SATS (SATS) Q1 2026 earnings summary

Executive summary

• Achieved 6% revenue growth in Q1 2026, driven by 2% member growth and 4% ARPM growth, with strong operational leverage and EBIT per member up 110% since Q1 2023.

• EBITDA rose 17% to NOK 217 million and EBIT increased 22% to NOK 162 million year-over-year, reflecting margin expansion.

• Member satisfaction remains high at 4.5/5, with churn down 2.2 percentage points and increased member activity.

• Continued focus on product improvements, disciplined investments, and club expansion pipeline.

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

Financial highlights

• Revenues grew 6% year-over-year to NOK 1,483 million; ARPM up 4% to NOK 649; member base grew 2% to 769,000.

• EBITDA before IFRS 16 increased 17% to NOK 217 million (margin 15%); EBIT before IFRS 16 up 22% to NOK 162 million (margin 11%).

• Net profit rose 13% to NOK 106 million, impacted by non-cash currency effects.

• Free cash flow up 38% to NOK 136 million; net debt reduced to NOK 994 million.

• Net leverage at 1.1x, below the target range of 1.5x–2x.

Outlook and guidance

• Expect continued strong operational and financial performance in 2026, with positive momentum from 2025.

• Targeting 8–12 new club openings per year from 2027, with a focus on quality and club capacity expansion.

• Ongoing investments in product, asset productivity, and disciplined OpEx and CapEx management.

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

• Dividend policy aims to distribute at least 50% of annual net profit via buybacks and dividends.