SATS (SATS) Q2 2026 (Q&A) earnings summary

Executive summary

• Q2 2026 delivered 3% reported and 7% currency adjusted revenue growth to NOK 1,442 million, driven by a 6% ARPM increase and 1% member base growth, with strong group training and member activity.

• EBITA/EBIT before IFRS 16 rose 18% (23% currency adjusted) to NOK 260 million, with margin expansion as cost growth was contained below revenue growth.

• Net profit reached NOK 196 million (NOK 1 per share), up 27% currency adjusted, with free cash flow of NOK 602 million over the last 12 months.

• Dividend of NOK 0.72 per share proposed for H1 2026, with a total payout ratio of 152% including share buybacks.

• Shareholder returns supported by strong free cash flow and disciplined capital allocation.

Financial highlights

• Revenues: NOK 1,442 million (+3% reported, +7% currency adjusted year-over-year), mainly from ARPM growth.

• EBITA/EBIT before IFRS 16 up 18% (23% currency adjusted), margin expanded by 2 percentage points.

• Net profit NOK 196 million for the quarter; EPS at NOK 1.00, up 27% currency adjusted.

• Free cash flow of NOK 100 million in Q2; NOK 602 million over the last 12 months.

• Leverage ratio improved to 1.1x net debt to EBITDA, below the target range.

Outlook and guidance

• Guidance for 8–12 new club openings per year reiterated, with a focus on quality locations and club optimizations.

• 30 new locations signed and committed through 2028, with more expected, mainly in Norway but expansion in Sweden and other markets anticipated.

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

• Strategic focus on core operations, disciplined OPEX and CAPEX management, and a conservative leverage policy.

• 2027 pipeline could improve with ongoing dialogues; 2028 expected to see more openings.