2027
SATS
Next SATS earnings date
Q4 20269 Feb, 2027
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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.